Shownotes Transcript
In this two-part episode, Sarah Newcomb, director of financial psychology for Morningstar Inc, explains how to rethink budgeting, overcome overspending, and stop fighting about money.
00:04 Introduction
00:43 Financial advice tends to tell people to break down their budgets into “wants versus needs”. What are your thoughts on this concept?
02:55 How should we think about our needs? What should we include? (basic categories from Maslow: survival, security, love and belonging, esteem, and meaning)
04:04 You’ve written that “our wants point to needs.” Can you explain that?
05:14 How should we rethink budgeting if we don’t follow needs versus wants?
08:04 What are some ways to identify possible strategies to meet a need and save money?
08:53 We know now how to meet our needs through strategies. What should people do if they tend to overspend?
11:01 How do we identify the emotion that’s driving the urge to spend too much?
12:14 Now, that the emotion is known, what do we do next?
**Read about topics from this episode. **
Hate Budgeting? Try Rethinking It. )
Got the Urge to Splurge? 4 Steps to Overcome Your Overspending Habit )
How to Avoid Arguing Over Money By Sarah Newcomb)
What to watch from Morningstar.
Top Retail Stocks on Sale This Holiday Season)
Should You Buy Dividend Stocks in a Recession?)
Retiring Soon? Make Sure to Check Your Asset Allocation)
Cheap Stocks For You to Consider)
Read what our team is writing:
Sarah Newcomb https://www.morningstar.com/authors/1951/sarah-newcomb)
Follow us on social media.
Ivanna Hampton on Twitter: @IvannaHampton
Sarah Newcomb on Twitter: @finance_therapy
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