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

<p>Americans are spending $765 more a month than they did in 2020.</p><ul><li>Post-COVID revenge spending</li><li>Savings rates dropping from 33% to 9%</li><li>The Psychological difference between spenders and savers<ul><li>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.</li><li>Factors that impact spending habits<ul><li>Mother more than father</li><li>Individual life experiences (did you lose a lot at a key moment in your life?)</li><li>Amount of money you make doesn’t impact whether you’re a spender/saver</li><li>Money scripts concept</li></ul></li></ul></li><li>How do you alter your spending habits to become a more intentional spender or a saver?<ul><li>Get clear on where you land on the spectrum<ul><li>If spending stresses you out…</li><li>If you love shopping and spending...</li><li>You want to land somewhere in the middle</li></ul></li><li>Understand your weaknesses</li><li>Be mindful of the company you keep</li><li>Create a spending plan</li><li>Set up guardrails<ul><li>Unsubscribe from Prime</li></ul></li><li>Start small with saving<ul><li>IRA Example</li></ul></li></ul></li></ul><p>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.</p>