3 Ways to Curb Your Money Spending Problem
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 11 January 2021
⏱️ 9 minutes
🧾️ Download transcript
Summary
Jesse offers three ways to stop spending money and kickstart your savings:
- Designate a "no spend" day. Pick a day of the week where you will deliberately spend NO money, and dutifully stick to that. Be realistic! If you usually have a date night on Friday, then pick another day. Maybe's it's a Tuesday, maybe it's a Sunday, but it should work with your schedule.
- Treat your savings as a purchase. In other words, change your mindset about what spending is. Instead of buying a good or service, treat your saving as "buying investments" or "buying back your debt." Some people turn buying small numbers of shares in an index fund into a game, where their investment brings them pleasure just like buying a coffee or a croissant at the local coffee shop.
- Identify your triggers. Pay attention when you have an impulse to buy something. Does it happen in certain places? Certain websites or forums? Perhaps on your way home from work? Find your spending "triggers," and work on ways to avoid them. Take a different route home, block or limit your access to certain websites... things you can do to help you avoid the impulse in the first place.
Are you ready for a financial reset?
Transcript
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| 0:00.0 | Hello, I'm Jesse. I'm the founder and CEO of Wienab. You may be sitting there wanting your finances to be a little bit different. |
| 0:08.6 | Maybe you want the savings account to be a little bit bigger or the credit card balance to be a little bit smaller. Maybe you're wanting to be a little bit bigger or the credit card balance to be a little bit smaller. |
| 0:14.6 | Maybe you're wanting to have more to show for the money that you make or you're just wanting to |
| 0:19.3 | kind of retool those spending habits that maybe have gotten a little bit out of control. I do |
| 0:24.4 | understand that. I understand what it's like to want to make a change and you just |
| 0:28.9 | can't get traction. Well, join me. We're going to do a little boot camp for your bank account. You're going to adopt |
| 0:39.6 | three behaviors for the next 34 days that will begin to radically change the |
| 0:46.9 | mindset you have about money. Start to flex some new or maybe just tired |
| 0:51.1 | muscles. Either way, for 34 days without exception, you will track every single |
| 0:58.7 | penny that you spend. Number two, you will only spend money on things that are absolute essentials, which should make |
| 1:06.7 | number one easier, and number three, do not, under any circumstances, eat out. |
| 1:13.0 | Some people lament that. |
| 1:14.7 | I think it's going to be a lot easier than you think out of the gate. |
| 1:18.5 | Without exception, you will do those three things. |
| 1:22.0 | Based on what we've learned, after 34 days you should have at least $1,000 in your bank account |
| 1:28.1 | that wouldn't have been there otherwise. |
| 1:30.1 | And you can then take that money and apply it to the change you're looking for. |
| 1:34.0 | So, join us for this 34-day reset. |
| 1:38.0 | Let's go. Hello, Winebers. My name is Jesse Meekham, and this is podcast number 462 for |
| 1:48.8 | Wineb, where we teach you four rules to help you stop them paycheck to paycheck, get out of debt and save more money. |
| 1:55.0 | All three of those, stopping the paycheck to paychecks cycle, breaking it in half, |
| 1:59.0 | getting out of debt and saving more money, all have to do with something that maybe we all struggle |
... |
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