Struggle Care 114: Why Budgeting Doesn’t Work (and what to do instead) with Jill Sirianni
Oct 7, 2024
In a lively conversation with Jill Sirianni, co-host of the Frugal Friends Podcast and co-author of 'Buy What You Love Without Going Broke,' the hosts explore the inefficacy of traditional budgeting, especially for neurodivergent minds. Jill shares insights about the concept of being a 'financial goldfish' and discusses the psychological traps of impulse buying. They advocate for values-based spending and offer practical strategies like conducting a 90-day transaction inventory and creating pauses before purchases to foster mindfulness in financial decisions.
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Financial Goldfish Analogy
- Kasey Davis compares herself to a financial goldfish, always spending up to the limit.
- She jokes that like a goldfish in a bigger tank, her spending increases with more resources.
Budgeting as Dieting
- Budgeting is like dieting: restrictive and often ineffective for managing finances.
- Spending is a skill to be developed, not a moral failing.
Marketing and Impulsive Spending
- Societal pressures and marketing tactics exploit our psychology to encourage impulsive spending.
- These tactics make us feel like we lack what we need to belong, leading to unnecessary purchases.