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Money For Couples with Ramit Sethi
173. “We spend 113% of what we make—but can’t do anything to fix it” (Part 2)
Sep 10, 2024
Michelle, 42, and Ryan, 43, share their struggles with a staggering monthly spend that exceeds their income. They detail their spending habits, including $763 at Target and over $1,200 on groceries. The pair discusses the emotional ties to their purchases, especially when it comes to their children. They emphasize the importance of a shared financial vision and practical strategies to transform their chaotic spending into a more conscious approach. Their journey highlights the need for open communication and prioritizing financial goals as a family.
58:45
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Quick takeaways
- The couple's chaotic financial situation stems from excessive spending on children’s needs, reflecting deeper issues in financial management and parenting.
- They must create a unified financial vision to promote intentional spending and reduce guilt associated with purchasing for their children.
Deep dives
Overwhelming Chaos at Home
The current household situation is described as chaotic, primarily due to the overwhelming amount of stuff accumulated over time. With three young children, the couple finds themselves continuously purchasing items like snacks, water shoes, and various extracurricular activities, leading to a cluttered living space. Despite recognizing the need for change, they express resistance and indecision about making necessary adjustments to their spending habits. This accumulation of clutter reflects deeper issues in managing their finances and parenting strategies, as they struggle to envision a simpler, more organized home life.
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Listen to the best highlights from the podcasts you love and dive into the full episode