173. Why You Keep Overspending (The #1 Wealth Stealer)
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
15 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. Now, before we dive into today's episode, I want to remind you that this coming Sunday, April 19th at 4 p.m. Eastern Time, I am hosting my brand new fully revamped stop overspending masterclass. This is where I'm going to take everything that we've talked about over the last few episodes and connect the dots so that you'll finally understand why this keeps happening and what you actually need to change so that it stops for good.
Now, all you have to do is go to JermaineFoley.com slash class to save your spot or simply go to the show notes. That's Jermaine with a G Foley.com slash class. I'm really excited about this masterclass because a lot of the content I'm going to be sharing is refreshed and I can't wait to share it with you all. I will be working this week to finalize my slides, make sure everything flows for you. So If you are someone who knows that overspending is your biggest wealth stealer, then you do not want to miss this free masterclass. All you have to do again is go to JermaineFoley.com slash class or go to the show notes. Okay, so over the last several episodes, episodes 168 through 172, we've talked about a lot of different spending patterns and a lot of different spending types.
We talked about the boredom buyer, the relief seeker, the experience enhancer, the rewarder, the overgiver, the social spender, and also the convenience spender. And on the surface... These all look like different patterns, right? Different triggers, different situations, different reasons. But if you look a little closer, underneath all of them, they follow the same impulsive spending habits. They're all happening for the exact same reason. So this is what it looks like on the surface. You see or think about something, you want it and you buy it. And most of the time that happens so fast, it feels automatic, like you're not even thinking about it. And before you know, you're walking out the store with a bunch of stuff or you're checking out online with a bunch of stuff that you weren't even planning to buy.
And it just feels automatic. But what's actually happening underneath all of that is that you're not just buying something, you're actually using spending to change how you feel. Now, I'm not saying that every single time you impulse buy, you're trying to change how you feel. but a lot of times you are. And that is what we call buffering. So buffering is something that you do to prevent yourself from feeling an uncomfortable emotion. It's something that you do to put a cushion between you and the uncomfortable emotion. So that you do not have to fully experience it. And for a lot of us, we shop, right? Some people eat, some people drink, some people do other things. But for many of us, we spend or we shop.
We shop when we're bored.
What is the Stop Overspending Masterclass and when can I join?
We spend when we feel overwhelmed. We indulge in retail therapy when we feel stressed. And guess what? Here's the tricky part. In the moment, it works, right? You stop feeling bored. You're no longer bored. The overwhelm kind of dies down a little bit. It takes the edge off. Shopping will totally take the edge off. And when you're stressed, shopping or spending just kind of calms you down a little bit. And again, in the moment, it works. You feel better. But here's the truth. You're not solving the boredom, the stress, or the overwhelm. You're simply masking it, right? You're covering it up just long enough to feel better, but nothing underneath actually changes. So I've used this analogy before. It really is a good one, so I'm gonna use it again.
It's almost like when you have a fever due to something like strep throat, and instead of treating the infection with an antibiotic, you just keep popping Tylenol.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–4:04
2
What is the Stop Overspending Masterclass and when can I join?
4:04–8:10
3
Which common spending personalities did Jermaine review from recent episodes?
8:10–9:40
4
Why do different spending patterns look separate but share the same root cause?
9:40–12:26
5
How does 'buffering' explain impulse spending and temporary relief?
12:26–15:15
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