HOW TO STOP SPENDING MONEY (the REAL reasons why you spend) | Summary and Q&A

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July 5, 2023
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Debt Free Millennials
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HOW TO STOP SPENDING MONEY (the REAL reasons why you spend)

TL;DR

Take a deep dive into the root causes of overspending to find more effective solutions and regain control of your finances.

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Key Insights

  • 🫚 Identifying the root causes of overspending is crucial for finding effective solutions.
  • 🤑 Childhood experiences with money can have a significant impact on adult spending habits.
  • 🍔 Building contentment activities into a weekly routine can reduce the urge to overspend.
  • 💾 Turning a "no" into a "not yet" by saving for desired purchases promotes financial responsibility.
  • 💳 Overspending on credit cards can keep individuals stuck in a cycle of debt without bringing true joy or aligning with core values.
  • 🤩 Restricting spending is not the only solution; finding healthier alternatives and understanding personal triggers is key.
  • 🏛️ The content emphasizes the importance of building financial confidence through understanding and addressing overspending habits.

Transcript

when it comes to overspending we're very quick to identify the problem my credit card bill is way too high oh my goodness that receipt was a lot higher than I anticipated and we're really quick to go for the solution which is stop spending money but we all know it's not as easy as just completely restricting ourselves from spending money oftentimes... Read More

Questions & Answers

Q: How can moving the Amazon app icon to a different page help with overspending?

By visually placing the app out of sight, it reduces the temptation to open it and spend money on Amazon. Removing the app entirely can also be an effective solution.

Q: How does grocery shopping at Target contribute to overspending?

Doing grocery shopping at Target often leads to impulse purchases in other departments, such as makeup, home decor, and clothing. The solution is to limit grocery shopping to specific grocery stores.

Q: What alternatives can be used for retail therapy instead of overspending at Target?

Engaging in contentment activities that align with your core values, such as going for a walk, hiking, or enjoying outdoor activities, can provide a sense of satisfaction without the need for excessive spending.

Q: How can impulsivity and fear of missing out lead to credit card overspending?

The desire for instant gratification and the fear of missing out on something can cloud judgment and lead to impulsive credit card purchases. Building purchase goals into your budget can help address these issues.

Summary & Key Takeaways

  • Overspending is a common problem, but simply restricting ourselves from spending money is not a sustainable solution.

  • It is important to identify the root causes of overspending in order to develop more relevant solutions.

  • The content provides examples of problems, their causes, and potential solutions related to overspending.

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