3118: How Saving Money Cost Me Money by Kristin Wong with Get Rich Slowly on Budgeting

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 23 April 2025

⏱️ 12 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3118: Kristin Wong shares a cautionary tale about how obsessive saving can backfire, highlighting how unrealistic budgeting and neglecting real-life spending patterns led her to rack up overdraft fees and lose peace of mind. Her journey emphasizes that true financial growth comes not from rigid saving but from realistic tracking, mindful spending, and striking a healthy balance. Read along with the original article(s) here: https://www.getrichslowly.org/how-saving-money-cost-me-money/ Quotes to ponder: "If your money is costing you peace of mind, why are you saving it?" "I wanted the instant gratification of seeing $6,500. I would leave myself nothing just so I could see that number." "Money is more about mind than it is about math." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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1:00.0	This is Optimal Finance Daily.
1:03.0	How Saving Money Cost Me Money by Kristen Wong with getrichslowly.org.
1:10.0	I used to have a savings problem, but not in the way that one
1:14.8	might think. For years, when payday would come, I would budget a ridiculously large percentage of my
1:21.6	paycheck for savings. I left myself very little for bills and practically nothing for shopping, eating, entertainment,
1:30.3	the things I vaguely dubbed non-essentials.
1:34.0	I was determined not to live beyond this budget.
1:38.2	Well, I sorely underestimated my love of non-essentials. And it cost me because I would inevitably
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