NerdWallet's Smart Money Podcast
The Price Isn’t Right: How to Stop Overspending and Stay Debt-Free
03 Feb 2025
Break free from debt cycles and rethink your spending habits with tips on no-buy challenges and financial therapy. How can you stop falling into a cycle of paying off debt, only to rack it back up again? What is a no-buy year, and how can it help you control your spending? Hosts Sean Pyles and Elizabeth Ayoola discuss strategies for breaking unhealthy spending patterns and staying out of debt for good. They begin with a conversation about the benefits of a no-buy year with NerdWallet personal finance writer Amanda Barroso, who shares tips on setting clear spending rules, resisting impulse purchases, and tracking progress to reinforce financial discipline. Then, Sean welcomes co-host Sara Rathner and personal finance Nerd Melissa Lambarena to dive into a listener’s struggle with recurring credit card debt. They discuss the psychological factors behind compulsive spending, the benefits of financial therapy, and practical steps to curb overspending, including strategies for budgeting, limiting credit card use, and practicing delayed gratification. Read NerdWallet’s write-up of the best no balance transfer fee credit cards to help you compare your options for ways to climb out of debt: https://www.nerdwallet.com/article/credit-cards/best-no-balance-transfer-fee-credit-cards In their conversation, the Nerds discuss: credit card debt, how to stop overspending, no-buy year, budgeting tips, financial therapy, money habits, debt cycle, breaking bad money habits, impulse spending, debt-free living, financial discipline, how to stop using credit cards, saving money strategies, debt management, mindful spending, financial goals, spending freeze, personal finance tips, credit card traps, emotional spending, how to budget, debt repayment, how to stay out of debt, no-spend challenge, frugal living, debt-free journey, saving money on shopping, financial accountability, budget planner, financial self-control, spending detox, credit card debt help, how to stop living paycheck to paycheck, best budgeting methods, overcoming debt, financial self-awareness, debt-free motivation, and how to track spending habits. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
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Do you ever find yourself doing something you know is bad for you, but you just can't seem to stop?
And what if that something is harming your personal and financial lives? This episode will help you break that bad habit for good. Welcome to NerdWallet's Smart Money Podcast. I'm Sean Piles.
And I'm Elizabeth Iola.
This episode, I'm joined by Sarah Rathner to answer a listener's question about how to stop a debt spiral from blowing up their life.
But first, we are going to talk about what you can get from doing a low or no buy year. So here to talk with us about this is NerdWallet personal finance writer, Amanda Barroso. Amanda, welcome back to Smart Money. Hi there, Shawn and Elizabeth. Thanks so much for having me back. All right, Amanda. So to start, can you lay out exactly how a no or low buy year works and what's your goal?
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