Run Your Money Like a Football Team
The Jesse Mecham Show
Football season is nearly upon us, and Jesse is thinking about the pigskin again. And money, of course. When you look at the great sports movies, they usually revolve around a struggling team -- often a team of stragglers and dubious athletes -- and a great coach who motivates them, helps them find their desire to compete, and puts them in positions to maximize the abilities they do have. You can do the same thing with your money. Give your dollars jobs, identify the best places to use your dollars so that they can work together to achieve your goals. Coach your money from a disorganized mess...
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Why Is It So Freaking Hard to Save Money? (And How to Make It Easier)
The Jesse Mecham Show
Saving vs spending... there's no question which one is more fun, right? Obviously, spending! By comparison, saving feels like a chore, something you ought to do, the responsible thing to do, but is definitely less fun. After all, you get something when you spend -- an item, an experience, a service. With saving you get, well, just more money in a pile somewhere. As Jesse points out, no one says "I have a saving problem" but you hear "I have a spending problem" all the time. It's because spending is concrete. It has weight to it. Spending has a clear line to the value of the money being...
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It's OK to Move Your Goalposts
The Jesse Mecham Show
You've probably heard the term "moving the goalposts," that is, a deceptive argument strategy in which you change the question, the criteria, or the standard by which you are evaluating something. The metaphor comes from sports, and it's a good metaphor for personal finance. Early in our adult lives we make a lot choices because money is scarce -- you choose to live with roommates instead of your own apartment, you skip buying something you want to prioritize schooling or training, for instance -- but as we get older and accumulate more financial resources our standards change and our choices...
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Change Your Plan, Today!
The Jesse Mecham Show
Personal finance is personal, as the saying goes, and the only constant in life is change, to employ another saying. On that note, Jesse issues a challenge in today's episode: change your plan! Add a category, put some money in it, delete a category, shuffle some dollars around... just make a change. This is a reminder to yourself that the beauty of a plan is it's flexibility. As life changes, your plan can change along with it. Watch The Jesse Mecham Show on YouTube: Got a question for Jesse? Send him an email: Sign up for a free 34-day trial of YNAB at ...
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Can You Afford to Make Mistakes?
The Jesse Mecham Show
Flying airplanes is serious business. Mistakes are costly, not just because of the cost of the aircraft; if you're flying people, their lives are on the line. Jesse knows this better than most, having two brothers who are pilots. One day he overheard them talking shop and narrowed in on a common occurence they had teaching student pilots to fly -- these pilots were afriad of "hooking," that is, making a mistake on a flight and having to redo the assignment. Jesse realized that everyone, including people who work high stress, high stakes jobs, learns through making mistakes. He quotes...
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Why Buy Now, Pay Later is the WORST Way to Spend
The Jesse Mecham Show
Jesse has ranted about credit cards and their pernicious way of separating you from your money, both literally and metaphorically -- obfuscating the way you spend and distancing your priorities from the point of sale. Today he warns against the newest form of this pernicious spending: buy now, pay later programs. It's like a credit card you don't have to sign up -- just purchase an item, and via an app like Klarna or Affirm, you can split up the cost of that item over several smaller installments. Of course, buy now pay later programs encourage spending you don't have, rather than in...
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These 5 Simple Questions Beat Your Spreadsheet
The Jesse Mecham Show
For some reason when the topic of money comes up, many people immediately want to jump into Excel and start exercising the so-called rational part of their brain. Money seems to demand sober, quantitative analysis, devoid of emotion which obfuscates the mathematical truth of the situation. Yet we rarely make decisions in a purely rational manner; emotion plays a large, if not bigger role, than rational thinking in how we choose to act. And if there's anything you've learned hanging around YNAB, it's that money is really just you -- it's a medium for translating your energy and effort in the...
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You Can Stop Second Guessing with Money
The Jesse Mecham Show
We talk about how YNAB is the ultimate weapon against money stressors -- as you gain control over your spending, learn to give every dollar a job, and bring your spending in line with your priorities, the stresses decrease and are replaced by a growing confidence. There are other psychological "costs" of money, such as the anxiety and mental overhead created by second guessing your choices. Should I buy this? Can I even afford it? Should I have bought that? Is this what we should be doing right now? YNAB gives you the freedom to act, to spend your money confidently without second...
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Fan Fest Reflections: Spendfulness Is About More Than Just Stuff
The Jesse Mecham Show
Jesse reflects on his interactions with YNAB'ers at the recent Fan Fest in Minneapolis, and how spendfulness manifested in many different ways. One important takeaway for Jesse was that while practicing spendfulness could mean taking a cool international vacation, or buying something fun and interesting (and those are totally valid things to spend money on!), it could also mean having the freedom and peace of mind to take risks and embark on new ventures. Watch The Jesse Mecham Show on YouTube: Got a question for Jesse? Send him an email: Sign up for a free 34-day trial...
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We Stopped Eating Out for Three Months. The Result Was Interesting...
The Jesse Mecham Show
In 2017 the Mecham family decided to live in Manhattan for three months to experience the city, soak up the food and culture, and just have fun doing something different. While they were there they chose to maximize their opportunity to eat out -- Jesse went back and counted over 140 different establishments during that 90 day stay! After that experiment, Jesse and the family decided to try the complete opposite. No eating out for 90 days. The result? They didn't really care about it much, and now the family rarely eats out. What the experience in Manhattan taught them was that, for...
info_outlineTo many, the word "budget" brings to mine restrictions, guilt, punishment, and a general feeling of dread that they don't have control over their money, much less hit their budget goals. But this idea that a budget means setting hard limits on spending in various categories, then looking back every month to see if you were "good" or "bad" in adhering to those limits... it's all backwards!
Jesse has another way to look at "budgeting," or planning as he calls it. You give every dollar you have a job -- you look at what future expenses you know you have coming and put those dollars into categories to cover those expenses. Once you have your future expenses covered, then you start thinking about what else you'd like to do with your money: take a trip, buy some new clothes, maybe go out to a nice restaurant. Then, as life happens and your needs change, you can move the money around. It's not a failure that your spending doesn't perfectly adhere to some arbitrary category number, it just means you got new information, circumstances changed, and therefore your spending plan needs to change with it.
Once you wrap your head around this way of thinking about money, of planning for the future rather than looking backwards and punishing yourself, then you can start loving the way you spend. Guilt free.
Watch The Jesse Mecham Show on Youtube:
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