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What is Bargain Regret? · She's On The Money

0:00
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.
0:33
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
1:00
Speaker 4: millennials who want financial freedom. My name is Beck Syed
1:05
Speaker 4: and Victoria Divine is with us as ever?
1:08
Speaker 1: With us as ever? Like do you mean always? Or
1:12
Speaker 1: is with us as ever?
1:14
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
1:19
Speaker 1: here to stay.
1:20
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
1:25
Speaker 1: have all experienced and I can honestly say that sadly,
1:29
Speaker 1: but we're talking about buyers remorse. It is an oh
1:31
Speaker 1: so common problem that we actually hear about all the
1:34
Speaker 1: time in the community. Maybe you got carried away in
1:37
Speaker 1: the sales over Christmas, maybe you splurched a little bit
1:41
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
1:56
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.
2:00
Speaker 1: It's going to be very exciting episode. I had buyers
2:02
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.
2:07
Speaker 1: We have moved recently and I needed to buy a
2:10
Speaker 1: new couch, so that was a planned purchase, like we
2:13
Speaker 1: had budgeted for it. It all made sense, Like we
2:14
Speaker 1: went down to the shop that you know we planned
2:17
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,
2:49
Speaker 1: they've just come in there so nice. And I was like, yeah, yeah,
2:51
Speaker 1: that's so nice, like ten out of ten and you know,
2:53
Speaker 1: then he gave us free delivery and stuff and it
2:55
Speaker 1: was really nice, like a bit of a money in there.
2:57
Speaker 1: But then then I was like did I need the pillows?
3:00
Speaker 1: Did I need a d And then I stayed awake
3:02
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.
3:07
Speaker 4: What have you become? I kind of support that. I
3:09
Speaker 4: thought it would be worse, to be honest, but like.
3:11
Speaker 1: One hundred dollars for a cushion? Is that where we're
3:13
Speaker 1: at in life?
3:15
Speaker 4: I personally, I've never paid one hundred dollars for.
3:17
Speaker 1: I'm not even sure what they're stuffed with at this point.
3:19
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
3:23
Speaker 1: IKEA cushion for starting is something more expensive, and I
3:27
Speaker 1: didn't even try to understand the product before purchase.
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Speaker 4: So they're extremely extremely.
3:31
Speaker 1: I'll show you later, I'll show you later, so aesthetic,
3:34
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
3:39
Speaker 4: last year we did an episode on spending guilt and
3:42
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
4:15
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
4:20
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
4:24
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,
4:53
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
5:01
Speaker 4: good spot to give advice. Let's do it. Can you
5:03
Speaker 4: start by divining what buyers remorse is?
5:06
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,
5:18
Speaker 1: but it can also be over small stuff like buying
5:20
Speaker 1: your lunch when maybe you had something packed, or getting
5:23
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
5:39
Speaker 1: small things. I mean, mine feels like it was on
5:41
Speaker 1: really big things, like cushions. Is that big? I don't
5:44
Speaker 1: know they're big cushions.
5:46
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
5:51
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
5:58
Speaker 1: a massive hindrance because if you're trying to budget and
6:02
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
6:07
Speaker 1: remorse when you are actually treating yourself, even if it
6:10
Speaker 1: is in budget, it's a purpose. Exactly. We need to
6:13
Speaker 1: talk about healthy boundaries of buyers remorse today as well.
6:16
Speaker 4: Gosh, that makes so much sense me. I guess my
6:19
Speaker 4: next question is, is there a difference between how we feel,
6:22
Speaker 4: for example, if we have been impulsive or not done
6:25
Speaker 4: our research versus if the product or service itself is
6:29
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
6:34
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
6:45
Speaker 1: that feeling that the product wasn't actually what you wanted.
6:47
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
6:52
Speaker 1: be Peeler and you're picking between, you know, the blue
6:55
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
7:00
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
7:11
Speaker 1: feel like you've picked the wrong option, even though in
7:13
Speaker 1: the moment you were like, oh, but I you know,
7:15
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
7:19
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
7:25
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
7:30
Speaker 1: cent plastic pill out coals, but I bought this fancy
7:33
Speaker 1: boy one and now it's like the worst thing in
7:35
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
7:53
Speaker 1: in more effort to making a purchase decision, like actually
7:56
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
8:14
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
8:41
Speaker 1: a thing, like all these new fandangled peelers, Like it
8:44
Speaker 1: looks bougie. But then I'm just like, give me the
8:46
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
8:53
Speaker 4: one do you go for?
8:53
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
8:58
Speaker 1: had the other peel potatoes anymore, why bother? I heard
9:02
Speaker 1: that the nutrients were in there, and I believe we
9:04
Speaker 1: called them smashed potatoes now instead of mashed potatoes exactly. Anyway,
9:07
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
9:11
Speaker 4: when we fall out of step with our values?
9:13
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,
9:19
Speaker 1: that is a big thing at play. And psychologically, it's
9:22
Speaker 1: actually called cognitive dissonance. So it is a feeling of
9:26
Speaker 1: psychological distress that happens when you're at odds with your
9:29
Speaker 1: own thoughts or your own values. And often these things
9:32
Speaker 1: can happen from peer pressure, so you might you know,
9:36
Speaker 1: I'm going to use this example, and I'm sorry, Frank Green,
9:39
Speaker 1: but we hear now, Frank Green, water bottles, I feel
9:42
Speaker 1: like are a cult. They are a cult. I am
9:45
Speaker 1: in the cult. I'm not saying I'm not in the cult.
9:47
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
9:52
Speaker 1: I love it. I actually have a couple of them,
9:54
Speaker 1: and I really like it. But did I need a
9:58
Speaker 1: sixty dollars drink Probably not, because my system and one
10:02
Speaker 1: that I got fifty percent off at Cole's did the
10:05
Speaker 1: job the vessel exactly. But I got influenced by TikTok
10:09
Speaker 1: and every Man and his Dog talking about the cup
10:12
Speaker 1: holders of the Frank Green drink bottle, which, by the way,
10:16
Speaker 1: ultimate flex. My Frank Green fits in my cup holder
10:19
Speaker 1: in my car.
10:20
Speaker 4: Oh, that is very impressible.
10:22
Speaker 1: That's the fanciest thing I can I can talk about today.
10:26
Speaker 1: But I got influenced. I bought a Frank Green drink
10:28
Speaker 1: bottle and then I was like, what am I doing?
10:31
Speaker 1: This is a sixty dollars drink bottle that I absolutely
10:33
Speaker 1: didn't need. It isn't in line with my values because
10:36
Speaker 1: I do feel like there's a waste of money. Do
10:38
Speaker 1: I like it now?
10:39
Speaker 3: Yeah?
10:39
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
10:45
Speaker 1: into consideration the peer pressure aspect or the influence aspect
10:49
Speaker 1: that happened there, VD, would you have spent sixty bucks
10:53
Speaker 1: on a drink bottle? No, I'll drink out of my
10:57
Speaker 1: free promotional one that I got five years ago at
10:59
Speaker 1: a bank and finance event. Thanks Scoop, your had a
11:02
Speaker 1: good time, have a little sip? Yeah, do I drink
11:04
Speaker 1: out of the fact? Absolutely, so like was this something
11:08
Speaker 1: I needed? Probably not. Is it in line with what
11:11
Speaker 1: I believe my values are? Absolutely not? But you know what,
11:14
Speaker 1: I was influenced, So I think that's what created that
11:19
Speaker 1: dissonance for me where I was like, oh, oh, we're here,
11:22
Speaker 1: and I mean now I have two so maybe it
11:24
Speaker 1: is now in line with my values, but my values
11:26
Speaker 1: of change and yours can change. True, beg you just
11:28
Speaker 1: need to be fluid about it. But I think it's
11:30
Speaker 1: important to talk about the fact that sometimes you'll make
11:33
Speaker 1: a purchase and then you'll go, that isn't me, That
11:36
Speaker 1: isn't who I am. But I actually do think it's
11:39
Speaker 1: important to break that down at the time instead of
11:41
Speaker 1: being like, oh, that's not who I am, full stop, Like, well,
11:44
Speaker 1: what led you to that purchase? What made you think
11:47
Speaker 1: that that was a good idea? Because often if you
11:50
Speaker 1: can identify that, it stops it happening in the future
11:53
Speaker 1: or enables you to understand that maybe your values are changing,
11:55
Speaker 1: or maybe something is different about the way that your
11:58
Speaker 1: past values are in acting with your current values. So
12:01
Speaker 1: I think that's important as well. So we won't go
12:03
Speaker 1: on and on about that, but I do think it's
12:06
Speaker 1: important to understand where these things come from, not just
12:09
Speaker 1: wipe them to the side and say, oh, whatever, I
12:11
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,
12:15
Speaker 4: we need to get you off TikTok baby girl.
12:16
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
12:23
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,
12:31
Speaker 1: expensive purchases often result in both outcome regret and process
12:35
Speaker 1: regret because they involve all three cognitive dissonance elements. And
12:39
Speaker 1: these three cognitive dissonance elements, which was an absolute mouthful,
12:43
Speaker 1: I'm glad I wrote that down effort, responsibility, and commitment,
12:48
Speaker 1: because beck the more expensive something is, the more unlikely
12:52
Speaker 1: it is that you buy it without any thought or effort. Usually,
12:55
Speaker 1: and expensive things do make you compare like alternatives and
12:59
Speaker 1: do your pros and con lists, and that usually results
13:02
Speaker 1: in a bit of a process regret if you make
13:04
Speaker 1: the wrong decision. I mean the Peeler example makes sense here.
13:08
Speaker 1: I mean it wasn't a super expensive example, but let's
13:12
Speaker 1: pretend it was the couch I purchased on the weekend.
13:14
Speaker 1: Imagine if I'd done all of my research and I
13:17
Speaker 1: had picked the couch I want, which I did, and
13:19
Speaker 1: it's donning and I really like it, and I had
13:22
Speaker 1: found it cheaper online. But by buying it online it
13:25
Speaker 1: meant that I didn't get to sit in a first,
13:27
Speaker 1: which to me was actually really important. I didn't want
13:29
Speaker 1: to buy a couch online because if it's uncomfortable, like,
13:31
Speaker 1: what are we going to do? So I saw it
13:33
Speaker 1: in person, I know it's comfortable. Money win. But what
13:36
Speaker 1: if I'd found it online much cheaper, and then I'd
13:39
Speaker 1: purchased it and then I got it and it wasn't comfortable.
13:42
Speaker 1: That would have taken me down the process if process
13:44
Speaker 1: regret because I'm went, oh my god, I did all
13:46
Speaker 1: my research and I found it the cheapest and then
13:48
Speaker 1: I hated it. Does that make sense? And then I
13:50
Speaker 1: was really annoyed because I'd done all this research and
13:52
Speaker 1: it does look stunning. But I guess the ultimate outcome
13:55
Speaker 1: for me, and I don't know about everybody else, but
13:57
Speaker 1: it's not actually esthetics with the couch. It's whether I
13:59
Speaker 1: can snuggle up on it and watch season two of
14:01
Speaker 1: Y Lotus.
14:02
Speaker 4: You know, oh absolutely? Do you feel like you had
14:04
Speaker 4: both though ascetics.
14:05
Speaker 1: And kenor lost dos? I mean it hasn't been delivered yet.
14:08
Speaker 1: Studying free delivery means it's not going to come the
14:10
Speaker 1: next day, but that is okay. Beggars shan't be choosing no, no,
14:14
Speaker 1: no no. You get what you get and you don't
14:15
Speaker 1: get upset exactly. But I feel like they might also
14:19
Speaker 1: give you outcome regret as well, because you might have
14:21
Speaker 1: raised your expectations depending on the money that you paid
14:25
Speaker 1: for it or even saved for it. So you know,
14:28
Speaker 1: another example of thesis, and I'm going to use the
14:30
Speaker 1: couch as a good example here. Imagine if I was
14:33
Speaker 1: buying a ten thousand dollar couch. Well I did not
14:35
Speaker 1: do that, but I then found it online for four
14:38
Speaker 1: thousand dollars, like money win, that's a big discount. I'm
14:43
Speaker 1: so excited because this is a really good quality couch.
14:46
Speaker 1: So my expectations are up here because it's a ten
14:49
Speaker 1: thousand dollar couch. Back it comes, the quality is absolutely
14:53
Speaker 1: not what I expected. But if the full value price
14:56
Speaker 1: of that couch had been four grand, maybe I would
14:58
Speaker 1: have been okay with it. But I think it's important
15:01
Speaker 1: to understand that sometimes there's actually a disconnect, even when
15:04
Speaker 1: it might be what you paid, but also it can
15:07
Speaker 1: be the discount of it. Like you find a cute
15:09
Speaker 1: outfit online, you're like, oh my gosh, it's designer and
15:11
Speaker 1: it's like seventy percent off. Then it comes and you're
15:13
Speaker 1: a bit disappointed. You created this unrealistic expectation in your
15:18
Speaker 1: head that it was going to be better because it
15:20
Speaker 1: was technically meant to be worth more.
15:23
Speaker 4: Yeah, does that makes sense so much?
15:25
Speaker 1: Where it might be like a white T shirt and
15:26
Speaker 1: you're like, oh my god, but it's like Alexander Wang,
15:28
Speaker 1: this is so fancy, Like I'm going to buy this
15:30
Speaker 1: when it comes, it just doesn't fit the same way
15:32
Speaker 1: a good old Trusty came up one Does you know
15:34
Speaker 1: it doesn't hit doesn't hit a right. So I think
15:36
Speaker 1: it's important to talk about these things as well, because
15:39
Speaker 1: it goes both ways, Like you could spend heaps of
15:42
Speaker 1: money on it, but also there's this disconnect between people
15:46
Speaker 1: assuming that if they're getting a massive discount on something,
15:49
Speaker 1: the quality must be lat.
15:51
Speaker 4: Yes, so I think it's sense.
15:53
Speaker 1: Yeah, And then you might feel a little bit more
15:55
Speaker 1: guilty because you're like, I got it on sale and
15:56
Speaker 1: I shopped around, and like I should love this more
15:59
Speaker 1: because it's heaps, and I just think that that is
16:02
Speaker 1: ridiculous as well.
16:03
Speaker 4: Now, what about impulse purchases.
16:06
Speaker 1: Yes, I do love a good impulse purchase. As a
16:09
Speaker 1: diagnosed AHD individual or what we call in our community
16:13
Speaker 1: a neurospicy person around life, I'm so good at impulse purchases.
16:18
Speaker 1: So good is your area of specialty, it's my area
16:21
Speaker 1: of expertise, expertise. If you want an impulse purchase, let
16:25
Speaker 1: me know I can make one for you. But from
16:28
Speaker 1: my experience, a few of the biggest triggers for me
16:31
Speaker 1: are social media and fear of missing out. It doesn't
16:34
Speaker 1: mean that I am actually going to miss out. I
16:36
Speaker 1: just have decided in my head that I'm probably going
16:38
Speaker 1: to miss out if I don't get this thing, and
16:40
Speaker 1: other factors that hijack our usual buying process. So when
16:44
Speaker 1: I talk about that, I'm not just talking about Oh,
16:46
Speaker 1: this only impacts people with ADHD. This impacts absolutely everybody,
16:51
Speaker 1: but when you are somebody who is a bit neurodiverse,
16:54
Speaker 1: these things are usually on steroids. They usually just jacked
16:57
Speaker 1: up a lot. More So, if you're an impulse purchase
17:00
Speaker 1: and you don't have any type of neurodivergence, think about
17:04
Speaker 1: that but being ten times worse if you are on
17:06
Speaker 1: some kind of neurodivergence spectrum. So it can get completely
17:11
Speaker 1: out of control. And I think it's really important to
17:13
Speaker 1: acknowledge because neuros blastiness comes in lots of different levels.
17:17
Speaker 1: And sometimes you got the like mango lime one. Sometimes
17:21
Speaker 1: you got the Habernero chili, you know in the bottle
17:24
Speaker 1: that has the skull on.
17:24
Speaker 4: It completely dironically, those would be big impulse bies for me.
17:29
Speaker 1: Yeah, maybe we're by neurospisy beck. Are you a bit
17:32
Speaker 1: of an impulse purchaser? Is that something that you lean
17:35
Speaker 1: towards or are you a little bit more stoic in
17:38
Speaker 1: your purchase power?
17:39
Speaker 4: I wish I was. I feel like I'm strictly impulse
17:42
Speaker 4: by because I know.
17:43
Speaker 1: Strictly impulse by. I like that there's some kind of
17:47
Speaker 1: rule for this, like strictly just an impulse purchaser.
17:50
Speaker 4: I don't think too much.
17:51
Speaker 1: Time energy research that we don't do that my theory.
17:55
Speaker 4: Getting get out. I like to say analysis is paralysis. Yes,
18:02
Speaker 4: and sometimes you yeah, yeah, sometimes it would help. But
18:06
Speaker 4: just the other day, for instance, I do want you
18:08
Speaker 4: to know I need to preface this by saying I
18:10
Speaker 4: am perpetually broke. I just got paid for myself a
18:14
Speaker 4: brand new fit bit because you did not need I
18:17
Speaker 4: didn't need a fit Bit because I just couldn't be
18:19
Speaker 4: bothered looking for my old one, is all it was.
18:21
Speaker 1: It's not that I need to be helping you with
18:23
Speaker 1: your budget and you disrespecting that entire process. Yeah, we
18:26
Speaker 1: do meeting a little bit later. Yeah, okay, please in't
18:29
Speaker 1: fire me. I no, you won't ever get fired. You
18:32
Speaker 1: won't ever get fired to make that not for that,
18:34
Speaker 1: that's right, fine.
18:35
Speaker 4: But yes, so I guess to answer your question. Unfortunately,
18:38
Speaker 4: I am only an impulse by because if I think
18:40
Speaker 4: too much about something, then the normal logical side will
18:44
Speaker 4: kick in and be like, hey, that's you. Actually, do you.
18:46
Speaker 1: Put any time between you and your purchases, like a
18:49
Speaker 1: couple of hours or a day or you no?
18:52
Speaker 4: Less go Well, the only time that goes between me
18:54
Speaker 4: and my purchase is that brief few minutes of waiting
18:58
Speaker 4: in the self checkout line.
19:00
Speaker 1: Oh okay, that sounds really really time. Yeah, look, I'm
19:03
Speaker 1: going to go with not asking you for advice on
19:08
Speaker 1: impulse spending. At this point.
19:11
Speaker 4: My advice is still a baby girl.
19:13
Speaker 1: My advice is don't do a baby girl. Put twenty
19:17
Speaker 1: four hours between you and your purchase. I'm going to
19:19
Speaker 1: let you still have the fit bit okay, but I'm
19:21
Speaker 1: going to make you leave JB hi fi and come
19:23
Speaker 1: back tomorrow and get it if you're still thinking about it.
19:26
Speaker 1: And I think that a lot of the time when
19:29
Speaker 1: it comes to impulse purchasing, you actually might. I don't
19:33
Speaker 1: know if this will work for you, because different things
19:35
Speaker 1: work for different people. But often if I say no,
19:38
Speaker 1: you can't have it, Beck, let's go home and think
19:40
Speaker 1: about it, You'll be like, but I know I want it,
19:42
Speaker 1: Please let me have it, Like I'm going to take
19:44
Speaker 1: it home today. But if I said, hey, Beck, actually
19:47
Speaker 1: let's just put twenty four hours between it one day,
19:50
Speaker 1: one day, that's it. You can have it tomorrow, no
19:52
Speaker 1: questions asked, you're more likely to go all right, that
19:55
Speaker 1: sounds like a good deal as opposed to oh, Beck,
19:58
Speaker 1: you probably don't need it. I'm going to try and
20:00
Speaker 1: talk about I'm not going to try and talk you
20:01
Speaker 1: out of any purchase because that is not my place.
20:05
Speaker 1: It is not my place to tell you how to
20:07
Speaker 1: spend your money. My place is educating you on how
20:11
Speaker 1: to make the best decision for you, and sometimes you
20:14
Speaker 1: need a little bit of time. So let's step back
20:17
Speaker 1: to when you purchase your fitbit. If I said to you, hey, Beck,
20:20
Speaker 1: and we were there shopping together, which we were not,
20:23
Speaker 1: I love it. I think that fit bits so sick.
20:26
Speaker 1: How about we just pick it up tomorrow, Like, let's
20:29
Speaker 1: come back tomorrow. Let's just make sure that you're getting
20:32
Speaker 1: the best deal on this, Like maybe we can look
20:33
Speaker 1: it up online, or maybe we can, you know, have
20:36
Speaker 1: a think about it. We might pop past Target or
20:38
Speaker 1: something see if they've got it, because you know it
20:40
Speaker 1: might be cheaper. Like let's have a look. You're less
20:43
Speaker 1: likely to say no, I still want it if the
20:46
Speaker 1: idea of still obtaining that item is on the table. Yeah,
20:51
Speaker 1: does that make sense? Like if I say not beg
20:52
Speaker 1: you can have it, but tomorrow, how would you respond
20:54
Speaker 1: to that?
20:55
Speaker 4: I feel like that would kind of help the urge
20:58
Speaker 4: to just immediately buy it right this second, and I
21:01
Speaker 4: feel like I would firstly maybe look for my old
21:05
Speaker 4: one that is almost the exact same model that works perfectly.
21:11
Speaker 4: But also I would think I can't be bothered going
21:13
Speaker 4: back to the shops. Yeah, and wouldn't even if not
21:16
Speaker 4: buying it.
21:16
Speaker 2: Yeah.
21:16
Speaker 1: And I think it's important because you know, I am
21:19
Speaker 1: an impulse purchaser. I think that is very widely known.
21:22
Speaker 1: It's why I have the banking structure that I have
21:25
Speaker 1: to you know, disable that in a way. But then
21:28
Speaker 1: also I think this concept of no, you can have it,
21:31
Speaker 1: but you can just get it tomorrow makes me feel
21:33
Speaker 1: like I don't have fomo. And I think the second
21:36
Speaker 1: I say that you can't have it, you go, well,
21:38
Speaker 1: I've got fomo. Now I really want it. I want
21:40
Speaker 1: it more now you said I can't have it. So
21:42
Speaker 1: I think this idea of putting twenty four hours between
21:44
Speaker 1: you and your spending is really really helpful because it
21:47
Speaker 1: goes from twenty four hours and then you're like, oh,
21:49
Speaker 1: I'm busy this afternoon. Maybe I'll just pick it up
21:51
Speaker 1: on the weekend, and it just gets pushed out and
21:53
Speaker 1: pushed out, and then that sense of urgency is often
21:56
Speaker 1: lost along that journey and then you go, oh, you know,
21:59
Speaker 1: I don't even need that whatever. I've moved on to
22:02
Speaker 1: this next new thing that I'm thinking about, and that
22:05
Speaker 1: that's good, Like that's a great outcome. But then if
22:08
Speaker 1: you're still obsessed with the fitbit in twenty four hours
22:11
Speaker 1: or you know, the next week, can we get it?
22:12
Speaker 1: Then it's in line with your values. Obviously you want it.
22:15
Speaker 1: As I said, it's not my position to tell you
22:17
Speaker 1: not to spend on things. I think it's just being
22:20
Speaker 1: a little bit more mindful about it. And as somebody
22:24
Speaker 1: with ADHD, being mindful is actually very hard. Being mindful
22:28
Speaker 1: is actually something that you have to consistently work on.
22:32
Speaker 1: And if you say, oh, be more mindful with your purchasers,
22:34
Speaker 1: I'll be like, oh, so should I look at the
22:36
Speaker 1: pink and the blue one? Is that what you mean?
22:38
Speaker 5: Like that?
22:39
Speaker 4: Should I consider more?
22:40
Speaker 2: Yeah?
22:40
Speaker 1: Should I consider more? What do you mean? I should
22:42
Speaker 1: just get crayons and texters not just crayons. Okay, I
22:45
Speaker 1: think it's important that you understand what triggers you, but
22:49
Speaker 1: then also what kind of strategies work for you best.
22:52
Speaker 1: It's kind of like working with toddlers. It's kind of
22:56
Speaker 1: like that distract technique. It's like you're not gonna yell
22:59
Speaker 1: at them and be like, get off the table. You're
23:01
Speaker 1: not supposed to be on the table, because they'll just
23:03
Speaker 1: be like okay, probably going to do it again, be like, oh,
23:06
Speaker 1: should you be on the time? What are you trying
23:08
Speaker 1: to achieve here? Oh I'm trying to pretend I'm on
23:10
Speaker 1: a boat. Oh well, how about we make this chair
23:12
Speaker 1: a boat? And like it's kind of lame when you
23:15
Speaker 1: think about it, but how can you best distract yourself
23:18
Speaker 1: in a way that you don't feel like you're missing out?
23:20
Speaker 1: Because if I take that away from you, immediately we
23:23
Speaker 1: feel like we're missing out. And that's where money becomes
23:26
Speaker 1: something that you continue to stick your head in the
23:28
Speaker 1: sand about.
23:29
Speaker 4: Yeah, that is such solid advice. I will actually try
23:33
Speaker 4: that technique.
23:34
Speaker 1: I'm going to make you text me next time you
23:36
Speaker 1: want to do an impulse purchase and I'll be like,
23:39
Speaker 1: let's get it to morow Beck and you'll be like yeah, see,
23:41
Speaker 1: I'll be like I'll drive you. I'll literally drive you
23:43
Speaker 1: if you want it tomorrow and you'll be like yeah, sick.
23:45
Speaker 1: And then next time I'll be like you wryt to
23:46
Speaker 1: go get that fit bit and you'll be like, what
23:49
Speaker 1: we let's hope so what bit? Oh, I want to
23:51
Speaker 1: go to the pub and get a soda water because I'm.
23:54
Speaker 4: Back one hundred percent, We'll do that instead spend all
23:56
Speaker 4: our money at the pub. So we've established that I
23:59
Speaker 4: have absolutely impulse control.
24:01
Speaker 5: Yeah.
24:01
Speaker 4: Great, and it gets me thinking. We've heard about after pay,
24:05
Speaker 4: have you? That's crazy? I know that's a new thing, right, No,
24:08
Speaker 4: it's not. It's really taking the world by storm. It
24:10
Speaker 4: gives us an instant dopamine hit. We can't really afford something,
24:13
Speaker 4: but after Pa comes in and saves the day. What
24:16
Speaker 4: are your thoughts on after pay? Oh, that is a
24:18
Speaker 4: bad question to ask, bec. I have literally done entire
24:21
Speaker 4: podcasts on this. I think after pay look stepping back
24:26
Speaker 4: as business, what a genius business.
24:28
Speaker 1: That is so smart. But from the consumer perspective, as
24:33
Speaker 1: somebody who wants you to be financially empowered, I feel
24:37
Speaker 1: like it takes away a little bit of that empowerment because,
24:41
Speaker 1: as you said before, it enables us to have that
24:44
Speaker 1: dopamine hit sooner. So you want a dress for this weekend,
24:47
Speaker 1: or you want a new shirt or whatever it is,
24:49
Speaker 1: you're really excited about it. You go shopping, You're like, oh,
24:52
Speaker 1: that's leads two hundred bucks. But actually, if I put
24:55
Speaker 1: it on after pay, it's only fifty bucks right now,
24:57
Speaker 1: and I get to wear it this weekend, and we
25:00
Speaker 1: justify our purchases more readily because we don't have to
25:05
Speaker 1: part with all of that money upfront. It puts a
25:08
Speaker 1: lot of time between that purchase that you make and
25:12
Speaker 1: having to repay that debt. And while that can actually
25:15
Speaker 1: be really good for some people like I, have had
25:18
Speaker 1: messages from people who are like, I can't believe that
25:20
Speaker 1: you talk about it after pay or buy now pay
25:22
Speaker 1: later services like that. I use it for my budgeting,
25:25
Speaker 1: for my kids, for whatever else. And if that is
25:27
Speaker 1: the way that you are using a buy now, pay
25:29
Speaker 1: later service, all power to you, because that is honestly
25:34
Speaker 1: the responsible way of using it. From my perspective, that's
25:37
Speaker 1: quite intelligent of you. If you were using it to
25:40
Speaker 1: budget and you're like, all right, well, you know I've
25:42
Speaker 1: allocated myself fifty bucks a week, and I really want
25:44
Speaker 1: this top. I'm actually going to be able to cash
25:46
Speaker 1: flow it. That's genius. That's not how I would use
25:49
Speaker 1: that service. That's not how most of my community use
25:52
Speaker 1: that service. That is not how most of the people
25:55
Speaker 1: I interact with use that service. They use it because
25:59
Speaker 1: it is an instant gratification tool. You can have that
26:02
Speaker 1: item or that thing right here and now, and we
26:05
Speaker 1: can worry about paying for it later. It is a
26:07
Speaker 1: reverse engineered layby lay by. Historically, and I feel like
26:12
Speaker 1: every man and his dog remembers the target toy sale
26:15
Speaker 1: in the middle of the year. I don't know if
26:17
Speaker 1: you remember it, but like I remember, yeah, yeah, I
26:20
Speaker 1: think it was like July and you go down and
26:22
Speaker 1: pick out some stuff for Christmas. Mum would put it
26:24
Speaker 1: on layby, and over a period of time you'd pay
26:27
Speaker 1: it off and then you get to pick up your
26:28
Speaker 1: lay by. I remember doing it for clothes as well.
26:31
Speaker 1: Like Mom would be like, all right, we're going to
26:32
Speaker 1: go lay by some clothes for next season or whatever
26:34
Speaker 1: it was. And it was a way of experiencing delayed gratification,
26:37
Speaker 1: which is actually really powerful when it comes to risk
26:41
Speaker 1: and reward. So if you have to delay gratification, you
26:45
Speaker 1: have more time, more patience, You're more likely to really
26:48
Speaker 1: value that item, You're more likely to really want it
26:51
Speaker 1: if you put it on layby you're going, I really
26:54
Speaker 1: want this and I'm willing to wait. Beck, let's talk
26:57
Speaker 1: about your fit bit again. If I said to you, Okay, cool,
27:01
Speaker 1: we're gonna go down to Jbhi file or wherever you
27:03
Speaker 1: put your fit bit, We're gonna lay by it though,
27:06
Speaker 1: So it's gonna be laybyed for the next six weeks,
27:09
Speaker 1: and you're gonna pay a small portion off over the
27:11
Speaker 1: next six weeks every single week. Do you still want
27:14
Speaker 1: that item?
27:14
Speaker 4: I would not like that, probably not after the six
27:17
Speaker 4: weeks a new one would have come out.
27:19
Speaker 1: Well yeah, But also it puts you in a situation
27:21
Speaker 1: where you actually have to consider like is this an
27:23
Speaker 1: impulse purchase or something that I am saving up for,
27:26
Speaker 1: And it might be you genuinely going, I really need
27:29
Speaker 1: a new TV. Oh I'm so excited about this particular
27:32
Speaker 1: model or whatever you're getting, and you go down and
27:34
Speaker 1: you put it on labor and you pay it off
27:35
Speaker 1: over a period of time. You're so excited to upgrade,
27:38
Speaker 1: and that's that's perfect, that's what that service is for.
27:41
Speaker 1: But on a buy now, pay later service, you're more
27:45
Speaker 1: likely to go and just buy a fit bit because
27:47
Speaker 1: that's what you wanted, and then next weekend, you're like, oh, well,
27:50
Speaker 1: maybe I want an Apple Watch. Like my mate's got
27:52
Speaker 1: an Apple Watch and I was at the pub talking
27:53
Speaker 1: to them about that. You know, maybe I'll work towards that.
27:56
Speaker 1: And I just think it actually instills this idea that's
28:00
Speaker 1: stuff is worthless, Like it's valued at less to us
28:03
Speaker 1: because it's more disposable now, And I think that that's
28:07
Speaker 1: actually not that positive. So if you are using it
28:09
Speaker 1: as a cash flow tool, literally, more power to you.
28:12
Speaker 1: I never could. I can't be trusted with it. But
28:16
Speaker 1: if you're not, I think it's important to have a
28:19
Speaker 1: look at how you might be using that service because
28:21
Speaker 1: often we will justify to ourselves that it is a
28:24
Speaker 1: smart service to use because you know budget and cash flow.
28:27
Speaker 1: But what are you purchasing on there? What are you
28:29
Speaker 1: actually using that for? Because I'm pretty sure the statistics
28:34
Speaker 1: say that people will spend forty percent more if they're
28:37
Speaker 1: putting it on buy now, pay later, as opposed to
28:40
Speaker 1: having to part with cash that's in their bank account.
28:42
Speaker 4: I'm not super shocked by that, to be honest. No,
28:44
Speaker 4: I feel like LABA is the way to go.
28:46
Speaker 1: Yeah, Layby is the OG. We need to bring it back.
28:49
Speaker 4: So v how about the entire field of study of
28:52
Speaker 4: human and behavioral psychology to manipulate us to buy stuff, So.
28:56
Speaker 1: You're manipulating yourself. Obviously, we've already covered that. That's fine, fomo,
29:01
Speaker 1: all of those things that we use ourselves to convince
29:04
Speaker 1: ourselves that we need something. But you know who's also
29:06
Speaker 1: good at convincing us that we need stuff? Marketing departments.
29:10
Speaker 1: They are so smart. It's literally why they are employed
29:13
Speaker 1: to make people buy more stuff. Otherwise, why would we
29:17
Speaker 1: have people to market things like I mean, the dude
29:19
Speaker 1: who sells sham wows really good at marketing, really good
29:23
Speaker 1: at marketing. He will send you like a free set
29:25
Speaker 1: of steak knives to make the deal even sweeter. And
29:28
Speaker 1: I know that that, you know, seems a bit lame,
29:31
Speaker 1: but there's science behind it to say that that is
29:34
Speaker 1: actually going to get people across the line when it
29:37
Speaker 1: comes to purchasing. So marketers know more about your interests
29:41
Speaker 1: more often than you do, which is terrifying, especially in
29:45
Speaker 1: the digital age of twenty twenty three. My husband, huh,
29:48
Speaker 1: saying husband, still, so novel works in this space, and
29:51
Speaker 1: genuinely it terrifies me sometimes to know the patterns of
29:55
Speaker 1: behavior and how that works and what particular people are
29:58
Speaker 1: following and what you might need and being able to
30:01
Speaker 1: predict things, and sometimes it can be really helpful, you know, like,
30:05
Speaker 1: for example, you're targeted advertising that pops up online when
30:08
Speaker 1: you've been looking at bikinis and you know, another company
30:11
Speaker 1: comes up and you're like, I've never seen that, but
30:12
Speaker 1: that's actually exactly what I'm looking for. Other companies might
30:15
Speaker 1: use it. So, for example, I know that banks do this.
30:18
Speaker 1: So if you have a search history of like crews
30:21
Speaker 1: or holiday or flights, or you're looking at accommodation, they
30:25
Speaker 1: will send you targeted advertising for their traveler cards because
30:29
Speaker 1: obviously you fall into this niche group of people who
30:32
Speaker 1: are probably going to travel overseas and need some type
30:35
Speaker 1: of travel card. That makes sense, but they happen to
30:38
Speaker 1: know more about your future needs than you do, and
30:41
Speaker 1: I find that quite terrifying. And they use data to
30:44
Speaker 1: stimulate demand essentially. So there are heaps of strategies and
30:48
Speaker 1: I studied it at UNI as well, but strategies like
30:51
Speaker 1: marketing scarcity and discounts and targeted advertisements like we've talked
30:55
Speaker 1: about it on the pod before putting something in your
30:58
Speaker 1: cart and quote forgetting about it and them sending you
31:00
Speaker 1: a discount code. It's not an accident. And while it's
31:04
Speaker 1: a money win for you, they're still getting the sale,
31:07
Speaker 1: and that's a strategy for them to get that sale.
31:10
Speaker 1: Remarketing is a really big one. You know, when you
31:13
Speaker 1: visit a certain website and then every single ad that
31:16
Speaker 1: you see for the next week is that website that
31:19
Speaker 1: you went to. That's actually a targeted strategy to send
31:24
Speaker 1: you back to that website to finish that purchase or
31:26
Speaker 1: buy more things. And they basically make you fulfill your
31:30
Speaker 1: desires by making a purchase, which is terrifying but really
31:33
Speaker 1: important for us to understand. And I think that it
31:36
Speaker 1: is so so important that we know what that looks
31:39
Speaker 1: like and how it works, so that when it comes up,
31:42
Speaker 1: we can be like a sneaky sneaky from them instead
31:45
Speaker 1: of oh, you're right, I do need that thing. So
31:48
Speaker 1: I think it's just again about education.
31:51
Speaker 4: Right, I've always thought, well, very thoughtful that these it's
31:54
Speaker 4: so kind to them, more correctly to me, thank you
31:57
Speaker 4: for just figuring out.
31:59
Speaker 1: Exactly what they want your money.
32:01
Speaker 4: I see, I see so not thoughtful, very scary, Yes, bad.
32:06
Speaker 1: I don't think it's scary, all bad, and I think
32:07
Speaker 1: that there's this cloud of oh my gosh, my daughter
32:10
Speaker 1: is being compromised, Like they don't care about who Beck is.
32:13
Speaker 1: They actually just care about the pattern and serve you
32:16
Speaker 1: things that might make sense to that business to get
32:19
Speaker 1: more money. Like, I don't think it's as creepy as
32:21
Speaker 1: people seem to think it is.
32:23
Speaker 4: But also it's a little bit creepy. Hey, yeah, a
32:25
Speaker 4: little bit. So they're not like watching me on the toilet,
32:29
Speaker 4: but they just want my money. No, no, that's niche.
32:31
Speaker 4: But no, so we are all social creatures. Let's talk
32:37
Speaker 4: a little bit about interpersonal influence.
32:40
Speaker 1: That's a bit of interpersonal influence is a good one
32:42
Speaker 1: actually to talk about here. And interpersonal influence is basically
32:47
Speaker 1: the degree to which others influence your decisions. And I
32:50
Speaker 1: think this is very important me here to point out
32:53
Speaker 1: that being independent in decision making is actually a skill
32:56
Speaker 1: that needs to sometimes be taught. Like you need to go, oh,
32:59
Speaker 1: I need to stop asking other people for their opinions
33:01
Speaker 1: on this, because I, like, I don't actually need someone
33:03
Speaker 1: else's opinion on a purchase I'm making. I just need
33:06
Speaker 1: to make sure it makes me feel like my best self,
33:09
Speaker 1: not what Beck thinks about my new top, if that
33:11
Speaker 1: makes sense. But the more susceptible you are to interpersonal influence,
33:16
Speaker 1: the more the chances are that you're actually going to
33:18
Speaker 1: suffer from post to purchase regret. So looping back, and
33:21
Speaker 1: it actually includes two different dimensions. So if we talk
33:24
Speaker 1: about informational influence, that's, for example, when you align on
33:28
Speaker 1: your tech friend who says, oh, this laptop's pretty sick.
33:31
Speaker 1: You know it's got this feature in this feature, and
33:34
Speaker 1: you know, I personally have been influenced by this before,
33:37
Speaker 1: where I'm like, I don't know the first thing about laptops,
33:39
Speaker 1: but someone told me that the surfaces were good, and
33:42
Speaker 1: then I asked somebody else and they said, oh, we're good.
33:44
Speaker 1: So I made purchase literally based on my tech friend's
33:47
Speaker 1: opinions of a certain product. But then normative influence on
33:51
Speaker 1: the flip side is how your purchase decisions are influenced
33:55
Speaker 1: just to maintain your image, which is kind of the
33:58
Speaker 1: keeping up with the Jones's side of things. And I
34:00
Speaker 1: think that that is really important because that doesn't serve
34:03
Speaker 1: you in any way, shape or form. And we've talked
34:06
Speaker 1: about it on the Pod before, but I think this
34:08
Speaker 1: is a really fun stat to throw in here, Beck,
34:11
Speaker 1: and it's about the likelihood of people going broke. So
34:15
Speaker 1: there was research done a while ago in the US
34:17
Speaker 1: and they found and we talked about it last week,
34:20
Speaker 1: but the people most likely to go broke are the
34:22
Speaker 1: people who live next door to lotto winners. And we're
34:24
Speaker 1: not talking about like multi million dollar lotto winners, because
34:28
Speaker 1: if that's the case, often the person who wins moves
34:31
Speaker 1: out of that suburb. We're talking not enough to move
34:34
Speaker 1: out of the suburb, but enough money to change your lifestyle,
34:37
Speaker 1: maybe put a boat in the driveway, or some new cars,
34:40
Speaker 1: or to always be seen in new fashion. And that
34:43
Speaker 1: is normative influence, where the people around you might have
34:46
Speaker 1: elevated their expenses, and therefore you try and keep up
34:49
Speaker 1: with it as well, even though that's maybe not aligned
34:51
Speaker 1: to your values or your goals or your income. Right.
34:54
Speaker 4: That is a very shocking fact, isn't it.
34:57
Speaker 1: It's terrifying, isn't it?
34:59
Speaker 2: Like?
34:59
Speaker 1: And who would have Like, if I'd said to you,
35:02
Speaker 1: who's the most likely to go broke? You wouldn't have said, oh, yeah,
35:05
Speaker 1: the neighbor of someone who's just won a whole heap
35:07
Speaker 1: of money, Like, it's just not what comes into my mind.
35:09
Speaker 4: Viz. That why my mouth is absolutely watering looking at
35:13
Speaker 4: your friend green water bottle.
35:15
Speaker 1: Yeah, of course it is, because that's normative influence. I mean,
35:17
Speaker 1: it's not the Lotto winner thing. It's just a sixty
35:20
Speaker 1: dollars drink bottle that I still can't comprehend why they're
35:22
Speaker 1: so expensive. But that's yeah, normative influence because your decision
35:26
Speaker 1: making about wanting a new drink bottle, I e. My
35:29
Speaker 1: drink bottle has been based off the fact that you're
35:31
Speaker 1: seeing a really, really attractive person with one. How about
35:34
Speaker 1: we go to a break because after I have a
35:36
Speaker 1: whole heap more to talk about. When it comes to
35:38
Speaker 1: buyers Remorse on the show, and I really want to
35:40
Speaker 1: get to the community experiences.
35:42
Speaker 4: What do you say, Yeah, let's do it. I need
35:43
Speaker 4: to go buy a frank green water bottle.
35:45
Speaker 1: So they are there.
35:50
Speaker 4: We are back and talking about buyers Remorse on the
35:52
Speaker 4: show today. So v we asked the community about their
35:55
Speaker 4: experiences with buyers remorse and what did they have to say?
35:59
Speaker 1: They had lot to say. I have a select few
36:02
Speaker 1: things that I'm going to share with you because I
36:04
Speaker 1: had to whittle it down to like five or six
36:06
Speaker 1: because there were a lot, a lot, a lot of responses.
36:09
Speaker 1: So let's start with Rosie. I really like the name Rosie,
36:12
Speaker 1: and she said, I rented a new apartment. I went
36:15
Speaker 1: to Kmart and went absolutely crazy on super unnecessary things
36:20
Speaker 1: relatable instead of moving in and seeing what I needed.
36:23
Speaker 1: As time went by, I absolutely binged a bunch of
36:26
Speaker 1: stuff which I convinced myself I needed. I spent one
36:29
Speaker 1: hundred and seventy five dollars on plants, and I now
36:31
Speaker 1: regret that because fast forward ten months and they are
36:34
Speaker 1: all dead because I'm not a very good plant. Oh no,
36:37
Speaker 1: I feel like that's super relatable. I did that, Oh
36:40
Speaker 1: absolutely that. I bought a really nice monsterra plant, And
36:43
Speaker 1: now Jess has my monsterra plant at her house trying
36:46
Speaker 1: to rehabilitate it because I basically murdered it. Oh no, Yeah,
36:49
Speaker 1: she says she'll give it back, but I'm not sure
36:51
Speaker 1: if she will because I don't know if I trusted. Yeah, yeah,
36:54
Speaker 1: we will get there. Georgia says buying a kindle. I
36:58
Speaker 1: wanted to be a reader so bad, but I'm not
37:01
Speaker 1: so I thought buying a kindle will make me read,
37:03
Speaker 1: but it just sits there and it collects dust.
37:05
Speaker 4: Classic.
37:06
Speaker 1: That's good. I love the concept of a kindle, but
37:09
Speaker 1: as somebody who only ever seldom reads, like I just
37:13
Speaker 1: there's no point me having one, Like I get through
37:16
Speaker 1: maybe two or three books for pleasure each year, and
37:20
Speaker 1: like it just it's not worth the money. No, head
37:22
Speaker 1: on down to library, I reckon.
37:24
Speaker 4: Yes, or an audiobook might be nice.
37:26
Speaker 1: And it was good for someone who gets through heaps
37:28
Speaker 1: of books. Yes, that's genius, really good product.
37:31
Speaker 4: Georgia should have maybe bought a book.
37:33
Speaker 1: Georgia maybe should have just come to the conclusion that
37:36
Speaker 1: Georgia doesn't read. And that's okay, that's okay, that's very judgment,
37:40
Speaker 1: all right, Katie says, I regret buying a four hundred
37:43
Speaker 1: and fifty dollars mattress rather than investing in a good one.
37:47
Speaker 1: It was the biggest waste of money. My bead sucks.
37:49
Speaker 1: And now I can't justify the money because I already
37:52
Speaker 1: own a mattress.
37:53
Speaker 4: But that that makes it makes sense.
37:55
Speaker 1: I feel like that's an interesting concept because that's like
37:57
Speaker 1: being tight on something that you should have spent money,
38:00
Speaker 1: but now you spent too much money on it to
38:02
Speaker 1: go and invest in something more because you've already spent
38:04
Speaker 1: for aner and fifty dollars and like that feels like
38:06
Speaker 1: putting it down the drain. Maybe you could buy like
38:08
Speaker 1: a nice mattress stoper or something, and yeah, you.
38:11
Speaker 4: Can always save anything with the mattress toop up. Yeah
38:13
Speaker 4: I reckon a.
38:13
Speaker 1: Good mattress topper mat out of ten. See, there we
38:16
Speaker 1: go with saving people one DM at a time. Allie
38:20
Speaker 1: rode in and said, definitely buying my newborn heaps of
38:22
Speaker 1: clothes as soon as they were born. They literally grow
38:26
Speaker 1: so quickly and it's like you blink and they don't
38:28
Speaker 1: fit in anything anymore. Honestly, just take all of the
38:31
Speaker 1: ugly hand me downs and call it a day. I
38:33
Speaker 1: feel like that's genius.
38:34
Speaker 4: That is very good.
38:35
Speaker 1: My best friend had a baby last year, and I
38:37
Speaker 1: swear every time I see him, he's like doubled in size.
38:41
Speaker 1: Like I'm convinced it's a different maybe every single time,
38:44
Speaker 1: but I'm obsessed with him. But I'm like, who are
38:46
Speaker 1: you this time? Because you are not the baby that
38:48
Speaker 1: I saw when you were born.
38:50
Speaker 4: Yeah. Also, fashion doesn't matter, it's fashion.
38:52
Speaker 1: When you are a newborn.
38:53
Speaker 4: Put them in a potato sack.
38:54
Speaker 5: Yeah.
38:55
Speaker 1: Ten out of ten. I'm just gonna wrap it in
38:56
Speaker 1: Chuck's cloths because I have a heap of those, because
38:58
Speaker 1: I got a really good deal at Bunny the other day.
39:00
Speaker 1: Ten out of ten ideas all right? And last one
39:03
Speaker 1: I'm going to read out because I could go on
39:04
Speaker 1: about these forever. Is from Sam and Sam said, letting
39:08
Speaker 1: my husband spend money on a home gym to save
39:11
Speaker 1: money on gym memberships. No explanation needed. We've only used
39:15
Speaker 1: it twice and we've owned it for four years.
39:17
Speaker 4: Hey, but that's still okay because you're not consistently paying
39:21
Speaker 4: X amount of money every month.
39:22
Speaker 1: Yeah, but a home gym, how much do you think
39:24
Speaker 1: that cost?
39:26
Speaker 4: You don't even want to know.
39:28
Speaker 1: I got caught up during COVID thinking, you know what
39:30
Speaker 1: I'll do. I'll just like do a little home gym setup.
39:33
Speaker 1: And Steve and I we ordered weights online because he
39:36
Speaker 1: wanted to work out and we were obviously in lockdown.
39:39
Speaker 1: Spent a very pretty penny on weights, and now we
39:43
Speaker 1: have been using them in our house as door stops.
39:47
Speaker 4: Hey, they still came in handy.
39:49
Speaker 1: Yeah, the doors definitely stay open. So can can recommend
39:52
Speaker 1: to that purchase? Probably could have gone to Camut and
39:55
Speaker 1: bought a proper doorstop, or even just put my handbag
39:57
Speaker 1: in front of it, like, honestly, did I need it?
40:00
Speaker 2: No?
40:00
Speaker 1: Did I convince myself I needed it? Absolutely? I did.
40:03
Speaker 1: Stuff is expensive, Sopha.
40:05
Speaker 4: I'm going to go away from this episode with that advice,
40:08
Speaker 4: and I'm going to put twenty four hours between me
40:10
Speaker 4: and my purchase.
40:11
Speaker 1: But before I'm not gonna lie. Don't believe you.
40:14
Speaker 4: I don't believe me. I mean it's optimistic, that's it
40:19
Speaker 4: in my eyes.
40:19
Speaker 1: Yeah, I can. The way you said it, I was like,
40:21
Speaker 1: this woman is pulling meleg I'm going to try, I
40:26
Speaker 1: really really try.
40:26
Speaker 4: Right, But before we wrap up, do you have any
40:28
Speaker 4: more tips?
40:28
Speaker 1: I do. I feel like I've gone through them a lot.
40:30
Speaker 1: You're right. Putting twenty four hours between you and your spending,
40:33
Speaker 1: I think is actually a really powerful one because it
40:35
Speaker 1: doesn't take that feeling of fomo away from you. So
40:38
Speaker 1: I think a lot of the time often if we
40:40
Speaker 1: say well, just don't purchase it, you're like, well, I'm
40:42
Speaker 1: probably going to do it anyway because I want to
40:44
Speaker 1: have that dopamine hit. I think it pushes it off
40:47
Speaker 1: a little bit and allows you enough time to reflect
40:49
Speaker 1: on your values. The next is really really boring. It's
40:52
Speaker 1: make a budget, check it, have a look at it,
40:55
Speaker 1: be really realistic with it. When I say make a budget,
40:58
Speaker 1: don't make an aspirational budget. If we're talking groceries here,
41:02
Speaker 1: don't go, oh my gosh, I'm a single gal like
41:04
Speaker 1: you are. Seventy five bucks is you know good each week?
41:07
Speaker 1: I'm just going to spend that if that's not what
41:09
Speaker 1: you're currently spending. Because your grocery bills one hundred and
41:12
Speaker 1: fifty a week, one to cut it in half is
41:14
Speaker 1: insane immediately, but true. You're going to feel deprived, You're
41:18
Speaker 1: going to splurge on things at some point, and you're
41:21
Speaker 1: not going to have created a realistic budget that we
41:24
Speaker 1: can stick to. So if we are a bit more
41:26
Speaker 1: realistic with our budget, we can actually, you know, make
41:29
Speaker 1: some space to treat ourselves within reason. The next is
41:34
Speaker 1: actually breaking down the price. And this one hurts. I
41:38
Speaker 1: hate it. It's disgusting and it makes me sick. So
41:42
Speaker 1: how many hours work does it take you to earn
41:45
Speaker 1: that item? And we want to work out our post
41:48
Speaker 1: tax hourly rate, not pre tax, because that's too kind.
41:52
Speaker 1: We want to work out Okay, how much do I
41:54
Speaker 1: take home per hour? And you might work out all right, Well,
41:58
Speaker 1: you know it's nineteen dollars an hour in my pocket
42:00
Speaker 1: after tax. How many hours is that on a fitbit?
42:03
Speaker 1: Would I work twelve hours genuinely for a fitbit? Like
42:08
Speaker 1: if I held the fitbit in front of you and
42:09
Speaker 1: said twelve hours work and you can have this, would
42:11
Speaker 1: you be like heck yes, or would you be like, oh,
42:13
Speaker 1: that gives me the ick? Not sure if I can
42:15
Speaker 1: part with it?
42:16
Speaker 4: Yeah, don't think I would do it. That's a really
42:18
Speaker 4: good way to look at it.
42:19
Speaker 1: Yeah, it gives me the ick, and therefore it's probably
42:21
Speaker 1: going to be really helpful. The next is obviously do
42:24
Speaker 1: some research before you buy. I mean that is a given.
42:26
Speaker 1: Obviously don't get analysis paralysis, but doing a bit of
42:30
Speaker 1: research is really important. The other thing I would say
42:33
Speaker 1: is a lot of places either price match or price beat.
42:37
Speaker 1: So Jbhi fay, I'm going to be sponsoring us anytime soon.
42:41
Speaker 1: But the guys at JB on Burke Street are legends.
42:44
Speaker 1: First things first, they are really great, but they also
42:47
Speaker 1: know I'm going to ask for the best deal. Like
42:49
Speaker 1: I'll go in and be like oh, hey, you know,
42:51
Speaker 1: I've got a team member starting and I need a
42:53
Speaker 1: new laptop, or I need a new mouse or whatever
42:56
Speaker 1: I need. I think that they have now come to
42:58
Speaker 1: the conclusion that I am going to stand in store,
43:00
Speaker 1: I'm going to google that product and I'm going to
43:02
Speaker 1: see what it costs online, and then I'm going to
43:04
Speaker 1: ask them to sell it to me for that price
43:06
Speaker 1: like they just selling. Yep, they do it every single time,
43:09
Speaker 1: and there's absolutely no judgment there because I think that
43:11
Speaker 1: they would do the same thing in my shoes, Like
43:14
Speaker 1: why don't you just ask for the best deal? What's
43:16
Speaker 1: the worst that they can say? No, did you when
43:19
Speaker 1: you bought your fitbit, did you google how cheap it
43:21
Speaker 1: was online and see if you could get a price matched.
43:23
Speaker 4: I knew it was cheaper online, but I couldn't bear
43:26
Speaker 4: to look at this young boy who was asking me
43:29
Speaker 4: how my day was and say, give me this for
43:32
Speaker 4: cheaper please.
43:33
Speaker 3: No.
43:33
Speaker 1: They love it. It's like a game. Like I feel
43:37
Speaker 1: like they would think that you're silly having paid full
43:40
Speaker 1: price when they know that they're allowed to price match,
43:42
Speaker 1: because all they do is go, oh, thanks so much, Beck,
43:45
Speaker 1: what website was that? And you go, oh, it was
43:47
Speaker 1: on you know, X Y Z website and they go, yeah, yeah,
43:49
Speaker 1: let me just check it. Oh yeah, you're right, it
43:51
Speaker 1: is you know, fifty bucks cheaper. Oh I'll match it,
43:54
Speaker 1: and you go, thanks, money win. What a legend you are?
43:57
Speaker 1: WHOA Okay, they'll actually think it's a flex. Like I
44:00
Speaker 1: low key believe that if you walk out of a
44:02
Speaker 1: store that does price matching and you didn't do it,
44:04
Speaker 1: they're gonna be like, what an idiot? She didn't even
44:06
Speaker 1: ask for a discount. I would have given it to
44:08
Speaker 1: her literally for free. But they're not going to suggest
44:11
Speaker 1: you price match it. Now, that's not their job. And
44:14
Speaker 1: most places, it's Australia and I mean this, we have
44:16
Speaker 1: international listeners, but here in Australia, we don't work in
44:20
Speaker 1: retail for commission. It's no skin off their back whether
44:23
Speaker 1: you got it for fifty dollars cheap or not. True,
44:25
Speaker 1: So ask next time. The worst thing they can say
44:28
Speaker 1: is no. But also if you want to take a
44:30
Speaker 1: bit of that anxiety away, because like a guarantee that
44:33
Speaker 1: as much as I'm an advocate for this, I'm only
44:36
Speaker 1: going to be asking in places that I know have
44:38
Speaker 1: this policy. Like I'm not just going to walk into
44:40
Speaker 1: any business and be like, canny price match and they go, no,
44:42
Speaker 1: we don't do that. I'll be like, oh, that's all.
44:44
Speaker 4: Quiz, Yes, that's what I'm wanting.
44:46
Speaker 1: Like Google, it does JB High Fire price match, or
44:49
Speaker 1: does my price Match? Or does David Joe or wherever
44:51
Speaker 1: you are, And then their policy will come up and
44:53
Speaker 1: you'll be like, oh gosh, like that's good. Some places
44:56
Speaker 1: beat it by five percent. Oh that's even bigger money.
45:00
Speaker 1: So I won't go on and on because I feel
45:02
Speaker 1: like everybody knows the tips and tricks to spend less.
45:05
Speaker 1: But also try using cash if you possibly can, because honestly,
45:08
Speaker 1: it hurts more having to hand over a crisp fifty
45:10
Speaker 1: dollar note and getting broken change back as opposed to
45:13
Speaker 1: tapping your card. Obviously, if you're out shopping and you
45:16
Speaker 1: have a shopping list, try really hard to stick to
45:18
Speaker 1: that list. And then the last one I have is
45:21
Speaker 1: actually make sure you understand returns policies. And I say
45:24
Speaker 1: that because I have been stung with this a few
45:27
Speaker 1: times where I have bought from like a store and
45:30
Speaker 1: then realize that they'll only return for store credits. Have
45:34
Speaker 1: a look at where else you could get that particular
45:36
Speaker 1: item that does have a really good returns policy. So
45:39
Speaker 1: if you do have bvirus remorse and you go, all right,
45:41
Speaker 1: I really want to return it, you can get all
45:44
Speaker 1: your money back and this works. And this is, you know, again,
45:48
Speaker 1: unsolicited advice. That means that David Jones is probably not
45:51
Speaker 1: going to sponsor us in the future. But that's okay.
45:54
Speaker 1: I'm here to help you guys. I know that sometimes
45:57
Speaker 1: they're concession stores, you know how they have shops since shops, yes,
46:01
Speaker 1: you know, like the branded companies like you might have
46:03
Speaker 1: like a Country Road and a Scanlan, Theatore and whatever else.
46:07
Speaker 1: The overarching David Jones policy of returns applies to all
46:12
Speaker 1: those stores, whereas the standalone store might have a store
46:15
Speaker 1: credit only policy. That's yes. So if you're like, oh,
46:19
Speaker 1: I really want this dress, but it's a bit speno.
46:21
Speaker 1: Oh I don't know, maybe I'll go buy it. If
46:23
Speaker 1: you went and bought it from, you know, the store directly,
46:26
Speaker 1: you might go, oh, fire out store credit only or
46:29
Speaker 1: no returns. But if it's for sale in the David
46:32
Speaker 1: Jones or the Maya, that return policy exists for that.
46:35
Speaker 4: That is a very.
46:37
Speaker 1: Smart but we should leave it there. Because we have
46:39
Speaker 1: definitely gone over and our producer is going to cut
46:42
Speaker 1: us off, so let's leave before we get cut off.
46:44
Speaker 1: Let's go, let's go, let's go, but obviously before we go,
46:48
Speaker 1: if you haven't already joined our Facebook, please do. It's
46:51
Speaker 1: where our community shares money tips and tricks every single day,
46:54
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47:02
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47:05
Speaker 1: please don't forget to rate, review, and subscribe because it
47:08
Speaker 1: actually really does help our little podcast and we really
47:11
Speaker 1: appreciate it. But have a good day and we'll see
47:13
Speaker 1: you guys on Friday, see guys.
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47:23
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47:27
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47:31
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