The YNAB Podcast

3 Ways to Curb Your Money Spending Problem

Jan 11, 2021

09:24

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Quick takeaways

Designate a 'no spend' day to curb impulse buying habits.

Treat saving as a form of 'positive spending' by investing or paying off debt.

Deep dives

Track Every Expense for 34 Days

For a financial reset, commit to tracking every penny spent for 34 days. Restrict spending to essentials only and completely avoid eating out. By diligently adhering to these behaviors, it is projected that an additional one thousand dollars can be saved within the month.

Introduction

2min

How to Curb a Money Spending Problem

2min

Are There Any Bills?

2min

Three Approaches to Getting Rid of Your Spending Problems

3min

Jesse offers three ways to stop spending money and kickstart your savings:

Designate a "no spend" day. Pick a day of the week where you will deliberately spend NO money, and dutifully stick to that. Be realistic! If you usually have a date night on Friday, then pick another day. Maybe's it's a Tuesday, maybe it's a Sunday, but it should work with your schedule.
Treat your savings as a purchase. In other words, change your mindset about what spending is. Instead of buying a good or service, treat your saving as "buying investments" or "buying back your debt." Some people turn buying small numbers of shares in an index fund into a game, where their investment brings them pleasure just like buying a coffee or a croissant at the local coffee shop.
Identify your triggers. Pay attention when you have an impulse to buy something. Does it happen in certain places? Certain websites or forums? Perhaps on your way home from work? Find your spending "triggers," and work on ways to avoid them. Take a different route home, block or limit your access to certain websites... things you can do to help you avoid the impulse in the first place.

Are you ready for a financial reset?

https://www.youneedabudget.com/34dayreset/