How To Get Your Spending Under Control | Summary and Q&A

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March 12, 2019
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Debt Free Millennials
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How To Get Your Spending Under Control

TL;DR

Learn how to track your income and expenses, cut unnecessary expenses, and focus on contentment in order to regain control of your spending and live a debt-free life.

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Key Insights

  • 🤑 Overspending is a common problem for many individuals, leading to financial stress and the feeling of falling behind on money goals.
  • 👣 Tracking income and expenses is an essential tool to understand spending patterns and make necessary adjustments.
  • 🥶 Cutting out unnecessary expenses and embracing contentment with intangible values can lead to a more fulfilling and debt-free life.
  • 🗯️ Making small adjustments and saying "no right now" to certain expenses can help individuals regain control over their spending habits.
  • 🧑‍⚕️ Prioritizing personal financial health by paying oneself first ensures stability and reduces the reliance on debt or savings.
  • 🥺 Materialism and the belief that possessions lead to happiness can distract from one's core values and true sources of contentment.
  • 💯 Laser hair removal may provide temporary happiness but may not align with one's core values and financial goals.

Transcript

in this video I'm going to be talking about how to get your spending under control so you can start living a debt-free life hey what's up it's Justine with debt-free Millennials the channel for all things millennial money and debt free living if you want to lift up free we all do then stick around consider subscribing and liking this video so you n... Read More

Questions & Answers

Q: How can tracking income and expenses help control spending?

Tracking income and expenses helps provide a clearer picture of where money is being spent, allowing for better decision-making and budgeting for future months.

Q: What are some examples of "fluff" expenses that can be cut?

"Fluff" expenses can vary for each individual, but examples could include dining out frequently, unnecessary subscriptions, or excessive shopping for non-essential items.

Q: How can contentment replace the need for spending on material possessions?

By recognizing and embracing intangible values like relationships, hobbies, and personal fulfillment, individuals can find joy and satisfaction without the need for excessive spending.

Q: How can saying "no right now" help with controlling spending?

The mindset of saying "no right now" instead of feeling deprived forever allows individuals to prioritize their financial goals and work towards them while still giving themselves permission to enjoy spending in the future.

Summary & Key Takeaways

  • Many people struggle with overspending, living paycheck to paycheck, and feeling behind on their money goals.

  • The first step to getting spending under control is to start tracking monthly income and expenses.

  • Next, identify and cut out unnecessary expenses while embracing contentment with intangible values.

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