Emily Shalal
speaker
65 appearances
2 recordings
1 series
first heard Mar 2019
last heard Aug 2019
Emily Shalal’s voice in public audio — every appearance, attributed to the second.
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Appearances
What we have found with people is that just kind of knowledge and acceptance is the first step to making change.
And so a lot of people go through the month and they know that they're spending maybe, you know, a little more than it should be or that they're doing things that they shouldn't.
And just having that realization and sitting down and being mindful of that is the first step to having a better financial life in the future.
Just like every typical American, we can get caught up in the moment and really spend money that we're not even thinking about and being very impulsive in spending.
And so one of the things that we have found works really well is just to kind of slow the roll when you're making a decision about whether you want to spend money on something, whether that's in a store and taking a second look
at your shopping cart before you go through the shopping line to just make sure that everything in there are things that you really truly need or putting something into your cart online and then waiting 24 hours and coming back the next day and making sure that you still really have the same kind of feeling about that purchase.
Because a lot of times you get caught up in the moment and you'll spend money and then immediately you'll have buyer's remorse and it may be too late to do something about it.
And what we found is that for people who can do that and take the time to really think about those purchases,
they can save on average about $200 a month.
Yep.
And just sitting down and thinking about the money that you need this week, the money that you need in your next paycheck, the money that you need six months from now really does make a big difference.
And
And just thinking about when are my taxes due?
If you own a home, when am I going to have to pay on my insurance?
Or if you're not escrowing money, when are all of those bigger ticket items that aren't right in front of you every day?
When are those things going to come up?
And are you making sure that you're planning for those?
And just thinking about that will help you actually create the plan because you're going to be more mindful the next time you have that impulse buy in front of you to say, how is that going to impact some of the things that I'm not thinking about right here now?
No, and you can hide it from yourself, but you can't hide it from everyone forever.
And so one of the things that's the best is to really be mindful about the conversations that you need to have, whether that's before you get married and sitting down with your potential spouse and being very honest about where you are financially, what your goals are for your money in the future, how you want to spend your life in retirement, what you think about in terms of the education for your future children.
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