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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello, and welcome Dishes on the Money, the podcast Millennials

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Speaker 3: Who Want Financial Freedom.

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Speaker 1: My name is Georgia King.

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Speaker 3: I'm a copywriter and journalism student who still has all

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Speaker 3: lots left to learn when it comes to money, and

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Speaker 3: here to help me out is financial advisor Victoria Define.

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Speaker 4: Hello, Georgia King, I am ready with my peppermint very

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Speaker 4: let's go.

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Speaker 3: Now. Today on the show, we are going to be

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Speaker 3: tackling a topic that both of us are very passionate about,

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Speaker 3: and we've got a sneaky suspicion that our listeners will

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Speaker 3: be too. That is, is fomo or fear of missing

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Speaker 3: out actually making us broke? Now, a recent event Bright

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Speaker 3: survey found that seventy eight percent of eighteen to thirty

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Speaker 3: four year olds prefer to invest in experiences instead of

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Speaker 3: things quartetion marks, while seventy percent said that FORMO was

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Speaker 3: the main motivator for their financial decisions.

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Speaker 1: Now.

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Speaker 3: Unfortunately, as we all know, pursuing experiences at the cost

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Speaker 3: of making smarter financial choices like investing in our future

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Speaker 3: can be quite detrimental. But before we do get into

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Speaker 3: the nitty gritty and chat, the traps of financial Pomo Victoria.

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Speaker 3: Let's start, as we always do, by chatting through money

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Speaker 3: wins or confessions from our own weeks.

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Speaker 4: What have you got for me? I have a money

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Speaker 4: win for you this week, Georgie King, and it's a

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Speaker 4: little bit different. I mean it's a money win. I

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Speaker 4: have spent money. But for those of you who might

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Speaker 4: know me more personally, I am an absolute skincare junkie.

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Speaker 4: This is true. It's an addiction I'm dealing with. I

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Speaker 4: don't need advice on it. I'm just getting through it

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Speaker 4: on my own. But seriously, I love skincare and I

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Speaker 4: have been known to spend a little bit too much

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Speaker 4: on really beautiful products from Mecca. But recently, Georgia King,

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Speaker 4: I have discovered a brand and this is absolutely not sponsored.

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Speaker 4: I just thought it was weird because I have to

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Speaker 4: mention the brand, but the ordinary, Yes, I thought you

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Speaker 4: might say that because I've just been talking about it

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Speaker 4: for ages. Anyway, I've bought a number of their products

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Speaker 4: over the last couple of weeks and they are significantly cheaper,

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Speaker 4: like I'm talking fifteen dollars I think for a serum,

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Speaker 4: which is crazy talk given some of the serums I've

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Speaker 4: purchased to have three figures, which is terrifying, but for

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Speaker 4: bang for buck, I am super impressed. I've been doing

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Speaker 4: my research online. I love research into skin care products

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Speaker 4: and understanding the active ingredients and understanding what you're getting.

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Speaker 4: These products seem fully legit, and I've been really enjoying

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Speaker 4: using them. So my money this week is that I

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Speaker 4: have found skin care products that are much cheaper than

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Speaker 4: the products I've previously been using. The ordinary the ordinary,

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Speaker 4: So I mean it's not sponsored, but if they wanted

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Speaker 4: to sponsor us, I really wouldn't see that upset. Okay,

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Speaker 4: So mine is a confession. First for the seats, Yes,

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Speaker 4: I had one last week, so it only seems fair.

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Speaker 4: Yeh've got one, that's true. I'm not really that mad

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Speaker 4: about it, but I think you might be mad at me. Oh,

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Speaker 4: Georgia King, what have you done?

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Speaker 3: You guys might remember in our first episode back, the

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Speaker 3: Fast Fashion episode, I was writing on a little bit

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Speaker 3: about nigmata.

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Speaker 4: Yes, and I had to google what it was because

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Speaker 4: I'm obviously how should I culture?

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Speaker 1: No?

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Speaker 3: No, that's okay, beautiful bar and Bay brand, Yes, whatever. Anyway,

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Speaker 3: I dropped three hundred dollars on Georgia.

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Speaker 4: I now know a lot about them. They're ethical on Well.

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Speaker 1: That's the thing.

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Speaker 3: That's why I don't feel too bad because I'm supporting

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Speaker 3: local at a very tough time. I'm going to look great,

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Speaker 3: I hope in this orange sweater.

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Speaker 4: Time will tell. I think it's coming on Monday. Yep.

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Speaker 3: And that's all the confessing I have to do. But

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Speaker 3: I don't really buy that much stuff.

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Speaker 4: I feel like you never spend that much running on clothes,

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Speaker 4: just knowing you now. And I also feel like you've

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Speaker 4: been creeping on their website for so long really because

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Speaker 4: I always see it up in the office and I

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Speaker 4: know what you're up to. So maybe that is actually

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Speaker 4: a money win because you'll have it for years to come. Yeah,

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Speaker 4: thank you for your understanding. I like it. Confession win,

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Speaker 4: I'm not sure. Let's move on, Georgia.

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Speaker 3: Yes, let's get things on track and chat about the

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Speaker 3: Facebook community.

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Speaker 4: Have any posted out to you recently? Yes, they have.

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Speaker 4: I have one from Maddie, and Maddie is beautiful and

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Speaker 4: she said hello, she's on the money. Humans in lockdown.

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Speaker 4: I wanted a task and I've turned it into a

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Speaker 4: little bit of a side hustle. And what she's done.

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Speaker 4: Is she's a maide of scarves for her quote beautiful

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Speaker 4: partner and I can see from the photo she absolutely

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Speaker 4: is that have become a walking promotion for her. So colleagues, friends,

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Speaker 4: family have all been getting their requests enough, so she's

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Speaker 4: made her partner this beautiful scarf. She said. The materials

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Speaker 4: are costing her between twelve and fifteen dollars, depending on

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Speaker 4: me whether Spotlight has a VIP sale on the arm

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Speaker 4: she needs or not. And she's been selling these scarves

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Speaker 4: for fifty dollars.

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Speaker 1: She said.

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Speaker 4: It doesn't take into account the hours spent knitting, but

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Speaker 4: she feels pretty proud of making them for people. And

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Speaker 4: do you know what my favorite part about this is

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Speaker 4: she's been putting their profits into their puppy fund, which

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Speaker 4: they hope to welcome a fairy friend into their family

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Speaker 4: at the end of the year. Yes, Queen's I love it. Yes,

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Speaker 4: all right, what have you got for Okay? So mine

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Speaker 4: is from Jessica Harves.

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Speaker 1: Is a quick one.

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Speaker 3: Her boyfriend went away for the weekend and asked her

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Speaker 3: to do his washing. Oh, come on, I know that's

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Speaker 3: not a money win. No, no, no, here's the win.

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Speaker 3: She found a nice clean five dollar note in the

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Speaker 3: washing machine when.

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Speaker 1: She was done.

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Speaker 4: Oh my gosh, how good is finding money in the

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Speaker 4: washing best in an old pocket? Yes, but like underrated

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Speaker 4: money win. Yeah, Like that's the underrated money win of

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Speaker 4: the year. I think, like when you go get your

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Speaker 4: winter coat and you find like five or ten dollars

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Speaker 4: in the pocket from last season. Huge, best money win

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Speaker 4: I could ever ask for.

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Speaker 5: Honestly, Victoria, We've all felt it before, the danger of

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Speaker 5: the scroll on the socials, our mates frolicking on the

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Speaker 5: mouthy coast, Janine from the office showing you a pick

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Speaker 5: from that hot club on the weekend. Snap on the weekend,

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Speaker 5: snapchats from your mates at that fancy bar where express

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Speaker 5: of Martini is being served left, right and center for

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Speaker 5: simple twenty dollars apart FROMO is a very real thing,

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Speaker 5: and it is affecting our finances in more ways than

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Speaker 5: we know.

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Speaker 4: Now. We know things are official when the dictionaries get

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Speaker 4: involved and consider things real words, which is exactly what

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Speaker 4: Miriam Webster did in twenty sixteen, defining pomo as the

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Speaker 4: fear of not being included in something such as an

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Speaker 4: interesting or enjoyable activity that others are experiencing. But Victoria,

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Speaker 4: we didn't really need that official dictionary definition that to

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Speaker 4: help us understand the very real effects of fomo, both

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Speaker 4: on our mental health but also in our back pockets.

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Speaker 4: Throwing all of your money at every opportunity presented is

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Speaker 4: a pretty easy way to go broke, and it can

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Speaker 4: leave us with not very much to show for future us.

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Speaker 4: So today, together, we're going to become a little bit

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Speaker 4: more mindful of the impact fomo actually has on us

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Speaker 4: and how we can develop some new habits.

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Speaker 3: Victoria, let's start. Have you ever experienced them not so

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Speaker 3: elusive fomo? That was a very good intention, King, I

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Speaker 3: really appreciated it. But yes, of course I have experienced

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Speaker 3: fomo before. I have experienced it in a number of ways,

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Speaker 3: whether that is friends going out for dinner when I

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Speaker 3: couldn't necessarily afford it way back in UNI days to

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Speaker 3: even now, friends organizing things that I want to be

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Speaker 3: involved in, but I'm also wondering whether they actually aligned

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Speaker 3: to my financial goals or not. So fomo is massive,

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Speaker 3: and I don't think that at any age we actually

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Speaker 3: escape it. It's more about having a chat about what

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Speaker 3: it actually means and how we can manage it when

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Speaker 3: it does come up, because at the end of the day,

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Speaker 3: fomo is us being a little bit anxious about missing

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Speaker 3: out on something, and that is a part of being

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Speaker 3: mentally and financially healthy.

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Speaker 4: Why do you think it's such a big deal at

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Speaker 4: the moment. I think that FOMO at the moment is

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Speaker 4: actually something that we are talking more about because obviously

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Speaker 4: we've gone through COVID recently or still going through COVID

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Speaker 4: at the moment, which has meant that so many of

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Speaker 4: us are stuck at home and we're realizing very quickly

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Speaker 4: that our lifestyles had been costing us a lot. So

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Speaker 4: I know a lot of people are going through a

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Speaker 4: lot of financial stress at the moment, and literally it

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Speaker 4: is the worst. But I also see a lot of

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Speaker 4: stories popping up, and I've got friends in this situation

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Speaker 4: who are turning around saying, Victoria, I've never saved more

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Speaker 4: in my life because I can't leave the house, and

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Speaker 4: they've been in the lucky position of not having lost

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Speaker 4: their role. So for me, I think FOMO is something

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Speaker 4: that we've been talking about a lot because a lot

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Speaker 4: of people in my life and I'm sure in yours,

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Speaker 4: and you know, in our communities lives have been turning

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Speaker 4: around and saying, well, actually, after COVID, you know, settles,

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Speaker 4: do we want to go back to the way that

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Speaker 4: we were living before. Are our spending habits in line

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Speaker 4: with what we wanted? And what does this actually mean?

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Speaker 4: So I think that FOMO really important to discuss. But Georgia,

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Speaker 4: it's absolutely no coincidence that we are talking about this

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Speaker 4: as a demographic now because I think that as millennials,

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Speaker 4: and you mentioned it before, on social media, we are

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Speaker 4: in a social eye. I think we see it and

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Speaker 4: we do feel like we are potentially not good enough

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Speaker 4: or not measuring up, or not doing enough or not

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Speaker 4: being enough. And I think that it's really important to

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Speaker 4: talk about this because at the end of the day,

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Speaker 4: it's no coincidence that the same demographic of people who

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Speaker 4: are on socials and feeling the heat of FOMO are

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Speaker 4: also in situations where they're suffering from financial hardship. So

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Speaker 4: let's have this chat, and I think it's really important

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Speaker 4: to understand what FOMO is, how we can deal with

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Speaker 4: it when it pops up, and maybe talk about some

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Speaker 4: tips and trigs that we can implement so that maybe

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Speaker 4: we are putting ourselves in a position where we are

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Speaker 4: making better financial decisions for our own values and beliefs.

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Speaker 3: Okay, So just straight off the back of that, how

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Speaker 3: do we handle it when it comes up?

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Speaker 4: Oh my gosh. There are so many different ways to

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Speaker 4: deal with it, and I think the first is being

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Speaker 4: honest with yourself. Can you actually afford it? Is this

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Speaker 4: something that you want to do? So we harp on

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Speaker 4: all the time about budgeting and cash flow and making

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Speaker 4: sure that things are there. If you are budgeting, and

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Speaker 4: I know that this is not the way that everybody budgets,

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Speaker 4: but if you're budgeting in the same way that I

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Speaker 4: recommend through Shaes on the Money and the budgeting and

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Speaker 4: cash flow program that we are about to establish and

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Speaker 4: have been talking about for in the last twelve months

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Speaker 4: in the Facebook group, you will have a food, fuel

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Speaker 4: and Fun account, so you will have enough money put

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Speaker 4: aside that you can actually engage in fun activities, whether

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Speaker 4: it's going out for breakfast with your friends or it's

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Speaker 4: going for a walk in the park and grabbing an

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Speaker 4: extra coffee. That fund is the fund that is going

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Speaker 4: to help you do that. But I think also something

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Speaker 4: that I have Georgia that really helps is my it's

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Speaker 4: not an emergency, but it feels like an emergency account,

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Speaker 4: where if I want to engage in something that you know,

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Speaker 4: I haven't full planned and I'm not a festival person,

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Speaker 4: but a festival is a really good example of this,

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Speaker 4: where there's an expensive ticket price involved with that I

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Speaker 4: didn't know my friends were going. I don't want to

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Speaker 4: miss out. It's something that I value, it's something that

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Speaker 4: I believe in. I actually have a baby emergency fund

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Speaker 4: set to the side that helps me deal with Fomo.

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Speaker 4: But in saying that, I never make that split second decision,

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Speaker 4: I find every other way to pay for it, and

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Speaker 4: then if I can't pay for it, I actually go

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Speaker 4: to my It's not an emergency, but it feels like

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Speaker 4: an emergency fund, so that I can still engage in

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Speaker 4: that and not feel like I'm missing out. Now, you

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Speaker 4: can't do that every single week. You can't just go

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Speaker 4: into your Fomo account and be like whatever, I've got

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Speaker 4: a Fomo account. I can just you know, spend, willingly, spend,

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Speaker 4: willing nearly. That fund does have to be replenished. You

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Speaker 4: do have to put money back in there, and that

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Speaker 4: will require sacrifice from other parts of your budget over

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Speaker 4: the future. But I think that me knowing that I

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Speaker 4: have that fund, that if there is something I desperately

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Speaker 4: want to be involved in, I can be. But that's

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Speaker 4: then putting the power back in my hands, as opposed

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Speaker 4: to saying sorry, I can't afford it and saying that.

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Speaker 4: I think it's incredibly important that if you are unable

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Speaker 4: to afford something, don't commit to it. There is always

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Speaker 4: going to be another opportunity. There is always going to

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Speaker 4: be another social outing. Friends are so much more understanding

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Speaker 4: than you think they will be. If you turn around

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Speaker 4: and say, hey, Georgia, I would so love to do that,

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Speaker 4: but honestly it's not in my budget right now and

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Speaker 4: I can't feasibly make that happen right now. But should

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Speaker 4: that opportunity come up again, and please let me know,

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Speaker 4: because I would love the opportunity to engage in it again.

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Speaker 4: So I think that being able to have open and

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Speaker 4: honest conversations with our friends and our family about this topic,

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Speaker 4: but then also putting ourselves in a position where we

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Speaker 4: have the ability to make those decisions if we choose to,

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Speaker 4: is really important.

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Speaker 3: Now, you did allude to this before, but social media,

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Speaker 3: no doubt plays a part in this.

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Speaker 4: How significant is that part.

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Speaker 6: Do you think?

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Speaker 4: I think it's massive, if I'm being honest. It's so

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Speaker 4: easy to see what other people are doing in real time.

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Speaker 4: I know that I've felt it, and I feel like

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Speaker 4: I'm a reasonably well rehealded person, like I'll go home

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Speaker 4: on a Friday night after work. Obviously not during the

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Speaker 4: last few months, but let's talk about late twenty nineteen,

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Speaker 4: when a lifeless Sunshine and Roses. I'd go home exhausted

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Speaker 4: and I'd see online that a few of my friends

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Speaker 4: were at the bar, and oh, I really want to

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Speaker 4: go out, and I'd get fomo. But that wasn't actually

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Speaker 4: the best thing for me. I'd had a big week

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Speaker 4: at work, I really needed to have a sleep, I

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Speaker 4: really needed to just relax, but my fomo kicked in

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Speaker 4: and I just wanted to be included in what my

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Speaker 4: friends were doing. It has nothing to do with being

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Speaker 4: logical or rational. It is everything to do with just

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Speaker 4: not wanting to miss out on that social interaction. And

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Speaker 4: whilst I think we are all on socials, I think

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Speaker 4: we all need to take a step back because being

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Speaker 4: able to see people's lives in real time often makes

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Speaker 4: us feel like we are missing out. Do you think,

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Speaker 4: as well, Victoria, that those people are even having that

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Speaker 4: good of a time if they're like posting it on

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Speaker 4: Insta and having their stories, Like why aren't they just

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Speaker 4: having a good time? Like why do they need to

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Speaker 4: show people that you're right? I don't know how many

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Speaker 4: people are getting fomo when I post pictures of my

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Speaker 4: cats online, but I do feel like often people are

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Speaker 4: trying to make their lives look better online than they

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Speaker 4: actually are. I'm not saying that that's a bad thing.

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Speaker 4: I'm just saying that it is a highlights reel. I

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Speaker 4: think it's a pretty dangerous thing. I think it's pretty dangerous,

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Speaker 4: but like, why are you posting online if you're not

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Speaker 4: having a good time? But also sometimes I've been a

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Speaker 4: bit guilty of that too, Like if I'm not having

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Speaker 4: an amazing time, I'm playing on my phone taking a

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Speaker 4: photo of the cocktail that's in front of me, And

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Speaker 4: I feel like it's very easy to make life look

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Speaker 4: like it's sunshine and roses when maybe it's not so.

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Speaker 4: I think it's important to have a little bit of

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Speaker 4: perspective here and remember that you are really important and

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Speaker 4: what someone else is engaging in isn't going to make

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Speaker 4: your life better or worse. If they are actually a

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Speaker 4: good friend, you'll see them another time, you'll do another

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Speaker 4: thing with them. You don't have to be included in

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Speaker 4: absolutely everything. And something that I have genuinely found really

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Speaker 4: empowering is just saying no, like hey, no, Like I

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Speaker 4: just don't want to do that at this point. It's

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Speaker 4: not because you don't like that person. And I feel

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Speaker 4: like there's a lot of pressure associated with saying yes

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Speaker 4: to things as well, Like it's sometimes not even just hoomo,

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Speaker 4: it's oh, I don't want to say no to my friend.

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Speaker 4: It's not pomo. I do want to be included, but

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Speaker 4: I also I don't really want to go out on

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Speaker 4: Friday night. I'm exhausted. But I also don't want to

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Speaker 4: say no because I don't want to let them down.

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Speaker 4: So I think that a lot of things come into this,

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Speaker 4: but we need to as a whole just get better

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Speaker 4: at saying no. Thank you.

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Speaker 1: Now.

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Speaker 4: You do always say, Victoria, that we should do what

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Speaker 4: aligns to our values and spend our money the way

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Speaker 4: that suits our goals. What like you purchasing a very

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Speaker 4: expensive jumper earlier. Yeah, I just like to remind you bad. Yeah,

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Speaker 4: so keep on keeping on. But like, what if traveling

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Speaker 4: or buying expensive jumpers or going out on the weekends

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Speaker 4: and having the best time while you're young or whatever

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Speaker 4: it may be. What if that you're a low mentality,

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Speaker 4: Like what if that is your value and I think

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Speaker 4: that that's really important. But regardless of what your values are,

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Speaker 4: you need to stick to your budget because your budget

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Speaker 4: is putting future you in the best possible position, and

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Speaker 4: future you is incredibly important. So admittedly, like budgeting is

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Speaker 4: not very sexy, like it is not a fun thing

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Speaker 4: to do. Hopefully, like She's on the Money is trying

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Speaker 4: to break that down a little bit. But at the

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Speaker 4: end of the day, budgeting is not sexy. But what

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Speaker 4: it will do is give you the power of choice.

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Speaker 4: So it will tell you how much you can spend

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Speaker 4: on traveling so that that can become sustainable for you.

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Speaker 4: So if you are in a situation where like you

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Speaker 4: really don't want to listen to you because you don't

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Speaker 4: really talking about I'm just going to leave now and

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Speaker 4: work it out later, Well, what if I told you

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Speaker 4: that by paying attention to your budget now means that

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Speaker 4: you can travel now, but also all the way through

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Speaker 4: until you're eighty, Whereas if you make really bad financial

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Speaker 4: decisions right now and prioritize traveling right now, that will

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Speaker 4: mean that there is the possibility that in a few

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Speaker 4: years time you'll have massive amounts of debt, not be

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Speaker 4: able to afford it, and you genuinely won't be able

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Speaker 4: to travel. That's not in line with your values. So

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Speaker 4: paying attention to your budget and sticking to your budget

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Speaker 4: is incredibly important, and I don't think enough people prioritize

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Speaker 4: that is.

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Speaker 3: This truly a millennial, young, silly person's thing, or is

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Speaker 3: this something that you see with your legitimate clients at

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Speaker 3: the office.

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Speaker 4: Is that it's absolutely not just millennials. It is everybody.

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Speaker 4: So I think that fomo is something that looks different

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Speaker 4: to different generations. So previously you might have looked, let's

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Speaker 4: say my parents' generation, and my parents don't do this, thankfully,

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Speaker 4: but you would see people with really expensive cars, really

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Speaker 4: expensive houses. Keeping up with the Joneses is not a

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Speaker 4: new term. I think fomo is just the new term

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Speaker 4: that you and I have adopted because it feels more

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Speaker 4: comfortable than keeping up with the Joneses, because we're not

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Speaker 4: trying to keep up with the neighbors. We're now trying

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Speaker 4: to keep up with the world, and that's crazy, and

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Speaker 4: that is a lot of pressure that we are putting

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Speaker 4: on ourselves. So no longer are we just competing with

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Speaker 4: a person who lives in the same suburb as us,

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Speaker 4: who lives next door, who bought a brand new car.

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Speaker 4: We are actually competing with social media influencers who have

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Speaker 4: millions of dollars of income when we don't. So no

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Speaker 4: longer is it comparable and potentially a possibility for us

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Speaker 4: to compete. We are now not feeling good about ourselves

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Speaker 4: because of it. So foma is not even necessarily an experience.

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Speaker 4: It can be an object, it could be anything. I

387
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Speaker 4: think it's just fear of missing out. So missing out

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Speaker 4: on opportunities, missing out on experience, is missing out on

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Speaker 4: being included in a social circle. I think that it

390
00:18:04,480 --> 00:18:08,200
Speaker 4: is important to take into consideration that I get FOMO everything,

391
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Speaker 4: So I'm like, oh my gosh, what if I don't

392
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Speaker 4: buy those shoes, they might not be there later. Like

393
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Speaker 4: to me, that's a fear of missing out in the future.

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Speaker 4: So I think it's important to take that into consideration

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Speaker 4: as well. And you know what, at the end of

396
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Speaker 4: the day, none of us want to miss out on

397
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Speaker 4: really exciting moments in our lives, Like not one of

398
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Speaker 4: us is going to put ourselves in a position on

399
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Speaker 4: the go let's just skip all the fun stuff. But

400
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Speaker 4: we don't also don't want to be really worried about

401
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Speaker 4: the impact of going out and having fun with our

402
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Speaker 4: friends and the impact that will have on our finances

403
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Speaker 4: because it can be really big. So I think that

404
00:18:39,840 --> 00:18:42,439
Speaker 4: fomo is something that we really need to be talking

405
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Speaker 4: about more so we can internally reflect on why that

406
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Speaker 4: anxiety exists, Like what do you feel like you are

407
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Speaker 4: missing out on and how can you supplement that in

408
00:18:52,600 --> 00:18:55,239
Speaker 4: some other way? Or are you not missing out on

409
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Speaker 4: anything at all by staying at home and actually having

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Speaker 4: a really nice night in, because sometimes I just prefer.

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Speaker 3: That for sure, I think as well, like when you

412
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Speaker 3: do feel that fomo, like that little stab in your

413
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Speaker 3: guts that you're missing out on something or an event,

414
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Speaker 3: like it's over in a night or a weekend, and

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Speaker 3: then no one's talking about it ever again, and it's

416
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Speaker 3: like you didn't spend all of that money on that

417
00:19:17,560 --> 00:19:20,120
Speaker 3: experience that no one's talking about anymore. Not that that

418
00:19:20,160 --> 00:19:23,240
Speaker 3: should matter, but I think people love like they love

419
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Speaker 3: the idea that they're going to have the best stories

420
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Speaker 3: and they're going to show after their friends. But realistically,

421
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Speaker 3: like you might have a few cool photos from a festival.

422
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Speaker 4: Or something that like the teacher really have a good time,

423
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Speaker 4: you know, yeah, exactly. And I think that it's really

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Speaker 4: important to remember that sometimes the financial stress is not

425
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Speaker 4: worth it, regardless of how good the experience is. I know,

426
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Speaker 4: I've been in this situation where I this is historic call,

427
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Speaker 4: and you know, I remember being at university and agreeing

428
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Speaker 4: to go to a friend's birthday dinner, and I remember

429
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Speaker 4: it being a really expensive dinner, but the entire evening,

430
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Speaker 4: all I could think about was how much it was costing. Yeah,

431
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Speaker 4: And I feel like that potentially ruined my entire experience

432
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Speaker 4: instead of being able to really enjoy it. So I

433
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Speaker 4: think remembering that that is something that can happen as

434
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Speaker 4: well is really important so that we can practice a

435
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Speaker 4: little bit of self control and develop some habits that

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00:20:12,480 --> 00:20:16,720
Speaker 4: allow us to enjoy life but also make smart financial decisions.

437
00:20:17,359 --> 00:20:19,840
Speaker 4: So how can we be more mindful about not falling

438
00:20:19,880 --> 00:20:22,040
Speaker 4: into the fomo trap? Then? I think that there are

439
00:20:22,080 --> 00:20:23,679
Speaker 4: a lot of ways that we can just be a

440
00:20:23,680 --> 00:20:26,080
Speaker 4: little bit more mindful. One of them is if you

441
00:20:26,119 --> 00:20:28,280
Speaker 4: don't have the money, maybe make a rule that you

442
00:20:28,359 --> 00:20:30,480
Speaker 4: just skip it so that you're not going into debt

443
00:20:30,520 --> 00:20:33,080
Speaker 4: for things and being really honest with your friends. We

444
00:20:33,119 --> 00:20:35,199
Speaker 4: can be a little bit more mindful by discussing it

445
00:20:35,240 --> 00:20:38,359
Speaker 4: with our friends as well. And I think that the

446
00:20:38,440 --> 00:20:41,840
Speaker 4: rule that I've spoken about before on the podcast is

447
00:20:41,920 --> 00:20:45,640
Speaker 4: putting twenty four hours between you and your spending. So

448
00:20:45,720 --> 00:20:48,080
Speaker 4: if you can make that twenty four hours or one week,

449
00:20:48,359 --> 00:20:50,199
Speaker 4: sit on it for a week, sit on it for

450
00:20:50,240 --> 00:20:53,199
Speaker 4: twenty four hours. This is more for like items than

451
00:20:53,280 --> 00:20:56,040
Speaker 4: things like trips, because usually you'll spend a fair bit

452
00:20:56,119 --> 00:20:59,760
Speaker 4: more time planning a trip. Obviously, but we feel like

453
00:20:59,800 --> 00:21:02,639
Speaker 4: we missing out on things when we really aren't. So

454
00:21:02,760 --> 00:21:04,879
Speaker 4: maybe set a date that you say, all right, well,

455
00:21:04,920 --> 00:21:06,920
Speaker 4: if i feel like i'm missing out on these right now,

456
00:21:07,000 --> 00:21:08,800
Speaker 4: I'm going to set a date that I allow myself

457
00:21:08,800 --> 00:21:11,119
Speaker 4: to have that if I'm still feeling like I'm missing

458
00:21:11,119 --> 00:21:13,159
Speaker 4: out on it, And nine times out of ten, I

459
00:21:13,200 --> 00:21:16,600
Speaker 4: guarantee you that you won't actually want that item anymore

460
00:21:16,600 --> 00:21:19,800
Speaker 4: because the shininess of it has already worn off. So

461
00:21:19,880 --> 00:21:23,400
Speaker 4: I think it's just put that time in between you

462
00:21:23,480 --> 00:21:25,960
Speaker 4: and making a decision so you can make the right

463
00:21:26,000 --> 00:21:29,280
Speaker 4: decision for you. I also think that if you know

464
00:21:29,400 --> 00:21:33,000
Speaker 4: your goals and your values inside out, you'll know pretty

465
00:21:33,040 --> 00:21:34,800
Speaker 4: quickly as to whether it's something you want to do

466
00:21:34,920 --> 00:21:37,160
Speaker 4: or not. I think that if we don't have clarity

467
00:21:37,200 --> 00:21:39,919
Speaker 4: on something, it is really easy to just go with

468
00:21:39,960 --> 00:21:43,119
Speaker 4: a flow and agree to whatever everybody else is doing.

469
00:21:43,240 --> 00:21:45,040
Speaker 4: Whereas if you can sit down and go, Okay, well,

470
00:21:45,040 --> 00:21:46,760
Speaker 4: these are my goals, these are the things that I

471
00:21:46,800 --> 00:21:49,560
Speaker 4: want to achieve. Or even if you can't pinpoint some goals,

472
00:21:49,800 --> 00:21:52,080
Speaker 4: making some savings goals so that at that point you

473
00:21:52,080 --> 00:21:54,600
Speaker 4: can reassess you know what you actually want to achieve,

474
00:21:55,080 --> 00:21:57,840
Speaker 4: you can go okay, well, this is what I'm working towards,

475
00:21:57,880 --> 00:21:59,879
Speaker 4: and this decision would get in the way of me

476
00:22:00,080 --> 00:22:02,480
Speaker 4: working towards that it will give you the clarity and

477
00:22:02,520 --> 00:22:05,840
Speaker 4: the confidence that you need to make smarter financial decisions

478
00:22:05,880 --> 00:22:11,200
Speaker 4: longer term.

479
00:22:11,400 --> 00:22:13,720
Speaker 3: Hi, then you've preached the shoes on the money mail lox.

480
00:22:13,800 --> 00:22:15,440
Speaker 3: Do you have a money problem you want help solving

481
00:22:15,560 --> 00:22:17,080
Speaker 3: to have the money to Lemma get you just want

482
00:22:17,080 --> 00:22:19,200
Speaker 3: to chat about Victoria is here to help.

483
00:22:19,600 --> 00:22:20,040
Speaker 4: Every week.

484
00:22:20,119 --> 00:22:22,080
Speaker 3: We'll be planning your questions to help make sense that

485
00:22:22,119 --> 00:22:24,199
Speaker 3: the money mess you may have found yourselfing. Take a

486
00:22:24,240 --> 00:22:26,119
Speaker 3: quick recording on your phone and send it through to

487
00:22:26,200 --> 00:22:28,520
Speaker 3: podcast at cheeso themoney dot com dot you, and you

488
00:22:28,600 --> 00:22:30,920
Speaker 3: might even find yourself on the show. But for now,

489
00:22:31,000 --> 00:22:32,240
Speaker 3: here's today's listener question.

490
00:22:33,119 --> 00:22:35,159
Speaker 2: Hey guys, just calling in to see if you can

491
00:22:35,200 --> 00:22:37,080
Speaker 2: help me break a bad habit that I think is

492
00:22:37,080 --> 00:22:40,720
Speaker 2: really sabotaging my savings. I'm twenty three, and sometimes I

493
00:22:40,840 --> 00:22:43,040
Speaker 2: just spend in the moment without really giving thought to

494
00:22:43,080 --> 00:22:45,480
Speaker 2: how it could impact me financially in the long run.

495
00:22:45,920 --> 00:22:47,800
Speaker 2: I often don't want to feel left out, so I'll

496
00:22:47,800 --> 00:22:50,040
Speaker 2: go along with last minute plans, like going out for

497
00:22:50,080 --> 00:22:52,760
Speaker 2: expensive nights or dinners. But then the next day I

498
00:22:52,800 --> 00:22:55,040
Speaker 2: realize I've spent way too much money that I haven't

499
00:22:55,040 --> 00:22:58,760
Speaker 2: budgeted for. Obviously, COVID has made it easier to say no,

500
00:22:59,080 --> 00:23:00,959
Speaker 2: But as these things start to go back to normal,

501
00:23:01,280 --> 00:23:03,280
Speaker 2: I'm looking for some ideas you may have so I

502
00:23:03,320 --> 00:23:06,359
Speaker 2: can continue saving without just wasting my money on silly

503
00:23:06,359 --> 00:23:07,159
Speaker 2: things all the time.

504
00:23:07,920 --> 00:23:10,720
Speaker 4: I think this is a really important question, Georgia, because

505
00:23:10,760 --> 00:23:13,959
Speaker 4: so many of us get sucked into FOMO in the moment,

506
00:23:14,280 --> 00:23:16,080
Speaker 4: like we'll be out for drinks with friends, or we'll

507
00:23:16,119 --> 00:23:17,879
Speaker 4: be on the phone to a friend and they'll suit

508
00:23:18,000 --> 00:23:20,760
Speaker 4: just something and you'll just jump at it and say, yeah, cool, Georgia,

509
00:23:20,840 --> 00:23:23,040
Speaker 4: let's do it? When can we do it? And I

510
00:23:23,040 --> 00:23:25,520
Speaker 4: think it's really important back to what we're saying before.

511
00:23:25,560 --> 00:23:27,440
Speaker 4: I think we had a really good chat about some

512
00:23:27,480 --> 00:23:30,520
Speaker 4: skills and some tools that you can use to mitigate

513
00:23:30,880 --> 00:23:34,960
Speaker 4: how fomo's impacting your financial health. But putting some time

514
00:23:35,080 --> 00:23:38,400
Speaker 4: in between you and your financial decisions is really important.

515
00:23:38,600 --> 00:23:41,200
Speaker 4: And if you're suffering from FOMO, whether it is impacting

516
00:23:41,240 --> 00:23:44,000
Speaker 4: your financial life or not, I think it's good to

517
00:23:44,359 --> 00:23:46,159
Speaker 4: take a little bit of a step back and have

518
00:23:46,240 --> 00:23:50,639
Speaker 4: a think about why you're experiencing that, because more often

519
00:23:50,680 --> 00:23:53,919
Speaker 4: than not, there is a deeper problem sitting there making

520
00:23:53,960 --> 00:23:57,240
Speaker 4: you feel anxious about not being involved or included. And

521
00:23:57,320 --> 00:23:59,720
Speaker 4: I think first things first, limit your time on social media.

522
00:24:00,160 --> 00:24:02,760
Speaker 4: We've harped on about this a number of times, but

523
00:24:02,920 --> 00:24:05,200
Speaker 4: of course this is an obvious answer, but I think

524
00:24:05,240 --> 00:24:07,919
Speaker 4: it is easier said than done, because the amount of

525
00:24:07,920 --> 00:24:09,879
Speaker 4: time that we spend on social media is often the

526
00:24:09,960 --> 00:24:12,080
Speaker 4: root of a lot of problems because we feel like

527
00:24:12,119 --> 00:24:14,000
Speaker 4: we need to be keeping up, or like we need

528
00:24:14,000 --> 00:24:15,960
Speaker 4: to be going to a winery on the weekend to

529
00:24:16,000 --> 00:24:18,800
Speaker 4: have wines with our girlfriends because that's just what you do, right, Like,

530
00:24:19,040 --> 00:24:22,280
Speaker 4: we need to be doing that. And by spending hours

531
00:24:22,400 --> 00:24:25,320
Speaker 4: scrolling through your feed, that puts us in a position

532
00:24:25,359 --> 00:24:27,680
Speaker 4: where we often wish for something that we don't have.

533
00:24:28,160 --> 00:24:30,280
Speaker 4: And if we can cut that out a little bit,

534
00:24:30,560 --> 00:24:33,680
Speaker 4: why not just try and arrange a different activity for

535
00:24:33,760 --> 00:24:35,520
Speaker 4: that time, Like why not organized to go for a

536
00:24:35,560 --> 00:24:37,920
Speaker 4: walk with a friend, or if that's not feasible, jump

537
00:24:37,960 --> 00:24:39,960
Speaker 4: on the phone with a friend and have a really

538
00:24:40,000 --> 00:24:42,359
Speaker 4: good chat, because more often than not, they are going

539
00:24:42,440 --> 00:24:44,480
Speaker 4: to be so much more relatable than the content that

540
00:24:44,520 --> 00:24:47,920
Speaker 4: you are consuming. I think it's also important, and this

541
00:24:48,000 --> 00:24:51,000
Speaker 4: is me being a little bit fluffy again. Is practice

542
00:24:51,000 --> 00:24:54,120
Speaker 4: gratefulness cute? Like the more I know it's a little

543
00:24:54,160 --> 00:24:56,359
Speaker 4: bit cute, But it's also like, the more we are

544
00:24:56,400 --> 00:24:58,760
Speaker 4: grateful for what we have, the less we feel like

545
00:24:58,840 --> 00:25:02,159
Speaker 4: we need. If we don't appreciate what we have, how

546
00:25:02,200 --> 00:25:05,119
Speaker 4: will we ever be happy with things that we keep getting?

547
00:25:05,320 --> 00:25:05,439
Speaker 3: Right?

548
00:25:05,560 --> 00:25:07,359
Speaker 4: So, I think if we can just practice a little

549
00:25:07,359 --> 00:25:10,760
Speaker 4: bit more gratefulness, it is going to impact our friends

550
00:25:10,760 --> 00:25:13,399
Speaker 4: and our family and our lives in such a positive way.

551
00:25:13,720 --> 00:25:15,760
Speaker 4: And I am such a big advocate of like a

552
00:25:15,880 --> 00:25:18,880
Speaker 4: gratitude journal. Oh, I mean, you could go that dramatic

553
00:25:18,960 --> 00:25:21,480
Speaker 4: and have a gratitude journal, but I really like to

554
00:25:21,560 --> 00:25:23,280
Speaker 4: just take note when I'm in the car, like if

555
00:25:23,280 --> 00:25:25,359
Speaker 4: I'm driving somewhere on my own, I just like some

556
00:25:25,480 --> 00:25:27,720
Speaker 4: things that I'm grateful for at the moment. And I

557
00:25:27,840 --> 00:25:30,560
Speaker 4: know that that sounds really lame, but I promise you

558
00:25:30,560 --> 00:25:34,160
Speaker 4: your entire life, we all transform the second you feel

559
00:25:34,160 --> 00:25:37,439
Speaker 4: grateful for what you have, regardless of what that is. Like,

560
00:25:37,800 --> 00:25:39,960
Speaker 4: I am more often than not just really grateful to

561
00:25:40,000 --> 00:25:42,560
Speaker 4: have the friends and family I have around me. Or

562
00:25:42,600 --> 00:25:44,080
Speaker 4: you know that I got to hang out with Georgia

563
00:25:44,160 --> 00:25:47,919
Speaker 4: King for our whole day exactly. But I do feel

564
00:25:47,960 --> 00:25:50,359
Speaker 4: like the more we are grateful for things, the more

565
00:25:50,400 --> 00:25:53,479
Speaker 4: we actually feel as though we need less. So that

566
00:25:53,520 --> 00:25:56,439
Speaker 4: would be something for me. And then back to my

567
00:25:56,560 --> 00:26:00,479
Speaker 4: favorite social media topic, remembering it's not reality. So just

568
00:26:00,560 --> 00:26:04,760
Speaker 4: remembering that what other people experience is not what they

569
00:26:04,800 --> 00:26:07,439
Speaker 4: put on social media, and that what they put on

570
00:26:07,440 --> 00:26:09,680
Speaker 4: social media is a highlight it's real. And I think

571
00:26:09,720 --> 00:26:11,719
Speaker 4: that that's where we can also practice a little bit

572
00:26:11,760 --> 00:26:14,600
Speaker 4: of gratefulness as well, and just talk about the importance

573
00:26:14,640 --> 00:26:17,240
Speaker 4: of being like cool, I'm really grateful of that. This morning,

574
00:26:17,320 --> 00:26:18,919
Speaker 4: I got up and I went for a walk with

575
00:26:18,960 --> 00:26:21,080
Speaker 4: my partner and we got a coffee and we had

576
00:26:21,080 --> 00:26:24,000
Speaker 4: a really good chat. And that just makes me really happy.

577
00:26:24,320 --> 00:26:26,520
Speaker 4: And I know that I don't need much more than

578
00:26:26,520 --> 00:26:28,840
Speaker 4: that in my life. So I think that if we

579
00:26:28,880 --> 00:26:32,119
Speaker 4: can just remember that social media isn't reality, be a

580
00:26:32,119 --> 00:26:34,679
Speaker 4: little bit more grateful, we can put ourselves in a

581
00:26:34,720 --> 00:26:38,320
Speaker 4: position where we are actually making better decisions and not

582
00:26:38,440 --> 00:26:40,160
Speaker 4: jumping it. Whatever is funning with us.

583
00:26:43,800 --> 00:26:47,040
Speaker 6: Hello, I'm twenty four and saving for a big adventure,

584
00:26:47,200 --> 00:26:48,480
Speaker 6: and this is my money diary.

585
00:26:48,720 --> 00:26:51,399
Speaker 3: Okay, now for the fun stuff. What good would a

586
00:26:51,400 --> 00:26:54,359
Speaker 3: money podcast be without the perfect mins. It's time for

587
00:26:54,440 --> 00:26:56,320
Speaker 3: money diary. Let's get into it.

588
00:26:56,560 --> 00:27:00,880
Speaker 6: So I used to be really anxious checking my bank

589
00:27:00,920 --> 00:27:04,199
Speaker 6: account and talking about money and it just, yeah, it

590
00:27:04,280 --> 00:27:07,840
Speaker 6: just used to make me feel stressed because I guess

591
00:27:07,880 --> 00:27:10,840
Speaker 6: I've fet it was a bit like out of my control.

592
00:27:11,200 --> 00:27:14,040
Speaker 6: And nowadays I feel like I've kind of got a

593
00:27:14,040 --> 00:27:16,399
Speaker 6: bit of a handle on that and I feel better

594
00:27:16,440 --> 00:27:18,560
Speaker 6: about it. But it's definitely something I need to keep

595
00:27:18,600 --> 00:27:21,080
Speaker 6: in check not to get stressed out about it and

596
00:27:21,200 --> 00:27:25,640
Speaker 6: just just face it. So when I first started listening

597
00:27:25,840 --> 00:27:30,960
Speaker 6: to the podcast, like, I was in quite a bit

598
00:27:31,000 --> 00:27:36,879
Speaker 6: of personal credit card debt and I just found it

599
00:27:36,960 --> 00:27:40,919
Speaker 6: really embarrassing and wasn't really sure how I let myself

600
00:27:40,960 --> 00:27:42,919
Speaker 6: get to that point, to be honest, because I'm just

601
00:27:42,960 --> 00:27:44,720
Speaker 6: I just never thought of myself for that kind of

602
00:27:44,800 --> 00:27:48,399
Speaker 6: person anyway. So when I started listening to the podcast,

603
00:27:48,440 --> 00:27:51,720
Speaker 6: it was like, yeah, just feeling really empowered and Victoria

604
00:27:51,720 --> 00:27:53,560
Speaker 6: made me feel like it's okay, and listening to all

605
00:27:53,600 --> 00:27:56,560
Speaker 6: the other people like sharing their stories on the podcast,

606
00:27:56,600 --> 00:27:58,960
Speaker 6: I was like, Okay, I'm not the only one. Maybe

607
00:27:59,000 --> 00:28:02,399
Speaker 6: I'm not the worst one out of the bunch. So

608
00:28:02,560 --> 00:28:05,359
Speaker 6: that was kind of like just do it, It'll be fine.

609
00:28:05,640 --> 00:28:07,880
Speaker 6: And then I managed to like, yeah, smash my debt.

610
00:28:07,960 --> 00:28:09,320
Speaker 4: So yeah, what.

611
00:28:09,240 --> 00:28:11,560
Speaker 1: Does she do to earn money? How much does she earn?

612
00:28:11,760 --> 00:28:14,479
Speaker 1: And how much is sitting in her bank account right now?

613
00:28:14,720 --> 00:28:18,479
Speaker 6: I have like a middle management position. I work in

614
00:28:18,520 --> 00:28:23,679
Speaker 6: the communications public relations industry. I earn sixty three thousand

615
00:28:23,720 --> 00:28:27,520
Speaker 6: dollars a year plus super At the moment, I have

616
00:28:27,880 --> 00:28:30,080
Speaker 6: about ten thousand dollars saved up.

617
00:28:30,400 --> 00:28:32,360
Speaker 1: What happens to the money once it hits her account.

618
00:28:32,400 --> 00:28:35,560
Speaker 6: So I'm not as organized and impressive as other people

619
00:28:35,880 --> 00:28:37,720
Speaker 6: on the podcast, So I don't have like a million

620
00:28:37,760 --> 00:28:41,800
Speaker 6: different accounts where my money goes. Basically, I just put

621
00:28:41,800 --> 00:28:44,880
Speaker 6: about one thousand dollars into my savings account. I get

622
00:28:44,880 --> 00:28:47,560
Speaker 6: paid for notly, so there's about two thousand dollars a

623
00:28:47,640 --> 00:28:50,920
Speaker 6: month into savings, and then everything else just kind of

624
00:28:50,920 --> 00:28:52,920
Speaker 6: sits in my account, and my direct debits come out

625
00:28:52,920 --> 00:28:55,680
Speaker 6: of that, and then like shopping and all that kind

626
00:28:55,680 --> 00:28:56,959
Speaker 6: of it just sits in the one account.

627
00:28:57,000 --> 00:28:59,760
Speaker 1: What is her attitude towards investing? Does she invest?

628
00:29:00,080 --> 00:29:03,680
Speaker 6: Yes, I have Rais. I've had it for over a

629
00:29:03,760 --> 00:29:07,080
Speaker 6: year now. I just have the like roundups turned on

630
00:29:07,680 --> 00:29:10,840
Speaker 6: and I put in about thirty dollars a week. So

631
00:29:10,960 --> 00:29:13,280
Speaker 6: I just find that that works for me, and it's

632
00:29:13,400 --> 00:29:16,880
Speaker 6: just kind of sitting there working in the background. I

633
00:29:16,920 --> 00:29:21,360
Speaker 6: am intending on taking out that money at some stage

634
00:29:21,400 --> 00:29:24,160
Speaker 6: because I plan on moving overseas, so it's just kind

635
00:29:24,200 --> 00:29:26,640
Speaker 6: of it's not really practical for me to just keep

636
00:29:26,640 --> 00:29:28,280
Speaker 6: investing when I'm in another country.

637
00:29:28,360 --> 00:29:30,880
Speaker 1: So yeah, what is her big money goal?

638
00:29:31,400 --> 00:29:35,640
Speaker 6: My big money goal is to step myself up really well,

639
00:29:35,680 --> 00:29:37,960
Speaker 6: because I want to move overseas and I'm not sure

640
00:29:38,000 --> 00:29:40,280
Speaker 6: how long I'll be without a job while I'm overseas,

641
00:29:40,320 --> 00:29:42,760
Speaker 6: so yeah, just to have as much money as possible

642
00:29:43,080 --> 00:29:46,120
Speaker 6: when i'm there. So I'm planning to move to Canada

643
00:29:46,160 --> 00:29:49,880
Speaker 6: and a working holiday, so yeah, just see the sites.

644
00:29:50,760 --> 00:29:53,040
Speaker 6: Hopefully get a job in my career and.

645
00:29:53,400 --> 00:29:55,360
Speaker 1: Yeah, what depths does she have if any?

646
00:29:55,560 --> 00:29:57,840
Speaker 6: Yes, I got a credit card when I started working

647
00:29:57,880 --> 00:29:59,880
Speaker 6: full time. I just thought it would be a good idea.

648
00:30:00,000 --> 00:30:02,040
Speaker 6: I didn't think that it would get out of control.

649
00:30:02,360 --> 00:30:05,320
Speaker 6: I ended up actually oweing seven thousand dollars and I

650
00:30:05,400 --> 00:30:08,760
Speaker 6: just didn't really know how I ended up with it.

651
00:30:08,840 --> 00:30:12,840
Speaker 6: It's just kind of crazy, and yeah, I just kind

652
00:30:12,840 --> 00:30:14,640
Speaker 6: of buried my head in the sand and didn't really

653
00:30:14,720 --> 00:30:16,960
Speaker 6: know what to do about it. And then yeah, I

654
00:30:16,960 --> 00:30:19,880
Speaker 6: found the podcast and I was like, I'm just being silly,

655
00:30:20,320 --> 00:30:23,200
Speaker 6: Like just face it head on. I don't know how

656
00:30:23,240 --> 00:30:25,200
Speaker 6: to explain how I just kind of went on was

657
00:30:25,200 --> 00:30:27,920
Speaker 6: a spending man and just put all my money into

658
00:30:27,960 --> 00:30:30,000
Speaker 6: my debt basically, and I managed to pay it off

659
00:30:30,040 --> 00:30:33,920
Speaker 6: in three months. So at the moment, the only debt

660
00:30:33,960 --> 00:30:36,480
Speaker 6: that I have is my hextet, which is about thirty

661
00:30:36,480 --> 00:30:41,440
Speaker 6: thousand dollars and then I have about thirty dollars in

662
00:30:41,480 --> 00:30:44,600
Speaker 6: my after pay account, but that's all under control, and

663
00:30:44,680 --> 00:30:47,800
Speaker 6: I just use it as a installment thing. I don't

664
00:30:48,520 --> 00:30:50,800
Speaker 6: purchase anything that I wouldn't buy right now with my

665
00:30:50,920 --> 00:30:53,720
Speaker 6: own money. So yeah, that's just sitting there.

666
00:30:53,760 --> 00:30:55,200
Speaker 1: What is her big money goal?

667
00:30:55,320 --> 00:30:59,320
Speaker 6: I just put it down basically to not keeping an

668
00:30:59,360 --> 00:31:04,440
Speaker 6: eye on it, and it just snowballing, basically. So at

669
00:31:04,520 --> 00:31:07,960
Speaker 6: one point I realized that my PayPal account was linked

670
00:31:08,000 --> 00:31:10,400
Speaker 6: to my credit card, and I just didn't realize that

671
00:31:10,480 --> 00:31:12,960
Speaker 6: it was. I thought it was linked to my everyday account,

672
00:31:13,200 --> 00:31:15,400
Speaker 6: so and I would pay for a lot of things

673
00:31:15,480 --> 00:31:18,120
Speaker 6: with my PayPal and it just, yeah, it just grew.

674
00:31:18,640 --> 00:31:20,360
Speaker 1: What is her best money habit?

675
00:31:20,600 --> 00:31:24,640
Speaker 6: I think that when I have a goal, I am

676
00:31:24,720 --> 00:31:27,360
Speaker 6: really determined to get there. So when I have a

677
00:31:27,360 --> 00:31:31,080
Speaker 6: clear goal in mind, I just kind of put everything

678
00:31:31,120 --> 00:31:34,040
Speaker 6: into it and make sacrifices and all that kind of stuff.

679
00:31:34,160 --> 00:31:35,800
Speaker 1: And what's her worst money habit?

680
00:31:35,880 --> 00:31:38,720
Speaker 6: Probably my worst money habit is a lifestyle creep so

681
00:31:38,800 --> 00:31:42,040
Speaker 6: because I am saving more money and I don't have

682
00:31:42,080 --> 00:31:44,280
Speaker 6: an end goal as to when I'm moving overseas because

683
00:31:44,320 --> 00:31:47,560
Speaker 6: of coronavirus. I can just let myself live a bit

684
00:31:47,560 --> 00:31:50,000
Speaker 6: more lavishly than I would if I knew that I

685
00:31:50,080 --> 00:31:51,360
Speaker 6: was moving next month?

686
00:31:51,560 --> 00:31:53,640
Speaker 1: And what grade would she give her money habits?

687
00:31:53,680 --> 00:31:56,520
Speaker 6: Back when I wasn't in control, I probably would have

688
00:31:56,520 --> 00:32:00,280
Speaker 6: given myself an F, like it just wasn't a good time,

689
00:32:01,320 --> 00:32:05,520
Speaker 6: But now I would probably give myself a C plus,

690
00:32:06,080 --> 00:32:10,360
Speaker 6: like definitely lots of room for improvement, have some good habits,

691
00:32:10,400 --> 00:32:11,760
Speaker 6: but just need to keep on top of it.

692
00:32:12,040 --> 00:32:14,360
Speaker 4: What did you think of today's money Darres Victoria twenty

693
00:32:14,360 --> 00:32:17,640
Speaker 4: four and saving for a big adventure. I feel like

694
00:32:17,760 --> 00:32:21,400
Speaker 4: she was so relatable when she said that she had

695
00:32:21,520 --> 00:32:23,800
Speaker 4: seven thousand dollars worth of credit card debt and it

696
00:32:23,920 --> 00:32:26,240
Speaker 4: just snowballed out of control, and she didn't know who

697
00:32:26,280 --> 00:32:29,520
Speaker 4: that her PayPal was actually linked to the account. I

698
00:32:29,560 --> 00:32:32,040
Speaker 4: feel like we've all been in a situation where our

699
00:32:32,080 --> 00:32:35,000
Speaker 4: finances have kind of gotten a little bit out of control.

700
00:32:35,440 --> 00:32:37,640
Speaker 4: So many people end up in credit card debt, and

701
00:32:37,720 --> 00:32:40,880
Speaker 4: nobody actually walks into credit card debt on purpose, Like,

702
00:32:40,960 --> 00:32:44,040
Speaker 4: not one person picks up a credit card and says, hey, Victoria,

703
00:32:44,160 --> 00:32:46,160
Speaker 4: like I really want to get into a whole heap

704
00:32:46,200 --> 00:32:48,440
Speaker 4: of debt. I feel like they need to stop being

705
00:32:48,440 --> 00:32:51,719
Speaker 4: so harsh on themselves because it is lifestyle creep. It

706
00:32:51,800 --> 00:32:54,000
Speaker 4: is something that creeps up on us. And that's why

707
00:32:54,040 --> 00:32:57,160
Speaker 4: if you think that you're not responsible with a credit card,

708
00:32:57,720 --> 00:33:00,280
Speaker 4: it's often better to not have one and be in

709
00:33:00,320 --> 00:33:02,760
Speaker 4: a situation where you're on top of it. In saying that,

710
00:33:02,840 --> 00:33:05,840
Speaker 4: I know so many people who are using credit cards

711
00:33:06,080 --> 00:33:09,400
Speaker 4: and they're using them properly, and they're you know, collecting points,

712
00:33:09,400 --> 00:33:12,080
Speaker 4: and it's aligned to their values and beliefs and goals.

713
00:33:12,680 --> 00:33:15,280
Speaker 4: And I think that for some people that works really well,

714
00:33:15,320 --> 00:33:17,880
Speaker 4: whereas for others it's just something that would get them

715
00:33:17,880 --> 00:33:19,960
Speaker 4: in a whole heap of trouble. So I think that

716
00:33:19,960 --> 00:33:22,200
Speaker 4: that's a very big part of when you're working out

717
00:33:22,200 --> 00:33:25,480
Speaker 4: your money mindset and your money stories, working out whether

718
00:33:25,520 --> 00:33:28,280
Speaker 4: you can actually trust yourself with a credit product or not.

719
00:33:28,640 --> 00:33:30,840
Speaker 4: And the same thing goes for after pay. She mentioned

720
00:33:30,840 --> 00:33:33,440
Speaker 4: that she has thirty dollars in after pay, and that

721
00:33:33,600 --> 00:33:35,600
Speaker 4: was before I knew that she had seven thousand dollars

722
00:33:35,640 --> 00:33:38,520
Speaker 4: well previously had seven thousand dollars worth of credit card debt,

723
00:33:38,720 --> 00:33:40,880
Speaker 4: and she said that she used it for installments. And

724
00:33:40,920 --> 00:33:43,880
Speaker 4: I actually think if you're in a situation where something

725
00:33:43,960 --> 00:33:47,040
Speaker 4: like after pay is actually helping you with cash flow

726
00:33:47,400 --> 00:33:50,240
Speaker 4: and helping you purchase things that you were going to

727
00:33:50,280 --> 00:33:53,920
Speaker 4: purchase anyway, but split the payment up over a period

728
00:33:54,000 --> 00:33:56,719
Speaker 4: of time. I think that that actually puts you in

729
00:33:56,800 --> 00:34:00,560
Speaker 4: more control of your financial future than not being in

730
00:34:00,600 --> 00:34:03,000
Speaker 4: control of it. In saying that, I've said it on

731
00:34:03,040 --> 00:34:06,080
Speaker 4: the podcast before, these things can creep out of control

732
00:34:06,160 --> 00:34:08,920
Speaker 4: really quickly and quite easily for a lot of us.

733
00:34:08,960 --> 00:34:11,400
Speaker 4: So I think we need to be really aware of

734
00:34:11,440 --> 00:34:13,879
Speaker 4: what we are like when it comes to products like this.

735
00:34:14,640 --> 00:34:16,760
Speaker 4: I loved that she said that she had ten thousand

736
00:34:16,800 --> 00:34:19,279
Speaker 4: dollars in savings. I know so many of us would

737
00:34:19,320 --> 00:34:21,640
Speaker 4: love to have that. It sounds like she's actually been

738
00:34:22,040 --> 00:34:25,799
Speaker 4: an absolute money wizard recently, especially on a sixty three

739
00:34:25,840 --> 00:34:29,080
Speaker 4: thousand dollars salary. She's actually in a position where she's

740
00:34:29,080 --> 00:34:31,680
Speaker 4: paid off seven thousand dollars worth of debt in the

741
00:34:31,760 --> 00:34:34,440
Speaker 4: last twelve months and she's got ten grand in savings.

742
00:34:34,480 --> 00:34:37,479
Speaker 4: That's absolutely no small feat. Like even to pay seven

743
00:34:37,520 --> 00:34:40,400
Speaker 4: thousand dollars worth of credit card debt off in three months,

744
00:34:40,600 --> 00:34:43,600
Speaker 4: what's that? That's like twenty three hundred dollars a month.

745
00:34:43,640 --> 00:34:47,000
Speaker 4: That she was contributing to debt repayments, and I feel

746
00:34:47,000 --> 00:34:49,960
Speaker 4: like that would have been a pretty significant lifestyle change

747
00:34:49,960 --> 00:34:52,239
Speaker 4: for her. And what did you think about the grade

748
00:34:52,280 --> 00:34:55,040
Speaker 4: that she gave herself her rating. I feel like it

749
00:34:55,160 --> 00:34:57,960
Speaker 4: was reasonable, but also I always think that our money

750
00:34:58,000 --> 00:35:01,880
Speaker 4: diarists are being really harsh on them. It's interesting she

751
00:35:01,920 --> 00:35:05,040
Speaker 4: gave herself a C plus, yet she'd completely gotten out

752
00:35:05,040 --> 00:35:08,200
Speaker 4: of her credit card debt, she has savings, she's got goals.

753
00:35:08,600 --> 00:35:10,960
Speaker 4: I feel like she was being a bit harsh on herself,

754
00:35:11,239 --> 00:35:13,879
Speaker 4: But I do think that the space she could improve on,

755
00:35:14,239 --> 00:35:16,640
Speaker 4: just from her saying that she feels really stressed and

756
00:35:16,680 --> 00:35:20,240
Speaker 4: sometimes freaks out about money, is to keep a really

757
00:35:20,320 --> 00:35:23,359
Speaker 4: clear budgeting and cash flow system. So if she can

758
00:35:23,400 --> 00:35:26,680
Speaker 4: get her budget under control and understand exactly what's coming

759
00:35:26,719 --> 00:35:29,360
Speaker 4: into her account every single week and month and what

760
00:35:29,600 --> 00:35:32,479
Speaker 4: exactly has to go out, and having a cash flow

761
00:35:32,520 --> 00:35:35,279
Speaker 4: system so you know which money comes in where and

762
00:35:35,320 --> 00:35:37,840
Speaker 4: where it should live and where you're putting things and

763
00:35:37,880 --> 00:35:40,800
Speaker 4: plugging it all together, that's going to make her feel

764
00:35:41,120 --> 00:35:43,960
Speaker 4: so much more in control. And for a lot of us,

765
00:35:44,040 --> 00:35:46,359
Speaker 4: doing a budgeting and cash flow system makes us put

766
00:35:46,400 --> 00:35:48,799
Speaker 4: our heads in the sand. But it's something that can

767
00:35:48,840 --> 00:35:52,080
Speaker 4: make you feel incredibly empowered. So for me, that would

768
00:35:52,120 --> 00:35:54,720
Speaker 4: be my biggest tip for her. But it absolutely sounds

769
00:35:54,760 --> 00:35:56,719
Speaker 4: like she's on the right track and I am so

770
00:35:56,800 --> 00:35:59,399
Speaker 4: happy for her. Lovely tips of the truck.

771
00:36:00,000 --> 00:36:02,480
Speaker 3: Now that is all we have time for today, but

772
00:36:02,480 --> 00:36:04,160
Speaker 3: before we head off, let's quickly wrap the.

773
00:36:04,080 --> 00:36:05,560
Speaker 1: Boring but important stuff.

774
00:36:05,600 --> 00:36:07,319
Speaker 3: The advice shared on she Is on the Money is

775
00:36:07,360 --> 00:36:10,680
Speaker 3: general in nature and does not consider your individual circumstances.

776
00:36:11,040 --> 00:36:12,640
Speaker 1: She's on the Money exists.

777
00:36:12,280 --> 00:36:15,120
Speaker 3: Purely for educational purposes and should not be relied upon

778
00:36:15,120 --> 00:36:17,080
Speaker 3: to make an investment or financial decision.

779
00:36:17,680 --> 00:36:19,120
Speaker 1: And relax. We've promised.

780
00:36:19,200 --> 00:36:23,240
Speaker 3: Victoria Devine is an authorized representative of Australia Pacific Funds Management,

781
00:36:23,640 --> 00:36:26,120
Speaker 3: I Rough True Limited eight PM three four one three

782
00:36:26,200 --> 00:36:28,799
Speaker 3: two four six three two post seven AFSL three three

783
00:36:28,880 --> 00:36:31,560
Speaker 3: nine one five one and as always, big shout out

784
00:36:31,600 --> 00:36:33,960
Speaker 3: to our audio King Brian John for putting together.

785
00:36:33,719 --> 00:36:36,719
Speaker 4: Today's We would love it if you joined our Facebook

786
00:36:36,719 --> 00:36:39,560
Speaker 4: group where our community Georgia King, over more than eighty

787
00:36:39,760 --> 00:36:43,680
Speaker 4: thousand people, shares money tips and tricks every single day,

788
00:36:43,719 --> 00:36:46,440
Speaker 4: free of judgment. Search She's on the Money on Facebook

789
00:36:46,480 --> 00:36:48,600
Speaker 4: and join us if Facebook's not your thing, or you

790
00:36:48,640 --> 00:36:51,000
Speaker 4: want to follow us on instare as well. We're at

791
00:36:51,120 --> 00:36:53,520
Speaker 4: She's on the Money Amps.

792
00:36:52,800 --> 00:36:54,040
Speaker 1: And where else can you find us.

793
00:36:54,080 --> 00:36:57,120
Speaker 4: You can find us on your YouTube now as well,

794
00:36:57,560 --> 00:37:00,520
Speaker 4: and if you've listened to the last rap before us Pods,

795
00:37:00,560 --> 00:37:03,120
Speaker 4: I think I've mentioned it, but if you haven't checked

796
00:37:03,160 --> 00:37:05,680
Speaker 4: us out already, we would absolutely love it if you could,

797
00:37:05,840 --> 00:37:08,600
Speaker 4: because we have some really fun content coming out. See

798
00:37:08,600 --> 00:37:09,399
Speaker 4: you next week, guys.

799
00:37:09,520 --> 00:37:19,880
Speaker 5: Bye,