Ep 447: Why You're Sabotaging Your Finances

HerMoney with Jean Chatzky

Every week on the HerMoney podcast, we talk about how to get control of your money, and in most cases, that means getting in control of your spending and knowing exactly where your money is going. Having this knowledge is so important because the truth is that many of us may be sabotaging ourselves financially.

Sarah Newcomb, applied behavioral scientist at Edward Jones, and the author of Loaded: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind, joins us to talk about why we financially self-sabotage and how to stop.

CHAPTERS:

00:00 Introduction

06:00 What is Financial Self Sabotage

17:00 Setting Long-Term Financial Goals

28:00 Impulse Spending and Emotional Triggers

38:00 Mailbag Question 1: Should I stretch my budget to purchase my dream home?

43:00 Mailbag Question 2: I’m in a lot of credit card debt, will credit card companies negotiate it with me?

TAKEAWAYS:

• Financial self-sabotage can manifest in many unconscious ways.
• Women often prioritize caregiving at the expense of their financial goals.
• It's essential to balance short-term desires with long-term financial health.
• Emotional health is deeply intertwined with financial education and success.

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Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

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