Why We Overspend and How to BREAK Bad Money Habits!

Why is it so hard to break bad money habits? In this episode, we 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 https://www.hoyes.com/debt-repayment-calculator/ Debt To Income Ratio Calculator https://www.hoyes.com/debt-to-income-ratio-calculator/ FREE Credit Rebuilding Course https://www.hoyes.com/blog/category/credit-repair/ ‘Debtasized’ Full Length Documentary – Free on YouTube HERE https://youtu.be/h_K7CmRF1nU?si=D8_Sh75n7gSDsm5U Sign Up for the Debt Free Digest https://www.hoyes.com/subscribe-newsletter/ Hoyes Michalos YouTube Channel https://www.youtube.com/@hoyesmichalos/videos Hoyes Michalos Instagram https://www.instagram.com/hoyes_michalos/?hl=en Hoyes Michalos Facebook https://www.facebook.com/310plan Hoyes Michalos TikTok https://www.tiktok.com/@hoyesmichalos?lang=en Hoyes Michalos Twitter (X) https://x.com/HoyesMichalos Hoyes Michalos LinkedIn https://ca.linkedin.com/company/hoyes-michalos Straight Talk on Your Money by Doug Hoyes https://www.hoyes.com/straight-talk/ Find a Hoyes Michalos Office in Your Area Here https://www.hoyes.com/ontario-offices/ 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.