WEBVTT - Rich Girl Dictionary: Soft Saving

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<v Speaker 1>This podcast is recorded on gaddigal Land, Always was, always

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<v Speaker 1>will be Aboriginal Land.

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<v Speaker 2>Hey chicks, I'm al and I'm sal and this is

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<v Speaker 2>too Broke Cheeks, the show that shares tips and trips

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<v Speaker 2>to help make you rich in life. And welcome back

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<v Speaker 2>to another edition of our mini series, The Rich Girl Dictionary.

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<v Speaker 1>These are bonus episodes just for you chickies.

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<v Speaker 3>Yes, each episode will be focused on a financial term

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<v Speaker 3>to help you upgrade your finances and become the money

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<v Speaker 3>savvy baddie you.

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<v Speaker 1>Were always meant to be. And it's all thanks to

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<v Speaker 1>you bank. So let's get into it.

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<v Speaker 2>This week's Rich Girl Dictionary term is soft saving.

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<v Speaker 1>Sounds delicious? Yeah I know, now I want to know

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<v Speaker 1>im now I want to make flurry yum. Okay, but

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<v Speaker 1>what is soft saving?

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<v Speaker 4>Soft saving is a trend where you are saving for

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<v Speaker 4>your future while also allowing yourself the simple pleasures of

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<v Speaker 4>the life you lead right now aka the occasional saucer,

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<v Speaker 4>the occasional selfice.

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<v Speaker 1>Yeah, it all links together, it's coming back. It's all

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<v Speaker 1>a rich tapestry. As you always like to say. Do

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<v Speaker 1>you love that sound?

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<v Speaker 4>It's like the gen Z rejection of the hustle error

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<v Speaker 4>money rules. In the past, saving your money the right

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<v Speaker 4>way was thought to be all about cutting costs in

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<v Speaker 4>every aspect of your life to the.

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<v Speaker 1>Point where it was almost unenjoyable.

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<v Speaker 4>But now a lot of people actually want that happy

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<v Speaker 4>medium of saving and slowly building themselves a cushion while

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<v Speaker 4>still saying yes to life. This money saving strategy is

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<v Speaker 4>all about identifying the difference between intentional and reckless and

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<v Speaker 4>ensuring you still lead a happy and healthy lifestyle while

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<v Speaker 4>meeting your saving skulls and funding the life you've always

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<v Speaker 4>dreamed of without having to sacrifice the life that you're

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<v Speaker 4>leading now.

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<v Speaker 2>Self savings also brings into focus this idea of liken

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<v Speaker 2>health as part of financial health, because according to the

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<v Speaker 2>Australian Institute of Health and Welfare, the overall financial stress

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<v Speaker 2>levels of individuals from twenty twenty two to twenty twenty

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<v Speaker 2>three rose from eleven percent to thirteen percent. So it's

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<v Speaker 2>getting higher, and I would say, like in twenty twenty six,

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<v Speaker 2>that's probably like ninety skyrocket, Yes, sabuckets in flight wooh

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<v Speaker 2>self serving.

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<v Speaker 4>The light.

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<v Speaker 2>Like it anyway, So financial anxiety is on the rise,

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<v Speaker 2>So more and more people are turning towards strategies that

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<v Speaker 2>allow them to live comfortably and try to save for

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<v Speaker 2>their futures. Assex Money Smart research found that eighty seven

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<v Speaker 2>percent of gen zed women in Australia reported being severely

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<v Speaker 2>stressed about the cost of living, and fifty seven percent

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<v Speaker 2>said they feel overwhelmed by their finances.

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<v Speaker 1>The same ACIIC money Smart.

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<v Speaker 2>Research also found that eighty two percent of Ossie gen

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<v Speaker 2>z's financially stressed, but they're twice as likely as other

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<v Speaker 2>generations to want to better manage their finances. So they're stressed,

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<v Speaker 2>but they've got the will I like that. Yeah, I

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<v Speaker 2>still fix it.

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<v Speaker 4>Yeah, they're still optimistic and feeling proactive about their finances

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<v Speaker 4>even while feeling.

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<v Speaker 1>Stressed about the situation. So how can we save? Softly?

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<v Speaker 4>Aggressive saving used to me and suffering now to live later,

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<v Speaker 4>whereas soft saving says but.

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<v Speaker 1>What if we just didn't?

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<v Speaker 3>Yeah?

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<v Speaker 1>What are some ways that you've practiced self saving in

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<v Speaker 1>your life? Do you reckon?

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<v Speaker 2>I've definitely been in more of like a do I

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<v Speaker 2>need that headspace? Like my self saving is probably saying

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<v Speaker 2>yes a little bit less and saying no a little

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<v Speaker 2>bit more, And that's just typically not something that I've

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<v Speaker 2>been very good at, but it's also been putting in

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<v Speaker 2>more friction to my spending. So rather than like focusing

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<v Speaker 2>on saving more, I've focused on spending less.

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<v Speaker 1>Love that, and.

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<v Speaker 2>That's kind of how I've been embracing saving a little

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<v Speaker 2>bit more, because if it was like I would have

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<v Speaker 2>this mindset that if there was money in my account,

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<v Speaker 2>then it's money to spend. Yeah, and it's like it's

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<v Speaker 2>got to spend somewhere, whereas that's not actually the case,

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<v Speaker 2>and it would be Now it's more like a because

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<v Speaker 2>savings I was just found really boring and like budgeting.

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<v Speaker 1>I was like, I don't think that many people are

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<v Speaker 1>super turned on.

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<v Speaker 2>No, I don't know. Some people get their rocksoft to

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<v Speaker 2>their budget true to you try.

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<v Speaker 1>I don't need to.

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<v Speaker 2>Yuck anyone's yeah, like oh we had a forty increase

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<v Speaker 2>in our podcast.

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<v Speaker 1>Ye oh yeah, oh yeah, but yeah, that's kind of

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<v Speaker 1>how I've done it.

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<v Speaker 2>What about you.

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<v Speaker 4>I think when I first started trying to save money,

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<v Speaker 4>my approach was I'll save everything that's left over, right,

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<v Speaker 4>which is an necessarily the best not much, so that

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<v Speaker 4>was kind of the issue. Then I was like, Okay,

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<v Speaker 4>I don't think this strategy is necessarily working. I'll change

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<v Speaker 4>it to every time I get paid, which was monthly

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<v Speaker 4>at the time, I would put a certain chunk away.

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<v Speaker 4>No matter what was happening, I'd always put that away.

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<v Speaker 4>But then I kind of found that that was a

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<v Speaker 4>little bit restricting because if something happened that I really

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<v Speaker 4>genuinely wanted to do, I'd be like, I can't do

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<v Speaker 4>it because it doesn't align with that. So instead, I

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<v Speaker 4>think I've tried to embrace a bit more of a

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<v Speaker 4>hybrid model, where I would say that eighty percent of

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<v Speaker 4>the time I'm putting away the same amount, but if

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<v Speaker 4>we have like a holiday or something coming up, then

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<v Speaker 4>I'm like, you know what, maybe I'll put a little

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<v Speaker 4>bit more into like the holiday fund, yeah that's coming up,

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<v Speaker 4>and then a little bit less into like my ongoing savings,

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<v Speaker 4>so that I can give myself a little bit of flexibility.

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<v Speaker 1>Yeah. I like that.

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<v Speaker 2>But you can also try a microsavings routine, so instead

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<v Speaker 2>of trying to save hundreds of dollars a month, set

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<v Speaker 2>up automatic transfers on payday so they can be small,

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<v Speaker 2>painless amounts that you can afford to set aside for

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<v Speaker 2>a rainy day and before you know it, you've built savings.

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<v Speaker 2>It's all about consistent moves that add up without the

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<v Speaker 2>all or nothing mindset.

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<v Speaker 1>Yeah, exactly.

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<v Speaker 4>And I also love that because it's almost happening in

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<v Speaker 4>the background and feel super friction Lesson doesn't take that

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<v Speaker 4>much effort, and U Bank offers save accounts with no fees,

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<v Speaker 4>which means you can set it and forget it while

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<v Speaker 4>you live your life without paying any extra. You can

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<v Speaker 4>also have up to ten separate savings accounts to help

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<v Speaker 4>categorize what you're saving for whether it's Yeah, makes it

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<v Speaker 4>so much easier because whether it's that next overseas trip,

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<v Speaker 4>or a car or a new phone, you have your

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<v Speaker 4>dedicated account for that. And with the split income feature,

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<v Speaker 4>you can even set up the amount you want to

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<v Speaker 4>allocate to each of your savings accounts from your pay

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<v Speaker 4>which is incredible. And this helps keep your ADMIN to

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<v Speaker 4>a minimum while your savings keep popping up, so you

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<v Speaker 4>can turn your focus to.

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<v Speaker 1>Other things that matter to you.

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<v Speaker 2>It's all about building like a calm comp evidence that

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<v Speaker 2>you can live your life the way you want to today,

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<v Speaker 2>but you're also secure with how your life will look tomorrow.

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<v Speaker 2>H I like that.

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<v Speaker 4>Yeah, well, that's it for this episode of The Rich

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<v Speaker 4>Girl Dictionary.

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<v Speaker 2>Tune in next week for the next installment in this

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<v Speaker 2>mini series.

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<v Speaker 4>Products issued by U Bank, part of NAB Info is general.

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<v Speaker 4>Consider if it's right for you. For more info and

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<v Speaker 4>tmdcubank dot com, dot Au