Let's Cut Spending!
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 8 April 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Let's cut spending! And then... what exactly? The all too common advice that you need to "cut spending" implies that your level of consumption is simply too high. That may or may not be the case, but in Jesse's experience and the thousands upon thousands of people YNAB has helped to regain control over their money, "spending less" is rarely the problem. Most people don't have a spending too much problem, they have a spending on the wrong things problem. For that reason, you'll never hear Jesse give advice to just "cut spending."
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Transcript
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| 0:00.0 | Hello, whinnivers. My name is Jesse Meekin with another episode of the |
| 0:08.0 | whinnab podcast and I'm here each week to obsess out loud about spending |
| 0:11.2 | purposefully, saving aspirationally, and even giving joyfully. |
| 0:15.8 | It all comes down to just four simple habits. |
| 0:19.5 | And I mentioned spending. |
| 0:20.7 | I mentioned spending purposefully, but today I want to talk about something I think you need to do |
| 0:25.2 | And I haven't been wanting to say it I've been beaten around the bush for about 673 episodes but now here on the 674th episode it is time to say I think you need to cut |
| 0:36.2 | your spending you got to cut it you got to cut it out you got to you just got a |
| 0:40.7 | cut it yeah you got to cut your. Yep, you got to cut your spending. |
| 0:43.9 | And after you cut your spending, you have more money because you've cut the spending, and |
| 0:48.8 | that money will sit there because it has not been spent because of the spending cut versus a bulk I guess but that's |
| 0:57.2 | for another episode where we bulk we have a bulk phase now this is a this is a cutting |
| 1:01.0 | phase and yeah the money is just sitting there because of your spending cut. |
| 1:06.3 | So once the spending cuts done, I guess that's that. |
| 1:12.4 | You've cut your spending and then that cash is sitting there because it wasn't spent |
| 1:18.0 | What is this where are we at now and um this is the thinking that Aaron, master Jedi teacher at Wienam, |
| 1:27.0 | O.G. Teacher, if you will. |
| 1:30.0 | She wrote to me, she's like, I want you to think about this. |
| 1:33.2 | I don't think there's such thing as a spending cut. |
| 1:37.0 | And as soon as I read it, I realized that is exactly right. |
| 1:41.7 | Because that pile of cash that you've created because you quote unquote cut spending |
| 1:47.2 | it's just there waiting to be spent so at most what we're maybe doing when we cut spending is we're deferring spending at least I hope so I mean you might say no at the end of the day I'm hoping I have a lot of cash left over so when I die I can just |
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