The Psychology of Spending: Unraveling the Influences Behind Our Financial Choices

In this episode of the Inspired Money Live Stream Podcast, host Andy Wang and a panel of financial experts tackle how psychological and emotional factors shape our spending habits. With insights from Dr. Judith Wright, Dr. Bob Wright, Dr. Megan McCoy, and Maggie Klokkenga, this episode breaks down the key influences behind financial decisions and offers strategies to develop healthier spending practices. Understanding the Psychology of Spending Our financial choices are driven by more than just needs; psychological triggers and emotional factors play a significant role. In The Psychology of Spending, we focus on how subconscious behaviors impact our spending and offer practical solutions to manage these impulses. 🕒 Episode Insights Psychological Triggers in Spending Dr. Judith Wright explains how marketers use emotions such as scarcity and fear of missing out (FOMO) to influence consumer behavior. Emotional Spending Dr. Megan McCoy addresses how stress, boredom, and social influences lead to impulsive purchases and offers strategies for healthier coping mechanisms. Practical Financial Tips Maggie Klokkenga shares easy-to-apply strategies to prevent overspending, such as unsubscribing from marketing emails and using the cash envelope system. Money Scripts and Childhood Beliefs Dr. Bob Wright discusses how childhood experiences shape our financial mindset and how to shift these limiting beliefs. Financial Literacy and Mindful Spending The panel emphasizes the importance of improving financial literacy and tracking expenses to align spending with long-term goals. Key Takeaways for Healthier Spending This episode provides valuable insights for anyone looking to gain control over their financial habits. By understanding the psychological and emotional factors behind our spending, listeners can learn how to make more informed and intentional financial decisions. Join the Conversation We encourage you to share your thoughts and experiences with managing spending habits. What financial practices have worked for you? Let’s discuss strategies that help foster better financial decision-making and mindful spending. Meet Our Guest Panelists Dr. Judith Wright – Expert in emotional intelligence and human potential, discussing how subconscious behaviors impact spending. Visit Judith’s website   Dr. Bob Wright – Specialist in human development, offering insights on how societal pressures shape financial decisions. Visit Bob’s website   Dr. Megan McCoy – Financial therapist and professor specializing in emotional spending and financial well-being. Visit Megan’s website   Maggie Klokkenga, CFP™ – Certified Financial Planner™ and financial coach, sharing practical strategies for mindful spending. Visit Maggie’s website