Episode Transcript
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Katie Hatfield (00:00):
Do you tend to
find yourself using retail
therapy when you're bored,stressed or upset?
Do Amazon packages show upregularly at your doorstep and
you can't even remember what youordered?
Do you come home from the storehaving stocked up on items,
only to find a half dozen ofthem already in your pantry or
linen closet?
(00:20):
Stay tuned for ways to curbmindless spending habits closet.
Stay tuned for ways to curbmindless spending habits.
Thank you for listening to theDebt-Free Dad podcast, where we
help everyday, normal peoplelike you take control of your
finances and live a happier,less stressful life.
I'm Katie, your host fortoday's episode, and I've been
(00:43):
on my journey to debt freedomfor about six and a half years
now, and in that time I've paidoff over $216,454 in student
loans, car loans, medical billsand credit card debt all on a
single income.
Before taking control of my ownfinances, I used to be a
mindless spender.
I wasted a lot of money at thedollar bins and wandering the
(01:08):
aisles of Target.
Having my credit card detailssaved on my web browser made
clicking that online checkoutbutton just a little too easy
after a grueling day at work.
Every time I took a trip, Iwould spend so much money on
souvenirs that now sit untouchedin boxes in my basement.
Shifting from mindless spendingto intentional spending is all
(01:31):
about becoming more aware ofyour spending habits and
aligning your money with yourvalues.
Here are 10 solid tips to helpyou make that shift.
Number one you need to getclear on your why.
Figure out your purpose, whatyou want to spend your money on
more intentionally.
(01:52):
Is it to save for a home, totravel more, to reduce your
overall stress levels?
Having a meaningful goal makesit easier to say no to impulse
buys.
Is this item going to add toyour life or add to your clutter
?
Number two track every dollar,at least for a couple of months.
(02:14):
Use an app, spreadsheet,notebook.
Just track where your money isactually going.
You might be surprised how muchgoes to small, forgettable
purchases.
Did you know it only takes lessthan $28 a day of mindless
spending to waste over $10,000 ayear?
It really adds up fast.
(02:36):
Number three here we would sayWWBD.
What would Brad do?
The 24-hour rule means beforeyou are making any non-essential
purchases, wait 24 to 48 hours.
Ask do I really need this?
Will I still want this in aweek?
(02:57):
This helps you separate desirefrom impulse and you also want
to pay attention to how you'refeeling in that moment.
Are you bored, sad, feelinginsecure?
Maybe you're overly excited?
Are you looking for relief or areward in that moment?
(03:18):
Would something else other thanspending money make you feel
better?
Other than spending money makeyou feel better?
Taking a walk, talking to afriend, a nap, a snack?
Number four build a budget thatreflects your values.
Budgeting doesn't mean you haveto restrict things.
(03:38):
It just means prioritizing.
If you love coffee or, in mycase, tacos budget for it.
If you love coffee or, in mycase, tacos budget for it.
Don't really care about clothes, okay.
Spend less money on that aspectof your budget and spend on
what truly matters to you, notwhat just looks good on
(04:01):
Instagram.
Sometimes you just have to trima little bit.
When I travel now, instead ofbuying something that needs to
be displayed or isn't reallyfunctional and takes up a lot of
room in my suitcase, I actuallyget something small like a
sticker to go on my suitcase, arefrigerator magnet or a
Christmas ornament.
Number five unsubscribe,unfollow and delete.
Marketing works, so you need totake back control.
(04:24):
You need to unsubscribe fromthose sales emails that flood
your email every morning.
Delete the shopping apps, or atleast shut off those
notifications when a sale popsup.
Unfollow the influencers whomake you want to buy stuff that
you don't really need out ofsight, out of mind, out of your
(04:45):
cart.
Number six if you do have abunch of subscriptions, audit
them every month.
Streaming apps, memberships,those sneaky recurring charges
add up.
So every month, when you'regoing through your bills, ask
yourself am I still using thisand am I using it to its full
(05:07):
potential?
Cancel what's not adding valueto your life anymore.
Number seven celebratenon-spending wins.
Did you skip takeout and youcooked at home instead?
That's a win.
Notice and reward those momentsthat you made an intentional
choice.
That means you're building anew habit.
(05:30):
Number eight educate yourselfabout money.
Sometimes we spend mindlesslyjust because we haven't learned
any other way.
And if what you're doing nowisn't working, why not give
another way a try?
Read personal finance books,listen to podcasts like the
Debt-Free Dad, or follow contentcreators who align with your
(05:54):
goals.
The more you know, the morepower you have.
Number nine talk about moneywith yourself and with others.
Normalize having regularcheck-ins.
When you have to have adiscussion with yourself, ask
how do I feel about how I'vebeen spending this week.
If you're talking to a partneror a friend maybe an
(06:16):
accountability partner Shareyour goals, what did you
struggle with and celebrate yourprogress for the week and, last
but not least, number 10.
Remember that progress is moreimportant than perfection.
You are human.
You will still buy things thatyou don't really always need,
(06:37):
and that's okay.
The key is to catch the patternearly and make your adjustments
right away.
If you want to help building asimple spending plan or a visual
tracker to stay intentionalwith your new mindset and habits
, we offer great resources ondebtfreedadcom.
Brad Nelson (06:54):
Check it out Now
listen if you're ready to break
free from living paycheck topaycheck which, if you're
listening, I hope you are.
You want to reduce financialstress.
You want to build savings.
You want to finally pay offdebt for good, but you're not
sure where to get started.
Don't worry, we've got youcovered here at Debt Free Dad.
Simplify my Money is sent eachSunday to your email.
We make it easy and Simplify myMoney.
(07:15):
It's your step-by-step roadmapto better financial control, and
you're also gonna learn easy tofollow strategies to manage
your money effectively.
You're gonna get stress-freemoney decisions that will help
you simplify your financial lifewith proven tips that actually
work.
You're also gonna gain thetools and the confidence to
tackle your financial goals headon.
You can sign up for Simplify myMoney by clicking the link at
(07:37):
the top of the show notes.
Thanks for joining us on.