• [E30] Post-COVID Revenge Spending & the Psychology of Saving

  • Aug 24 2021
  • Length: 30 mins
  • Podcast

[E30] Post-COVID Revenge Spending & the Psychology of Saving

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  • Summary

  • Americans are spending $765 more a month than they did in 2020.

    • Post-COVID revenge spending
    • Savings rates dropping from 33% to 9%
    • The Psychological difference between spenders and savers
      • The pandemic has exposed a lot about our relationship with money. When heat is applied, you see what people’s natural tendencies are. Sometimes we confront them for the first time.
      • Factors that impact spending habits
        • Mother more than father
        • Individual life experiences (did you lose a lot at a key moment in your life?)
        • Amount of money you make doesn’t impact whether you’re a spender/saver
        • Money scripts concept
    • How do you alter your spending habits to become a more intentional spender or a saver?
      • Get clear on where you land on the spectrum
        • If spending stresses you out…
        • If you love shopping and spending...
        • You want to land somewhere in the middle
      • Understand your weaknesses
      • Be mindful of the company you keep
      • Create a spending plan
      • Set up guardrails
        • Unsubscribe from Prime
      • Start small with saving
        • IRA Example

    Saving often gets a bad rap – like it’s boring – but the truth is that it gets a lot less boring the longer you do it. Because eventually you’re the one with the disposable cash and leverage to live life on your terms.
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