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Speaker 1: Hello.

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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud Yr the

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Speaker 2: Order Kerney Whalbury and a waddery woman. And before we

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Speaker 2: get started on She's on the Money podcast, I would

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Speaker 2: like to acknowledge the traditional custodians of the land of

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Speaker 2: which this podcast is recorded on a wondery country, acknowledging

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Speaker 2: the elders, the ancestors and the next generation coming through

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Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 2: the storytelling of you to make a difference for today

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Speaker 2: and lasting impact for tomorrow.

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Speaker 1: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 4: Hello, and welcome to She's on the Money podcasts for

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Speaker 4: millennials who want financial freedom. My name is Beck Syed

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Speaker 4: and Victoria Divine is with us as ever?

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Speaker 1: With us as ever? Like do you mean always? Or

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Speaker 1: is with us as ever?

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Speaker 4: I mean literally forever? We cannot get rid of her?

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Speaker 1: Yeah, okay, sorry, I mean I'm here to stay. I'm

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Speaker 1: here to stay.

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Speaker 4: Sorry, that's actually great for me.

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Speaker 1: Yeah, well, Beck, today's deep dive is one that we

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Speaker 1: have all experienced and I can honestly say that sadly,

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Speaker 1: but we're talking about buyers remorse. It is an oh

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Speaker 1: so common problem that we actually hear about all the

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Speaker 1: time in the community. Maybe you got carried away in

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Speaker 1: the sales over Christmas, maybe you splurched a little bit

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Speaker 1: on a big item that you weren't planning on buying.

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Speaker 1: But we all know that super icky feeling of regret

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Speaker 1: or anxiety of buyers remorse. Have you experienced this?

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Speaker 4: Beg yes, Oh my goodness, that is all too relatable.

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Speaker 4: I think I get buyers remorse all the time, even

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Speaker 4: if I just buy one too many groceries or something,

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Speaker 4: so I can definitely relate to this.

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Speaker 1: It's going to be very exciting episode. I had buyers

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Speaker 1: from LS on the weekend.

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Speaker 4: What did you buy?

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Speaker 1: I went to buy this is so niche, but not niche.

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Speaker 1: We have moved recently and I needed to buy a

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Speaker 1: new couch, so that was a planned purchase, like we

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Speaker 1: had budgeted for it. It all made sense, Like we

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Speaker 1: went down to the shop that you know we planned

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Speaker 1: to get the couch from, got the couch, but on

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Speaker 1: the couch in the display were two white pillows and

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Speaker 1: a sage green pillow.

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Speaker 4: That looked elitelli getcha.

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Speaker 1: Yeah, and like they were like those big puffy linen

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Speaker 1: ones and I was like, oh, that looks so chic

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Speaker 1: and then yeah, I gotta get it. Yeah, but they

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Speaker 1: were like one hundred dollars each. Oh my, so like

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Speaker 1: the cushions were so expensive. But then in my head

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Speaker 1: at the time, I was like, well, the couch is

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Speaker 1: already really expensive. That looks really good, Like it's another

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Speaker 1: three hundred dollars, like sut, no worries. And I said, oh,

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Speaker 1: can we have the pillows too? And he was like, oh, yeah,

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Speaker 1: they've just come in there so nice. And I was like, yeah, yeah,

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Speaker 1: that's so nice, like ten out of ten and you know,

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Speaker 1: then he gave us free delivery and stuff and it

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Speaker 1: was really nice, like a bit of a money in there.

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Speaker 1: But then then I was like did I need the pillows?

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Speaker 1: Did I need a d And then I stayed awake

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Speaker 1: at night being like this, this is not who you are, Victoria.

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Speaker 1: You don't just impulse by cushions.

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Speaker 4: What have you become? I kind of support that. I

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Speaker 4: thought it would be worse, to be honest, but like.

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Speaker 1: One hundred dollars for a cushion? Is that where we're

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Speaker 1: at in life?

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Speaker 4: I personally, I've never paid one hundred dollars for.

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Speaker 1: I'm not even sure what they're stuffed with at this point.

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Speaker 1: I just saw them and was like, ten out of ten,

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Speaker 1: I'm going to purchase that. It could have been an

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Speaker 1: IKEA cushion for starting is something more expensive, and I

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Speaker 1: didn't even try to understand the product before purchase.

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Speaker 4: So they're extremely extremely.

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Speaker 1: I'll show you later, I'll show you later, so aesthetic,

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Speaker 1: you know.

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Speaker 4: I can't wait. I can't wait. That sounds like a

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Speaker 4: classic case of buyers remorse. I reckon and I remember

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Speaker 4: last year we did an episode on spending guilt and

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Speaker 4: spending addiction we did. I feel like those were super juicy,

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Speaker 4: really relatable episodes that people loved listening to.

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Speaker 1: Maybe this is a natural extension of that.

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Speaker 4: Maybe on today's show, we are going to take a

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Speaker 4: look at Bier's remorse and share your stories around those

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Speaker 4: times that you have regretted a purchase, and hopefully VID

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Speaker 4: can shed some light, give us some advice.

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Speaker 1: I feel like I've got a heap of advice, But

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Speaker 1: in this circumstance, given I so recently experienced buyers remorse,

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Speaker 1: is this a situation where, like you know, you're getting

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Speaker 1: unsolicited advice from somebody who doesn't actually know what they're

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Speaker 1: talking about. Is that what actually is happening here is

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Speaker 1: that like when you, you know, are down the street

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Speaker 1: and you see someone with a baby, and then you

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Speaker 1: see some other person who clearly has never had kids

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Speaker 1: giving advice and people like, what the heck? Like, why

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Speaker 1: are we in this situation? Is that what people are

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Speaker 1: thinking now? They're like, Victoria, you literally had buyers remorse

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Speaker 1: on the weekend, and now you're trying to tell us

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Speaker 1: to not get it. No, I think, if anything, you

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Speaker 1: have a Christy is rough.

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Speaker 4: I don't think so, because I need to hear advice

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Speaker 4: from someone who's experienced buyers.

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Speaker 1: Remorse, yeah, and doesn't want to do it again.

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Speaker 4: Doesn't want to do it again, maybe hasn't done it

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Speaker 4: again since not yet, not yet, since today you had time? No,

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Speaker 4: well exactly had time since the way, It's not impossible.

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Speaker 4: Haven't been shopping, It's not impossible for you to experience

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Speaker 4: it again. No, I'm I feel like you're in a

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Speaker 4: good spot to give advice. Let's do it. Can you

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Speaker 4: start by divining what buyers remorse is?

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Speaker 1: So buyers remorse from my perspective, is that ikey feeling

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Speaker 1: of regret or panic or anxiety that happens after you

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Speaker 1: make a purchase. It could be over an expensive, unplanned purchase,

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Speaker 1: but it can also be over small stuff like buying

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Speaker 1: your lunch when maybe you had something packed, or getting

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Speaker 1: a coffee when you made a news resolution to not

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Speaker 1: have coffee that year. It literally could be anything. It's

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Speaker 1: when you spend money and then you feel guilty and

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Speaker 1: wish you hadn't spent that money. And I think that

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Speaker 1: that's a really important thing to talk about because it

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Speaker 1: could be on big things or it could be on

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Speaker 1: small things. I mean, mine feels like it was on

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Speaker 1: really big things, like cushions. Is that big? I don't

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Speaker 1: know they're big cushions.

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Speaker 4: But I feel like I think that's big. Yeah.

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Speaker 1: And I feel like sometimes buyers remorse can be actually

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Speaker 1: quite helpful because you might go, oh my gosh, I

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Speaker 1: impose purchase this big thing. I'm going to take it back.

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Speaker 1: I don't actually need it. But it can also be

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Speaker 1: a massive hindrance because if you're trying to budget and

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Speaker 1: cash flow and treat yourself, and you know, have a

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Speaker 1: very healthy budget, we don't want to be having buyers

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Speaker 1: remorse when you are actually treating yourself, even if it

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Speaker 1: is in budget, it's a purpose. Exactly. We need to

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Speaker 1: talk about healthy boundaries of buyers remorse today as well.

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Speaker 4: Gosh, that makes so much sense me. I guess my

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Speaker 4: next question is, is there a difference between how we feel,

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Speaker 4: for example, if we have been impulsive or not done

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Speaker 4: our research versus if the product or service itself is

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Speaker 4: not what we wanted or thought it was.

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Speaker 1: Yes, absolutely, Beck, And they call that process to regret

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Speaker 1: or outcome regret, and those true things are actually quite different.

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Speaker 1: So outcome regret is where you regret the experience from

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Speaker 1: your purchase outcome, and it's usually treated when you get

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Speaker 1: that feeling that the product wasn't actually what you wanted.

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Speaker 1: And it can happen when you choose one alternative over another,

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Speaker 1: like you might be in the shops and it might

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Speaker 1: be Peeler and you're picking between, you know, the blue

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Speaker 1: one and the gray one, and they both have different features,

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Speaker 1: and then you pick the gray one, and then you

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Speaker 1: regret it because you really wish you got the blue one,

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Speaker 1: because you just should have gone with what you knew,

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Speaker 1: not this fandangle new one that doesn't do what you

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Speaker 1: thought it was going to do, and you thought you

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Speaker 1: were investing, but it doesn't make sense, and you genuinely

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Speaker 1: feel like you've picked the wrong option, even though in

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Speaker 1: the moment you were like, oh, but I you know,

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Speaker 1: I did a little pros and cons list, but it's

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Speaker 1: just not what you thought it was gonna be, and

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Speaker 1: the actual utility of that item is less than what

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Speaker 1: the perceived utility was. And I feel like the pill

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Speaker 1: is a good example because that's one that's happened to

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Speaker 1: me where I should have just bought the tiny ninety

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Speaker 1: cent plastic pill out coals, but I bought this fancy

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Speaker 1: boy one and now it's like the worst thing in

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Speaker 1: the entire world. But it was like fifteen bucks for

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Speaker 1: a piler and I'm committed to it, So are you relatable?

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Speaker 1: It just didn't meet my expectations.

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Speaker 2: You know.

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Speaker 1: On the flip side to that is what's called process regret,

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Speaker 1: and that's where you blame yourself for having a faulty

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Speaker 1: purchase process. So, for example, when you wish you'd put

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Speaker 1: in more effort to making a purchase decision, like actually

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Speaker 1: maybe going online and buying a green cushion if that's

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Speaker 1: what you wanted, victoria, or when you wish that you

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Speaker 1: had made less effort to obtain the desired results, Like

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Speaker 1: I just took too much time and energy and effort

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Speaker 1: and it just wasn't what you expected. So I feel

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Speaker 1: like these are two different scenarios that are important for

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Speaker 1: us to understand because they actually, like I mean, the outcome,

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Speaker 1: the feeling is similar, but they actually come from different places.

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Speaker 4: Right, Okay, that makes so much sense and it's all

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Speaker 4: too relatable and embarrassingly.

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Speaker 1: So what you bought a piller and a set of

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Speaker 1: cushions so you didn't need to.

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Speaker 4: No, I bought a peeler.

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Speaker 1: You bought a peeler three dollars? What thirty dollars? Pieler?

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Speaker 4: It was three dollars versus one dollar? And I regretted

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Speaker 4: it all day?

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Speaker 1: So did you? Actually? I feel like the peeler is

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Speaker 1: a thing, like all these new fandangled peelers, Like it

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Speaker 1: looks bougie. But then I'm just like, give me the

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Speaker 1: one that my mum had from I know, I need me.

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Speaker 4: Did you the top peel or the side peel? Which

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Speaker 4: one do you go for?

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Speaker 1: I don't know what are you appealing? Is the question? Like,

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Speaker 1: are you peeling an appleing a potato. You know, I

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Speaker 1: had the other peel potatoes anymore, why bother? I heard

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Speaker 1: that the nutrients were in there, and I believe we

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Speaker 1: called them smashed potatoes now instead of mashed potatoes exactly. Anyway,

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Speaker 1: moving on, we need to talk about regret.

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Speaker 4: Okay, So what I want to know is, how about

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Speaker 4: when we fall out of step with our values?

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Speaker 1: I talk about values all the time. So this is

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Speaker 1: a really good I guess addition Beck and one hundred percent,

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Speaker 1: that is a big thing at play. And psychologically, it's

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Speaker 1: actually called cognitive dissonance. So it is a feeling of

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Speaker 1: psychological distress that happens when you're at odds with your

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Speaker 1: own thoughts or your own values. And often these things

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Speaker 1: can happen from peer pressure, so you might you know,

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Speaker 1: I'm going to use this example, and I'm sorry, Frank Green,

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Speaker 1: but we hear now, Frank Green, water bottles, I feel

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Speaker 1: like are a cult. They are a cult. I am

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Speaker 1: in the cult. I'm not saying I'm not in the cult.

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Speaker 1: Are you allowed to say that? I don't know, but

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Speaker 1: I have one and it is now a cult and

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Speaker 1: I love it. I actually have a couple of them,

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Speaker 1: and I really like it. But did I need a

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Speaker 1: sixty dollars drink Probably not, because my system and one

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Speaker 1: that I got fifty percent off at Cole's did the

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Speaker 1: job the vessel exactly. But I got influenced by TikTok

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Speaker 1: and every Man and his Dog talking about the cup

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Speaker 1: holders of the Frank Green drink bottle, which, by the way,

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Speaker 1: ultimate flex. My Frank Green fits in my cup holder

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Speaker 1: in my car.

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Speaker 4: Oh, that is very impressible.

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Speaker 1: That's the fanciest thing I can I can talk about today.

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Speaker 1: But I got influenced. I bought a Frank Green drink

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Speaker 1: bottle and then I was like, what am I doing?

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Speaker 1: This is a sixty dollars drink bottle that I absolutely

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Speaker 1: didn't need. It isn't in line with my values because

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Speaker 1: I do feel like there's a waste of money. Do

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Speaker 1: I like it now?

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Speaker 3: Yeah?

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Speaker 1: But that's not the point. But that's cognitive dissonance at play,

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Speaker 1: where if you'd asked me personally, you know, not taking

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Speaker 1: into consideration the peer pressure aspect or the influence aspect

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Speaker 1: that happened there, VD, would you have spent sixty bucks

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Speaker 1: on a drink bottle? No, I'll drink out of my

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Speaker 1: free promotional one that I got five years ago at

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Speaker 1: a bank and finance event. Thanks Scoop, your had a

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Speaker 1: good time, have a little sip? Yeah, do I drink

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Speaker 1: out of the fact? Absolutely, so like was this something

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Speaker 1: I needed? Probably not. Is it in line with what

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Speaker 1: I believe my values are? Absolutely not? But you know what,

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Speaker 1: I was influenced, So I think that's what created that

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Speaker 1: dissonance for me where I was like, oh, oh, we're here,

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Speaker 1: and I mean now I have two so maybe it

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Speaker 1: is now in line with my values, but my values

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Speaker 1: of change and yours can change. True, beg you just

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Speaker 1: need to be fluid about it. But I think it's

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Speaker 1: important to talk about the fact that sometimes you'll make

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Speaker 1: a purchase and then you'll go, that isn't me, That

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Speaker 1: isn't who I am. But I actually do think it's

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Speaker 1: important to break that down at the time instead of

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Speaker 1: being like, oh, that's not who I am, full stop, Like, well,

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Speaker 1: what led you to that purchase? What made you think

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Speaker 1: that that was a good idea? Because often if you

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Speaker 1: can identify that, it stops it happening in the future

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Speaker 1: or enables you to understand that maybe your values are changing,

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Speaker 1: or maybe something is different about the way that your

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Speaker 1: past values are in acting with your current values. So

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Speaker 1: I think that's important as well. So we won't go

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Speaker 1: on and on about that, but I do think it's

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Speaker 1: important to understand where these things come from, not just

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Speaker 1: wipe them to the side and say, oh, whatever, I

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Speaker 1: just won't do it again.

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Speaker 4: Yeah, that actually makes a lot of sense. First of all,

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Speaker 4: we need to get you off TikTok baby girl.

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Speaker 1: Oh, I love TikTok and I she addicted. She's addicted.

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Speaker 4: So after the break we will hear community stories of

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Speaker 4: buyers regret. But first, what are some triggers.

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Speaker 1: Expensive purchases, the ones that are like really Spano. So,

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Speaker 1: expensive purchases often result in both outcome regret and process

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Speaker 1: regret because they involve all three cognitive dissonance elements. And

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Speaker 1: these three cognitive dissonance elements, which was an absolute mouthful,

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Speaker 1: I'm glad I wrote that down effort, responsibility, and commitment,

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Speaker 1: because beck the more expensive something is, the more unlikely

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Speaker 1: it is that you buy it without any thought or effort. Usually,

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Speaker 1: and expensive things do make you compare like alternatives and

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Speaker 1: do your pros and con lists, and that usually results

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Speaker 1: in a bit of a process regret if you make

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Speaker 1: the wrong decision. I mean the Peeler example makes sense here.

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Speaker 1: I mean it wasn't a super expensive example, but let's

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Speaker 1: pretend it was the couch I purchased on the weekend.

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Speaker 1: Imagine if I'd done all of my research and I

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Speaker 1: had picked the couch I want, which I did, and

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Speaker 1: it's donning and I really like it, and I had

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Speaker 1: found it cheaper online. But by buying it online it

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Speaker 1: meant that I didn't get to sit in a first,

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Speaker 1: which to me was actually really important. I didn't want

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Speaker 1: to buy a couch online because if it's uncomfortable, like,

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Speaker 1: what are we going to do? So I saw it

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Speaker 1: in person, I know it's comfortable. Money win. But what

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Speaker 1: if I'd found it online much cheaper, and then I'd

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Speaker 1: purchased it and then I got it and it wasn't comfortable.

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Speaker 1: That would have taken me down the process if process

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Speaker 1: regret because I'm went, oh my god, I did all

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Speaker 1: my research and I found it the cheapest and then

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Speaker 1: I hated it. Does that make sense? And then I

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Speaker 1: was really annoyed because I'd done all this research and

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Speaker 1: it does look stunning. But I guess the ultimate outcome

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Speaker 1: for me, and I don't know about everybody else, but

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Speaker 1: it's not actually esthetics with the couch. It's whether I

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Speaker 1: can snuggle up on it and watch season two of

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Speaker 1: Y Lotus.

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Speaker 4: You know, oh absolutely? Do you feel like you had

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Speaker 4: both though ascetics.

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Speaker 1: And kenor lost dos? I mean it hasn't been delivered yet.

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Speaker 1: Studying free delivery means it's not going to come the

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Speaker 1: next day, but that is okay. Beggars shan't be choosing no, no,

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Speaker 1: no no. You get what you get and you don't

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Speaker 1: get upset exactly. But I feel like they might also

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Speaker 1: give you outcome regret as well, because you might have

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Speaker 1: raised your expectations depending on the money that you paid

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Speaker 1: for it or even saved for it. So you know,

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Speaker 1: another example of thesis, and I'm going to use the

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Speaker 1: couch as a good example here. Imagine if I was

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Speaker 1: buying a ten thousand dollar couch. Well I did not

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Speaker 1: do that, but I then found it online for four

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Speaker 1: thousand dollars, like money win, that's a big discount. I'm

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Speaker 1: so excited because this is a really good quality couch.

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Speaker 1: So my expectations are up here because it's a ten

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Speaker 1: thousand dollar couch. Back it comes, the quality is absolutely

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Speaker 1: not what I expected. But if the full value price

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Speaker 1: of that couch had been four grand, maybe I would

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Speaker 1: have been okay with it. But I think it's important

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Speaker 1: to understand that sometimes there's actually a disconnect, even when

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Speaker 1: it might be what you paid, but also it can

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Speaker 1: be the discount of it. Like you find a cute

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Speaker 1: outfit online, you're like, oh my gosh, it's designer and

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Speaker 1: it's like seventy percent off. Then it comes and you're

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Speaker 1: a bit disappointed. You created this unrealistic expectation in your

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Speaker 1: head that it was going to be better because it

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Speaker 1: was technically meant to be worth more.

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Speaker 4: Yeah, does that makes sense so much?

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Speaker 1: Where it might be like a white T shirt and

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Speaker 1: you're like, oh my god, but it's like Alexander Wang,

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Speaker 1: this is so fancy, Like I'm going to buy this

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Speaker 1: when it comes, it just doesn't fit the same way

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Speaker 1: a good old Trusty came up one Does you know

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Speaker 1: it doesn't hit doesn't hit a right. So I think

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Speaker 1: it's important to talk about these things as well, because

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Speaker 1: it goes both ways, Like you could spend heaps of

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Speaker 1: money on it, but also there's this disconnect between people

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Speaker 1: assuming that if they're getting a massive discount on something,

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Speaker 1: the quality must be lat.

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Speaker 4: Yes, so I think it's sense.

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Speaker 1: Yeah, And then you might feel a little bit more

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Speaker 1: guilty because you're like, I got it on sale and

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Speaker 1: I shopped around, and like I should love this more

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Speaker 1: because it's heaps, and I just think that that is

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Speaker 1: ridiculous as well.

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Speaker 4: Now, what about impulse purchases.

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Speaker 1: Yes, I do love a good impulse purchase. As a

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Speaker 1: diagnosed AHD individual or what we call in our community

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Speaker 1: a neurospicy person around life, I'm so good at impulse purchases.

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Speaker 1: So good is your area of specialty, it's my area

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Speaker 1: of expertise, expertise. If you want an impulse purchase, let

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Speaker 1: me know I can make one for you. But from

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Speaker 1: my experience, a few of the biggest triggers for me

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Speaker 1: are social media and fear of missing out. It doesn't

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Speaker 1: mean that I am actually going to miss out. I

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Speaker 1: just have decided in my head that I'm probably going

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Speaker 1: to miss out if I don't get this thing, and

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Speaker 1: other factors that hijack our usual buying process. So when

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Speaker 1: I talk about that, I'm not just talking about Oh,

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Speaker 1: this only impacts people with ADHD. This impacts absolutely everybody,

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Speaker 1: but when you are somebody who is a bit neurodiverse,

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Speaker 1: these things are usually on steroids. They usually just jacked

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Speaker 1: up a lot. More So, if you're an impulse purchase

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Speaker 1: and you don't have any type of neurodivergence, think about

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Speaker 1: that but being ten times worse if you are on

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Speaker 1: some kind of neurodivergence spectrum. So it can get completely

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Speaker 1: out of control. And I think it's really important to

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Speaker 1: acknowledge because neuros blastiness comes in lots of different levels.

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Speaker 1: And sometimes you got the like mango lime one. Sometimes

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Speaker 1: you got the Habernero chili, you know in the bottle

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Speaker 1: that has the skull on.

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Speaker 4: It completely dironically, those would be big impulse bies for me.

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Speaker 1: Yeah, maybe we're by neurospisy beck. Are you a bit

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Speaker 1: of an impulse purchaser? Is that something that you lean

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Speaker 1: towards or are you a little bit more stoic in

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Speaker 1: your purchase power?

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Speaker 4: I wish I was. I feel like I'm strictly impulse

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Speaker 4: by because I know.

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Speaker 1: Strictly impulse by. I like that there's some kind of

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Speaker 1: rule for this, like strictly just an impulse purchaser.

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Speaker 4: I don't think too much.

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Speaker 1: Time energy research that we don't do that my theory.

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Speaker 4: Getting get out. I like to say analysis is paralysis. Yes,

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Speaker 4: and sometimes you yeah, yeah, sometimes it would help. But

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Speaker 4: just the other day, for instance, I do want you

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Speaker 4: to know I need to preface this by saying I

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Speaker 4: am perpetually broke. I just got paid for myself a

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Speaker 4: brand new fit bit because you did not need I

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Speaker 4: didn't need a fit Bit because I just couldn't be

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Speaker 4: bothered looking for my old one, is all it was.

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Speaker 1: It's not that I need to be helping you with

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Speaker 1: your budget and you disrespecting that entire process. Yeah, we

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Speaker 1: do meeting a little bit later. Yeah, okay, please in't

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Speaker 1: fire me. I no, you won't ever get fired. You

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Speaker 1: won't ever get fired to make that not for that,

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Speaker 1: that's right, fine.

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Speaker 4: But yes, so I guess to answer your question. Unfortunately,

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Speaker 4: I am only an impulse by because if I think

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Speaker 4: too much about something, then the normal logical side will

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Speaker 4: kick in and be like, hey, that's you. Actually, do you.

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Speaker 1: Put any time between you and your purchases, like a

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Speaker 1: couple of hours or a day or you no?

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Speaker 4: Less go Well, the only time that goes between me

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Speaker 4: and my purchase is that brief few minutes of waiting

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Speaker 4: in the self checkout line.

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Speaker 1: Oh okay, that sounds really really time. Yeah, look, I'm

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Speaker 1: going to go with not asking you for advice on

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Speaker 1: impulse spending. At this point.

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Speaker 4: My advice is still a baby girl.

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Speaker 1: My advice is don't do a baby girl. Put twenty

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Speaker 1: four hours between you and your purchase. I'm going to

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Speaker 1: let you still have the fit bit okay, but I'm

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Speaker 1: going to make you leave JB hi fi and come

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Speaker 1: back tomorrow and get it if you're still thinking about it.

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Speaker 1: And I think that a lot of the time when

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Speaker 1: it comes to impulse purchasing, you actually might. I don't

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Speaker 1: know if this will work for you, because different things

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Speaker 1: work for different people. But often if I say no,

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Speaker 1: you can't have it, Beck, let's go home and think

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Speaker 1: about it, You'll be like, but I know I want it,

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Speaker 1: Please let me have it, Like I'm going to take

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Speaker 1: it home today. But if I said, hey, Beck, actually

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Speaker 1: let's just put twenty four hours between it one day,

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Speaker 1: one day, that's it. You can have it tomorrow, no

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Speaker 1: questions asked, you're more likely to go all right, that

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Speaker 1: sounds like a good deal as opposed to oh, Beck,

435
00:19:58,520 --> 00:20:00,280
Speaker 1: you probably don't need it. I'm going to try and

436
00:20:00,280 --> 00:20:01,600
Speaker 1: talk about I'm not going to try and talk you

437
00:20:01,640 --> 00:20:04,959
Speaker 1: out of any purchase because that is not my place.

438
00:20:05,200 --> 00:20:07,040
Speaker 1: It is not my place to tell you how to

439
00:20:07,080 --> 00:20:11,240
Speaker 1: spend your money. My place is educating you on how

440
00:20:11,280 --> 00:20:14,240
Speaker 1: to make the best decision for you, and sometimes you

441
00:20:14,280 --> 00:20:17,280
Speaker 1: need a little bit of time. So let's step back

442
00:20:17,320 --> 00:20:20,880
Speaker 1: to when you purchase your fitbit. If I said to you, hey, Beck,

443
00:20:20,960 --> 00:20:22,879
Speaker 1: and we were there shopping together, which we were not,

444
00:20:23,960 --> 00:20:25,960
Speaker 1: I love it. I think that fit bits so sick.

445
00:20:26,400 --> 00:20:29,240
Speaker 1: How about we just pick it up tomorrow, Like, let's

446
00:20:29,240 --> 00:20:32,320
Speaker 1: come back tomorrow. Let's just make sure that you're getting

447
00:20:32,320 --> 00:20:33,919
Speaker 1: the best deal on this, Like maybe we can look

448
00:20:33,960 --> 00:20:36,000
Speaker 1: it up online, or maybe we can, you know, have

449
00:20:36,080 --> 00:20:38,080
Speaker 1: a think about it. We might pop past Target or

450
00:20:38,119 --> 00:20:39,920
Speaker 1: something see if they've got it, because you know it

451
00:20:40,000 --> 00:20:43,080
Speaker 1: might be cheaper. Like let's have a look. You're less

452
00:20:43,280 --> 00:20:46,480
Speaker 1: likely to say no, I still want it if the

453
00:20:46,680 --> 00:20:50,960
Speaker 1: idea of still obtaining that item is on the table. Yeah,

454
00:20:51,040 --> 00:20:52,720
Speaker 1: does that make sense? Like if I say not beg

455
00:20:52,800 --> 00:20:54,760
Speaker 1: you can have it, but tomorrow, how would you respond

456
00:20:54,840 --> 00:20:55,120
Speaker 1: to that?

457
00:20:55,280 --> 00:20:58,640
Speaker 4: I feel like that would kind of help the urge

458
00:20:58,960 --> 00:21:01,639
Speaker 4: to just immediately buy it right this second, and I

459
00:21:01,640 --> 00:21:05,160
Speaker 4: feel like I would firstly maybe look for my old

460
00:21:05,200 --> 00:21:10,639
Speaker 4: one that is almost the exact same model that works perfectly.

461
00:21:11,520 --> 00:21:13,880
Speaker 4: But also I would think I can't be bothered going

462
00:21:13,920 --> 00:21:15,960
Speaker 4: back to the shops. Yeah, and wouldn't even if not

463
00:21:16,119 --> 00:21:16,560
Speaker 4: buying it.

464
00:21:16,680 --> 00:21:16,880
Speaker 2: Yeah.

465
00:21:16,920 --> 00:21:19,760
Speaker 1: And I think it's important because you know, I am

466
00:21:19,760 --> 00:21:22,600
Speaker 1: an impulse purchaser. I think that is very widely known.

467
00:21:22,640 --> 00:21:25,120
Speaker 1: It's why I have the banking structure that I have

468
00:21:25,240 --> 00:21:28,280
Speaker 1: to you know, disable that in a way. But then

469
00:21:28,440 --> 00:21:31,199
Speaker 1: also I think this concept of no, you can have it,

470
00:21:31,240 --> 00:21:33,960
Speaker 1: but you can just get it tomorrow makes me feel

471
00:21:33,960 --> 00:21:36,600
Speaker 1: like I don't have fomo. And I think the second

472
00:21:36,640 --> 00:21:38,280
Speaker 1: I say that you can't have it, you go, well,

473
00:21:38,280 --> 00:21:40,080
Speaker 1: I've got fomo. Now I really want it. I want

474
00:21:40,119 --> 00:21:42,119
Speaker 1: it more now you said I can't have it. So

475
00:21:42,240 --> 00:21:44,600
Speaker 1: I think this idea of putting twenty four hours between

476
00:21:44,600 --> 00:21:47,399
Speaker 1: you and your spending is really really helpful because it

477
00:21:47,480 --> 00:21:49,240
Speaker 1: goes from twenty four hours and then you're like, oh,

478
00:21:49,320 --> 00:21:51,320
Speaker 1: I'm busy this afternoon. Maybe I'll just pick it up

479
00:21:51,320 --> 00:21:53,600
Speaker 1: on the weekend, and it just gets pushed out and

480
00:21:53,640 --> 00:21:56,399
Speaker 1: pushed out, and then that sense of urgency is often

481
00:21:56,520 --> 00:21:59,679
Speaker 1: lost along that journey and then you go, oh, you know,

482
00:21:59,760 --> 00:22:02,119
Speaker 1: I don't even need that whatever. I've moved on to

483
00:22:02,200 --> 00:22:05,320
Speaker 1: this next new thing that I'm thinking about, and that

484
00:22:05,320 --> 00:22:08,720
Speaker 1: that's good, Like that's a great outcome. But then if

485
00:22:08,720 --> 00:22:10,960
Speaker 1: you're still obsessed with the fitbit in twenty four hours

486
00:22:11,000 --> 00:22:12,840
Speaker 1: or you know, the next week, can we get it?

487
00:22:12,880 --> 00:22:15,879
Speaker 1: Then it's in line with your values. Obviously you want it.

488
00:22:15,920 --> 00:22:17,919
Speaker 1: As I said, it's not my position to tell you

489
00:22:17,960 --> 00:22:20,480
Speaker 1: not to spend on things. I think it's just being

490
00:22:20,600 --> 00:22:24,080
Speaker 1: a little bit more mindful about it. And as somebody

491
00:22:24,080 --> 00:22:28,760
Speaker 1: with ADHD, being mindful is actually very hard. Being mindful

492
00:22:28,840 --> 00:22:31,600
Speaker 1: is actually something that you have to consistently work on.

493
00:22:32,000 --> 00:22:34,360
Speaker 1: And if you say, oh, be more mindful with your purchasers,

494
00:22:34,400 --> 00:22:36,480
Speaker 1: I'll be like, oh, so should I look at the

495
00:22:36,520 --> 00:22:38,000
Speaker 1: pink and the blue one? Is that what you mean?

496
00:22:38,480 --> 00:22:39,119
Speaker 5: Like that?

497
00:22:39,280 --> 00:22:40,200
Speaker 4: Should I consider more?

498
00:22:40,280 --> 00:22:40,480
Speaker 2: Yeah?

499
00:22:40,480 --> 00:22:42,639
Speaker 1: Should I consider more? What do you mean? I should

500
00:22:42,640 --> 00:22:45,480
Speaker 1: just get crayons and texters not just crayons. Okay, I

501
00:22:45,480 --> 00:22:49,399
Speaker 1: think it's important that you understand what triggers you, but

502
00:22:49,480 --> 00:22:52,760
Speaker 1: then also what kind of strategies work for you best.

503
00:22:52,840 --> 00:22:56,199
Speaker 1: It's kind of like working with toddlers. It's kind of

504
00:22:56,240 --> 00:22:59,080
Speaker 1: like that distract technique. It's like you're not gonna yell

505
00:22:59,119 --> 00:23:01,000
Speaker 1: at them and be like, get off the table. You're

506
00:23:01,000 --> 00:23:03,720
Speaker 1: not supposed to be on the table, because they'll just

507
00:23:03,720 --> 00:23:06,440
Speaker 1: be like okay, probably going to do it again, be like, oh,

508
00:23:06,520 --> 00:23:07,960
Speaker 1: should you be on the time? What are you trying

509
00:23:08,000 --> 00:23:10,119
Speaker 1: to achieve here? Oh I'm trying to pretend I'm on

510
00:23:10,160 --> 00:23:12,160
Speaker 1: a boat. Oh well, how about we make this chair

511
00:23:12,240 --> 00:23:14,960
Speaker 1: a boat? And like it's kind of lame when you

512
00:23:15,000 --> 00:23:18,160
Speaker 1: think about it, but how can you best distract yourself

513
00:23:18,480 --> 00:23:20,680
Speaker 1: in a way that you don't feel like you're missing out?

514
00:23:20,720 --> 00:23:23,360
Speaker 1: Because if I take that away from you, immediately we

515
00:23:23,440 --> 00:23:26,879
Speaker 1: feel like we're missing out. And that's where money becomes

516
00:23:26,880 --> 00:23:28,600
Speaker 1: something that you continue to stick your head in the

517
00:23:28,680 --> 00:23:29,200
Speaker 1: sand about.

518
00:23:29,520 --> 00:23:33,680
Speaker 4: Yeah, that is such solid advice. I will actually try

519
00:23:33,720 --> 00:23:34,320
Speaker 4: that technique.

520
00:23:34,480 --> 00:23:36,479
Speaker 1: I'm going to make you text me next time you

521
00:23:36,520 --> 00:23:38,720
Speaker 1: want to do an impulse purchase and I'll be like,

522
00:23:39,240 --> 00:23:41,240
Speaker 1: let's get it to morow Beck and you'll be like yeah, see,

523
00:23:41,280 --> 00:23:43,480
Speaker 1: I'll be like I'll drive you. I'll literally drive you

524
00:23:43,520 --> 00:23:45,280
Speaker 1: if you want it tomorrow and you'll be like yeah, sick.

525
00:23:45,320 --> 00:23:46,679
Speaker 1: And then next time I'll be like you wryt to

526
00:23:46,680 --> 00:23:47,840
Speaker 1: go get that fit bit and you'll be like, what

527
00:23:49,240 --> 00:23:51,919
Speaker 1: we let's hope so what bit? Oh, I want to

528
00:23:51,960 --> 00:23:54,120
Speaker 1: go to the pub and get a soda water because I'm.

529
00:23:54,040 --> 00:23:56,280
Speaker 4: Back one hundred percent, We'll do that instead spend all

530
00:23:56,320 --> 00:23:58,919
Speaker 4: our money at the pub. So we've established that I

531
00:23:59,040 --> 00:24:01,000
Speaker 4: have absolutely impulse control.

532
00:24:01,280 --> 00:24:01,480
Speaker 5: Yeah.

533
00:24:01,520 --> 00:24:04,720
Speaker 4: Great, and it gets me thinking. We've heard about after pay,

534
00:24:05,359 --> 00:24:08,520
Speaker 4: have you? That's crazy? I know that's a new thing, right, No,

535
00:24:08,560 --> 00:24:10,639
Speaker 4: it's not. It's really taking the world by storm. It

536
00:24:10,640 --> 00:24:13,640
Speaker 4: gives us an instant dopamine hit. We can't really afford something,

537
00:24:13,680 --> 00:24:16,080
Speaker 4: but after Pa comes in and saves the day. What

538
00:24:16,119 --> 00:24:18,399
Speaker 4: are your thoughts on after pay? Oh, that is a

539
00:24:18,440 --> 00:24:21,399
Speaker 4: bad question to ask, bec. I have literally done entire

540
00:24:21,480 --> 00:24:26,160
Speaker 4: podcasts on this. I think after pay look stepping back

541
00:24:26,280 --> 00:24:28,800
Speaker 4: as business, what a genius business.

542
00:24:28,960 --> 00:24:33,760
Speaker 1: That is so smart. But from the consumer perspective, as

543
00:24:33,800 --> 00:24:37,720
Speaker 1: somebody who wants you to be financially empowered, I feel

544
00:24:37,720 --> 00:24:41,120
Speaker 1: like it takes away a little bit of that empowerment because,

545
00:24:41,520 --> 00:24:44,040
Speaker 1: as you said before, it enables us to have that

546
00:24:44,119 --> 00:24:47,240
Speaker 1: dopamine hit sooner. So you want a dress for this weekend,

547
00:24:47,320 --> 00:24:49,199
Speaker 1: or you want a new shirt or whatever it is,

548
00:24:49,320 --> 00:24:52,240
Speaker 1: you're really excited about it. You go shopping, You're like, oh,

549
00:24:52,400 --> 00:24:55,600
Speaker 1: that's leads two hundred bucks. But actually, if I put

550
00:24:55,600 --> 00:24:57,600
Speaker 1: it on after pay, it's only fifty bucks right now,

551
00:24:57,720 --> 00:25:00,199
Speaker 1: and I get to wear it this weekend, and we

552
00:25:00,520 --> 00:25:05,080
Speaker 1: justify our purchases more readily because we don't have to

553
00:25:05,119 --> 00:25:08,719
Speaker 1: part with all of that money upfront. It puts a

554
00:25:08,760 --> 00:25:12,080
Speaker 1: lot of time between that purchase that you make and

555
00:25:12,240 --> 00:25:15,840
Speaker 1: having to repay that debt. And while that can actually

556
00:25:15,880 --> 00:25:18,160
Speaker 1: be really good for some people like I, have had

557
00:25:18,200 --> 00:25:20,280
Speaker 1: messages from people who are like, I can't believe that

558
00:25:20,320 --> 00:25:22,280
Speaker 1: you talk about it after pay or buy now pay

559
00:25:22,359 --> 00:25:25,119
Speaker 1: later services like that. I use it for my budgeting,

560
00:25:25,160 --> 00:25:27,679
Speaker 1: for my kids, for whatever else. And if that is

561
00:25:27,720 --> 00:25:29,800
Speaker 1: the way that you are using a buy now, pay

562
00:25:29,920 --> 00:25:34,879
Speaker 1: later service, all power to you, because that is honestly

563
00:25:34,480 --> 00:25:37,800
Speaker 1: the responsible way of using it. From my perspective, that's

564
00:25:37,840 --> 00:25:40,080
Speaker 1: quite intelligent of you. If you were using it to

565
00:25:40,160 --> 00:25:42,040
Speaker 1: budget and you're like, all right, well, you know I've

566
00:25:42,040 --> 00:25:44,520
Speaker 1: allocated myself fifty bucks a week, and I really want

567
00:25:44,560 --> 00:25:46,640
Speaker 1: this top. I'm actually going to be able to cash

568
00:25:46,680 --> 00:25:49,760
Speaker 1: flow it. That's genius. That's not how I would use

569
00:25:49,800 --> 00:25:52,840
Speaker 1: that service. That's not how most of my community use

570
00:25:52,880 --> 00:25:55,399
Speaker 1: that service. That is not how most of the people

571
00:25:55,440 --> 00:25:59,000
Speaker 1: I interact with use that service. They use it because

572
00:25:59,080 --> 00:26:02,359
Speaker 1: it is an instant gratification tool. You can have that

573
00:26:02,480 --> 00:26:05,199
Speaker 1: item or that thing right here and now, and we

574
00:26:05,200 --> 00:26:07,720
Speaker 1: can worry about paying for it later. It is a

575
00:26:07,760 --> 00:26:12,359
Speaker 1: reverse engineered layby lay by. Historically, and I feel like

576
00:26:12,480 --> 00:26:15,200
Speaker 1: every man and his dog remembers the target toy sale

577
00:26:15,400 --> 00:26:17,520
Speaker 1: in the middle of the year. I don't know if

578
00:26:17,520 --> 00:26:20,159
Speaker 1: you remember it, but like I remember, yeah, yeah, I

579
00:26:20,160 --> 00:26:22,000
Speaker 1: think it was like July and you go down and

580
00:26:22,160 --> 00:26:24,480
Speaker 1: pick out some stuff for Christmas. Mum would put it

581
00:26:24,520 --> 00:26:26,960
Speaker 1: on layby, and over a period of time you'd pay

582
00:26:27,000 --> 00:26:28,760
Speaker 1: it off and then you get to pick up your

583
00:26:28,800 --> 00:26:31,160
Speaker 1: lay by. I remember doing it for clothes as well.

584
00:26:31,200 --> 00:26:32,520
Speaker 1: Like Mom would be like, all right, we're going to

585
00:26:32,520 --> 00:26:34,480
Speaker 1: go lay by some clothes for next season or whatever

586
00:26:34,520 --> 00:26:37,640
Speaker 1: it was. And it was a way of experiencing delayed gratification,

587
00:26:37,720 --> 00:26:41,320
Speaker 1: which is actually really powerful when it comes to risk

588
00:26:41,359 --> 00:26:45,399
Speaker 1: and reward. So if you have to delay gratification, you

589
00:26:45,480 --> 00:26:48,399
Speaker 1: have more time, more patience, You're more likely to really

590
00:26:48,480 --> 00:26:51,320
Speaker 1: value that item, You're more likely to really want it

591
00:26:51,800 --> 00:26:54,680
Speaker 1: if you put it on layby you're going, I really

592
00:26:54,760 --> 00:26:57,400
Speaker 1: want this and I'm willing to wait. Beck, let's talk

593
00:26:57,400 --> 00:27:01,119
Speaker 1: about your fit bit again. If I said to you, Okay, cool,

594
00:27:01,240 --> 00:27:03,800
Speaker 1: we're gonna go down to Jbhi file or wherever you

595
00:27:03,800 --> 00:27:05,760
Speaker 1: put your fit bit, We're gonna lay by it though,

596
00:27:06,080 --> 00:27:08,959
Speaker 1: So it's gonna be laybyed for the next six weeks,

597
00:27:09,119 --> 00:27:11,480
Speaker 1: and you're gonna pay a small portion off over the

598
00:27:11,520 --> 00:27:14,040
Speaker 1: next six weeks every single week. Do you still want

599
00:27:14,040 --> 00:27:14,520
Speaker 1: that item?

600
00:27:14,960 --> 00:27:17,760
Speaker 4: I would not like that, probably not after the six

601
00:27:17,800 --> 00:27:19,120
Speaker 4: weeks a new one would have come out.

602
00:27:19,200 --> 00:27:21,399
Speaker 1: Well yeah, But also it puts you in a situation

603
00:27:21,480 --> 00:27:23,520
Speaker 1: where you actually have to consider like is this an

604
00:27:23,560 --> 00:27:26,639
Speaker 1: impulse purchase or something that I am saving up for,

605
00:27:26,880 --> 00:27:29,440
Speaker 1: And it might be you genuinely going, I really need

606
00:27:29,440 --> 00:27:31,920
Speaker 1: a new TV. Oh I'm so excited about this particular

607
00:27:32,000 --> 00:27:34,320
Speaker 1: model or whatever you're getting, and you go down and

608
00:27:34,359 --> 00:27:35,880
Speaker 1: you put it on labor and you pay it off

609
00:27:35,880 --> 00:27:38,240
Speaker 1: over a period of time. You're so excited to upgrade,

610
00:27:38,280 --> 00:27:41,200
Speaker 1: and that's that's perfect, that's what that service is for.

611
00:27:41,760 --> 00:27:44,920
Speaker 1: But on a buy now, pay later service, you're more

612
00:27:45,000 --> 00:27:47,160
Speaker 1: likely to go and just buy a fit bit because

613
00:27:47,160 --> 00:27:50,119
Speaker 1: that's what you wanted, and then next weekend, you're like, oh, well,

614
00:27:50,160 --> 00:27:52,080
Speaker 1: maybe I want an Apple Watch. Like my mate's got

615
00:27:52,119 --> 00:27:53,840
Speaker 1: an Apple Watch and I was at the pub talking

616
00:27:53,840 --> 00:27:56,199
Speaker 1: to them about that. You know, maybe I'll work towards that.

617
00:27:56,640 --> 00:27:59,960
Speaker 1: And I just think it actually instills this idea that's

618
00:28:00,080 --> 00:28:03,760
Speaker 1: stuff is worthless, Like it's valued at less to us

619
00:28:03,840 --> 00:28:07,000
Speaker 1: because it's more disposable now, And I think that that's

620
00:28:07,080 --> 00:28:09,800
Speaker 1: actually not that positive. So if you are using it

621
00:28:09,840 --> 00:28:12,760
Speaker 1: as a cash flow tool, literally, more power to you.

622
00:28:12,920 --> 00:28:15,960
Speaker 1: I never could. I can't be trusted with it. But

623
00:28:16,800 --> 00:28:18,960
Speaker 1: if you're not, I think it's important to have a

624
00:28:19,000 --> 00:28:21,800
Speaker 1: look at how you might be using that service because

625
00:28:21,880 --> 00:28:24,800
Speaker 1: often we will justify to ourselves that it is a

626
00:28:24,840 --> 00:28:27,200
Speaker 1: smart service to use because you know budget and cash flow.

627
00:28:27,640 --> 00:28:29,840
Speaker 1: But what are you purchasing on there? What are you

628
00:28:29,960 --> 00:28:34,119
Speaker 1: actually using that for? Because I'm pretty sure the statistics

629
00:28:34,119 --> 00:28:37,880
Speaker 1: say that people will spend forty percent more if they're

630
00:28:37,920 --> 00:28:40,120
Speaker 1: putting it on buy now, pay later, as opposed to

631
00:28:40,200 --> 00:28:42,280
Speaker 1: having to part with cash that's in their bank account.

632
00:28:42,320 --> 00:28:44,320
Speaker 4: I'm not super shocked by that, to be honest. No,

633
00:28:44,440 --> 00:28:45,920
Speaker 4: I feel like LABA is the way to go.

634
00:28:46,160 --> 00:28:48,880
Speaker 1: Yeah, Layby is the OG. We need to bring it back.

635
00:28:49,320 --> 00:28:52,600
Speaker 4: So v how about the entire field of study of

636
00:28:52,720 --> 00:28:56,840
Speaker 4: human and behavioral psychology to manipulate us to buy stuff, So.

637
00:28:56,800 --> 00:29:01,280
Speaker 1: You're manipulating yourself. Obviously, we've already covered that. That's fine, fomo,

638
00:29:01,440 --> 00:29:04,200
Speaker 1: all of those things that we use ourselves to convince

639
00:29:04,240 --> 00:29:06,680
Speaker 1: ourselves that we need something. But you know who's also

640
00:29:06,760 --> 00:29:10,160
Speaker 1: good at convincing us that we need stuff? Marketing departments.

641
00:29:10,480 --> 00:29:13,640
Speaker 1: They are so smart. It's literally why they are employed

642
00:29:13,960 --> 00:29:16,960
Speaker 1: to make people buy more stuff. Otherwise, why would we

643
00:29:17,000 --> 00:29:19,520
Speaker 1: have people to market things like I mean, the dude

644
00:29:19,560 --> 00:29:23,720
Speaker 1: who sells sham wows really good at marketing, really good

645
00:29:23,720 --> 00:29:25,880
Speaker 1: at marketing. He will send you like a free set

646
00:29:25,880 --> 00:29:28,760
Speaker 1: of steak knives to make the deal even sweeter. And

647
00:29:28,800 --> 00:29:31,080
Speaker 1: I know that that, you know, seems a bit lame,

648
00:29:31,640 --> 00:29:34,480
Speaker 1: but there's science behind it to say that that is

649
00:29:34,520 --> 00:29:37,480
Speaker 1: actually going to get people across the line when it

650
00:29:37,520 --> 00:29:41,800
Speaker 1: comes to purchasing. So marketers know more about your interests

651
00:29:41,880 --> 00:29:44,880
Speaker 1: more often than you do, which is terrifying, especially in

652
00:29:45,040 --> 00:29:48,240
Speaker 1: the digital age of twenty twenty three. My husband, huh,

653
00:29:48,360 --> 00:29:51,560
Speaker 1: saying husband, still, so novel works in this space, and

654
00:29:51,680 --> 00:29:55,240
Speaker 1: genuinely it terrifies me sometimes to know the patterns of

655
00:29:55,320 --> 00:29:58,520
Speaker 1: behavior and how that works and what particular people are

656
00:29:58,560 --> 00:30:01,480
Speaker 1: following and what you might need and being able to

657
00:30:01,520 --> 00:30:04,880
Speaker 1: predict things, and sometimes it can be really helpful, you know, like,

658
00:30:05,080 --> 00:30:08,240
Speaker 1: for example, you're targeted advertising that pops up online when

659
00:30:08,280 --> 00:30:11,080
Speaker 1: you've been looking at bikinis and you know, another company

660
00:30:11,120 --> 00:30:12,480
Speaker 1: comes up and you're like, I've never seen that, but

661
00:30:12,520 --> 00:30:15,719
Speaker 1: that's actually exactly what I'm looking for. Other companies might

662
00:30:15,800 --> 00:30:18,400
Speaker 1: use it. So, for example, I know that banks do this.

663
00:30:18,760 --> 00:30:21,640
Speaker 1: So if you have a search history of like crews

664
00:30:21,760 --> 00:30:25,400
Speaker 1: or holiday or flights, or you're looking at accommodation, they

665
00:30:25,480 --> 00:30:29,560
Speaker 1: will send you targeted advertising for their traveler cards because

666
00:30:29,600 --> 00:30:32,520
Speaker 1: obviously you fall into this niche group of people who

667
00:30:32,520 --> 00:30:35,200
Speaker 1: are probably going to travel overseas and need some type

668
00:30:35,240 --> 00:30:38,640
Speaker 1: of travel card. That makes sense, but they happen to

669
00:30:38,640 --> 00:30:41,000
Speaker 1: know more about your future needs than you do, and

670
00:30:41,080 --> 00:30:44,280
Speaker 1: I find that quite terrifying. And they use data to

671
00:30:44,280 --> 00:30:48,600
Speaker 1: stimulate demand essentially. So there are heaps of strategies and

672
00:30:48,640 --> 00:30:51,440
Speaker 1: I studied it at UNI as well, but strategies like

673
00:30:51,560 --> 00:30:55,480
Speaker 1: marketing scarcity and discounts and targeted advertisements like we've talked

674
00:30:55,480 --> 00:30:57,960
Speaker 1: about it on the pod before putting something in your

675
00:30:58,000 --> 00:31:00,800
Speaker 1: cart and quote forgetting about it and them sending you

676
00:31:00,840 --> 00:31:04,040
Speaker 1: a discount code. It's not an accident. And while it's

677
00:31:04,080 --> 00:31:07,240
Speaker 1: a money win for you, they're still getting the sale,

678
00:31:07,400 --> 00:31:10,200
Speaker 1: and that's a strategy for them to get that sale.

679
00:31:10,640 --> 00:31:13,160
Speaker 1: Remarketing is a really big one. You know, when you

680
00:31:13,280 --> 00:31:16,760
Speaker 1: visit a certain website and then every single ad that

681
00:31:16,800 --> 00:31:19,760
Speaker 1: you see for the next week is that website that

682
00:31:19,800 --> 00:31:24,120
Speaker 1: you went to. That's actually a targeted strategy to send

683
00:31:24,160 --> 00:31:26,520
Speaker 1: you back to that website to finish that purchase or

684
00:31:26,560 --> 00:31:30,120
Speaker 1: buy more things. And they basically make you fulfill your

685
00:31:30,120 --> 00:31:33,440
Speaker 1: desires by making a purchase, which is terrifying but really

686
00:31:33,480 --> 00:31:36,080
Speaker 1: important for us to understand. And I think that it

687
00:31:36,160 --> 00:31:39,560
Speaker 1: is so so important that we know what that looks

688
00:31:39,640 --> 00:31:42,200
Speaker 1: like and how it works, so that when it comes up,

689
00:31:42,200 --> 00:31:45,680
Speaker 1: we can be like a sneaky sneaky from them instead

690
00:31:45,720 --> 00:31:48,400
Speaker 1: of oh, you're right, I do need that thing. So

691
00:31:48,440 --> 00:31:50,840
Speaker 1: I think it's just again about education.

692
00:31:51,080 --> 00:31:54,600
Speaker 4: Right, I've always thought, well, very thoughtful that these it's

693
00:31:54,640 --> 00:31:57,600
Speaker 4: so kind to them, more correctly to me, thank you

694
00:31:57,640 --> 00:31:59,400
Speaker 4: for just figuring out.

695
00:31:59,200 --> 00:32:01,440
Speaker 1: Exactly what they want your money.

696
00:32:01,680 --> 00:32:05,440
Speaker 4: I see, I see so not thoughtful, very scary, Yes, bad.

697
00:32:06,080 --> 00:32:07,960
Speaker 1: I don't think it's scary, all bad, and I think

698
00:32:07,960 --> 00:32:10,720
Speaker 1: that there's this cloud of oh my gosh, my daughter

699
00:32:10,800 --> 00:32:13,320
Speaker 1: is being compromised, Like they don't care about who Beck is.

700
00:32:13,400 --> 00:32:16,000
Speaker 1: They actually just care about the pattern and serve you

701
00:32:16,200 --> 00:32:19,040
Speaker 1: things that might make sense to that business to get

702
00:32:19,080 --> 00:32:21,920
Speaker 1: more money. Like, I don't think it's as creepy as

703
00:32:21,960 --> 00:32:23,520
Speaker 1: people seem to think it is.

704
00:32:23,640 --> 00:32:25,880
Speaker 4: But also it's a little bit creepy. Hey, yeah, a

705
00:32:25,880 --> 00:32:28,560
Speaker 4: little bit. So they're not like watching me on the toilet,

706
00:32:29,120 --> 00:32:31,880
Speaker 4: but they just want my money. No, no, that's niche.

707
00:32:31,880 --> 00:32:37,280
Speaker 4: But no, so we are all social creatures. Let's talk

708
00:32:37,320 --> 00:32:39,800
Speaker 4: a little bit about interpersonal influence.

709
00:32:40,000 --> 00:32:42,760
Speaker 1: That's a bit of interpersonal influence is a good one

710
00:32:42,760 --> 00:32:47,040
Speaker 1: actually to talk about here. And interpersonal influence is basically

711
00:32:47,120 --> 00:32:50,800
Speaker 1: the degree to which others influence your decisions. And I

712
00:32:50,800 --> 00:32:53,160
Speaker 1: think this is very important me here to point out

713
00:32:53,200 --> 00:32:56,720
Speaker 1: that being independent in decision making is actually a skill

714
00:32:56,760 --> 00:32:59,400
Speaker 1: that needs to sometimes be taught. Like you need to go, oh,

715
00:32:59,440 --> 00:33:01,720
Speaker 1: I need to stop asking other people for their opinions

716
00:33:01,760 --> 00:33:03,880
Speaker 1: on this, because I, like, I don't actually need someone

717
00:33:03,880 --> 00:33:06,360
Speaker 1: else's opinion on a purchase I'm making. I just need

718
00:33:06,360 --> 00:33:09,080
Speaker 1: to make sure it makes me feel like my best self,

719
00:33:09,120 --> 00:33:11,800
Speaker 1: not what Beck thinks about my new top, if that

720
00:33:11,880 --> 00:33:16,040
Speaker 1: makes sense. But the more susceptible you are to interpersonal influence,

721
00:33:16,120 --> 00:33:18,040
Speaker 1: the more the chances are that you're actually going to

722
00:33:18,080 --> 00:33:21,200
Speaker 1: suffer from post to purchase regret. So looping back, and

723
00:33:21,240 --> 00:33:24,680
Speaker 1: it actually includes two different dimensions. So if we talk

724
00:33:24,720 --> 00:33:28,680
Speaker 1: about informational influence, that's, for example, when you align on

725
00:33:28,680 --> 00:33:31,720
Speaker 1: your tech friend who says, oh, this laptop's pretty sick.

726
00:33:31,800 --> 00:33:33,920
Speaker 1: You know it's got this feature in this feature, and

727
00:33:34,320 --> 00:33:37,600
Speaker 1: you know, I personally have been influenced by this before,

728
00:33:37,600 --> 00:33:39,880
Speaker 1: where I'm like, I don't know the first thing about laptops,

729
00:33:39,960 --> 00:33:42,120
Speaker 1: but someone told me that the surfaces were good, and

730
00:33:42,120 --> 00:33:44,000
Speaker 1: then I asked somebody else and they said, oh, we're good.

731
00:33:44,040 --> 00:33:46,760
Speaker 1: So I made purchase literally based on my tech friend's

732
00:33:47,000 --> 00:33:51,560
Speaker 1: opinions of a certain product. But then normative influence on

733
00:33:51,600 --> 00:33:54,960
Speaker 1: the flip side is how your purchase decisions are influenced

734
00:33:55,240 --> 00:33:57,880
Speaker 1: just to maintain your image, which is kind of the

735
00:33:58,200 --> 00:34:00,760
Speaker 1: keeping up with the Jones's side of things. And I

736
00:34:00,840 --> 00:34:03,640
Speaker 1: think that that is really important because that doesn't serve

737
00:34:03,720 --> 00:34:06,960
Speaker 1: you in any way, shape or form. And we've talked

738
00:34:06,960 --> 00:34:08,640
Speaker 1: about it on the Pod before, but I think this

739
00:34:08,680 --> 00:34:11,040
Speaker 1: is a really fun stat to throw in here, Beck,

740
00:34:11,600 --> 00:34:15,160
Speaker 1: and it's about the likelihood of people going broke. So

741
00:34:15,320 --> 00:34:17,840
Speaker 1: there was research done a while ago in the US

742
00:34:17,960 --> 00:34:20,120
Speaker 1: and they found and we talked about it last week,

743
00:34:20,160 --> 00:34:22,239
Speaker 1: but the people most likely to go broke are the

744
00:34:22,239 --> 00:34:24,920
Speaker 1: people who live next door to lotto winners. And we're

745
00:34:24,960 --> 00:34:28,520
Speaker 1: not talking about like multi million dollar lotto winners, because

746
00:34:28,840 --> 00:34:31,880
Speaker 1: if that's the case, often the person who wins moves

747
00:34:31,920 --> 00:34:34,640
Speaker 1: out of that suburb. We're talking not enough to move

748
00:34:34,640 --> 00:34:37,719
Speaker 1: out of the suburb, but enough money to change your lifestyle,

749
00:34:37,760 --> 00:34:40,080
Speaker 1: maybe put a boat in the driveway, or some new cars,

750
00:34:40,160 --> 00:34:42,880
Speaker 1: or to always be seen in new fashion. And that

751
00:34:43,040 --> 00:34:46,000
Speaker 1: is normative influence, where the people around you might have

752
00:34:46,120 --> 00:34:48,960
Speaker 1: elevated their expenses, and therefore you try and keep up

753
00:34:49,000 --> 00:34:51,680
Speaker 1: with it as well, even though that's maybe not aligned

754
00:34:51,680 --> 00:34:54,200
Speaker 1: to your values or your goals or your income. Right.

755
00:34:54,600 --> 00:34:57,279
Speaker 4: That is a very shocking fact, isn't it.

756
00:34:57,280 --> 00:34:58,480
Speaker 1: It's terrifying, isn't it?

757
00:34:59,080 --> 00:34:59,200
Speaker 2: Like?

758
00:34:59,320 --> 00:35:01,919
Speaker 1: And who would have Like, if I'd said to you,

759
00:35:02,000 --> 00:35:04,959
Speaker 1: who's the most likely to go broke? You wouldn't have said, oh, yeah,

760
00:35:05,000 --> 00:35:07,040
Speaker 1: the neighbor of someone who's just won a whole heap

761
00:35:07,080 --> 00:35:09,520
Speaker 1: of money, Like, it's just not what comes into my mind.

762
00:35:09,800 --> 00:35:13,440
Speaker 4: Viz. That why my mouth is absolutely watering looking at

763
00:35:13,480 --> 00:35:14,720
Speaker 4: your friend green water bottle.

764
00:35:15,400 --> 00:35:17,960
Speaker 1: Yeah, of course it is, because that's normative influence. I mean,

765
00:35:17,960 --> 00:35:20,160
Speaker 1: it's not the Lotto winner thing. It's just a sixty

766
00:35:20,200 --> 00:35:22,719
Speaker 1: dollars drink bottle that I still can't comprehend why they're

767
00:35:22,719 --> 00:35:26,840
Speaker 1: so expensive. But that's yeah, normative influence because your decision

768
00:35:26,880 --> 00:35:29,239
Speaker 1: making about wanting a new drink bottle, I e. My

769
00:35:29,400 --> 00:35:31,440
Speaker 1: drink bottle has been based off the fact that you're

770
00:35:31,440 --> 00:35:34,799
Speaker 1: seeing a really, really attractive person with one. How about

771
00:35:34,840 --> 00:35:36,880
Speaker 1: we go to a break because after I have a

772
00:35:36,880 --> 00:35:38,799
Speaker 1: whole heap more to talk about. When it comes to

773
00:35:38,800 --> 00:35:40,680
Speaker 1: buyers Remorse on the show, and I really want to

774
00:35:40,680 --> 00:35:42,920
Speaker 1: get to the community experiences.

775
00:35:42,239 --> 00:35:43,880
Speaker 4: What do you say, Yeah, let's do it. I need

776
00:35:43,920 --> 00:35:45,280
Speaker 4: to go buy a frank green water bottle.

777
00:35:45,320 --> 00:35:46,440
Speaker 1: So they are there.

778
00:35:50,360 --> 00:35:52,840
Speaker 4: We are back and talking about buyers Remorse on the

779
00:35:52,880 --> 00:35:55,920
Speaker 4: show today. So v we asked the community about their

780
00:35:55,960 --> 00:35:59,040
Speaker 4: experiences with buyers remorse and what did they have to say?

781
00:35:59,280 --> 00:36:02,400
Speaker 1: They had lot to say. I have a select few

782
00:36:02,480 --> 00:36:04,160
Speaker 1: things that I'm going to share with you because I

783
00:36:04,160 --> 00:36:06,040
Speaker 1: had to whittle it down to like five or six

784
00:36:06,200 --> 00:36:09,160
Speaker 1: because there were a lot, a lot, a lot of responses.

785
00:36:09,960 --> 00:36:12,840
Speaker 1: So let's start with Rosie. I really like the name Rosie,

786
00:36:12,880 --> 00:36:15,480
Speaker 1: and she said, I rented a new apartment. I went

787
00:36:15,520 --> 00:36:19,960
Speaker 1: to Kmart and went absolutely crazy on super unnecessary things

788
00:36:20,239 --> 00:36:23,640
Speaker 1: relatable instead of moving in and seeing what I needed.

789
00:36:23,680 --> 00:36:26,560
Speaker 1: As time went by, I absolutely binged a bunch of

790
00:36:26,560 --> 00:36:29,200
Speaker 1: stuff which I convinced myself I needed. I spent one

791
00:36:29,280 --> 00:36:31,560
Speaker 1: hundred and seventy five dollars on plants, and I now

792
00:36:31,600 --> 00:36:34,120
Speaker 1: regret that because fast forward ten months and they are

793
00:36:34,160 --> 00:36:37,000
Speaker 1: all dead because I'm not a very good plant. Oh no,

794
00:36:37,280 --> 00:36:40,080
Speaker 1: I feel like that's super relatable. I did that, Oh

795
00:36:40,120 --> 00:36:43,200
Speaker 1: absolutely that. I bought a really nice monsterra plant, And

796
00:36:43,239 --> 00:36:46,359
Speaker 1: now Jess has my monsterra plant at her house trying

797
00:36:46,360 --> 00:36:49,480
Speaker 1: to rehabilitate it because I basically murdered it. Oh no, Yeah,

798
00:36:49,520 --> 00:36:51,040
Speaker 1: she says she'll give it back, but I'm not sure

799
00:36:51,040 --> 00:36:54,000
Speaker 1: if she will because I don't know if I trusted. Yeah, yeah,

800
00:36:54,040 --> 00:36:57,960
Speaker 1: we will get there. Georgia says buying a kindle. I

801
00:36:58,000 --> 00:37:01,319
Speaker 1: wanted to be a reader so bad, but I'm not

802
00:37:01,560 --> 00:37:03,480
Speaker 1: so I thought buying a kindle will make me read,

803
00:37:03,480 --> 00:37:05,080
Speaker 1: but it just sits there and it collects dust.

804
00:37:05,600 --> 00:37:06,040
Speaker 4: Classic.

805
00:37:06,080 --> 00:37:09,200
Speaker 1: That's good. I love the concept of a kindle, but

806
00:37:09,320 --> 00:37:13,120
Speaker 1: as somebody who only ever seldom reads, like I just

807
00:37:13,440 --> 00:37:16,080
Speaker 1: there's no point me having one, Like I get through

808
00:37:16,080 --> 00:37:19,839
Speaker 1: maybe two or three books for pleasure each year, and

809
00:37:20,080 --> 00:37:22,600
Speaker 1: like it just it's not worth the money. No, head

810
00:37:22,640 --> 00:37:24,160
Speaker 1: on down to library, I reckon.

811
00:37:24,000 --> 00:37:26,200
Speaker 4: Yes, or an audiobook might be nice.

812
00:37:26,320 --> 00:37:28,120
Speaker 1: And it was good for someone who gets through heaps

813
00:37:28,120 --> 00:37:30,880
Speaker 1: of books. Yes, that's genius, really good product.

814
00:37:31,000 --> 00:37:32,680
Speaker 4: Georgia should have maybe bought a book.

815
00:37:33,080 --> 00:37:36,000
Speaker 1: Georgia maybe should have just come to the conclusion that

816
00:37:36,040 --> 00:37:39,800
Speaker 1: Georgia doesn't read. And that's okay, that's okay, that's very judgment,

817
00:37:40,000 --> 00:37:43,080
Speaker 1: all right, Katie says, I regret buying a four hundred

818
00:37:43,120 --> 00:37:46,720
Speaker 1: and fifty dollars mattress rather than investing in a good one.

819
00:37:47,000 --> 00:37:49,800
Speaker 1: It was the biggest waste of money. My bead sucks.

820
00:37:49,840 --> 00:37:52,440
Speaker 1: And now I can't justify the money because I already

821
00:37:52,480 --> 00:37:53,280
Speaker 1: own a mattress.

822
00:37:53,760 --> 00:37:55,360
Speaker 4: But that that makes it makes sense.

823
00:37:55,480 --> 00:37:57,759
Speaker 1: I feel like that's an interesting concept because that's like

824
00:37:57,800 --> 00:38:00,000
Speaker 1: being tight on something that you should have spent money,

825
00:38:00,239 --> 00:38:01,960
Speaker 1: but now you spent too much money on it to

826
00:38:02,000 --> 00:38:04,600
Speaker 1: go and invest in something more because you've already spent

827
00:38:04,640 --> 00:38:06,440
Speaker 1: for aner and fifty dollars and like that feels like

828
00:38:06,520 --> 00:38:08,560
Speaker 1: putting it down the drain. Maybe you could buy like

829
00:38:08,600 --> 00:38:11,560
Speaker 1: a nice mattress stoper or something, and yeah, you.

830
00:38:11,480 --> 00:38:13,520
Speaker 4: Can always save anything with the mattress toop up. Yeah

831
00:38:13,520 --> 00:38:14,000
Speaker 4: I reckon a.

832
00:38:13,920 --> 00:38:16,799
Speaker 1: Good mattress topper mat out of ten. See, there we

833
00:38:16,840 --> 00:38:20,120
Speaker 1: go with saving people one DM at a time. Allie

834
00:38:20,200 --> 00:38:22,759
Speaker 1: rode in and said, definitely buying my newborn heaps of

835
00:38:22,800 --> 00:38:25,839
Speaker 1: clothes as soon as they were born. They literally grow

836
00:38:26,000 --> 00:38:28,120
Speaker 1: so quickly and it's like you blink and they don't

837
00:38:28,160 --> 00:38:31,120
Speaker 1: fit in anything anymore. Honestly, just take all of the

838
00:38:31,200 --> 00:38:33,319
Speaker 1: ugly hand me downs and call it a day. I

839
00:38:33,320 --> 00:38:34,480
Speaker 1: feel like that's genius.

840
00:38:34,560 --> 00:38:35,640
Speaker 4: That is very good.

841
00:38:35,680 --> 00:38:37,840
Speaker 1: My best friend had a baby last year, and I

842
00:38:37,880 --> 00:38:40,560
Speaker 1: swear every time I see him, he's like doubled in size.

843
00:38:41,000 --> 00:38:43,920
Speaker 1: Like I'm convinced it's a different maybe every single time,

844
00:38:44,120 --> 00:38:45,960
Speaker 1: but I'm obsessed with him. But I'm like, who are

845
00:38:46,000 --> 00:38:48,560
Speaker 1: you this time? Because you are not the baby that

846
00:38:48,719 --> 00:38:49,879
Speaker 1: I saw when you were born.

847
00:38:50,000 --> 00:38:52,480
Speaker 4: Yeah. Also, fashion doesn't matter, it's fashion.

848
00:38:52,120 --> 00:38:53,120
Speaker 1: When you are a newborn.

849
00:38:53,239 --> 00:38:54,680
Speaker 4: Put them in a potato sack.

850
00:38:54,840 --> 00:38:55,040
Speaker 5: Yeah.

851
00:38:55,120 --> 00:38:56,759
Speaker 1: Ten out of ten. I'm just gonna wrap it in

852
00:38:56,840 --> 00:38:58,799
Speaker 1: Chuck's cloths because I have a heap of those, because

853
00:38:58,800 --> 00:39:00,640
Speaker 1: I got a really good deal at Bunny the other day.

854
00:39:00,880 --> 00:39:03,000
Speaker 1: Ten out of ten ideas all right? And last one

855
00:39:03,040 --> 00:39:04,520
Speaker 1: I'm going to read out because I could go on

856
00:39:04,600 --> 00:39:08,440
Speaker 1: about these forever. Is from Sam and Sam said, letting

857
00:39:08,440 --> 00:39:11,040
Speaker 1: my husband spend money on a home gym to save

858
00:39:11,160 --> 00:39:15,480
Speaker 1: money on gym memberships. No explanation needed. We've only used

859
00:39:15,480 --> 00:39:17,520
Speaker 1: it twice and we've owned it for four years.

860
00:39:17,880 --> 00:39:20,960
Speaker 4: Hey, but that's still okay because you're not consistently paying

861
00:39:21,360 --> 00:39:22,480
Speaker 4: X amount of money every month.

862
00:39:22,560 --> 00:39:24,399
Speaker 1: Yeah, but a home gym, how much do you think

863
00:39:24,440 --> 00:39:25,080
Speaker 1: that cost?

864
00:39:26,800 --> 00:39:27,759
Speaker 4: You don't even want to know.

865
00:39:28,320 --> 00:39:30,840
Speaker 1: I got caught up during COVID thinking, you know what

866
00:39:30,920 --> 00:39:33,440
Speaker 1: I'll do. I'll just like do a little home gym setup.

867
00:39:33,480 --> 00:39:36,840
Speaker 1: And Steve and I we ordered weights online because he

868
00:39:36,920 --> 00:39:39,280
Speaker 1: wanted to work out and we were obviously in lockdown.

869
00:39:39,719 --> 00:39:43,520
Speaker 1: Spent a very pretty penny on weights, and now we

870
00:39:43,640 --> 00:39:46,480
Speaker 1: have been using them in our house as door stops.

871
00:39:47,920 --> 00:39:49,240
Speaker 4: Hey, they still came in handy.

872
00:39:49,320 --> 00:39:52,760
Speaker 1: Yeah, the doors definitely stay open. So can can recommend

873
00:39:52,840 --> 00:39:55,120
Speaker 1: to that purchase? Probably could have gone to Camut and

874
00:39:55,120 --> 00:39:57,520
Speaker 1: bought a proper doorstop, or even just put my handbag

875
00:39:57,560 --> 00:39:59,879
Speaker 1: in front of it, like, honestly, did I need it?

876
00:40:00,120 --> 00:40:00,200
Speaker 2: No?

877
00:40:00,440 --> 00:40:03,359
Speaker 1: Did I convince myself I needed it? Absolutely? I did.

878
00:40:03,760 --> 00:40:05,560
Speaker 1: Stuff is expensive, Sopha.

879
00:40:05,560 --> 00:40:07,960
Speaker 4: I'm going to go away from this episode with that advice,

880
00:40:08,000 --> 00:40:10,040
Speaker 4: and I'm going to put twenty four hours between me

881
00:40:10,080 --> 00:40:10,840
Speaker 4: and my purchase.

882
00:40:11,000 --> 00:40:13,799
Speaker 1: But before I'm not gonna lie. Don't believe you.

883
00:40:14,960 --> 00:40:19,040
Speaker 4: I don't believe me. I mean it's optimistic, that's it

884
00:40:19,200 --> 00:40:19,640
Speaker 4: in my eyes.

885
00:40:19,760 --> 00:40:21,680
Speaker 1: Yeah, I can. The way you said it, I was like,

886
00:40:21,760 --> 00:40:25,920
Speaker 1: this woman is pulling meleg I'm going to try, I

887
00:40:26,000 --> 00:40:26,560
Speaker 1: really really try.

888
00:40:26,680 --> 00:40:28,359
Speaker 4: Right, But before we wrap up, do you have any

889
00:40:28,360 --> 00:40:28,840
Speaker 4: more tips?

890
00:40:28,920 --> 00:40:30,799
Speaker 1: I do. I feel like I've gone through them a lot.

891
00:40:30,840 --> 00:40:33,360
Speaker 1: You're right. Putting twenty four hours between you and your spending,

892
00:40:33,400 --> 00:40:35,520
Speaker 1: I think is actually a really powerful one because it

893
00:40:35,560 --> 00:40:38,400
Speaker 1: doesn't take that feeling of fomo away from you. So

894
00:40:38,520 --> 00:40:40,279
Speaker 1: I think a lot of the time often if we

895
00:40:40,320 --> 00:40:42,399
Speaker 1: say well, just don't purchase it, you're like, well, I'm

896
00:40:42,400 --> 00:40:44,520
Speaker 1: probably going to do it anyway because I want to

897
00:40:44,560 --> 00:40:47,040
Speaker 1: have that dopamine hit. I think it pushes it off

898
00:40:47,080 --> 00:40:49,240
Speaker 1: a little bit and allows you enough time to reflect

899
00:40:49,280 --> 00:40:52,879
Speaker 1: on your values. The next is really really boring. It's

900
00:40:52,920 --> 00:40:55,719
Speaker 1: make a budget, check it, have a look at it,

901
00:40:55,920 --> 00:40:58,560
Speaker 1: be really realistic with it. When I say make a budget,

902
00:40:58,640 --> 00:41:01,799
Speaker 1: don't make an aspirational budget. If we're talking groceries here,

903
00:41:02,040 --> 00:41:04,279
Speaker 1: don't go, oh my gosh, I'm a single gal like

904
00:41:04,400 --> 00:41:07,759
Speaker 1: you are. Seventy five bucks is you know good each week?

905
00:41:07,800 --> 00:41:09,839
Speaker 1: I'm just going to spend that if that's not what

906
00:41:09,840 --> 00:41:12,080
Speaker 1: you're currently spending. Because your grocery bills one hundred and

907
00:41:12,120 --> 00:41:14,560
Speaker 1: fifty a week, one to cut it in half is

908
00:41:14,600 --> 00:41:18,759
Speaker 1: insane immediately, but true. You're going to feel deprived, You're

909
00:41:18,800 --> 00:41:21,480
Speaker 1: going to splurge on things at some point, and you're

910
00:41:21,520 --> 00:41:24,040
Speaker 1: not going to have created a realistic budget that we

911
00:41:24,040 --> 00:41:26,279
Speaker 1: can stick to. So if we are a bit more

912
00:41:26,280 --> 00:41:29,520
Speaker 1: realistic with our budget, we can actually, you know, make

913
00:41:29,600 --> 00:41:34,120
Speaker 1: some space to treat ourselves within reason. The next is

914
00:41:34,200 --> 00:41:38,439
Speaker 1: actually breaking down the price. And this one hurts. I

915
00:41:38,520 --> 00:41:41,919
Speaker 1: hate it. It's disgusting and it makes me sick. So

916
00:41:42,040 --> 00:41:45,719
Speaker 1: how many hours work does it take you to earn

917
00:41:45,760 --> 00:41:48,560
Speaker 1: that item? And we want to work out our post

918
00:41:48,600 --> 00:41:52,040
Speaker 1: tax hourly rate, not pre tax, because that's too kind.

919
00:41:52,360 --> 00:41:54,600
Speaker 1: We want to work out Okay, how much do I

920
00:41:54,719 --> 00:41:57,919
Speaker 1: take home per hour? And you might work out all right, Well,

921
00:41:58,080 --> 00:42:00,480
Speaker 1: you know it's nineteen dollars an hour in my pocket

922
00:42:00,560 --> 00:42:03,520
Speaker 1: after tax. How many hours is that on a fitbit?

923
00:42:03,600 --> 00:42:08,319
Speaker 1: Would I work twelve hours genuinely for a fitbit? Like

924
00:42:08,360 --> 00:42:09,880
Speaker 1: if I held the fitbit in front of you and

925
00:42:09,920 --> 00:42:11,839
Speaker 1: said twelve hours work and you can have this, would

926
00:42:11,840 --> 00:42:13,759
Speaker 1: you be like heck yes, or would you be like, oh,

927
00:42:13,880 --> 00:42:15,600
Speaker 1: that gives me the ick? Not sure if I can

928
00:42:15,640 --> 00:42:16,160
Speaker 1: part with it?

929
00:42:16,520 --> 00:42:18,279
Speaker 4: Yeah, don't think I would do it. That's a really

930
00:42:18,320 --> 00:42:19,200
Speaker 4: good way to look at it.

931
00:42:19,320 --> 00:42:21,440
Speaker 1: Yeah, it gives me the ick, and therefore it's probably

932
00:42:21,520 --> 00:42:24,040
Speaker 1: going to be really helpful. The next is obviously do

933
00:42:24,120 --> 00:42:26,760
Speaker 1: some research before you buy. I mean that is a given.

934
00:42:26,920 --> 00:42:30,200
Speaker 1: Obviously don't get analysis paralysis, but doing a bit of

935
00:42:30,239 --> 00:42:33,560
Speaker 1: research is really important. The other thing I would say

936
00:42:33,680 --> 00:42:36,880
Speaker 1: is a lot of places either price match or price beat.

937
00:42:37,160 --> 00:42:40,720
Speaker 1: So Jbhi fay, I'm going to be sponsoring us anytime soon.

938
00:42:41,120 --> 00:42:44,480
Speaker 1: But the guys at JB on Burke Street are legends.

939
00:42:44,640 --> 00:42:47,240
Speaker 1: First things first, they are really great, but they also

940
00:42:47,440 --> 00:42:49,560
Speaker 1: know I'm going to ask for the best deal. Like

941
00:42:49,640 --> 00:42:51,360
Speaker 1: I'll go in and be like oh, hey, you know,

942
00:42:51,520 --> 00:42:53,640
Speaker 1: I've got a team member starting and I need a

943
00:42:53,640 --> 00:42:55,960
Speaker 1: new laptop, or I need a new mouse or whatever

944
00:42:56,000 --> 00:42:58,440
Speaker 1: I need. I think that they have now come to

945
00:42:58,440 --> 00:43:00,319
Speaker 1: the conclusion that I am going to stand in store,

946
00:43:00,360 --> 00:43:02,480
Speaker 1: I'm going to google that product and I'm going to

947
00:43:02,520 --> 00:43:04,560
Speaker 1: see what it costs online, and then I'm going to

948
00:43:04,640 --> 00:43:06,160
Speaker 1: ask them to sell it to me for that price

949
00:43:06,440 --> 00:43:09,000
Speaker 1: like they just selling. Yep, they do it every single time,

950
00:43:09,040 --> 00:43:11,279
Speaker 1: and there's absolutely no judgment there because I think that

951
00:43:11,320 --> 00:43:13,840
Speaker 1: they would do the same thing in my shoes, Like

952
00:43:14,040 --> 00:43:16,719
Speaker 1: why don't you just ask for the best deal? What's

953
00:43:16,719 --> 00:43:19,480
Speaker 1: the worst that they can say? No, did you when

954
00:43:19,520 --> 00:43:21,520
Speaker 1: you bought your fitbit, did you google how cheap it

955
00:43:21,600 --> 00:43:23,400
Speaker 1: was online and see if you could get a price matched.

956
00:43:23,520 --> 00:43:26,560
Speaker 4: I knew it was cheaper online, but I couldn't bear

957
00:43:26,640 --> 00:43:29,360
Speaker 4: to look at this young boy who was asking me

958
00:43:29,360 --> 00:43:32,400
Speaker 4: how my day was and say, give me this for

959
00:43:32,640 --> 00:43:33,440
Speaker 4: cheaper please.

960
00:43:33,640 --> 00:43:33,719
Speaker 3: No.

961
00:43:33,960 --> 00:43:36,960
Speaker 1: They love it. It's like a game. Like I feel

962
00:43:37,000 --> 00:43:40,080
Speaker 1: like they would think that you're silly having paid full

963
00:43:40,160 --> 00:43:42,680
Speaker 1: price when they know that they're allowed to price match,

964
00:43:42,840 --> 00:43:45,239
Speaker 1: because all they do is go, oh, thanks so much, Beck,

965
00:43:45,560 --> 00:43:47,520
Speaker 1: what website was that? And you go, oh, it was

966
00:43:47,520 --> 00:43:49,799
Speaker 1: on you know, X Y Z website and they go, yeah, yeah,

967
00:43:49,880 --> 00:43:51,759
Speaker 1: let me just check it. Oh yeah, you're right, it

968
00:43:51,840 --> 00:43:54,360
Speaker 1: is you know, fifty bucks cheaper. Oh I'll match it,

969
00:43:54,440 --> 00:43:56,839
Speaker 1: and you go, thanks, money win. What a legend you are?

970
00:43:57,040 --> 00:43:59,840
Speaker 1: WHOA Okay, they'll actually think it's a flex. Like I

971
00:44:00,160 --> 00:44:02,480
Speaker 1: low key believe that if you walk out of a

972
00:44:02,480 --> 00:44:04,680
Speaker 1: store that does price matching and you didn't do it,

973
00:44:04,680 --> 00:44:06,719
Speaker 1: they're gonna be like, what an idiot? She didn't even

974
00:44:06,760 --> 00:44:08,880
Speaker 1: ask for a discount. I would have given it to

975
00:44:08,920 --> 00:44:11,760
Speaker 1: her literally for free. But they're not going to suggest

976
00:44:11,800 --> 00:44:14,040
Speaker 1: you price match it. Now, that's not their job. And

977
00:44:14,120 --> 00:44:16,640
Speaker 1: most places, it's Australia and I mean this, we have

978
00:44:16,760 --> 00:44:20,440
Speaker 1: international listeners, but here in Australia, we don't work in

979
00:44:20,520 --> 00:44:23,239
Speaker 1: retail for commission. It's no skin off their back whether

980
00:44:23,239 --> 00:44:25,640
Speaker 1: you got it for fifty dollars cheap or not. True,

981
00:44:25,840 --> 00:44:28,680
Speaker 1: So ask next time. The worst thing they can say

982
00:44:28,719 --> 00:44:30,560
Speaker 1: is no. But also if you want to take a

983
00:44:30,560 --> 00:44:33,400
Speaker 1: bit of that anxiety away, because like a guarantee that

984
00:44:33,440 --> 00:44:36,240
Speaker 1: as much as I'm an advocate for this, I'm only

985
00:44:36,280 --> 00:44:38,279
Speaker 1: going to be asking in places that I know have

986
00:44:38,360 --> 00:44:40,680
Speaker 1: this policy. Like I'm not just going to walk into

987
00:44:40,719 --> 00:44:42,800
Speaker 1: any business and be like, canny price match and they go, no,

988
00:44:42,880 --> 00:44:44,799
Speaker 1: we don't do that. I'll be like, oh, that's all.

989
00:44:44,800 --> 00:44:46,160
Speaker 4: Quiz, Yes, that's what I'm wanting.

990
00:44:46,280 --> 00:44:49,000
Speaker 1: Like Google, it does JB High Fire price match, or

991
00:44:49,080 --> 00:44:51,320
Speaker 1: does my price Match? Or does David Joe or wherever

992
00:44:51,440 --> 00:44:53,840
Speaker 1: you are, And then their policy will come up and

993
00:44:53,840 --> 00:44:56,800
Speaker 1: you'll be like, oh gosh, like that's good. Some places

994
00:44:56,840 --> 00:44:59,960
Speaker 1: beat it by five percent. Oh that's even bigger money.

995
00:45:00,280 --> 00:45:02,080
Speaker 1: So I won't go on and on because I feel

996
00:45:02,080 --> 00:45:05,000
Speaker 1: like everybody knows the tips and tricks to spend less.

997
00:45:05,040 --> 00:45:08,560
Speaker 1: But also try using cash if you possibly can, because honestly,

998
00:45:08,600 --> 00:45:10,760
Speaker 1: it hurts more having to hand over a crisp fifty

999
00:45:10,800 --> 00:45:13,799
Speaker 1: dollar note and getting broken change back as opposed to

1000
00:45:13,800 --> 00:45:16,640
Speaker 1: tapping your card. Obviously, if you're out shopping and you

1001
00:45:16,719 --> 00:45:18,920
Speaker 1: have a shopping list, try really hard to stick to

1002
00:45:18,960 --> 00:45:21,040
Speaker 1: that list. And then the last one I have is

1003
00:45:21,080 --> 00:45:24,800
Speaker 1: actually make sure you understand returns policies. And I say

1004
00:45:24,840 --> 00:45:27,280
Speaker 1: that because I have been stung with this a few

1005
00:45:27,320 --> 00:45:30,759
Speaker 1: times where I have bought from like a store and

1006
00:45:30,800 --> 00:45:34,239
Speaker 1: then realize that they'll only return for store credits. Have

1007
00:45:34,320 --> 00:45:36,719
Speaker 1: a look at where else you could get that particular

1008
00:45:36,800 --> 00:45:39,600
Speaker 1: item that does have a really good returns policy. So

1009
00:45:39,680 --> 00:45:41,880
Speaker 1: if you do have bvirus remorse and you go, all right,

1010
00:45:41,880 --> 00:45:44,040
Speaker 1: I really want to return it, you can get all

1011
00:45:44,080 --> 00:45:48,120
Speaker 1: your money back and this works. And this is, you know, again,

1012
00:45:48,560 --> 00:45:51,400
Speaker 1: unsolicited advice. That means that David Jones is probably not

1013
00:45:51,520 --> 00:45:53,919
Speaker 1: going to sponsor us in the future. But that's okay.

1014
00:45:54,000 --> 00:45:57,600
Speaker 1: I'm here to help you guys. I know that sometimes

1015
00:45:57,600 --> 00:46:01,400
Speaker 1: they're concession stores, you know how they have shops since shops, yes,

1016
00:46:01,440 --> 00:46:03,719
Speaker 1: you know, like the branded companies like you might have

1017
00:46:03,800 --> 00:46:06,720
Speaker 1: like a Country Road and a Scanlan, Theatore and whatever else.

1018
00:46:07,520 --> 00:46:12,040
Speaker 1: The overarching David Jones policy of returns applies to all

1019
00:46:12,080 --> 00:46:15,000
Speaker 1: those stores, whereas the standalone store might have a store

1020
00:46:15,000 --> 00:46:19,040
Speaker 1: credit only policy. That's yes. So if you're like, oh,

1021
00:46:19,080 --> 00:46:21,160
Speaker 1: I really want this dress, but it's a bit speno.

1022
00:46:21,280 --> 00:46:23,200
Speaker 1: Oh I don't know, maybe I'll go buy it. If

1023
00:46:23,239 --> 00:46:26,400
Speaker 1: you went and bought it from, you know, the store directly,

1024
00:46:26,840 --> 00:46:29,360
Speaker 1: you might go, oh, fire out store credit only or

1025
00:46:29,400 --> 00:46:32,080
Speaker 1: no returns. But if it's for sale in the David

1026
00:46:32,160 --> 00:46:35,840
Speaker 1: Jones or the Maya, that return policy exists for that.

1027
00:46:35,840 --> 00:46:38,000
Speaker 4: That is a very.

1028
00:46:37,840 --> 00:46:39,640
Speaker 1: Smart but we should leave it there. Because we have

1029
00:46:39,719 --> 00:46:42,000
Speaker 1: definitely gone over and our producer is going to cut

1030
00:46:42,080 --> 00:46:44,239
Speaker 1: us off, so let's leave before we get cut off.

1031
00:46:44,360 --> 00:46:48,160
Speaker 1: Let's go, let's go, let's go, but obviously before we go,

1032
00:46:48,480 --> 00:46:51,359
Speaker 1: if you haven't already joined our Facebook, please do. It's

1033
00:46:51,360 --> 00:46:54,480
Speaker 1: where our community shares money tips and tricks every single day,

1034
00:46:54,840 --> 00:46:57,880
Speaker 1: free of judgment. So She's on the Money on Facebook

1035
00:46:57,920 --> 00:47:00,359
Speaker 1: and joined us. And if Facebook's not your thing, We're

1036
00:47:00,360 --> 00:47:02,880
Speaker 1: on Insta, We're on TikTok. Just search Shees on the

1037
00:47:02,880 --> 00:47:05,480
Speaker 1: Money and we will pop right up. And as always,

1038
00:47:05,560 --> 00:47:08,400
Speaker 1: please don't forget to rate, review, and subscribe because it

1039
00:47:08,440 --> 00:47:11,080
Speaker 1: actually really does help our little podcast and we really

1040
00:47:11,120 --> 00:47:13,600
Speaker 1: appreciate it. But have a good day and we'll see

1041
00:47:13,640 --> 00:47:20,160
Speaker 1: you guys on Friday, see guys.

1042
00:47:21,360 --> 00:47:23,920
Speaker 5: The advice shared on She's on the Money is general

1043
00:47:23,960 --> 00:47:27,799
Speaker 5: in nature and does not consider your individual circumstances. She's

1044
00:47:27,880 --> 00:47:31,320
Speaker 5: on the Money exists purely for educational purposes and should

1045
00:47:31,360 --> 00:47:34,520
Speaker 5: not be relied upon to make an investment or financial decision.

1046
00:47:34,920 --> 00:47:37,520
Speaker 1: If you do choose to buy a financial product.

1047
00:47:37,200 --> 00:47:40,720
Speaker 5: Read the PDS TMD and obtain appropriate financial.

1048
00:47:40,280 --> 00:47:42,080
Speaker 1: Advice tailored towards your needs.

1049
00:47:42,440 --> 00:47:46,400
Speaker 5: Victoria Divine and She's on the money are authorized representatives

1050
00:47:46,440 --> 00:47:50,279
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1051
00:47:50,320 --> 00:47:54,200
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1052
00:47:54,320 --> 00:48:02,640
Speaker 5: five one two eight ninety