Ep. 435: Discretionary Spending + Financial News Rundown

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com

This week on the Pete the Planner Show, Pete abandoned the show opening tune and got scolded by Damian! Whew!

No time to listen?  Here’s a preview of what happened and when:

Show Notes:

MAILBAG QUESTION #1: [5:05]

  • “Dear Pete, I heard colleagues talking about discretionary spending this week. It got me thinking about how much money I allow myself to spend in any given month. I typically give myself some cushion for dinning out and a random purchase here or there. Beyond that, I tend to keep a pretty low balance in my checking account because I tend to spend more responsibly if I limit the amount of money I have access to. How do you think about discretionary spending?

    • DAMIAN: Discretionary spending is actually planned, you just don’t know what you’re spending it on yet.
    • DAMIAN: It’s quite variable, so don’t compare yourself to other families in this category
    • PETE: You’re giving yourself an allowance; what you spend it on is what’s discretionary. It took an ugly turn when online banking came out. The debit card makes spending all too easy.
    • PETE: You have to find a way that works for you. You don’t need to keep boatloads of money in your checking account.

 

The Dunns cover so much more in the full show! Don’t let this little teaser stop you from enjoying the whole thing.

 

Play the rest of the show for more!  —  click PLAY below.

 

SIDE NOTE:

— Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.

 

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