Optimal Finance Daily - Financial Independence and Money Advice

2788: 10 Things You Shouldn't Buy When You're Broke by Jen Hayes on Personal Finance Habits

Jul 8, 2024

Financial expert Jen Hayes discusses cutting unnecessary expenses to achieve financial stability by avoiding common purchases like daily coffee shop visits and salon appointments. She emphasizes the value of budget-friendly choices to increase self-sufficiency and confidence.

10:12

Episode guests

Jen Hayes

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Episode notes

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Quick takeaways

Cut unnecessary expenses like daily coffee shop visits to save money during financial strain.

Embrace limitations in spending to explore alternative entertainment options for personal growth and self-sufficiency.

Deep dives

Tips for Cutting Expenses When You're Broke

When faced with financial difficulties like debt or living paycheck to paycheck, cutting expenses becomes crucial. Avoid spending on daily treats like Starbucks that can accumulate to significant amounts monthly. Look for cost-effective alternatives like making coffee or tea at home to save money. By prioritizing essential expenses and limiting unnecessary spending, you can lay the foundation for financial stability.

Personal Finance Tips on Spending Wisely When Struggling Financially

2min

Cutting Back on Expenses to Achieve Financial Freedom

6min

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Episode 2788:

Jen Hayes emphasizes the importance of cutting unnecessary expenses when living paycheck to paycheck or dealing with debt. She suggests practical alternatives to common expenditures like coffee shop visits, gym memberships, and dining out, advocating for self-sufficiency and resourcefulness as pathways to financial stability and increased self-confidence.

Read along with the original article(s) here: https://www.jenhayes.me//10-things-shouldnt-buy-youre-broke/

Quotes to ponder:

"It amazes me that so many people who are broke treat themselves to Starbucks every day. You could make your coffee or tea at home for a fraction of the price."

"If you’re broke, you shouldn’t be throwing away money at the salon. If those things are truly important to you, you can spend money on those items after you pay off your debt and/or become more financially secure."

"Giving is one of the greatest joys in life, and you can be generous after you’ve become financially secure. Anyone who genuinely cares about you will understand that you are giving all that you can afford."

Episode references:

Planet Fitness: https://www.planetfitness.com

National Park Service (for free outdoor activities): https://www.nps.gov

Yoga with Adriene (free yoga resources): https://www.youtube.com/user/yogawithadriene

The Keurig website: https://www.keurig.com

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