NerdWallet's Smart Money Podcast

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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