NerdWallet's Smart Money Podcast
Episode Title: How To Have a Better Relationship With Money and Maximize Every Dollar
Release Date: April 14, 2025
Hosts: Sean Pyles, CFP® & Elizabeth Ayoola
Guest: Shauna Game, Host of "Everyone's Talking Money" Podcast & Author of Unraveling Your Relationship with Money

Introduction: Understanding Our Financial Selves

The episode kicks off with Hosts Sean Pyles and Elizabeth Ayoola delving into the complexities of personal relationships with money. Sean reflects on his early financial decisions, admitting, “I'm sometimes left wondering what I was thinking or if I was thinking at all” (00:00). Elizabeth shares her own struggles, stating, “I was too ashamed to explore why I was spending money like it was printable” (00:10). This candid conversation sets the stage for the episode's exploration of financial self-awareness.

Exploring Your Relationship with Money

Guest Introduction: Shauna Game
Sean introduces Shauna Game, the author of Unraveling Your Relationship with Money, who discusses the importance of dissecting one’s relationship with money to achieve financial goals.

Key Insights:

• Beyond the Numbers: Shauna emphasizes that money isn't just about math but encompasses emotions, behaviors, habits, and upbringing. She states, “It's about emotions and behaviors and habits and story and how we were raised” (01:44).

• Emotional Investment: Understanding one’s feelings towards money is crucial. Elizabeth describes her relationship with money as shifting from “toxic” to a “partnership” (00:51), illustrating personal progress.

• Inner and Outer Work: Shauna defines inner work as understanding one's money stories and beliefs formed in childhood, and outer work as practical financial actions. She explains, “If we were creating the equation for financial success, I would say the inner work comes first” (04:28).

• Somatic Awareness: Recognizing bodily reactions to financial situations helps uncover underlying beliefs. Shauna advises, “Is your heart racing? Are your palms getting sweaty?” (06:28) to identify stressors related to money.

Practical Exercise:

• Money Journaling: Shauna suggests writing letters to money to explore and confront feelings, whether positive or negative.

• Weekly Money Dates: Sean and Shauna advocate for setting aside 15 minutes weekly to review spending and align it with financial goals, promoting consistent financial awareness (11:14).

Notable Quotes:

• Shauna Game: “We live in this vacuum where we think that money is only about math. It is about so much more” (01:44).

• Elizabeth Ayoola: “Making subconscious behavior into something you're aware of can be really hard” (06:28).

Listener Segment: Maximizing Savings and Investments on a Tight Budget

Listener Introduction: Katie
Katie shares her journey of transitioning from low-paying, seasonal jobs to a more stable position at a museum, and her upcoming move to New Hampshire with her partner. She grapples with saving and investing despite a reduced income.

Financial Snapshot:

• Current Income: Increasing from $45,000 to $52,000 annually at the museum.
• Savings: Approximately $9,000 in a high-yield savings account and additional funds spread across checking and other savings accounts.
• Retirement Funds: Nearly $9,000 combined in two 403(b) accounts.

Challenges:

• Career Transition: Moving to a plant nursery with an hourly wage of $16, marking a significant pay cut.
• Budgeting: Navigating new expenses and figuring out her emergency fund needs.
• Retirement Planning: Deciding between contributing to a Roth IRA versus building her emergency fund.

Advice from Hosts:

• Budget Framework: Sean introduces the 50/30/20 budgeting rule—50% needs, 30% wants, and 20% savings/debt repayment—as a starting point (20:37). Adjustments can be made to fit personal circumstances.

• Retirement Contributions: Elizabeth emphasizes the importance of even small contributions, highlighting the power of compound interest: “Investing $25 over investing $0 is definitely worthwhile” (24:37).

• Multitasking Savings Goals: Sean suggests balancing emergency fund growth with retirement savings, potentially setting aside small amounts for both to avoid prioritizing one over the other entirely (27:04).

• Emphasizing Small Wins: Celebrating incremental progress, such as a weekly money date or paying off small debts, reinforces positive financial habits (12:02).

Notable Quotes:

• Sean Pyles: “Time is your friend and your enemy when it comes to saving for retirement” (28:09).

• Elizabeth Ayoola: “Every little bit counts” (29:45).

Navigating Financial Transitions and Goals

Career Reevaluation:
Katie contemplates shifting to nursing, a field that aligns with her interpersonal skills but requires returning to school and incurring potential debt. She balances this against sticking with her current career path in science and education.

Financial Independence:
Katie strives to maintain financial independence within her relationship, aiming to split expenses 50/50 with her partner to avoid dependency (32:21).

Hosts' Encouragement:

• Open Dialogue: Encouraging open and ongoing conversations with her partner about finances to set shared goals and align values.

• Future Planning: Mapping out future aspirations and adjusting financial plans accordingly to stay aligned with long-term goals (33:15).

Notable Quotes:

• Shauna Game: “Keep coming back to, what is the story that I learned about money when I was little?” (12:48).

• Sean Pyles: “Building in those rewards, making a little moment to celebrate every time you do make some progress” (12:35).

Conclusion: Maintaining an Unraveled Relationship with Money

Shauna wraps up by reiterating the importance of continually reassessing one's money stories and behaviors to foster a healthy financial relationship. Her final advice encourages listeners to remain curious and proactive in understanding their financial emotions and actions.

Final Takeaways:

• Self-Awareness: Continuously explore and understand your relationship with money to remove psychological barriers.

• Consistent Habits: Implement small, manageable financial practices like weekly money dates and celebrating small wins to build lasting financial health.

• Balanced Saving: Strive to balance emergency savings with retirement contributions, ensuring both immediate security and long-term growth.

• Open Communication: Maintain open financial dialogues with partners to align on goals and foster mutual financial support.

Notable Final Quote:

• Shauna Game: “If you just do that piece, you will be shocked at what you discover and how that can help you move forward with a different story” (13:15).

Listener Engagement and Resources

The episode concludes with hosts encouraging listeners to submit their own money questions via voicemail or text and to engage with the podcast community for personalized financial advice. They also promote Shauna Game's book and resources provided in the show notes for further exploration of financial relationships.

Key Resources Mentioned:

• Unraveling Your Relationship with Money by Shauna Game
• NerdWallet's 50/30/20 Budgeting Framework
• NerdWallet’s Retirement Calculator

By intertwining personal anecdotes, expert advice, and practical strategies, this episode equips listeners with the tools to understand and enhance their financial relationships, ultimately leading to smarter money decisions and greater financial well-being.