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Episode 2638:
Kristin Wong's exploration of "Breaking the Stress Spending Cycle" on GetRichSlowly.org delves into the perils of emotional and convenience spending triggered by stress. Wong shares personal anecdotes and practical strategies to combat impulsive purchases, emphasizing the importance of conscious consumerism and the impact of stress spending on financial goals and health. Her insights offer valuable lessons on breaking the cycle through self-awareness and proactive planning.
Read along with the original article(s) here: https://www.getrichslowly.org/breaking-the-stress-spending-cycle/
Quotes to ponder:
"I stress spend. I get mad at my bad decision. This adds to my stress. I stress spend."
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[00:00:20] These statements have not been evaluated by the Food and Drug Administration.
[00:00:23] This product is not intended to diagnose, treat, cure, or prevent any disease. Hell, I need to be washed. It's noon and I haven't even showered. I don't mind a packed schedule and I've learned to better manage my time. But for those moments when a lack of time gets the better of me and my stress level rises, I've noticed something unsettling. I have a really careless attitude about money.
[00:01:41] In short, I've been stress spending.
[00:01:43] Some of it is emotional and some, it takes away from my goals. I budget my expenses because I have savings goals I'd like to meet. The less I spend, the faster I can reach those goals.
[00:03:03] Hap hazard spending is like stealing money from my future self.
[00:03:07] Number two, small amounts add up. And then there's the physical consequence. That pizza was cheap, sure, but it was also pretty unhealthy. And I'm not gonna lie, I love unhealthy food, but in moderation. Most of the time I eat like your garden variety hippie. So my stress spending has also led to stress eating. And number four, it creates a cycle of bad decisions.
[00:04:24] I stress spend.
[00:04:25] I get mad at my bad decision.
[00:04:27] This adds to my list. There are some things I won't get to today, and I'm learning to be okay with that rather than to lose sleep and eventually money over it. Number three, identify your triggers.
[00:05:40] By understanding the thought process behind my stress spending, I can usually stop it
[00:05:45] in its tracks. This might mean cooking meals in advance and then freezing them. And here's a confession. I have one pre-packaged frozen meal on hand. Most frugal people will groan at this, and understandably so. It's not a good everyday food option. But when I don't have time to cook and I'm stressed, a cheap Trader Joe's meal beats takeout.
[00:07:01] It's not ideal, but it's a backup plan.
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[00:09:44] It helped me become more creative and resourceful.