In a world where it’s so easy to spend, the struggle to save is real. Today we discuss the importance of developing your willpower muscle, setting your own personal spending boundaries ahead of temptation, and the trap of lifestyle creep and what to do about it.
In this episode:
Components to take into consideration [1:00]
Examining the reasons why you save [4:00]
Why setting boundaries for yourself is good [5:00]
Social contracts and how they work when it comes to personal finance [7:30]
Recognize your willpower might be weak at first [10:00]
There’s no interest on zero [18:00]
Th pain of paying credit cards back will help you make better decisions in the future [20:00]
The actual math of paying for things on credit [21:00]
One secret for saving each month [25:00]
Keep it simple by listening to Warren Buffet’s advice [27:00]
Why the details of why you are saving are important [33:00]
“Know thyself” is very important in setting boundaries [38:00]
Weighing in on the idea of “deserving” to buy something [40:00]
Reducing expenses or taking on more responsibility [45:00]
There’s spending that improves our lives, and then there’s spending that doesn’t [51:00]
The danger of how easy it is to spend money [53:00]
A word of warning about dipping into savings [57:00]
Resources:
Charlie Wells, The Wall Street Journal. The Hidden Reason People Spend Too Much