the broke generation podcast

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In this episode, I introduce the concept of a “spending runway,” a term I coined to describe how certain situations and emotions can lead us to spend more money as momentum builds. These runways exist everywhere, from airport shopping and home styling to event planning and beyond. For instance, an initial purchase at an airport can lead to a cascade of spending on food, magazines, and souvenirs. Similarly, starting a home renovation project can trigger a series of additional purchases as you strive for the perfect look. By recognising these spending runways, we can become more mindful of our financial decisions and intercept unnecessary expenses before they spiral out of control. I share practical tips (that I’ve actually tried!) to help you identify these patterns in your own life, so you can take control of your spending habits. Tune in to discover how understanding your spending runways can lead to more intentional and satisfying financial choices.

On another note, my wardrobe challenge has entered a new era… Introducing The Wardrobe Project. Find out more and register here:

Episode highlights:

  • Discussion on how social settings, like attending events or gatherings, can create spending runways due to peer pressure or the desire to fit in.
  • Insights into how retailers design environments to create spending runways, such as strategic product placements and promotions..
  • Introduction of specific budgeting techniques to counteract spending runways, such as setting spending limits and using cash instead of cards.

“The airport is a really great example of an environment that creates a spending runway, not only when we’re at the airport does money feel like Monopoly money like it doesn’t count. We’re also in the mindset of we’re on holiday, we’re on vacation, we can do whatever we want. This doesn’t count…” Emma [10:50]

“You go in for one thing, which in this instance is fairly rational. Maybe you don’t need the sandals, maybe you do. It’s neither here nor there, but that purchase and that environment and that intention then creates further subsequent purchases.” Emma [13:06]

“We like to buy, but we don’t actually like to style. We think that we buy style, but we actually create style with what we’ve got.” Emma [30:46]

Where to find The Broke Generation

Website: https://thebrokegeneration.com/?v=518f4a738816

Instagram: https://instagram.com/the.brokegeneration

TikTok: @the.brokegeneration

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Episode Transcript

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