January 17, 2025

Girl Math, Is It Mathing?

46 minutes

In this episode of the Banyan Effect podcast, host Mindi Kessenich explores the concept of 'girl math' and its implications on personal finance. She discusses how certain psychological tricks can help individuals justify spending and make better financial decisions. Mindi shares practical strategies, such as understanding price per wear and leveraging credit card points, while also addressing the potential pitfalls of these financial mindsets. The conversation emphasizes the importance of a balanced approach to spending and saving, encouraging listeners to find what works for them in their financial journey. In this episode, Mindi Kessenich shares practical financial strategies and hacks aimed at improving personal finance management for 2025. She emphasizes the importance of distinguishing between wants and needs, implementing a 48-hour rule for purchases, and matching indulgences with savings. Mindi also discusses methods for teaching kids about financial responsibility, including giving them a monthly allowance and making them authorized users on credit cards. Additionally, she shares tips on saving travel points and using automatic savings transfers to enhance budgeting efforts.

Takeaways

Girl math can help justify spending in a positive way.
Understanding the psychology of money is crucial for financial health.
Price per wear is a valuable concept for making purchases.
Leveraging credit card points can lead to significant savings.
Returns can be viewed as a second chance with your money.
Mindset plays a key role in financial decision-making.
Quality purchases can save money in the long run.
Restricting spending too much can lead to financial binges.
Not all sales are worth taking advantage of; context matters.
Finding a balance in spending and saving is essential. Have a running list of things you want to avoid impulse buying.
Wait for sales on items you truly want to justify the purchase.
Implement a 48-hour rule before making any non-consumable purchases.
Match your indulgences with savings to balance short-term and long-term goals.
Limit shopping trips to once a month to curb spending.
Save travel points for a prioritized vacation to manage budgets better.
Give kids a monthly allowance to teach them financial responsibility.
Make kids authorized users on credit cards to help them build credit.
Save singles throughout the year for vacation tips and expenses.
Set up automatic savings transfers to create a slush fund for unexpected expenses.