Money Healing Club Podcast – Details, episodes & analysis

In this episode of the Money Healing Club podcast, host Rachel Duncan, a financial and art therapist, talks about an often-overlooked type of fixed expense that just might be causing your debt spiral: annual expenses. Building on the previous episode's focus on subscriptions, Rachel explores the concept of 'midterm' expenses.

Estimate costs on all these things that usually sneak up on you:

*Car registration

*Car maintenance and repairs

*Parking/traffic tickets

*Pet emergencies

*Home repairs

*Hobby-related costs

*Travel

*Furniture

*Moving

*Tax preparer

*Seasonal recreation: Parks pass, kids camps, classes

*Medical and dental deductible

*non-monthly utilities

Dedicate a midterm savings account for these costs that is separate from an emergency fun and other long/term accounts. Name this account something meaningful: Out-of-the blue costs, annual fun, no surprises fund... whatever is meaningful for you.

Add them up and divide by 12. Set an auto transfer of this amount from checking to this special savings. Now you have a list of the inevitable, but surprising costs you're saving for!

This episode provides practical steps for calculating and setting aside funds regularly to avoid falling into a debt cycle. Rachel also highlights the importance of balancing necessary costs with quality-of-life expenses to create a realistic financial plan.

00:00 Introduction to the Money Healing Club

00:37 Understanding Annual Fixed Expenses

01:33 Examples of Midterm Expenses

03:20 Creating a Midterm Savings Account

03:47 Comprehensive List of Annual Expenses

06:59 Budgeting for Quality of Life

08:35 Conclusion and Next Steps

Your next listen: S1 E8: Subscriptions: too easy to ignore https://www.moneyhealingclub.com/podcast/s1e7-2yr7d

Leave us a voicemail: What cost feels out of the blue for you and throws you off? Click on the big orange button on our site right from your phone or browser and let me know! https://www.moneyhealingclub.com/podcast

Use code PODCAST for 50% off your first month and start your money healing process!

https://www.moneyhealingclub.com/club

Get my free email course on mindful spending: https://www.moneyhealingclub.com/challenge

Full transcript can be found here: https://www.moneyhealingclub.com/podcast

In this episode of the Money Healing Club podcast, hosted by financial therapist Rachel Duncan, listeners delve into the practicalities of managing and canceling subscriptions. Rachel answers a Club member question about organizing and letting go of unwanted subscriptions, providing three key methods: using an app like Rocket Money, an analog approach with spreadsheets and credit card statement reviews, and the 'nuclear option' of reporting a credit card as lost or stolen.

Rachel invites you to join the upcoming 'Get Your Money Organized' challenge starting on January 13th for more hands-on support.

https://www.moneyhealingclub.com/club

Use code PODCAST for a special discount!

00:38 Listener Question: Managing Subscriptions

01:29 Practical Tips for Organizing Subscriptions

04:26 Using Apps to Track Subscriptions

05:19 Analog Methods for Subscription Management

06:18 The Nuclear Option: Canceling All Subscriptions

08:50 Summary and Final Thoughts

09:44 Join the Money Healing Club Challenge

My Gift To you: Subscription tracker: https://docs.google.com/spreadsheets/d/16RFQ3JGxyeBpKwWLav9cbLdy8m8xC27eGZGe371fzw8/edit?usp=sharing

References:

Federal Trade Commission Announces Final “Click-to-Cancel” Rule Making It Easier for Consumers to End Recurring Subscriptions and Memberships, October 14, 2024: https://www.ftc.gov/news-events/news/press-releases/2024/10/federal-trade-commission-announces-final-click-cancel-rule-making-it-easier-consumers-end-recurring

Use code PODCAST for 50% off your first month and start your money healing just like Haley!

https://www.moneyhealingclub.com/club

Rachel's interview on Off the Grid Podcast with Amelia Hruby

https://episodes.fm/1610399726/episode/ZmU0MGE1ZTctYTNmZS00ZjFlLTk2MTQtNDEzZDZlNmY4NWY2

Full transcript can be found here: https://www.moneyhealingclub.com/podcast

—

In this episode of the Money Healing Club podcast, Rachel Duncan, a financial and art therapist, welcomes Haley, a current club member, to discuss her personal story around money. Haley shares her journey from being financially supported by her family during college to navigating the complexities of starting her own business. Despite her initial success, Haley faced challenges such as debt and anxiety around money, exacerbated by societal expectations and personal choices. Joining the Money Healing Club was a turning point for her, providing practical tools and emotional support to regain control over her finances. Through the club's structured programs and community support, Haley learned to manage her money better, eliminate shame, and work towards financial stability and personal well-being.

00:38 Introducing Haley: A Money Healing Club Member

00:55 Haley's Financial Journey: From Stability to Debt

02:33 Navigating Lifestyle Inflation and Health Expenses

04:04 The Impact of Relationships on Financial Health

05:12 Starting a Business: Investments and Challenges

07:48 Dealing with Debt and Shame

11:55 Joining the Money Healing Club: A Turning Point

15:35 Introduction to the Money Challenge

16:09 Haley's Experience and Insights

16:52 Upcoming Challenge Announcement

18:12 Haley's Journey Post-Challenge

18:58 The Importance of Community Support

20:06 Practical Financial Tools and Strategies

23:03 Long-Term Financial Wellness

26:47 Haley's Future Financial Goals

30:53 Conclusion and Final Thoughts

Financial Therapist, Rachel Duncan hosts a special guest episode with her husband Alex. Alex, originally from Ukraine, shares his early money memories, the impacts of inflation during Ukraine's independence, and the ongoing financial challenges faced by Ukrainians. The discussion covers topics like cultural differences in money handling, the importance of education, attitudes towards debt, and the use of cash gifts. Plus a sneak peek into how their money practices are aligned and different within their marriage.

We'd love to hear your stories about financial practices from different cultures and countries. Record a voice memo: https://www.moneyhealingclub.com/podcast

Please support the Ukrainian Defense Effort with the Ukraine Aid Fund: https://ukraineaidfund.org/

References: "Buy Now" Documentary on Netflix

00:38 Exploring Cultural Impacts on Money

01:17 Alex's Early Money Memories from USSR

01:55 Ukrainian Money Mindset

03:58 Cultural Differences in Money Practices

05:33 Attitudes Towards Debt and Credit

09:09 Money and Moral Values

13:35 Personal Reflections on Money and our Relationship

25:30 Supporting Ukraine

Ever feel torn between treating yourself today and saving for tomorrow? In this episode, I dive into one of the most challenging aspects of our money journey - finding that sweet spot between present joy and future security. Drawing from both financial therapy and practical planning strategies, I explore how we can better connect with our future selves while still honoring our present needs. Want to know why some experiences are worth splurging on? Or how the "rule of 25" might transform how you think about saving and investing? I share actionable insights for achieving this delicate balance, including a visualization technique that makes delayed gratification feel less like deprivation and more like caring for your future self.

Whether you're someone who tends to overspend on today's pleasures or feels guilty about any present indulgence, this episode offers a fresh perspective on creating a more mindful relationship with your money across time.

Book mentioned: Happier Hour by Cassie Holmes, PhD

00:42 Balancing Present Enjoyment and Future Savings

02:40 Mindful Moment with Your Future Self

03:32 Practical Tips for thinking about the Future

06:34 The Rule of 25 for Retirement

08:18 Finding Satisfaction in Saving

10:50 Imagining Your Future Self

Have you ever wondered how to raise financially confident kids without passing down your own money anxiety? In this episode, I explore the delicate balance of teaching children about money while creating a safe space for learning and growth. From establishing predictable allowances to involving kids in family financial decisions, I share practical strategies that go beyond just teaching budgeting. Drawing from both professional insights and personal childhood experiences, I discuss why it's crucial to let our children make money mistakes in a supported environment and how to recognize the emotional needs driving impulse spending. Want to know the surprising benefit of including your kids in your own money healing journey? Or how your money conversations today might shape your child's financial future? Join me as I explore these questions and more, offering a compassionate approach to family financial education that serves both parent and child

Here are some scripts to try with your kids:

• "I'm wanting to spend less money, so I need your help reminding me when we're at the store to stick to our list. Can you help me with that? "
• "I'm going to start giving you some limits on how much we spend. It's called a budget, and I'm doing it for myself too. Do you want to see our family budget?"
• "Lately, we haven't been watching how much we've been spending. What ideas do you have for how we can all cut down on spending?" [Be open to all responses.]
• "I'm going to set up a yard sale, or sell clothes, or put things on Craigslist. What ideas do you all have to make some extra money? Are there things you would like to sell too?"
• "Let's set aside a special day every week or every month for getting a treat. I need you to remind me so we can wait for it and it will feel really special."

Know someone who would be a good guest on the show to talk about gender and money? Email us howdy@moneyhealingclub.com

02:46 Listener Question: Teaching Kids About Money

04:57 Understanding Your Own Financial Upbringing

09:41 Practical Tips for Teaching Kids Financial Responsibility

11:39 Age-Appropriate Financial Involvement

18:31 Encouraging Financial Independence and Generosity

21:36 Conclusion and Resources

The Hidden Costs of Gender Inequality: A Comprehensive Discussion on the Wage Gap and Unpaid Labor In this episode of the Money Healing Club podcast, host Rachel Duncan interviews Angie Fitzpatrick, the community program manager for the club and a former professor of women's and gender studies. Together, they delve into the multifaceted issue of gender and money, starting with historical and contemporary perspectives on women's ownership of wealth. They critique the common misconceptions around the wage gap and introduce data highlighting the disparity in earnings across different professions. The conversation also covers the impact of implicit hiring biases, the cultural narratives around breadwinners and caretakers, and the extensive invisible labor performed by women. Offering both personal anecdotes and solutions, such as advocating for structural changes and rethinking work weeks, the discussion aims to address the larger systemic issues that contribute to gender inequality in the workplace.

00:00 Introduction to Gender and Money

00:58 You don't really understand the Wage Gap

03:55 Impact of Cultural Narratives on Gender Roles

07:44 The Unseen Cost of Caregiving

12:40 Strategies for Change and Advocacy

18:04 Historical Context and Future Perspectives

Join money healers at https://www.moneyhealingclub.com

Use code PODCAST for 50% off your first month!

References for in this episode:

Fast Facts: The Gender Pay Gap – AAUW : Empowering Women Since 1881

U.S. Bureau of Labor Statistics : U.S. Bureau of Labor Statistics (bls.gov)

Closing the Benefit Gap to Advance Women’s Health Equity | Deloitte US

Why do women spend more than men on medical expenses? (statnews.com)

New Report Says Women Pay $15 Billion More Than Men For Medical Costs (forbes.com)

What is the ‘pink tax’ and how does it hinder women? | World Economic Forum (weforum.org)

the-pink-tax---how-gender-based-pricing-hurts-women-s-buying-power.pdf (senate.gov)

billthepatriarchy.com

Books:

Fair Play: https://www.fairplaylife.com/

The War Against Parents: https://bookshop.org/a/106116/9780395957974

Eve: How the Female Body Drove 200 Million Years of Human Evolution: https://bookshop.org/a/106116/9780385350549

How can I see money as abundant [when money is actually scarce]?

In this episode, Financial Therapist, Rachel Duncan addresses a listener's question about changing their mindset to perceive money as abundant and limitless. Rachel explores the historical and familial contexts that shape our beliefs about money, emphasizing the evolutionary purpose of these beliefs in ensuring safety. She offers practical scripts and advice for rewiring these ingrained thought patterns while ensuring financial security. Rachel encourages specificity in defining what financial abundance means on a personal level. Tune in for a profound conversation about inherited money scripts and steps to foster a balanced approach to financial growth.

Thy these new scripts:

"I am developing sources of income at the same time I'm keeping myself safe."

"I take careful risks."

"I have more options available to me to make money than my ancestors had."

"It's ok for me to earn more than my parents."

"I know exactly how I'd use X-amount of income>"

00:00 Introduction and Listener's Question

00:26 Understanding Money Scripts

01:35 Generational Beliefs About Money

04:28 Rewriting Your Money Script

05:11 Practical Steps for Financial Abundance

05:46 Conclusion and Final Thoughts

The softer side of personal finance has finally arrived: https://www.moneyhealingclub.com

My gift to you: Free email course on mindful spending: https://www.moneyhealingclub.com/challenge

Get my free Mindful Spending Challenge today: https://www.moneyhealingclub.com/challenge

In this episode, Financial Therapist Rachel Duncan, answers the #1 listener questions: How do I stop impulse spending when I'm emotional? Discover strategies to understand the feelings driving impulse buys, and replace impulsive spending with healthier, dopamine-boosting activities. Learn the importance of self-care in financial stability and get an invitation to join a supportive community to navigate the complexities of money management. Listen in for tips that not only curb impulse spending but also enhance overall well-being.

00:35 What is Impulse Spending ?

01:29 Understanding the Emotional Triggers

02:03 What is the Want Beneath the Want?

03:01 The Role of Dopamine in Impulse Spending

03:44 Replacing Impulse Spending with Healthy Habits

05:22 Planning for Controlled Impulse Spending

06:15 The Long-Term Process of Change

07:02 Community Support and Resources

Do you ever regret an impulse spend? Do you avoid looking at your bank account? If the words, shame and guilt are the first words you associate with money, then I know your relationship with money is deeply emotional. 

I am Rachel Duncan. I'm a financial therapist and art therapist, and I'm the host of the Money Healing Club podcast.

This is the place to finally say the things we don't say when we talk about money. In this podcast, I'll be answering listener questions and talking with real people about their journey to heal their relationship with money. I take a holistic, feminist, intersectional and creative approach to unpacking these emotional experiences with money that we all have.

Subscribe, wherever you listen to podcasts.