141. How to Save Money Without Feeling Restricted
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
21 min
1 speaker
5 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
You are listening to the Becoming the Wealthy You podcast with Jermaine Foley.
If you're a woman who makes good money in your career or business, but you're not building wealth like you want to, then you're in the right place. In this podcast, you'll learn how to stop overspending, break free from the cycle of debt, save lots of cash and become the wealthy woman you were born to be. Let's dive in. Well, hello, everyone. Welcome back to the podcast. Today, we are talking about something so many of you may be struggling with, and that is how to save money without feeling restricted. Because let's be honest, if saving is going to feel like deprivation, saving is going lashing expenses or having to cut back on everything you love, you're just not going to do it. Your primitive brain, remember, it's all about avoiding pain and seeking pleasure.
And so if saving money equals pain and no pleasure, your brain is going to give you every excuse in the world around why you should not do it, okay? And I've mentioned this study so many times on the podcast, but I'm going to mention it again. Fidelity Investments did a money mindset study a few years ago, and they found that most of you are thinking that if you want to save, that you have to cut back on everything that brings you joy. And this study also found that you absolutely want to save. You want to build wealth. But you don't want to have to give up your life in order to do it. So you think that in order to save, you have to give up your life. But on the other hand, you're like, I don't want to do that.
So you're stuck. You feel stuck in between. I should be saving money. I should be getting out of debt. I should be building wealth. And I want to enjoy my life. But I want you to know you do not. need to stay stuck in that conundrum. You can do both. My motto is you can build wealth and enjoy life at the same time. So in this episode, I'm going to show you how to shift your mindset around saving. We're going to talk about setting up systems that work in the how to start building a savings cushion that gives you freedom and peace of mind, okay? So the first step is mindset. You've got to see yourself as a saver. You have to think of yourself as a saver. Right now, a lot of us are carrying around what I call the non-saver mindset.
And it sounds like this. I can't afford to save. I don't know how to save. Saving is hard. I don't know where to start.
How does Jermaine define saving without feeling restricted?
I can't save consistently. Even when I save, I dip into it. So what's the point? Do any of these sound familiar to you? Have you said any of these to yourself? If you're nodding your head yes, then you have a non-savers mindset and you're taking on that identity as a non-saver and we have to shift your identity. Your identity is how you see yourself, how you think of yourself, how you talk about yourself, right? So if you're talking about yourself as if you can't afford to save or you don't know how to save, then of course, you're going to live into that identity. You're going to manifest that. So the problem is if you keep repeating those beliefs to yourself, if you keep believing those things about yourself, you'll keep proving them true.
But when you flip the script and start talking to yourself like a saver, when you start thinking of yourself like a saver, then everything will change. The saver mindset sounds like this. I can't afford not to save. I always pay myself first. I'm gonna figure out how to save consistently. Saving can be easy, especially if I automate it. I'm becoming the kind of woman who has lots of money saved. I'm becoming the kind of woman who enjoys saving. I'm becoming... the kind of woman who makes saving non-negotiable. That identity shift right there, that's powerful. Because listen, saving is something that you do, right? But it's not always about the actions that we take. It is about who you believe you are, who you believe yourself to be that matters most.
Because when you believe that you can't save consistently or that you always dip in it, guess what? That's what you're going to do.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–2:49
2
How does Jermaine define saving without feeling restricted?
2:49–10:46
3
What mindset shifts turn a non-saver into a consistent saver?
10:46–14:27
4
How can identity work help you stop dipping into savings?
14:27–20:09
5
When should you consider one-to-one money coaching and what happens on the consult?
20:09–21:57
Speakers
1 identifiedMore from Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
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185. Your Past Money Habits Created Your Current Financial Life
184. Why Money Keeps Coming In and Going Right Back Out