The Better Budgeting Podcast
The Better Budgeting Podcast is your go-to resource for mastering your finances without the stress. Hosted by Danielle Reese, this podcast breaks down budgeting, saving, and smart spending into simple, actionable steps. Whether you’re tackling debt, building wealth, or just looking to make your money work smarter, we’ve got expert insights, real-life success stories, and practical tips to help you take control of your financial future. Tune in and start making your budget work for you—without sacrificing the things you love!
The Better Budgeting Podcast
Master Impulse Spending with These Tips
Ever wondered why you often leave stores like Target with more than you planned to buy? Join me, Danielle Reese, as I promise to guide you through understanding the nuances of impulsivity and how it affects your shopping habits, especially during the holiday season. Through engaging stories and 14 essential questions, we’ll explore how to pause and truly consider if a purchase serves your needs, fits your financial goals, and isn’t just a result of a fleeting impulse. Discover how evaluating the thought process behind your buying decisions can lead to more mindful shopping experiences.
It's time to align your spending with what truly matters to you. Together, we’ll question the quality and necessity of each purchase, big or small, and discuss the importance of recognizing your mental state while shopping. This episode is packed with strategies to manage impulsivity and offers insights into addressing the deeper reasons behind your purchases. And as you think about stepping into the new year, consider how these practices can lead you towards achieving financial freedom. Whether you’re contemplating a big buy or just tidying up your budget, these insights promise to be a game-changer.
Danielle is a money coach helping women and couples who have been trying to figure out their finances FINALLY create a clear plan so they don’t have to worry about waiting to refill their bank account the next payday.
She is the founder of The Financial Freedom Society on Facebook and her signature money coaching program, The Better Budgeting Playbook. You can sign up for her newsletter by clicking here.
Take the first step towards financial freedom and sign up for a complimentary assessment call with me, Danielle Reese.
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Hello and welcome to the Better Budgeting Podcast. I'm your host, danielle Reese. I'm a money coach and the founder of the Better Budgeting Playbook, and this is my one-on-one coaching program for women and couples who have been trying to figure out their finances, finally create a clear plan so they don't have to worry about waiting on payday anymore. I became a money coach in 2020 after paying off over $60,000 in debt, rekindling my marriage, becoming financially free and wanting others to experience the same. If you'd like to work with me, you can check out the link in the show notes there. Also, we have the Financial Freedom Society on Facebook. It's a free Facebook community focusing on debt payoff, saving strategies, budgeting and money mindset. You can find the link to that community in the show notes as well. This week, we are going to talk about impulsivity and I'm going to give you 14 questions that I want you to ask yourself when you need to buy something, or I should say, want to buy something, because it is the Friday before Christmas and I know I know for a fact that there are people out there frantic buying, feeling like they haven't got enough. They didn't get the mailman, they didn't get their sister's, brother's, second cousin, 49th removed whatever I don't know. Like you feel like you have to give everybody everything and I just let's just pause. Let's just pause for a second. Okay, it is okay if we don't get everybody and their 49th cousin something for the holidays. It's one thing to be financially prepared to be able to do that. It's another thing to frantically buy in order to make that happen. So I decided to look up on the wonderful Google what impulsivity means, and that is the tendency to act without thinking first or without considering the consequences. Now I can tell you for sure a number of purchases in my lifetime that I have used and done impulsively. It is a terrible thing. You look at your grocery list, you look at anytime you go to Walmart or Target and there's there's on social media there's trends about this right, there's trends about like how funny it is that you go into target with only two things that you need to get and you come out with a car and he, he, he. It's so cute and like the husband's upset, but it's a real problem in our country, in our society. So we're going to talk about how do we rein that in. First question I want you to ask yourself is have you thought about this item for at least two weeks. Have you been dreaming about this thing? Have you been finding places to put it? Have you really thought about this?
Speaker 1:When you jump into the Better Budgeting Playbook, it's interesting that this is number one, because this is what I do whenever you have a consult with me. I want to get to know you. I want to know what your issues with your finances are. I want to know what's getting in the way with that. I want to know where you want to go with your finances. And then I say hey, come back to me in 24 hours. One it's a level of accountability to come back to me and say, yep, I'm in 100%. But it's also giving you time to think am I invested enough? Do I feel like this is the right time? Is this going to solve the problem that I have? All of that I want you to consider and that's why I put the 24 hour rule in Okay.
Speaker 1:Number two is does it solve a problem that you've noticed? That you've noticed Like oh, I've noticed recently that my cutting boards are disgusting. And here's the other thing about cutting boards Like don't get glass because it dulls your knives. Don't get plastic because you'll cut microplastic, don't get wood, because then you know the germs will plastic. Because you'll cut microplastic, don't get wood, because then you know the germs will soak into the wood and like the bacteria and I'm like I don't know what the heck to do. But I put it on my Christmas list. Somebody get me some cutting boards. Okay, mine are gross, they're disgusting. I've had them for like eight years. Okay, so this is something that I've noticed that I definitely want, probably even on the need, because I'm not going to be cutting raw chicken on my countertops. An ex-chef in me, if you're doing that, I'm telling you, stop doing that. Do not put anything, do not cut anything on your countertops. Okay, have you noticed the problem and have you been searching for a solution? Okay?
Speaker 1:Number three is do you already have something similar? Do you already have salt and pepper shakers? Do you already have a Stanley? I'm calling you out because there's some of y'all. You guys like to collect the Stanleys and I just I don't understand it because it's a cup to me, but I'm telling you, if you've got a cabinet of seven of them, we probably don't need another one. Okay, girly, I don't think we need another one. So do you already own something similar. If it's a yep, it might not be worth it.
Speaker 1:Okay, number four is buying it worth giving up my progress towards my next financial goal? Oh, I called somebody out right there, mm. Hmm, yeah, yeah, you go ahead and you go get that stanley cup, girly. But let me tell you, do not be putting that on a credit card and don't be complaining because your credit cards are charging so much in interest. Uh-uh, we're not doing that. We're not doing it since we are holding ourselves accountable. Okay, is buying it worth giving up your progress towards your next financial goal?
Speaker 1:Here's where things get a little dicey is when you're trying to save up for something huge. Right, I have clients right now that are saving up down payments for houses. That takes a while. It is not just a six month, maybe even two month thing. For me it went very quickly because we had COVID and we had the stimulus checks and we had no daycare, like there was a lot of things in factor. But right now it's pretty difficult to save significantly if you have a lot of debt. So you have to have a really strong why.
Speaker 1:With this I mean, you cannot be just willy nillying yourself into saving for a house, you have to be very intentional and that's why these questions are really going to help you towards that next financial goal. But that's something to ask yourself is buying it worth putting off the progress of your next financial goal and where will it be in five years? That's question number five. Where will it be in five years? Will you still be using it? Will it be in a cupboard somewhere? Is it going to be given away? Is it going to have to go to the donation box Like is it going to last you? Are you going to want it in five years? If no, then maybe you could put it back.
Speaker 1:I love this one. Number six is where will I put it if I buy it? You ever see those reels on Instagram or Facebook where they take something off a shelf because it looks really pretty and they go to the trash can aisle and then they put it up against the trash can. They're like no, this is ugly, I don't like it. Actually, I love that. That is about being intentional with your buying process and I think it's such a great tool to have in the toolbox. But you need to ask yourself where are you going to put it? Come on now, where are you going to put it? If you don't know where you're going to put it, then maybe it stays right where it is right on that shelf.
Speaker 1:Number seven is how long will I have to work in order to pay for it? Some people don't think of it in this capacity. Is that every item that you buy is time taken off your life? Think of it that way. So is it worth going to work for an additional 10 hours, going to work for an additional three months, two years?
Speaker 1:One technique that I love to do with clients is we look at your housing payment, we look at your car payment. We look at it in the standard of how much you have to work in order to pay that, especially the car payment. That one usually is the most eye-opening for people. That is your total take-home pay and your car payment. You're going to divide your car payment by your total take-home pay and that is going to show you a percentage, and let's say it's 40%. That means that of a whole month you are going to work almost half of it to pay for your car. Does that make sense to you? Does that fall in the values and the things that you believe and the things you want to accomplish. Does that fit? If it doesn't, then we gotta adjust that, we gotta sell the car, we gotta find a different car, we gotta do something, refinance it, whatever. Or if it's like, no, that's okay with me. I'm in this point of life where I'm cool with that, great, we move on, we find other things that you're interested in, other things that you have goals on, things like that.
Speaker 1:Number eight is can I be productive and happy without it? More than likely it is a yes, it is probably a yes. Now I will tell you. Right now I am sitting here recording off of my laptop because my microphone for my podcast actually broke. I don't know what's going on with it. This is my second microphone this dang year and I have a feeling that Apple has it out for any product that's not also Apple affiliated or an Apple product, and they just like eventually kick it out. Okay, but I'm, I'm like, all right, I, I can't be productive without a microphone. Is it going to be the best quality? Eh, maybe not. Maybe it's probably picking up my kids in the background, to be honest. Um, but can I be productive with without it? Yes, am I happy without it? Yep, I'm perfectly fine, honestly, but is there going to be a point where I'm going to maybe need a new one? Yeah, maybe, especially whenever I have guests on the podcast and the feedback audio bounces back and forth. I'm probably going to need a new one then, but it is not something that I need entirely at this second. So that's number eight. Can you be productive and happy without it?
Speaker 1:Number nine is what is the cost per use? Is it a one in nine? Is it a consumable? Is it something that you can use over and over again? Please do not, girl, math this. Okay, do not go buy the $500 dress and be like, okay, I'm going to wear it one time and then my friend's going to wear it and then this person's going to wear it. So really, it only costs me $25. No, no, it does not. It costs you $500. Also, who's buying a $500 dress? Like, good for you. That is not in my priorities, but good for you.
Speaker 1:I think this question is more based on what do you think you're going to get out of it? How long do you think you're going to get out of it? Is it going to last you as long as you need it to? Obviously, I picked the wrong microphones for my podcast. I've gone through two of them, so I might do a little heavier research this time. And I'm going to make sure that it's compatible. I'm going to make sure that it's long lasting and it's recommended, and then I'm going to go ahead and decide yep, that's the one I want to get. I'm going to get a much higher cost for use out of that versus these last two dang ones that I've got. Oh, they've been terrible for me.
Speaker 1:Okay, number 10, does it support my priorities? I've kind of sprinkled this in this podcast episode a little bit. Does it support my priorities? Is it something that I am going to use to excel my goals, to align with my values? Is it something that is going to support what I need to do? And I want you to think of it in this capacity.
Speaker 1:Okay, maybe your priority is new tires for your car. Right now, that is the number one financial priority. It is new tires for the car. So while you're at the car shop and you're looking and researching different tires and things like that, you go down that one little checkout section there and they've got car scented stuff right, like the little Joes and the little trees and all the things. My question to you is adding the four or five dollars for the scent for your car. Is that bringing you closer to your priorities? Is it supporting the priorities that you need to obtain? No, it probably is not. That is how I want you to phrase and think of this question. Another example If one of your goals for 2025 is to get less stuff in your house, like get it out, declutter, maybe, live a little bit more of a minimalistic lifestyle, then going and buying more clothes is not going to allow you to support your priorities, because you're trying to get rid of stuff.
Speaker 1:Right, all right, number 11. Is this the best way for me to obtain it Right here, right now, in this store, is is this the time? Is this the best way that I can purchase this item? It might be a no, it might be a yes. It might be on sale, it might not be. I like to research things. I want to make sure that I'm getting the best deal possible, and I would suggest that that's something that you do as well, but the question is is this the best way for me to obtain it? Maybe you're going to have to pay $17 in shipping to have it overnighted to you. Maybe that's not feasible, right? Maybe it's like no, you can go an extra two days, maybe a day and a half, and you could pay only $6 in shipping.
Speaker 1:So number 12, is it a high quality item with a reasonable price tag? I'm going to emphasize on reasonable because reasonable is very objective. Right, I was saying earlier about a $500 dress and having multiple Stanleys for somebody, those things might be reasonable. For me, they're not. That's why it's very objective. But I want you to put this in perspective the Mercedes Benz from 2025, new car base model, all the things, I don't know. I'm taking a guess maybe 68,000, okay, 68,000. Or we can get a 2021, four years old, maybe it's got 20,000 miles on it and we can pay only 38,000, which I don't think is actually reasonable, because I think Mercedes-Benz are pretty expensive. But you get, my drift is that is this a high quality item with a reasonable price? A Mercedes-Benz 2021 with only 20,000 miles on it for 38,000. It's a heck of a deal, I believe, versus paying for a 2025, no miles and it's going to depreciate over time. Ooh, that's pretty, that's pretty lofty, right, like that's an expensive purchase. But the question that you need to ask yourself is. Is it a high quality item with a reasonable remember reasonable price tag? Love this. Question.
Speaker 1:Number 13 is what is my current mental state? Oh, I will never forget. I called somebody and I was facetiming them and I said what are you doing? She said, oh, I'm shopping and I'm like what are you shopping for? She's like I don't know. I just had a bad day and I'm like why are we doing that? Don't get out of that store. You don't need any of that stuff.
Speaker 1:If you are having bad days, we do not go shopping, girly. We do not do not do that. It hurts our budget big time. It hurts our budget. If you are sad, if you are anxious, if you are worried, if you are any of those things, the last thing you need to be doing is in a store or scroll on Amazon, target, walmart, whatever. You do not be scrolling any of those things. Stay away from social media as well. It is not going to bring us any joy. On the other side is like are you calm? Are you neutral? Are you cool, cool, calm, collected? If you are those things, it makes sense to go ahead and buy things. If it is the holiday season and you are frantic, freaking out. It is not a good time to go shopping, girly. It's just, it's not. You are going to put so many extra things in your cart that you just don't need.
Speaker 1:And number 14 is what is the real reason that you're considering to buy it? What is that reason? Is it because you want to look good? Do you want it to be able to fix something? Do you want it to solve something? What is that real reason that you want to buy something? Is it you feel like you just never treat yourself, that you go ahead and you take care of everybody else and you never really get to treat yourself? If that's the case, we gotta we gotta dig deep into that. Okay, that's. That's not going to get solved with impulse spending and shopping. It won't, and I want to help you through that.
Speaker 1:So the better budgeting playbook is the most amazing program out there, and I am saying that with my own biased opinion. I help you one-on-one get through this impulsivity and I help you set a plan for your finances, actually get to those dang goals that you have, and you can get there as fast as you need or as slow as you need. I am going to be there listening and not judging whatsoever, and I think that is what is very different between my program and a lot of other programs out there is that I invest in you. Who is invested in me? I do not let people squander. I do not let you fail.
Speaker 1:So if you want to apply for the better budgeting playbook, we are accepting people for january 2025. Can you believe it? Oh, my goodness, we're here already. I've got plenty of different options on how to work with me and very different types of payment options too. I have things that are as low as 83 a month, which is awesome. That's a new feature here in the better budgeting playbook. And then I've got in full discount options. I've've got all kinds of things.
Speaker 1:What I want to have you take away is that, if you truly do want to work with me, we will figure out a way to make it happen. Don't let the investment get in the way of that. All right, so go ahead into the show notes, fill out an application and schedule a meeting with me, and we will get into it in the new year. We are going to get your finances right, all right. Thanks so much for listening to this week's episode. We went through 14 different ways that you can ask yourself about your impulsivity, about being able to stop, drop and maybe even roll away from things that we don't need. All right, thanks so much for listening and we'll talk again soon. Bye-bye.