GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
In the episode, the couple asked for help creating afinancial plan.
Heres some of the financial advice Sethi gave this couple who spends more than their paycheck.
Also see17 simple ways to save 20% or more of your paycheck.
Cut Expenses
The couple thought Sethi would recommend that they start earning more money.
So Sethi asked them to create a list of their current spending patterns.
They wrote out things like spending $1,000 on eating out every month.
Sethi explained that spending on eating out and unnecessary purchases was draining their budget and cash flow.
Sethi recommended that they cut or lower several expenses, including $450 worth of subscriptions.
Additionally, he recommended that the couple each get a guilt-free spending allowance and guilt-free spending for the family.
Overspending, especially on things like subscriptions, is not uncommon.
Sethi recommended that they immediately pay off their credit card debt.
Delay Retirement
One option the couple did not choose was to delay retirement.
Delaying retirement is a valid option for many people, though.
Embrace Calm
Ultimately, this couple felt like their life was chaotic.
The chaos was part of the reason their spending was high.
For example, going out to eat was easier than eating at home.
Sethi said that embracing calm should be a goal.
More From GOBankingRates
Share This Article:
