NO MORE BUDGETS!

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Partial Transcript

[The following is a partial transcript of this episode of The Scott Alan Turner Show. Listen to the full episode to hear this story, listener questions, money hacks, and inspiring stories of people that are changing their financial lives. Subscribe to the free podcast on iTunes or Google Play]

Can you think of a time, maybe it was as a kid, you saved up really long and hard for something you wanted, then that day finally came you got to go down to the store and buy it with your own money.

And you were so excited at all that effort and the big payoff.

I saved up for a $300 GT freestyle bike when I was in high school. And through a strange twist in life, I want the exact same bike today so I can go ride with my kids.

Every day coming home on the bus I’m looking up on the front porch of the house to see if the bike had arrived yet. I was so excited. Finally one day it’s there. I run up the stairs and open the box. It’s a thing of beauty. I bring it down into the street to ride it.

Then Mrs. Burly, my neighbor rains on my parade.

Who’s bike is that? She asks me.

It’s mine.

Aren’t you too old for that bike?

What do you know you old lady! That’s what I was thinking, that’s not what I said. I saved up and bought this myself. I can buy whatever bike makes me happy.

Here’s a challenge for you

This message is just as important in July as it is in January, because as you know already, we all start where we start. Different stages, different ages, different wages, different seasons and for different reasons.

Finances are one of those areas that fall by the wayside and can be a challenge for people to stay on top of when they make that shift from existing habits to new and better habits.

How many thoughts about money result in stress, worry, or uncertainty.

If the idea of opening your credit card statement, facing your finances, or the dreaded b-word scares you, you’re not alone, we’ve all been there.

I’ve got good news though. Today, henceforth, be it known, no matter when you may first hear the sound of my voice on this – you have granted by the powers that be – you – permission to spend. And it comes from the power of a spending plan. Specifically your hot & spicy spending plan.

The challenge is to Save First

Do the opposite of what people who haven’t heard this message yet are doing. Save first, spend second. What most people do is spent first, spend second, and save nothing. That’s normal, and that’s why people struggle to save.

Once your consumer debts are paid off, shift those debt payments to savings. Figure out what to save, then what’s left is yours to freely spend. Buy all the stuff you want my friend!

• $19 smashed avocado on toast
• $200 coach purses
• the gourmet pet food

How would you describe the difference between forced to save, and freedom to spend.

• Would you rather have a Big Bad Budget or a Hot & Spicy Spending Plan?
• Would you rather go on a diet, or live a healthier lifestyle?
• Would you rather crawl out of bed for the 8 am workout class, or go sweat with your friends for a while and get a coffee after

How people feel is because of how they see something, and the labels they give it.

How many thoughts about money result in stress, worry, or uncertainty.
How many thoughts about financial freedom result in hope, security, and joy.

You already know this, but you and I don’t have unlimited money. But we have unlimited permission to spend within our limits.

Here’s three things you can do today to build a spending plan that’s lets you spend, get the thrill of spending, and won’t leave you grasping for breath next week or next decade because there is nothing saved:

1. Put up a picture of what you’re saving for

When you focus on something you’ll make it become a reality. Want a new car paid for in cash? Put up a picture of it. Dream vacation to Costa Rica? Put up a picture of Hawaii instead, it’s nicer. New house? Start drooling over new home magazines.

2. Write out your plan

Quicken – the software we used – is specifically for managing your money and saving. And I’ll add spending in there too. It’s on sale now for $30/year. I looked at their product page and they only mention the b-word once. Because it’s a tool for building wealth, not for causing pain and suffering. In the past I would say try Mint because it’s free, but for $30 a year, try Quicken because it’s better

3. Wait to click Buy Now in the shopping cart

Put the item on hold in the store. Delayed gratification. My mom used to do Lay-a-way when I was growing up. It’s such a strange concept to us now because people swipe down instead of save up.

Permission to spend comes from saving up, not swiping down

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