In this episode, Caleb Roth leads a discussion with co-hosts David Chung and Matthew Osborn about implementing habits for better personal finance management. They share strategies for tracking spending, setting budgets, automating savings, limiting subscriptions and adding friction to discretionary purchases.

David discusses transforming his finances with a "profit first" approach. Matthew considers simplifying tracking and canceling unused subscriptions. Caleb advocates for automating savings and limiting what you see to avoid overspending.

The hosts also delve into decluttering possessions through a "red tag" system and renting gear instead of buying. David reflects on lessons from regretting a sports car purchase. Overall, the episode provides tangible tactics for forming habits that artificially limit spending and help grow wealth over time.

Takeaways:

Track spending regularly to understand your current financial state and identify areas for improvement.
Set a budget and allocate income toward needs, wants, and savings using a framework like the 50/30/20 rule.
Automate savings by direct depositing a portion of income into separate accounts to avoid overspending.
Limit subscriptions by regularly auditing what you use and finding one-time payment alternatives.
Add friction to discretionary spending through tactics like freezing credit cards or renting items instead of impulse purchases.
Declutter possessions you don't frequently use through a "red tag" system to reduce clutter and unnecessary expenses.
Learn from expensive mistakes like impulse purchases by reflecting on what truly brings you joy versus buying into hype.

Resources:

Monarch Money (financial tracking tool used by Caleb Roth)
Joji Davenport (previous podcast guest on personal finances)
Noah Kagan and AppSumo.com (mentioned for one-time payment software deals)
Profit First by Mike Michalowicz (book on automating your finances)

‍Connect with your marvelous co-hosts:

David Chung - @davecanread
Matthew Osborn - @matthewosborn
Caleb Roth - @caleb.j.roth

Learn more at stackinghabits.com or follow our habit adventures on Instagram.

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