Money Girl

On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in July 2025.

Laura provides tips for using money as a tool for getting more joy from life.
Transcript: https://money-girl.simplecast.com/episodes/8-ways-to-spend-money-for-a-happier-life/transcript
Have a money question? Send an email to money@quickanddirtytips.com or leave a voicemail at (302) 364-0308.
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Money Girl is a part of Quick and Dirty Tips.
Links:
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1041. If you have extra cash, should you pay off a low-interest mortgage or invest it? Laura answers a listener’s question about balancing financial math with the emotional peace of mind that comes from being mortgage-free.
Key Takeaways:
Paying off a debt yields a guaranteed return equal to your loan’s interest rate.
Make sure you have a healthy emergency fund before making extra debt payments.
Consistently investing 10% to 15% of your income for retirement and capturing any employer matching should take priority over prepaying a low-interest debt.
Eliminate high-interest debt, like credit cards, as soon as possible.
Low-interest, tax-deductible debt, such as a mortgage should be your lowest payoff priority.
Younger investors benefit from decades of compounding market returns, while pre-retirees should focus on preserving wealth and reducing living expenses.
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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
Hosted on Acast. See acast.com/privacy for more information.

1040. Laura explains the hidden risks of canceling credit card accounts. You’ll learn how credit utilization works, when closing an account is and isn’t worth it, and how to protect your credit if you do decide to close a credit card.
Key takeaways:

Closing a credit card shrinks your available credit, which causes your credit utilization ratio to spike, resulting in an immediate reduction in your credit scores.
Canceling a card you’ve owned for a while lowers your average age of credit, which can lower your scores.
Before canceling a high-fee card, consider applying for a replacement so you maintain your total available credit and won’t see your credit scores go down.
If you don’t want a card or its annual fee outweighs the perks, closing it can be worth a temporary credit score dip–unless you plan to make a significant purchase, like a car or home, within the next six months.
If you’re not disciplined with credit cards, closing them can be worthwhile to prevent overspending and future financial problems.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
Hosted on Acast. See acast.com/privacy for more information.

On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in July 2024.

Take stock of your finances with Laura’s mid-year checklist for more money success.
Money Girl is hosted by Laura Adams. A transcript is available at QuickandDirtyTips.com
Have a money question? Send an email to money@quickanddirtytips.com or leave a voicemail at 302-365-0308.
Find Money Girl on Facebook and Twitter, or subscribe to the newsletter for more personal finance tips.
Money Girl is a part of Quick and Dirty Tips.
Links:
https://www.quickanddirtytips.com/
https://www.quickanddirtytips.com/money-girl-newsletter
https://www.facebook.com/MoneyGirlQDT
https://twitter.com/LauraAdams
https://lauradadams.com/
Hosted on Acast. See acast.com/privacy for more information.

1039. Laura answers a listener’s question about managing multiple 401(k)s with her current and previous employers. Find out the pros and cons of holding old retirement plans, how to streamline your strategy, and simultaneously reach other financial goals, like homeownership.

Key takeaways
Consolidating old retirement plans into one low-cost IRA or your current employer’s plan simplifies your asset allocation and protects your retirement growth from redundant account fees.
Always request a direct trustee-to-trustee rollover when moving funds between retirement accounts to eliminate the risk of missing the strict 60-day deadline.
Workplace retirement plans offer federal protection against creditors with no dollar limit.
IRAs are protected by state-specific laws, making plan-to-plan rollovers an attractive choice for those prioritizing maximum creditor protection.
First-time homebuyers can withdraw up to $10,000 penalty-free (but not tax-free) from an IRA ($20,000 for qualifying married couples) for a primary residence.
Early retirement withdrawals for a home down payment should generally be secondary to building a dedicated home down payment savings fund.
Discover more from Money Girl!
Facebook
Money Girl Newsletter
The Money Stack Newsletter
Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.

Hosted on Acast. See acast.com/privacy for more information.