BT Money Hacks: Effective budgeting vs income growth insights
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
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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.
---
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
---
Follow BT Money Hacks podcasts every Monday:
Channel: bt.sg/btmoneyhacks
Amazon: bt.sg/mham
Apple Podcasts: bt.sg/oeXe
Spotify: bt.sg/oeGN
YouTube Music: bt.sg/mhyt
Website: bt.sg/moneyhacks
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.
---
Discover more BT podcast series:
BT Correspondents: bt.sg/btcobt
BT Market Focus at: bt.sg/btmktfocus
BT Podcasts at: bt.sg/pcOM
BT Branded Podcasts at : bt.sg/brpod
BT Lens On: bt.sg/btlenson
Copyright SPH Media. All rights reserved.
