Episode 94: {Finances} Balancing Spending and Saving

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Whether you need to reign in your spending due to a financial need or to reach a big goal, our special guest has you covered with some great tips.  Join in on my conversation with Erin Odom, the author of More Than Just Making It: Hope for the Heart of the Financially Frustrated and founder of The Humbled Homemaker, a blog dedicated to grace-filled living designed to equip and encourage mothers in the trenches. Her Southern charm and wealth of inspirational, practical content has drawn an audience of millions over the years. Erin and her husband, Will, live in the South where they raise their four children. Follow Erin at thehumbledhomemaker.com.

We talk about the differences between savers and spenders, how we are wired to deal with money, and how it goes so much deeper than we might think.  

Erin also shares 5 tips to help you slow down the spending and start saving more.

1.  Define your wants vs your needs.  We all know this, but we don't always put it into practice.  

2.  Set aside money in your budget for fun money for both you and your spouse.  Hint:  If one of you is a spender, it's ok for that person to have more money than the other.

3.  Ask yourself if you really need it.  Think through where you would put the item in your house or where you would wear that new outfit too.  Then, think if you really, really need it.

4.  Avoid triggers.  You know the things that make you want to spend money?  It might be just walking into Target or driving past Starbucks.  

5.  Stay home.  You can shop online to make sure you get just the necessities.  Going out might turn into grabbing lunch or just being tempted to buy more than you originally planned for.

For more tips, check out her book: More Than Just Making It: Hope for the Heart of the Financially Frustrated.

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Also, if you are looking for the Life Balance system that is mentioned, you can start your free 7-day trial of Life Balance Membership by going to LifeBalanceMembership.com