Nikki Foley: What could you accomplish financially before December 31st? What if you had just 150 days to make meaningful progress toward your financial goal? Whether your goal is saving more, reducing debt, lowering taxes, or protecting your family, the decisions you make before year-end can have a lasting impact.

Welcome to Paladin Financial Talk. I’m your host, Nikki Foley, and I’m joined by featured advisor Ellie Robison. Welcome, Ellie.

Ellie Robison: Thank you, Nikki, for having me.

Nikki Foley: Absolutely. I’m excited to have you today. We’re going to talk about uncovering hidden money in 150 days.

Ellie Robison: Oh, yeah.

Nikki Foley: This is the second episode in our four-part series. In the first episode, Jeff Quick kicked us off by sharing one thing you could do before year-end to make an impact on your financial plan. He gave us a useful nugget, and today we’re getting more specific by talking about uncovering hidden money.

In this episode, I want us to discuss how improving our financial picture doesn’t always mean earning more income. Instead, we’re going to explore practical ways to improve cash flow, eliminate waste, and redirect money toward the goals that matter most. Does that sound fair?

Ellie Robison: Absolutely.

Nikki Foley: Again, this is a four-part series in which the advisors at Paladin Financial are sharing practical strategies. Today, we’re uncovering hidden money in 150 days.

Ellie, is there anything you want to share about your background or why you’re excited about this topic, or should we dive right in?

Ellie Robison: That’s a good question because I think what we’re going to talk about today pertains to people of all ages. Sometimes we talk about people who are pre-retirement, sometimes those who are already retired, and sometimes people who are just getting started. I think this topic is for everyone, so this is going to be a good one.

Nikki Foley: All right, let’s dive in. We’ll do this in a question-and-answer format. First, where do you most often find hidden money when reviewing a client’s finances?

Ellie Robison: There are a few places. I came up with multiple answers for this one.

Number one, let’s start with our green money: excess cash just sitting around. Sometimes I see a lot of cash sitting in low-interest-bearing accounts. In that same realm, I sometimes see cash just sitting inside investment accounts, and clients don’t even realize that the cash isn’t invested. Those are two big ones I see frequently.

Along with that, sometimes people’s investments aren’t aligned with their current goals. For example, what if your investments could send you cash to live on instead of simply growing on paper? Reworking an investment strategy to align with your goals can essentially uncover hidden money. Not optimizing an investment strategy across different tax types can also hurt over the long term.

Another area is insurance. Some policies haven’t been reviewed in years. With home and auto insurance, for example, people sometimes stay with the same carrier for 30 years.

Nikki Foley: That’s true.

Ellie Robison: It’s not necessarily a bad thing, but you should make sure you’re shopping around occasionally.

The same can be true with annuities, which is something we review here at Paladin. I once heard an analogy that annuities evolve over time just like machinery or technology. The original telephone was connected to a wall and had a rotary dial. Nowadays, everyone has a phone in their back pocket. Annuities evolve too, and sometimes it makes sense to refresh an older policy with something newer.

Life insurance is a little different because you usually lock in a lower premium the sooner you purchase it. Still, there may be opportunities to update coverage if you need it, or potentially get rid of it if you no longer do.

Nikki Foley: Absolutely. As you’re going through these, I want to interject with example after example, but this is fantastic. I’ll save a few until you get to the end.

Ellie Robison: The next area is employer benefits, and I thought of you because of your background. Vanguard publishes a research report called How America Saves. In its 25th edition, released in 2025, it found that more people than ever are enrolling in employer-sponsored plans. We’ll include a PDF link with this episode.

What the report doesn’t necessarily address is that not everyone is receiving the full employer match. I’ve seen that mistake many times. People will say, ‘I’m contributing to my 401(k),’ and I’ll explain that, based on the employer benefits package they provided, they aren’t receiving the full match. Understanding how the matching formula works and capturing all of that money is crucial. Think of it as free money.

Nikki Foley: I use this point over and over and sometimes feel like a broken record, but people spend somewhere between 13 and 17 minutes renewing their benefits each year. To take full advantage of everything your employer offers, you need to spend more time than that.

As you mentioned, things evolve and change. Benefits can’t be a set-it-and-forget-it decision because new options are introduced all the time. Artificial intelligence is playing a larger role in helping employees determine which benefits may be a better fit.

My simple piece of advice is this: Most people are still working in some capacity, or they have a child or grandchild who is. Stop and spend time reviewing employer benefits. That employer may be giving you free money in one form or another. Don’t spend only 13 minutes. Take your time and understand what those benefits are.

Ellie Robison: I knew I had to include that one. It’s your passion and something you feel strongly about.

The last area I thought of was people not taking advantage of credit card rewards. I see that frequently. Some people are afraid to use credit cards. Obviously, you have to use them responsibly, but you can be strategic and pay yourself back with cash rewards or use the perks toward travel you were already planning to take. Most people are going to take a vacation at some point, so be strategic with those rewards.

Nikki Foley: I could give examples in every one of these categories. As you mentioned with cash sitting around, people often don’t know how much cash they should hold before moving some of it into another type of account.

For example, they may have cash sitting in a checking or savings account. They know they should consider a high-yield savings account or money market, but they don’t know when to start transferring money. Once that account builds up, they may not know when to take the next step. It may seem commonplace, but it isn’t. People often just want a rule of thumb.

I was meeting with a client last week who takes approximately the same flat amount each year from her investment account to pay property taxes and insurance because her house is paid off. When I looked at her situation, I saw that she has an annuity she could annuitize, and it could provide roughly the same amount. The annuity is designed to pay for life. Instead of continuing to draw down her investment account, perhaps it’s time to turn on that income.

Ellie Robison: Exactly.

Nikki Foley: It takes a moment to think through the options and weigh the pros and cons. Suddenly, you’re in a situation where you’ve uncovered hidden money. It simply requires some strategy.

It can be difficult to identify these opportunities on your own. Sometimes you need a second set of eyes to review what you have in front of you. Ellie, you did a fantastic job with that question.

Let’s move to the second question: What spending habits quietly erode financial progress without people realizing it? I can think of ten things right off the top of my head.

Ellie Robison: No one is perfect. It really takes a balanced approach.

First, small expenses can pile up. I think this is the one most people already know they’re probably doing. They forget about subscriptions they don’t use, and all of those little holes in the bucket begin draining their cash flow.

Convenience spending also falls into this category, and I don’t think people always consider it. I’m talking about services like DoorDash and Uber Eats, where people pay a surcharge to have food delivered. It saves time on cooking and cleaning, but the question is whether you can afford it.

DoorDash released an article about its consumers and reported that 72 percent of consumers earning under $75,000 a year placed more than one order in the previous month. That isn’t cheap. Do you order delivery often?

Nikki Foley: I have two stories. Have you ever started placing an order because you didn’t bring anything for lunch, and then you reach the final screen and realize your Chick-fil-A or Chipotle order is more than $20 for six nuggets and a tea? I can’t pull the trigger. I’ve already spent 20 minutes trying to decide what to order, and then I get to the end and think, ‘I can’t do it.’ I guess I’m starving today, so I’ll eat crackers or whatever I can find. I’ve done that.

Ellie Robison: Yes.

Nikki Foley: A younger generation that has grown up with these services may be more inclined to use them than older generations that remember life before this level of convenience.

I was traveling once and met with a woman who told me about her high-school-aged son ordering lunch. After only a week or a week and a half, she noticed all these DoorDash charges. He didn’t have anything to eat, didn’t know what else to do, and simply ordered everything through DoorDash. There are great stories to go with every example you’re giving us.

Matt also did an episode, for anyone who wants to explore our archives, about making an annual date with yourself—or at least reviewing expenses on a recurring basis—to examine all of those small charges. We have a full episode for anyone who wants more direction. Often, though, it starts with putting something on your calendar and saying, ‘I have to do this.’ Anything else on this one before we move on?

Ellie Robison: On the other side are the large expenses people commit to, such as cars and houses. Cars are extremely expensive and can consume a large portion of monthly cash flow. Houses can too. Hopefully, a house is not a depreciating asset, but people don’t always factor in property taxes and insurance increasing over time.

Those are bigger commitments that can consume cash flow much faster than small spending. Not appropriately planning for those expenses is something I’ve commonly seen among people who lack excess cash flow at the end of the month.

Nikki Foley: Absolutely. Let’s go to our next question. How can families redirect existing cash flow toward savings, debt reduction, or investing? Is that something you see often? Give us some perspective.

Ellie Robison: The goal isn’t to eliminate everything you enjoy. It’s to make sure your spending reflects your priorities instead of simply happening on autopilot and never being revisited.

Paying yourself first is a good goal, and every dollar should have a job. Instead of waiting to see what’s left at the end of the month, consider prioritizing contributions to your investments each month and treating that contribution like a recurring bill. That’s an easy way to direct cash flow toward savings, debt reduction, or investing over time.

Nikki Foley: We talk about Dave Ramsey from time to time, and he offers helpful perspective on debt reduction. There are different philosophies, but the debt snowball is one of the concepts he focuses on. Whatever debt-reduction strategy you choose, it typically comes down to being intentional and taking dedicated action.

That’s what I heard you say. It’s about reflecting on your priorities and making them a priority. Ellie, I have to applaud you. I know that on the first of every month you review your expenses.

Ellie Robison: Yes.

Nikki Foley: There are many people like you and many who aren’t. They simply let life happen to them. What I heard you say is that you need to be intentional, and then put the action in place. After that, certain things can happen automatically.

For example, once you establish 401(k) contributions, you don’t even see that money as income available to spend. Automate as much as you can along the way.

What’s one change almost anybody could make this month that would improve their financial position? This is your big takeaway question. What’s one action they could take?

Ellie Robison: The obvious answer is to review your budget, but that isn’t my main takeaway.

Nikki Foley: Okay.

Ellie Robison: Review your budget, of course. But I was thinking about this, and I believe shifting your vocabulary can be a powerful foundational step. Instead of saying, ‘We can’t afford that,’ or ‘I can’t afford that,’ say, ‘That’s not a priority right now.’ That can get the ball rolling toward taking action.

Nikki Foley: That’s good.

Ellie Robison: I think of it as a form of discipline, just like going to the gym. Nikki, our listeners may not know this, but you’re very dedicated to the gym. You might not review a budget every single month, but you’re in the gym and you’re dedicated there.

Think about budgeting and your philosophy with money in the same way. Small, incremental changes over time can snowball into a strong financial plan later on.

Nikki Foley: That’s a good point. Sometimes you have to connect it to what you already know and what registers for you. Look at an area of your life where you already have discipline. Why is that easier for you? What makes it resonate?

If money is difficult, consider how you can position it from a different perspective or use words that resonate positively. Saying, ‘That’s not a priority right now,’ makes it a positive, intentional decision instead of creating a sense of deprivation or lack of control.

For example, you could say, ‘A new SUV isn’t our priority this year because we’re focused on maximizing retirement contributions.’ When you say it that way, it feels good. I want to be part of that game.

I do this with clothes. I think clothes can be a waste of money, but I also like to look good. There’s a game I have to play with myself. Could I buy the item? Probably. But I would rather use that money for something else. Thinking about what I want the money to go toward makes me feel better about the entire conversation happening in my head. You’ve expressed it much more eloquently than my internal chatter. ‘That’s not a priority right now’ is excellent, and the SUV example was fantastic.

Ellie Robison: You can also connect this goal with meeting your financial planner. You don’t have to wait for your annual review. You can call and say, ‘Can I schedule a semiannual Zoom meeting?’ or ‘Can I stop by for 30 minutes? I want to review how my expenses have changed or revisit some of my goals.’

You can bounce ideas off your financial planner. We do this day in and day out, and we can often identify additional opportunities beyond the broad recommendations we’re discussing today. These ideas pertain to many people, but a planner can provide advice tailored to your specific circumstances.

Nikki Foley: I find that helpful for people who are in a period of transition. Rather than waiting an entire year when so much is changing, we can schedule another phone call in three or six months, or whatever is appropriate. There’s much more momentum when you know you’re going to have a quick conversation and can adjust almost in real time as you move through the situation.

Ellie, this has been fantastic. Is there anything else you’d like to add about finding hidden money, what to do with it, or the places people may not realize they should be looking?

Ellie Robison: If anything we discussed was confusing, or if a listener is thinking, ‘I want to learn more about that,’ I would encourage them to call us. Whether you work with us or not, we’d be happy to sit down for a complimentary consultation and see what we can uncover for you.

Nikki Foley: Absolutely. If you’re thinking, ‘This sounds like me,’ visit paladinfinancial.com and click the booking link. You can also visit our podcast website at paladinfinancialtalk.com, which also has a booking link.

I want to give you a challenge as we wrap up. Over the next 150 days, don’t just listen to these episodes. Pick one financial goal and take one action after each show. By December 31st, our hope is that you’ll have taken four meaningful steps toward a stronger financial future.

Jeff Quick started the series by discussing one goal you could address before the end of the year. He focused on laser-specific year-end actions involving withdrawals, contributions, and tax planning. Ellie, you’ve done a fantastic job of encouraging people to pay attention to the opportunities right in front of them and find money they may not have been viewing through the right lens.

This week, complete one action before the next episode, and we’ll keep building on these ideas together. If you’d like to book an appointment, visit paladinfinancial.com or paladinfinancialtalk.com. You can also call us at 651-842-8406.

Ellie Robison: For some people, picking up the phone may be the easiest option.

Nikki Foley: The download we’re making available this month to accompany this episode is our SMART goals worksheet. I haven’t spent much time on it in this episode, but I’ve discussed it in other episodes.

A SMART goal requires you to choose a goal and make it specific and measurable. Each letter in SMART stands for something. You also need to get the right people around you on board. When you become specific, measurable, and tangible—and bring other people along—you may discover that some goals aren’t as important as you initially thought.

As we talk about what you’re going to accomplish in the next 150 days, that SMART goal template may be beneficial.

Thank you for following along today and for listening. To find more content, visit our YouTube, Facebook, and Instagram pages. We’re in all the different places. Ellie, thank you for joining us, and we’ll see everyone on the next episode.