• 545 – Why We Overspend and How to Break Bad Money Habits

  • Feb 8 2025
  • Length: 30 mins
  • Podcast

545 – Why We Overspend and How to Break Bad Money Habits

  • Summary

  • Why is it so hard to break bad money habits?

    Doug Hoyes and Ted Michalos dig into the psychology of impulse buying, the powerful influence of marketing on buying decisions, and the easy-purchase pathway spending cycle that keeps so many people stuck. They share personal anecdotes from decades in the insolvency industry and provide real-world strategies for building sustainable financial habits.

    (0:00) – Has Ted ever regretted an impulse buy?
    (4:30) – Marketing tactics: how fear and urgency drive sales
    (8:00) – Spending triggers: product placements and targeted ads
    (11:00) – The Influencer Effect
    (15:00) – Easy purchase pathways encourage overspending
    (17:30) – Debt is normalized by society
    (19:30) – Resisting change: people are creatures of habit
    (21:00) – Practical tips to curb spending and build better habits
    (23:30) – How reflection and mindfulness can change your financial future

    Dealing With Debt When Living Paycheque to Paycheque

    Needs vs. Wants – A Budget Should Balance Both

    Break The Payday Loan Cycle

    Debt Repayment Calculator

    Debt To Income Ratio Calculator

    FREE Credit Rebuilding Course

    ‘Debtasized’ Full Length Documentary – Free on YouTube

    Sign Up for the Debt Free Digest

    Hoyes Michalos YouTube Channel

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    Hoyes Michalos LinkedIn

    Straight Talk on Your Money by Doug Hoyes

    Find a Hoyes Michalos Office in Your Area


    Disclaimer:
    The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

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