My take on this, I have largely been the one in our house that is in charge of the money. Jeremy: And I think probably leads to divorce more than most other things. I don't have the data in front of me, but, um, money issues is like probably in the top five of things that people, uh, spouses fight about. Talking finances with your spouse and the level of stress that that involves. Zach: And that's just your, uh, worry about money specifically, right? There's the whole other Avenue of. If I'm constantly worrying, you know, can I pay that bill? Can I pay the rent? Can I, you know, put food on the table? That's going to put a huge strain and has for most of my life put a huge strain on my mental health and, and my ability to function and perform the way that that I want to for my family and for myself. And you know, money that maybe for some are, you're wondering why we talk about this, but for me anyways, uh, my relationship with money is a huge strain on my mental wellness. You know, it was a sales call and that would've just led to other issues, but, but you're right. I mean, granted, we didn't answer them because. That was my initial reaction to, it was like, no way. And I just remember thinking like, you, you can't ask me that you don't ask someone how much they make. In fact, you know, Zach, you and I run a business called the other day with, uh, a marketing person.Īnd in the middle of it, they were asking us how much we make and how much we wanted this business to offset that. So typically people are not comfortable talking about money. That's really what we talk about on this show every week is living the life that you want and the things that you need to do to make sure that you can accomplish that and overcoming the various obstacles that get in your way. He also wrote a book about it a few years ago called you need a budget, the proven system for breaking the paycheck to paycheck cycle, getting out of debt and living the life you want. He is the founder and CEO of why NAB it's a acronym for you need a budget. If you're not dealing with the constant stress of money, we're going to do that with our guest. Uh, at least as much as you can possibly predict and how that does play into your mental health, your emotional health, and can lead to an overall.
We are going to be talking about a tool that is available to help you get your finances under control. So, like I said, we will be talking about your money. We talk about the things that generally are considered not okay to talk about. This week, we will be talking about your money. If you find yourself in a tough financial situation in Louisville, Kentucky, and feel as if you have run out of options, contact the experienced bankruptcy attorneys at the Wallace Spalding Law Office.Zach and Jeremy taking a slightly different approach to wellness.
The top 1 percent of income earners in this country may have money to spend on anything at any time, but 99 percent of consumers don’t have that privilege and must learn to make responsible spending choices.Īlthough making responsible spending choices is a must, and a budget will make those choices a lot more clear, debt is sometimes still unavoidable. Without a set budget, consumers often don’t think about whether the urge to buy based on needs, wants, and wishes is within what is affordable. What Americans see in advertisements, television, or movies also has a huge effect on spending habits. The value of a budget is that it forces a spender to get in touch with where his or her income is being spent, analyze that spending, make deliberate spending choices, and look for alternative ways to have things he or she really needs or wants.Īs the author of the article states, one of the biggest problems Americans face in our society is that too many people are on “automatic spending pilot.” They spend money on what their friends, family, colleagues, and peers spend money on. As consumers trying to avoid debt and bankruptcy, they need to be in touch with their spending.Ī helpful article from the Daily Messenger details why consumers need a budget to avoid the stress of debt and possibly bankruptcy.
Every dollar a consumer pays in interest is a dollar he or she doesn’t have for something necessary in the future. Ordinary consumers are not like businesses: they don’t borrow money, pay it back with interest, and make a profit. They prevent them from spending where they can’t, and almost everyone can benefit from a budget. Budgets help spenders make good spending choices by keeping track of the money they have to make purchases. Unfortunately, a recent poll revealed that only 32 percent of Americans create a budget to track cash inflow and outflow every month. Personal finance educators agree that keeping a budget is the foundation for a viable financial plan, and therefore the foundation that will keep families far from filing bankruptcy.
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