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StitcherBudgeting needs some tender, loving care. If you ignore it and don’t check in, it’ll turn its back on you and that’s when self-sabotage sneaks in and everything starts to fall apart. Take a deep breath, because in this episode, we’re diving into the reasons you might find yourself stuck in that cycle and sharing simple, powerful tips to help you break free for good.
There’s going to be roadblocks for you as you create these habits to get to your goals. Think of them now and think of ways you can go around them. Just anticipate them.
Sponsors:
- The perfect sweatshirt. Summer school, but the good kind! It sounded the WORST as a kid but now that we’re adults and it’s not compulsory; it’s so much better to learn about the things you want to get better at! Like with our 5 week personal finance course! If you’ve been wanting a comprehensive (but doable) overview of how to manage your money well, we’ve got you covered! For anyone wanting to learn about money from us, your frugal friends, you can get this course completed in 5 weeks. We cover spending, saving, earning, optimizing, and investing. It’s full of resources, videos, and workbooks and it’s the perfect version of summer school and the best way to stay productive with your money this summer!
Check out some relevant episodes
6 Ways to Stop Sabotaging Your Finances
According to this The Ascent article, 33% of Americans are said to not budget their money yet 93% believe that they should. This lists down 6 ways that you might be sabotaging your finances and what are the things we can replace it with.
What Jen + Jill have to say:
Despite a huge number of people believing they should budget, not budgeting is still common which has pushed people to sabotage their own finances. Jill thinks a change of mindset would be helpful such as calling it a ‘spending plan’ or any creative and motivational words to make it approachable for you. One must also learn how to say no or create a pause when you have the urge to spend by doing something different. Check-in on your online shopping expenses as it can be easy to impulse buy at night and when your cards are stored (it recommended cash but that doesn’t for everyone!)
Jen had to learn the hard way as building an impossible budget and creating decisions based on what she sees from others are things she had to unlearn. Create a flexible budget and find ways to know about yourself better so what others may do will not affect your decisions.
5 Sneaky Ways Your Mind Sabotages Your Spending (and Keeps You in Debt)
Regardless of the abrasive title, some of the listed ways in this article presented by Well+Good are worth noting to continue challenging yourself towards curiosity about self.
What Jen + Jill have to say:
Do not avoid your finances! Jill wants you to look at it and talk about it as it is one of the best ways to manage your stress over it. You may be impacted by a variety of internal and external factors that cause you to self-sabotage with money such as mental health, upbringing, and brain chemistry. Without you even being aware, these factors could be undermining our efforts to improve our relationship with money. Recognizing your emotions will greatly impact your money decisions. You may not notice but your attachment style not only impacts your relationship with other people but with money too.
Meanwhile, Jen wants you to embrace learned behavior that no longer serves you. You can start by focusing on things you can change and recognizing where to draw the line or interrupt the cycle.
How we divert ourselves away from self sabotaging behaviors
As Jen continues to do their renovations, she finds herself buying more on Amazon but she also puts a 30-day rule on the purchases she makes online. Another way she diverts herself from self-sabotaging behaviors is by putting in her mind that fast food is the most destructive spending behavior.
On the other hand, when it comes to spending whether at home or in a store, Jill regularly checks in with herself to determine how she feels about a purchase. She pauses and thinks about every spending decision she has to make.
Bill of The Week
Thank you Tim from Florida for sharing your bill about getting your PMI removed and still paying that money now to your principal!
Thanks so Much for Listening!
Thanks so much for listening! We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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Financial literacy with a mental health spin
This book was so, so refreshing for me. This is a book about finances with a focus on mental well-being. This would be a great book for beginners who are just beginning their financial journey and more experienced money-managers that may be feeling ashamed or looking at money from a place of fear. This book really shines compared to other financial books because the authors call out how our own psychology and commonly held beliefs about money can complicate money management. The authors give them self space to discuss their journey with finances in a non-judgmental way, which encouraged me to do the same with my own journey.
Then, they provide actionable steps to manage money within the confines of your own psychology in a way that promotes financial and mental well-being. I’ve been listening to Jen & Jill’s podcast for years. Their teachings have helped me turn my financial picture around without the guilt or self-flagellation that too often comes with managing money. This book is a fantastic culmination of their expertise!
Thanks for listening! If you want to check out all the courses, interviews, challenges, and groups we have in Frugal Friends Club, head to frugalfriendspodcast.com/club.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
