18. Why Is Sticking To A Budget So Darn Hard?

08/30/21 • 37 min

Hello there friends! In today's episode, we're answering the question of...
WHY IS STICKING TO A BUDGET SO DARN HARD?

We've probably all tried to create a budget, then tracked it for a month, fallen off the band wagon...after trying this very cycle again in a few months. But why??

Society tells us that we need to have a budget and if you don't have one...get one asap. OR if you don't stick to it then you're a failure, or in capable of managing your money well.

What's in the episode?

In this episode, Cat and Christine dive into the pros and cons of budgeting and money psychology. Should we just ditch the word "budget" entirely and re-frame this money behaviour as planned spending? We think so.

Specifically, we cover:

How our brain reacts to the word budget
Whether 'slimming down the fun' is ever possible
Changing our mindset to being goal oriented rather than going without
How often you should review your spending
Getting out of a binge-spending cycle
Managing budget and spending guilt
The 50/30/20 budgeting rule
Paying yourself first - what it is and how to do it
Creating positive behaviours when it comes to budgeting
Managing a budget with a partner
How to practically set up your bank accounts

...And honestly, there's so much more goodness in there, so get listening now.

If you enjoyed today's show, we'd LOVE for you to rate & review it on Apple Podcasts and share your favourite episode with a friend.
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The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Any information we provide is general only and current at the time of writing.
Kernel Wealth Limited is the manager and issuer of the Kernel KiwiSaver Plan and Kernel Funds scheme. The Product Disclosure Statements are available at www.kernelwealth.co.nz

Hello there friends! In today's episode, we're answering the question of...
WHY IS STICKING TO A BUDGET SO DARN HARD?

We've probably all tried to create a budget, then tracked it for a month, fallen off the band wagon...after trying this very cycle again in a few months. But why??

Society tells us that we need to have a budget and if you don't have one...get one asap. OR if you don't stick to it then you're a failure, or in capable of managing your money well.

What's in the episode?

Specifically, we cover:

How our brain reacts to the word budget
Whether 'slimming down the fun' is ever possible
Changing our mindset to being goal oriented rather than going without
How often you should review your spending
Getting out of a binge-spending cycle
Managing budget and spending guilt
The 50/30/20 budgeting rule
Paying yourself first - what it is and how to do it
Creating positive behaviours when it comes to budgeting
Managing a budget with a partner
How to practically set up your bank accounts

...And honestly, there's so much more goodness in there, so get listening now.

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Previous Episode

Bonus Episode: Money Moments with Rosey Nathan - Career Transitions, Salary Negotiations and Building Women's Financial Confidence

Hi money-chatting friends! Happy Friyay - congrats, you made it!

To finish off the week, and kick the weekend off with a bang, we’re bringing you another bonus Money Moments episode.

Money Moments is where we chat to real Kiwis about their experiences with money - the ups, the downs and everything in between.

Today we're joined by Rosey Nathan, Partner at Customise Talent Group, Chief Commercial Officer at Her Career and a fellow podcast host at the Rosey on Recruitment podcast.

Not only is Rosey a ray of sunshine with an infectious laugh, but she is also an ambitious business woman who has built a successful career in sales, and now recruitment.

In this episode, we chat about:

Her career journey to date, and her drive to provide for her family
Her recent transition out of sales and into recruitment, including going from a full-time salary to being paid on a commission only basis
How a large windfall changed the course of her financial life
How money drove her decision to change roles multiple times in a short period of time
The link between confidence and salary negotiation, particularly for women
Tips for negotiating your salary or a contract
How a recruiter can support you in your career (and salary) development

...and lots more good stuff. We hope you enjoy this conversation as much as we did!

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Next Episode

undefined - Bonus Episode: Money Moments with Danni Duncan - Content Creator & Influencer, Overcoming Emotional Abuse & Financial Control, Switching Careers, Knowing Your Worth, Pay Transparency and Investing In Mental Health.

Bonus Episode: Money Moments with Danni Duncan - Content Creator & Influencer, Overcoming Emotional Abuse & Financial Control, Switching Careers, Knowing Your Worth, Pay Transparency and Investing In Mental Health.

Welcome to another Money Moments episode of It's No Secret, where we chat to real Kiwis about their experiences with money. Today we're joined by Danni Duncan.

Danni is a content creator and social media influencer living in the sunny Hawkes Bay with her husband Alex and fur baby Stanley. Originally from Christchurch, Danni trained and worked as a Speech Language Therapist before transitioning her social media hobby into a full time gig.

We’ve followed Danni on the gram for quite some time, falling in love with her passion for fair fashion, radical transparency on mental health and emotional abuse awareness. She’s also a huge proponent around knowing your worth and encouraging all content creators be paid fairly for their work - which is a message we at INS can really get around.
In this episode, we chat about:

How Danni had her first job at age 11 and learned to save from her parents,
Her experience being in an emotionally abusive and financially controlling marriage,
Some of the warning signs of financial control in a relationship,
Knowing whether your relationship with money is normal,
How after leaving her first husband she had to change all her financial habits,
Becoming an independent earner and chasing her career goal to be a full time content creator,
Investing in her mental health,
Creating a healthy working partnership in her second marriage and the importance of having shared goals,
Knowing your worth as a self employed creative, and;
Why pay transparency is powerful is the influencer industry.

...and lots more good stuff. We hope you enjoy this conversation as much as we did!
Connect with Danni on Instagram.

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.