Many people struggle with overspending. When those close to you are struggling financially, it’s helpful to understand the how and why behind the addiction. This will also help them on their journey of overcoming overspending.

Today, you will learn how to better help those in need of money and ensure your decision won’t impact your financial future or retirement.

Wealth Inside and Out® Podcast: “When Family & Friends Overspend”

In this episode, you will learn:
>> (4:42) The first recommendation when dealing with a spendthrift
>> (5:21) How excuses often justify overspending
>> (8:13) The psychological reason people overspend
>> (9:13) How emotions impact overindulgence
>> (11:45) The problem with distracting ourselves from negative emotions
>> (13:30) How a disciplined approach can impact your life in more ways other than just money
>> (14:20) What is more valuable than giving a broke person money?
>> (15:50) Real-life example of determining how to help an over-spender
>> (17:53) How to leave money to a beneficiary who is a spendthrift
>> (19:06) Why it’s important to be the example and how to remap the brain

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Conclusion — Overcoming Overspending: How to Help Your Friends and Family

Having friends and family ask for money is rarely fun, especially when they expect you to give them money whenever they ask you for help.

Establishing clear boundaries, creating a plan they must follow, and being the example they need is essential.

For more advice, please listen to the full episode.

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To your financially secure life,

Annette