“How do I stop overspending?”

This Is Uncomfortable

Marketplace

News, Business

4.8 • 3.5K Ratings

🗓️ 21 March 2024

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A while back, we asked you to share your money struggles, and we heard from many of you! In today’s episode, we booked a session with financial therapist Megan McCoy to answer your burning financial questions — everything from navigating financial differences among friends and talking to an avoidant partner about money plans, to making big career decisions and learning how to curb spending.

As promised, here are some of the research studies and articles discussed in this episode:

- “Spending Money on Others Promotes Happiness,” by Elizabeth W. Dunn, Lara B. Aknin, and Michael I. Norton, as well as Dunn’s TED Talk on the same topic

- “If Money Doesn’t Make You Happy Then You Probably Aren’t Spending It Right,” by Elizabeth W. Dunn

- “Heads or Tails: The impact of a coin toss on major life decisions and subsequent happiness,” by Steven D. Levitt

- “Harvard Study of Adult Development” and an awesome TED Talk by Robert Waldinger, the project’s director

If you liked this episode, share it with a friend. And to get even more Uncomfortable, subscribe to our newsletter!

Transcript

Click on a timestamp to play from that location

0:00.0	So if you're at a dinner party and you introduce yourself and you tell someone that you're a
0:06.2	financial therapist, what reaction do you typically get?
0:09.9	Oh, I need that.
0:10.9	It's usually what I can.
0:13.4	Megan McCoy is a financial therapist and teaches at Kansas State University.
0:18.2	People tell her all the time, I need to book you ASAP, please help me.
0:22.6	And then there are people who just have a basic question for her.
0:25.6	Like, what is it that you actually do?
0:28.3	Financial therapists help to get to our history
0:31.2	with relationship to money,
0:32.6	how our family taught us values around money
0:35.0	and what values we actually want to describe to
0:37.1	so we can create financial goals and financial peace
0:40.2	so that we have true well-being.
0:43.0	So it's basically the touchy-feely side, the emotional side of money.
0:48.0	Yeah, yeah. I love this one quote that says money is the object in which we project our deepest fears dreams and
0:54.4	hopes into and I'm like that is it.
0:58.3	Because even if you have the practical tools to handle money like you know how to make a budget
1:02.0	or how to invest, that doesn't necessarily
1:04.4	mean that you're going to be good with money. Megan says so many of our financial hang-ups have
1:08.8	more to do with the messages we absorbed growing up.
1:11.8	These are unconscious beliefs around money that developed at a very young age in life that we are not
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Marketplace, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Marketplace and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.