WEBVTT - Five ways to stop impulse spending 0:00:00.200 --> 0:00:19.480 She's on the Money. She's on the Money. 0:00:23.200 --> 0:00:26.160 Hello, and welcome to She's on the Money, the podcast 0:00:26.160 --> 0:00:30.680 for millennials who want financial freedom. Impulse spending that sneaky 0:00:30.680 --> 0:00:33.720 little habit that's crept into your routine and even though 0:00:33.760 --> 0:00:37.640 you know it's sabotaging your larger financial goals, you still 0:00:37.680 --> 0:00:41.200 can't quite seem to quit it. Well, stress no more, friends, 0:00:41.240 --> 0:00:44.520 because today we're going to talk through our five foolproof 0:00:44.560 --> 0:00:48.000 ways to help you stop impulse spending once and for all. 0:00:48.720 --> 0:00:51.360 My name is Georgia King, and joining me as always 0:00:51.440 --> 0:00:53.519 is Victoria Devine v. 0:00:53.920 --> 0:00:54.520 Georgia King. 0:00:54.680 --> 0:00:58.480 Hello, my girl. Hello, this chat has come at a 0:00:58.640 --> 0:01:03.080 very interesting time time. Indeed, two things to point out. 0:01:03.680 --> 0:01:08.160 Retail is back open for our Melbourne and Sydney listeners. 0:01:08.520 --> 0:01:11.440 Money win or not money win, that's just a life win. 0:01:11.560 --> 0:01:15.119 I'm just really excited about it being yet a little 0:01:15.160 --> 0:01:15.839 bit more normal. 0:01:16.280 --> 0:01:19.480 One hundred. It feels normal already, don't you think? 0:01:19.640 --> 0:01:20.720 Have you been shopping yet? 0:01:21.240 --> 0:01:22.280 No, neither of you. 0:01:23.360 --> 0:01:25.800 Just the idea that I can is exall enough for 0:01:25.880 --> 0:01:26.800 me exactly. 0:01:27.240 --> 0:01:29.760 The other point, though, V, that I wanted to touch 0:01:29.800 --> 0:01:34.520 on was after pay announcing that they will be infiltrating 0:01:34.600 --> 0:01:36.679 the hospitality sector. 0:01:36.520 --> 0:01:39.640 They will be, and I've been rather what would you say, 0:01:39.720 --> 0:01:43.759 Georgia so opinionated both of those things on the internet 0:01:43.800 --> 0:01:46.200 this week about that, and I feel like it's for 0:01:46.280 --> 0:01:49.760 good reason. I feel like I've obviously been quite skeptical 0:01:49.920 --> 0:01:53.440 of buy now, pay later for a long time, and 0:01:53.560 --> 0:01:56.360 I guess, to preface this part of the chat, I 0:01:56.360 --> 0:01:59.280 don't think by now, pay later is terrible. I think 0:01:59.320 --> 0:02:02.559 it's actually very cool tool. Like when you write down 0:02:02.640 --> 0:02:06.080 exactly what it is, it's essentially a reverse layby, and 0:02:06.120 --> 0:02:08.200 if you go, oh, v, I really wanted to pay 0:02:08.240 --> 0:02:10.040 for a holiday, or I really wanted to pay for 0:02:10.080 --> 0:02:13.120 this thing I really wanted, it kind of makes a 0:02:13.160 --> 0:02:15.360 lot of sense. And I guess that's the draw card 0:02:15.400 --> 0:02:17.880 to so many people, because you know, you don't have 0:02:17.919 --> 0:02:20.200 to pay interest. You can pay it off in installments, 0:02:20.280 --> 0:02:23.560 so you don't get it up front. And I'm sure, 0:02:23.919 --> 0:02:27.800 actually not even I'm sure, George, I know for certain 0:02:27.880 --> 0:02:30.200 there are a lot of people in our community that 0:02:30.440 --> 0:02:33.520 use it as a really solid cash flow tool that 0:02:33.680 --> 0:02:37.919 is really productive for their financial situations. And this week 0:02:38.000 --> 0:02:40.640 that has been brought up a number of times because 0:02:40.639 --> 0:02:43.000 of how vocal. I've been on it, but I just 0:02:43.120 --> 0:02:47.280 feel like hospitality is one step too far, Like it 0:02:47.360 --> 0:02:50.760 is just look, it is just a bit too much 0:02:51.000 --> 0:02:53.080 and a little bit predatory from me. 0:02:53.400 --> 0:02:55.920 So they're basically saying, v that you can now like 0:02:56.480 --> 0:03:01.080 order your palma and pot and then pay later. That's 0:03:01.120 --> 0:03:05.799 that's the gist. Yet it's like restaurants and bars and 0:03:06.200 --> 0:03:08.120 I don't know the clubs. I'm not sure. 0:03:08.360 --> 0:03:11.040 Yeah, And I know that this is a bit topical 0:03:11.080 --> 0:03:13.520 because obviously this is a luxury and if it's in 0:03:13.560 --> 0:03:15.840 line with your values and all of that other stuff. 0:03:15.880 --> 0:03:18.880 And you know, Dave Ramsey, who's a very big financial 0:03:18.919 --> 0:03:22.600 guru in the US, I guess, has been crucified historically 0:03:22.680 --> 0:03:24.680 for saying things like, if you're in debt, you shouldn't 0:03:24.720 --> 0:03:26.800 be going out to eat at restaurants. And I don't 0:03:26.840 --> 0:03:29.079 believe in that. I don't subscribe to that at all. 0:03:29.160 --> 0:03:31.360 I think it's about, you know, actually paying off your 0:03:31.360 --> 0:03:33.480 debt but living at the same time and having good 0:03:33.600 --> 0:03:36.520 balance in your life. But the idea that when you're 0:03:36.560 --> 0:03:39.120 in a compromised position, you've had a few too many 0:03:39.120 --> 0:03:43.120 bevraginos George, and you're wanting to shout the girls a 0:03:43.120 --> 0:03:46.720 few espresso martinis like that adds up. And I did 0:03:46.760 --> 0:03:49.760 the maths on my Instagram stories over the weekend, and 0:03:49.800 --> 0:03:53.080 it's just it's honestly terrifying. And at the end of 0:03:53.120 --> 0:03:56.080 the day, what's an average espressi in the city, George, 0:03:56.160 --> 0:03:56.960 Like twenty bucks? 0:03:57.120 --> 0:03:59.800 Oh girl, at least twenty at least. 0:03:59.840 --> 0:04:01.760 So if we did that and you've got four friends, 0:04:01.800 --> 0:04:04.920 which is four more than I have, that's eighty bucks 0:04:04.960 --> 0:04:07.960 for a round of espresso martinis. And if you're in 0:04:08.000 --> 0:04:11.320 your early twenties, it wouldn't be you know, a miss 0:04:11.360 --> 0:04:13.400 to say that you've done that four times in a month, 0:04:13.800 --> 0:04:17.279 times that by every week of the year. That's an 0:04:17.320 --> 0:04:21.760 additional four one hundred and sixty dollars that you're, you know, 0:04:22.000 --> 0:04:24.560 tapping in a way that maybe you wouldn't have if 0:04:24.600 --> 0:04:26.400 you'd just taken out your debit card, because in the 0:04:26.440 --> 0:04:28.599 back of your mind you knew maybe there's only fifty 0:04:28.600 --> 0:04:30.039 bucks on there and you're not going to do the 0:04:30.160 --> 0:04:32.960 round of espresso martini. So I'm not saying that that's 0:04:32.960 --> 0:04:35.320 what it is. I just feel like this is a 0:04:35.360 --> 0:04:38.720 step too far, and it's just it's a lot, George. 0:04:39.279 --> 0:04:42.600 I feel like you're being quite generous to the buy now, 0:04:42.720 --> 0:04:47.279 pay later providers, because remember before we jumped on the mics, 0:04:47.480 --> 0:04:49.520 you were telling me about. 0:04:50.360 --> 0:04:52.279 Oh, how much debt there was? 0:04:52.440 --> 0:04:54.720 Yeah, yeah, yeah, And that's. 0:04:54.680 --> 0:04:56.680 Look it is. I think I'm being a little bit 0:04:56.720 --> 0:04:59.040 more reserved on this because I just don't want people 0:04:59.080 --> 0:05:01.359 to think that I think that they're awful and I do, 0:05:01.360 --> 0:05:04.040 you know what summary I do, But I don't want 0:05:04.040 --> 0:05:07.240 you guys to think that I just don't have this 0:05:07.400 --> 0:05:10.880 ability to see the flip side of the argument, whereas 0:05:10.920 --> 0:05:13.640 I genuinely believe I can sit on both sides of 0:05:13.640 --> 0:05:16.279 that and go, no, I can see it's really really good, 0:05:16.680 --> 0:05:19.440 but on the flip side, I can see how predatory 0:05:19.480 --> 0:05:22.600 it is and how bad it is. And any business 0:05:23.040 --> 0:05:27.880 that markets to you Georgia and says oh, don't stress 0:05:27.960 --> 0:05:31.160 now is taking advantage of future you exactly, like they 0:05:31.160 --> 0:05:34.440 are absolutely taking advantage of future you. And to say 0:05:34.480 --> 0:05:36.920 don't worry about it or don't worry about drinks, like 0:05:36.960 --> 0:05:40.000 that's that's crazy talk. Like to me, it just seems 0:05:40.360 --> 0:05:42.839 like they're making it sound like, oh, no, you deserve it, 0:05:42.880 --> 0:05:45.400 and I get it, you do, Like it's not about that. 0:05:45.520 --> 0:05:49.000 It's more about Yeah, there's another one that's come out 0:05:49.000 --> 0:05:52.039 as well, George. It's called payoh, And I probably shouldn't 0:05:52.040 --> 0:05:54.120 be naming names, but I feel like it's just one 0:05:54.160 --> 0:05:57.040 of those things that, you know, we should be talking 0:05:57.040 --> 0:05:59.359 about this, and if they're putting themselves out there and 0:05:59.400 --> 0:06:02.520 exactly the same way we do, you know, people should 0:06:02.520 --> 0:06:04.760 be able to talk about this openly and honestly. But 0:06:04.839 --> 0:06:08.039 someone commented on one of their posts and said, why 0:06:08.040 --> 0:06:10.120 do we need to pay for food later as well now, 0:06:10.240 --> 0:06:13.600 like kind of laughing as a joke, and this company replied, Hi, 0:06:13.680 --> 0:06:16.320 they're payos for those days where you feel like going 0:06:16.320 --> 0:06:19.119 for another cocktail but not having to worry about the bill, 0:06:19.520 --> 0:06:21.360 Like should we seem not to be worried aboutout the 0:06:21.400 --> 0:06:24.640 bill like we are. It just feels like that's misleading, 0:06:24.720 --> 0:06:27.400 and we've seen it with after pay before. It was 0:06:27.480 --> 0:06:29.960 like that advertising Georgia they came out with a while 0:06:30.000 --> 0:06:32.160 ago that you I think you pointed it out or 0:06:32.200 --> 0:06:34.520 someone in the Facebook group posted it and it said 0:06:34.720 --> 0:06:38.039 brokef but strongly support treating yourself and I was like, 0:06:38.200 --> 0:06:41.160 that is not good. But I feel like that wasn't 0:06:41.160 --> 0:06:43.280 the one that you posted in our group chat was it. 0:06:43.360 --> 0:06:47.039 No, it wasn't. Firstly, I hate them using the young 0:06:47.080 --> 0:06:50.880 people's language. Brokf don't touch it. That's that's rude. 0:06:51.520 --> 0:06:53.719 Georgia says, it's rude, so you should stop. 0:06:54.720 --> 0:06:58.120 It's just I'm not enough to pay fan as you 0:06:58.160 --> 0:07:00.520 might be able to tell. But the billboard I saw 0:07:00.520 --> 0:07:03.360 a v said stop paying money to use money. 0:07:03.560 --> 0:07:07.200 What No, you're using your own money and it's a 0:07:07.200 --> 0:07:10.440 slippery slope that you could easily trip down and find 0:07:10.480 --> 0:07:14.520 yourself owing more money. And an interesting statistic Georgia that 0:07:14.600 --> 0:07:16.000 I looked up because I was like, no, I'm going 0:07:16.040 --> 0:07:18.520 to look into this and actually read their annual report 0:07:19.080 --> 0:07:23.680 last year they made sixty eight point eight million dollars 0:07:23.720 --> 0:07:27.280 Georgia on late fees alone. Like that wasn't their profit. 0:07:27.360 --> 0:07:29.800 That was just on late fees. So if people are like, 0:07:29.800 --> 0:07:33.080 oh my gosh, I'm so good at it, congratulations, genuinely, 0:07:33.120 --> 0:07:35.440 I'm so proud of you. And as I've said before, 0:07:35.720 --> 0:07:38.520 it is a great tool in theory, and it is 0:07:38.560 --> 0:07:41.680 a great tool for people who are able to control 0:07:41.720 --> 0:07:44.880 themselves and have really good self discipline. But that's not 0:07:45.040 --> 0:07:48.040 actually the majority, and a lot of people who have 0:07:48.200 --> 0:07:51.120 problems with impulsiveness or you know, we had that whole 0:07:51.160 --> 0:07:55.680 episode Georgia on neurodivergence and how that can impact your 0:07:55.680 --> 0:07:58.240 spending and how you know, even being on there autism 0:07:58.320 --> 0:08:01.560 spectrum can do it. Like these people are at more 0:08:01.680 --> 0:08:04.200 risk because of tools like this and for it to 0:08:04.240 --> 0:08:09.240 be even more accessible. It just it sits really incorrectly 0:08:09.360 --> 0:08:09.640 with me. 0:08:09.840 --> 0:08:13.440 I suppose Well, they're also just praying on the like 0:08:13.600 --> 0:08:19.160 instant gratification culture that we've created, right like this just 0:08:19.320 --> 0:08:22.200 can you imagine our parents getting involved with this. They'd 0:08:22.240 --> 0:08:24.520 be like, no, say first and then go out for 0:08:24.560 --> 0:08:28.280 the fancy chicken parmesana, you know what I mean, Like, yeah, yes, 0:08:28.400 --> 0:08:31.960 it's very much looking at our generation and targeting our generation, 0:08:32.080 --> 0:08:32.800 which is not cool. 0:08:32.920 --> 0:08:34.880 Yeah, And I just feel like it's one of those 0:08:34.920 --> 0:08:36.840 things where you know, you and I talk about it 0:08:36.880 --> 0:08:39.199 and I would really like to acknowledge our privilege here 0:08:39.600 --> 0:08:43.640 because you know, we're using examples like a palma like 0:08:43.720 --> 0:08:46.480 that to me is a luxury, Like I don't really 0:08:46.480 --> 0:08:50.000 eat palmas, but it's an absolute luxury at the end 0:08:50.040 --> 0:08:52.199 of the day. Like you and I are looking at 0:08:52.200 --> 0:08:55.760 this and going, Okay, hospitality this means going out for dinner. 0:08:55.840 --> 0:08:59.160 That's a luxury thing, so kind of makes sense. But 0:08:59.200 --> 0:09:01.520 the reality is is there are actually a lot of 0:09:01.640 --> 0:09:04.240 people that aren't able to put food on the table 0:09:04.280 --> 0:09:07.560 at the moment. And I'm not, i guess, criticizing them 0:09:07.600 --> 0:09:10.560 if they go and use this for that reason, but 0:09:10.640 --> 0:09:13.320 I would assume that that type of person or somebody 0:09:13.360 --> 0:09:16.960 who's in the situation where you unfortunately just can't feed 0:09:17.000 --> 0:09:20.120 your family that week. Like I'm not saying I get it, 0:09:20.120 --> 0:09:22.679 because I've never been in that situation. But if you're 0:09:22.679 --> 0:09:24.720 going to put groceries on after pay, because that's how 0:09:24.720 --> 0:09:27.320 you're putting food on the table this week, go do it. 0:09:27.400 --> 0:09:31.640 Please never feel bad about that situation. But that doesn't mean, Okay, 0:09:31.640 --> 0:09:33.480 I can't put food on the table. I'm going to 0:09:33.559 --> 0:09:36.520 go and you know, take my kids out for dinner 0:09:36.640 --> 0:09:39.480 at a five star restaurant and you know, get a 0:09:39.520 --> 0:09:41.840 few cocktails and live my best life because it's future 0:09:41.880 --> 0:09:44.800 me's problem. Like that's what I'm talking about here. I'm 0:09:44.800 --> 0:09:47.600 not talking about people who can't afford food. And there's 0:09:47.640 --> 0:09:51.040 obviously a really big issue surrounding that at the moment. 0:09:51.040 --> 0:09:53.480 And George will probably get into that in another podcast 0:09:53.960 --> 0:09:57.880 in the nearish future, especially with Christmas coming up. But 0:09:57.960 --> 0:10:00.400 I just think that this is such a slippery slope, 0:10:00.480 --> 0:10:03.960 like where does it stop? Like this is just enabling 0:10:04.040 --> 0:10:08.080 people who are into gambling, who are into alcohol to 0:10:08.240 --> 0:10:11.600 make different decisions. And I think it would be a 0:10:11.640 --> 0:10:13.800 miss of me to say, like if I've had a 0:10:13.800 --> 0:10:17.720 few champagnes, like if I was hypothetically, you know, celebrating 0:10:17.720 --> 0:10:21.439 my engagement that maybe or maybe didn't happen recently. No, 0:10:21.480 --> 0:10:24.800 But like I am more likely to make bad financial decisions. 0:10:24.840 --> 0:10:27.160 And that's why I'm such an advocate of a really 0:10:27.200 --> 0:10:30.760 solid budget cash flow plan so that you can't muck 0:10:30.840 --> 0:10:33.040 up and you can't go into a whole heap of 0:10:33.120 --> 0:10:35.400 debt and you don't, you know, dip into your savings 0:10:35.480 --> 0:10:37.520 and then the next day wake up feeling a little 0:10:37.559 --> 0:10:40.400 bit dusty but also a bit upset with yourself because 0:10:40.400 --> 0:10:43.600 you've compromised your future financial goals. Like I am such 0:10:43.600 --> 0:10:46.800 an advocate of really good systems, and somehow if after 0:10:46.880 --> 0:10:51.480 pay or any buy now pay later system works for you, fantastic, 0:10:51.520 --> 0:10:55.160 But that, from my perspective, is absolutely not the majority. 0:10:55.640 --> 0:10:59.200 And as Glenn James would say, if you've budgeted for it, 0:10:59.200 --> 0:11:01.160 Why did you need to enough to pay because you 0:11:01.160 --> 0:11:03.400 already would have had the money in your account, wouldn't. 0:11:03.080 --> 0:11:04.800 You exactly exactly right? 0:11:04.840 --> 0:11:08.280 So ah yeah, it just feels like a really slippery slope. 0:11:08.280 --> 0:11:11.040 And I just don't want people to start normalizing these things. 0:11:11.040 --> 0:11:13.600 And it is becoming so normal right Like after pay 0:11:13.720 --> 0:11:16.720 is everywhere, like it's in our supermarkets, it's literally out 0:11:16.720 --> 0:11:19.560 for dinner, it's following us everywhere Georgia. I know that 0:11:19.679 --> 0:11:22.520 on zip pay you can actually add that to your 0:11:22.559 --> 0:11:25.240 Apple wallet, so you can just tap on zippay and go, 0:11:25.400 --> 0:11:27.640 and it just it feels crazy. 0:11:28.040 --> 0:11:31.640 My only question then, V would be like what about 0:11:31.679 --> 0:11:35.080 when people say yeah, but like people just put their 0:11:35.080 --> 0:11:37.960 food on credit cards anyway, Like what's the difference there? 0:11:38.280 --> 0:11:38.520 Ah? 0:11:38.640 --> 0:11:42.280 Yes, And I touched on this online this week as well, 0:11:42.320 --> 0:11:44.679 and I feel like you're right, you could just put 0:11:44.720 --> 0:11:46.840 it on credit. Do I support you doing that if 0:11:46.880 --> 0:11:49.400 you're already in debt? Absolutely not. I don't think you 0:11:49.440 --> 0:11:52.720 should be putting cocktails on credit at all for any reason. 0:11:52.760 --> 0:11:55.600 But I think the important thing to really understand here 0:11:55.840 --> 0:11:58.520 is that credit cards enough to pay are really different. 0:11:58.640 --> 0:12:01.600 The accessibility of these two things are very different. A 0:12:01.640 --> 0:12:05.200 credit card is regulated here in Australia. If Georgia you 0:12:05.240 --> 0:12:07.080 woke up tomorrow morning you said, you know what, I 0:12:07.080 --> 0:12:09.079 want a credit card. You have to go apply for that. 0:12:09.280 --> 0:12:12.320 You have to go and submit an application, and they'll say, gee, 0:12:12.400 --> 0:12:14.080 so nice. How long have you worked for shees on 0:12:14.120 --> 0:12:16.360 the money? How much money do you earn? What do 0:12:16.440 --> 0:12:18.840 you do you know, what does your cash flow look like? 0:12:18.880 --> 0:12:21.000 And then they might go all right, Ge, we reckon, 0:12:21.040 --> 0:12:23.480 We'll give you a thousand dollar credit card, or hey, Ge, 0:12:23.480 --> 0:12:25.319 you know it might be a bougie credit card. We 0:12:25.360 --> 0:12:28.920 can offer you a fifteen thousand dollar maximum. And that 0:12:29.040 --> 0:12:32.280 decision has been made based on your credit score and 0:12:32.360 --> 0:12:35.080 based on whether you have existing debt. And I can 0:12:35.160 --> 0:12:38.040 bet my bottom dollar that if you were up to 0:12:38.080 --> 0:12:41.600 your eyeballs in debt, especially after this Royal Commission, and 0:12:41.640 --> 0:12:44.520 you went for another credit card, they'd be like, oh, Ge, 0:12:44.960 --> 0:12:47.680 no decline. You'd be like, oh that sucks, I can't 0:12:47.720 --> 0:12:50.720 access that. Buy now, pay later doesn't have any of 0:12:50.760 --> 0:12:53.640 that regulation. In fact, here in Australia it is not 0:12:53.840 --> 0:12:56.080 regulated in the same way that a credit card is. 0:12:56.280 --> 0:12:59.200 And that is something that I would love to change. 0:12:59.280 --> 0:13:01.880 I think that you know, as I've said before, I 0:13:01.960 --> 0:13:04.320 believe that by now pay later does work for some people. 0:13:04.559 --> 0:13:07.040 Let's regulate it. Let's make sure that only the right 0:13:07.080 --> 0:13:09.280 people that aren't going to get into significant debt or 0:13:09.280 --> 0:13:13.160 that aren't already in significant debt, can not use that service, 0:13:13.600 --> 0:13:16.080 and that we are actually putting our community in a 0:13:16.080 --> 0:13:19.959 better position, because unfortunately, if we look at the stats, 0:13:19.960 --> 0:13:21.840 and you know, going back to that statistic that I 0:13:21.880 --> 0:13:25.160 gave you before, sixty eight point eight million dollars in 0:13:25.240 --> 0:13:28.040 late fees, Georgia, We've got a lot of educating to 0:13:28.080 --> 0:13:31.000 do to get people to use these products correctly. And 0:13:31.120 --> 0:13:34.760 until then, these companies are going to benefit significantly. And 0:13:34.880 --> 0:13:37.680 how do we know that that person who you know, 0:13:37.840 --> 0:13:39.959 maxed out all four of the credit cards they got 0:13:39.960 --> 0:13:43.079 approved for, found themselves denied for the next credit card 0:13:43.120 --> 0:13:44.960 and turned to after pay and then zip pay and 0:13:45.000 --> 0:13:48.120 then all the other pays because they're not regulated. Like 0:13:48.280 --> 0:13:50.400 it feels gross, Georgia, and it just feels like we 0:13:50.440 --> 0:13:52.520 are not doing the right thing by our community or 0:13:52.559 --> 0:13:54.960 putting them in the best possible position, which you know, 0:13:55.160 --> 0:13:57.040 I've kind of made our mission, George. 0:13:56.760 --> 0:14:02.000 Yeah, for sure. I wonder when they will introduce those regulations. 0:14:02.360 --> 0:14:04.400 I have no idea, and there are a lot of 0:14:04.400 --> 0:14:07.080 people advocating for this, and I would love to get 0:14:07.120 --> 0:14:10.880 behind it, you know, foot and tail and whatever else 0:14:10.960 --> 0:14:13.600 you say, because I just think that it's in the 0:14:13.600 --> 0:14:16.559 best interest of our community to have these things regulated. 0:14:16.559 --> 0:14:18.840 And I'm not saying you know, if you're listening along 0:14:18.840 --> 0:14:22.520 and you're like, do you know what they I'm really responsible. Congrats, 0:14:22.600 --> 0:14:26.080 Like I'm genuinely, really proud, and I hope that you know, 0:14:26.160 --> 0:14:27.800 I hope George and I have been a part of 0:14:27.840 --> 0:14:31.960 that journey to you being really financially stable and making 0:14:32.000 --> 0:14:35.800 good decisions and maybe using enough to pay correctly. But unfortunately, 0:14:35.840 --> 0:14:38.120 it's just not the case for most of our community. 0:14:38.440 --> 0:14:40.760 And you've got to remember, Georgia, most of our community 0:14:40.800 --> 0:14:43.680 are millennials and Gen X and you know, even younger now, 0:14:43.760 --> 0:14:47.600 which is terrifying. But we're in this position where we 0:14:47.720 --> 0:14:51.080 are the younger generation and we're the people that you know, 0:14:51.200 --> 0:14:54.680 are getting crucified for not being able to buy houses 0:14:54.720 --> 0:14:57.720 because we spent all our money on smashed avocado. Where 0:14:57.760 --> 0:15:01.160 that generation that was crucifying us as now created products 0:15:01.200 --> 0:15:03.400 that put us in a situation where we can now 0:15:03.840 --> 0:15:06.880 get in debt for a smashed avocado. Yeah, it just 0:15:06.920 --> 0:15:07.920 doesn't feel right. 0:15:07.920 --> 0:15:11.440 Not not happy about it. I think just save your 0:15:11.440 --> 0:15:14.400 money and then buy the things. You know, that's the 0:15:14.440 --> 0:15:15.720 old fashioned way of doing it. 0:15:15.880 --> 0:15:19.120 Solid advice from you there, George. Just save your money. 0:15:19.360 --> 0:15:20.240 I really like it. 0:15:20.400 --> 0:15:23.600 You know, it's simpler, there's less temptation. 0:15:23.880 --> 0:15:26.120 Look, there is less temptation. But I feel like there 0:15:26.120 --> 0:15:29.080 are probably enough minutes left in this podcast for us 0:15:29.120 --> 0:15:32.360 to actually talk about how we can minimize impulse spending 0:15:32.760 --> 0:15:35.280 and therefore save some money with some actual tips. 0:15:35.280 --> 0:15:40.280 Correct a monto. Yeah, well, okay, so back to impulse spending. 0:15:40.200 --> 0:15:42.760 The topic of today's show, not throwing off to. 0:15:42.760 --> 0:15:43.840 Pay under it. 0:15:44.040 --> 0:15:46.560 Okay, you know we're doing too so love. 0:15:46.720 --> 0:15:49.600 Why do we love impulse spending so much? Oh? 0:15:49.720 --> 0:15:53.160 Dopamine? It gives us the biggest hit of dopamine. It's 0:15:53.320 --> 0:15:56.120 all based on our emotions. It could often have a 0:15:56.160 --> 0:15:58.680 lot to do with our money stories, as we've discussed 0:15:58.680 --> 0:16:01.440 on the podcast before, and the vironment we put ourselves in, 0:16:01.520 --> 0:16:04.480 but also the environment we grew up in, and maybe 0:16:04.520 --> 0:16:07.760 our parents were impulse spenders. I can I don't know. 0:16:07.800 --> 0:16:09.920 I'm probably taking a bit of a stab in the 0:16:10.000 --> 0:16:13.360 dark here, George, your parent's probably really good little savers 0:16:13.400 --> 0:16:16.080 as well, And the apple doesn't ever fall that far 0:16:16.160 --> 0:16:19.040 from the tree more often than not. So if your 0:16:19.080 --> 0:16:22.360 parents were impulse spenders, you're more likely to probably spend 0:16:22.360 --> 0:16:25.040 your money pretty spontaneously. And if they were savers, you're 0:16:25.120 --> 0:16:28.000 very likely to be a pretty good saver. Because we 0:16:28.000 --> 0:16:30.880 were taught that and we became comfortable with that, and 0:16:30.960 --> 0:16:34.080 as a human we just like what's comfortable to us, 0:16:34.120 --> 0:16:37.520 and that's usually what we are most consistent with. So 0:16:37.720 --> 0:16:41.240 another reason why people tend to impulse shop is because 0:16:41.280 --> 0:16:43.760 of their emotional state. And I've been guilty of this 0:16:43.920 --> 0:16:46.160 so many times. If I've had a bit of a week, 0:16:46.520 --> 0:16:49.040 or if I'm not feeling incredible, oh well, don't know 0:16:49.040 --> 0:16:51.280 what I deserve any dress? Or I'm just going to 0:16:51.360 --> 0:16:53.760 go to Chadsden. I'm just going to go have a look. 0:16:53.760 --> 0:16:56.000 I'll just get myself out of the house. And you 0:16:56.080 --> 0:16:58.720 might be seeking distraction or a little bit of joy, 0:16:58.800 --> 0:17:01.560 And as I said, open plays into this, and that's 0:17:01.560 --> 0:17:04.480 you seeking that We've talked on the pod before about, 0:17:04.560 --> 0:17:07.240 you know, things that could replace dopamine. But the most 0:17:07.280 --> 0:17:11.480 important thing about understanding impulsive spending is understanding why you 0:17:11.560 --> 0:17:14.880 personally impulsively spend, because I might do it because I'm 0:17:14.880 --> 0:17:17.320 feeling a bit flat after a really big week of work, 0:17:17.359 --> 0:17:20.280 and Georgia you might do it for a completely different way, 0:17:20.760 --> 0:17:22.879 on a completely different thing that I'd be like, oh, 0:17:22.920 --> 0:17:24.719 I never spend money on that because I'm just not 0:17:24.760 --> 0:17:28.040 as cool as Georgia King like Magnada. Oh no, I'm 0:17:28.080 --> 0:17:30.800 just not cool enough, you know. So I just think 0:17:30.840 --> 0:17:33.159 that it's really important to understand that your story is 0:17:33.200 --> 0:17:36.680 your story alone, not somebody else's. And even though impulse 0:17:36.720 --> 0:17:40.280 spending in your head might sound like bags and shoes 0:17:40.359 --> 0:17:43.439 and you know, going in pulse spending and you know, 0:17:43.520 --> 0:17:45.760 coming home with a million shopping bags, it can also 0:17:45.840 --> 0:17:49.080 be additional spending while you're at the surface station and 0:17:49.119 --> 0:17:51.440 you just feel the need to pick up chocolate bars 0:17:51.520 --> 0:17:53.040 or you feel the need to grab an ice cream 0:17:53.119 --> 0:17:55.879 or some chips because you know, maybe that wasn't something 0:17:55.880 --> 0:17:59.359 you had as kid. Maybe that's you making yourself feel 0:17:59.400 --> 0:18:02.159 good about something. So sit down and go When do 0:18:02.240 --> 0:18:04.800 I feel like I impulsively need to spend money that 0:18:04.880 --> 0:18:07.800 I hadn't intended on spending. So it's not like the 0:18:07.840 --> 0:18:10.040 big shopping spree that you've been saving up for. That's 0:18:10.040 --> 0:18:13.040 not impulsive spending. Impulsive spending is spending that you just 0:18:13.200 --> 0:18:15.760 feel a little bit like you can't control, Like when 0:18:15.760 --> 0:18:17.720 you see Fredo Frogs on sale and you're like, oh, 0:18:17.800 --> 0:18:19.840 get that in my cart, Like why? 0:18:19.880 --> 0:18:20.200 True? 0:18:20.520 --> 0:18:22.800 I mean, Fredo Frogs are a good acquisition, I feel 0:18:22.880 --> 0:18:25.400 through a good bar, although they're not nearly as big 0:18:25.440 --> 0:18:27.320 as they used to be. Like I haven't eaten a 0:18:27.320 --> 0:18:30.200 Fretdo frog in years. But do you remember those Carameli 0:18:30.240 --> 0:18:33.159 Koala get a fundraisers Georgia and they were huge, And 0:18:33.200 --> 0:18:35.720 I remember the kids at school would bring the boxing 0:18:35.720 --> 0:18:38.040 in and they'd be like a dollar per Gigant or 0:18:38.080 --> 0:18:40.879 Carameli Koala. They do not exist anymore. 0:18:41.040 --> 0:18:42.520 It's it's horrible. 0:18:42.680 --> 0:18:44.160 They're tiny. It's horrendous. 0:18:44.240 --> 0:18:46.960 I think we've spoken about that on the pod before, pars. 0:18:46.840 --> 0:18:49.600 Have we Well, it's because we're really heated about this 0:18:49.720 --> 0:18:51.879 and I'm still pressed bring them back. 0:18:53.359 --> 0:18:57.560 I feel like marketing probably plays into why we impulse 0:18:57.600 --> 0:18:58.280 spend as well. 0:18:58.920 --> 0:19:02.520 True es absolutely well, why do people spend so much 0:19:02.520 --> 0:19:04.919 money on marketing if not to get people to spend 0:19:05.000 --> 0:19:06.040 money on their product? 0:19:06.280 --> 0:19:06.679 That's up. 0:19:06.720 --> 0:19:08.960 Yeah, but brands are going to spend money on marketing 0:19:09.000 --> 0:19:11.280 Georgia because they want us to buy their product, so 0:19:11.280 --> 0:19:14.520 they're going to make it as attractive as possible, because otherwise, 0:19:14.520 --> 0:19:17.119 why would you spend any money on marketing at all? Like, 0:19:17.200 --> 0:19:21.440 I mean, there's legitimate roles for people to create these 0:19:21.480 --> 0:19:24.160 marketing campaigns to sell more of X, Y and Z. 0:19:24.320 --> 0:19:27.000 And I was watching a little while ago, because a 0:19:27.040 --> 0:19:28.879 few weeks ago, it was a few weeks probably a 0:19:28.920 --> 0:19:31.399 few months now because they all roll into one. Do 0:19:31.440 --> 0:19:35.879 you remember when Jess recommended mcmillions as a documentary that 0:19:35.920 --> 0:19:36.760 we should all want. 0:19:37.440 --> 0:19:38.840 Yeah, it rings about Yeah. 0:19:38.720 --> 0:19:41.960