Have you heard about “revenge spending”? This term was created to describe the frenzied spending that is taking place now that people are able to get out and spend their money again. This rush to spend typically follows an unprecedented event—such as the pandemic—as people seek to reclaim control and a sense of normalcy. So in this episode, I will be sharing the steps you can take to avoid revenge spending and become more financially confident.
Listen in as I explain the importance of having an emergency fund and why so many people are not financially prepared if they were to suddenly lose their job. You will learn the importance of creating a budget to ensure you are not spending money you don’t have and why you shouldn’t base your spending on how others are spending.
“Financial confidence is strongly related to financial well-being.” – Tracey Bissett
This Week on Young Money:
- How to manage the revenge spending urge.
- What percentage of Canadians rank money as their greatest source of stress.
- How many people couldn’t afford to live for a week if their income suddenly disappeared.
- The importance of creating a budget and how can this can secure your financial future.
- What an emergency fund is and how to implement that into your savings plan.
- Create a budget.
- Have an emergency fund.
- Pay off debt.
- Set boundaries.
- LifeWorks Financial Wellbeing Index Canada: Spring 2021
- Young Money Scholarship
- Tracey Bissett – Money Coach Youtube Channel
- Biz Money Club – Want a casual meet up with business owners? Join us for the weekly Biz Money Club meet-up – register at bizmoneyclub.com
Rate, Share & Inspire Other Young Millionaires-in-the-Making
Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to Apple Podcasts and leave us a rating and review. Visit our website to learn how easy it is to leave a review on Apple Podcasts.
Don’t forget to share your favorite episodes on social media!