Cross Roads Podcast Money Moves - How to Save for the Big Stuff Even on a Tight Budget

For Questions or Comments Send us a Text Message

Want the trip, the car, and a peaceful December without feeding your credit card? We walk through a simple, numbers-first plan to turn big goals into daily actions you can actually keep. It starts with clarity—naming a target and a date—then breaking it into monthly and even daily amounts so progress feels tangible. You’ll hear the real math behind a $3,000 vacation, why $8.22 a day can change your year, and how a friendly competition (or a vacation jar) keeps motivation high.

From there, we get tactical about where your money should live. We compare money market accounts and high‑yield online savings accounts, why FDIC insurance and zero fees matter, and how 4–5% interest quietly adds fuel to your plan. For longer horizons, we explain when broad index funds like an S&P 500 fund fit, the importance of tolerating volatility, and how consistent contributions leverage compound interest. Then we go old school with a modern case for layaway, showing how it beats “buy now, pay later” for many purchases and avoids the dreaded “couldn’t wait tax” that APR charges on credit cards.

We don’t stop at strategy; we install habits that stick. Automation on payday, the 24‑hour rule for big buys, round‑up tools, and naming accounts (Beach 2026, New Car Fund) reduce decision fatigue and keep your brain invested. We also run a side‑by‑side of financing versus saving for a $1,200 trip to prove how saving first buys freedom—and dinner. The core message is simple: debt delays dreams; savings delivers them. Start small, stay steady, and let time do its work. If this helped you rethink your plan, subscribe, share the episode with someone who needs a push, and leave a quick review to help others find the show.

Support the show

Order your copy today of "Achieve Optimal Brain Health with Nutrition," by Stefan McDermott.

https://www.amazon.com/dp/B0DYWMB929

www.stefanmcdermott.com

Would you like Santa Claus and Mrs. Claus to come to your home or office? Contact The Santa Steven at [e-mail] or book a party on https://www.gigsalad.com/the_santa_steven_aubrey or call 469-230-5956 for more information.

Episode Transcript

Steven Killfoil (00:14):
Crossroads podcast.
Welcome to you to funny moves.
For those who want to be in theknow.
Good morning, Cross Roads.

(00:41):
Welcome back to Cross RoadsPodcast Money Moves.
I'm your host, Steven Killfoil,the guy who still checks couch
cushions before payday and oncefound enough change to buy lunch
from the dollar menu.

Mady Killfoil (00:58):
And I'm your co-host, Mady Killfoil, the one
who usually caused those couchcushions to be empty in the
first place.

Steven Killfoil (01:07):
Okay, well, today's episode is for everyone
who's ever said, I'd love avacation, but my wallet says not
today.

Mady Killfoil (01:18):
We are breaking down how to save for those big

goals (01:21):
vacations, cars, Christmas presents, even when
your budget's tighter thanSanta's Belt on Christmas Eve.

Steven Killfoil (01:29):
Oh yeah.
And we'll show you how to makeyour money work for you through
smart saving, investing, andeven the classic art of layaway.

Mady Killfoil (01:41):
So grab your coffee, your calculator, and
your dream list. Let's makesome money moves.

Steven Killfoil (01:48):
The first step is knowing what you're saving
for and when you want it.
You can't hit a target if youdon't know what it looks like.

Mady Killfoil (01:58):
Exactly.
Let's say you want a $3,000family vacation next summer.
That gives you 12 months.
So you'd need to save $250 amonth.

Steven Killfoil (02:10):
Or let's break it down a little smaller.
That's $8.22 per day.
Skip the fancy coffee andmuffin, and boom, you're sipping
pina coladas instead of lattes.

Mady Killfoil (02:24):
You can even gamify it, make it fun, set a
vacation jar, and every time youskip takeout or make dinner at
home, drop in what you wouldhave spent.

Steven Killfoil (02:36):
Yeah.
And if you're a couple, make ita little friendly competition.
Whoever saves more gets to pickthe first restaurant on
vacation.

Mady Killfoil (02:47):
On the first activity, though, in our case,
that might mean I'm zip liningwhile Steven's still trying to
find the sunscreen.

Steven Killfoil (02:56):
Oh, come on.
Hey, I burn artistically.
It's called lobster chic.

Mady Killfoil (03:04):
Yeah, right.
The same approach works forChristmas too.
Start in January, just $80 amonth.
And by December, you'll have$960 ready to go.

Steven Killfoil (03:17):
Which means no holiday hangover from your
credit card bill come January.

Mady Killfoil (03:28):
And you can actually enjoy Christmas instead
of silent weeping as you wrapgifts with your visa statement
staring at you.

unknown (03:40):
Boy, did I get you and how! Sucker.

Steven Killfoil (03:48):
Now that you've got your goal, let's talk
whether to keep that money.
Spoiler alert though, underyour mattress is not a
retirement strategy.

Mady Killfoil (04:00):
Nope.

Step one (04:01):
separate your savings from your spending account.
Out of sight, out oftemptation.

Steven Killfoil (04:09):
Exactly.
And if you want that money togrow, look into money market
accounts.
These are like savings accountswith a little turbocharger.
They're paying around four tofive percent right now.

Mady Killfoil (04:24):
So if you stash $1,000 in there for a year,
that's $50 in interest or doingnothing.
I don't know about you, butthat's my favorite kind of work.
None.

Steven Killfoil (04:39):
None, huh?
Okay.
Then there are high-yieldonline savings accounts.
They often beat brick andmortar banks.
Just make sure it's FDICinsured and has no monthly fees.

Mady Killfoil (04:54):
Now, for the slightly bolder crowd, consider
index funds like the SP 500 orNASDAQ.
They are great for goals thatare a year or more away,
especially if you are okay withsome ups and downs.

Steven Killfoil (05:12):
Well, historically, those earn around
7 to 10% annually.
So you put $100 a month, andover a year you could end up
with around $1,240 instead ofjust twelve hundred just from
growth.

Mady Killfoil (05:28):
That's like getting a free dinner out of
your savings, which I think it'spretty good.
But if you keep that going overseveral years, compound
interest turns into those littleamounts that will be
impressive.

Steven Killfoil (05:45):
Albert Einstein called compound interest the
eighth wonder of the world.
And honestly, he was right.
I just wished he had invented away to make money appear every
time I open my wallet.

Mady Killfoil (05:58):
Yeah, I wish that too.
Yeah.
Yeah.
He would have a line outsidehis lab longer than Black
Friday, at Best Buy.
Let's talk about a goodold-fashioned method, layaways.

Steven Killfoil (06:13):
Ah yes.
The original buy now, paylater, but without the scary
interest rates.

Mady Killfoil (06:21):
Stores like Walmart, Burlington, and some
local shops still offer it,especially around the holidays.
You put a little down, makepayments, and once it's paid
off, the item is yours.

Steven Killfoil (06:33):
It's basically the anti-credit card.
You get discipline, no debt,and the satisfaction of knowing
you earned it.

Mady Killfoil (06:43):
Let's do a side-by-side example.
Say you buy a $1,000 couch.
On layaway, you pay it off infive months, no interest.
On a credit card with 20% APR,making minimum payments, you'll
pay around $1,400 total by thetime it's done.

Steven Killfoil (07:05):
That's a $400, I couldn't wait tax.

Mady Killfoil (07:10):
Exactly.
And with layaways, you've gottime to think.
Do I really want this?
Sometimes that pause saves youfrom buying things you don't
need.

Steven Killfoil (07:21):
Patience isn't just a virtue, it's profitable.

Mady Killfoil (07:26):
Before we keep rolling, a quick thank you to
the folks who help make thisshow possible.

Steven Killfoil (07:32):
This episode of Cross Roads Podcast Money Moves
is brought to you by the SantaSteven, bringing Christmas magic
straight to your home orbusiness.

unknown (07:52):
You better not cry.
You better not power.
I'm telling you why.
Santa Claus is coming to tomn.
The big fat man with a longwhite beard.
He's coming to time.

Steven Killfoil (08:10):
To book an event, party, or some one on one
time with the Santa Stephen,call 469-230-5956 or email
Steven@ thesantasteven.com.
That's S-T-E-V-E-N@thesantasteven.

(08:36):
com.
And we hope you have a verywonderful holiday season.

Mady Killfoil (08:43):
And while we are spreading cheer, a big shout out
to Stefan McDermott, author ofAchieve Optimal Brain Health
with Nutrition.
If you're ready to boost yourmemory, focus, and overall
wellness through the food youeat, this book is your next
smart move.
Find it now on Amazon orwherever great health books are

(09:06):
sold.

Steven Killfoil (09:07):
All right.
Now that your brain and yourChristmas are both covered,
let's get back to saving thatmoney.
Let's really crunch thenumbers.
Say you want a $1,200 vacation.
You could charge it on a creditcard at 20% interest.
You pay $100 a month, and in 14months it's paid off.

(09:30):
But you've spent about $1,400total.

Mady Killfoil (09:38):
Now let's flip that.
Save $100 a month for a year ina money market, earning 5%.
You have $12, $160 when it'sstarting to do.
And know that following youhome.

Steven Killfoil (09:57):
That's a $140 swing.
That's dinner, drinks, andmaybe a souvenir t-shirt with
your name spelled wrong.

Mady Killfoil (10:06):
Oh, you mean like Stefan?
I think you have a collectionof those.

Steven Killfoil (10:11):
Hey, I consider it an investment in identity
diversity.

Mady Killfoil (10:18):
You are like the SP 500 of names.

Steven Killfoil (10:22):
Yeah, but seriously, debt delays dreams,
savings delivers them.
Every time you choose to sayfirst, you're saying yes to your
future self.

Mady Killfoil (10:36):
You're always saying no to 18 months of why is
my statement ballot still thesame?
And that's a feeling moneycan't buy.

Steven Killfoil (10:47):
All right.
Time to get tactical.
Let's talk about small changesthat make a big difference.

Mady Killfoil (10:55):
Number one, automate it.
Set up automatic transfers to asavings account every payday.
If you don't see it, you won'tspend it.

Steven Killfoil (11:06):
Number two, the 24-hour rule.
Before making a big purchase,wait 24 hours.
You'll be amazed at how manymust-haves turn into nah, I
don't need that.

Mady Killfoil (11:21):
Yeah.
Number three, name youraccounts.
Don't just have savings.
Have Beach Trip 2026 or New CarFund.
It helps you visualize yourgoal.

Steven Killfoil (11:36):
Number four, sell your clutter.
That treadmill's just holdinglaundry listed online to turn
dust into dollars.

Mady Killfoil (11:47):
Number five, round up your purchases.
Use apps or bank tools thatround your debt debit purchases
up to the nearest dollar andsave the difference.
It adds up faster than youthink.

Steven Killfoil (12:02):
And my personal favorite budget backwards.
Instead of spend and save, flipit.
Save first, then see what'sleft to spend.
Future you will thank you.

Mady Killfoil (12:16):
Future you is sipping iced tea on a beach
instead of arguing with yourcredit card company.

Steven Killfoil (12:24):
Exactly.
And hey, don't forget, rewardyourself for progress, even if
it's small.
Every dollar saved is a steptoward freedom.

Mady Killfoil (12:35):
So whether you are saving for a dream trip, a
car, or just want to stop uhfinancing Christmas through
Visa, start today, even if it'sten dollars at a time.

Steven Killfoil (12:49):
Small steps build big wins.
You don't need a miracle, justa plan, a timeline, and the will
to stick with it.

Mady Killfoil (13:00):
Because the best gifts and the best vacations are
the ones you can enjoyguild-free.

Steven Killfoil (13:08):
That's it for today.
Crossroads podcast Money Moves.
If you enjoyed the show, shareit with a friend or family
member who needs a littlesavings motivation.

Mady Killfoil (13:19):
And don't forget to subscribe so you never miss
an episode.
We'll be back with more smartways to keep your wallet happy.

Steven Killfoil (13:27):
Until next time, keep making money moves,
the smart kind.
Stay tuned in next week formore amazing tips and guests.
We'll see you at the top.
Bye bye.
Bye-bye.
Money moves.

(13:50):
For those who want to be in theknow, who's your daddy?