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StitcherWho here loves spending money? We’re just the same! Most of us were never really taught how to spend wisely, so our mission has always been to find that radical middle between saving and spending. In this episode, Jen and Jill joins the crowd as they share stories about spending on higher needs and guiding us toward better ways to meet them.
We have more needs beyond basic needs.
Sponsors:
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Check out some relevant episodes
How We Spend to Fulfill Higher Needs
Jen and Jill reviews this article by Oz about Abraham Maslow’s Hierarchy of Needs and how they relate to our spending.
What Jen + Jill have to say:
According to Charles Schwab, nearly half of millennials spent more money than what they could afford on activities with friends because of what they saw on social media. Jen and Jill read to us some stories of people who go out of their way to buy things for love and affection, some to boost our confidence or self-esteem, and even to feel a sense of self-actualization.
Now that we know this is a common experience, Jill points out that while these feelings matter, marketers take advantage of them to sell us things—because when we spend, we’re often just trying to meet our needs.
What To Do Instead
Jen and Jill recommends asking better questions—specifically, avoiding “why” questions since they can put us on the defensive. Instead, she suggests reflecting on what needs you’re trying to meet with your purchases. This approach allows for more creativity in fully meeting those needs.
Jill also emphasizes aligning your spending with your current season of life, as it looks different for everyone. Jen adds that finding a healthy dopamine boost can help replace the rush you get when you’re most tempted to spend.
What’s your favorite way to spend on your higher needs?
For Jill, it’s traveling with friends and having great experiences with people regularly throughout the week. While for Jen, it’s spending money on business because it meets fulfilling work.
Bill of The Week
Thank you Jen for sharing your 3rd BILL! About 2009 dreams for DW 6 / 9 and now 21/24!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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I’ve listened to the Frugal Friends podcast for years. It’s like laughing with friends over coffee in the morning. Fun and helpful. I received an advanced copy of the book and thought what more could I get that I don’t get from the podcast. The book is like getting more serious and sharing more personal things once your armor has gone down after the laughs. It makes you really try to uncover more deeply the psychological aspects of money without the usual self reprimands and shame. That’s big because shame and embarrassment is literally the definition of money for some of us. I appreciated that I could learn more about myself and money in a safe space. It also included the “put into practice” aspect with actionable steps that just move things forward. It’s easy to read and I appreciate that. Recommend for anyone embarking on the journey of having healthy finances.
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