Budget Nerds #78 - Are Impulse Purchases Wrecking Your Finances? A YNAB Study Finds Out
5 snips
Nov 15, 2023 A YNAB study reveals that 94% of Americans admit to impulse spending. Ben and Ernie explore the reasons behind impulse purchases, including emotional support, fear of missing out, dining out, and seasonal influences. They discuss managing impulse spending with budgeting apps like YNAB and share inspiring stories of listeners prioritizing financial goals.
AI Snips
Chapters
Transcript
Episode notes
Prevalence of Impulse Spending
- 94% of Americans admit to impulsive small-scale spending from time to time.
- Impulse spending is common and involves everyday treats that add up.
Impulse Spending and Emotions
- People often impulse spend for emotional fulfillment, like rewarding or comforting themselves.
- Spending helps change bad or good days into something more positive emotionally.
Parenting Guilt and Spending
- Ben struggles with parenting guilt deciding whether to enroll kids in many activities.
- He worries about being judged for saying no and missing out on experiences for his children.