00:00 More Tips to Prevent Compulsive Spending – Part 2
I’m continuing to give you more ideas to keep you from starting that compulsive spending cycle. We want to cut it off at the beginning – for a food addict, it’s the first bite, for an alcoholic, the first drink, for us, it’s the first purchase. We want stop whatever leads us to the cascade of destructive behavior that, in the end, triggers a compulsive spending binge.
These danger zones can include buying out of fear, panic, and guilt as well as desire. So this is where we can begin to change, by prevention. Remember, you won’t have a compulsive spending binge if you don’t make the first purchase.
00:00 The “Secret Formula” for Creating a Foundation for Your Spending Plan
I give you the step-by-step secret 🙂 formula that will enable you to experience the same relief “Rita” did (see picture, above). If you follow these steps, you will move out of paralysis and fear around the spending plan process … and you will have a foundational document that can form the basis of your spending plan.
00:00 The Podcast is Now on YouTube
Just to let you know, I’m starting to post some episodes on YouTube. What’s cool about it is that if you click on the time stamp, you can go right to that section. Still just the audio, but this way, if you get bored, you can just move right on to the next section! Click here to go to my YouTube channel.
02:42 Thoughts about my conversation with Lauren Greutman
Feedback from a listener shifted my perspective!
[Note: This podcast is longer than usual, nearly an hour.]
00:00 Introduction to the Interview
Where I introduce my guest, Lauren Greutman, author of the upcoming book, “The Recovering Spender.” I talk about my trepidation regarding the interview, and explain why I decided to proceed.
Today is a pretty short episode (about 15 minutes) because my voice is still on hiatus. 🙁 But I’m happy I could do another episode at all!
In this Episode:
01:16 A Brief Talk on Spending Plan Components
I promise, it’s short. But I keep hearing over and over that people are not clear on the four components of a functional spending plan. So I go over it again. The good news is that each time I talk about it, I get more concise.
03:53 Finding a Higher Power
I talk about my search for finding a Higher Power and my struggles with feeling there is “someone” there. I also describe my recent run-in with a pit bull. Here are the books I reference:
18:07 How to Begin Using a Spending Plan
19:12 Discussion of variable income
19:40 Discussion of bi-weekly income
25:36 Living in the Next Month (Buffer)
26:49 If You Can’t Live in the Next Month (i.e., you need to live paycheck to paycheck)
29:30 How to Be Sure It’s All Working
32:13 Recommendations on How Often to Reconcile
00:00 Segment: Handling Cash in Your Spending Plan
I talk about handling cash, which seems to confuse people when they first start working with a spending plan. The key is to think of cash as its own account and track cash transactions separately from your checking account. (See diagram below.)
7:29 I, uh, talk about religion. Yep. It’s the elephant in the room when it comes to 12 Step recovery programs.
10:18 I sum up what I am and what I am not in explaining my purpose for this podcast.
11:00 FINALLY, I get to start talking about a subject near and dear to my heart: spending plans. But I only get to the first two key components. I talk a lot about why it’s not just enough to track spending and why a spending plan is an essential tool for recovery from compulsive spending.
26:30 I talk briefly about the spending plan software I use (YNAB) and mention a few other options for tracking your spending.
Note: Somewhere in the podcast, I mention my old blog: Getting Out from Going Under. The blog contains hundreds of posts about working a recovery program with lots of step-by-step instructions. (I will put any new posts on this website, but that site will remain as an archive containing lots of helpful material for those in recovery.)