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Personal Finance

If Following a Budget is Hard, Then Do This Instead

 

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Summary of Episode 18:

Referenced Article: Why Diets Don’t Work

For most people, the word budget brings out the negative emotion that they need to control their expenses. (2:20)

There are people who feel negatively about budgeting, whether consciously or subconsciously, because for them, the word budget means depriving yourself of things that you want, and it also connotes scarcity and may even induce feelings of self-pity. (3:08)

A spending plan is more focused on your expenses. (4:05)

When it comes to managing your income and expenses, changing your perspective towards creating a “spending plan” shifts your focus towards the things you both need and want. (6:27)

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How to optimize your spending plan. (9:02)

Following a spending plan becomes easier the more you do it, and like any other skill, you will eventually become better at following your spending plan and managing your money. (10:05)

A spending plan is powerful, because it makes you ask an important question”¦ “How can I afford all of these?” (11:53)

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