Life Kit Podcast Summary: Financial Self-Care (Rerun) – March 25, 2025

Episode Title: Financial Self Care
Host: Marielle Segarra
Release Date: March 25, 2025
Description: In this rerun episode, Marielle Segarra delves into the essential practices of financial self-care. Drawing insights from financial experts like Brent Weiss and Rita Soledad Fernandez Paulino, the episode provides a comprehensive guide to maintaining and enhancing one’s financial health through daily, monthly, quarterly, and annual tasks.

1. Introduction to Financial Self-Care

Marielle Segarra opens the episode by likening financial health to physical health, emphasizing the importance of regular maintenance and care. She outlines that just as we follow routines for physical well-being—such as brushing teeth and exercising—we should adopt similar habits for financial stability.

Marielle Segarra [00:30]:
"There's a version of this for your financial health. When it comes to money, there are certain things you should do to take care of yourself, and they have a cadence daily, weekly, monthly, and yearly."

2. Annual Financial Self-Care Practices

a. Setting Financial Goals

Brent Weiss introduces an exercise to help listeners define their financial objectives without directly focusing on money. He advises selecting a time horizon—three, five, or ten years—and envisioning what success looks like at that point.

Brent Weiss [03:24]:
"Pick a time horizon. Ask yourself what has to happen for you to look back and say, that was a wildly successful period of my life."

Marielle Segarra [03:50]:
"You can't mention money, because money really is a means to an end. That end might be security and safety, pleasure, freedom."

b. Reviewing Savings Accounts

Marielle discusses the importance of ensuring that savings accounts offer competitive interest rates. She references NPR reporter Arzu Vrazvani’s advice to reassess savings accounts periodically.

Brent Weiss [04:40]:
"Maybe this is an account that you haven't checked in on in quite a while. And take a look at what kind of interest you're accruing there."

Marielle Segarra [04:58]:
"All savings accounts are not created equal. Right now, some banks are offering between 4 and 5% interest."

c. Tax Preparation and Deadlines

The episode underscores the necessity of staying on top of tax obligations, highlighting key dates and the importance of accurate withholding.

Marielle Segarra [05:00]:
"Setting financial goals is a great annual practice, and you can pick any time of year to do it. But it can help to lump it in with the other financial stuff that you need to do annually."

d. Open Enrollment for Insurance

Listeners are reminded to review and update their insurance plans during the open enrollment period, typically starting in November.

Marielle Segarra [06:04]:
"Take the time. Sit down, look at any updates to your health insurance plans and make sure you're happy with your other insurance plans."

e. Reviewing Investment Accounts

Rita Soledad Fernandez Paulino advises listeners to evaluate their investment returns and compare them to market indices like the S&P 500 to determine if portfolio rebalancing is necessary.

Rita Soledad Fernandez Paulino [07:01]:
"The first thing you'll want to do is look at the rate of return you're getting."

Marielle Segarra [07:09]:
"If your investments are doing about the same as the S&P 500, you're probably in a good position. But if not, you'll want to rebalance your portfolio."

Brent Weiss [08:38]:
"The lower the expense ratios, that means that's less fees you're paying a brokerage firm for investing and more money that you get to keep and that gets to grow."

3. Quarterly Financial Tasks

a. Obtaining Credit Reports

Brent Weiss emphasizes the importance of regularly reviewing credit reports to ensure accuracy and address any discrepancies.

Brent Weiss [09:39]:
"Every four months request one from a different bureau."

Rita Soledad Fernandez Paulino [09:57]:
"Look it over, because there might be something that's up. I actually had an old student loan payment removed that jumped up my credit score."

b. Reviewing Debt and Loans

Soledad advises listeners to assess their debt situation periodically, listing all debts, interest rates, and monthly payments to determine if strategies like consolidation or refinancing are needed.

Soledad [10:01]:
"List what you have, the balances, the interest rates, the monthly payments, etc."

4. Monthly Financial Housekeeping

a. Paying Bills on Time and Managing Checking Buffers

Marielle stresses the importance of timely bill payments and maintaining a buffer in checking accounts to prevent overdrafts.

Brent Weiss [12:11]:
"I say between 10% to 25% of your monthly expenses should be kept in your checking account buffer."

b. Monitoring for Fraud

Listeners are encouraged to regularly inspect their bank and credit card statements for unauthorized transactions.

Marielle Segarra [12:26]:
"Look over your accounts for fraud. Maybe you'll see a charge from a shoe store, but you didn't buy any shoes."

c. Tracking Income and Career Goals

Soledad highlights the importance of aligning financial practices with career aspirations, such as updating LinkedIn profiles or documenting achievements.

Soledad [12:56]:
"Check on our income and career goals. That might mean updating your LinkedIn or applying for a new job."

Brent Weiss [13:16]:
"Check in on your financial goals monthly to build momentum."

d. Reflecting on Financial Goals

Marielle encourages monthly reviews of financial goals and celebrating milestones to maintain motivation.

Soledad [13:25]:
"When you do meet a goal, do something nice for yourself."

5. Daily Financial Practices

a. Reflecting on Purchases

Brent Weiss and Soledad advocate for daily reflection on spending habits to ensure alignment with personal values and financial goals.

Brent Weiss [15:02]:
"Make a daily habit of reflecting on your purchases."

Marielle Segarra [15:08]:
"Are my choices lining up with what matters to me? Are they helping me build the life that I want?"

b. Journaling and Affirmations

Soledad introduces the concept of "thoughtwork," encouraging listeners to document and assess their financial thoughts and emotions.

Soledad [15:19]:
"Engage in thoughtwork. It can start with a brain dump of whatever's in your mind."

Brent shares his personal affirmations to reinforce a positive financial mindset.

Brent Weiss [15:55]:
"My wellness is essential to the collective. When I take care of myself, I make good money."

6. Emotional and Mental Well-Being

The episode underscores the interplay between mental health and financial management. Soledad notes that exhaustion can impede financial planning, making self-care crucial for maintaining financial discipline.

Soledad [13:42]:
"Reflect monthly on how you're taking care of yourself. Your mind, your body, your spirit."

Brent Weiss [13:55]:
"You're not bad with money. The issue is that you haven't given yourself an opportunity to rest."

7. Conclusion and Recap

Marielle Segarra provides a succinct summary of the financial self-care tasks discussed:

• Annual: Pay taxes, review insurance and investment accounts, set financial goals, obtain credit reports.
• Quarterly: Request credit reports from different bureaus.
• Monthly: Pay bills on time, maintain a checking buffer, monitor accounts for fraud, track career and financial goals.
• Daily: Reflect on purchases, engage in thoughtwork, practice affirmations.

She encourages listeners to explore additional Life Kit episodes on investing, taxes, and budgeting for deeper insights.

Notable Quotes:

• Brent Weiss [03:24]:
  "Pick a time horizon. Ask yourself what has to happen for you to look back and say, that was a wildly successful period of my life."

• Marielle Segarra [04:58]:
  "All savings accounts are not created equal. Right now, some banks are offering between 4 and 5% interest."

• Soledad [09:57]:
  "Look it over, because there might be something that's up. I actually had an old student loan payment removed that jumped up my credit score."

• Brent Weiss [12:11]:
  "I say between 10% to 25% of your monthly expenses should be kept in your checking account buffer."

• Brent Weiss [15:55]:
  "My wellness is essential to the collective. When I take care of myself, I make good money."

Final Thoughts

This episode of Life Kit serves as a robust framework for individuals seeking to enhance their financial well-being through structured and consistent practices. By integrating these financial self-care habits into daily, monthly, and annual routines, listeners can achieve greater financial stability and peace of mind.

For more insights, listeners are encouraged to explore other Life Kit episodes on npr.org/LifeKit and subscribe to the LifeKit newsletter.

Produced by Sylvie Douglas, with contributions from Beck Harlan, Malika Garib, Megan Keane, Beth Donovan, Andy Taegle, Margaret Serino, Sam Yellowhorse, and Kessler. Engineering support by Hannah Copeland, David Greenberg, and Kwesi Lee Mario.