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Speaker 1: She's on the Money. She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: for millennials who want financial freedom. Impulse spending that sneaky

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Speaker 2: little habit that's crept into your routine and even though

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Speaker 2: you know it's sabotaging your larger financial goals, you still

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Speaker 2: can't quite seem to quit it. Well, stress no more, friends,

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Speaker 2: because today we're going to talk through our five foolproof

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Speaker 2: ways to help you stop impulse spending once and for all.

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Speaker 2: My name is Georgia King, and joining me as always

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Speaker 2: is Victoria Devine v.

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Speaker 3: Georgia King.

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Speaker 2: Hello, my girl. Hello, this chat has come at a

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Speaker 2: very interesting time time. Indeed, two things to point out.

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Speaker 2: Retail is back open for our Melbourne and Sydney listeners.

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Speaker 3: Money win or not money win, that's just a life win.

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Speaker 3: I'm just really excited about it being yet a little

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Speaker 3: bit more normal.

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Speaker 2: One hundred. It feels normal already, don't you think?

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Speaker 3: Have you been shopping yet?

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Speaker 2: No, neither of you.

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Speaker 3: Just the idea that I can is exall enough for

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Speaker 3: me exactly.

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Speaker 2: The other point, though, V, that I wanted to touch

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Speaker 2: on was after pay announcing that they will be infiltrating

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Speaker 2: the hospitality sector.

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Speaker 3: They will be, and I've been rather what would you say,

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Speaker 3: Georgia so opinionated both of those things on the internet

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Speaker 3: this week about that, and I feel like it's for

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Speaker 3: good reason. I feel like I've obviously been quite skeptical

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Speaker 3: of buy now, pay later for a long time, and

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Speaker 3: I guess, to preface this part of the chat, I

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Speaker 3: don't think by now, pay later is terrible. I think

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Speaker 3: it's actually very cool tool. Like when you write down

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Speaker 3: exactly what it is, it's essentially a reverse layby, and

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Speaker 3: if you go, oh, v, I really wanted to pay

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Speaker 3: for a holiday, or I really wanted to pay for

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Speaker 3: this thing I really wanted, it kind of makes a

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Speaker 3: lot of sense. And I guess that's the draw card

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Speaker 3: to so many people, because you know, you don't have

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Speaker 3: to pay interest. You can pay it off in installments,

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Speaker 3: so you don't get it up front. And I'm sure,

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Speaker 3: actually not even I'm sure, George, I know for certain

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Speaker 3: there are a lot of people in our community that

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Speaker 3: use it as a really solid cash flow tool that

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Speaker 3: is really productive for their financial situations. And this week

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Speaker 3: that has been brought up a number of times because

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Speaker 3: of how vocal. I've been on it, but I just

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Speaker 3: feel like hospitality is one step too far, Like it

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Speaker 3: is just look, it is just a bit too much

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Speaker 3: and a little bit predatory from me.

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Speaker 2: So they're basically saying, v that you can now like

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Speaker 2: order your palma and pot and then pay later. That's

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Speaker 2: that's the gist. Yet it's like restaurants and bars and

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Speaker 2: I don't know the clubs. I'm not sure.

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Speaker 3: Yeah, And I know that this is a bit topical

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Speaker 3: because obviously this is a luxury and if it's in

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Speaker 3: line with your values and all of that other stuff.

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Speaker 3: And you know, Dave Ramsey, who's a very big financial

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Speaker 3: guru in the US, I guess, has been crucified historically

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Speaker 3: for saying things like, if you're in debt, you shouldn't

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Speaker 3: be going out to eat at restaurants. And I don't

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Speaker 3: believe in that. I don't subscribe to that at all.

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Speaker 3: I think it's about, you know, actually paying off your

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Speaker 3: debt but living at the same time and having good

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Speaker 3: balance in your life. But the idea that when you're

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Speaker 3: in a compromised position, you've had a few too many

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Speaker 3: bevraginos George, and you're wanting to shout the girls a

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Speaker 3: few espresso martinis like that adds up. And I did

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Speaker 3: the maths on my Instagram stories over the weekend, and

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Speaker 3: it's just it's honestly terrifying. And at the end of

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Speaker 3: the day, what's an average espressi in the city, George,

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Speaker 3: Like twenty bucks?

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Speaker 2: Oh girl, at least twenty at least.

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Speaker 3: So if we did that and you've got four friends,

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Speaker 3: which is four more than I have, that's eighty bucks

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Speaker 3: for a round of espresso martinis. And if you're in

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Speaker 3: your early twenties, it wouldn't be you know, a miss

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Speaker 3: to say that you've done that four times in a month,

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Speaker 3: times that by every week of the year. That's an

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Speaker 3: additional four one hundred and sixty dollars that you're, you know,

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Speaker 3: tapping in a way that maybe you wouldn't have if

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Speaker 3: you'd just taken out your debit card, because in the

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Speaker 3: back of your mind you knew maybe there's only fifty

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Speaker 3: bucks on there and you're not going to do the

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Speaker 3: round of espresso martini. So I'm not saying that that's

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Speaker 3: what it is. I just feel like this is a

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Speaker 3: step too far, and it's just it's a lot, George.

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Speaker 2: I feel like you're being quite generous to the buy now,

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Speaker 2: pay later providers, because remember before we jumped on the mics,

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Speaker 2: you were telling me about.

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Speaker 3: Oh, how much debt there was?

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Speaker 2: Yeah, yeah, yeah, And that's.

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Speaker 3: Look it is. I think I'm being a little bit

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Speaker 3: more reserved on this because I just don't want people

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Speaker 3: to think that I think that they're awful and I do,

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Speaker 3: you know what summary I do, But I don't want

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Speaker 3: you guys to think that I just don't have this

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Speaker 3: ability to see the flip side of the argument, whereas

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Speaker 3: I genuinely believe I can sit on both sides of

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Speaker 3: that and go, no, I can see it's really really good,

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Speaker 3: but on the flip side, I can see how predatory

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Speaker 3: it is and how bad it is. And any business

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Speaker 3: that markets to you Georgia and says oh, don't stress

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Speaker 3: now is taking advantage of future you exactly, like they

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Speaker 3: are absolutely taking advantage of future you. And to say

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Speaker 3: don't worry about it or don't worry about drinks, like

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Speaker 3: that's that's crazy talk. Like to me, it just seems

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Speaker 3: like they're making it sound like, oh, no, you deserve it,

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Speaker 3: and I get it, you do, Like it's not about that.

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Speaker 3: It's more about Yeah, there's another one that's come out

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Speaker 3: as well, George. It's called payoh, And I probably shouldn't

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Speaker 3: be naming names, but I feel like it's just one

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Speaker 3: of those things that, you know, we should be talking

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Speaker 3: about this, and if they're putting themselves out there and

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Speaker 3: exactly the same way we do, you know, people should

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Speaker 3: be able to talk about this openly and honestly. But

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Speaker 3: someone commented on one of their posts and said, why

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Speaker 3: do we need to pay for food later as well now,

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Speaker 3: like kind of laughing as a joke, and this company replied, Hi,

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Speaker 3: they're payos for those days where you feel like going

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Speaker 3: for another cocktail but not having to worry about the bill,

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Speaker 3: Like should we seem not to be worried aboutout the

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Speaker 3: bill like we are. It just feels like that's misleading,

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Speaker 3: and we've seen it with after pay before. It was

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Speaker 3: like that advertising Georgia they came out with a while

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Speaker 3: ago that you I think you pointed it out or

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Speaker 3: someone in the Facebook group posted it and it said

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Speaker 3: brokef but strongly support treating yourself and I was like,

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Speaker 3: that is not good. But I feel like that wasn't

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Speaker 3: the one that you posted in our group chat was it.

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Speaker 2: No, it wasn't. Firstly, I hate them using the young

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Speaker 2: people's language. Brokf don't touch it. That's that's rude.

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Speaker 3: Georgia says, it's rude, so you should stop.

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Speaker 2: It's just I'm not enough to pay fan as you

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Speaker 2: might be able to tell. But the billboard I saw

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Speaker 2: a v said stop paying money to use money.

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Speaker 3: What No, you're using your own money and it's a

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Speaker 3: slippery slope that you could easily trip down and find

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Speaker 3: yourself owing more money. And an interesting statistic Georgia that

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Speaker 3: I looked up because I was like, no, I'm going

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Speaker 3: to look into this and actually read their annual report

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Speaker 3: last year they made sixty eight point eight million dollars

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Speaker 3: Georgia on late fees alone. Like that wasn't their profit.

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Speaker 3: That was just on late fees. So if people are like,

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Speaker 3: oh my gosh, I'm so good at it, congratulations, genuinely,

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Speaker 3: I'm so proud of you. And as I've said before,

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Speaker 3: it is a great tool in theory, and it is

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Speaker 3: a great tool for people who are able to control

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Speaker 3: themselves and have really good self discipline. But that's not

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Speaker 3: actually the majority, and a lot of people who have

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Speaker 3: problems with impulsiveness or you know, we had that whole

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Speaker 3: episode Georgia on neurodivergence and how that can impact your

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Speaker 3: spending and how you know, even being on there autism

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Speaker 3: spectrum can do it. Like these people are at more

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Speaker 3: risk because of tools like this and for it to

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Speaker 3: be even more accessible. It just it sits really incorrectly

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Speaker 3: with me.

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Speaker 2: I suppose Well, they're also just praying on the like

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Speaker 2: instant gratification culture that we've created, right like this just

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Speaker 2: can you imagine our parents getting involved with this. They'd

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Speaker 2: be like, no, say first and then go out for

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Speaker 2: the fancy chicken parmesana, you know what I mean, Like, yeah, yes,

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Speaker 2: it's very much looking at our generation and targeting our generation,

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Speaker 2: which is not cool.

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Speaker 3: Yeah, And I just feel like it's one of those

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Speaker 3: things where you know, you and I talk about it

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Speaker 3: and I would really like to acknowledge our privilege here

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Speaker 3: because you know, we're using examples like a palma like

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Speaker 3: that to me is a luxury, Like I don't really

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Speaker 3: eat palmas, but it's an absolute luxury at the end

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Speaker 3: of the day. Like you and I are looking at

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Speaker 3: this and going, Okay, hospitality this means going out for dinner.

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Speaker 3: That's a luxury thing, so kind of makes sense. But

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Speaker 3: the reality is is there are actually a lot of

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Speaker 3: people that aren't able to put food on the table

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Speaker 3: at the moment. And I'm not, i guess, criticizing them

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Speaker 3: if they go and use this for that reason, but

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Speaker 3: I would assume that that type of person or somebody

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Speaker 3: who's in the situation where you unfortunately just can't feed

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Speaker 3: your family that week. Like I'm not saying I get it,

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Speaker 3: because I've never been in that situation. But if you're

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Speaker 3: going to put groceries on after pay, because that's how

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Speaker 3: you're putting food on the table this week, go do it.

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Speaker 3: Please never feel bad about that situation. But that doesn't mean, Okay,

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Speaker 3: I can't put food on the table. I'm going to

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Speaker 3: go and you know, take my kids out for dinner

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Speaker 3: at a five star restaurant and you know, get a

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Speaker 3: few cocktails and live my best life because it's future

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Speaker 3: me's problem. Like that's what I'm talking about here. I'm

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Speaker 3: not talking about people who can't afford food. And there's

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Speaker 3: obviously a really big issue surrounding that at the moment.

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Speaker 3: And George will probably get into that in another podcast

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Speaker 3: in the nearish future, especially with Christmas coming up. But

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Speaker 3: I just think that this is such a slippery slope,

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Speaker 3: like where does it stop? Like this is just enabling

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Speaker 3: people who are into gambling, who are into alcohol to

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Speaker 3: make different decisions. And I think it would be a

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Speaker 3: miss of me to say, like if I've had a

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Speaker 3: few champagnes, like if I was hypothetically, you know, celebrating

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Speaker 3: my engagement that maybe or maybe didn't happen recently. No,

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Speaker 3: But like I am more likely to make bad financial decisions.

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Speaker 3: And that's why I'm such an advocate of a really

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Speaker 3: solid budget cash flow plan so that you can't muck

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Speaker 3: up and you can't go into a whole heap of

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Speaker 3: debt and you don't, you know, dip into your savings

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Speaker 3: and then the next day wake up feeling a little

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Speaker 3: bit dusty but also a bit upset with yourself because

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Speaker 3: you've compromised your future financial goals. Like I am such

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Speaker 3: an advocate of really good systems, and somehow if after

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Speaker 3: pay or any buy now pay later system works for you, fantastic,

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Speaker 3: But that, from my perspective, is absolutely not the majority.

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Speaker 3: And as Glenn James would say, if you've budgeted for it,

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Speaker 3: Why did you need to enough to pay because you

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Speaker 3: already would have had the money in your account, wouldn't.

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Speaker 2: You exactly exactly right?

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Speaker 3: So ah yeah, it just feels like a really slippery slope.

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Speaker 3: And I just don't want people to start normalizing these things.

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Speaker 3: And it is becoming so normal right Like after pay

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Speaker 3: is everywhere, like it's in our supermarkets, it's literally out

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Speaker 3: for dinner, it's following us everywhere Georgia. I know that

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Speaker 3: on zip pay you can actually add that to your

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Speaker 3: Apple wallet, so you can just tap on zippay and go,

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Speaker 3: and it just it feels crazy.

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Speaker 2: My only question then, V would be like what about

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Speaker 2: when people say yeah, but like people just put their

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Speaker 2: food on credit cards anyway, Like what's the difference there?

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Speaker 1: Ah?

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Speaker 3: Yes, And I touched on this online this week as well,

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Speaker 3: and I feel like you're right, you could just put

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Speaker 3: it on credit. Do I support you doing that if

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Speaker 3: you're already in debt? Absolutely not. I don't think you

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Speaker 3: should be putting cocktails on credit at all for any reason.

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Speaker 3: But I think the important thing to really understand here

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Speaker 3: is that credit cards enough to pay are really different.

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Speaker 3: The accessibility of these two things are very different. A

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Speaker 3: credit card is regulated here in Australia. If Georgia you

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Speaker 3: woke up tomorrow morning you said, you know what, I

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Speaker 3: want a credit card. You have to go apply for that.

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Speaker 3: You have to go and submit an application, and they'll say, gee,

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Speaker 3: so nice. How long have you worked for shees on

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Speaker 3: the money? How much money do you earn? What do

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Speaker 3: you do you know, what does your cash flow look like?

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Speaker 3: And then they might go all right, Ge, we reckon,

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Speaker 3: We'll give you a thousand dollar credit card, or hey, Ge,

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Speaker 3: you know it might be a bougie credit card. We

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Speaker 3: can offer you a fifteen thousand dollar maximum. And that

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Speaker 3: decision has been made based on your credit score and

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Speaker 3: based on whether you have existing debt. And I can

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Speaker 3: bet my bottom dollar that if you were up to

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Speaker 3: your eyeballs in debt, especially after this Royal Commission, and

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Speaker 3: you went for another credit card, they'd be like, oh, Ge,

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Speaker 3: no decline. You'd be like, oh that sucks, I can't

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Speaker 3: access that. Buy now, pay later doesn't have any of

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Speaker 3: that regulation. In fact, here in Australia it is not

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Speaker 3: regulated in the same way that a credit card is.

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Speaker 3: And that is something that I would love to change.

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Speaker 3: I think that you know, as I've said before, I

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Speaker 3: believe that by now pay later does work for some people.

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Speaker 3: Let's regulate it. Let's make sure that only the right

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Speaker 3: people that aren't going to get into significant debt or

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Speaker 3: that aren't already in significant debt, can not use that service,

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Speaker 3: and that we are actually putting our community in a

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Speaker 3: better position, because unfortunately, if we look at the stats,

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Speaker 3: and you know, going back to that statistic that I

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Speaker 3: gave you before, sixty eight point eight million dollars in

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Speaker 3: late fees, Georgia, We've got a lot of educating to

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Speaker 3: do to get people to use these products correctly. And

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Speaker 3: until then, these companies are going to benefit significantly. And

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Speaker 3: how do we know that that person who you know,

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Speaker 3: maxed out all four of the credit cards they got

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Speaker 3: approved for, found themselves denied for the next credit card

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Speaker 3: and turned to after pay and then zip pay and

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Speaker 3: then all the other pays because they're not regulated. Like

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Speaker 3: it feels gross, Georgia, and it just feels like we

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Speaker 3: are not doing the right thing by our community or

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Speaker 3: putting them in the best possible position, which you know,

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Speaker 3: I've kind of made our mission, George.

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Speaker 2: Yeah, for sure. I wonder when they will introduce those regulations.

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Speaker 3: I have no idea, and there are a lot of

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Speaker 3: people advocating for this, and I would love to get

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Speaker 3: behind it, you know, foot and tail and whatever else

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Speaker 3: you say, because I just think that it's in the

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Speaker 3: best interest of our community to have these things regulated.

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Speaker 3: And I'm not saying you know, if you're listening along

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Speaker 3: and you're like, do you know what they I'm really responsible. Congrats,

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Speaker 3: Like I'm genuinely, really proud, and I hope that you know,

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Speaker 3: I hope George and I have been a part of

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Speaker 3: that journey to you being really financially stable and making

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Speaker 3: good decisions and maybe using enough to pay correctly. But unfortunately,

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Speaker 3: it's just not the case for most of our community.

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Speaker 3: And you've got to remember, Georgia, most of our community

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Speaker 3: are millennials and Gen X and you know, even younger now,

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Speaker 3: which is terrifying. But we're in this position where we

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Speaker 3: are the younger generation and we're the people that you know,

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Speaker 3: are getting crucified for not being able to buy houses

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Speaker 3: because we spent all our money on smashed avocado. Where

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Speaker 3: that generation that was crucifying us as now created products

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Speaker 3: that put us in a situation where we can now

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Speaker 3: get in debt for a smashed avocado. Yeah, it just

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Speaker 3: doesn't feel right.

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Speaker 2: Not not happy about it. I think just save your

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Speaker 2: money and then buy the things. You know, that's the

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Speaker 2: old fashioned way of doing it.

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Speaker 3: Solid advice from you there, George. Just save your money.

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Speaker 3: I really like it.

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Speaker 2: You know, it's simpler, there's less temptation.

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Speaker 3: Look, there is less temptation. But I feel like there

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Speaker 3: are probably enough minutes left in this podcast for us

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Speaker 3: to actually talk about how we can minimize impulse spending

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Speaker 3: and therefore save some money with some actual tips.

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Speaker 2: Correct a monto. Yeah, well, okay, so back to impulse spending.

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Speaker 3: The topic of today's show, not throwing off to.

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Speaker 2: Pay under it.

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Speaker 3: Okay, you know we're doing too so love.

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Speaker 2: Why do we love impulse spending so much? Oh?

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Speaker 3: Dopamine? It gives us the biggest hit of dopamine. It's

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Speaker 3: all based on our emotions. It could often have a

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Speaker 3: lot to do with our money stories, as we've discussed

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Speaker 3: on the podcast before, and the vironment we put ourselves in,

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Speaker 3: but also the environment we grew up in, and maybe

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Speaker 3: our parents were impulse spenders. I can I don't know.

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Speaker 3: I'm probably taking a bit of a stab in the

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Speaker 3: dark here, George, your parent's probably really good little savers

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Speaker 3: as well, And the apple doesn't ever fall that far

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Speaker 3: from the tree more often than not. So if your

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Speaker 3: parents were impulse spenders, you're more likely to probably spend

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Speaker 3: your money pretty spontaneously. And if they were savers, you're

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Speaker 3: very likely to be a pretty good saver. Because we

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Speaker 3: were taught that and we became comfortable with that, and

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Speaker 3: as a human we just like what's comfortable to us,

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Speaker 3: and that's usually what we are most consistent with. So

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Speaker 3: another reason why people tend to impulse shop is because

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Speaker 3: of their emotional state. And I've been guilty of this

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Speaker 3: so many times. If I've had a bit of a week,

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Speaker 3: or if I'm not feeling incredible, oh well, don't know

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Speaker 3: what I deserve any dress? Or I'm just going to

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Speaker 3: go to Chadsden. I'm just going to go have a look.

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Speaker 3: I'll just get myself out of the house. And you

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Speaker 3: might be seeking distraction or a little bit of joy,

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Speaker 3: And as I said, open plays into this, and that's

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Speaker 3: you seeking that We've talked on the pod before about,

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Speaker 3: you know, things that could replace dopamine. But the most

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Speaker 3: important thing about understanding impulsive spending is understanding why you

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Speaker 3: personally impulsively spend, because I might do it because I'm

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Speaker 3: feeling a bit flat after a really big week of work,

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Speaker 3: and Georgia you might do it for a completely different way,

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Speaker 3: on a completely different thing that I'd be like, oh,

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Speaker 3: I never spend money on that because I'm just not

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Speaker 3: as cool as Georgia King like Magnada. Oh no, I'm

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Speaker 3: just not cool enough, you know. So I just think

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Speaker 3: that it's really important to understand that your story is

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Speaker 3: your story alone, not somebody else's. And even though impulse

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Speaker 3: spending in your head might sound like bags and shoes

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Speaker 3: and you know, going in pulse spending and you know,

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Speaker 3: coming home with a million shopping bags, it can also

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Speaker 3: be additional spending while you're at the surface station and

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Speaker 3: you just feel the need to pick up chocolate bars

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Speaker 3: or you feel the need to grab an ice cream

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Speaker 3: or some chips because you know, maybe that wasn't something

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Speaker 3: you had as kid. Maybe that's you making yourself feel

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Speaker 3: good about something. So sit down and go When do

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Speaker 3: I feel like I impulsively need to spend money that

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Speaker 3: I hadn't intended on spending. So it's not like the

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Speaker 3: big shopping spree that you've been saving up for. That's

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Speaker 3: not impulsive spending. Impulsive spending is spending that you just

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Speaker 3: feel a little bit like you can't control, Like when

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Speaker 3: you see Fredo Frogs on sale and you're like, oh,

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Speaker 3: get that in my cart, Like why?

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Speaker 2: True?

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Speaker 3: I mean, Fredo Frogs are a good acquisition, I feel

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Speaker 3: through a good bar, although they're not nearly as big

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Speaker 3: as they used to be. Like I haven't eaten a

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Speaker 3: Fretdo frog in years. But do you remember those Carameli

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Speaker 3: Koala get a fundraisers Georgia and they were huge, And

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Speaker 3: I remember the kids at school would bring the boxing

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Speaker 3: in and they'd be like a dollar per Gigant or

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Speaker 3: Carameli Koala. They do not exist anymore.

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Speaker 2: It's it's horrible.

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Speaker 3: They're tiny. It's horrendous.

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Speaker 2: I think we've spoken about that on the pod before, pars.

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Speaker 3: Have we Well, it's because we're really heated about this

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Speaker 3: and I'm still pressed bring them back.

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Speaker 2: I feel like marketing probably plays into why we impulse

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Speaker 2: spend as well.

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Speaker 3: True es absolutely well, why do people spend so much

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Speaker 3: money on marketing if not to get people to spend

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Speaker 3: money on their product?

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Speaker 2: That's up.

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Speaker 3: Yeah, but brands are going to spend money on marketing

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Speaker 3: Georgia because they want us to buy their product, so

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Speaker 3: they're going to make it as attractive as possible, because otherwise,

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Speaker 3: why would you spend any money on marketing at all? Like,

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Speaker 3: I mean, there's legitimate roles for people to create these

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Speaker 3: marketing campaigns to sell more of X, Y and Z.

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Speaker 3: And I was watching a little while ago, because a

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Speaker 3: few weeks ago, it was a few weeks probably a

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Speaker 3: few months now because they all roll into one. Do

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Speaker 3: you remember when Jess recommended mcmillions as a documentary that

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Speaker 3: we should all want.

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Speaker 2: Yeah, it rings about Yeah.

401
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Speaker 3: So mcmillions is the story of McDonald's but the story

402
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Speaker 3: of the McDonald's monopoly, see how that game existed for

403
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Speaker 3: a really long time and the scam behind that. But

404
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Speaker 3: while I was watching that, I learned a lot about

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Speaker 3: why they do that. And it's not just because it's fun.

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Speaker 3: It literally more than doubles their sales every single time

407
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Speaker 3: they do monopoly, which is why they continue to do it.

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Speaker 3: Because there's sales double. It's flawless for them. So if

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Speaker 3: you're like, oh my gosh, like that makes sense, that's marketing.

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Speaker 3: That's them getting you to spend more money. And that's

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Speaker 3: the aim of business, right. We need to convince people

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Speaker 3: to separate from their money. And you know what, marketing

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Speaker 3: geniuses are pretty good at that. That's why the call

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Speaker 3: marketing genius is precisely.

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Speaker 2: I feel like sales as well, are really they suck

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Speaker 2: you into an impulse spend.

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Speaker 3: They absolutely do. So, you know, I think my favorite

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Speaker 3: word of the week, a word of the month is

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Speaker 3: slip pretty slope like it definitely is when it comes

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Speaker 3: to spending. And that's why we want to create a

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Speaker 3: really solid foundation for ourselves so that we understand our budget,

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Speaker 3: we understand our cash flow, and create these solid bricks

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Speaker 3: so that we don't end up on a slope. We're

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Speaker 3: actually standing on solid ground and whenever we're making a decision,

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Speaker 3: we go, okay, is this in the budget? Yes? No,

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Speaker 3: why am I doing this? I understand it because you've

427
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Speaker 3: got all those foundational skills below you so that you're

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Speaker 3: not you know, tipped over when something you know, he

429
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Speaker 3: pops up in his shiny and bright instead you go

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Speaker 3: oooh they're sneaky, instead of here take my money.

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Speaker 2: Yeah. Interesting. When I was reading for today's episode V,

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Speaker 2: I found this thing that kept on coming up, and

433
00:21:12,840 --> 00:21:15,760
Speaker 2: it was that milk is always at the back of

434
00:21:15,840 --> 00:21:18,680
Speaker 2: the supermarket, which I've never thought about. But how many

435
00:21:18,760 --> 00:21:22,000
Speaker 2: of us go to the supermarket purely for milk and bread?

436
00:21:22,359 --> 00:21:24,400
Speaker 2: But we have to go we have to go right

437
00:21:24,400 --> 00:21:26,880
Speaker 2: to the back, so that we're tempted to put all

438
00:21:26,880 --> 00:21:30,040
Speaker 2: the other little bits and pieces in our trolley instead

439
00:21:30,080 --> 00:21:32,320
Speaker 2: of just grabbing the milk and going. Yes, how smart

440
00:21:32,359 --> 00:21:32,640
Speaker 2: is that.

441
00:21:32,920 --> 00:21:35,960
Speaker 3: I hadn't even thought about the milk idea, but I

442
00:21:36,080 --> 00:21:38,600
Speaker 3: did know that's why they put the lollies they check out. Yeah,

443
00:21:38,640 --> 00:21:40,919
Speaker 3: there's always like kitkats or lollies, and they're never the

444
00:21:40,920 --> 00:21:41,600
Speaker 3: ones on sale.

445
00:21:41,720 --> 00:21:43,879
Speaker 2: Oh so true, smart cookies.

446
00:21:44,080 --> 00:21:46,400
Speaker 3: I feel like that's the only place in the supermarket

447
00:21:46,400 --> 00:21:47,920
Speaker 3: that I ever see a kinder surprise.

448
00:21:48,240 --> 00:21:53,200
Speaker 2: I'm convinced speaking brilliant chocolates. Let's move on here. As

449
00:21:53,240 --> 00:21:56,040
Speaker 2: we said before, impulse spending can be really tied to

450
00:21:56,119 --> 00:21:59,800
Speaker 2: our money stories. But is it something that we can

451
00:22:00,080 --> 00:22:03,280
Speaker 2: unlearn or are we stuck being impulse spenders for ever?

452
00:22:03,359 --> 00:22:04,320
Speaker 3: Oh? Absolutely?

453
00:22:04,560 --> 00:22:05,560
Speaker 2: Okay, okay, good.

454
00:22:05,680 --> 00:22:08,440
Speaker 3: No old dogs can learn new tricks. In fact, old

455
00:22:08,480 --> 00:22:11,400
Speaker 3: dogs are arguably always the cutest dogs, so like, there's

456
00:22:11,400 --> 00:22:14,280
Speaker 3: no such thing as too late. And as I said before,

457
00:22:14,880 --> 00:22:16,840
Speaker 3: I wasn't trying to be like, oh my gosh, you'll

458
00:22:16,880 --> 00:22:19,040
Speaker 3: trea you so much like your parents. But the apple

459
00:22:19,520 --> 00:22:21,720
Speaker 3: never falls far from the tree when it comes to

460
00:22:21,800 --> 00:22:25,320
Speaker 3: our base behaviors and impulse, spending is going to come

461
00:22:25,400 --> 00:22:28,600
Speaker 3: into that because it's what makes us feel comfortable, it's

462
00:22:28,840 --> 00:22:31,360
Speaker 3: what makes us feel maybe a little bit more protected.

463
00:22:31,400 --> 00:22:34,399
Speaker 3: It's something that we do for ourselves to boost our

464
00:22:34,440 --> 00:22:37,919
Speaker 3: dopamine levels that makes us feel like we are better

465
00:22:38,359 --> 00:22:40,520
Speaker 3: or that we are, you know, not as worse off

466
00:22:40,560 --> 00:22:43,360
Speaker 3: as we actually are. So if you have a behavior,

467
00:22:43,440 --> 00:22:47,080
Speaker 3: whether it is a spending behavior, or maybe you smoke,

468
00:22:47,200 --> 00:22:50,359
Speaker 3: or maybe you drink too much, or maybe you just

469
00:22:50,440 --> 00:22:53,679
Speaker 3: don't want to bite nails anymore, like any habit can

470
00:22:53,760 --> 00:22:57,640
Speaker 3: be reformed. But the important thing is really identifying what

471
00:22:57,680 --> 00:23:00,560
Speaker 3: that is, really identifying what those trees figs are. So

472
00:23:00,600 --> 00:23:02,760
Speaker 3: if you're biting your nails because you're stressed, work out

473
00:23:02,760 --> 00:23:05,679
Speaker 3: what you're stressed about. And the same goes for spending.

474
00:23:06,040 --> 00:23:08,600
Speaker 3: Just because it involves money doesn't mean it should be

475
00:23:08,640 --> 00:23:11,600
Speaker 3: looked at than any other habit changes and there are

476
00:23:11,760 --> 00:23:14,119
Speaker 3: millions of ways to change habits, like if you google

477
00:23:14,200 --> 00:23:16,840
Speaker 3: habit changing. There will be all these plans to change

478
00:23:16,840 --> 00:23:18,919
Speaker 3: your habit in thirty days or change your habit in

479
00:23:18,960 --> 00:23:21,080
Speaker 3: twenty one days, and you know, oh, six ways to

480
00:23:21,119 --> 00:23:23,680
Speaker 3: stop doing this. But I could sit here and give

481
00:23:23,720 --> 00:23:25,760
Speaker 3: you a million tips and be like, Okay, here's our

482
00:23:25,800 --> 00:23:28,720
Speaker 3: top five tips to save money, or here's our top

483
00:23:28,760 --> 00:23:32,800
Speaker 3: five tips to stop impulse purchasing. But the biggest tip, Georgia,

484
00:23:32,840 --> 00:23:36,359
Speaker 3: would be understanding yourself and your money story and scrolling

485
00:23:36,400 --> 00:23:39,240
Speaker 3: all the way back in your podcast app to our

486
00:23:39,359 --> 00:23:41,679
Speaker 3: very first episode on Money Stories, and I feel like

487
00:23:41,680 --> 00:23:45,359
Speaker 3: we're probably due for an updated Money Stories episode, Georgia.

488
00:23:45,720 --> 00:23:47,639
Speaker 2: It was a couple of years ago, Yeah, it was.

489
00:23:48,200 --> 00:23:50,480
Speaker 3: That's crazy to think. Do you know, if done nearly

490
00:23:50,600 --> 00:23:54,280
Speaker 3: more than two hundred episodes, you is insane. Those numbers

491
00:23:54,280 --> 00:23:57,120
Speaker 3: are crazy. But it's one of those things where if

492
00:23:57,160 --> 00:24:01,560
Speaker 3: you really understand yourself and you understand what triggers you

493
00:24:01,760 --> 00:24:05,199
Speaker 3: and what sets you on fire, like what makes you happy,

494
00:24:05,760 --> 00:24:09,240
Speaker 3: you're going to be able to identify what those things

495
00:24:09,280 --> 00:24:11,400
Speaker 3: are and stop them. And it doesn't mean you can't

496
00:24:11,400 --> 00:24:13,680
Speaker 3: pick up the extra chocolate bar at the servo. That's

497
00:24:13,720 --> 00:24:16,560
Speaker 3: what makes you really excited, and that's your like pick

498
00:24:16,600 --> 00:24:18,679
Speaker 3: me up for the week. That's not what we're talking

499
00:24:18,680 --> 00:24:21,840
Speaker 3: about here. What we're talking about is impulse spending that

500
00:24:22,119 --> 00:24:25,240
Speaker 3: is impacting your savings and you're investing and your future

501
00:24:25,280 --> 00:24:28,200
Speaker 3: goals and you don't actually want to be doing. And

502
00:24:28,320 --> 00:24:31,199
Speaker 3: often there's an external trigger for that. It might be stress,

503
00:24:31,640 --> 00:24:35,080
Speaker 3: it might be feeling lonely, it might be boredom. A

504
00:24:35,080 --> 00:24:38,040
Speaker 3: lot of people are really bored and they jump online.

505
00:24:38,240 --> 00:24:40,720
Speaker 3: How many packages did we all get during COVID?

506
00:24:40,800 --> 00:24:41,160
Speaker 2: Too many?

507
00:24:41,280 --> 00:24:44,160
Speaker 3: Like during lockdown. Every night, I'd sit on the couch

508
00:24:44,640 --> 00:24:47,240
Speaker 3: with my partner. It'd be Friday night, and I'd be

509
00:24:47,240 --> 00:24:50,080
Speaker 3: alot and boos is wild and I'd often be watching

510
00:24:50,119 --> 00:24:52,840
Speaker 3: Netflix and just flicking through the Iconic or flicking through

511
00:24:52,840 --> 00:24:55,480
Speaker 3: the shop pop at. It didn't matter what I was

512
00:24:55,600 --> 00:24:58,240
Speaker 3: up to. It was something to keep my mind entertained.

513
00:24:58,320 --> 00:25:00,720
Speaker 3: And yeah, you can do some pretty good convincing on

514
00:25:00,760 --> 00:25:02,960
Speaker 3: yourself after a glass of wine on the couch on

515
00:25:03,000 --> 00:25:05,360
Speaker 3: a Friday night with it a dress is really cute,

516
00:25:05,400 --> 00:25:07,120
Speaker 3: and then you definitely need it when you go back

517
00:25:07,119 --> 00:25:08,160
Speaker 3: to what Georgia.

518
00:25:07,960 --> 00:25:09,879
Speaker 2: Don't I know it? Don't I know it?

519
00:25:11,280 --> 00:25:13,679
Speaker 3: But it's true? And I think that that's where you

520
00:25:13,680 --> 00:25:16,160
Speaker 3: know we could get caught up in the really fluffy stuff,

521
00:25:16,200 --> 00:25:20,600
Speaker 3: but deeply understanding yourself and how you work and maybe

522
00:25:20,640 --> 00:25:23,960
Speaker 3: the dynamics of your relationships with not only your partner,

523
00:25:24,000 --> 00:25:26,840
Speaker 3: but your friends and your family and even yourself. Like

524
00:25:27,359 --> 00:25:30,879
Speaker 3: where do you impulse spend the most? Like what makes

525
00:25:30,920 --> 00:25:34,000
Speaker 3: you do that? What types of stress is doing that?

526
00:25:34,400 --> 00:25:36,680
Speaker 3: Are you impulse spending because you just had a really

527
00:25:36,720 --> 00:25:38,520
Speaker 3: long week at work and you're like, I'm just going

528
00:25:38,600 --> 00:25:41,200
Speaker 3: to blow all this off by heading to the shops.

529
00:25:41,960 --> 00:25:45,680
Speaker 3: Or are you impulse spending because you're anxious or self

530
00:25:45,720 --> 00:25:48,320
Speaker 3: conscious and you have a baby shower coming up and

531
00:25:48,359 --> 00:25:50,320
Speaker 3: you don't know what to wear, so you go shopping

532
00:25:50,320 --> 00:25:52,640
Speaker 3: and you buy a few different options, and that's what's

533
00:25:52,680 --> 00:25:55,080
Speaker 3: making you feel a little bit more confident. We need

534
00:25:55,119 --> 00:25:58,960
Speaker 3: to decipher exactly what that is, because it's not the

535
00:25:59,000 --> 00:26:00,399
Speaker 3: same thing for everyonele.

536
00:26:00,080 --> 00:26:03,760
Speaker 2: Body, Yeah, for sure. Kind of on the flip side

537
00:26:03,800 --> 00:26:06,760
Speaker 2: of this, fee why why are other people so good

538
00:26:06,800 --> 00:26:09,520
Speaker 2: at resisting an impulse spend? Like why how are some

539
00:26:09,560 --> 00:26:10,520
Speaker 2: people so disciplined?

540
00:26:10,680 --> 00:26:16,280
Speaker 3: Personality types, whether you're intrinsically or extrinsically motivated, whether you're

541
00:26:16,400 --> 00:26:20,200
Speaker 3: super type A, and really like structure, it's completely different.

542
00:26:20,359 --> 00:26:23,840
Speaker 3: As you guys know, I'm a pretty impulsive person myself,

543
00:26:24,119 --> 00:26:27,920
Speaker 3: so I've had to implement this really rigid structure when

544
00:26:27,960 --> 00:26:31,280
Speaker 3: it comes to my budget and cash flow because oh,

545
00:26:31,320 --> 00:26:34,080
Speaker 3: sometimes I just really want something and I'm not this

546
00:26:34,320 --> 00:26:37,119
Speaker 3: perfect financial person that you guys look at and go,

547
00:26:37,160 --> 00:26:39,280
Speaker 3: oh my gosh, I wish I could budget and save

548
00:26:39,440 --> 00:26:42,639
Speaker 3: like her. I've gotten to that point because I've taught

549
00:26:42,640 --> 00:26:44,920
Speaker 3: myself to get to that point. But I got myself

550
00:26:44,960 --> 00:26:46,919
Speaker 3: in some pretty good personal debt and I had a

551
00:26:46,920 --> 00:26:49,639
Speaker 3: credit card for a while, and you know, it wasn't

552
00:26:49,680 --> 00:26:51,960
Speaker 3: positive for me. And that's why if we go back

553
00:26:51,960 --> 00:26:54,879
Speaker 3: to the conversation we had at the top of this podcast,

554
00:26:54,920 --> 00:26:57,879
Speaker 3: Georgia about after pay, I guess it's why I'm so

555
00:26:58,000 --> 00:27:01,240
Speaker 3: passionate about that as well, because I'm I know, if

556
00:27:01,240 --> 00:27:04,320
Speaker 3: you'd said to twenty one year old Victoria, he's after pay,

557
00:27:04,600 --> 00:27:06,560
Speaker 3: I'd be in thousands of dollars worth of debt with

558
00:27:06,600 --> 00:27:09,879
Speaker 3: after pay, Yeah, for sure, guaranteed, Like there wouldn't have

559
00:27:09,960 --> 00:27:14,040
Speaker 3: been any any way that wouldn't have happened. Like I

560
00:27:14,119 --> 00:27:17,440
Speaker 3: was just not that educated when it came to finances.

561
00:27:17,560 --> 00:27:20,200
Speaker 3: I was really impulsive, and you know what I kind

562
00:27:20,240 --> 00:27:22,359
Speaker 3: of wanted to keep up with the Jones as always.

563
00:27:22,680 --> 00:27:26,880
Speaker 2: Yeah, well interestingly V that kind of leads to our

564
00:27:26,920 --> 00:27:29,600
Speaker 2: first tip for today. I feel like we should get

565
00:27:29,640 --> 00:27:30,280
Speaker 2: into them.

566
00:27:30,400 --> 00:27:31,639
Speaker 3: We absolutely should.

567
00:27:32,080 --> 00:27:35,639
Speaker 2: So our first tip to stop impulse spending is of course,

568
00:27:35,720 --> 00:27:39,000
Speaker 2: to limit our time on social media. So a little

569
00:27:39,000 --> 00:27:40,320
Speaker 2: bit of a stat girl for you.

570
00:27:40,359 --> 00:27:42,560
Speaker 3: Oh stack girl's been away.

571
00:27:42,359 --> 00:27:46,560
Speaker 2: For a while, I know so INNG did some research

572
00:27:46,640 --> 00:27:49,199
Speaker 2: in twenty nineteen which found that over a third of

573
00:27:49,280 --> 00:27:53,320
Speaker 2: Aussie social shoppers are more likely to impulse by due

574
00:27:53,400 --> 00:27:56,159
Speaker 2: to social media, and admit that they would spend less

575
00:27:56,440 --> 00:27:59,200
Speaker 2: if they didn't see things they wanted in their feeds.

576
00:27:59,680 --> 00:28:04,080
Speaker 2: So why do the socials play such a big role

577
00:28:04,160 --> 00:28:07,439
Speaker 2: here and how can we like practically limit the impact

578
00:28:07,600 --> 00:28:09,720
Speaker 2: that it has on us because we can't just say quit,

579
00:28:10,119 --> 00:28:12,680
Speaker 2: No one's gonna do that. You do, though, well, I'm

580
00:28:12,680 --> 00:28:13,960
Speaker 2: still I'm still on there.

581
00:28:14,119 --> 00:28:16,080
Speaker 3: I think that you're really good at that because I

582
00:28:16,080 --> 00:28:19,080
Speaker 3: think you've really identified what makes you happy and what

583
00:28:19,119 --> 00:28:22,040
Speaker 3: sparks your joy and what doesn't. And I know ages

584
00:28:22,080 --> 00:28:24,800
Speaker 3: ago you went through and just unfollowed everything that you

585
00:28:24,840 --> 00:28:27,240
Speaker 3: thought was you know, maybe not sparking the joy that

586
00:28:27,320 --> 00:28:30,240
Speaker 3: it should. And I'm really bad at that. I just

587
00:28:30,359 --> 00:28:33,119
Speaker 3: follow a lot of things that maybe I shouldn't and that,

588
00:28:33,520 --> 00:28:35,719
Speaker 3: you know, do make me feel like, oh, I want that.

589
00:28:35,920 --> 00:28:38,320
Speaker 3: And I think that there's a lot of peer pressure

590
00:28:38,320 --> 00:28:42,440
Speaker 3: and societal pressure, and you know what exposure comes into it.

591
00:28:42,400 --> 00:28:44,360
Speaker 3: It's like when you see a really ugly pair of

592
00:28:44,400 --> 00:28:47,280
Speaker 3: shoes Geogia, Like the amount of times I've seen an

593
00:28:47,320 --> 00:28:50,800
Speaker 3: influencer wear what I would describe as a heinous pair

594
00:28:50,840 --> 00:28:54,520
Speaker 3: of shoes, like, oh God, that is that? Ain't it? Whatever?

595
00:28:54,520 --> 00:28:55,000
Speaker 2: That is?

596
00:28:55,040 --> 00:28:57,480
Speaker 3: Ain't it? Then you start to see them everywhere, and

597
00:28:57,480 --> 00:29:00,520
Speaker 3: then you start to know your favorite influence awares and

598
00:29:00,560 --> 00:29:03,880
Speaker 3: then they're not so bad George. Then Tony Vanco comes

599
00:29:03,880 --> 00:29:05,760
Speaker 3: out with a copy of them, and you're like, oh,

600
00:29:06,360 --> 00:29:09,760
Speaker 3: they're more reasonable, they're more affordable. Maybe I do like them.

601
00:29:09,800 --> 00:29:11,560
Speaker 3: And then your friend has them at dinner one night,

602
00:29:11,600 --> 00:29:15,040
Speaker 3: and then they're in your wardrobe because you decided that

603
00:29:15,120 --> 00:29:17,040
Speaker 3: you loved them so much, but you didn't really like

604
00:29:17,080 --> 00:29:19,000
Speaker 3: them when you first saw them. And I feel like

605
00:29:19,160 --> 00:29:22,640
Speaker 3: that's more common than you think it is. It happens

606
00:29:22,640 --> 00:29:26,160
Speaker 3: to me. Not that I'm speaking from experience with that example,

607
00:29:26,360 --> 00:29:28,680
Speaker 3: but it's one of those things where it's all about

608
00:29:28,720 --> 00:29:32,040
Speaker 3: societal pressure and social norms and you know, feeling like

609
00:29:32,120 --> 00:29:34,360
Speaker 3: you do need to keep up with the joneses in

610
00:29:34,360 --> 00:29:37,840
Speaker 3: in a way, we've been exposed to this world online

611
00:29:38,240 --> 00:29:41,000
Speaker 3: where it seems weird to wear the same thing twice.

612
00:29:41,400 --> 00:29:44,000
Speaker 3: Like I've even caught myself in that moment where I'm like, oh,

613
00:29:44,040 --> 00:29:46,440
Speaker 3: I'd love to upload that photo. Oh there's already pictures

614
00:29:46,440 --> 00:29:47,680
Speaker 3: of me in that dress.

615
00:29:47,360 --> 00:29:47,920
Speaker 2: On my fair.

616
00:29:48,240 --> 00:29:50,520
Speaker 3: I hope people don't think it's the same event. I'm like,

617
00:29:50,640 --> 00:29:53,400
Speaker 3: that's so silly. If I feel good in that dress,

618
00:29:53,440 --> 00:29:55,960
Speaker 3: why am I not wearing it a million times? Isn't

619
00:29:56,000 --> 00:29:58,440
Speaker 3: that why I bought the dress? So I think we

620
00:29:58,480 --> 00:30:00,720
Speaker 3: really need to just have a think about why we're

621
00:30:00,760 --> 00:30:05,280
Speaker 3: doing things and what that actually means. Because Instagram isn't reality.

622
00:30:05,560 --> 00:30:08,720
Speaker 3: It's people's highlight reels. And I think that now more

623
00:30:08,760 --> 00:30:11,760
Speaker 3: than ever, especially coming out of COVID, where you know,

624
00:30:11,920 --> 00:30:14,400
Speaker 3: I think it was kind of limited because we didn't

625
00:30:14,680 --> 00:30:16,880
Speaker 3: have the ability to go out and go shopping and

626
00:30:16,920 --> 00:30:19,600
Speaker 3: share a lot of what people were buying or doing.

627
00:30:19,920 --> 00:30:22,000
Speaker 3: Now we're making up for it, We're going to feel

628
00:30:22,040 --> 00:30:24,600
Speaker 3: like we also need to be quote making up for

629
00:30:24,640 --> 00:30:27,880
Speaker 3: a lost time, especially during covid And yeah, I think

630
00:30:27,880 --> 00:30:30,640
Speaker 3: that taking a bit of a break from social media

631
00:30:30,720 --> 00:30:34,120
Speaker 3: is not the worst thing. But I don't think deleting

632
00:30:34,120 --> 00:30:36,120
Speaker 3: it and just going cold turkey is the best thing.

633
00:30:36,160 --> 00:30:39,120
Speaker 3: I think just muting people that you follow, that you

634
00:30:39,240 --> 00:30:41,600
Speaker 3: know every time you see them you want to buy something,

635
00:30:41,960 --> 00:30:44,480
Speaker 3: you don't have to unfollow them. Mute on Instagram is

636
00:30:44,520 --> 00:30:45,680
Speaker 3: a beautiful feature.

637
00:30:46,240 --> 00:30:48,600
Speaker 2: Don't be afraid to mute a friend. I've done it.

638
00:30:48,760 --> 00:30:51,840
Speaker 3: No, is that why you didn't know about my Instagram

639
00:30:51,880 --> 00:30:52,560
Speaker 3: post the other day?

640
00:30:52,600 --> 00:30:56,520
Speaker 2: Okay, Jordan, No, no I truly noticed online?

641
00:30:56,880 --> 00:30:59,160
Speaker 3: Ah is that what you tell me? No?

642
00:30:59,440 --> 00:31:02,800
Speaker 2: But mute thing seriously is very very helpful because then

643
00:31:02,840 --> 00:31:05,360
Speaker 2: you just don't see you don't see all of the junk.

644
00:31:05,360 --> 00:31:07,240
Speaker 2: But then no one it's offended that you don't follow.

645
00:31:07,000 --> 00:31:10,160
Speaker 3: Them exactly, And we all know how it feels to

646
00:31:10,160 --> 00:31:13,120
Speaker 3: find that a friend is unfollowed us like that cuts deep.

647
00:31:13,240 --> 00:31:15,480
Speaker 3: Don't do that unless you actually don't want to be

648
00:31:15,520 --> 00:31:16,440
Speaker 3: their friend anymore.

649
00:31:16,560 --> 00:31:18,720
Speaker 2: Yeah, don't go too savage on it, all right, So

650
00:31:18,800 --> 00:31:21,880
Speaker 2: basically our tip there is just to mute and unfollow.

651
00:31:22,240 --> 00:31:24,840
Speaker 3: Yeah, solid tip. But at the same time, I think

652
00:31:25,000 --> 00:31:29,000
Speaker 3: understand what it is. Yes, restricting time on Instagram is

653
00:31:29,160 --> 00:31:32,040
Speaker 3: a blessing. And did you know on iPhone you can

654
00:31:32,080 --> 00:31:34,760
Speaker 3: do it? So Georgia, look at my screen.

655
00:31:34,960 --> 00:31:37,040
Speaker 2: Yeah, I can see it. Yep. Time What does its

656
00:31:37,160 --> 00:31:39,840
Speaker 2: time limit with a little little sand hourglass.

657
00:31:39,960 --> 00:31:42,640
Speaker 3: Yeah, it says you've reached your time limit on TikTok

658
00:31:42,720 --> 00:31:45,680
Speaker 3: for today, and you can press okay and it exits,

659
00:31:45,800 --> 00:31:47,800
Speaker 3: or you can press ignore and it will offer you

660
00:31:48,040 --> 00:31:51,800
Speaker 3: one more minute or another fifteen minutes. And this has

661
00:31:51,920 --> 00:31:54,920
Speaker 3: been something that has been so good for my mental

662
00:31:54,920 --> 00:31:57,840
Speaker 3: health recently. You can just do it through your settings.

663
00:31:57,880 --> 00:32:00,560
Speaker 3: I think it's through It's not is it exces I

664
00:32:00,560 --> 00:32:03,720
Speaker 3: think it might be accessibility or security or something. We'll

665
00:32:03,760 --> 00:32:06,560
Speaker 3: put directions on the Instagram story today so that you

666
00:32:06,600 --> 00:32:10,880
Speaker 3: guys can do it. But limiting my exposure to social

667
00:32:10,920 --> 00:32:14,480
Speaker 3: media and really being aware of how much time I'm

668
00:32:14,520 --> 00:32:18,720
Speaker 3: spending on it has been really powerful. I didn't realize

669
00:32:18,840 --> 00:32:21,600
Speaker 3: how much time I was spending on it, and I

670
00:32:21,680 --> 00:32:23,680
Speaker 3: then looked at you know how an iPhone gives you

671
00:32:23,720 --> 00:32:26,160
Speaker 3: those triggers and says, oh, you've done this much screen

672
00:32:26,240 --> 00:32:28,080
Speaker 3: time this week, and you're like, oh, I think I'm

673
00:32:28,080 --> 00:32:30,360
Speaker 3: going to be sick. There's no way I spent that long.

674
00:32:30,720 --> 00:32:33,880
Speaker 3: So I limited myself and this still feels like a lot, Georgia,

675
00:32:33,960 --> 00:32:37,400
Speaker 3: But is this bad? I limited myself to one hour

676
00:32:37,440 --> 00:32:38,960
Speaker 3: of Instagram or one hour of TikTok.

677
00:32:39,040 --> 00:32:42,200
Speaker 2: Oh, no, that's good. That's for a day, No.

678
00:32:42,080 --> 00:32:45,320
Speaker 3: But a whole day, like the idea. And obviously my

679
00:32:45,400 --> 00:32:48,280
Speaker 3: screen time was significantly more than that. But the idea

680
00:32:48,320 --> 00:32:51,920
Speaker 3: that I sit every day for one hour on TikTok

681
00:32:52,600 --> 00:32:53,480
Speaker 3: blows my mind.

682
00:32:53,880 --> 00:32:56,920
Speaker 2: I guess, yeah, that is kind of blows my mind.

683
00:32:56,960 --> 00:33:00,320
Speaker 2: But like, you know, you're doing things. You're walking, you're

684
00:33:00,360 --> 00:33:03,400
Speaker 2: on the toot, you're driving, kidding, you're not driving, yeah, but.

685
00:33:03,480 --> 00:33:06,800
Speaker 3: No, but you know, yeah, I'm not driving. Okay, Georgia,

686
00:33:06,840 --> 00:33:09,320
Speaker 3: that is not what we are doing. But it's one

687
00:33:09,320 --> 00:33:12,600
Speaker 3: of those things that you just go. Actually, an hour

688
00:33:12,680 --> 00:33:14,640
Speaker 3: is a really long time. Like I wouldn't go and

689
00:33:14,680 --> 00:33:16,800
Speaker 3: just sit on the couch with absolutely no form of

690
00:33:16,840 --> 00:33:20,400
Speaker 3: stimulation for one hour. I could not do it. It's

691
00:33:20,440 --> 00:33:22,960
Speaker 3: not something I would But that hour would go so

692
00:33:23,160 --> 00:33:25,040
Speaker 3: slow if that's the way I was doing it. But

693
00:33:25,360 --> 00:33:27,560
Speaker 3: in our everyday life, it just flies by and you

694
00:33:27,600 --> 00:33:29,760
Speaker 3: just don't realize it, and then my phone gives me

695
00:33:29,760 --> 00:33:32,880
Speaker 3: a notification it says you've got five minutes of TikTok

696
00:33:32,920 --> 00:33:34,680
Speaker 3: time left for today, and I'm always like, oh, okay,

697
00:33:34,720 --> 00:33:37,520
Speaker 3: I get off then, And you know, it does add up,

698
00:33:37,640 --> 00:33:39,840
Speaker 3: especially over a day, and an hour is a long

699
00:33:39,880 --> 00:33:42,400
Speaker 3: period of time. So I think that even if you're

700
00:33:42,400 --> 00:33:44,400
Speaker 3: not limiting yourself and you're being a little bit cheeky

701
00:33:44,520 --> 00:33:46,440
Speaker 3: like I have been a lot of the time, I

702
00:33:46,520 --> 00:33:48,360
Speaker 3: just hit that extra fifteen minutes, please.

703
00:33:48,200 --> 00:33:49,880
Speaker 2: Extra little sneeze.

704
00:33:50,480 --> 00:33:53,320
Speaker 3: Yes, but it's one of those things where I'm like, gosh,

705
00:33:53,360 --> 00:33:55,960
Speaker 3: I'm doing this a lot. So I do like having

706
00:33:55,960 --> 00:33:58,520
Speaker 3: that reminder, especially on TikTok, to be like, you've been

707
00:33:58,560 --> 00:34:00,200
Speaker 3: doing this for a while, are you sure you're to

708
00:34:00,240 --> 00:34:02,160
Speaker 3: keep doing this? And I can be like, you're right,

709
00:34:02,360 --> 00:34:02,880
Speaker 3: I don't.

710
00:34:03,000 --> 00:34:06,160
Speaker 2: Yeah. Yeah. Our second tip is a she's on the

711
00:34:06,160 --> 00:34:09,120
Speaker 2: money classic, if I do say so myself, and it is,

712
00:34:09,120 --> 00:34:12,480
Speaker 2: of course to put time between ourselves and our purchases.

713
00:34:12,920 --> 00:34:16,520
Speaker 3: Oh yes, put twenty four hours at a minimum between

714
00:34:16,560 --> 00:34:19,080
Speaker 3: you and your spending. And I feel like this is

715
00:34:19,120 --> 00:34:22,160
Speaker 3: a good tip because we're not completely depriving ourselves with

716
00:34:22,200 --> 00:34:25,399
Speaker 3: that purchase. We're just saying, my friend, let's just put

717
00:34:25,440 --> 00:34:27,600
Speaker 3: it down if you want it tomorrow. You can have

718
00:34:27,680 --> 00:34:30,759
Speaker 3: it tomorrow, and more often than not, you're going to

719
00:34:31,280 --> 00:34:33,440
Speaker 3: not pick that back up or forget about it, or

720
00:34:33,680 --> 00:34:35,160
Speaker 3: you'll add it to your cart and be like, oh,

721
00:34:35,160 --> 00:34:37,520
Speaker 3: but I really want it. Okay, all right, Georgia. You

722
00:34:37,520 --> 00:34:39,920
Speaker 3: can I know Nagnata is really expensive, put it in

723
00:34:39,960 --> 00:34:43,680
Speaker 3: your cart, put it online, walk away twenty four hours,

724
00:34:43,840 --> 00:34:46,120
Speaker 3: come back. If you still want to spend that money

725
00:34:46,160 --> 00:34:50,000
Speaker 3: as desperately as you did, go for it. But I

726
00:34:50,040 --> 00:34:52,319
Speaker 3: guarantee most of the time you won't want to do that.

727
00:34:52,400 --> 00:34:55,440
Speaker 3: And if you can put more time in between that

728
00:34:55,560 --> 00:34:59,480
Speaker 3: purchase than a day that's the minimum, then do that.

729
00:34:59,640 --> 00:35:01,399
Speaker 3: Can it wait a week? Can it wait a month?

730
00:35:01,600 --> 00:35:04,319
Speaker 3: If you really want that Nagmata jumper, George, can you

731
00:35:04,400 --> 00:35:06,279
Speaker 3: wait until it goes on sale? Can you to have

732
00:35:06,320 --> 00:35:08,640
Speaker 3: a look? Can you put it on your watch list?

733
00:35:08,920 --> 00:35:11,279
Speaker 3: Is that an option? Do you actually need it? Have

734
00:35:11,360 --> 00:35:13,799
Speaker 3: you gone through your wardrobe to check if it's necessary?

735
00:35:13,920 --> 00:35:16,040
Speaker 3: Is it actually a purchase that you want to make

736
00:35:16,120 --> 00:35:18,080
Speaker 3: or is it a purchase that you're just making because

737
00:35:18,320 --> 00:35:20,840
Speaker 3: it's cute and it would look nice in your wardrobe.

738
00:35:20,880 --> 00:35:22,920
Speaker 3: But maybe you have another financial goal that you want

739
00:35:22,960 --> 00:35:23,680
Speaker 3: to achieve.

740
00:35:23,400 --> 00:35:25,200
Speaker 2: So that kind of gives you more time to actually

741
00:35:25,239 --> 00:35:27,640
Speaker 2: think through it rather than just acting on impulse, being

742
00:35:27,680 --> 00:35:29,680
Speaker 2: like I want it now like it.

743
00:35:29,800 --> 00:35:32,840
Speaker 3: Yeah, And it really takes the emotion out of the spending.

744
00:35:33,160 --> 00:35:36,960
Speaker 3: Good jinks, Georgia. But it does take the emotion out

745
00:35:36,960 --> 00:35:39,200
Speaker 3: of it. And we're not saying that you can't have it,

746
00:35:39,239 --> 00:35:41,399
Speaker 3: you just can't have it yet. Yeah, And I think

747
00:35:41,440 --> 00:35:43,120
Speaker 3: that that will make you feel a little bit more

748
00:35:43,120 --> 00:35:45,640
Speaker 3: comfortable with not doing it. But at the same time,

749
00:35:45,760 --> 00:35:48,720
Speaker 3: make sure that you're really thinking about a decision, because

750
00:35:48,719 --> 00:35:51,040
Speaker 3: they all add up. How many times have you seen

751
00:35:51,040 --> 00:35:53,160
Speaker 3: a forty dollars top and midlight it's only forty bucks?

752
00:35:54,280 --> 00:35:56,320
Speaker 2: Yeah, quite, that's a lot of money.

753
00:35:56,600 --> 00:35:59,680
Speaker 3: Yeah, do that twice a week and you're really close

754
00:35:59,719 --> 00:36:01,680
Speaker 3: to four grand year in spending.

755
00:36:01,400 --> 00:36:05,359
Speaker 2: Same as the espresso Martiniz exactly. Circle V. I think

756
00:36:05,360 --> 00:36:08,040
Speaker 2: that is perfect place to end the first half of

757
00:36:08,080 --> 00:36:10,719
Speaker 2: today's episode. But on the other side, we're going to

758
00:36:10,760 --> 00:36:14,960
Speaker 2: talk through our final strategies to stop impulse spending. So

759
00:36:15,040 --> 00:36:16,920
Speaker 2: please don't go anywhere, guys.

760
00:36:16,560 --> 00:36:18,120
Speaker 3: I won't. I'll be right back after that.

761
00:36:18,200 --> 00:36:20,919
Speaker 2: Yeah, cool, Sam, Straight back into it V with our

762
00:36:21,040 --> 00:36:24,960
Speaker 2: third tip to stop impulse spending. So this one is

763
00:36:25,000 --> 00:36:28,760
Speaker 2: to actually make room in our budget for indulgent spends

764
00:36:29,160 --> 00:36:32,120
Speaker 2: and to give ourselves permission to buy things from time

765
00:36:32,160 --> 00:36:35,200
Speaker 2: to time. I love this rule. How does this help

766
00:36:35,280 --> 00:36:36,120
Speaker 2: us talk me through?

767
00:36:36,480 --> 00:36:42,080
Speaker 3: Yes? Yes, genius right, it's a rule because it stops

768
00:36:42,120 --> 00:36:45,839
Speaker 3: you binge spending. It stops you from restricting yourself time

769
00:36:45,880 --> 00:36:48,400
Speaker 3: and time again and then throwing your budget completely out

770
00:36:48,400 --> 00:36:51,000
Speaker 3: of the window and just going wild. And we all

771
00:36:51,040 --> 00:36:55,640
Speaker 3: know that can happen. But also having guilt about spendings

772
00:36:55,640 --> 00:36:58,959
Speaker 3: are really good thing, like feeling bad about spending because

773
00:36:58,960 --> 00:37:01,239
Speaker 3: you're like, no, Victoria said, I need a budget and

774
00:37:01,280 --> 00:37:04,160
Speaker 3: cash flow plan and I've done this and I need

775
00:37:04,200 --> 00:37:06,919
Speaker 3: to stick to it because they're the rules. Like, yes,

776
00:37:07,000 --> 00:37:09,320
Speaker 3: be in your budget. There should be luxuries. There should

777
00:37:09,360 --> 00:37:12,239
Speaker 3: be things that make you feel alive. There should be

778
00:37:12,320 --> 00:37:14,879
Speaker 3: things that make your heart seeing. There should be things

779
00:37:15,000 --> 00:37:17,760
Speaker 3: that are you know, gifted to other people. There should

780
00:37:17,800 --> 00:37:20,759
Speaker 3: be charities, There should be lots of other things if

781
00:37:20,760 --> 00:37:24,920
Speaker 3: it's you know, within your financial capabilities. Obviously we're not

782
00:37:24,960 --> 00:37:28,359
Speaker 3: saying that everybody has to do everything, but if you

783
00:37:28,400 --> 00:37:31,759
Speaker 3: can find some space in your budget to actually be

784
00:37:31,960 --> 00:37:35,319
Speaker 3: logical and reasonable, you're going to stick to it. If

785
00:37:35,360 --> 00:37:37,520
Speaker 3: I said to you, Georgia, are like, Okay, you're going

786
00:37:37,560 --> 00:37:39,759
Speaker 3: on a really restrictive budget because we're saving for a

787
00:37:39,800 --> 00:37:42,640
Speaker 3: house for you. You're not allowed to spend, you're not allowed

788
00:37:42,640 --> 00:37:44,160
Speaker 3: to go out, you're not allowed to do any of

789
00:37:44,200 --> 00:37:47,640
Speaker 3: the things that you love that would become really bland,

790
00:37:47,800 --> 00:37:51,280
Speaker 3: really dry, really boring really quick, and you're very likely

791
00:37:51,600 --> 00:37:52,600
Speaker 3: to not stick to it.

792
00:37:52,600 --> 00:37:54,200
Speaker 2: Consistent because it's not sustainable.

793
00:37:54,360 --> 00:37:58,240
Speaker 3: Yeah, it's not sustainable. Whereas if we said, Georgia, let's

794
00:37:58,280 --> 00:38:00,000
Speaker 3: just be real about this. Let's look at your budge

795
00:38:00,200 --> 00:38:02,160
Speaker 3: for the last twelve months. What have you spent? How

796
00:38:02,160 --> 00:38:04,719
Speaker 3: often do you go out with your friends? How much

797
00:38:04,760 --> 00:38:07,360
Speaker 3: money do you spend each month on you know, a

798
00:38:07,400 --> 00:38:09,840
Speaker 3: couple of siders to have in the park. Let's be

799
00:38:10,080 --> 00:38:13,799
Speaker 3: honest with our spending. Because a budget should not be restrictive.

800
00:38:14,000 --> 00:38:17,319
Speaker 3: It actually should be reflective. It should be reflective of

801
00:38:17,400 --> 00:38:20,600
Speaker 3: your genuine spending. It shouldn't be a tool that you

802
00:38:20,600 --> 00:38:22,400
Speaker 3: sit down and go, oh my gosh, I did my budget.

803
00:38:22,440 --> 00:38:24,840
Speaker 3: I'm so naughty. I spend X, Y and Z. It

804
00:38:24,880 --> 00:38:27,480
Speaker 3: should be okay, how good is this? I have a

805
00:38:27,680 --> 00:38:31,719
Speaker 3: very clear visual of what my spending looks like. That

806
00:38:31,880 --> 00:38:34,640
Speaker 3: gives me the ability to have a conversation with myself

807
00:38:34,680 --> 00:38:36,920
Speaker 3: about whether that's in line with my goals and values.

808
00:38:36,920 --> 00:38:39,320
Speaker 3: And you might go, yeah, you know what, the last

809
00:38:39,320 --> 00:38:42,080
Speaker 3: month was sick. I did a really good month. I had,

810
00:38:42,320 --> 00:38:45,120
Speaker 3: you know, a nice balance with my friends and my family,

811
00:38:45,160 --> 00:38:47,560
Speaker 3: and I also saved a bit. That's who I want

812
00:38:47,560 --> 00:38:49,920
Speaker 3: to be. Or you might go, oh my gosh, I

813
00:38:49,960 --> 00:38:52,759
Speaker 3: saved literally nothing. I cannot believe it, Like, I don't

814
00:38:52,800 --> 00:38:55,720
Speaker 3: know how I went wrong here. It's not about crucifying yourself.

815
00:38:55,760 --> 00:38:58,160
Speaker 3: It's about creating a plan that works for you. And

816
00:38:58,239 --> 00:39:00,000
Speaker 3: I think that so many I'm a stick out here

817
00:39:00,160 --> 00:39:03,160
Speaker 3: in the sand about budgets because we go yuck. I

818
00:39:03,160 --> 00:39:05,480
Speaker 3: don't want to go on a diet because a budget

819
00:39:05,600 --> 00:39:08,440
Speaker 3: is often seen as the diet of the finance world,

820
00:39:08,480 --> 00:39:11,320
Speaker 3: and that is not it. It is a lifestyle change.

821
00:39:11,400 --> 00:39:16,719
Speaker 3: We are the noom of the budgeting and finswim. I

822
00:39:16,760 --> 00:39:18,600
Speaker 3: don't know it's like this. I don't actually know what

823
00:39:18,680 --> 00:39:21,360
Speaker 3: it does, but I've heard it's the more sustainable dieting option.

824
00:39:21,560 --> 00:39:23,960
Speaker 3: Let's move on from that probably terrible analogy.

825
00:39:24,120 --> 00:39:27,359
Speaker 2: Ah, I thought it was bad things anyway, all right?

826
00:39:28,640 --> 00:39:32,280
Speaker 2: They are fun, okay. Fourth tip HEREV is to implement

827
00:39:32,600 --> 00:39:36,840
Speaker 2: spending strategies like using cash for a month. For example,

828
00:39:37,480 --> 00:39:40,440
Speaker 2: I did do this. Do you remember, oh you did that?

829
00:39:40,719 --> 00:39:41,840
Speaker 3: Yeah yeah, yeah yeah.

830
00:39:41,840 --> 00:39:43,879
Speaker 2: I must have said it on the potty. But it

831
00:39:43,960 --> 00:39:47,080
Speaker 2: was effective. But I don't really trust myself with cash

832
00:39:47,120 --> 00:39:49,680
Speaker 2: because I feel like I would just lose it, because

833
00:39:50,719 --> 00:39:54,839
Speaker 2: you know, I do lose my wallet. It can be silly.

834
00:39:54,960 --> 00:39:56,919
Speaker 2: So what do you what do you think?

835
00:39:57,000 --> 00:39:59,040
Speaker 3: I just feel like I haven't had cash in my

836
00:39:59,120 --> 00:40:02,920
Speaker 3: hands very, very long time. It is not something like

837
00:40:03,000 --> 00:40:04,960
Speaker 3: I just can't think of something that I would need

838
00:40:05,000 --> 00:40:08,719
Speaker 3: cash for nowadays, especially after COVID, Like I just go

839
00:40:08,760 --> 00:40:11,520
Speaker 3: to supermarket, I come home, I go out, I tap

840
00:40:11,600 --> 00:40:15,160
Speaker 3: my card for takeaway, I come home. It's not very exciting.

841
00:40:15,320 --> 00:40:18,320
Speaker 3: But that's a really good method of doing it. Any

842
00:40:18,480 --> 00:40:21,279
Speaker 3: method that helps you put structure in place is a

843
00:40:21,280 --> 00:40:24,719
Speaker 3: good method. I obviously have my Budget and cash Flow Masterclass,

844
00:40:24,719 --> 00:40:27,360
Speaker 3: which I think is a really positive place to be.

845
00:40:27,760 --> 00:40:30,600
Speaker 3: It's a really good structure that makes a lot of sense.

846
00:40:30,600 --> 00:40:32,680
Speaker 3: I know know thousands of people have now done that.

847
00:40:32,800 --> 00:40:35,640
Speaker 3: That's so cooled Georgia. Thousands of people have done our masters.

848
00:40:37,480 --> 00:40:39,640
Speaker 3: But it's one of those things that I know that

849
00:40:39,719 --> 00:40:41,719
Speaker 3: works but it might not work for you. You might

850
00:40:41,760 --> 00:40:44,880
Speaker 3: not want a spreadsheet. You might actually want someone to

851
00:40:44,880 --> 00:40:47,560
Speaker 3: help you get cash out put it in different envelopes,

852
00:40:47,600 --> 00:40:49,520
Speaker 3: and that's what you've got to spend, and that will

853
00:40:49,520 --> 00:40:52,040
Speaker 3: work for you. I've got clients who have gotten out

854
00:40:52,080 --> 00:40:54,480
Speaker 3: of debt that way, really, and that makes sense because

855
00:40:54,480 --> 00:40:58,000
Speaker 3: it works for them. This is not about what works

856
00:40:58,000 --> 00:41:01,360
Speaker 3: for everybody. It's about what works for you. And tracking

857
00:41:01,400 --> 00:41:03,920
Speaker 3: your spending is going to be a really good way

858
00:41:03,960 --> 00:41:05,560
Speaker 3: of learning a lot about yourself. And if you don't

859
00:41:05,560 --> 00:41:07,960
Speaker 3: want to take a hundred bucks out and you know

860
00:41:08,160 --> 00:41:10,800
Speaker 3: have that in cash, maybe you just transfer one hundred

861
00:41:10,840 --> 00:41:14,280
Speaker 3: dollars to your debit card and you don't transfer anymore

862
00:41:14,320 --> 00:41:16,160
Speaker 3: that week, and you just really keep track of what

863
00:41:16,200 --> 00:41:18,560
Speaker 3: you're spending then and there and see how far you

864
00:41:18,600 --> 00:41:21,720
Speaker 3: can stretch that. So I don't think it's necessarily about

865
00:41:22,000 --> 00:41:23,560
Speaker 3: you know, there's a right way and a wrong way,

866
00:41:23,560 --> 00:41:26,480
Speaker 3: because there isn't. It's about finding a way that works

867
00:41:26,520 --> 00:41:29,759
Speaker 3: for you and just giving yourself access to something that

868
00:41:29,840 --> 00:41:31,400
Speaker 3: works and puts you in the best position.

869
00:41:31,600 --> 00:41:33,640
Speaker 2: Yeah, for sure, I guess. Yeah. What I loved about

870
00:41:33,640 --> 00:41:35,640
Speaker 2: the cash thing was just that you only had that

871
00:41:35,719 --> 00:41:38,480
Speaker 2: to spend so you couldn't be tempted to then go

872
00:41:38,520 --> 00:41:40,600
Speaker 2: and use your cards. So yeah, whatever works for you.

873
00:41:40,719 --> 00:41:41,439
Speaker 2: I like that one.

874
00:41:41,680 --> 00:41:44,560
Speaker 3: Yeah, And I've also got a friend actually who does

875
00:41:44,600 --> 00:41:47,160
Speaker 3: a no spend week every single month of the year.

876
00:41:47,160 --> 00:41:50,360
Speaker 3: You spend week, Yeah, a no spend week, not month,

877
00:41:50,719 --> 00:41:53,799
Speaker 3: like it's just one week, and that feels more palatable.

878
00:41:54,200 --> 00:41:57,520
Speaker 3: But Georgia, that adds up to twelve weeks in the

879
00:41:57,719 --> 00:42:02,279
Speaker 3: entire year that she's not spend anything beyond obviously her

880
00:42:02,600 --> 00:42:05,719
Speaker 3: you know, absolutely must have a central spending and that's

881
00:42:05,800 --> 00:42:08,880
Speaker 3: kind of cool. It's very cool, like maintenance for her budget.

882
00:42:08,960 --> 00:42:10,960
Speaker 3: She's always like, oh, I pick a week and then

883
00:42:11,000 --> 00:42:13,160
Speaker 3: that's my week. You know, she's got events that week

884
00:42:13,280 --> 00:42:15,640
Speaker 3: might change. She blocks it out in her calendar just

885
00:42:15,640 --> 00:42:18,319
Speaker 3: as like I'm busy this week kind of thing, not

886
00:42:18,400 --> 00:42:20,719
Speaker 3: so she doesn't do anything during that time, but just

887
00:42:20,719 --> 00:42:22,839
Speaker 3: so she knows it's coming up. And I just think

888
00:42:22,880 --> 00:42:25,200
Speaker 3: that's a really cool way of doing it and maybe

889
00:42:25,480 --> 00:42:28,640
Speaker 3: managing it on a smaller scale. Because earlier this UG,

890
00:42:29,360 --> 00:42:31,279
Speaker 3: a couple of us from the team we did that

891
00:42:31,360 --> 00:42:35,560
Speaker 3: no spend month, and oh my gosh, that was so hard,

892
00:42:36,239 --> 00:42:38,480
Speaker 3: and I think that a week I could do a week,

893
00:42:38,680 --> 00:42:40,759
Speaker 3: I could do a week something that could be a

894
00:42:40,800 --> 00:42:43,080
Speaker 3: really good way of maintaining our budget. Yeah, maybe we

895
00:42:43,120 --> 00:42:45,359
Speaker 3: should get a little crew together for the next twelve

896
00:42:45,400 --> 00:42:47,360
Speaker 3: months and see if we can all commit.

897
00:42:47,160 --> 00:42:49,440
Speaker 2: It like that anyway, because yeah, I'm getting ahead of it.

898
00:42:49,480 --> 00:42:51,239
Speaker 2: And it adds up to three months in total for

899
00:42:51,239 --> 00:42:53,840
Speaker 2: the year that you haven't spent. Like it's that's twelve weeks.

900
00:42:53,880 --> 00:42:57,640
Speaker 2: That's an entire semester of university. Like, that's a lot

901
00:42:57,640 --> 00:42:59,719
Speaker 2: of time. You could learn a lot of stuff or

902
00:42:59,760 --> 00:43:03,600
Speaker 2: say a lot of money, exactly right, love that. Okay,

903
00:43:03,840 --> 00:43:07,600
Speaker 2: let's head into our fifth and final tip for the day,

904
00:43:08,080 --> 00:43:11,600
Speaker 2: which is to think about our purchases in different ways.

905
00:43:11,960 --> 00:43:14,640
Speaker 2: So the first way is to consider cost per wear,

906
00:43:14,880 --> 00:43:17,600
Speaker 2: and the second thing I have, yeah, is thinking about

907
00:43:17,640 --> 00:43:20,040
Speaker 2: how many hours of work it will actually take you

908
00:43:20,120 --> 00:43:24,439
Speaker 2: to pay your desired item off. It's good, isn't it.

909
00:43:25,160 --> 00:43:28,520
Speaker 3: Yeah, that one's a really powerful one. Like calculate what

910
00:43:28,560 --> 00:43:30,799
Speaker 3: your hourly rate is even if you have a full

911
00:43:30,840 --> 00:43:33,320
Speaker 3: time job and you're like, okay, calculated it's like twenty

912
00:43:33,400 --> 00:43:36,440
Speaker 3: five dollars or twenty six dollars an hour. Are you

913
00:43:36,520 --> 00:43:39,080
Speaker 3: willing to part with three hours of work for that

914
00:43:39,200 --> 00:43:42,360
Speaker 3: top Georgia King. Maybe you're not, or maybe like that

915
00:43:42,520 --> 00:43:45,319
Speaker 3: is so worth it, I'll work over time like that

916
00:43:45,400 --> 00:43:48,000
Speaker 3: could be something that's really valuable to you. But really

917
00:43:48,040 --> 00:43:52,759
Speaker 3: contextualizing things proves to be a rather effective method in

918
00:43:52,880 --> 00:43:56,480
Speaker 3: helping you see that money means a lot more than

919
00:43:56,680 --> 00:43:59,560
Speaker 3: just trading it for goods and services.

920
00:44:00,520 --> 00:44:03,239
Speaker 2: And it kind of like, yeah, it brings that mindfulness

921
00:44:03,320 --> 00:44:05,160
Speaker 2: right that stops you in your tracks.

922
00:44:05,480 --> 00:44:07,520
Speaker 3: Yeah, And I think the cost per wear, as you

923
00:44:07,560 --> 00:44:10,000
Speaker 3: bring it up, is really important, like how often am

924
00:44:10,040 --> 00:44:12,000
Speaker 3: I actually going to wear this? Like a cost per

925
00:44:12,000 --> 00:44:13,799
Speaker 3: wear on a dress that you're going to wear to

926
00:44:13,920 --> 00:44:17,439
Speaker 3: a friend's birthday party might be three hundred dollars because

927
00:44:17,440 --> 00:44:21,000
Speaker 3: the dress was three hundred dollars. Yeah, but if you're like, oh,

928
00:44:21,080 --> 00:44:23,480
Speaker 3: actually I could wear this to my friend's birthday, and

929
00:44:23,520 --> 00:44:26,719
Speaker 3: then also I could wear this to work and I

930
00:44:26,760 --> 00:44:28,759
Speaker 3: actually really love this dress and I'm probably going to

931
00:44:28,840 --> 00:44:31,480
Speaker 3: wear it or something that I do and have. I

932
00:44:31,520 --> 00:44:34,040
Speaker 3: think I only really talked about this in the first season,

933
00:44:34,440 --> 00:44:37,560
Speaker 3: but I have recently re implemented this because the plan

934
00:44:37,760 --> 00:44:40,160
Speaker 3: is as of twenty twenty two, I will hopefully be

935
00:44:40,239 --> 00:44:43,080
Speaker 3: back in the office Baby Steps, but I've been really

936
00:44:43,120 --> 00:44:45,759
Speaker 3: thinking about it because I get excited about fashion, but

937
00:44:46,040 --> 00:44:50,600
Speaker 3: it's reformulating my capsule wardrobe. And I will only add

938
00:44:50,640 --> 00:44:53,360
Speaker 3: something to my wardrobe if it goes with a minimum

939
00:44:53,360 --> 00:44:55,960
Speaker 3: of five paces. So if it's the top, it needs

940
00:44:55,960 --> 00:44:58,400
Speaker 3: to go with five pomes. If it's a dress, you know,

941
00:44:58,480 --> 00:45:00,680
Speaker 3: I need to have five different ways that I could

942
00:45:00,680 --> 00:45:03,640
Speaker 3: potentially style it. If it's a bottom, yeah, it needs

943
00:45:03,640 --> 00:45:06,279
Speaker 3: to go with five tops. So for me, that has

944
00:45:06,320 --> 00:45:10,000
Speaker 3: meant that I have a very specific color palette because obviously,

945
00:45:10,040 --> 00:45:12,560
Speaker 3: you know things go together, and I think it's absolutely

946
00:45:12,600 --> 00:45:17,360
Speaker 3: no secret that that's probably white, baby pink, and but

947
00:45:18,600 --> 00:45:21,000
Speaker 3: it's one of those things that's really helped me because

948
00:45:21,000 --> 00:45:23,240
Speaker 3: even if I love it and I'm in the shop

949
00:45:23,280 --> 00:45:25,960
Speaker 3: and I did this recently online and I was on

950
00:45:26,200 --> 00:45:28,160
Speaker 3: Queues website and I was like, Oh, that top is

951
00:45:28,239 --> 00:45:30,200
Speaker 3: so cool, and then I was like, I'm never gonna

952
00:45:30,200 --> 00:45:32,440
Speaker 3: wear it. Yeah, I'm never gonna wear it. I might

953
00:45:32,440 --> 00:45:34,960
Speaker 3: wear it once because I know that it's cute, but

954
00:45:35,320 --> 00:45:38,200
Speaker 3: it would take a lot for me to actually style

955
00:45:38,320 --> 00:45:40,680
Speaker 3: that piece because it was a little bit outside of

956
00:45:40,719 --> 00:45:42,839
Speaker 3: the scope of my usual style. And I'm not saying

957
00:45:42,920 --> 00:45:45,640
Speaker 3: don't change your style, but I would have had to

958
00:45:45,680 --> 00:45:48,400
Speaker 3: significantly change the way I was dressing, and maybe the

959
00:45:48,400 --> 00:45:51,399
Speaker 3: shoes I had weren't perfect for it. So we need

960
00:45:51,440 --> 00:45:53,360
Speaker 3: to just have a good think about whether it's actually

961
00:45:53,360 --> 00:45:57,040
Speaker 3: a good purchase or we just a romanticizing that purchase

962
00:45:57,120 --> 00:45:58,800
Speaker 3: because it just would make us feel.

963
00:45:58,560 --> 00:46:01,520
Speaker 2: Real exactly and like everything looks good on the models,

964
00:46:01,719 --> 00:46:02,040
Speaker 2: you know.

965
00:46:02,360 --> 00:46:05,720
Speaker 3: Oh my gosh, does it ever? And COVID's really really

966
00:46:05,800 --> 00:46:06,960
Speaker 3: highlighted that for me.

967
00:46:08,239 --> 00:46:12,840
Speaker 2: All right, V I think we're done special mentions of course,

968
00:46:13,040 --> 00:46:17,359
Speaker 2: to unsubscribing from marketing emails, writing lists before you.

969
00:46:17,360 --> 00:46:19,400
Speaker 3: Have got the chese on the money right now, that's

970
00:46:19,560 --> 00:46:23,080
Speaker 3: like hardly ever marketing. It's usually George's random ramblings and

971
00:46:23,120 --> 00:46:25,960
Speaker 3: recommendations of Michael Boubla and Froze and prawns.

972
00:46:26,040 --> 00:46:28,120
Speaker 2: They are They're getting weird by the day. But that's so.

973
00:46:29,600 --> 00:46:31,360
Speaker 2: Did we forget anything else budgeting?

974
00:46:31,680 --> 00:46:32,440
Speaker 3: I don't believe.

975
00:46:32,560 --> 00:46:32,640
Speaker 2: So.

976
00:46:33,040 --> 00:46:35,960
Speaker 3: I think impulse spending is something that we've all been

977
00:46:36,000 --> 00:46:39,400
Speaker 3: guilty of at some point, and the best way to

978
00:46:39,440 --> 00:46:43,440
Speaker 3: actually curb impulse spending is really understanding ourselves and what

979
00:46:43,520 --> 00:46:45,600
Speaker 3: triggers that for us and what makes us feel like

980
00:46:45,680 --> 00:46:48,120
Speaker 3: we want to impulse spend. So I know, for me,

981
00:46:48,440 --> 00:46:51,799
Speaker 3: it's feeling really flat, it's having a bad week at work,

982
00:46:51,920 --> 00:46:54,239
Speaker 3: or you know, something not going my way and you know,

983
00:46:54,320 --> 00:46:56,440
Speaker 3: feeling a bit blair about it, and then I'll go

984
00:46:56,560 --> 00:46:58,880
Speaker 3: shopping because that'll make me feel a bit better. And

985
00:46:58,960 --> 00:47:02,040
Speaker 3: I don't do that nearly as much as I used to,

986
00:47:02,560 --> 00:47:04,960
Speaker 3: but I do sometimes say to a couple of girlfriends, like,

987
00:47:04,920 --> 00:47:06,759
Speaker 3: I'd love to go shopping this weekend because I know

988
00:47:06,760 --> 00:47:08,600
Speaker 3: I've had a bit of a look week, you know,

989
00:47:09,000 --> 00:47:12,400
Speaker 3: whereas other people might be doing that to celebrate, like

990
00:47:12,440 --> 00:47:14,239
Speaker 3: you might have had a really great week at work

991
00:47:14,239 --> 00:47:16,600
Speaker 3: and you deserve a new X y Z. So I

992
00:47:16,600 --> 00:47:19,520
Speaker 3: think that we really need do you know what, Georgia.

993
00:47:19,600 --> 00:47:22,080
Speaker 3: We don't just need to. We owe it to ourselves

994
00:47:22,080 --> 00:47:25,560
Speaker 3: to understand ourselves deeply enough to know what our triggers

995
00:47:25,560 --> 00:47:27,240
Speaker 3: are in every point of life.

996
00:47:27,280 --> 00:47:29,360
Speaker 2: I think that's the perfect place to leave it fee

997
00:47:29,480 --> 00:47:29,879
Speaker 2: all right.

998
00:47:29,960 --> 00:47:32,640
Speaker 3: Well as always, just before we head off, we'd like

999
00:47:32,680 --> 00:47:36,560
Speaker 3: to acknowledge and pay respect to Australia's Aboriginal and torrest

1000
00:47:36,600 --> 00:47:40,320
Speaker 3: Right islander people's. They're the traditional custodians of the lands,

1001
00:47:40,360 --> 00:47:44,200
Speaker 3: the waterways and the sky's all across Australia. We thank

1002
00:47:44,280 --> 00:47:46,239
Speaker 3: you for sharing and for caring for the land on

1003
00:47:46,280 --> 00:47:48,840
Speaker 3: which we are able to learn. We pay respects to

1004
00:47:48,880 --> 00:47:51,719
Speaker 3: elders past and present, and we share our friendship and

1005
00:47:51,800 --> 00:47:52,680
Speaker 3: our kindness.

1006
00:47:53,040 --> 00:47:55,520
Speaker 2: And remember, guys, that the advice shared on Cheese on

1007
00:47:55,560 --> 00:47:58,160
Speaker 2: the money is general in nature and does not consider

1008
00:47:58,160 --> 00:48:01,840
Speaker 2: out your individual circumstances. She's on the money exists pulling

1009
00:48:01,920 --> 00:48:04,719
Speaker 2: for educational purposes and should not be relied upon to

1010
00:48:04,719 --> 00:48:08,360
Speaker 2: make an investment or a financial decision. And we promise

1011
00:48:08,560 --> 00:48:12,600
Speaker 2: Victoria Divine is an authorized representative of Australia Pacific Funds

1012
00:48:12,680 --> 00:48:16,640
Speaker 2: Management Proprietary Limited ABN three four one three two four

1013
00:48:16,680 --> 00:48:19,279
Speaker 2: six three AT two five seven AFSL three three nine

1014
00:48:19,440 --> 00:48:22,600
Speaker 2: one five one. We'll see you on Friday next week.

1015
00:48:22,680 --> 00:48:30,560
Speaker 2: Bye bye