Skimm Money: Free Donuts, Money Habits, and the Debt Ceiling

If you avoid looking at your bank account or credit card statements, keep reading. We spoke with Paco de Leon, author of “Finance for the People” and host of the podcast “Weird Finance,” about learned habits and how to build a better relationship with money.

How can your upbringing impact your relationship with money?

When we are little, we look to bigger humans to help us understand how the world — and money — works. If you lived in a household where folks argued a lot about money or where it was always a source of tension and fighting, your child brain might identify that money is bad or that money is why people don't get along.

What about emotions? How can they affect your spending and saving habits?

I see a lot of people who don’t look at their bank accounts, credit card statements, or student loan balances because it might cause pain or fear. This can snowball and create larger issues. Like spending outside your means or not being able to ask for a raise because talking about money is out of your capacity.

What are your top three tips for building a healthier relationship with money? 

1. Know your numbers. This means being fully aware of how much you're earning, spending, and saving. It also means being mindful of your feelings and addressing emotions like fear or stress.

2. Understand your story. Your beliefs and attitudes about money are often formed in childhood. Reflecting can help you understand your current behaviors and identify areas where change might be beneficial.

3. Have weekly finance time. Block out at least 20 minutes each week to review your transactions, update your spending plan, and handle any tasks that are pressing. Like calling a lender to discuss different payment options.

Answers have been edited and condensed for clarity.

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Ever bought berries and watched them go bad the next day? Ahead, Hetal Vasavada, a pastry chef, food blogger, and author of the cookbook “Milk & Cardamom,” tells us all about a pricey purchase that helps her minimize her food waste.

Tell us about a recent investment purchase.

I recently renovated my home and built the kitchen of my dreams. I know it sounds kind of ridiculous, but my True Residential 42-Inch Fridge is my investment piece. As a pastry chef, a good fridge is necessary, but finding one that is also aesthetically pleasing can be tough! 

How much did you spend on it?

$26,000.

Why do you consider it a good investment? 

It’s engineered to be opened and closed often without losing cold air, and a cold fridge means less food waste. Goodbye, strawberries that rot after two days in the fridge! It marries form and function. I was able to customize it with a glass door — living my best Kardashian fantasy — along with gold hardware so that it is my statement piece in my kitchen.

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