How to Stop Emotionally Spending with Jaime Peters

Everyone's Talkin' Money

Shari Rash

Business, Self-improvement, Education

4.6 • 631 Ratings

🗓️ 25 March 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When was the last time you found yourself emotionally spending money? In this episode, you'll discover the allure and consequences of revenge spending, a phenomenon many have succumbed to this year (including me). As the pandemic disrupted our sense of control, indulging in shopping provided a dopamine rush that momentarily eased the strain. However, while it may offer solace for our well-being, its impact on our finances deserves scrutiny. Join us in this enlightening summer vault episode as Dr. Jaime Peters, Assistant Dean and Professor of Accounting, Finance, and Economics at Maryville University, sheds light on the concept of revenge spending. Let's explore how to balance spending and achieving financial goals and explore crucial considerations in the face of a potential recession. LINKS Jamie's website Thank you for being a part of our community! We couldn't do it without you. To support the show, please subscribe or share the word about this show in your circles. Sign up for our newsletter or follow me on Instagram to keep up with everything happening in the world of Everyone’s Talkin’ Money. You can download 10 Money Questions to Ask Yourself Free Money Guide https://etmpod.link/10moneyq and leave a 5-star Review here https://ratethispodcast.com/etm. Episodes will be live on YouTube in March. Subscribe now https://www.youtube.com/@EveryonesTalkinMoney. Sign up now for my course, Unf*ck Your Money, which is open until April 3rd. Visit etmpodlink.com/unfmoneycourse and use code ETM for a $100 discount at checkout. SPONSORS Thanks to NerdWallet for sponsoring the show. Don’t wait to make smart financial decisions. Compare and find smarter credit cards, savings accounts, and more today at www.nerdwallet.com. Thanks to Monarch for sponsoring the show. After trying out Monarch for myself, I understand why it’s the top-rated personal finance app. Listeners of this show will get an extended thirty-day free trial when you go to www.monarchmoney.com/ETM. Thanks to Uncommon Goods for sponsoring the show. Get 15% off your next gift by going to www.uncommongoods.com/ETM. Thanks to EarnIn for sponsoring the show. Just download the EarnIn app in Google Play of the Apple App store and use code Talkin Money under Podcast. Thanks to Noom for sponsoring the show. Start taking control of your weight management and join the millions who have lost weight with Noom. Sign up for your TRIAL today at www.noom.com. Thanks to ButcherBox for sponsoring the show. Sign up today at www.butcherbox.com/etm and use code ETM to get $20 off your first order. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's interesting because there is some stats out there and some research that basically show.
0:15.0	They ask you why people like sugar.
0:18.6	You know, there's that dopamine hit.
0:20.1	It's as addictive as heroin, but they've actually
0:22.3	done some studies on what happens when somebody makes a big purchase. And it turns out those same
0:28.5	triggers in your brain, they light up. You get a hit of feel good energy when you buy that new car,
0:36.8	when you make that big purchase, when you go on that
0:40.1	vacation. Welcome back to the show. It is so good to have you here. All right, I need you to be
0:46.3	honest with me. Who has been guilty of a little revenge spending this year? I certainly know I have that
0:54.0	dopamine hit is such a real thing when
0:56.6	it comes to spending. And the truth is that most of us haven't felt in control during the pandemic.
1:02.1	So now you need to spend, you need to spend and you need to spend some more. However, is that a good
1:08.9	thing for our bank accounts? Maybe, maybe not.
1:12.9	As our guest, Dr. Jamie Peters, Assistant Dean and Professor of Accounting, Finance, and Economics at Maryville University says,
1:20.9	if you've saved up and you want to buy something great.
1:24.1	But the problem is when you start stretching yourself to spend just to feel good again. In this
1:29.2	episode, Jamie shares what revenge spending is, how you can balance spending with achieving your other
1:34.7	money goals, and what you need to think about if we're headed for a recession this year. Let's start
1:40.0	talking money. We're talking about this idea of revenge spending. And to me, it kind of sounds like
1:46.1	we have like our exes credit card and we're on this spending spree for a breakup. What exactly is
1:53.0	revenge spending? And should we do any revenge spending or is it bad for us? Well, it's actually
2:00.8	really interesting because it's probably misnamed. The idea of revenge spending or is it is it bad for us well it's actually really interesting because it's probably
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