Overspending - Why We Do It and How to Stop

Today, we’re talking about “How to Stop Overspending.” Now, before we dive in, I want you to think about some other addictions, like overdrinking, overeating, even a sex addiction or an addiction to drugs.

Interestingly, if you think about all of those addictions, unlike overspending, when done in excess, society, our tribe, looks down upon them.

Conversely, making a lot of money or spending excessively is rewarded, and is actually encouraged by society. I mean, just think about social media. If you want to be seen or heard, you better have the nicest car, house, and jewelry.

And that’s why it can be a little more challenging. You need to pay more attention if your issue is overspending.

And that’s why it can be a little more challenging. You need to pay a little more attention if your issue is overspending.

So stay tuned. You’re going to love today’s episode.

If you’ve ever overindulged in any area of your life or want to learn how to rein it in if you have an issue.

Summary: Wealth Inside and Out® Podcast – “Overspending: Why We Do It and How to Stop”

Today, you’re going to learn:

Why people overspend and make impulse buys
How to create healthy spending habits
The process to get on track to achieve your financial goals

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Here is the link: Retirement Plan Checklist

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Overspending and Overindulgence

Overspending refers to spending more money than you have available or that you’ve budgeted for.

We all have this primal brain (child brain). It’s the part of our brain that supports impulse buys and overspending. Your prefrontal cortex (rational brain) helps you stick to your spending plan.

12 Steps to Stop Overspending

In the podcast you will learn 12-steps, below is a sample of the steps:

1. Create a Spending Plan

The first step includes creating a budget.

3. Identify Triggers

Review your spending patterns and identify areas where you make impulse purchases.

5. Prioritize Needs Over Wants

The next thing is to prioritize needs (utilities, food, and housing) over wants (travel and entertainment).

6. Use Cash or a Debit Card

Consider using cash or a debit card if you overspend.

8. Avoid Impulse Buying

Before going to the store, make a list and stick to it.

On the podcast, you will learn some tips to avoid impulse purchases.

11. Enroll Family and Friends

Find family and friends who will hold you accountable to your financial goals.

If you need support or have specific questions, click here:

Remember that breaking habits, including overindulgence in spending, drinking, or eating, will take time and effort. Be patient with yourself and stay focused on your big-picture goals.

Small changes in your spending habits over time can significantly improve your financial well-being.

Helpful Financial Tips

I want to give you a couple of final tips.

Avoid credit card debt
Set up an emergency fund
Check your credit score
Replace savings accounts that pay low-interest rates with higher paying ones that don’t increase risk
Use a savings account with no early withdrawals, meaning you can’t take money out
Transfer your checking account balance to your savings account each month
Commit to do the work to reach your financial goals
Factor in lifestyle creep

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Congratulations on taking another step to create a secure financial future and retirement you love.

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Thank you so much for joining me for