BT Money Hacks: Effective budgeting vs income growth insights

Claressa Monteiro
Published Mon, Feb 17, 2025 · 05:00 AM
    • True financial freedom goes beyond balancing budgets and mastering spreadsheets.
    • True financial freedom goes beyond balancing budgets and mastering spreadsheets. PHOTO: ADOBE STOCK

    In the latest episode of Money Hacks by The Business Times host Howie Lim speaks with financial educator and influencer Shang Saavedra about taking control of our financial future.

    Lim and Saavedra discuss effective strategies for budget cutting and income growth which are particularly relevant in this current environment of heightened concerns over rising cost of living and inflation.

    Balanced approach to financial management

    What sets Money Hacks apart is its balanced approach to financial management. Most financial advice tends to lean heavily either towards cutting expenses or increasing income. However, this podcast emphasises the importance of both approaches. 

    As Saavedra elaborates, while it’s easier to start by cutting your budget, there’s only so much you can cut before hitting essential expenses. Eventually, increasing your income becomes a necessity. This balanced viewpoint helps listeners understand that there’s no one-size-fits-all solution to financial wellness. 

    Mental health and financial well-being

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    An often overlooked aspect of financial management is its impact on mental health. In this episode, Saavedra discusses how your mental well-being significantly influences your ability to manage finances effectively. Financial stress can lead to poor decision-making, while a healthy mindset can empower you to make smarter financial choices. 

    The advice shared on Money Hacks isn’t just theoretical - it’s highly actionable. Saavedra provides specific strategies for both budget cutting and increasing income, along with the pros and cons of each approach - a must listen part of the podcast.

    Growing your financial knowledge

    Lim’s engaging interviewing style makes complex financial topics accessible and relatable to the everyday listener making it easier for listeners to grasp key concepts and put them into practice. 

    An example of this from the episode - when she questioned if their views on balancing spending cuts and investments would further incapacitate those who already struggle with planning pushing them to expand on their narrative.

    If you’re looking to improve your financial literacy, better manage your money, or simply stay informed about the latest in personal finance, listen to the full podcast now.

    Stay tuned for our next episode, in both audio and video podcast format for insights on the pros and cons of robo investor apps vs consulting professional advisors or perhaps even just doing it all yourself. We welcome your feedback or episode ideas to btpodcasts@sph.com.sg.

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    Written and hosted by: Howie Lim (howielim@sph.com.sg)

    With Shang Saavedra, author and financial educator

    Edited by: Howie Lim & Claressa Monteiro

    Produced by: Howie Lim & Chai Pei Chieh

    A podcast by BT Podcasts, The Business Times, SPH Media

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    Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. 

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