Regret Less, Save More: How to Make Smarter Money Moves in 2025

Summary

NerdWallet's Smart Money Podcast: Episode Summary

Episode Title: Regret Less, Save More: How to Make Smarter Money Moves in 2025
Release Date: January 2, 2025
Hosts: Sean Pyles, Sara Rathner
Guest: Elizabeth Renter, Chief Economist at NerdWallet
Podcast Description: NerdWallet’s personal finance journalists provide actionable advice to help listeners make informed financial decisions, build wealth, and navigate major life events with confidence.

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1. Introduction and Setting the Stage

The episode kicks off with a lighthearted banter between hosts Sean Pyles and Sara Rathner, reflecting on New Year’s traditions and personal financial goals. Sean humorously admits to not having watched When Harry Met Sally, a nod to popular culture that sets an engaging tone for the episode.

Sean Pyles [00:55]:
"There’s always room for improvement, especially when it comes to savings."

2. Reflecting on Financial Regrets from 2024

The core of the episode revolves around understanding and addressing financial regrets from the previous year. Hosts introduce a significant statistic from a NerdWallet and Harris Poll survey:

Elizabeth Renter [05:13]:
"69% of Americans say they had financial regrets for 2024."
This high percentage underscores the widespread nature of financial dissatisfaction, prompting a deeper dive into specific areas of regret.

2.1. Generational Breakdown of Financial Regrets

Elizabeth highlights that younger generations bear the brunt of financial regrets, with Gen Z at 89%, followed by Millennials at 80%, Gen X at 73%, and Baby Boomers at 46%.

Elizabeth Renter [05:27]:
"Baby boomers are at the life stage where they’re most likely to be financially secure."

Sara empathizes, noting that older individuals often let go of regrets as financial stability increases with age, while younger adults are still navigating the complexities of financial independence.

3. Top Financial Regrets Identified

3.1. Insufficient Savings

A prominent regret among Americans is not saving enough, particularly for emergencies and long-term financial goals.

Elizabeth Renter [07:41]:
"29% of Americans regretted not saving for emergencies, and 27% regretted not saving for financial goals last year."

3.2. Overspending

Overspending emerges as another significant area of regret, especially in categories such as entertainment, travel, housing, and events.

Elizabeth Renter [08:27]:
"One fourth of Americans regret overspending on Entertainment last year."

Sara shares personal anecdotes about overspending on home repairs, illustrating how essential expenses can sometimes derail financial plans.

3.3. Credit Score Management

Credit-related regrets, though more nuanced, are notable. About 21% of Americans regret not improving their credit scores in 2024.

Elizabeth Renter [10:57]:
"Consistently making your payments on time and keeping your credit utilization low are key."

Sara reinforces the importance of maintaining good credit health by sharing practical tips like setting up payment alerts and automating bill payments.

4. Strategies to Mitigate Financial Regrets in 2025

The discussion shifts to proactive measures listeners can take to avoid repeating past financial mistakes.

4.1. Enhancing Savings Habits

Elizabeth Renter [14:30]:
"Automating transfers into your savings account makes it easier to save without thinking about it."

Both hosts advocate for automated savings, suggesting setting up regular transfers post-payday and reallocating funds from non-essential subscriptions to bolster savings.

4.2. Controlling Overspending

To curb overspending, Elizabeth suggests implementing budget limits for discretionary categories and being mindful of purchase behaviors, especially online.

Elizabeth Renter [16:23]:
"Slowing down and being mindful of your actions is where you can make a difference."

Sara emphasizes the psychological aspect of spending, such as the disconnect that often occurs with credit card usage, leading to unintentional overspending.

4.3. Managing and Improving Credit Scores

Maintaining and improving credit scores is crucial for long-term financial health. Elizabeth advises consistent on-time payments and keeping credit utilization below 30%.

Elizabeth Renter [11:14]:
"Using no more than 30% of your available credit is a good level to aim for, and less is even better."

Sara adds practical steps like setting up autopay and avoiding storing credit card information on frequently visited websites to enforce disciplined spending.

5. Rethinking New Year’s Resolutions

The hosts and guest explore the efficacy of traditional New Year’s resolutions, often criticized for being overly ambitious and short-lived.

Sara Rathner [12:35]:
"I hate New Year’s resolutions because they often lead to disappointment."

Elizabeth agrees, advocating for incremental, manageable goals throughout the year rather than annual commitments. This approach fosters sustainability and reduces the pressure associated with annual resolutions.

Elizabeth Renter [13:07]:
"The annual approach is very all or nothing, and it’s easier to give up when you screw up a little bit."

6. Final Tips and Resources for a Financially Healthy 2025

Wrapping up the episode, Elizabeth offers overarching advice for achieving financial well-being in the new year:

Elizabeth Renter [18:36]:
"Consistently try to do better, give yourself grace. Make decisions and take steps to do a little better than you did before."

Key takeaways include:

• Automate Savings and Bills: Simplify financial management by reducing the need for manual tracking.
• Mindful Spending: Implement strategies like holding periods for online purchases and limiting credit card ease of use.
• Flexible Goal Setting: Adopt a week-by-week or task-by-task approach to financial goals, allowing for adjustments as needed.

Sara highlights NerdWallet’s resources, such as their free savings calculator, which can assist listeners in visualizing and planning their savings growth.

Sara Rathner [15:15]:
"NerdWallet has a free savings calculator that will help you understand how your money can grow over time."

7. Conclusion and Looking Ahead

Sean and Sara conclude the episode by encouraging listeners to remain flexible with their financial goals and to continuously review and adjust their strategies as needed. They tease future episodes that will delve deeper into topics like investing, budgeting, and credit management.

Sean Pyles [20:28]:
"Having that perspective can be really useful as you move forward in your financial life."

The episode closes with a reminder for listeners to engage with NerdWallet’s resources and to reach out with their own financial questions, reinforcing the podcast’s mission to empower listeners to make smarter financial decisions.

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Notable Quotes:

• Elizabeth Renter [05:13]:
  "69% of Americans say they had financial regrets for 2024."

• Sara Rathner [07:13]:
  "You want to spend your time doing more important things."

• Elizabeth Renter [16:23]:
  "Slowing down and being mindful of your actions is where you can make a difference."

• Sara Rathner [15:15]:
  "NerdWallet has a free savings calculator that will help you understand how your money can grow over time."

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Resources Mentioned:

• NerdWallet Savings Calculator:
  An online tool to project savings growth based on input parameters like starting balance, contribution amount, and interest rate.

Connect with NerdWallet:

• Email: [email protected]
• Phone/Text: 901-730-6373
• Podcast Platforms: Spotify, Apple Podcasts, iHeartRadio

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This episode of NerdWallet's Smart Money Podcast serves as a comprehensive guide for listeners aiming to minimize financial regrets and optimize their financial strategies in 2025. Through relatable discussions, expert insights, and practical advice, Sean, Sara, and Elizabeth provide a roadmap for achieving greater financial well-being in the coming year.

Transcript

[Sarah Rathner]

Today's episode is supported by a new show called Life in seven Songs, which songs define some of the world's greatest business minds. If you're curious about those playlists, then check out Life in seven Songs, the new podcast from the San Francisco Standard, hosted by Sophie Bearman. Named a top new show by both Apple Podcasts and the Guardian. Life in seven Songs sits down with leaders like former Secretary of Labor Robert Reich, Shark Tank's Mark Cuban, and Apple visionary Joni. I've to discuss their groundbreaking milestones and the music that's defined their trailblazing journeys. And let's just say their song choices may surprise you. So make sure to listen to Life in seven Songs wherever you get podcasts.

[Sean Pyles]

It's a new year. We've left 2024 behind. All there is now is to look forward, right? Well, yes, but it's also a good time to reflect on what could have gone better in our financial lives last year and what we can learn from our regrets.

[Elizabeth Renter]

There's always room for improvement, especially when it comes to savings. You can always save more. The top cited regrets involved saving in 2024, or the lack thereof. 29% of Americans regretted not saving for emergencies, and 27% regretted not saving for financial goals last year.

[Sean Pyles]

Welcome to NerdWallet's Smart Money podcast. I'm Sean Pyles.

[Sarah Rathner]

And I'm Sarah Rathner.

[Sean Pyles]

And Sarah, before we get to anything else, Happy New Year.

[Sarah Rathner]

And a very happy New Year to you too, Sean. So did you auld length sign your way into January?

[Sean Pyles]

I'm not even sure what that means, Sarah.

[Sarah Rathner]

Me neither. But I remember that line from When Harry Met Sally though. Millennials. You know what I'm talking about. Older than that. You know what I'm talking about. Gen Z. When Harry Met Sally is a great movie and you should watch it anyway. You know, at the end they're at a New Year's Eve party and she says that she thinks that song is about old friends, so I'll buy that.

[Sean Pyles]

I'll buy that too. Even though I have not seen that movie. I'm such a young millennial over here.

[Sarah Rathner]

What? So now you have a goal for 2025 watching that movie?

[Sean Pyles]

I'll add it to my list, which is already very long.

[Sarah Rathner]

All right.

[Sean Pyles]

Anyway, Sarah, do you have any big money goals for the year?

[Sarah Rathner]

Well, this is kind of a three year goal, but we're saving up to eventually finish our unfinished basement. Otherwise I have some travel goals which are sort of like money goals because travel costs money. I just booked a trip with an old friend. We're going to escape from our children and just hang out and eat, drink and be merry. Also trying to plan a trip with my family too. What about you?

[Sean Pyles]

Those trips sound really fun on my end. After a few years of pretty tame financial goals, I have a lot on my plate this year. I'm going to sell my house this spring. I'm hopefully going to have my financial planning firm up and running by mid year. This fall, my partner and I are finally getting married and we have a trip to London. Somewhere in the mix too. So I have a lot going on in 2025.

[Sarah Rathner]

Yes, you do. But it's all good stuff.

[Sean Pyles]

Yes.

[Sarah Rathner]

So, Sean, even though we want to move forward and into this new year, today we are going to hearken back to the old days of last year, all the way back a couple of days and, and think about what we could have done differently and or better when it comes to our finances. And to that end, NerdWallet does this annual survey at the end of each year asking people about their money regrets. Ouch. We're gonna hear about that today and.

[Sean Pyles]

About how to turn those frowns upside down. I'm always up for learning from past mistakes. Otherwise what's the point of making them?

[Sarah Rathner]

I would rather not make them in the first place, but if they're going to be made anyway, yes, let's learn from them.

[Sean Pyles]

As we start a series of episodes looking at your money in 2025, we want to hear what you think, listeners. What are you working on in your financial life as you start the new year? Leave us a voicemail or text the NERD hotline at 901-730-6373. That's 901-730-N E R D. Or email a voice memo to podcastwallet.com up next.

[Sarah Rathner]

We'Re talking with NerdWallet chief economist Elizabeth Renter about that survey and her advice for making this coming year the best ever. Financially speaking at Elizabeth Renter, Happy New Year. And I really hope that you don't have very many regrets from 2024. I mean, at least not financial ones. Maybe some fun ones.

[Elizabeth Renter]

Hey Sarah, thanks and Happy New Year. Thanks for having me. Some of those regrets I'm going to keep to myself.

[Sarah Rathner]

Probably a wise decision.

[Elizabeth Renter]

I did do a lot in 2024 and financially that included paying off my master's degree and some selling a home to move halfway across the country. So there were some big financial milestones, but also room for improvement. I think there's always some room for improvement when it comes to our finances, even if we don't necessarily have regrets.

[Sarah Rathner]

And we're going to get into money New Year's resolutions a little bit later on. But first, let's turn the clock back to like, I don't know, two days ago when it was still 2024, and now it's 2025. Let's talk about financial regrets from 2024. We've got this survey conducted for NerdWallet by the Harris Poll. Let's start with how many of us have money related regrets. Hopefully not a lot.

[Elizabeth Renter]

Well, actually, most of us have money regrets for the year. 69% of Americans say they had financial regrets for 2024, and those range from not saving enough to overspending on a variety of categories.

[Sarah Rathner]

I am definitely sorry to hear that, but maybe a few more hours spent listening to the smart money podcast Hint Hint will help with that for this year. Let's break this down by Generation who's got the most regrets?

[Elizabeth Renter]

To your point, we're going to do what we can to help that out. But it was the youngest generation that was the most likely to have such regrets. 89% of Gen Z compared with 80% of millennials, 73% of Gen X and less than half or 46% of baby boomers had money regrets for 2024. Which, if you think about it, makes some sense. Baby boomers are at the life stage where they're most likely to be financially secure. And I don't know, there's something about getting older where I just feel like maybe you let go of things that other people would normally regret when they're younger.

[Sarah Rathner]

Honestly, it's like you just don't have time for regret after a certain point. You want to spend your time doing more important things. And you know, honestly. And like to the other end of the spectrum, Gen Z, younger adults just getting started establishing themselves financially. A big cohort of that generation is still school age, so they're not necessarily fully financially independent yet. But yeah, I mean, I remember being that age and you're just figuring it out. You're taking those wobbly first baby dear steps into managing your money and it's terrifying, honestly.

[Elizabeth Renter]

Oh yeah.

[Sarah Rathner]

And it gets easier.

[Elizabeth Renter]

I still have Money regrets from 1998 or so.

[Sarah Rathner]

Yeah. The more you do certain financial tasks, the more they become easy and routine.

[Elizabeth Renter]

Yeah.

[Sarah Rathner]

And then you feel empowered to do things that are even more complicated. And honestly, then your life gets more complicated too. You have no choice but to respond to that. I could definitely see like the older you get, the more comfortable you are managing your money. And so you regret less.

[Elizabeth Renter]

Absolutely. And then having more money as you get older helps too.

[Sarah Rathner]

Yeah. No regrets to having more money. Be my least regret. Oh, I. I really regret, like making so much money last year, you know.

[Elizabeth Renter]

Oh, so tough.

[Sarah Rathner]

All right, we know who regrets a lot, but let's talk about what they regret. What are some of the top regrets folks have from their financial lives last year? First up, savings. I imagine we all regret not saving more, right? You could always save more, but saving for what exactly?

[Elizabeth Renter]

Well, you're right. There's always room for improvement, especially when it comes to savings. You can always save more. The top cited regrets involved saving in 2024 or the lack thereof. 29% of Americans regretted not saving for emergencies, and 27% regretted not saving for financial goals last year.

[Sarah Rathner]

And of course, on the opposite side of the coin, no pun intended, we have spending. Honestly, I regret spending on some of the things I had to do to fix my house this year. I know. You sold your big Victorian money pit.

[Elizabeth Renter]

Yeah.

[Sarah Rathner]

And now you rent and have freedom. I have a World War I era money pit of my own. That's money that I could have put towards something more fun, but instead I had to, like, keep my house from falling apart.

[Elizabeth Renter]

It's a labor of love, though. I know it is.

[Sarah Rathner]

Yeah. So what about overspending amongst Americans? What are we regretting there?

[Elizabeth Renter]

Overspending was another category that accounted for a large share of regrets. One fourth of Americans regret overspending on Entertainment last year. 14% regretted overspending on travel, 13% overspending on housing costs. So that's you, Sarah.

[Sarah Rathner]

Yep.

[Elizabeth Renter]

And 12% regret overspending on an event like a wedding or a celebration of some kind.

[Sarah Rathner]

The question is, do they regret overspending on their own wedding or attending someone else's? The survey didn't ask that, but that.

[Elizabeth Renter]

Would be an interesting one to ask for sure.

[Sarah Rathner]

That could be a future question. We ask for sure because, you know, it's really expensive to attend other people's weddings too. What advice do you have to make sure that these kinds of regrets don't Repeat themselves in 2025?

[Elizabeth Renter]

When it comes to the spending particularly, there are a few different approaches you can try. I think the classic advice for overspending on specific categories is setting a budget limit for that category. Maybe I can spend a hundred dollars weekly or bi weekly on entertainment. And by biweekly, I mean every two weeks. Another way to approach it is limiting the number of outings. If your Entertainment budget is getting blown because you like to dine out five nights a week, cut it down to three, or maybe only spend on the problem category on weekends or something like that. The idea with all of these is that you're setting up guidelines and boundaries for yourself.

[Sarah Rathner]

I do that with dining out. Me, a number of years ago was still buying lunch outside of the house and getting takeout for dinner or going out to eat more often than I do now. I think back on how much that cost me over like a five year period and it's wild. And now it costs so much more to dine out. I feel like you go out for a burrito and you end up spending $20.

[Elizabeth Renter]

Right? Well, moving from the rural Midwest back to a fairly urban place in North Carolina, my spending on dining out kind of went out of control for the first few months because I was just in heaven with all of the takeout. And I've had to reign that in and really set those guardrails for myself and limit myself so I don't just.

[Sarah Rathner]

Go nuts for me. Cook on weekdays, take out on weekends. One other thing I see from the survey is that another regret that we have in spades has to do with credit scores. So let me guess, they are not high enough because I can't imagine regretting having a perfect credit score, right?

[Elizabeth Renter]

I wish we could parse this data by credit score because I am sure there's some perfectionists out there who regret not making it to 850 from 825, which by the way, is still very, very good. We know that 21% of Americans, so about 1 in 5, regret not improving their credit in 2024.

[Sarah Rathner]

Confidential out there. For people who have an 825 credit score, you don't have to do 850. It's okay, you can stop, right?

[Elizabeth Renter]

You're doing great.

[Sarah Rathner]

You're doing great. Celebrate it, enjoy it. So let's ask for this one as well. What's some simple advice to make sure that this regret doesn't repeat itself this year?

[Elizabeth Renter]

I think the best advice or the best way to boil down advice about maintaining your credit or improving it is just being consistent, consistently making your payments on time every month and consistently keeping your credit utilization low. Improving your credit can take time, but if you can apply that consistency, you're taking the right steps. When it comes to credit utilization, there's really no hard and fast rule. But using no more than 30% of your available credit is a good level to aim for and less is even better.

[Sarah Rathner]

Something I always tell People who are struggling to remember when those credit card bills are coming, you can do a couple things. You can set up alerts through your credit card account. Just log in online or log in on the app and it can text you or email you when your due date's coming up. You can even set up autopay, even if it's just the minimum amount, so you know you're making that minimum payment, you're making that payment on time and then you can go in and manually pay more. Or if you have the money in your bank account, go ahead and just pay your entire bill. Even better, staying out of credit card debt because that's a huge regret. It just really automates and takes things out of your mind. I'm a huge fan of doing that because people are busy and you just forget when stuff is due. So set up those alerts, make those auto payments and also pay your other bills on time, like cell phone bill, rent, utilities, because there are times that those are reported to credit bureaus too. So you want to be on time for everything, not just your credit card bill.

[Elizabeth Renter]

Great advice.

[Sarah Rathner]

Up next, we are going to talk about some money resolutions that you might want to implement to try and avoid financial regrets this year. That's coming up in a moment. Stay with us. Elizabeth Renter Here we are at the start of a new year and I don't know about you, but I hate New Year's resolutions. I do, because it's just something that's going to end up with me being disappointed in myself for not following through in about three months time. So I think I remember at this time last year you were saying the same thing on this very show.

[Elizabeth Renter]

You're absolutely right. We had a very similar discussion last year. And the hype around New Year's resolutions is real. And I agree that they are way overrated. You know, I'm sure there are people who have great success with this annual approach to goal setting. But I'm with you, Sarah. I'd rather make lifestyle changes or goals throughout the year without all the fanfare.

[Sarah Rathner]

Yeah, I'm sort of a week by week kind of person.

[Elizabeth Renter]

Hey, I'm here for daily goals too.

[Sarah Rathner]

I lift weights and I tell myself, okay, just do it three times this week. And some weeks it happens and I'm proud of myself. And some weeks things get in the way, work is too busy, I get sick, I hurt myself, so I have to scale back. Something like that. Lower back pain is real at my age, if I take it week by week instead of for the entire year. I can account for all the things that happen on a regular basis that sometimes can get in the way of meeting your goal and be forgiving of myself when that does happen.

[Elizabeth Renter]

Yes, I think that the annual approach is very all or nothing, and it's easier to give up when you screw up a little bit. But I like that weekly approach because you can just pick it back up next week.

[Sarah Rathner]

So how about we frame this as just some really smart stuff that folks can do to help themselves financially over the course of the year. You're not promising that you'll do it, but you're going to work toward these goals week by week, minute by minute, hour by hour, whatever. Let's start again with saving. What are some top tips that you have for people who want to stuff their savings accounts this year?

[Elizabeth Renter]

Well, this is kind of related to what you were saying earlier about automating credit card payments. You know, one thing that's really worked for me personally is automating transfers into my savings account. So twice a month, immediately after payday, a transfer for goes from my checking account into a savings account. Automating that even a little bit makes it so much easier. You just don't even have to think about it. You don't have to remember. But if you're like, well, okay, but how do I find the money to save? You might try swapping out one thing that you're spending money on monthly and directing that money into your savings instead. Maybe that's a streaming account that you signed up for and forgot about or are no longer watching your favorite show on, or a subscription box that has lost its novelty. You know, cancel that and direct the 20 or 60 or whatever it is into your savings every month instead.

[Sarah Rathner]

I definitely do this with some of my savings goals. I have automatic transfers from my checking account into like my general savings account. I also do automatic transfers into an account that at your mark toward mortgage payments, another one toward daycare payments. That way I know that the money's going where it needs to go and whatever's left in my checking account I can spend. Hopefully there's a lot left. But sometimes it's a busy month. Listeners, if you are saving toward any sort of specific goal. Who isn't really? Nerd Wallet has a free savings calculator that will help you understand how your money can grow over time. You plug in your starting balance and your contribution amount and the annual interest rate on your account and how much time you plan to spend saving, and it'll show you your total balance at the end of your saving journey, which can be really helpful in motivating you to hit that goal. I love a good calculator. They're like my bread and butter. If you love a good calculator too, we will link to that in the show notes. Or you could search online for NerdWallet savings calculator. Let's turn back. Let's flip that coin back over to spending. We've already talked about savings again. We shared a bit earlier on how not to overspend. But what are some other tips and tricks that you have for making sure we're spending wisely throughout the year?

[Elizabeth Renter]

Spending wisely is spending with some thought right? And attention. Slowing down and being mindful of your actions is really where you can make a difference. Whether you filled your cart at an online retailer and enforce a holding period before you hit that checkout button, or if you're just more strategic and thoughtful about your shopping trips ahead of time, the more you can think about your spending, the more you can make those small changes that add up over time.

[Sarah Rathner]

I really think that one common way people end up spending more than they think they're spending is cause they use credit cards. And it's so easy to put everything on your card and then all of a sudden you see your bill and you have that momentary freakout where you just racked up all of these purchases, you don't even remember half of them. Now you have to pay them off and it's the worst. So obviously a key thing to do here is budget for these kinds of costs. But what sorts of mental tips can people use to check in with themselves, not just when the bill comes, but throughout the month when they're reaching into their wallets and taking out a credit card.

[Elizabeth Renter]

That holding period I mentioned is really helpful if you find yourself using your card at online retailers. When those retailers have your card info stored, it's even easier to spend and making yourself wait a while before you actually make the purchase can help. And on that note, if you can opt to not save your credit card info on those sites you frequently visit, that can make a big difference too. If you have to go get your card from the other room every time you want to transact, it forces that slowdown period. And remember when a shopping spree meant contending with other shoppers and finding parking? Well, one reason we did it less often was because it wasn't so easy. So make your credit card transactions just a bit more difficult. You can also optimize the spending you are doing by choosing the right card if you're going to use a credit card, make sure the things that you're buying can be paid off with each billing cycle. And use a card that offers rewards like cash back.

[Sarah Rathner]

I hate circling for parking. That's like one of my driving pet peeves.

[Elizabeth Renter]

I hear you.

[Sarah Rathner]

Yeah, but now I don't have to do that. I can sit on my couch with my phone and spend my money and it's a blessing and a curse.

[Elizabeth Renter]

Double edged sword.

[Sarah Rathner]

So let's wrap up with some final ideas for having a happy and financially healthy 2025. So what have we missed?

[Elizabeth Renter]

If you have a very specific financial goal for the year, I'd recommend checking out the content over at NerdWallet. And this isn't just a shameless plug. I do it all the time. That savings calculator you mentioned earlier? I just used it last week to compare some rates that I was getting paid on various savings accounts. So the content NerdWallet. I can give you a few of my favorite tips on this podcast, but if you're looking for very specific, specific pointers on a very specific financial goal, you can find it there. My ethos personally for money and more really is to consistently try to do better, to give myself grace. I'd suggest that as a sort of all encompassing approach to financially healthy 2025. So wherever you are on your personal finance journey, make decisions and take steps to do a little better than you did before. Sometimes you'll be able to take big steps and grow, like by opening a CD with your tax refund, for example. But some days just saving a couple dollars on your grocery bill will be the extent of your progress. And that's okay. And when you meet setbacks or unexpected expenses, because you will be nice to yourself and just keep moving.

[Sarah Rathner]

Take it minute by minute. It's okay. It doesn't have to be all year. And not every decision you make is going to be perfect, right? Every day is a learning opportunity when it comes to your money. NerdWallet senior economist Elizabeth Renter thanks for stopping by. You can leave the New Year's confetti and noisemakers at the door. I'm going to save those for later just for fun.

[Elizabeth Renter]

All right, Sarah, thanks for having me.

[Sean Pyles]

Sarah, I love how you and Elizabeth just keep it real. We have been anti resolutions for a little while now on Smart Money because as you two discussed, resolutions can lead to unnecessary disappointment and unrealistic expectations. We're not saying don't aim for the stars because I am certainly fueling up my rocket ship for all I want to achieve this year. But if your plans don't go exactly as mapped out, that's fine. Just do your best and as always.

[Sarah Rathner]

Give yourself some flexibility and it's totally okay for your goals to change mid year.

[Sean Pyles]

I'll say again that it's always helpful to go back and review what went well and what didn't for any given time frame doesn't have to be year to year, it can be whatever works for you. Having that perspective can be really useful as you move forward in your financial.

[Sarah Rathner]

Life, and that goes for every aspect of it, from budgeting to credit to housing to careers to investing.

[Sean Pyles]

Nice to you Sarah, because we'll be getting to all of those topics as the month goes on. Next week we'll have some advice for those of you who are looking to get more informed about investing. I do believe that people should generally build a safe and boring portfolio of.

[Sarah Rathner]

Index funds first, and then they can speculate with whatever money they've got left over. And I'm practicing what I preach there. For now, that's all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That's 901730, nerd. You could also email [e-mail] and remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

[Sean Pyles]

This episode was produced by Tess Viglund. I helped with editing, Amanda Darangowski helped with fact checking, Megan Maurer, Mixart Audio and a big thank you to NerdWallet's editors for all their help.

[Sarah Rathner]

And here's our brief we are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

[Sean Pyles]

And with that said, until next time, turn to the Nerds.