Podcast Summary: "Savings looking weak? That’s because you pay yourself last or not at all!"

Podcast: Get A Grip On Your Money with Damon Carr
Host: Damon Carr
Date: December 9, 2025

Episode Overview

In this episode, Damon Carr explores the age-old challenge of weak personal savings, tackling why so many people end up with little to no savings month after month. Drawing on his columns and e-newsletter, Damon unpacks the critical principle of “paying yourself first” and shares actionable strategies and mindset shifts to help listeners turn saving into a habit rather than an afterthought.

Key Discussion Points & Insights

1. The “Pay Yourself First” Principle

Timestamp: [00:00]

• Damon opens with a powerful theme: “Savings week. Pay yourself first.”
• He argues that the reason most people struggle to save is that “they treat savings as an afterthought—something to get to with leftover money, instead of making it the priority” ([01:17]).

2. Common Saving Pitfalls

Timestamp: [03:25]

• Many people approach saving backwards: “Most folks pay the bills, handle expenses…and then hope there’ll be a few dollars left for savings at the end of the month. The problem is, there never is” ([03:41]).
• Damon emphasizes that unexpected expenses and discretionary spending always seem to grow to match available funds.

3. Changing Your Savings Mindset

Timestamp: [05:20]

• Damon introduces the concept of “paying yourself like you’d pay a bill.”
• Notable quote: “If you looked at your savings the way you look at your rent or mortgage—non-negotiable—you’d be in a far better position” ([05:49]).
• He shares that automating savings helps: “If you don’t see it, you don’t miss it” ([06:10]).

4. How Much Should You Save?

Timestamp: [07:45]

• Damon suggests an initial target: “Start with at least 10% of your take-home pay, if you can. Even if it’s just $20 a week, start there” ([08:03]).
• He assures listeners: “The point is to get started and build the habit. Consistency trumps the dollar amount in the beginning” ([08:45]).

5. Overcoming Obstacles and Excuses

Timestamp: [10:30]

• Listeners often ask: “What if I can’t afford to save?”
• Damon counters with: “If you wait until it’s convenient to save, it’ll never happen... the perfect time to save is now, even if it’s just a few dollars” ([11:13]).
• He references stories from his column, highlighting people who made progress by starting small and adjusting their lifestyles around paying themselves first.

6. Real-World Tips to Strengthen Savings

Timestamp: [13:50]

• Automate transfers to a separate savings account on payday.
• Treat savings as part of your regular budget, not an optional extra.
• Name your savings accounts (“Emergency Fund,” “Vacation Fund”) to give your money a mission.
• “Give every dollar a purpose before it hits your account” ([15:23]).

7. Bonus: Encouragement and Call to Action

Timestamp: [17:00]

• Damon closes with encouragement: “Remember, you deserve to be at the front of the line—not the back—when it comes to your own money” ([17:09]).
• He challenges listeners: “This month, before you pay a single bill, pay yourself something first. Watch how it changes the game for you” ([17:29]).

Memorable Quotes

• Damon Carr ([03:41]): “Most folks pay the bills, handle expenses…and then hope there’ll be a few dollars left for savings at the end of the month. The problem is, there never is.”
• Damon Carr ([05:49]): “If you looked at your savings the way you look at your rent or mortgage—non-negotiable—you’d be in a far better position.”
• Damon Carr ([11:13]): “If you wait until it’s convenient to save, it’ll never happen... the perfect time to save is now, even if it’s just a few dollars.”
• Damon Carr ([17:09]): “Remember, you deserve to be at the front of the line—not the back—when it comes to your own money.”

Top Timestamps for Quick Listening

• [00:00] Savings week. Pay yourself first.
• [03:41] Common saving pitfalls and why people struggle.
• [05:49] Changing your mindset on making savings non-negotiable.
• [08:03] How much to start saving and why the habit matters more than amount.
• [11:13] Overcoming the excuse of “I can’t afford to save.”
• [15:23] Giving every dollar a purpose—practical implementation.
• [17:09] Damon’s motivational closing and challenge.

Summary Takeaway

Damon Carr’s episode is a practical and motivating deep-dive on the importance of paying yourself first. He offers both mindset adjustments and step-by-step actions, encouraging listeners to prioritize their financial well-being. The message is clear: treat saving as non-negotiable, start immediately (no matter how small), make it automatic, and stay consistent. Your future self will thank you.