Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
Speaker 2: Order Kerney Whoalbury and a waddery woman. And before we
Speaker 2: get started on She's on the Money podcast, I would
Speaker 2: like to acknowledge the traditional custodians of the land of
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
Speaker 2: the elders, the ancestors and the next generation coming through
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
Speaker 2: the storytelling of you to make a difference for today
Speaker 2: and lasting impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money podcasts for
Speaker 4: millennials who want financial freedom. My name is Beck Syed
Speaker 4: and Victoria Divine is with us as ever?
Speaker 1: With us as ever? Like do you mean always? Or
Speaker 1: is with us as ever?
Speaker 4: I mean literally forever? We cannot get rid of her?
Speaker 1: Yeah, okay, sorry, I mean I'm here to stay. I'm
Speaker 1: here to stay. Sorry, that's actually great for me. Yeah, well, Beck,
Speaker 1: today's deep dive is one that we have all experienced
Speaker 1: and I can honestly say that sadly, but we're talking
Speaker 1: about buyers remorse. It is an oh so common problem
Speaker 1: that we actually hear about all the time in the community.
Speaker 1: Maybe you got carried away in the sales over Christmas,
Speaker 1: maybe you splurched a little bit on a big item
Speaker 1: that you weren't planning on buying. But we all know
Speaker 1: that super icky feeling of regret or anxiety of buyers remorse.
Speaker 1: Have you experienced this?
Speaker 4: Beg yes, Oh my goodness, that is all too relatable.
Speaker 4: I think I get buyers remorse all the time, even
Speaker 4: if I just buy one too many groceries or something,
Speaker 4: so I can definitely relate to this.
Speaker 1: It's going to be very exciting episode. I had buyers
Speaker 1: from LS on the weekend.
Speaker 4: What did you buy?
Speaker 1: I went to buy this is so niche, but not niche.
Speaker 1: We have moved recently and I needed to buy a
Speaker 1: new couch, so that was a planned purchase, like we
Speaker 1: had budgeted for it. It all made sense, Like we
Speaker 1: went down to the shop that you know we planned
Speaker 1: to get the couch from, got the couch, but on
Speaker 1: the couch in the display were two white pillows and
Speaker 1: a sage green pillows that looked elite aali getcha, Yeah,
Speaker 1: And like they were like those big puffy linen ones
Speaker 1: and I was like, oh, that looks so chic and
Speaker 1: then yeah, I gotta get it. Yeah, but they were
Speaker 1: like one hundred dollars each. Oh my, so like the
Speaker 1: cushions were so expensive. But then in my head at
Speaker 1: the time, I was like, well, the couch is already
Speaker 1: really expensive. That looks really good, Like it's another three
Speaker 1: hundred dollars, sure, no worries. And I said, oh, can
Speaker 1: we have the pillows too? And he was like, oh, yeah,
Speaker 1: they've just come in there so nice. And I was like, yeah, yeah,
Speaker 1: that's so nice, like ten out of ten and you know,
Speaker 1: then he gave us free delivery and stuff and it
Speaker 1: was really nice, like a bit of a money in there.
Speaker 1: But then then I was like did I need the pillows?
Speaker 1: Did I need a d And then I stayed awake
Speaker 1: at night being like this, this is not who you are, Victoria.
Speaker 1: You don't just impulse by cushions.
Speaker 4: What have you become? I kind of support that. I
Speaker 4: thought it would be worse, to be honest, but like.
Speaker 1: One hundred dollars for a cushion? Is that where we're
Speaker 1: at in life?
Speaker 4: I personally, I've never paid one hundred dollars for.
Speaker 1: I'm not even sure what they're stuffed with at this point.
Speaker 1: I just saw them and was like, ten out of ten,
Speaker 1: I'm going to purchase that. It could have been an
Speaker 1: IKEA cushion for starting is something more expensive, and I
Speaker 1: didn't even try to understand the product before purchase.
Speaker 4: So they're extremely extremely.
Speaker 1: I'll show you later, I'll show you later, so aesthetic,
Speaker 1: you know.
Speaker 4: I can't wait. I can't wait. That sounds like a
Speaker 4: classic case of buyers remorse. I reckon and I remember
Speaker 4: last year we did an episode on spending guilt and
Speaker 4: spending addiction we did.
Speaker 1: I feel like those were super juicy, really relatable episodes
Speaker 1: that people loved listening to. Maybe this is a natural
Speaker 1: extension of that.
Speaker 4: Maybe on today's show, we are going to take a
Speaker 4: look at Bier's remorse and share your stories around those
Speaker 4: times that you have regretted a purchase, and hopefully VID
Speaker 4: can shed some light, give us some advice.
Speaker 1: I feel like I've got a heap of advice, But
Speaker 1: in this circumstance, given I so recently experienced buyers remorse,
Speaker 1: is this a situation where, like you know, you're getting
Speaker 1: unsolicited advice from somebody who doesn't actually know what they're
Speaker 1: talking about. Is that what actually is happening here? Is
Speaker 1: that like when you, you know, are down the street
Speaker 1: and you see someone with a baby, and then you
Speaker 1: see some other person who clearly has never had kids
Speaker 1: giving advice and people like what the heck? Like, why
Speaker 1: are we in this situation? Is that what people are
Speaker 1: thinking now? They're like, Victoria, you literally had buyers remorse
Speaker 1: on the weekend, and now you're trying to tell us
Speaker 1: to not get it. No, I think, if anything, you
Speaker 1: will have a Christy is rough.
Speaker 4: I don't think so, because I need to hear advice
Speaker 4: from someone who's experienced buyers.
Speaker 1: Remorse, yeah, and doesn't want to do it again.
Speaker 4: Doesn't want to do it again, Maybe hasn't done it
Speaker 4: again since not yet, not yet, since today you had time? No,
Speaker 4: well exactly had time since the way, It's not impossible.
Speaker 4: Haven't been shopping, It's not impossible for you to experience
Speaker 4: it again. No, I'm I feel like you're in a
Speaker 4: good spot to give advice. Let's do it. Can you
Speaker 4: start by divining what buyers remorse is?
Speaker 1: So buyers remorse from my perspective, is that Ikey feeling
Speaker 1: of regret or panic or anxiety that happens after you
Speaker 1: make a purchase. It could be over an expensive, unplanned purchase,
Speaker 1: but it can also be over small stuff like buying
Speaker 1: your lunch when maybe you had something packed, or getting
Speaker 1: a coffee when you made a news resolution to not
Speaker 1: have coffee that year. It literally could be anything. It's
Speaker 1: when you spend money and then you feel guilty and
Speaker 1: wish you hadn't spent that money. And I think that
Speaker 1: that's a really important thing to talk about because it
Speaker 1: could be on big things or it could be on
Speaker 1: small things. I mean, mine feels like it was on
Speaker 1: really big things, like cushions. Is that big? I don't
Speaker 1: know they're big cushions, but I feel like I think
Speaker 1: that's big.
Speaker 4: Yeah.
Speaker 1: And I feel like sometimes buyers remorse can be actually
Speaker 1: quite helpful because you might go, oh my gosh, I
Speaker 1: impose purchase this big thing. I'm going to take it back.
Speaker 1: I don't actually need it. But it can also be
Speaker 1: a massive hindrance because if you're trying to budget and
Speaker 1: cash flow and treat yourself, and you know, have a
Speaker 1: very healthy budget, we don't want to be having buyers
Speaker 1: remorse when you are actually treating yourself, even if it
Speaker 1: is in budget, it's a purpose exactly. We need to
Speaker 1: talk about healthy boundaries of buyers remorse today as well.
Speaker 4: Gosh, that makes so much sense me. I guess my
Speaker 4: next question is, is there a difference between how we feel,
Speaker 4: for example, if we have been impulsive or not done
Speaker 4: our research versus if the product or service itself is
Speaker 4: not what we wanted or thought it was.
Speaker 1: Yes, absolutely, Beck, And they call that process to regret
Speaker 1: or outcome regret, and those true things are actually quite different.
Speaker 1: So outcome regret is where you regret the experience from
Speaker 1: your purchase outcome, and it's usually treated when you get
Speaker 1: that feeling that the product wasn't actually what you wanted.
Speaker 1: And it can happen when you choose one alternative over another,
Speaker 1: like you might be in the shops and it might
Speaker 1: be Peeler and you're picking between, you know, the blue
Speaker 1: one and the gray one, and they both have different features,
Speaker 1: and then you pick the gray one, and then you
Speaker 1: regret it because you really wish you got the blue one,
Speaker 1: because you just should have gone with what you knew,
Speaker 1: not this fandangle new one that doesn't do what you
Speaker 1: thought it was going to do, and you thought you
Speaker 1: were investing, but it doesn't make sense, and you genuinely
Speaker 1: feel like you've picked the wrong option, even though in
Speaker 1: the moment you were like, oh, but I you know,
Speaker 1: I did a little pros and cons list, but it's
Speaker 1: just not what you thought it was gonna be, and
Speaker 1: the actual utility of that item is less than what
Speaker 1: the perceived utility was. And I feel like the pill
Speaker 1: is a good example because that's one that's happened to
Speaker 1: me where I should have just bought the tiny ninety
Speaker 1: cent plastic pill out coals, but I bought this fancy
Speaker 1: boy one and now it's like the worst thing in
Speaker 1: the entire world. But it was like fifteen bucks for
Speaker 1: a piler and I'm committed to it, So are you relatable?
Speaker 1: It just didn't meet my expectations, you know. On the
Speaker 1: flip side to that is what's called process regret, and
Speaker 1: that's why you blame yourself for having a faulty purchase process. So,
Speaker 1: for example, when you wish you'd put in more effort
Speaker 1: to making a purchase decision, like actually maybe going online
Speaker 1: and buying a green cushion if that's what you wanted.
Speaker 1: Victoria or when you wish that you had made less
Speaker 1: effort to obtain the desired results, Like I just took
Speaker 1: too much time and energy and effort and it just
Speaker 1: wasn't what you expected. So I feel like these are
Speaker 1: two different scenarios that are important for us to understand
Speaker 1: because they actually, like I mean, the outcome, the feeling
Speaker 1: is similar, but they actually come from different places.
Speaker 4: Right, Okay, that makes so much sense and it's all
Speaker 4: too relatable and embarrassingly So what.
Speaker 1: You bought a piller and a set of cushions so
Speaker 1: you didn't need to.
Speaker 4: No, I bought a peeler.
Speaker 1: You bought a peeler three dollars? What thirty dollars? Pieler?
Speaker 1: It was three dollars versus one dollar?
Speaker 4: And I regretted it all day?
Speaker 1: So did you actually? I feel like the peeler is
Speaker 1: a thing, like all these new fandangled peelers, Like it
Speaker 1: looks bougie. But then I'm just like, give me the
Speaker 1: one that my mum had from I know, I need me.
Speaker 4: Did you the top peel or the side peel? Which
Speaker 4: one do you go for?
Speaker 1: I don't know? What are you pealing? Is the question?
Speaker 2: Like?
Speaker 1: Are you peeling? An apple paring a potato. No, I
Speaker 1: had the other peel potatoes anymore, why bother? I heard
Speaker 1: that the nutrients were in there, and I believe we
Speaker 1: called them smashed potatoes now instead of mashed potatoes exactly. Anyway,
Speaker 1: moving on, we need to talk about regret.
Speaker 4: Okay, So what I want to know is, how about
Speaker 4: when we fall out of step with our values?
Speaker 1: I talk about values all the time. So this is
Speaker 1: a really good I guess addition beck and one hundred percent.
Speaker 1: That is a big thing at play. And psychologically, it's
Speaker 1: actually called cognitive dissonance. So it is a feeling of
Speaker 1: psychological distress that happens when you're at odds with your
Speaker 1: own thoughts or your own values. And often these things
Speaker 1: can happen from peer pressure, so you might you know,
Speaker 1: I'm going to use this example, and I'm sorry, Frank Green,
Speaker 1: but we hear now, Frank Green. Water bottles, I feel
Speaker 1: like are a cult. They are a cult. I am
Speaker 1: in the cult. I'm not saying I'm not in the cult.
Speaker 4: Are you allowed to say that?
Speaker 1: I don't know, but I have one and it is
Speaker 1: now a cult and I love it. I actually have
Speaker 1: a couple of them, and I really like it. But
Speaker 1: did I need a sixty dollars drink? Probably not, because
Speaker 1: my system and one that I got fifty percent off
Speaker 1: at Cole's did the job the vessel exactly. But I
Speaker 1: got influenced by TikTok and every Man and his Dog
Speaker 1: talking about the cup holders of the Frank Green drink bottle, which,
Speaker 1: by the way, ultimate flex. My Frank Green fits in
Speaker 1: my cup holder in my car.
Speaker 4: Oh, that is very impressible.
Speaker 1: That's the fanciest thing I can I can talk about today.
Speaker 1: But I got influenced. I bought a Frank Green drink
Speaker 1: bottle and then I was like, what am I doing?
Speaker 1: This is a sixty dollars drink bottle that I absolutely
Speaker 1: didn't need. It isn't in line with my values because
Speaker 1: I do feel like there's a waste of money. Do
Speaker 1: I like it now?
Speaker 4: Yeah?
Speaker 1: But that's not the point. But that's cognitive dissonance at play,
Speaker 1: where if you'd asked me personally, you know, not taking
Speaker 1: into consideration the peer pressure aspect or the influence aspect
Speaker 1: that happened there, VD, would you have spent sixty bucks
Speaker 1: on a drink bottle? No, I'll drink out of my
Speaker 1: free promotional one that I got five years ago at
Speaker 1: a bank and finance event. Thanks Scoop, your had a
Speaker 1: good time. Have a little sip, yeah, Do I drink
Speaker 1: out of the fact, absolutely, so, like was this something
Speaker 1: I needed? Probably not. Is it in line with what
Speaker 1: I believe my values are? Absolutely not? But you know what,
Speaker 1: I was influenced, So I think that's what created that
Speaker 1: dissonance for me where I was like, oh, oh, we're here,
Speaker 1: and I mean now I have two so maybe it
Speaker 1: is now in line with my values. But my values
Speaker 1: of change and yours can change. True, beg you just
Speaker 1: need to be fluid about it. But I think it's
Speaker 1: important to talk about the fact that sometimes you'll make
Speaker 1: a purchase and then you'll go, that isn't me, That
Speaker 1: isn't who I am. But I actually do think it's
Speaker 1: important to break that down at the time instead of
Speaker 1: being like, oh, that's not who I am, full stop, Like, well,
Speaker 1: what led you to that purchase? What made you think
Speaker 1: that that was a good idea? Because often if you
Speaker 1: can identify that, it stops it happening in the future
Speaker 1: or enables you to understand that maybe your values are changing,
Speaker 1: or maybe something is different about the way that your
Speaker 1: past values are in acting with your current values. So
Speaker 1: I think that's important as well. So we won't go
Speaker 1: on and on about that, but I do think it's
Speaker 1: important to understand where these things come from, not just
Speaker 1: wipe them to the side and say, oh whatever, I
Speaker 1: just won't do it again.
Speaker 4: Yeah, that actually makes a lot of sense. First of all,
Speaker 4: we need to get you off TikTok baby girl.
Speaker 1: Oh, I love TikTok and I she addicted. She's addicted.
Speaker 4: So after the break we will hear community stories of
Speaker 4: buyers regret. But first, what are some triggers.
Speaker 1: Expensive purchases, the ones that are like really Spano. So,
Speaker 1: expensive purchases often result in both outcome regret and process
Speaker 1: regret because they involve all three cognitive dissonance elements. And
Speaker 1: these three cognitive dissonance elements, which was an absolute mouthful.
Speaker 1: I'm glad I wrote that down effort, responsibility, and commitment,
Speaker 1: because beck the more expensive something is, the more unlikely
Speaker 1: it is that you buy it without any thought or effort. Usually,
Speaker 1: and expensive things do make you compare like alternatives and
Speaker 1: do your pros and con lists, and that usually results
Speaker 1: in a bit of a process regret if you make
Speaker 1: the wrong decision. I mean, the Peeler example makes sense here.
Speaker 1: I mean it wasn't a super expensive example, but let's
Speaker 1: pretend it was the couch I purchased on the weekend.
Speaker 1: Imagine if I'd done all of my research and I
Speaker 1: had picked the couch I want, which I did, and
Speaker 1: it's stunning and I really like it, and I had
Speaker 1: found it cheaper online. But by buying it online it
Speaker 1: meant that I didn't get to sit in at first,
Speaker 1: which to me was actually really important. I didn't want
Speaker 1: to buy a couch online because if it's uncomfortable, like,
Speaker 1: what are we going to do? So I saw it
Speaker 1: in person, I know it's comfortable. Money win. But what
Speaker 1: if I'd found it online much cheaper, and then I'd
Speaker 1: purchased it and then I got it and it wasn't comfortable.
Speaker 1: That would have taken me down the process of process
Speaker 1: regret because I'm went, oh my god, I did all
Speaker 1: my research and I found it the cheapest and then
Speaker 1: I hated it. Does that make sense? And then I
Speaker 1: was really annoyed because I'd done all this research and
Speaker 1: it does look stunning. But I guess the ultimate outcome
Speaker 1: for me, and I don't know about everybody else, but
Speaker 1: it's not actually esthetics with the couch. It's whether I
Speaker 1: can snuggle up on it and watch season two of
Speaker 1: Y Lotus.
Speaker 4: You know, oh absolutely? Do you feel like you had
Speaker 4: both though ascetics.
Speaker 1: And kenor lost dos? I mean it hasn't been delivered yet.
Speaker 1: Studying free delivery means it's not going to come the
Speaker 1: next day, but that is okay. Beggars shan't be choosing
Speaker 1: no no, no no. You get what you get and
Speaker 1: you don't get upset exactly. But I feel like they
Speaker 1: might also give you outcome regret as well, because you
Speaker 1: might have raised your expectations depending on the money that
Speaker 1: you paid for it or even saved for it. So
Speaker 1: you know, another example of thesis, and I'm going to
Speaker 1: use the couch as a good example here. Imagine if
Speaker 1: I was buying a ten thousand dollar couch. Well I
Speaker 1: did not do that, but I then found it online
Speaker 1: for four thousand dollars, like money win, that's a big discount.
Speaker 1: I'm so excited because this is a really good quality couch.
Speaker 1: So my expectations are up here because it's a ten
Speaker 1: thousand dollar couch. Back it comes the quality is absolutely
Speaker 1: not what I expected. But if the full value price
Speaker 1: of that couch had been four grand, maybe I would
Speaker 1: have been okay with it. But I think it's important
Speaker 1: to understand that sometimes there's actually a disconnect, even when
Speaker 1: it might be what you paid, but also it can
Speaker 1: be the discount of it. Like you find a cute
Speaker 1: outfit online, you're like, oh my gosh, it's designer and
Speaker 1: it's like seventy percent off. Then it comes and you're
Speaker 1: a bit disappointed. You created this unrealistic expectation in your
Speaker 1: head that it was going to be better because it
Speaker 1: was technically meant to be worth more.
Speaker 4: Yeah, does that makes sense so much?
Speaker 1: Where it might be like a white T shirt and
Speaker 1: you're like, oh my god, but it's like Alexander Wang,
Speaker 1: this is so fancy, Like I'm going to buy this
Speaker 1: when it comes, it just doesn't fit the same way
Speaker 1: a good old Trusty came up one Does you know
Speaker 1: it doesn't hit doesn't hit a right. So I think
Speaker 1: it's important to talk about these things as well, because
Speaker 1: it goes both ways, Like you could spend heaps of
Speaker 1: money on it, but also there's this disconnect between people
Speaker 1: assuming that if they're getting a massive discount on something,
Speaker 1: the quality must be lat yes, so I think it's sense. Yeah,
Speaker 1: And then you might feel a little bit more guilty
Speaker 1: because you're like, I got it on sale and I
Speaker 1: shopped around, and like, I should love this more because
Speaker 1: it's heaps, and I just think that that is ridiculous
Speaker 1: as well.
Speaker 4: Now, what about impulse purchases.
Speaker 1: Yes, I do love a good impulse purchase. As a
Speaker 1: diagnosed AHD individual or what we call in our community
Speaker 1: a neurospicy person, I'm so good at impulse purchases. So
Speaker 1: good is your.
Speaker 4: Area of specialty, it's my area of expertise, expertise. If
Speaker 4: you want an impulse purchase, let me know I can
Speaker 4: make one for you. But from my experience, a few
Speaker 4: of the biggest triggers for me are social media and
Speaker 4: fear of missing out. It doesn't mean that I am
Speaker 4: actually going to miss out. I just have decided in
Speaker 4: my head that I'm probably going to miss out if
Speaker 4: I don't get this thing, and other factors that hijack
Speaker 4: our usual buying process. So when I talk about that,
Speaker 4: I'm not just talking about Oh, this only impacts people
Speaker 4: with ADHD. This impacts absolutely everybody. But when you are
Speaker 4: somebody who is a bit neurodiverse. These things are usually
Speaker 4: on steroids. They usually just jacked up a lot. More So,
Speaker 4: if you're an impulse purchase and you don't have any
Speaker 4: type of neurodivergence, think about that but being ten times
Speaker 4: worse if you are on some kind of neurodivergence spectrum.
Speaker 4: So it can get completely out of control. And I
Speaker 4: think it's really important to acknowledge because neuros blastiness comes
Speaker 4: in lots of different levels. And sometimes you got the
Speaker 4: like mango lime one. Sometimes you got the Habernero chili,
Speaker 4: you know in the bottle that has the skull on
Speaker 4: it completely dironically, those would be big impulse bies for me.
Speaker 1: Yeah, maybe we're by neurospisy beck. Are you a bit
Speaker 1: of an impulse purchaser. Is that something that you lean
Speaker 1: towards or are you a little bit more stoic in
Speaker 1: your purchase power?
Speaker 4: I wish I was. I feel like I'm strictly impulse
Speaker 4: by because I know.
Speaker 1: Strictly impulse by. I like that there's some kind of
Speaker 1: rule for this, like strictly just an impulse purchaser.
Speaker 4: I don't think too much.
Speaker 1: Time energy research that we don't do that.
Speaker 4: My theory getting get out. I like to say, analysis
Speaker 4: is paralysis. Yes, and sometimes you yeah, yeah, sometimes it
Speaker 4: would help. But just the other day, for instance, I
Speaker 4: do want you to know I need to preface this
Speaker 4: by saying I am perpetually broke. I just got paid
Speaker 4: for myself a brand new fit Bit because you did
Speaker 4: not need I didn't need a fit Bit because I
Speaker 4: just couldn't be bothered looking for my old one, is
Speaker 4: all it was.
Speaker 1: It's not that I need to be helping you with
Speaker 1: your budget and you disrespecting that entire process.
Speaker 4: Yeah, we do meeting a.
Speaker 1: Little bit later. Yeah, okay, please in't fire me. I no,
Speaker 1: you won't ever get fired. You won't ever get fired.
Speaker 1: To make that not for that, that's right? Fine, But yes,
Speaker 1: so I guess to answer your question.
Speaker 4: Unfortunately, I am only an impulse by because if I
Speaker 4: think too much about something, then the normal logical side
Speaker 4: will kick in and be like, hey, that's you. Actually,
Speaker 4: do you.
Speaker 1: Put any time between you and your purchases, like a
Speaker 1: couple of hours or a day or you no?
Speaker 4: Less go Well, the only time that goes between me
Speaker 4: and my purchase is that brief few minutes of waiting
Speaker 4: in the self checkout line.
Speaker 1: Oh okay, that sounds really time. Yeah. Look, I'm going
Speaker 1: to go with not asking you for advice on impulse spending.
Speaker 1: At this point.
Speaker 4: My advice is still a baby girl.
Speaker 1: My advice is don't do a baby girl. Put twenty
Speaker 1: four hours between you and your purchase. I'm going to
Speaker 1: let you still have the fit bit okay, but I'm
Speaker 1: going to make you leave JB hi fi and come
Speaker 1: back tomorrow and get it if you're still thinking about it.
Speaker 1: And I think that a lot of the time when
Speaker 1: it comes to impulse purchasing, you actually might. I don't
Speaker 1: know if this will work for you, because different things
Speaker 1: work for different people. But often if I say no,
Speaker 1: you can't have it, Beck, let's go home and think
Speaker 1: about it, You'll be like, but I know I want it,
Speaker 1: Please let me have it, Like I'm going to take
Speaker 1: it home today. But if I said, hey, Beck, actually
Speaker 1: let's just put twenty four hours between it one day,
Speaker 1: one day, that's it. You can have it tomorrow, no
Speaker 1: questions asked, you're more likely to go all right, that
Speaker 1: sounds like a good deal, as opposed to oh, Beck,
Speaker 1: you probably don't need it. I'm going to try and
Speaker 1: talk about I'm not going to try and talk you
Speaker 1: out of any purchase because that is not my place.
Speaker 1: It is not my place to tell you how to
Speaker 1: spend your money. My place is educating you on how
Speaker 1: to make the best decision for you, and sometimes you
Speaker 1: need a little bit of time. So let's step back
Speaker 1: to when you purchase your fitbit. If I said to you, hey, Beck,
Speaker 1: and we were there shopping together, which we were not,
Speaker 1: I love it. I think that fit bits so sick.
Speaker 1: How about we just pick it up tomorrow, Like, let's
Speaker 1: come back tomorrow. Let's just make sure that you're getting
Speaker 1: the best deal on this, Like maybe we can look
Speaker 1: it up online, or maybe we can, you know, have
Speaker 1: a thing about it. We might pop past Target or
Speaker 1: something see if they've got it, because you know it
Speaker 1: might be cheaper. Like let's have a look. You're less
Speaker 1: likely to say no, I still want it if the
Speaker 1: idea of still obtaining that item is on the table. Yeah,
Speaker 1: does that make sense? Like if I say not beg
Speaker 1: you can have it, but tomorrow, how would you respond
Speaker 1: to that?
Speaker 4: I feel like that would kind of help the urge
Speaker 4: to just immediately buy it right this second and I
Speaker 4: feel like I would firstly maybe look for my old
Speaker 4: one that is almost the exact same model that works perfectly.
Speaker 4: But also I would think I can't be bothered going
Speaker 4: back to the shops. Yeah, and wouldn't even if not
Speaker 4: buying it.
Speaker 2: Yeah.
Speaker 1: And I think it's important because you know, I am
Speaker 1: an impulse purchaser. I think that is very widely known.
Speaker 1: It's why I have the banking structure that I have
Speaker 1: to you know, disable that in a way. But then
Speaker 1: also I think this concept of no, you can have it,
Speaker 1: but you can just get it tomorrow makes me feel
Speaker 1: like I don't have fomo. And I think the second
Speaker 1: I say that you can't have it, you go, well,
Speaker 1: I've got fomo. Now I really want it. I want
Speaker 1: it more now you said I can't have it. So
Speaker 1: I think this idea of putting twenty four hours between
Speaker 1: you and your spending is really really helpful because it
Speaker 1: goes from twenty four hours and then you're like, oh,
Speaker 1: I'm busy this afternoon. Maybe I'll just pick it up
Speaker 1: on the weekend, and it just gets pushed out and
Speaker 1: pushed out, and then that sense of urgency is often
Speaker 1: lost along that journey, and then you go, oh, you know,
Speaker 1: I don't even need that whatever. I've moved on to
Speaker 1: this next new thing that I'm thinking about, and that
Speaker 1: that's good, Like that's a great outcome. But then if
Speaker 1: you're still obsessed with the fitbit in twenty four hours
Speaker 1: or you know, the next week, can we get it?
Speaker 1: Then it's in line with your values. Obviously you want it.
Speaker 1: As I said, it's not my position to tell you
Speaker 1: not to spend on things. I think it's just being
Speaker 1: a little bit more mindful about it. And as somebody
Speaker 1: with ADHD, being mindful is actually very hard. Being mindful
Speaker 1: is actually something that you have to consistently work on.
Speaker 1: And if you say, oh, be more mindful with your purchasers,
Speaker 1: I'll be like, oh, so should I look at the
Speaker 1: pink and the blue one? Is that what you mean?
Speaker 1: Like that?
Speaker 4: Should I consider more?
Speaker 2: Yeah?
Speaker 1: Should I consider more? What do you mean? I should
Speaker 1: just get crayons and texters not just crayons.
Speaker 3: Okay.
Speaker 1: I think it's important that you understand what triggers you,
Speaker 1: but then also what kind of strategies work for you best.
Speaker 1: It's kind of like working with toddlers. It's kind of
Speaker 1: like that distract technique. It's like you're not gonna yell
Speaker 1: at them and be like, get off the table. You're
Speaker 1: not supposed to be on the table, because they'll just
Speaker 1: be like okay, probably going to do it again, be like, oh,
Speaker 1: should you be on the time? What are you trying
Speaker 1: to achieve here? Oh I'm trying to pretend I'm on
Speaker 1: a boat. Oh well, how about we make this chair
Speaker 1: a boat? And like it's kind of lame when you
Speaker 1: think about it, but how can you best distract yourself
Speaker 1: in a way that you don't feel like you're missing out?
Speaker 1: Because if I take that away from you immediately we
Speaker 1: feel like we're missing out. And that's where money becomes
Speaker 1: something that you continue to stick your head in the
Speaker 1: sand about.
Speaker 4: Yeah, that is such solid advice. I will actually try
Speaker 4: that technique.
Speaker 1: I'm going to make you text me next time you
Speaker 1: want to do an impulse purchase and I'll be like,
Speaker 1: let's get it to morow Beck and you'll be like yeah, see,
Speaker 1: I'll be like I'll drive you. I'll literally drive you
Speaker 1: if you want it tomorrow and you'll be like yeah, sick.
Speaker 1: And then next time I'll be like, you wryt to
Speaker 1: go get that fit bit and you'll be like, what
Speaker 1: we let's hope so what bit, Oh, I want to
Speaker 1: go to the pub and get a soda water because
Speaker 1: I'm back.
Speaker 4: One hundred percent, We'll do that instead spend all our
Speaker 4: money at the pub. So we've established that I have
Speaker 4: absolutely impulse control.
Speaker 5: Yeah.
Speaker 4: Great, and it gets me thinking. We've heard about after pay,
Speaker 4: have you? That's crazy? I know that's a new thing, right, No,
Speaker 4: it's not. It's really taking the world by storm. It
Speaker 4: gives us an instant dopamine hit. We can't really afford something,
Speaker 4: but after Pa comes in and saves the day. What
Speaker 4: are your thoughts on after pay? Oh, that is a
Speaker 4: bad question to ask, bec. I have literally done entire
Speaker 4: podcasts on this. I think after pay look stepping back
Speaker 4: as business, what a genius business.
Speaker 1: That is so smart. But from the consumer perspective, as
Speaker 1: somebody who wants you to be financially empowered, I feel
Speaker 1: like it takes away a little bit of that empowerment because,
Speaker 1: as you said before, it enables us to have that
Speaker 1: dopamine hit sooner. So you want a dress for this weekend,
Speaker 1: or you want a new shirt, or whatever it is,
Speaker 1: you're really excited about it, you go shopping, you're like, oh,
Speaker 1: that's leads two hundred bucks, But actually, if I put
Speaker 1: it on after pay, it's only fifty bucks right now,
Speaker 1: and I get to wear it this weekend, and we
Speaker 1: justify our purchases more readily because we don't have to
Speaker 1: part with all of that money upfront. It puts a
Speaker 1: lot of time between that purchase that you make and
Speaker 1: having to repay that debt. And while that can actually
Speaker 1: be really good for some people, like I, have had
Speaker 1: messages from people who are like, I can't believe that
Speaker 1: you talk about it after pay or buy now pay
Speaker 1: later services like that. I use it for my budgeting,
Speaker 1: for my kids, for whatever else. And if that is
Speaker 1: the way that you are using a buy now, pay
Speaker 1: later service, all power to you, because that is honestly
Speaker 1: the responsible way of using it. From my perspective, that's
Speaker 1: quite intelligent of you. If you were using it to
Speaker 1: budget and you're like, all right, well, you know, I've
Speaker 1: allocated myself fifty bucks a week, and I really want
Speaker 1: this top. I'm actually going to be able to cash
Speaker 1: flow it. That's genius. That's not how I would use
Speaker 1: that service. That's not how most of my community use
Speaker 1: that service. That is not how most of the people
Speaker 1: I interact with use that service. They use it because
Speaker 1: it is an instant gratification tool. You can have that
Speaker 1: item or that thing right here and now, and we
Speaker 1: can worry about paying for it later. It is a
Speaker 1: reverse engineered layby lay by. Historically, and I feel like
Speaker 1: every man and his dog remembers the target toy sale
Speaker 1: in the middle of the year. I don't know if
Speaker 1: you remember it, but like I remember, yeah, yeah, I
Speaker 1: think it was like July and you go down and
Speaker 1: pick out some stuff for Christmas. Mum would put it
Speaker 1: on layby, and over a period of time you'd pay
Speaker 1: it off and then you get to pick up your
Speaker 1: lay by. I remember doing it for clothes as well,
Speaker 1: Like Mom would be like, all right, we're going to
Speaker 1: go lay by some clothes for next season or whatever
Speaker 1: it was. And it was a way of experiencing delayed gratification,
Speaker 1: which is actually really powerful when it comes to risk
Speaker 1: and reward. So if you have to delay gratification, you
Speaker 1: have more time, more patience, You're more likely to really
Speaker 1: value that item, You're more likely to really want it.
Speaker 1: If you put it on layby, You're going, I really
Speaker 1: want this and I'm willing to wait. Beck, let's talk
Speaker 1: about your fit bit again. If I said to you, okay, cool,
Speaker 1: we're gonna go down to Jbhi file or wherever you
Speaker 1: put your fit bit, we're gonna lay by it though.
Speaker 1: So it's gonna be laybyed for the next six weeks,
Speaker 1: and you're gonna pay a small portion off over the
Speaker 1: next six weeks every single week. Do you still want
Speaker 1: that item?
Speaker 4: I would not like that, probably not after the six
Speaker 4: weeks a new one would have come out.
Speaker 1: Well yeah, But also it puts you in a situation
Speaker 1: where you actually have to consider like is this an
Speaker 1: impulse purchase or something that I am saving up for?
Speaker 1: And it might be you genuinely going, I really need
Speaker 1: a new TV. Oh I'm so excited about this particular
Speaker 1: model or whatever you're getting, and you go down and
Speaker 1: you put it on labor and you pay it off
Speaker 1: over a period of time. You're so excited to upgrade,
Speaker 1: and that's that's perfect, that's what that service is for.
Speaker 1: But on a buy now, pay later, service, you're more
Speaker 1: likely to go and just buy a fit bit because
Speaker 1: that's what you wanted, and then next weekend you're like, oh, well,
Speaker 1: maybe I want an Apple Watch, like my mate's got
Speaker 1: an Apple Watch, and I was at the pub talking
Speaker 1: to them about that. You know, maybe I'll work towards that.
Speaker 1: And I just think it actually instills this idea that's
Speaker 1: stuff is worthless, like it's valued at less to us
Speaker 1: because it's more disposable now, And I think that that's
Speaker 1: actually not that positive. So if you are using it
Speaker 1: as a cash flow tool, literally, more power to you.
Speaker 1: I never could. I can't be trusted with it. But
Speaker 1: if you're not, I think it's important to have a
Speaker 1: look at how you might be using that service because
Speaker 1: often we will justify to ourselves that it is a
Speaker 1: smart service to use because you know budget and cash flow.
Speaker 1: But what are you purchasing on there? What are you
Speaker 1: actually using that for? Because I'm pretty sure the statistics
Speaker 1: say that people will spend forty percent more if they're
Speaker 1: putting it on buy now, pay later, as opposed to
Speaker 1: having to part with cash that's in their bank account.
Speaker 4: I'm not super shocked by that, to be honest. No,
Speaker 4: I feel like LABA is the way to go.
Speaker 1: Yeah, Layby is the OG. We need to bring it back.
Speaker 4: So V how about the entire field of study of
Speaker 4: human and behavioral psychology to manipulate us to buy stuff.
Speaker 1: So you're manipulating yourself. Obviously, we've already covered that. That's fine, fomo,
Speaker 1: all of those things that we use ourselves to convince
Speaker 1: ourselves that we need something. But you know who's also
Speaker 1: good at convincing us that we need stuff? Marketing departments.
Speaker 1: They are so smart. It's literally why they are employed
Speaker 1: to make people buy more stuff. Otherwise, why would we
Speaker 1: have people to market things like I mean, the dude
Speaker 1: who sells sham wows really good at marketing, really good
Speaker 1: at marketing. He will send you like a free set
Speaker 1: of steak knives to make the deal even sweeter. And
Speaker 1: I know that that, you know, seems a bit lame,
Speaker 1: but there's science behind it to say that that is
Speaker 1: actually going to get people across the line when it
Speaker 1: comes to purchasing. So marketers know more about your interests
Speaker 1: more often than you do, which is terrifying, especially in
Speaker 1: the digital age of twenty twenty three. My husband, huh,
Speaker 1: saying husband, still, so novel works in this space, and
Speaker 1: genuinely it terrifies me sometimes to know the patterns of
Speaker 1: behavior and how that works and what particular people are
Speaker 1: following and what you might need and being able to
Speaker 1: predict things, and sometimes it can be really helpful, you know, like,
Speaker 1: for example, you're targeted advertising that pops up online when
Speaker 1: you've been looking at bikinis and you know, another company
Speaker 1: comes up and you're like, I've never seen that, but
Speaker 1: that's actually exactly what I'm looking for. Other companies might
Speaker 1: use it. So, for example, I know that banks do this.
Speaker 1: So if you have a search history of like crews
Speaker 1: or holiday or flights, or you're looking at accommodation, they
Speaker 1: will send you targeted advertising for their traveler cards because
Speaker 1: obviously you fall into this niche group of people who
Speaker 1: are probably going to travel overseas and need some type
Speaker 1: of travel card. That makes sense. But they happen to
Speaker 1: know more about your future needs than you do, and
Speaker 1: I find that quite terrifying. And they use data to
Speaker 1: stimulate demand essentially. So there are heaps of strategies and
Speaker 1: I studied it at UNI as well, but strategies like
Speaker 1: marketing scarcity and discounts and targeted advertisements like we've talked
Speaker 1: about it on the pod before putting something in your
Speaker 1: cart and quote forgetting about it and them sending you
Speaker 1: a discount code. It's not an accident, and while it's
Speaker 1: a money win for you, they're still getting the sale,
Speaker 1: and that's a strategy for them to get that sale.
Speaker 1: Remarketing is a really big one. You know, when you
Speaker 1: visit a certain website and then every single ad that
Speaker 1: you see for the next week is that website that
Speaker 1: you went to. That's actually a targeted strategy to send
Speaker 1: you back to that website to finish that purchase or
Speaker 1: buy more things. And they basically make you fulfill your
Speaker 1: desires by making a purchase, which is terrifying but really
Speaker 1: important for us to understand. And I think that it
Speaker 1: is so so important that we know what that looks
Speaker 1: like and how it works, so that when it comes
Speaker 1: up we can be like a sneaky sneaky from them
Speaker 1: instead of oh, you're right, I do need that thing.
Speaker 1: So I think it's just again about education, right. I've
Speaker 1: always thought, well, very thoughtful that these it's so kind
Speaker 1: to them more erectly to me.
Speaker 4: Thank you for just figuring out.
Speaker 1: Exactly what they want your money.
Speaker 4: I see, I see so not thoughtful, very scary, Yes bad,
Speaker 4: I don't think.
Speaker 1: It's scary all bad And I think that there's this
Speaker 1: cloud of oh my gosh, my daughter is being compromised,
Speaker 1: Like they don't care about who Beck is. They actually
Speaker 1: just care about the pattern and serve you things that
Speaker 1: might make sense to that business to get more money.
Speaker 1: Like I don't think it's as creepy as people seem
Speaker 1: to think it is.
Speaker 4: But also it's a little bit creepy. Hey, yeah, a
Speaker 4: little bit. So they're not like watching me on the toilet,
Speaker 4: but they just want my money. No, no, that's niche.
Speaker 4: But no, so we are all social creatures. Let's talk
Speaker 4: a little bit about interpersonal influence.
Speaker 1: That's a bit of interpersonal influence is a good one
Speaker 1: actually to talk about here. And interpersonal influence is basically
Speaker 1: the degree to which others influence your decisions. And I
Speaker 1: think this is very important me here to point out
Speaker 1: that being independent in decision making is actually a skill
Speaker 1: that needs to sometimes be taught. Like you need to go, oh,
Speaker 1: I need to stop asking other people for their opinions
Speaker 1: on this, because I, like, I don't actually need someone
Speaker 1: else's opinion on a purchase I'm making. I just need
Speaker 1: to make sure it makes me feel like my best self,
Speaker 1: not what Beck thinks about my new top, if that
Speaker 1: makes sense. But the more susceptible you are to interpersonal influence,
Speaker 1: the more the chances are that you're actually going to
Speaker 1: suffer from post to purchase regret, so looping back, and
Speaker 1: it actually includes two different dimensions. So if we talk
Speaker 1: about informational influence, that's, for example, when you align on
Speaker 1: your tech friend who says, oh, this laptop's pretty sick.
Speaker 1: You know it's got this feature in this feature, and
Speaker 1: you know, I personally have been influenced by this before,
Speaker 1: where I'm like, I don't know the first thing about laptops,
Speaker 1: but someone told me that the surfaces were good, and
Speaker 1: then I asked somebody else and they said, oh, we're good.
Speaker 1: So I made purchase literally based on my tech friend's
Speaker 1: opinions of a certain product. But then normative influence on
Speaker 1: the flip side is how your purchase decisions are influenced
Speaker 1: just to maintain your image, which is kind of the
Speaker 1: keeping up with the Jones's side of things. And I
Speaker 1: think that that is really important because that doesn't serve
Speaker 1: you in any way, shape or form. And we've talked
Speaker 1: about it on the Pod before, but I think this
Speaker 1: is a really fun stat to throw in here beck
Speaker 1: And it's about the likelihood of people going broke. So
Speaker 1: there was research done a while ago in the US
Speaker 1: and they found and we talked about it last week,
Speaker 1: but the people most likely to go broke are the
Speaker 1: people who live next door to lotto winners. And we're
Speaker 1: not talking about like multi million dollar lotto winners, because
Speaker 1: if that's the case, often the person who wins moves
Speaker 1: out of that suburb. We're talking not enough to move
Speaker 1: out of the suburb, but enough money to change your lifestyle,
Speaker 1: maybe put a boat in the driveway, or some new cars,
Speaker 1: or to always be seen in new fashion. And that
Speaker 1: is normative influence, where the people around you might have
Speaker 1: elevated their expenses and therefore you try and keep up
Speaker 1: with it as well, even though that's maybe not aligned
Speaker 1: to your values or your goals or your income.
Speaker 4: Right. That is a very shocking fact, isn't it.
Speaker 1: It's terrifying, isn't it?
Speaker 2: Like?
Speaker 1: And who would have Like, if I'd said to you,
Speaker 1: who's the most likely to go broke? You wouldn't have said, oh, yeah,
Speaker 1: the neighbor of someone who's just won a whole heap
Speaker 1: of money. Like, it's just not what comes into my mind, viz.
Speaker 4: That why my mouth is absolutely watering looking at your
Speaker 4: friend green water bottle.
Speaker 1: Yeah, of course it is, because that's normative influence. I mean,
Speaker 1: it's not the Lotto winner thing. It's just a sixty
Speaker 1: dollars drink bottle that I still can't comprehend why they're
Speaker 1: so expensive. But that's yeah, normative influence because your decision
Speaker 1: making about wanting a new drink bottle.
Speaker 4: I e.
Speaker 1: My drink bottle has been based off the fact that
Speaker 1: you're seeing a really, really attractive person with one. How
Speaker 1: about we go to a break because after I have
Speaker 1: a whole heap more to talk about when it comes
Speaker 1: to buyers Remorse on the show, and I really want
Speaker 1: to get to the community experiences.
Speaker 4: What do you say, Yeah, let's do it. I need
Speaker 4: to go buy a frank green water bottle.
Speaker 1: So they are there.
Speaker 4: We are back and talking about buyers Remorse on the
Speaker 4: show today. So v we asked the community about their
Speaker 4: experiences with buyers Remorse and what did they have to say?
Speaker 1: They had lot to say. I have a select few
Speaker 1: things that I'm going to share with you because I
Speaker 1: had to whittle it down to like five or six
Speaker 1: because there were a lot, a lot, a lot of responses.
Speaker 1: So let's start with Rosie. I really like the name Rosie,
Speaker 1: and she said. I rented a new apartment. I went
Speaker 1: to Kmart and went absolutely crazy on super unnecessary things
Speaker 1: relatable instead of moving in and seeing what I needed.
Speaker 1: As time went by, I absolutely binged a bunch of
Speaker 1: stuff which I convinced myself I needed. I spent one
Speaker 1: hundred and seventy five dollars on plants, and I now
Speaker 1: regret that because fast forward ten months and they are
Speaker 1: all dead because I'm not a very good plant. Oh no,
Speaker 1: I feel like that's super relatable. I did that, Oh
Speaker 1: absolutely that. I bought a really nice monsterra plant, And
Speaker 1: now Jess has my monsterra plant at her house, trying
Speaker 1: to rehabilitate it because I basically murdered it. Oh no, Yeah,
Speaker 1: she says she'll give it back, but I'm not sure
Speaker 1: if she will because I don't know if I trusted. Yeah, yeah,
Speaker 1: we will get there. Georgia says buying a kindle. I
Speaker 1: wanted to be a reader so bad, but I'm not so.
Speaker 1: I thought buying a kindle will make me read, but
Speaker 1: it just sits there and it collects dust classic. That's good.
Speaker 1: I love the concept of a kindle, but as somebody
Speaker 1: who only ever seldom reads, like I just there's no
Speaker 1: point me having one, Like I get through maybe two
Speaker 1: or three books for pleasure each year, and like it
Speaker 1: just it's not worth the money. No, head on down
Speaker 1: to library, I reckon.
Speaker 4: Yes, or an audiobook might be nice.
Speaker 1: And it was good for someone who gets through heaps
Speaker 1: of books. Yes, that's genius, really good product.
Speaker 4: Georgia should have maybe bought a book.
Speaker 1: Georgia maybe should have just come to the conclusion that
Speaker 1: Georgia doesn't read. And that's okay, that's okay, that's very
Speaker 1: judgment all right, Katie says, I regret buying a four
Speaker 1: hundred and fifty dollars mattress rather than investing in a
Speaker 1: good one. It was the biggest waste of money. My
Speaker 1: bead sucks. And now I can't justify the money because
Speaker 1: I already own a mattress.
Speaker 4: But that that makes it makes sense.
Speaker 1: I feel like that's an interesting concept because that's like
Speaker 1: being tight on something that you should have spent money,
Speaker 1: but now you spent too much money on it to
Speaker 1: go and invest in something more because you've already spent
Speaker 1: for aner and fifty dollars and like that feels like
Speaker 1: putting it down the drain. Maybe you could buy like
Speaker 1: a nice mattress stoper or something, and yeah, you.
Speaker 4: Can always save anything with the mattress toop up.
Speaker 1: Yeah, I reckon a good mattress topper, good matres out
Speaker 1: of ten. See, there we go with saving people one
Speaker 1: DM at a time. Allie rode in and said, definitely
Speaker 1: buying my newborn heaps of clothes as soon as they
Speaker 1: were born. They literally grow so quickly and it's like
Speaker 1: you blink and they don't fit in anything anymore. Honestly,
Speaker 1: just take all of the ugly hand me downs and
Speaker 1: call it a day. I feel like that's genius.
Speaker 4: That is very good.
Speaker 1: My best friend had a baby last year, and I
Speaker 1: swear every time I see him, he's like doubled in size.
Speaker 1: Like I'm convinced it's a different maybe every single time,
Speaker 1: but I'm obsessed with him. But I'm like, who are
Speaker 1: you this time? Because you are not the baby that
Speaker 1: I saw when you were born.
Speaker 4: Yeah. Also, fashion doesn't matter, it's fashion.
Speaker 1: When you are a newborn.
Speaker 4: Put them in a potato sack.
Speaker 5: Yeah.
Speaker 1: Ten out of ten, I'm just gonna wrap it in
Speaker 1: Chuck's cloths because I have a heap of those, because
Speaker 1: I got a really good deal at Bunny the other day.
Speaker 1: Ten out of ten ideas all right? And last one
Speaker 1: I'm going to read out because I could go on
Speaker 1: about these forever. Is from Sam and Sam said, letting
Speaker 1: my husband spend money on a home gym to save
Speaker 1: money on gym memberships. No explanation needed. We've only used
Speaker 1: it twice and we've owned it for four years.
Speaker 4: Hey, but that's still okay because you're not consistently paying
Speaker 4: X amount of money every month.
Speaker 1: Yeah, but a home gym? How much do you think
Speaker 1: that cost?
Speaker 4: Don't even want to know.
Speaker 1: I got caught up during COVID thinking, you know what
Speaker 1: I'll do. I'll just like do a little home gym setup.
Speaker 1: And Steve and I we ordered weights online because he
Speaker 1: wanted to work out and we were obviously in lockdown.
Speaker 1: Spent a very pretty penny on weights, and now we
Speaker 1: have been using them in our house as door stops.
Speaker 4: Hey, they still came in handy.
Speaker 1: Yeah, the doors definitely stay open, So can can recommend
Speaker 1: to that purchase? Probably could have gone to kmut and
Speaker 1: bought a proper doorstop or even just put my handbag
Speaker 1: in front of it, like, honestly, did I need it?
Speaker 2: No?
Speaker 1: Did I convince myself I needed it? Absolutely? I did.
Speaker 1: Stuff is expensive, Sopha.
Speaker 4: I'm going to go away from this episode with that advice,
Speaker 4: and I'm going to put twenty four hours between me
Speaker 4: and my purchase.
Speaker 1: But before I'm not gonna lie. Don't believe you.
Speaker 4: I don't believe me.
Speaker 1: I mean, it's optimistic, that's it in my eyes. Yeah,
Speaker 1: I can. The way you said it, I was like,
Speaker 1: this woman is pulling meleg I'm going to try, I
Speaker 1: really really try. Right, But before we wrap up, do
Speaker 1: you have any more tips? I do. I feel like
Speaker 1: I've gone through them a lot. You're right. Putting twenty
Speaker 1: four hours between you and your spending, I think is
Speaker 1: actually a really powerful one because it doesn't take that
Speaker 1: feeling of fomo away from you. So I think a
Speaker 1: lot of the time often if we say well, just
Speaker 1: don't purchase it, you're like, well, I'm probably going to
Speaker 1: do it anyway because I want to have that dopamine hit.
Speaker 1: I think it pushes it off a little bit and
Speaker 1: allows you enough time to reflect on your values. The
Speaker 1: next is really really boring. It's make a budget, check it,
Speaker 1: have a look at it, be really realistic with it.
Speaker 1: When I say make a budget, don't make an aspirational budget.
Speaker 1: If we're talking groceries here, don't go, oh my gosh,
Speaker 1: I'm a single gal like you are. Seventy five bucks
Speaker 1: is you know good each week? I'm just going to
Speaker 1: spend that if that's not what you're currently spending. Because
Speaker 1: your grocery bills one hundred and fifty a week, one
Speaker 1: to cut it in half is insane immediately, but true.
Speaker 1: You're going to feel deprived, You're going to splurge on
Speaker 1: things at some point, and you're not going to have
Speaker 1: created a realistic budget that we can stick to. So
Speaker 1: if we are a bit more realistic with our budget,
Speaker 1: we can actually, you know, make some space to treat
Speaker 1: ourselves within reason. The next is actually breaking down the price.
Speaker 1: And this one hurts. I hate it. It's disgusting and
Speaker 1: it makes me sick. So how many hours work does
Speaker 1: it take you to earn that item? And we want
Speaker 1: to work out our post tax hourly rate, not pre tax,
Speaker 1: because that's too kind. We want to work out, okay,
Speaker 1: how much do I take home per hour and you
Speaker 1: might work out all right, well, you know it's nineteen
Speaker 1: dollars an hour in my pocket after tax. Oh how
Speaker 1: many hours is that on a fitbit? Would I work
Speaker 1: twelve hours genuinely for a fitbit? Like if I held
Speaker 1: the fitbit in front of you and said twelve hours
Speaker 1: work and you can have this, would you be like
Speaker 1: heck yes? Or would you be like, oh, that gives
Speaker 1: me the ick? Not sure if I can part with it?
Speaker 4: Yeah, don't think I would do it. That's a really
Speaker 4: good way to look at it.
Speaker 1: Yeah, it gives me the eck, and therefore it's probably
Speaker 1: going to be really helpful. The next is obviously do
Speaker 1: some research before you buy. I mean that is a given.
Speaker 1: Obviously don't get analysis paralysis, but doing a bit of
Speaker 1: research is really important. The other thing I would say
Speaker 1: is a lot of places either price match or price beat.
Speaker 1: So Jbhi fay. I'm going to be sponsoring us anytime soon.
Speaker 1: But the guys at JB on Burke Street are legends.
Speaker 1: First things first, they are really great, but they also
Speaker 1: know I'm going to ask for the best deal. Like
Speaker 1: I'll go in and be like, oh, hey, you know
Speaker 1: I've got a team member starting and I need a
Speaker 1: new laptop, or I need a new mouse or whatever
Speaker 1: I need. I think that they have now come to
Speaker 1: the conclusion that I am going to stand in store,
Speaker 1: I'm going to google that product and I'm going to
Speaker 1: see what it costs online, and then I'm going to
Speaker 1: ask them to sell it to me for that price
Speaker 1: like they just selling. Yep, they do it every single time,
Speaker 1: and there's absolutely no judgment there because I think that
Speaker 1: they would do the same thing in my shoes, Like
Speaker 1: why don't you just ask for the best deal? What's
Speaker 1: the worst that they can say? No, did you when
Speaker 1: you bought your fitbit, did you google how cheap it
Speaker 1: was online and see if you could get a price matched.
Speaker 4: I knew it was cheaper online, but I couldn't bear
Speaker 4: to look at this young boy who was asking me
Speaker 4: how my day was and say, give me this for
Speaker 4: cheaper please.
Speaker 3: No.
Speaker 1: They love it. It's like a game, Like I feel
Speaker 1: like they would think that you're silly having paid full
Speaker 1: price when they know that they're allowed to price match,
Speaker 1: because all they do is go, oh, thanks so much, Beck,
Speaker 1: what website was that? And you go, oh, it was
Speaker 1: on you know X y Z website and they go, yeah, yeah,
Speaker 1: let me just check it. Oh yeah, you're right, it is,
Speaker 1: you know, fifty bucks cheaper. Oh oh match it and
Speaker 1: you go, thanks money win. What a legend you are?
Speaker 4: WHOA Okay, they'll actually think it's a flex Like I
Speaker 4: low key believe that if you walk out of a
Speaker 4: store that does price matching and you didn't do it,
Speaker 4: they're gonna be like, what an idiot?
Speaker 1: She didn't even ask for a discount. I would have
Speaker 1: given it to her literally for free. But they're not
Speaker 1: going to suggest you price match it. Now, that's not
Speaker 1: their job. And most places, it's Australia and I mean this,
Speaker 1: we have international listeners, but here in Australia, we don't
Speaker 1: work in retail for commission. It's no skin off their
Speaker 1: back whether you got it for fifty dollars cheap or not. True,
Speaker 1: So ask next time. The worst thing they can say
Speaker 1: is no. But also if you want to take a
Speaker 1: bit of that anxiety away, because like a guarantee that
Speaker 1: as much as I'm an advocate for this, I'm only
Speaker 1: going to be asking in places that I know have
Speaker 1: this policy. Like I'm not just going to walk into
Speaker 1: any business and be like canny price match and they go, no,
Speaker 1: we don't do that. I'll be like, oh that's all.
Speaker 4: Quick, Yes, that's what I'm wanting.
Speaker 1: Like Google, it does JB High Fire price Match, or
Speaker 1: does my price Match? Or does David Joe or wherever
Speaker 1: you are, And then their policy will come up and
Speaker 1: you'll be like, oh gosh, like that's good. Some places
Speaker 1: beat it by five percent. Oh that's even bigger money.
Speaker 1: So I won't go on and on because I feel
Speaker 1: like everybody knows the tips and tricks to spend less.
Speaker 1: But also try using cash if you possibly can, because honestly,
Speaker 1: it hurts more having to hand over a crisp fifty
Speaker 1: dollar note and getting broken change back as opposed to
Speaker 1: tapping your card. Obviously, if you're out shopping and you
Speaker 1: have a shopping list, try really hard to stick to
Speaker 1: that list. And then the last one I have is
Speaker 1: actually make sure you understand returns policies. And I say
Speaker 1: that because I have been stung with this a few
Speaker 1: times where I have bought from like a store and
Speaker 1: then realize that they'll only return for store credits. Have
Speaker 1: a look at where else you could get that particular
Speaker 1: item that does have a really good returns policy. So
Speaker 1: if you do have bvirus remorse and you go, all right,
Speaker 1: I really want to return it, you can get all
Speaker 1: your money back and this works. And this is, you know, again,
Speaker 1: unsolicited advice. That means that David Jones is probably not
Speaker 1: going to sponsor us in the future. But that's okay.
Speaker 1: I'm here to help you guys. I know that sometimes
Speaker 1: they're concession stores, you know how they have shops since shops, yes,
Speaker 1: you know, like the branded companies like you might have
Speaker 1: like a Country Road and a Scanlan, Theatore and whatever else.
Speaker 1: The overarching David Jones policy of returns applies to all
Speaker 1: those stores, whereas the standalone store might have a store
Speaker 1: credit only policy. That's yes. So if you're like, oh,
Speaker 1: I really want this dress but it's a bit speno.
Speaker 1: Oh I don't know, maybe I'll go buy it. If
Speaker 1: you went and bought it from, you know, the store directly,
Speaker 1: you might go, oh, fire out store credit only or
Speaker 1: no returns. But if it's for sale in the David
Speaker 1: Jones or the Maya, that return policy exists for that.
Speaker 1: That is a very smart but we should leave it
Speaker 1: there because we have definitely gone over and our producer
Speaker 1: is going to cut us off, so let's leave before
Speaker 1: we get cut off. Let's go. Let's go, let's go.
Speaker 1: But obviously before we go, if you haven't already joined
Speaker 1: our Facebook, please do. It's where our community shares money
Speaker 1: tips and tricks every single day, free of judgment. So
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Speaker 1: if Facebook's not your thing, we're on Insta, We're on TikTok.
Speaker 1: Just search Shees on the Money and we will pop
Speaker 1: right up. And as always, please don't forget to rate, review,
Speaker 1: and subscribe because it actually really does help our little
Speaker 1: podcast and we really appreciate it. But have a good
Speaker 1: day and we'll see you guys on Friday.
Speaker 4: See you guys.
Speaker 5: The advice shared on She's on the Money is general
Speaker 5: in nature and does not consider your individual circumstances. She's
Speaker 5: on the Money exists purely for educational purposes and should
Speaker 5: not be relied upon to make an investment or financial decision.
Speaker 1: If you do choose to buy a financial product.
Speaker 5: Read the PDS TMD and obtain appropriate financial.
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