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Rich Girl Dictionary: Loud Budgeting · Two Broke Chicks

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  Speaker 1: This podcast is recorded on Gaddigle Land, Always was, always
• 0:04
  Speaker 1: will be Aboriginal Land. Hey Jix, i'm z out and
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  Speaker 1: I'm out And this is Two Broke Chicks, the show
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  Speaker 1: that shares life lessons and tips to help make you
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  Speaker 1: rich in life.
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  Speaker 2: And welcome to our brand new mini series called The
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  Speaker 2: Rich Girl Dictionary.
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  Speaker 1: For the next six weeks, we're gonna have some amazing
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  Speaker 1: little bonus episodes.
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  Speaker 3: Just for you, chicks.
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  Speaker 2: Basically, each episode will be focused on a financial term
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  Speaker 2: to help you upgrade your finances and become the money
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  Speaker 2: savvy baddie You're always.
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  Speaker 3: Meant to be. Battie Bertie Baddie.
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  Speaker 1: That's exactly what people think about when they think of us.
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  Speaker 1: They think, right, matty Batty, big baddie. And it's all
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  Speaker 1: thanks to you bank. So let's get into it.
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  Speaker 2: This week's Rich Girl Dictionary term is loud budgeting.
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  Speaker 3: So what is out budgeting? Loud budgeting is.
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  Speaker 2: A movement that promotes communicating your money limits and savings
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  Speaker 2: goals rather than making up excuses or going into debt
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  Speaker 2: to keep up with social spending. The trends started on
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  Speaker 2: TikTok as so many good.
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  Speaker 1: Trends do as they tend to do.
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  Speaker 2: And encourages people to be vocal about their budget because
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  Speaker 2: there is an unfair stigma around money and having enough
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  Speaker 2: of it.
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  Speaker 3: Three and five Australians.
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  Speaker 2: Actually experience money guilt because of purchasing decisions. That's an
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  Speaker 2: equivalent to eleven point nine million people.
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  Speaker 3: Yeah, and you can count me in that.
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  Speaker 1: Yeah, we are Just what do you think is like
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  Speaker 1: you're your purchase that you had the biggest money guilt on.
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  Speaker 2: Oh, that is a big question and so many what
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  Speaker 2: like jumped into your mind. First, honestly, some of the
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  Speaker 2: concert tickets I've spent in the past, like the VIP
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  Speaker 2: packages and things, I think sometimes I felt like I
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  Speaker 2: had something to prove, or like a bit of fomo
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  Speaker 2: or something like that. And then afterwards when people would
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  Speaker 2: be like how much were those tickets, I was like,
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  Speaker 2: I'm so ashamed to admit how much they were.
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  Speaker 3: So I was like that immediate guilt.
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  Speaker 1: I actually think I like become an unreliable narrator. Like
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  Speaker 1: remember one time someone asked us how much we spend
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  Speaker 1: on Lady Gaga tickets and I was like, oh, like
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  Speaker 1: three hundred bucks, and you like looked at me and
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  Speaker 1: you were like, are you purposely lying right now because
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  Speaker 1: you're like, I'll.
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  Speaker 3: Back you are.
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  Speaker 1: Yeah.
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  Speaker 3: I was like, there's a bit do I jump? Yeah?
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  Speaker 1: And then you're like anyone yeah, and you like whispered
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  Speaker 1: under the table and I was like what how much
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  Speaker 1: were they? And you were like, I was like, unreliable
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  Speaker 1: and the rate. That's just what I'm going to say
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  Speaker 1: whenever I get something wrong from now on. Yeah, unreliable narrator.
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  Speaker 3: I like that sex Yeah.
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  Speaker 1: Yeah, I think for me it would have been and
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  Speaker 1: I've spoken about this before, but the brand new designer
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  Speaker 1: bag that I like went into debt to buy and
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  Speaker 1: then never used it because I was so scared of
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  Speaker 1: like ruining it.
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  Speaker 2: Yeah, it's like the roller skates and Home Alone where
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  Speaker 2: he's like, that.
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  Speaker 4: Is such a knee reference.
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  Speaker 3: Someone out there got it and they appreciated it. I
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  Speaker 3: don't even remember that. Oh my god. It's in the
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  Speaker 3: second one. Yeah, he's thinking about the first one.
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  Speaker 2: He's talking to the pigeon lady about how she needs
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  Speaker 2: to use her heart. I know she's the best, Yeah,
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  Speaker 2: because she's like Sanna.
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  Speaker 3: I know she is anyway anyway.
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  Speaker 1: Anyway, So loud budgeting can help you with setting boundaries
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  Speaker 1: socially and at work. Before, when admitting you couldn't afford
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  Speaker 1: to do something, it would kind of be embarrassing, Like
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  Speaker 1: we would be embarrassed to be like I can't afford
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  Speaker 1: to go to that or I can't afford those concert.
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  Speaker 3: Tickets, for example. But with this.
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  Speaker 1: Framework, financial transparency is key, and it's empowering people to
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  Speaker 1: basically embrace living within their means.
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  Speaker 3: And someone saying I can't.
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  Speaker 1: Go to dinner because that restaurant is fifty bucks for
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  Speaker 1: a breadstick is respect did now Like it's actually like
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  Speaker 1: if someone was to say that, you don't look at
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  Speaker 1: that being like.
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  Speaker 3: Oh you can't buy a breadstick?
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  Speaker 1: Yeah, exactly'd be like, Okay, that's so fair enough. Let's
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  Speaker 1: either go somewhere else or I get it. Starting this
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  Speaker 1: transparent conversation about your finances can also influence the people
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  Speaker 1: around you to do the same, which means that feeling
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  Speaker 1: of being embarrassed about setting your boundaries completely goes away.
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  Speaker 1: And it's not strange if everyone's doing it.
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  Speaker 3: I'm like, we could probably do it.
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  Speaker 1: We could apply that to a lot of everyone's doing
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  Speaker 1: It's strange if everyone's doing it us like cuddling in
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  Speaker 1: a corner. Yeah, if everyone just cuddled their best friends
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  Speaker 1: a little bit more, it wouldn't be it wouldn't be strange. Okay,
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  Speaker 1: There's also something to be said about loudly acknowledging your goals.
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  Speaker 1: It's like you're putting intentions out there into the world
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  Speaker 1: and like making that commitment, being like I love my budget,
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  Speaker 1: it means you're more likely to stick to them as well,
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  Speaker 1: kind of like a way of manifesting, encapsulating and committing
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  Speaker 1: to the budge.
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  Speaker 3: Committing to the budget budget.
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  Speaker 1: I like that.
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  Speaker 2: Can you think of a time when you've said that's
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  Speaker 2: not in my budget in a social setting or with friends?
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  Speaker 3: Yeah, I think I do it.
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  Speaker 1: I say it all the time, especially when I think
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  Speaker 1: we're shopping, like if we've got the shoppyes, vintage shopping. Especially, Like,
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  Speaker 1: I definitely feel like I've become a little bit better.
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  Speaker 1: We've had these conversations. It's it's a work in progress
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  Speaker 1: for me, I think, because like.
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  Speaker 3: I have a difficult dame. I'm saying no to myself.
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  Speaker 1: What Princess wants, Princess gets absolutely, But I've definitely been
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  Speaker 1: embracing this a little bit more when I'm looking at
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  Speaker 1: things that have I find have value to me. So
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  Speaker 1: if the value doesn't match what I think it is,
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  Speaker 1: that's when I'm saying not for me, yeah, Or like
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  Speaker 1: you know, if there's ever a where we're traveling or something,
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  Speaker 1: can you know there's a certain show or gallery or experience.
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  Speaker 3: That I've just been like, it's not worth that money
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  Speaker 3: for me. Oh, that's for me.
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  Speaker 1: And I think what makes it easy is like I think,
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  Speaker 1: what was it there was like a art gallery in
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  Speaker 1: Melbourne or something. Can You're like, oh, I want to
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  Speaker 1: go And I was like I kind of want to
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  Speaker 1: go have a nap. Yeah, And I was like I
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  Speaker 1: don't really, I don't really feel that pain to go
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  Speaker 1: see it as much as I know you want to
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  Speaker 1: go see it, and you're like that's fine, I'll just
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  Speaker 1: go by myself.
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  Speaker 3: Yeah.
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  Speaker 1: And so like also surrounding yourself with people that accept
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  Speaker 1: your boundaries and your allowed budget rather than being like, oh,
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  Speaker 1: but it's.
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  Speaker 3: Only twenty bucks.
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  Speaker 1: Yeah, it's like that twenty bucks could get me a
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  Speaker 1: really nice luxA on the way home.
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  Speaker 2: Yeah, you know, yeah, exactly respecting people's boundaries. But yeah,
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  Speaker 2: I can definitely think of times when I've said that.
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  Speaker 2: I think more recently it was more of a I
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  Speaker 2: set a bit of a boundary in terms of how
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  Speaker 2: much money I was going to spend on Christmas presents.
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  Speaker 3: I hated this.
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  Speaker 1: It's about surrounding yourself people that accept your budget.
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  Speaker 3: You said a budget. I'm like, hated it disgusting. You're like,
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  Speaker 3: I'm just joking.
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  Speaker 2: I'm just kidding, but yeah, because I was like, otherwise
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  Speaker 2: I just get too excited and I spend a lot
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  Speaker 2: of money. And then also I'm like, I just wanted
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  Speaker 2: people to know what my boundaries were and so that
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  Speaker 2: they also weren't like overspending yeah as well, and just
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  Speaker 2: being open about that, whereas I think that previously I
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  Speaker 2: would have been embarrassed.
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  Speaker 1: I think that's a good example of loud budgeting is
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  Speaker 1: you know when you have the conversation with friends or
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  Speaker 1: partners at Christmas and you go, okay, like, what's our
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  Speaker 1: budget for presents this year?
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  Speaker 3: Like how much are we spending?
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  Speaker 1: Because yeah, it is a really good example because it's
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  Speaker 1: that thing of you know, if you buy someone a
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  Speaker 1: present and you spend two hundred bucks and then they
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  Speaker 1: buy your present, they spend five hundred bucks and you're like, cool, yeah,
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  Speaker 1: it's my glass office I do, and he buys the
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  Speaker 1: four hundred dollars iPod and everybody else.
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  Speaker 3: Is like, didn't we have a budget? Of does anybody
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  Speaker 3: want this?
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  Speaker 1: Really good of admit psych I didn't want it?
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  Speaker 3: So how can we allow budget?
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  Speaker 1: Well, the first step to allowed budgeting is knowing where
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  Speaker 1: your finances are and then having the confidence to communicate it.
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  Speaker 1: You can use the fifty to thirty twenty rule, so
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  Speaker 1: fifty percent for needs, thirty percent for wants, and twenty
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  Speaker 1: percent for savings and debt repayment. And the thirty percent
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  Speaker 1: is so important in that because if you don't account
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  Speaker 1: for the wants in your life, you'll end up just
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  Speaker 1: blowing over that. Like by actually setting yourself a budget
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  Speaker 1: for once, you actually end up sticking to that a
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  Speaker 1: lot more. And U Bank's three account system can also
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  Speaker 1: help you bring this rule to life because it has
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  Speaker 1: separate accounts for bills, spending, and saving, so it allows
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  Speaker 1: you to split your income easily, which when it's all
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  Speaker 1: in one account, that's when I find it quite difficult
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  Speaker 1: because that's where I think it's easy to overspend.
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  Speaker 3: When you just go deper debt deppt.
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  Speaker 2: Yeah, you know, it's about the transparency and actually seeing
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  Speaker 2: where your money is coming and going. Yeah, and your
• 9:11
  Speaker 2: bank also has a spending footprint, which can help you
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  Speaker 2: keep track of your expenses so you know exactly where
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  Speaker 2: your money is going. They do this by sorting your
• 9:20
  Speaker 2: spending into everyday categories like clothes and shoes, groceries, entertainment,
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  Speaker 2: eating and drinking out, so it's surprisingly simple. You can
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  Speaker 2: even look at your spending by merchant, which I feel
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  Speaker 2: like would be very illuminating because visibility is control and
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  Speaker 2: control helps manage financial anxiety.
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  Speaker 1: The next part of the loud budget plan is actually
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  Speaker 1: communicating your financial goals and reality to those around you,
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  Speaker 1: So being completely honest when someone suggests plans that don't
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  Speaker 1: align with your finances right now is incredibly important. This
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  Speaker 1: might also help other people in your circle to be
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  Speaker 1: upfront and honest about their financial situation as well. You know,
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  Speaker 1: Like there was a where we had a friend and
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  Speaker 1: she loves the most expensive restaurants, Like, yeah.
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  Speaker 3: It's the craziest thing.
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  Speaker 1: And we were supposed to go out to dinner and
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  Speaker 1: she picked the restaurant.
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  Speaker 3: I looked at the menu and I just went.
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  Speaker 4: No, Yeah, it's way too expensive for a Wednesday, non
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  Speaker 4: birthday dinner and then you also went I concur You're
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  Speaker 4: like yeah, and she was like.
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  Speaker 1: Oh, okay, let's go somewhere else and it's fine, Like
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  Speaker 1: we were all giggling about it. But it really does
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  Speaker 1: also help people. It's kind of the first.
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  Speaker 3: Domino really exactly.
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  Speaker 1: So it does help other people kind of speak up
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  Speaker 1: and inspire others to.
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  Speaker 3: Be transparent about your finances.
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  Speaker 1: And kind of help motivate each other as well, Like
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  Speaker 1: if you're both saving and trying to save, like discussing
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  Speaker 1: that can also really help get you there, and sometimes
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  Speaker 1: suggesting a more cost effective alternative in these situations is
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  Speaker 1: very helpful as well. So rather than not being like nope,
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  Speaker 1: sary not coming, being like, look, that's just not really
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  Speaker 1: in my budget at the moment, but I've found this
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  Speaker 1: other Italian restaurant that looks really young and it's a
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  Speaker 1: little bit more affordable.
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  Speaker 3: What do you guys think.
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  Speaker 2: Yeah, you're not shutting down the idea, yeah, because I
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  Speaker 2: think it's.
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  Speaker 3: Yeah, totally.
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  Speaker 2: Well, that's it for this week's episode of The Rich.
• 11:17
  Speaker 3: Girl Dictionary, I Feel rich Alranny.
• 11:20
  Speaker 1: Tune in next week for the next installment of this
• 11:23
  Speaker 1: mini series.
• 11:24
  Speaker 3: Thanks Chicks Products issued by U Bank.
• 11:29
  Speaker 2: Part of nab info is general, Consider if It's right
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