The Price Isn’t Right: How to Stop Overspending and Stay Debt-Free

Feb 3, 2025

Join Amanda Barroso, personal finance writer at NerdWallet, as she shares insights on breaking free from overspending. Discover the concept of a no-buy year, a powerful tool for resetting spending habits and enhancing mindful consumerism. Learn practical strategies like setting clear spending rules, resisting impulse purchases, and the importance of financial therapy in combating debt cycles. The discussion also delves into the psychology of spending and practical measures to improve budgeting and achieve financial stability.

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ADVICE

No/Low-Buy Year

Set clear spending goals for a specific timeframe, such as a year or a month.
Focus on mindful consumption and reducing overspending to achieve financial discipline.

ADVICE

Amanda's No-Buy Rules

Stop buying new clothes and non-essential items like makeup and home decor.
Consider thrifting for higher-quality replacements or secondhand options.

ANECDOTE

Library Love

Amanda loves reading but avoids buying new books.
She utilizes libraries and online discount booksellers for affordable options.

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Break free from debt cycles and rethink your spending habits with tips on no-buy challenges and financial therapy.

How can you stop falling into a cycle of paying off debt, only to rack it back up again? What is a no-buy year, and how can it help you control your spending? Hosts Sean Pyles and Elizabeth Ayoola discuss strategies for breaking unhealthy spending patterns and staying out of debt for good. They begin with a conversation about the benefits of a no-buy year with NerdWallet personal finance writer Amanda Barroso, who shares tips on setting clear spending rules, resisting impulse purchases, and tracking progress to reinforce financial discipline.

Then, Sean welcomes co-host Sara Rathner and personal finance Nerd Melissa Lambarena to dive into a listener’s struggle with recurring credit card debt. They discuss the psychological factors behind compulsive spending, the benefits of financial therapy, and practical steps to curb overspending, including strategies for budgeting, limiting credit card use, and practicing delayed gratification.

Read NerdWallet’s write-up of the best no balance transfer fee credit cards to help you compare your options for ways to climb out of debt: https://www.nerdwallet.com/article/credit-cards/best-no-balance-transfer-fee-credit-cards

In their conversation, the Nerds discuss: credit card debt, how to stop overspending, no-buy year, budgeting tips, financial therapy, money habits, debt cycle, breaking bad money habits, impulse spending, debt-free living, financial discipline, how to stop using credit cards, saving money strategies, debt management, mindful spending, financial goals, spending freeze, personal finance tips, credit card traps, emotional spending, how to budget, debt repayment, how to stay out of debt, no-spend challenge, frugal living, debt-free journey, saving money on shopping, financial accountability, budget planner, financial self-control, spending detox, credit card debt help, how to stop living paycheck to paycheck, best budgeting methods, overcoming debt, financial self-awareness, debt-free motivation, and how to track spending habits.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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