We take a look at three more financial pitfalls in this episode. They are overconsumption or lifestyle creep, debt and insufficient savings. These three often go hand in hand – you get into debt because you’re trying to cover your lifestyle creep, and then you’re too busy focusing on paying off that debt rather than looking at your savings.
Debt spirals can be very scary, and it can be incredibly hard to see your way out of them. That’s why we got Nadia de Weerdt, a registered debt counsellor and Western Cape representative for DCASA, to chat to us about how to handle debt. She also gives some great tips on how to avoid getting into bad debt.
Useful links:
You can also read more on my blog: https://www.nudgingfinancialbehaviour.com/how-to-manage-your-debt/
Or watch to the video version of this podcast episode: https://youtu.be/5MjfPT8tM8c
Special thanks to everyone who has helped put this series together:
Behavioural biases unpacked - Episode 10 | Season 1
Trailer for Episode 10 - Behavioural biases unpacked
Anchoring Bias - Episode 9 | Season 1
Trailer for Episode 9 - Anchoring Bias
The Framing Effect - Episode 8 | Season 1
Trailer for Episode 8 - The Framing Effect
Confirmation Bias - Episode 7 | Season 1
Trailer for Episode 7 - Confirmation Bias
Overconfidence Bias - Episode 6 | Season 1
Trailer for Episode 6 - Overconfidence bias
System 1 and System 2 - Episode 5 | Season 1
Trailer for Episode 5 - System 1 and System 2
Have a plan - Episode 4 | Season 1
Trailer for Episode 4 - Have a plan
Trailer for Episode 3 - Managing debt
Financial Literacy - Episode 2 | Season 1
Trailer for Episode 2 - Financial literacy
Welcome to the Nudging Financial Behaviour Podcast - Episode 1 | Season 1
Trailer for Episode 1 - Welcome to Nudging Financial Behaviour
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