Bonus: How to Change Your Money Habits

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Business

4.7 • 1.5K Ratings

🗓️ 27 October 2022

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Changing our spending and saving habits is easier said than done. How do we actually stick to it? Jean has partnered with financial coaches Patrice Washington and Louis Barajas to answer that very question on a new show called Opportunity Knock$, where the trio works with families across the U.S. to overcome their financial challenges. In this episode, Jean talks with Patrice and Louis about their experiences on the show, the systemic barriers to financial knowledge, and how we can all lean on our communities to help us with our money goals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an AirWave Media Podcast.
0:04.0	Exciting career changes could be in your future, but what does that mean for your well?
0:12.0	Visit planefe.com slash her money to schedule a free appointment with a financial advisor today.
0:18.0	Get the expertise you need to help you dream more, demand more, and do more.
0:24.0	Hey everybody, thanks so much for joining us for a very special episode of her money.
0:30.0	Today we are going to talk about change.
0:33.0	Not pocket change, although it's a great feeling when you find a little pocket money in last year's winter coat.
0:40.0	I am always finding money tucked into my leggings that I wear for running because I take them off.
0:47.0	I put them in the wash. I leave a five in the pocket and I find it the next time.
0:51.0	And that's always fun, but no, today we are going to talk about how to create lasting change with our money.
1:00.0	We know research has shown it takes 21 days to build a habit.
1:06.0	Other research has shown it takes 21 times of repeating the same behavior before it becomes a habit.
1:14.0	But how long before that behavior becomes automatic, becomes something that we don't even have to think about?
1:22.0	That is 66 days, according to a study from the European Journal of Social Psychology, three times as long in other words.
1:32.0	We know there is a really big difference between a change in behavior and a change in how we actually live.
1:41.0	Creating change with our money is so important.
1:46.0	61% of the people in America, 203 million people, are living paycheck to paycheck.
1:53.0	13% of us are spending more than we earn, and some of that 13% is earning quite a lot.
2:00.0	And not only is this causing stress right now, it's leading to lasting regrets for the future.
2:09.0	If we are unable to make the kind of changes that can set us on a better path, we'll never get there.
2:17.0	Nearly 70% of Americans have financial regrets, including not saving soon enough for retirement, having credit card debt, not having an emergency fund.
2:26.0	And one of the things I know for sure is that we would all make those changes to live a more fulfilling, stress-free financial life if we could.
	...

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