Shownotes
Are you hiding bags and bringing them in?
Is your partner mad at you because you both agreed not to spend on something and you went and did it anyways?
Emotional and impulse spending always have a cost beyond the financial side of it. In this episode, Sydney and Kristen explore the psychology of emotional buying and how our spending habits affect our mental health just as much as our financial health .
They explore how your childhood experiences, money scripts, cultural influences, and societal norms influence your spending habits. The duo also shares their personal stories to illustrate how their upbringing shaped their spending habits and discuss strategies for recognizing and managing emotional buying.
01:18 — Exploring the Psychology of Emotional Buying
02:00 — Childhood Influences on Money Habits
11:29 — The Impact of Social Media on Emotional and Impulse Spending
13:44 — Why You Need to Define Money Values
17:56 — Strategies for Managing Emotional and Impulse Spending
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Transcripts
Are you hiding bags and bringing them in?
Speaker:Is your husband or partner mad at you because you both agreed not to spend on
Speaker:something and you went and did it anyways?
Speaker:So what's the emotional trade off?
Speaker:What's the financial trade off?
Speaker:It's a time trade off.
Speaker:And all of this ties into your mental health.
Speaker:Absolutely.
Speaker:Which is why we're talking about it during Mental Health Awareness Month.
Speaker:And all of this is recognizing your habits and understanding
Speaker:your psychology of spending.
Speaker:Welcome to the Know Your Worth Show, where we teach you how to think about
Speaker:your money differently so that you can achieve your sexy money goals.
Speaker:I'm Sydnee your money Maven and owner of Know Your Worth.
Speaker:And I'm Kristen Sid's Dimepiece bestie team member and busy mama
Speaker:twins here to make sure that those of us without a financial degree can
Speaker:still level up with each episode.
Speaker:Let's get started on reaching your next goal.
Speaker:Hello.
Speaker:Welcome to the Know Your Worth podcast episode 31.
Speaker:I am one of your hosts, Sydney Conway, your money maven.
Speaker:And I am Syd's dime piece bestie, Kristen and her co host.
Speaker:Yeah.
Speaker:Welcome to our episode.
Speaker:We are on episode two of our mental health awareness month, and we're talking
Speaker:about mental health in relation to.
Speaker:Finances, money, spending, all the good stuff.
Speaker:Yeah.
Speaker:So last week we talked about, financial anxiety and some ways
Speaker:that you can deal with that.
Speaker:Today we're talking about, the psychology of spending and, Your money mindset.
Speaker:Where does it come from?
Speaker:We're going to be sharing some of our own, emotional Spending habits and
Speaker:maybe a little plan to move forward.
Speaker:Yeah, absolutely so
Speaker:psychology of spending this is related to your emotions your beliefs your
Speaker:behaviors and how they influence your financial decisions and the
Speaker:ability to make those decisions.
Speaker:So a couple of things go into this childhood experiences, money scripts
Speaker:cultural influences, societal norms.
Speaker:And, obviously with that comes social media, just people around
Speaker:you in a lot of different ways.
Speaker:Let's back up to where we want to go with this and I think we start from childhood
Speaker:experiences I think we can touch on that.
Speaker:Yeah, so funny because now that I have kids You don't even realize
Speaker:what they're learning from you.
Speaker:And I don't think I realize, you don't realize what you're learning
Speaker:at the time about money because you're not in charge of it.
Speaker:It's not yours, but you definitely hear the messages.
Speaker:And we grew up very differently in terms of the messaging that we heard.
Speaker:Yeah.
Speaker:So why don't you talk about yours and I'll talk about mine.
Speaker:My messaging was.
Speaker:Between my parents was very positive.
Speaker:So my messaging was very clear with my parents.
Speaker:They were a team with money.
Speaker:Absolutely a team.
Speaker:Hey, can I pull from checking one or checking two?
Speaker:Oh, checking two.
Speaker:Oh, okay.
Speaker:This one will come from here.
Speaker:Oh, I paid for this last week on checking one.
Speaker:It was an open discussion.
Speaker:It was never an argument.
Speaker:I'd never remember once my parents arguing about money.
Speaker:So I know I'm blessed with that.
Speaker:I know that I come from a.
Speaker:Not probably a normal household for our income class, for our
Speaker:area, for, lifestyle we lived.
Speaker:I know that's not the norm.
Speaker:And we were not, beyond wealthy by any means.
Speaker:My parents were very clear budgeters.
Speaker:They were very conservative spenders.
Speaker:But they were always a team with the spending, as far as I was aware.
Speaker:I don't know if there were disagreements or, fights about spending.
Speaker:I don't.
Speaker:I have no clue.
Speaker:I never heard any of that from my parents.
Speaker:So I know that I'm blessed from that perspective.
Speaker:My parents were very structured and they were Very clear cut about their
Speaker:spending and what their alignments were.
Speaker:I've said in a prior episode, my parents love Dave Ramsey.
Speaker:He resonates with them with a lot of their mindsets towards things.
Speaker:They're very conservative.
Speaker:They're very minimal debt, very minimal leveraging of their lives.
Speaker:They pay for a lot of things in cash and they save to get those things.
Speaker:And I love it.
Speaker:I think that's fantastic.
Speaker:I know that I am not as strict as they are, and I wish I was, I really do.
Speaker:I wish I was a little bit stricter with My philosophy is towards things because
Speaker:I think it can make life easier when you have a set budget and set plan and
Speaker:I'm not spending outside this budget.
Speaker:I'm staying in it and that's that.
Speaker:That's lovely.
Speaker:Bless everyone like that because you've got it under control.
Speaker:You know what you can afford.
Speaker:You live within your means and that's amazing and more power to you
Speaker:for the people that are like that.
Speaker:Do you think part of that is generational?
Speaker:They grew up in a time where that was No social media, no easy access to things.
Speaker:Oh PayPal connected to your Amazon account, connected to
Speaker:your Giant Eagle, connected to Instacart, like Yes, big time.
Speaker:There weren't as easy ways to tempt and bleed out.
Speaker:Yes, big time.
Speaker:I think credit cards weren't as They were scary.
Speaker:Available.
Speaker:Yeah.
Speaker:And so I think that it's a very different thing And I think that my
Speaker:parents also came from very different backgrounds in their own childhoods, too.
Speaker:My dad was one of eleven, so their financial situation was bleak growing up.
Speaker:My mom came from a household that my grandpa and grandma were, again, very
Speaker:in control of their money and their spending, very driven, very motivated.
Speaker:They had their own businesses.
Speaker:So did my grandpa, my dad's side as well, but just very different
Speaker:philosophies around spending and leverage and financing.
Speaker:I definitely had a lot of resources to look from and pull from, and I think
Speaker:that's why I love money so much, my parents motivated me to be a millionaire
Speaker:from when I was a kid, and that's still my goal, and I want to do that.
Speaker:That's something that's important to me, but I think that there are a lot of
Speaker:different means and methods to get there.
Speaker:I think my parents wanted me to be a millionaire by going the Conservative
Speaker:long slow route of save save work, work at the same corporate job, grow the ladder.
Speaker:And at the same time I'm very competitive and so those two things
Speaker:didn't mesh for me and just the way that I thought of waiting until I'm
Speaker:55 and I have a million dollars in my retirement account and I'm, a partner
Speaker:at the firm I've been working at for 30 years, that was never going to be me.
Speaker:so I know that I have a lot of differing opinions from my parents, not, in,
Speaker:I think total negative fashions, but just different thought processes.
Speaker:I'm someone that I can validate spending if it's within my value system.
Speaker:And I know it's going to elevate my day and my week, my month in a reasonable way.
Speaker:I know I can afford it and support it.
Speaker:And I have a plan for it and it's motivating me to continue to grow.
Speaker:That can mean that I will put something on a credit card and.
Speaker:paid off the next month, the following month, the month after.
Speaker:If I'm allotting that I know that it's something that I need now in order
Speaker:to provide in the coming months, I will do that and I will pay it off.
Speaker:And I have a plan to pay it off.
Speaker:I definitely am going to avoid as much as possible just spending willy
Speaker:nilly anymore on large purchases, I'm an emotional spender for sure.
Speaker:I definitely have that and I'm not somebody that's immediately, hey it's
Speaker:not in the budget so I can't buy that extra block of cheese this month.
Speaker:Cheese queen.
Speaker:If I'm having an impromptu party, I'm going to buy the cheese.
Speaker:Yeah.
Speaker:So some of your scripts from childhood transferred over And some
Speaker:of them you're creating your own.
Speaker:Yes.
Speaker:And they didn't, it didn't hold you back in any way.
Speaker:Yeah.
Speaker:Yeah.
Speaker:I would say mine were more, my parents were super young when they, surprise,
Speaker:got pregnant and started their lives.
Speaker:And so I think I never heard them argue about money, but I've, I know
Speaker:that they were stressed and they were responsible and they did the envelope
Speaker:system and things were put on layaway and I knew what that meant and I knew
Speaker:what control meant and it's not like my kids who get a little treaty treat
Speaker:every time we go to the grocery store.
Speaker:Like I got treaty treats on my birthday and Christmas and
Speaker:times that you deserve to treat.
Speaker:I feel like, I didn't hear negative things about money, I just
Speaker:didn't hear anything about money.
Speaker:Yeah.
Speaker:And so then it became something that we didn't talk about.
Speaker:So now I have an extremely hard time as a 41 year old woman talking about
Speaker:money because it makes me sweaty because it wasn't a part of the conversation.
Speaker:And so I think that has tied a lot into my own money scripts about
Speaker:how I, And it hasn't been positive about how I deal with my money.
Speaker:And so now that I am a mom I really do feel like I'm going to have to, Chris and
Speaker:I are going to have a conversation about what does that look like for our kids?
Speaker:Because right now they just have piggy banks and my kids stole money out of
Speaker:her grandma's wallet like a month ago.
Speaker:So honestly, we're not doing a great job.
Speaker:Follow me for more parenting tips.
Speaker:I think we're trying to make is go back into.
Speaker:Locked cabinets in your brain and think about what are the messages
Speaker:that you got and how did it play into
Speaker:I just had a revelation of one what that my parents were so
Speaker:insistent on reconciling check.
Speaker:Oh god, like Manual checkbook.
Speaker:Yes that when I got my first checking account when I was 14 or 15 I
Speaker:had my first job, I think, at the minute I turned 15 and the pizza
Speaker:place was hiring up the street.
Speaker:Because I knew I wanted to make money and so I had my checking account
Speaker:and my paychecks were going in there and my parents were like, You
Speaker:need to reconcile your checkbook.
Speaker:You have to reconcile your checkbook at the end of every month and I do think
Speaker:this was probably This was before, apps were a thing where like you had
Speaker:your online app for your bank account.
Speaker:because that would've been, the iPhone came out in 2009.
Speaker:10?
Speaker:No, eight, nine.
Speaker:Eight.
Speaker:Nine.
Speaker:Because I, I think it came out in eight, nine.
Speaker:So obviously there wasn't like apps for all of your banks and
Speaker:credit cards at that point.
Speaker:Right.
Speaker:When I was.
Speaker:15, 16.
Speaker:My parents were adamant about reconciling.
Speaker:It's so funny.
Speaker:I just had a flash book of, I worked at this place called street corner news.
Speaker:It was this little kiosk in the mall and I had my checkbook and I, my friend
Speaker:Natalie, who's like a math genius, like to this day, she's a math teacher.
Speaker:And I would be like, can you reconcile my checkbook?
Speaker:And she would love it.
Speaker:She would take my checkbook with her little like pen and she would
Speaker:do it for me, which is probably why I never learned anything, but
Speaker:she was really trying to help me.
Speaker:But yes.
Speaker:Same thing, it was like in the check register, like the grey line, the white
Speaker:line, the grey line, the white line.
Speaker:Yes, of everything you spent on, and you had to write it down right then and there
Speaker:because you couldn't just pull up your phone and see what you spent money on.
Speaker:No, there were like paper receipts.
Speaker:Huh.
Speaker:And I remember though, like when I could start to see things on an app or online.
Speaker:Online pretty easily and that's where I would check my mom being
Speaker:like, I don't know how you don't keep a checkbook I don't understand
Speaker:how you don't keep a checkbook.
Speaker:I'm like, it's right here.
Speaker:Yeah, why don't you say?
Speaker:Do you check and make sure that the dollar amount matches your receipt and
Speaker:I'm like, I trust them You know because then for me that's where I like a lot of
Speaker:my mindset is At this point, it's so easy.
Speaker:I can see I did make all of these purchases.
Speaker:And if this amount is off from this, a dollar, a couple cents, three bucks,
Speaker:it is not worth my time to call.
Speaker:the gas station and fight on that three bucks.
Speaker:But my parents did that, they did.
Speaker:My dad would still do that.
Speaker:Yeah.
Speaker:He would drive there.
Speaker:He would use the gas that he got to go back and probably spend the money driving
Speaker:there in order to get that money back.
Speaker:Like to me that's what I'm thinking is I'm not going back.
Speaker:I'm not callingbecause that time is money for me.
Speaker:So that's where again, I think my parents differ.
Speaker:And obviously, but you people don't really keep the.
Speaker:Physical checkbooks anymore like that, but that's one of the things
Speaker:I just had that flashback of like my parents are like you will keep A
Speaker:physical checkbook and then I couldn't believe when I was like, I'm good.
Speaker:I'm good.
Speaker:Yeah, that's funny rogue yeah, I did.
Speaker:I definitely did
Speaker:but I also think that social media has a big factor in this
Speaker:too you can't not compare.
Speaker:You can't get away with not seeing the comparisons and
Speaker:hearing about the comparisons.
Speaker:So let's dip into emotional spending and the psychology of that.
Speaker:So you'd already said you're an emotional spender.
Speaker:I'm an emotional spender.
Speaker:I'm an emotional spender.
Speaker:when we looked into some of our research for this episode and, what
Speaker:are some of the reasons why other people emotional spend, because we
Speaker:know that not everyone's like us.
Speaker:We know that, we're in a certain demographic and that some of
Speaker:our listeners aren't going to resonate with anything that we say
Speaker:and that everybody is different.
Speaker:So when we were looking up some of these things, I did realize I think we're my.
Speaker:emotional spending comes from, and it is the sense of control.
Speaker:I think that's my emotional spending is when I've had a really hard day
Speaker:at work and I feel like I have no control at work, I'll open up Amazon.
Speaker:When I'm feeling overwhelmed, I Want to go shopping.
Speaker:I want to just go walk through Target and buy things.
Speaker:Just let Target tell you what you want.
Speaker:Yeah.
Speaker:And I think I thought it was avoidance.
Speaker:Like I want to avoid the work and that probably plays a part in it, but I think
Speaker:it's saying, this is what I want to do.
Speaker:I need this and I'm going to go get it done.
Speaker:I think it's a sense of control for me.
Speaker:I feel like I'm checking something off the list, even though it's
Speaker:something that wasn't there before.
Speaker:It's the list or we talked about too, with the sense of control
Speaker:okay, I identify this problem that's stressing me out, so I'm going to
Speaker:purchase the, weight loss program.
Speaker:I'm going to purchase the coaching program.
Speaker:That's going to build my business.
Speaker:I'm going to purchase 10 new planners from TJ Maxx that I will never
Speaker:write in or I will write in once in pen and not like how I did it.
Speaker:And then I will get rid of it.
Speaker:Yep.
Speaker:Yeah.
Speaker:The sense of control can come in both ways.
Speaker:Absolutely.
Speaker:I emotional spend for the boost in mood my friend, Lindsay, I'll be like,
Speaker:what'd you buy on Amazon this week?
Speaker:And she'll tell me, she goes, still didn't fill the hole.
Speaker:And I'm like, I know, keep digging.
Speaker:I keep trying.
Speaker:I can't fill it because it's not coming from Jeff Bezos.
Speaker:The hole is too deep and too far down.
Speaker:But we try to do that retail therapy and we call it retail therapy.
Speaker:And we think that sounds cute.
Speaker:If it's driving you further in debt and out of your financial responsibility,
Speaker:then no, it's not that cute.
Speaker:Let's talk about impulse purchases.
Speaker:Oh, this is a hole for me.
Speaker:This is a, This is a hole for me.
Speaker:I know we've talked about this before so impulse purchases.
Speaker:My impulse purchases are sort of all in line.
Speaker:A lot of them are craft related.
Speaker:They're on brand.
Speaker:Yeah, they're on brand.
Speaker:A lot of them are craft related.
Speaker:A lot of them are new hobbies or tasks or things that I want to try.
Speaker:I no longer do the impulse purchases for like house decor.
Speaker:I don't do that anymore.
Speaker:I didbecause I did it the first year we moved into our house.
Speaker:So I have enough for every holiday.
Speaker:There's enough bunnies.
Speaker:Yeah, there's enough bunnies.
Speaker:I don't need any more.
Speaker:And I got to a point where I was so sick of clutter that I,
Speaker:decor isn't my thing anymore.
Speaker:I'm good there.
Speaker:I don't.
Speaker:So I know that my impulse spending.
Speaker:And it's not so much clothes anymore either.
Speaker:I think I'm pretty set with I don't really buy clothing unless I need it.
Speaker:So my impulse spending is truly related to like hobbies and crafts and books.
Speaker:Yeah.
Speaker:Yeah.
Speaker:Hobbies, crafts, books.
Speaker:And.
Speaker:There absolutely are months where I go over my budgetbecause it is truly an
Speaker:impulse purchase that was not planned and I should not have done it, but I
Speaker:typically don't regret it because I also know that it aligns with my values.
Speaker:And we've talked about that in another episode is like the impulse
Speaker:purchasing that I have done.
Speaker:I'm like, I probably should have waited until next month for that, but I'm
Speaker:going to use it all month and it's been really fun and it's lightening my mood
Speaker:and it's, is making me feel better.
Speaker:I do know that now my impulse purchases are aligning with my values.
Speaker:I haven't bought anything in a while, unless I'm just like blocking it out.
Speaker:I know do, have I told you anything that I bought recently that I'm
Speaker:like, I will literally never use it again, or I did not need it.
Speaker:So I've actually used it again.
Speaker:Have you?
Speaker:Yes.
Speaker:And I'm very excited to use it this week because we're going golfing this weekend.
Speaker:So I also know that there's no expiration date on that.
Speaker:If I were to go get two spray tans, I've already gotten the value out of it and
Speaker:not something I can pack up and put away and it stays away and I can get it back
Speaker:out and there's no expiration date on it.
Speaker:It's not going to go rotten in the fridge.
Speaker:It's not going to go out of style or out of season.
Speaker:I can pull it out when I want it.
Speaker:I can let anybody else borrow it.
Speaker:Wedding's coming up.
Speaker:I could start a business just mobile spray tanning.
Speaker:Kidding, I will not be doing that.
Speaker:But I'm teasing.
Speaker:But that's something that I did buy.
Speaker:I bought a tanning booth for the house, and I'm somebody that will go get a
Speaker:spray tan probably like six times a year.
Speaker:Like I'll go probably six times throughout the year.
Speaker:And the value of the spray tan, I only need to go, I only
Speaker:needed to go to a spray tan.
Speaker:Two and a half times for it to be worth it.
Speaker:So as long as I use it two and a half times, I've gotten the value out of it.
Speaker:So yeah, that was an impulse purchase, but I know I'll use it and
Speaker:I like where it's at in my house.
Speaker:It's not in the way, it's not cluttering up anything.
Speaker:It has its own spot and I've used it a couple of times since I've gotten it.
Speaker:But I would like to plan on using it more often.
Speaker:So invite me to events everyone.
Speaker:You can spray tan me
Speaker:My impulse purchases are also Mine are more like, I get sucked into
Speaker:beauty thingsbecause I'm a girly girl.
Speaker:So I was brushing my teeth this morning and I'm looking around my counter and
Speaker:I'm like, here's these like face tanning drops that I mixed into my moisturizer,
Speaker:like once here's these gold eye patches that slide off my face and feel like
Speaker:wet fish on my face that I don't like, here's this tooth whitening system
Speaker:that I don't have the patience for.
Speaker:I did buy a laser hair removal system, but this was not an
Speaker:impulse I thought about this.
Speaker:You have had that in your cart for a long time.
Speaker:For like six months.
Speaker:Yeah.
Speaker:I'm so happy I bought it.
Speaker:I had my goggles on last night.
Speaker:I am lasering my legs, I'm lasering things that shouldn't even be lasered.
Speaker:And I felt good about it.
Speaker:So that filled me.
Speaker:But you know what I do now?
Speaker:I transferred it to my kids.
Speaker:My kids say one day that they like mermaids.
Speaker:My Amazon cart is filled with every happy mermaid thing that could ever exist.
Speaker:Yeah.
Speaker:Yeah.
Speaker:And I recognize it and it's an impulse and I'm just trying to get that hit
Speaker:of dopamine, but I'm also creating children who are like a Bucket with a
Speaker:hole in it that can never be filled, no matter how many mermaids I buy.
Speaker:That's amazing.
Speaker:So what we're really getting at is like recognizing what triggers you.
Speaker:Is it in line with your value system?
Speaker:Will it withstand the test of time?
Speaker:It doesn't have to be, is it an investment, but will it withstand
Speaker:is it something that goes bad?
Speaker:One of the things that we were talking about as we were, talking about this
Speaker:episode is having a sense of control and I'm also somebody, one of the
Speaker:things that I'll do is with food.
Speaker:I'm purchasing groceries.
Speaker:I, when I want to be healthy and I want to have a sense of control over
Speaker:my diet and my appearance and what I'm doing and want to be healthy,
Speaker:I'll create a whole grocery list.
Speaker:I'll plan everything and I'll go buy all of it.
Speaker:Given those groceries are probably within my budget, but do I cook it then?
Speaker:I will buy the groceries and I will have the plan and I will come home and put
Speaker:them in the fridge and then I Will go get Chick fil a because I am exhausted.
Speaker:Yep for making that plan.
Speaker:Yep, and I'll start tomorrow I can't count how many bags of lettuce I have
Speaker:thrown away because I was going to eat salads that way Yeah, and that's
Speaker:also emotional spending is when you're like, I feel like I'm in a hole I need
Speaker:to be healthy and then you go buy all the healthy things Food and produce is
Speaker:included in that, and that's something I think that's sneaky is I had a client
Speaker:once that we were working with that, given this person was very healthy, like
Speaker:top notch, looked healthy, ate healthy, exercised and their business was health
Speaker:related, and I remember, but they were single, they didn't have children,
Speaker:and Their personal spending budget for food was like, and on groceries, not
Speaker:eating out was like 2, 000 a month.
Speaker:Wow.
Speaker:Yeah.
Speaker:And it was like Saqqara, those to go salads that are like chickpea
Speaker:and grains and like bougie salads and like a delivery services.
Speaker:And it was a lot.
Speaker:A lot of stuff, and we talked about it, and I said, as an individual person
Speaker:living in your own space and owning your own business where your schedule
Speaker:is very flexible, if you really want to cut, this needs to be reduced.
Speaker:This is looking at your budget.
Speaker:This is the line item that needs to be reduced.
Speaker:There's a easier way to do this, a less expensive way to do this.
Speaker:Exactly.
Speaker:But you can stay within your value system.
Speaker:Absolutely.
Speaker:You can still go to Whole Foods and buy everything organic and
Speaker:fresh and You make the smoothies instead of the smoothie system.
Speaker:So invest in the magic bullet and make your own.
Speaker:And if you're really not going to make your own, there gets to a point where
Speaker:again, if you're not going to cut it out, you need to make more money.
Speaker:Or have one smoothie a week and not seven.
Speaker:Yes.
Speaker:Yeah.
Speaker:Yeah.
Speaker:Groceries and I think things that are healthy are easy
Speaker:to say Oh, it's good for me.
Speaker:It's good for my health, but the money doesn't lie.
Speaker:But the money doesn't lie.
Speaker:Watch, what you're telling yourself to.
Speaker:Again and I have to remind myself when I say it's within my values.
Speaker:Yeah.
Speaker:You can absolutely rationalize a lot of the things.
Speaker:If you're somebody that's looking to cut out, You're someone that is looking
Speaker:to reduce spending and save more or keep more funds within your account.
Speaker:These are the places to look.
Speaker:If you're somebody that doesn't need to look at this and you're thinking yeah,
Speaker:it's with my, it's within my values, and I might spend 2, 000 on groceries.
Speaker:Go for it.
Speaker:If you want to and you don't need to cut spending, don't do it.
Speaker:Listen, you know in your gut.
Speaker:You know in your gut when you are emotional spending.
Speaker:I know when I click that confirm button from Jeff.
Speaker:It's coming to my house in one day.
Speaker:I know what I'm doing.
Speaker:And I think it's with anything we're trying to humanize the psychological
Speaker:part of it that, everybody has it.
Speaker:Everybody has it.
Speaker:And it's just how you temper it.
Speaker:It's recognizing the signs that you're about to do it and it's
Speaker:employing techniques to help you not.
Speaker:Yes.
Speaker:Or to cut it back.
Speaker:And I think, where I get overwhelmed.
Speaker:And I don't know if you do too, as like an ADHD person, if it feels too big, I'm out.
Speaker:If the plan is too broad and feels too overwhelming, like just count me out.
Speaker:So it's like little nudges in the right direction.
Speaker:Yep.
Speaker:Little switches.
Speaker:Yep.
Speaker:If I want to buy the Barbie dream house, do I really need that for
Speaker:my kids and do they really need it?
Speaker:And maybe I'm just going to put it in my cart and take a 48 hour
Speaker:hiatus on it Because you know what can happen in 48 hours?
Speaker:My tire could pop, my fridge could blow up.
Speaker:Something's going to happen.
Speaker:Or the rush is gone.
Speaker:Yeah, the rush is gone.
Speaker:For me, that's what I was going to say that for me I love to
Speaker:put things in my Amazon cart, and then I save them for later.
Speaker:I'll put them in my cart for two days, and then I go back, I'm like, oh, I still love
Speaker:that, but the rush isn't there I still love it, I'm going to save it for later.
Speaker:My save it for later is so long.
Speaker:But yeah gift for myself, set a goal or an achievement for yourself too,
Speaker:if you hit this goal, if you hit this savings goal, if you hit this
Speaker:parameter, You get to reward yourself with that, and by that point, that
Speaker:might not be what you want anymore.
Speaker:Yeah, I think that's a great way to do it.
Speaker:Having an accountability partner.
Speaker:There was a time where Syd and I were like, we're going to do finance dates.
Speaker:Where we just tell each other our goals for the week, and then we check
Speaker:in and say Hey, did you stay under your 100 target budget this week?
Speaker:I didn't.
Speaker:What did you buy?
Speaker:Just having that friend that, and it doesn't have to be
Speaker:the person you live with.
Speaker:It can just be, it's like the same thing as a gym.
Speaker:I want to start going to the gym.
Speaker:Oh, me too.
Speaker:Let's be accountability partners.
Speaker:So maybe it's letting somebody in, it's recognizing the triggers, putting things
Speaker:in place, but knowing that you're not alone and that everybody, no matter
Speaker:who you are, you have one weakness.
Speaker:And I think that whenever you're trying to lose weight or get healthy, there's
Speaker:so many tools and resources out there and it's a lot easier to research
Speaker:that when it comes to spending money, it's just a little bit more taboo.
Speaker:So one of the things that's always recommended when you're trying to lose
Speaker:weight and you can't figure out why you're not losing weight is a food log, writing
Speaker:down all the food you eat in a day.
Speaker:Have a spending log and I'm not saying your total receipt dollar amount because
Speaker:that's clearly in your bank account But when you go to Target write down
Speaker:on a piece of paper not the receipt write it separately everything that
Speaker:you bought and Highlight the things that you needed and you went there for
Speaker:because you needed it and maybe when you're walking around Target You thought
Speaker:oh, but I really this is really cute.
Speaker:And this is really cute And this is really cute and you think it's only three
Speaker:things But if those things are all 29.
Speaker:99 and you're like, what's only 20 bucks for a couple things?
Speaker:29.
Speaker:99 is 100 with tax.
Speaker:So you just spent a hundred extra dollars, probably without even realizing it.
Speaker:Probably just getting that dopamine hit and trying to get whatever they
Speaker:pump through their vent system.
Speaker:Yep.
Speaker:And Target knows what they're doing.
Speaker:I love that place.
Speaker:Or take your receipts and do the highlighter.
Speaker:This is everything I went there for with the purpose of purchasing it.
Speaker:And these are the things I wasn't planning on.
Speaker:And if you see more of the one color of things you weren't planning on,
Speaker:then you start to realize, 100.
Speaker:Ah, just like with the food log.
Speaker:Oh, I didn't plan to eat six Oreos for breakfast, lunch, and dinner.
Speaker:I thought I was just doing a little treat.
Speaker:Now you've eaten 18 Oreos, which is I don't know how many jumping jacks.
Speaker:I think it's two Oreos is like 450 jumping jacks.
Speaker:Something dumb.
Speaker:Yeah.
Speaker:You're thinking that, okay then equivalent it to a number that grosses
Speaker:you out with your spending, just like the Oreos and the jumping jacks,
Speaker:if that's the motivation you need.
Speaker:I don't want to pressure or trigger anybody with this, but if you highlight
Speaker:those things and that equivalents to.
Speaker:You know, If you work a minimum wage job, how many hours of work were those things?
Speaker:Was that many shifts or that much time worth those things and just
Speaker:start to trigger it in a way of it puts a gut feeling to it rather than
Speaker:just, Oh, it was, 20 bucks here.
Speaker:How much time is that worth for you?
Speaker:What is that taking away from you?
Speaker:Not just the funds in your wallet, because clearly you've kept going
Speaker:with the funds it's taking away, but what is it taking away from your life?
Speaker:Is it taking away your time?
Speaker:Is it taking away space in your house, in your closet?
Speaker:Is it taking away from your relationships because you're doing this instead of this?
Speaker:You can't do a date night anymore because you spent your money on the sweatshirt.
Speaker:You spent your money on the shoes.
Speaker:You spent your money on something else.
Speaker:So now you can't do the date night with your husband anymore.
Speaker:So it's taking away from, okay.
Speaker:Or you can't go get mimosas with your friends on the weekend now because
Speaker:You spent too much somewhere else.
Speaker:What's that trade off?
Speaker:Or is it causing strife in your relationship?
Speaker:Are you hiding bags and bringing them in?
Speaker:Is your husband or partner mad at you because you both agreed not to spend on
Speaker:something and you went and did it anyways?
Speaker:So what's the emotional trade off?
Speaker:What's the financial trade off?
Speaker:It's a time trade off.
Speaker:And all of this ties into your mental health.
Speaker:Absolutely.
Speaker:Which is why we're talking about it during Mental Health Awareness Month.
Speaker:And all of this is recognizing your habits and understanding
Speaker:your psychology of spending.
Speaker:Everyone's is going to be different.
Speaker:So understanding where you come from and how you are triggered.
Speaker:And then figuring out the ways to stop it.
Speaker:Highlighting your receipts, writing down everything you purchase, creating
Speaker:that budget and really sticking to it.
Speaker:Doing an envelope system, if that's what works for you.
Speaker:Having accountability partner, Absolutely.
Speaker:Yeah.
Speaker:And just understanding where you're coming from is a big part of.
Speaker:Stopping the bleeding.
Speaker:Yeah.
Speaker:And knowing where you're going.
Speaker:Yeah.
Speaker:So we have more power to you now.
Speaker:You're ready to go.
Speaker:Step two, empty that Amazon cart.
Speaker:Save for later, make a wishlist.
Speaker:So we have two more episodes tying around mental health and money.
Speaker:And if you have anything you want us to talk about, you can reach
Speaker:out at info at knowyourworth.
Speaker:com.
Speaker:Definitely.
Speaker:And we always like to make you happy.
Speaker:Good luck.
Speaker:You can do it.
Speaker:Keep your head up.
Speaker:No, you're not alone.
Speaker:We're here to support.
Speaker:Have a great rest of your week.
