W+M 032: An Interview with Marsha Barnes
Marsha Barnes is a personal finance expert and Founder of The Finance Bar, the first educational personal finance hub on wheels. She is also the visionary behind The Finance Bar Members Club and Expense Manager Mobile App. In this episode, Marsha and I discuss how to reign in your spending and make smarter financial decisions. We talk about the symptoms of a compulsive spender and how to curb those desires to always be spendin'.
Listen to the show:
What we talk about:
- Marsha introduces The Finance Bar and the great things they do in her mobile hub.
- How Marsha never tried to follow what others did, and dared to be different.
- It doesn't take a lot of money to live a happy and joyful life.
- Don't leave your true self behind.
- Kill the "hustle" mindset, set your goal, strategies to meet your goals, then live life so you can watch the sunrise every morning.
Takeaway: Reigning in Your Spending
- 20 Symptoms of Being a Compulsive Spender
- Society has conditioned us to believe we need to spend.
- Payday does not mean shopping day.
- Use your paycheck to buy something small instead of go on a shopping spree.
- An exercise to break the spending habit:
- Slow down - Think about what your needs are, why you're spending, and compare that to your wants.
- Figure out who you are surrounding yourself with and remember what made you happy when you were a child. Then, be okay with doing that.
- Always start with your goals to keep your focus centered.
- Use The Finance Bar App or other budgeting tools to set limits for spending.
- Where does your extra money go?
- Savings plans (emergency fund, vacation fund, etc.)
- Retirement accounts
- Investment accounts (small business, alternative investments, rental property)