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)