Learn How To Save More Money By Listening To Podcasts
Posted on: 28 July 2022
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If you have a smartphone, you can easily tune into podcasts. A podcast is something you can listen to, and you can choose from many categories. One category of podcasts that people turn to is financial planning shows. A personal financial planning podcast can teach you many things about financial planning, including how to save more money. Here are some of the methods you might learn about saving money by listening to the right financial planning podcast.
Pay off debts first
One thing that many hosts on financial podcasts recommend is paying off debts before attempting to save more money. Why is this the recommendation? The primary reason is that debt costs money. However, paying them off isn't as vital if you have no-interest debts. A no-interest debt doesn't cost any money. Most debts have interest, which means they cost money. It's easier to work on saving more money when you don't have to pay debts. Therefore, this might be your first focus. Once you pay everything off, you can focus on saving more.
Live smaller
One trait of many wealthy people is they live smaller. While you might be able to afford a $2,000 monthly mortgage payment, it might leave you with no money to save. But what if you bought a smaller house with a $1,000 mortgage payment? You would instantly have more money to save. Therefore, living smaller results in more cash to save.
Avoid useless spending habits
Another area to consider is your spending habits. For example, do you spend money on useless purchases? You might have to look at your bank statements to determine the answer. Most people waste some money each month. If you can stop spending money on useless things, you can save this money.
Save before spending
The final tip is to save before you spend. This means that you put some money away from your paycheck before paying bills or spending money on purchases. Saving first helps you prioritize your savings account and ensures that you have money to save each month. You can start by saving a small amount and work your way up to a larger amount.
Learn more by listening to financial planning podcasts
Learning how to save more money is the best way to begin the process. Are you ready to learn more? You might want to tune into a personal financial planning podcast of your choice to learn more tips for saving money in your budget.