In Episode 7 of the ‘Money and Me’ season, Simon shares a number of 'hacks' that he hopes will be helpful in assisting listeners to use and manage money well.
Some key points of interest covered in this episode include the following:
- Simon introduces the episode by explaining that there is nothing dodgy about the hacks that he will be sharing with listeners. Instead, they are simply different ways of looking at money matters, or dealing with money tasks, that are designed to enhance our ability to use and manage money well. [01:04]
- Hack number one is the Toolbox Hack, which emphasises the importance of treating money as a tool rather than making it an objective in its own right. [02:06]
- Simon’s second hack is the Purpose Hack, based on the principle that every pound should be given a purpose. [02:58]
- The Three Pots Hack guides us into dividing our money into three separate elements: what we’re going to spend; what we’re going to save; and what we’re going to give. [04:19]
- Some hacks can be boring but necessary, and the Track Your Spending Hack [04:46] and the Renewals Reminder Hack [06:15] are good examples of that category.
- The Snowballing Hack provides two very helpful approaches to paying off debt. [07:21]
- One way to try to avoid having regrets about how we have spent and used our money is to imagine how we will look back on our financial track record in the future, as illustrated by the Rocking Chair Hack. [09:33]
- In response to a question from Bex about her experience of a banking app that had set bank customers a One Penny per Day challenge, Simon suggests that the situation that has been created could be described as the outcome of a Compounding Hack operating in conjunction with a Gamification Hack! [10:31]
- Like the Rocking Chair Hack, the Seesaw Hack aims to encourage the responsible and prudent use of resources but it does so by prompting us to look ahead rather than backwards. It can be a really useful mechanism for weighing up the complex competing needs and desires of our current self and our future self. [12:07]
- Following an invitation from Simon to name a hack describing the inability of some people to use their emergency fund, Bex settles on the Gilded Cage Hack. [15:09]
- Simon explains why he has come to appreciate the Investing in Presents Hack [16:12] before going on to talk about two time-related hacks. The Time Machine Hack [17:01] delves further into the consequences for our future self of decisions that we make now, and the Relativity Hack [18:53] highlights the significance of the choices that we make when we decide to whom we are going to compare ourselves.
- Simon concludes by describing the benefits of giving money away (the Generosity Hack) [20:12], the advantages of applying automatic processes to the income we receive (the Non-stick Hack) [21:11] and the importance of identifying and prioritising what is most important to us in the long-term (the Ladder Hack, as articulated by Stephen R Covey). [23:03]
- Listeners are invited to get in touch and share – for publication, if so desired - their own money hacks. [24:37]
Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.
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