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Is FOMO stealing your savings? · She's On The Money

• 0:00
  Speaker 1: She's on the Money.
• 0:02
  Speaker 2: She's on the Money.
• 0:12
  Speaker 3: Hello, and welcome Dishes on the Money, the podcast Millennials
• 0:15
  Speaker 3: Who Want Financial Freedom.
• 0:17
  Speaker 1: My name is Georgia King.
• 0:18
  Speaker 3: I'm a copywriter and journalism student who still has all
• 0:21
  Speaker 3: lots left to learn when it comes to money, and
• 0:23
  Speaker 3: here to help me out is financial advisor Victoria Define.
• 0:26
  Speaker 4: Hello, Georgia King, I am ready with my peppermint very
• 0:30
  Speaker 4: let's go.
• 0:31
  Speaker 3: Now. Today on the show, we are going to be
• 0:33
  Speaker 3: tackling a topic that both of us are very passionate about,
• 0:36
  Speaker 3: and we've got a sneaky suspicion that our listeners will
• 0:38
  Speaker 3: be too. That is, is fomo or fear of missing
• 0:42
  Speaker 3: out actually making us broke? Now, a recent event Bright
• 0:46
  Speaker 3: survey found that seventy eight percent of eighteen to thirty
• 0:49
  Speaker 3: four year olds prefer to invest in experiences instead of
• 0:52
  Speaker 3: things quartetion marks, while seventy percent said that FORMO was
• 0:55
  Speaker 3: the main motivator for their financial decisions.
• 0:58
  Speaker 1: Now.
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  Speaker 3: Unfortunately, as we all know, pursuing experiences at the cost
• 1:03
  Speaker 3: of making smarter financial choices like investing in our future
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  Speaker 3: can be quite detrimental. But before we do get into
• 1:09
  Speaker 3: the nitty gritty and chat, the traps of financial Pomo Victoria.
• 1:13
  Speaker 3: Let's start, as we always do, by chatting through money
• 1:15
  Speaker 3: wins or confessions from our own weeks.
• 1:17
  Speaker 4: What have you got for me? I have a money
• 1:19
  Speaker 4: win for you this week, Georgie King, and it's a
• 1:22
  Speaker 4: little bit different. I mean it's a money win. I
• 1:24
  Speaker 4: have spent money. But for those of you who might
• 1:28
  Speaker 4: know me more personally, I am an absolute skincare junkie.
• 1:32
  Speaker 4: This is true. It's an addiction I'm dealing with. I
• 1:35
  Speaker 4: don't need advice on it. I'm just getting through it
• 1:37
  Speaker 4: on my own. But seriously, I love skincare and I
• 1:42
  Speaker 4: have been known to spend a little bit too much
• 1:45
  Speaker 4: on really beautiful products from Mecca. But recently, Georgia King,
• 1:49
  Speaker 4: I have discovered a brand and this is absolutely not sponsored.
• 1:52
  Speaker 4: I just thought it was weird because I have to
• 1:53
  Speaker 4: mention the brand, but the ordinary, Yes, I thought you
• 1:57
  Speaker 4: might say that because I've just been talking about it
• 2:00
  Speaker 4: for ages. Anyway, I've bought a number of their products
• 2:03
  Speaker 4: over the last couple of weeks and they are significantly cheaper,
• 2:06
  Speaker 4: like I'm talking fifteen dollars I think for a serum,
• 2:09
  Speaker 4: which is crazy talk given some of the serums I've
• 2:12
  Speaker 4: purchased to have three figures, which is terrifying, but for
• 2:17
  Speaker 4: bang for buck, I am super impressed. I've been doing
• 2:19
  Speaker 4: my research online. I love research into skin care products
• 2:23
  Speaker 4: and understanding the active ingredients and understanding what you're getting.
• 2:26
  Speaker 4: These products seem fully legit, and I've been really enjoying
• 2:30
  Speaker 4: using them. So my money this week is that I
• 2:32
  Speaker 4: have found skin care products that are much cheaper than
• 2:34
  Speaker 4: the products I've previously been using. The ordinary the ordinary,
• 2:38
  Speaker 4: So I mean it's not sponsored, but if they wanted
• 2:41
  Speaker 4: to sponsor us, I really wouldn't see that upset. Okay,
• 2:44
  Speaker 4: So mine is a confession. First for the seats, Yes,
• 2:48
  Speaker 4: I had one last week, so it only seems fair.
• 2:50
  Speaker 4: Yeh've got one, that's true. I'm not really that mad
• 2:52
  Speaker 4: about it, but I think you might be mad at me. Oh,
• 2:56
  Speaker 4: Georgia King, what have you done?
• 2:58
  Speaker 3: You guys might remember in our first episode back, the
• 3:00
  Speaker 3: Fast Fashion episode, I was writing on a little bit
• 3:03
  Speaker 3: about nigmata.
• 3:04
  Speaker 4: Yes, and I had to google what it was because
• 3:06
  Speaker 4: I'm obviously how should I culture?
• 3:08
  Speaker 1: No?
• 3:08
  Speaker 3: No, that's okay, beautiful bar and Bay brand, Yes, whatever. Anyway,
• 3:12
  Speaker 3: I dropped three hundred dollars on Georgia.
• 3:17
  Speaker 4: I now know a lot about them. They're ethical on Well.
• 3:20
  Speaker 1: That's the thing.
• 3:20
  Speaker 3: That's why I don't feel too bad because I'm supporting
• 3:22
  Speaker 3: local at a very tough time. I'm going to look great,
• 3:26
  Speaker 3: I hope in this orange sweater.
• 3:28
  Speaker 4: Time will tell. I think it's coming on Monday. Yep.
• 3:31
  Speaker 3: And that's all the confessing I have to do. But
• 3:34
  Speaker 3: I don't really buy that much stuff.
• 3:36
  Speaker 4: I feel like you never spend that much running on clothes,
• 3:39
  Speaker 4: just knowing you now. And I also feel like you've
• 3:42
  Speaker 4: been creeping on their website for so long really because
• 3:45
  Speaker 4: I always see it up in the office and I
• 3:48
  Speaker 4: know what you're up to. So maybe that is actually
• 3:50
  Speaker 4: a money win because you'll have it for years to come. Yeah,
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  Speaker 4: thank you for your understanding. I like it. Confession win,
• 3:56
  Speaker 4: I'm not sure. Let's move on, Georgia.
• 3:58
  Speaker 3: Yes, let's get things on track and chat about the
• 4:00
  Speaker 3: Facebook community.
• 4:02
  Speaker 4: Have any posted out to you recently? Yes, they have.
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  Speaker 4: I have one from Maddie, and Maddie is beautiful and
• 4:09
  Speaker 4: she said hello, she's on the money. Humans in lockdown.
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  Speaker 4: I wanted a task and I've turned it into a
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  Speaker 4: little bit of a side hustle. And what she's done.
• 4:17
  Speaker 4: Is she's a maide of scarves for her quote beautiful
• 4:20
  Speaker 4: partner and I can see from the photo she absolutely
• 4:23
  Speaker 4: is that have become a walking promotion for her. So colleagues, friends,
• 4:27
  Speaker 4: family have all been getting their requests enough, so she's
• 4:29
  Speaker 4: made her partner this beautiful scarf. She said. The materials
• 4:32
  Speaker 4: are costing her between twelve and fifteen dollars, depending on
• 4:35
  Speaker 4: me whether Spotlight has a VIP sale on the arm
• 4:37
  Speaker 4: she needs or not. And she's been selling these scarves
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  Speaker 4: for fifty dollars.
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  Speaker 1: She said.
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  Speaker 4: It doesn't take into account the hours spent knitting, but
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  Speaker 4: she feels pretty proud of making them for people. And
• 4:47
  Speaker 4: do you know what my favorite part about this is
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  Speaker 4: she's been putting their profits into their puppy fund, which
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  Speaker 4: they hope to welcome a fairy friend into their family
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  Speaker 4: at the end of the year. Yes, Queen's I love it. Yes,
• 5:00
  Speaker 4: all right, what have you got for Okay? So mine
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  Speaker 4: is from Jessica Harves.
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  Speaker 1: Is a quick one.
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  Speaker 3: Her boyfriend went away for the weekend and asked her
• 5:07
  Speaker 3: to do his washing. Oh, come on, I know that's
• 5:10
  Speaker 3: not a money win. No, no, no, here's the win.
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  Speaker 3: She found a nice clean five dollar note in the
• 5:15
  Speaker 3: washing machine when.
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  Speaker 1: She was done.
• 5:16
  Speaker 4: Oh my gosh, how good is finding money in the
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  Speaker 4: washing best in an old pocket? Yes, but like underrated
• 5:22
  Speaker 4: money win. Yeah, Like that's the underrated money win of
• 5:24
  Speaker 4: the year. I think, like when you go get your
• 5:27
  Speaker 4: winter coat and you find like five or ten dollars
• 5:30
  Speaker 4: in the pocket from last season. Huge, best money win
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  Speaker 4: I could ever ask for.
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  Speaker 5: Honestly, Victoria, We've all felt it before, the danger of
• 5:41
  Speaker 5: the scroll on the socials, our mates frolicking on the
• 5:43
  Speaker 5: mouthy coast, Janine from the office showing you a pick
• 5:45
  Speaker 5: from that hot club on the weekend. Snap on the weekend,
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  Speaker 5: snapchats from your mates at that fancy bar where express
• 5:51
  Speaker 5: of Martini is being served left, right and center for
• 5:53
  Speaker 5: simple twenty dollars apart FROMO is a very real thing,
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  Speaker 5: and it is affecting our finances in more ways than
• 5:59
  Speaker 5: we know.
• 6:00
  Speaker 4: Now. We know things are official when the dictionaries get
• 6:02
  Speaker 4: involved and consider things real words, which is exactly what
• 6:06
  Speaker 4: Miriam Webster did in twenty sixteen, defining pomo as the
• 6:09
  Speaker 4: fear of not being included in something such as an
• 6:11
  Speaker 4: interesting or enjoyable activity that others are experiencing. But Victoria,
• 6:15
  Speaker 4: we didn't really need that official dictionary definition that to
• 6:18
  Speaker 4: help us understand the very real effects of fomo, both
• 6:20
  Speaker 4: on our mental health but also in our back pockets.
• 6:23
  Speaker 4: Throwing all of your money at every opportunity presented is
• 6:26
  Speaker 4: a pretty easy way to go broke, and it can
• 6:28
  Speaker 4: leave us with not very much to show for future us.
• 6:30
  Speaker 4: So today, together, we're going to become a little bit
• 6:33
  Speaker 4: more mindful of the impact fomo actually has on us
• 6:35
  Speaker 4: and how we can develop some new habits.
• 6:37
  Speaker 3: Victoria, let's start. Have you ever experienced them not so
• 6:41
  Speaker 3: elusive fomo? That was a very good intention, King, I
• 6:44
  Speaker 3: really appreciated it. But yes, of course I have experienced
• 6:47
  Speaker 3: fomo before. I have experienced it in a number of ways,
• 6:50
  Speaker 3: whether that is friends going out for dinner when I
• 6:53
  Speaker 3: couldn't necessarily afford it way back in UNI days to
• 6:56
  Speaker 3: even now, friends organizing things that I want to be
• 6:59
  Speaker 3: involved in, but I'm also wondering whether they actually aligned
• 7:03
  Speaker 3: to my financial goals or not. So fomo is massive,
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  Speaker 3: and I don't think that at any age we actually
• 7:09
  Speaker 3: escape it. It's more about having a chat about what
• 7:12
  Speaker 3: it actually means and how we can manage it when
• 7:15
  Speaker 3: it does come up, because at the end of the day,
• 7:18
  Speaker 3: fomo is us being a little bit anxious about missing
• 7:21
  Speaker 3: out on something, and that is a part of being
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  Speaker 3: mentally and financially healthy.
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  Speaker 4: Why do you think it's such a big deal at
• 7:28
  Speaker 4: the moment. I think that FOMO at the moment is
• 7:30
  Speaker 4: actually something that we are talking more about because obviously
• 7:33
  Speaker 4: we've gone through COVID recently or still going through COVID
• 7:36
  Speaker 4: at the moment, which has meant that so many of
• 7:39
  Speaker 4: us are stuck at home and we're realizing very quickly
• 7:43
  Speaker 4: that our lifestyles had been costing us a lot. So
• 7:46
  Speaker 4: I know a lot of people are going through a
• 7:48
  Speaker 4: lot of financial stress at the moment, and literally it
• 7:51
  Speaker 4: is the worst. But I also see a lot of
• 7:54
  Speaker 4: stories popping up, and I've got friends in this situation
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  Speaker 4: who are turning around saying, Victoria, I've never saved more
• 8:00
  Speaker 4: in my life because I can't leave the house, and
• 8:04
  Speaker 4: they've been in the lucky position of not having lost
• 8:06
  Speaker 4: their role. So for me, I think FOMO is something
• 8:09
  Speaker 4: that we've been talking about a lot because a lot
• 8:12
  Speaker 4: of people in my life and I'm sure in yours,
• 8:14
  Speaker 4: and you know, in our communities lives have been turning
• 8:17
  Speaker 4: around and saying, well, actually, after COVID, you know, settles,
• 8:21
  Speaker 4: do we want to go back to the way that
• 8:23
  Speaker 4: we were living before. Are our spending habits in line
• 8:26
  Speaker 4: with what we wanted? And what does this actually mean?
• 8:30
  Speaker 4: So I think that FOMO really important to discuss. But Georgia,
• 8:34
  Speaker 4: it's absolutely no coincidence that we are talking about this
• 8:37
  Speaker 4: as a demographic now because I think that as millennials,
• 8:41
  Speaker 4: and you mentioned it before, on social media, we are
• 8:44
  Speaker 4: in a social eye. I think we see it and
• 8:47
  Speaker 4: we do feel like we are potentially not good enough
• 8:50
  Speaker 4: or not measuring up, or not doing enough or not
• 8:51
  Speaker 4: being enough. And I think that it's really important to
• 8:54
  Speaker 4: talk about this because at the end of the day,
• 8:57
  Speaker 4: it's no coincidence that the same demographic of people who
• 9:00
  Speaker 4: are on socials and feeling the heat of FOMO are
• 9:04
  Speaker 4: also in situations where they're suffering from financial hardship. So
• 9:07
  Speaker 4: let's have this chat, and I think it's really important
• 9:10
  Speaker 4: to understand what FOMO is, how we can deal with
• 9:13
  Speaker 4: it when it pops up, and maybe talk about some
• 9:15
  Speaker 4: tips and trigs that we can implement so that maybe
• 9:18
  Speaker 4: we are putting ourselves in a position where we are
• 9:21
  Speaker 4: making better financial decisions for our own values and beliefs.
• 9:25
  Speaker 3: Okay, So just straight off the back of that, how
• 9:28
  Speaker 3: do we handle it when it comes up?
• 9:29
  Speaker 4: Oh my gosh. There are so many different ways to
• 9:31
  Speaker 4: deal with it, and I think the first is being
• 9:34
  Speaker 4: honest with yourself. Can you actually afford it? Is this
• 9:37
  Speaker 4: something that you want to do? So we harp on
• 9:39
  Speaker 4: all the time about budgeting and cash flow and making
• 9:41
  Speaker 4: sure that things are there. If you are budgeting, and
• 9:44
  Speaker 4: I know that this is not the way that everybody budgets,
• 9:47
  Speaker 4: but if you're budgeting in the same way that I
• 9:49
  Speaker 4: recommend through Shaes on the Money and the budgeting and
• 9:50
  Speaker 4: cash flow program that we are about to establish and
• 9:54
  Speaker 4: have been talking about for in the last twelve months
• 9:56
  Speaker 4: in the Facebook group, you will have a food, fuel
• 9:59
  Speaker 4: and Fun account, so you will have enough money put
• 10:02
  Speaker 4: aside that you can actually engage in fun activities, whether
• 10:05
  Speaker 4: it's going out for breakfast with your friends or it's
• 10:07
  Speaker 4: going for a walk in the park and grabbing an
• 10:10
  Speaker 4: extra coffee. That fund is the fund that is going
• 10:13
  Speaker 4: to help you do that. But I think also something
• 10:16
  Speaker 4: that I have Georgia that really helps is my it's
• 10:20
  Speaker 4: not an emergency, but it feels like an emergency account,
• 10:23
  Speaker 4: where if I want to engage in something that you know,
• 10:25
  Speaker 4: I haven't full planned and I'm not a festival person,
• 10:28
  Speaker 4: but a festival is a really good example of this,
• 10:30
  Speaker 4: where there's an expensive ticket price involved with that I
• 10:34
  Speaker 4: didn't know my friends were going. I don't want to
• 10:36
  Speaker 4: miss out. It's something that I value, it's something that
• 10:39
  Speaker 4: I believe in. I actually have a baby emergency fund
• 10:42
  Speaker 4: set to the side that helps me deal with Fomo.
• 10:45
  Speaker 4: But in saying that, I never make that split second decision,
• 10:49
  Speaker 4: I find every other way to pay for it, and
• 10:52
  Speaker 4: then if I can't pay for it, I actually go
• 10:55
  Speaker 4: to my It's not an emergency, but it feels like
• 10:57
  Speaker 4: an emergency fund, so that I can still engage in
• 11:00
  Speaker 4: that and not feel like I'm missing out. Now, you
• 11:02
  Speaker 4: can't do that every single week. You can't just go
• 11:04
  Speaker 4: into your Fomo account and be like whatever, I've got
• 11:06
  Speaker 4: a Fomo account. I can just you know, spend, willingly, spend,
• 11:10
  Speaker 4: willing nearly. That fund does have to be replenished. You
• 11:13
  Speaker 4: do have to put money back in there, and that
• 11:16
  Speaker 4: will require sacrifice from other parts of your budget over
• 11:19
  Speaker 4: the future. But I think that me knowing that I
• 11:22
  Speaker 4: have that fund, that if there is something I desperately
• 11:25
  Speaker 4: want to be involved in, I can be. But that's
• 11:28
  Speaker 4: then putting the power back in my hands, as opposed
• 11:31
  Speaker 4: to saying sorry, I can't afford it and saying that.
• 11:34
  Speaker 4: I think it's incredibly important that if you are unable
• 11:37
  Speaker 4: to afford something, don't commit to it. There is always
• 11:41
  Speaker 4: going to be another opportunity. There is always going to
• 11:43
  Speaker 4: be another social outing. Friends are so much more understanding
• 11:46
  Speaker 4: than you think they will be. If you turn around
• 11:48
  Speaker 4: and say, hey, Georgia, I would so love to do that,
• 11:51
  Speaker 4: but honestly it's not in my budget right now and
• 11:54
  Speaker 4: I can't feasibly make that happen right now. But should
• 11:58
  Speaker 4: that opportunity come up again, and please let me know,
• 12:01
  Speaker 4: because I would love the opportunity to engage in it again.
• 12:03
  Speaker 4: So I think that being able to have open and
• 12:06
  Speaker 4: honest conversations with our friends and our family about this topic,
• 12:09
  Speaker 4: but then also putting ourselves in a position where we
• 12:13
  Speaker 4: have the ability to make those decisions if we choose to,
• 12:17
  Speaker 4: is really important.
• 12:18
  Speaker 3: Now, you did allude to this before, but social media,
• 12:22
  Speaker 3: no doubt plays a part in this.
• 12:24
  Speaker 4: How significant is that part.
• 12:25
  Speaker 6: Do you think?
• 12:26
  Speaker 4: I think it's massive, if I'm being honest. It's so
• 12:28
  Speaker 4: easy to see what other people are doing in real time.
• 12:31
  Speaker 4: I know that I've felt it, and I feel like
• 12:35
  Speaker 4: I'm a reasonably well rehealded person, like I'll go home
• 12:38
  Speaker 4: on a Friday night after work. Obviously not during the
• 12:42
  Speaker 4: last few months, but let's talk about late twenty nineteen,
• 12:45
  Speaker 4: when a lifeless Sunshine and Roses. I'd go home exhausted
• 12:49
  Speaker 4: and I'd see online that a few of my friends
• 12:52
  Speaker 4: were at the bar, and oh, I really want to
• 12:54
  Speaker 4: go out, and I'd get fomo. But that wasn't actually
• 12:56
  Speaker 4: the best thing for me. I'd had a big week
• 12:58
  Speaker 4: at work, I really needed to have a sleep, I
• 13:01
  Speaker 4: really needed to just relax, but my fomo kicked in
• 13:04
  Speaker 4: and I just wanted to be included in what my
• 13:06
  Speaker 4: friends were doing. It has nothing to do with being
• 13:09
  Speaker 4: logical or rational. It is everything to do with just
• 13:12
  Speaker 4: not wanting to miss out on that social interaction. And
• 13:15
  Speaker 4: whilst I think we are all on socials, I think
• 13:18
  Speaker 4: we all need to take a step back because being
• 13:20
  Speaker 4: able to see people's lives in real time often makes
• 13:24
  Speaker 4: us feel like we are missing out. Do you think,
• 13:26
  Speaker 4: as well, Victoria, that those people are even having that
• 13:28
  Speaker 4: good of a time if they're like posting it on
• 13:30
  Speaker 4: Insta and having their stories, Like why aren't they just
• 13:33
  Speaker 4: having a good time? Like why do they need to
• 13:35
  Speaker 4: show people that you're right? I don't know how many
• 13:36
  Speaker 4: people are getting fomo when I post pictures of my
• 13:38
  Speaker 4: cats online, but I do feel like often people are
• 13:42
  Speaker 4: trying to make their lives look better online than they
• 13:45
  Speaker 4: actually are. I'm not saying that that's a bad thing.
• 13:48
  Speaker 4: I'm just saying that it is a highlights reel. I
• 13:51
  Speaker 4: think it's a pretty dangerous thing. I think it's pretty dangerous,
• 13:54
  Speaker 4: but like, why are you posting online if you're not
• 13:56
  Speaker 4: having a good time? But also sometimes I've been a
• 13:59
  Speaker 4: bit guilty of that too, Like if I'm not having
• 14:01
  Speaker 4: an amazing time, I'm playing on my phone taking a
• 14:04
  Speaker 4: photo of the cocktail that's in front of me, And
• 14:06
  Speaker 4: I feel like it's very easy to make life look
• 14:10
  Speaker 4: like it's sunshine and roses when maybe it's not so.
• 14:12
  Speaker 4: I think it's important to have a little bit of
• 14:14
  Speaker 4: perspective here and remember that you are really important and
• 14:18
  Speaker 4: what someone else is engaging in isn't going to make
• 14:21
  Speaker 4: your life better or worse. If they are actually a
• 14:24
  Speaker 4: good friend, you'll see them another time, you'll do another
• 14:27
  Speaker 4: thing with them. You don't have to be included in
• 14:30
  Speaker 4: absolutely everything. And something that I have genuinely found really
• 14:33
  Speaker 4: empowering is just saying no, like hey, no, Like I
• 14:36
  Speaker 4: just don't want to do that at this point. It's
• 14:38
  Speaker 4: not because you don't like that person. And I feel
• 14:41
  Speaker 4: like there's a lot of pressure associated with saying yes
• 14:44
  Speaker 4: to things as well, Like it's sometimes not even just hoomo,
• 14:48
  Speaker 4: it's oh, I don't want to say no to my friend.
• 14:50
  Speaker 4: It's not pomo. I do want to be included, but
• 14:52
  Speaker 4: I also I don't really want to go out on
• 14:54
  Speaker 4: Friday night. I'm exhausted. But I also don't want to
• 14:56
  Speaker 4: say no because I don't want to let them down.
• 14:58
  Speaker 4: So I think that a lot of things come into this,
• 15:01
  Speaker 4: but we need to as a whole just get better
• 15:03
  Speaker 4: at saying no. Thank you.
• 15:04
  Speaker 1: Now.
• 15:05
  Speaker 4: You do always say, Victoria, that we should do what
• 15:07
  Speaker 4: aligns to our values and spend our money the way
• 15:09
  Speaker 4: that suits our goals. What like you purchasing a very
• 15:12
  Speaker 4: expensive jumper earlier. Yeah, I just like to remind you bad. Yeah,
• 15:16
  Speaker 4: so keep on keeping on. But like, what if traveling
• 15:20
  Speaker 4: or buying expensive jumpers or going out on the weekends
• 15:24
  Speaker 4: and having the best time while you're young or whatever
• 15:26
  Speaker 4: it may be. What if that you're a low mentality,
• 15:29
  Speaker 4: Like what if that is your value and I think
• 15:31
  Speaker 4: that that's really important. But regardless of what your values are,
• 15:34
  Speaker 4: you need to stick to your budget because your budget
• 15:37
  Speaker 4: is putting future you in the best possible position, and
• 15:40
  Speaker 4: future you is incredibly important. So admittedly, like budgeting is
• 15:44
  Speaker 4: not very sexy, like it is not a fun thing
• 15:47
  Speaker 4: to do. Hopefully, like She's on the Money is trying
• 15:49
  Speaker 4: to break that down a little bit. But at the
• 15:51
  Speaker 4: end of the day, budgeting is not sexy. But what
• 15:54
  Speaker 4: it will do is give you the power of choice.
• 15:56
  Speaker 4: So it will tell you how much you can spend
• 15:59
  Speaker 4: on traveling so that that can become sustainable for you.
• 16:03
  Speaker 4: So if you are in a situation where like you
• 16:05
  Speaker 4: really don't want to listen to you because you don't
• 16:06
  Speaker 4: really talking about I'm just going to leave now and
• 16:08
  Speaker 4: work it out later, Well, what if I told you
• 16:11
  Speaker 4: that by paying attention to your budget now means that
• 16:13
  Speaker 4: you can travel now, but also all the way through
• 16:15
  Speaker 4: until you're eighty, Whereas if you make really bad financial
• 16:18
  Speaker 4: decisions right now and prioritize traveling right now, that will
• 16:22
  Speaker 4: mean that there is the possibility that in a few
• 16:25
  Speaker 4: years time you'll have massive amounts of debt, not be
• 16:28
  Speaker 4: able to afford it, and you genuinely won't be able
• 16:31
  Speaker 4: to travel. That's not in line with your values. So
• 16:34
  Speaker 4: paying attention to your budget and sticking to your budget
• 16:37
  Speaker 4: is incredibly important, and I don't think enough people prioritize
• 16:41
  Speaker 4: that is.
• 16:42
  Speaker 3: This truly a millennial, young, silly person's thing, or is
• 16:46
  Speaker 3: this something that you see with your legitimate clients at
• 16:48
  Speaker 3: the office.
• 16:48
  Speaker 4: Is that it's absolutely not just millennials. It is everybody.
• 16:53
  Speaker 4: So I think that fomo is something that looks different
• 16:56
  Speaker 4: to different generations. So previously you might have looked, let's
• 17:00
  Speaker 4: say my parents' generation, and my parents don't do this, thankfully,
• 17:04
  Speaker 4: but you would see people with really expensive cars, really
• 17:07
  Speaker 4: expensive houses. Keeping up with the Joneses is not a
• 17:10
  Speaker 4: new term. I think fomo is just the new term
• 17:14
  Speaker 4: that you and I have adopted because it feels more
• 17:16
  Speaker 4: comfortable than keeping up with the Joneses, because we're not
• 17:18
  Speaker 4: trying to keep up with the neighbors. We're now trying
• 17:20
  Speaker 4: to keep up with the world, and that's crazy, and
• 17:23
  Speaker 4: that is a lot of pressure that we are putting
• 17:25
  Speaker 4: on ourselves. So no longer are we just competing with
• 17:28
  Speaker 4: a person who lives in the same suburb as us,
• 17:30
  Speaker 4: who lives next door, who bought a brand new car.
• 17:33
  Speaker 4: We are actually competing with social media influencers who have
• 17:37
  Speaker 4: millions of dollars of income when we don't. So no
• 17:41
  Speaker 4: longer is it comparable and potentially a possibility for us
• 17:44
  Speaker 4: to compete. We are now not feeling good about ourselves
• 17:47
  Speaker 4: because of it. So foma is not even necessarily an experience.
• 17:51
  Speaker 4: It can be an object, it could be anything. I
• 17:53
  Speaker 4: think it's just fear of missing out. So missing out
• 17:56
  Speaker 4: on opportunities, missing out on experience, is missing out on
• 18:01
  Speaker 4: being included in a social circle. I think that it
• 18:04
  Speaker 4: is important to take into consideration that I get FOMO everything,
• 18:08
  Speaker 4: So I'm like, oh my gosh, what if I don't
• 18:10
  Speaker 4: buy those shoes, they might not be there later. Like
• 18:12
  Speaker 4: to me, that's a fear of missing out in the future.
• 18:15
  Speaker 4: So I think it's important to take that into consideration
• 18:18
  Speaker 4: as well. And you know what, at the end of
• 18:20
  Speaker 4: the day, none of us want to miss out on
• 18:22
  Speaker 4: really exciting moments in our lives, Like not one of
• 18:25
  Speaker 4: us is going to put ourselves in a position on
• 18:27
  Speaker 4: the go let's just skip all the fun stuff. But
• 18:30
  Speaker 4: we don't also don't want to be really worried about
• 18:32
  Speaker 4: the impact of going out and having fun with our
• 18:34
  Speaker 4: friends and the impact that will have on our finances
• 18:37
  Speaker 4: because it can be really big. So I think that
• 18:39
  Speaker 4: fomo is something that we really need to be talking
• 18:42
  Speaker 4: about more so we can internally reflect on why that
• 18:46
  Speaker 4: anxiety exists, Like what do you feel like you are
• 18:49
  Speaker 4: missing out on and how can you supplement that in
• 18:52
  Speaker 4: some other way? Or are you not missing out on
• 18:55
  Speaker 4: anything at all by staying at home and actually having
• 18:58
  Speaker 4: a really nice night in, because sometimes I just prefer.
• 19:01
  Speaker 3: That for sure, I think as well, like when you
• 19:04
  Speaker 3: do feel that fomo, like that little stab in your
• 19:07
  Speaker 3: guts that you're missing out on something or an event,
• 19:10
  Speaker 3: like it's over in a night or a weekend, and
• 19:13
  Speaker 3: then no one's talking about it ever again, and it's
• 19:15
  Speaker 3: like you didn't spend all of that money on that
• 19:17
  Speaker 3: experience that no one's talking about anymore. Not that that
• 19:20
  Speaker 3: should matter, but I think people love like they love
• 19:23
  Speaker 3: the idea that they're going to have the best stories
• 19:25
  Speaker 3: and they're going to show after their friends. But realistically,
• 19:28
  Speaker 3: like you might have a few cool photos from a festival.
• 19:31
  Speaker 4: Or something that like the teacher really have a good time,
• 19:33
  Speaker 4: you know, yeah, exactly. And I think that it's really
• 19:36
  Speaker 4: important to remember that sometimes the financial stress is not
• 19:40
  Speaker 4: worth it, regardless of how good the experience is. I know,
• 19:44
  Speaker 4: I've been in this situation where I this is historic call,
• 19:47
  Speaker 4: and you know, I remember being at university and agreeing
• 19:50
  Speaker 4: to go to a friend's birthday dinner, and I remember
• 19:53
  Speaker 4: it being a really expensive dinner, but the entire evening,
• 19:55
  Speaker 4: all I could think about was how much it was costing. Yeah,
• 19:58
  Speaker 4: And I feel like that potentially ruined my entire experience
• 20:01
  Speaker 4: instead of being able to really enjoy it. So I
• 20:03
  Speaker 4: think remembering that that is something that can happen as
• 20:06
  Speaker 4: well is really important so that we can practice a
• 20:10
  Speaker 4: little bit of self control and develop some habits that
• 20:12
  Speaker 4: allow us to enjoy life but also make smart financial decisions.
• 20:17
  Speaker 4: So how can we be more mindful about not falling
• 20:19
  Speaker 4: into the fomo trap? Then? I think that there are
• 20:22
  Speaker 4: a lot of ways that we can just be a
• 20:23
  Speaker 4: little bit more mindful. One of them is if you
• 20:26
  Speaker 4: don't have the money, maybe make a rule that you
• 20:28
  Speaker 4: just skip it so that you're not going into debt
• 20:30
  Speaker 4: for things and being really honest with your friends. We
• 20:33
  Speaker 4: can be a little bit more mindful by discussing it
• 20:35
  Speaker 4: with our friends as well. And I think that the
• 20:38
  Speaker 4: rule that I've spoken about before on the podcast is
• 20:41
  Speaker 4: putting twenty four hours between you and your spending. So
• 20:45
  Speaker 4: if you can make that twenty four hours or one week,
• 20:48
  Speaker 4: sit on it for a week, sit on it for
• 20:50
  Speaker 4: twenty four hours. This is more for like items than
• 20:53
  Speaker 4: things like trips, because usually you'll spend a fair bit
• 20:56
  Speaker 4: more time planning a trip. Obviously, but we feel like
• 20:59
  Speaker 4: we missing out on things when we really aren't. So
• 21:02
  Speaker 4: maybe set a date that you say, all right, well,
• 21:04
  Speaker 4: if i feel like i'm missing out on these right now,
• 21:07
  Speaker 4: I'm going to set a date that I allow myself
• 21:08
  Speaker 4: to have that if I'm still feeling like I'm missing
• 21:11
  Speaker 4: out on it, And nine times out of ten, I
• 21:13
  Speaker 4: guarantee you that you won't actually want that item anymore
• 21:16
  Speaker 4: because the shininess of it has already worn off. So
• 21:19
  Speaker 4: I think it's just put that time in between you
• 21:23
  Speaker 4: and making a decision so you can make the right
• 21:26
  Speaker 4: decision for you. I also think that if you know
• 21:29
  Speaker 4: your goals and your values inside out, you'll know pretty
• 21:33
  Speaker 4: quickly as to whether it's something you want to do
• 21:34
  Speaker 4: or not. I think that if we don't have clarity
• 21:37
  Speaker 4: on something, it is really easy to just go with
• 21:39
  Speaker 4: a flow and agree to whatever everybody else is doing.
• 21:43
  Speaker 4: Whereas if you can sit down and go, Okay, well,
• 21:45
  Speaker 4: these are my goals, these are the things that I
• 21:46
  Speaker 4: want to achieve. Or even if you can't pinpoint some goals,
• 21:49
  Speaker 4: making some savings goals so that at that point you
• 21:52
  Speaker 4: can reassess you know what you actually want to achieve,
• 21:55
  Speaker 4: you can go okay, well, this is what I'm working towards,
• 21:57
  Speaker 4: and this decision would get in the way of me
• 22:00
  Speaker 4: working towards that it will give you the clarity and
• 22:02
  Speaker 4: the confidence that you need to make smarter financial decisions
• 22:05
  Speaker 4: longer term.
• 22:11
  Speaker 3: Hi, then you've preached the shoes on the money mail lox.
• 22:13
  Speaker 3: Do you have a money problem you want help solving
• 22:15
  Speaker 3: to have the money to Lemma get you just want
• 22:17
  Speaker 3: to chat about Victoria is here to help.
• 22:19
  Speaker 4: Every week.
• 22:20
  Speaker 3: We'll be planning your questions to help make sense that
• 22:22
  Speaker 3: the money mess you may have found yourselfing. Take a
• 22:24
  Speaker 3: quick recording on your phone and send it through to
• 22:26
  Speaker 3: podcast at cheeso themoney dot com dot you, and you
• 22:28
  Speaker 3: might even find yourself on the show. But for now,
• 22:31
  Speaker 3: here's today's listener question.
• 22:33
  Speaker 2: Hey guys, just calling in to see if you can
• 22:35
  Speaker 2: help me break a bad habit that I think is
• 22:37
  Speaker 2: really sabotaging my savings. I'm twenty three, and sometimes I
• 22:40
  Speaker 2: just spend in the moment without really giving thought to
• 22:43
  Speaker 2: how it could impact me financially in the long run.
• 22:45
  Speaker 2: I often don't want to feel left out, so I'll
• 22:47
  Speaker 2: go along with last minute plans, like going out for
• 22:50
  Speaker 2: expensive nights or dinners. But then the next day I
• 22:52
  Speaker 2: realize I've spent way too much money that I haven't
• 22:55
  Speaker 2: budgeted for. Obviously, COVID has made it easier to say no,
• 22:59
  Speaker 2: But as these things start to go back to normal,
• 23:01
  Speaker 2: I'm looking for some ideas you may have so I
• 23:03
  Speaker 2: can continue saving without just wasting my money on silly
• 23:06
  Speaker 2: things all the time.
• 23:07
  Speaker 4: I think this is a really important question, Georgia, because
• 23:10
  Speaker 4: so many of us get sucked into FOMO in the moment,
• 23:14
  Speaker 4: like we'll be out for drinks with friends, or we'll
• 23:16
  Speaker 4: be on the phone to a friend and they'll suit
• 23:18
  Speaker 4: just something and you'll just jump at it and say, yeah, cool, Georgia,
• 23:20
  Speaker 4: let's do it? When can we do it? And I
• 23:23
  Speaker 4: think it's really important back to what we're saying before.
• 23:25
  Speaker 4: I think we had a really good chat about some
• 23:27
  Speaker 4: skills and some tools that you can use to mitigate
• 23:30
  Speaker 4: how fomo's impacting your financial health. But putting some time
• 23:35
  Speaker 4: in between you and your financial decisions is really important.
• 23:38
  Speaker 4: And if you're suffering from FOMO, whether it is impacting
• 23:41
  Speaker 4: your financial life or not, I think it's good to
• 23:44
  Speaker 4: take a little bit of a step back and have
• 23:46
  Speaker 4: a think about why you're experiencing that, because more often
• 23:50
  Speaker 4: than not, there is a deeper problem sitting there making
• 23:53
  Speaker 4: you feel anxious about not being involved or included. And
• 23:57
  Speaker 4: I think first things first, limit your time on social media.
• 24:00
  Speaker 4: We've harped on about this a number of times, but
• 24:02
  Speaker 4: of course this is an obvious answer, but I think
• 24:05
  Speaker 4: it is easier said than done, because the amount of
• 24:07
  Speaker 4: time that we spend on social media is often the
• 24:09
  Speaker 4: root of a lot of problems because we feel like
• 24:12
  Speaker 4: we need to be keeping up, or like we need
• 24:14
  Speaker 4: to be going to a winery on the weekend to
• 24:16
  Speaker 4: have wines with our girlfriends because that's just what you do, right, Like,
• 24:19
  Speaker 4: we need to be doing that. And by spending hours
• 24:22
  Speaker 4: scrolling through your feed, that puts us in a position
• 24:25
  Speaker 4: where we often wish for something that we don't have.
• 24:28
  Speaker 4: And if we can cut that out a little bit,
• 24:30
  Speaker 4: why not just try and arrange a different activity for
• 24:33
  Speaker 4: that time, Like why not organized to go for a
• 24:35
  Speaker 4: walk with a friend, or if that's not feasible, jump
• 24:37
  Speaker 4: on the phone with a friend and have a really
• 24:40
  Speaker 4: good chat, because more often than not, they are going
• 24:42
  Speaker 4: to be so much more relatable than the content that
• 24:44
  Speaker 4: you are consuming. I think it's also important, and this
• 24:48
  Speaker 4: is me being a little bit fluffy again. Is practice
• 24:51
  Speaker 4: gratefulness cute? Like the more I know it's a little
• 24:54
  Speaker 4: bit cute, But it's also like, the more we are
• 24:56
  Speaker 4: grateful for what we have, the less we feel like
• 24:58
  Speaker 4: we need. If we don't appreciate what we have, how
• 25:02
  Speaker 4: will we ever be happy with things that we keep getting?
• 25:05
  Speaker 3: Right?
• 25:05
  Speaker 4: So, I think if we can just practice a little
• 25:07
  Speaker 4: bit more gratefulness, it is going to impact our friends
• 25:10
  Speaker 4: and our family and our lives in such a positive way.
• 25:13
  Speaker 4: And I am such a big advocate of like a
• 25:15
  Speaker 4: gratitude journal. Oh, I mean, you could go that dramatic
• 25:18
  Speaker 4: and have a gratitude journal, but I really like to
• 25:21
  Speaker 4: just take note when I'm in the car, like if
• 25:23
  Speaker 4: I'm driving somewhere on my own, I just like some
• 25:25
  Speaker 4: things that I'm grateful for at the moment. And I
• 25:27
  Speaker 4: know that that sounds really lame, but I promise you
• 25:30
  Speaker 4: your entire life, we all transform the second you feel
• 25:34
  Speaker 4: grateful for what you have, regardless of what that is. Like,
• 25:37
  Speaker 4: I am more often than not just really grateful to
• 25:40
  Speaker 4: have the friends and family I have around me. Or
• 25:42
  Speaker 4: you know that I got to hang out with Georgia
• 25:44
  Speaker 4: King for our whole day exactly. But I do feel
• 25:47
  Speaker 4: like the more we are grateful for things, the more
• 25:50
  Speaker 4: we actually feel as though we need less. So that
• 25:53
  Speaker 4: would be something for me. And then back to my
• 25:56
  Speaker 4: favorite social media topic, remembering it's not reality. So just
• 26:00
  Speaker 4: remembering that what other people experience is not what they
• 26:04
  Speaker 4: put on social media, and that what they put on
• 26:07
  Speaker 4: social media is a highlight it's real. And I think
• 26:09
  Speaker 4: that that's where we can also practice a little bit
• 26:11
  Speaker 4: of gratefulness as well, and just talk about the importance
• 26:14
  Speaker 4: of being like cool, I'm really grateful of that. This morning,
• 26:17
  Speaker 4: I got up and I went for a walk with
• 26:18
  Speaker 4: my partner and we got a coffee and we had
• 26:21
  Speaker 4: a really good chat. And that just makes me really happy.
• 26:24
  Speaker 4: And I know that I don't need much more than
• 26:26
  Speaker 4: that in my life. So I think that if we
• 26:28
  Speaker 4: can just remember that social media isn't reality, be a
• 26:32
  Speaker 4: little bit more grateful, we can put ourselves in a
• 26:34
  Speaker 4: position where we are actually making better decisions and not
• 26:38
  Speaker 4: jumping it. Whatever is funning with us.
• 26:43
  Speaker 6: Hello, I'm twenty four and saving for a big adventure,
• 26:47
  Speaker 6: and this is my money diary.
• 26:48
  Speaker 3: Okay, now for the fun stuff. What good would a
• 26:51
  Speaker 3: money podcast be without the perfect mins. It's time for
• 26:54
  Speaker 3: money diary. Let's get into it.
• 26:56
  Speaker 6: So I used to be really anxious checking my bank
• 27:00
  Speaker 6: account and talking about money and it just, yeah, it
• 27:04
  Speaker 6: just used to make me feel stressed because I guess
• 27:07
  Speaker 6: I've fet it was a bit like out of my control.
• 27:11
  Speaker 6: And nowadays I feel like I've kind of got a
• 27:14
  Speaker 6: bit of a handle on that and I feel better
• 27:16
  Speaker 6: about it. But it's definitely something I need to keep
• 27:18
  Speaker 6: in check not to get stressed out about it and
• 27:21
  Speaker 6: just just face it. So when I first started listening
• 27:25
  Speaker 6: to the podcast, like, I was in quite a bit
• 27:31
  Speaker 6: of personal credit card debt and I just found it
• 27:36
  Speaker 6: really embarrassing and wasn't really sure how I let myself
• 27:40
  Speaker 6: get to that point, to be honest, because I'm just
• 27:42
  Speaker 6: I just never thought of myself for that kind of
• 27:44
  Speaker 6: person anyway. So when I started listening to the podcast,
• 27:48
  Speaker 6: it was like, yeah, just feeling really empowered and Victoria
• 27:51
  Speaker 6: made me feel like it's okay, and listening to all
• 27:53
  Speaker 6: the other people like sharing their stories on the podcast,
• 27:56
  Speaker 6: I was like, Okay, I'm not the only one. Maybe
• 27:59
  Speaker 6: I'm not the worst one out of the bunch. So
• 28:02
  Speaker 6: that was kind of like just do it, It'll be fine.
• 28:05
  Speaker 6: And then I managed to like, yeah, smash my debt.
• 28:07
  Speaker 4: So yeah, what.
• 28:09
  Speaker 1: Does she do to earn money? How much does she earn?
• 28:11
  Speaker 1: And how much is sitting in her bank account right now?
• 28:14
  Speaker 6: I have like a middle management position. I work in
• 28:18
  Speaker 6: the communications public relations industry. I earn sixty three thousand
• 28:23
  Speaker 6: dollars a year plus super At the moment, I have
• 28:27
  Speaker 6: about ten thousand dollars saved up.
• 28:30
  Speaker 1: What happens to the money once it hits her account.
• 28:32
  Speaker 6: So I'm not as organized and impressive as other people
• 28:35
  Speaker 6: on the podcast, So I don't have like a million
• 28:37
  Speaker 6: different accounts where my money goes. Basically, I just put
• 28:41
  Speaker 6: about one thousand dollars into my savings account. I get
• 28:44
  Speaker 6: paid for notly, so there's about two thousand dollars a
• 28:47
  Speaker 6: month into savings, and then everything else just kind of
• 28:50
  Speaker 6: sits in my account, and my direct debits come out
• 28:52
  Speaker 6: of that, and then like shopping and all that kind
• 28:55
  Speaker 6: of it just sits in the one account.
• 28:57
  Speaker 1: What is her attitude towards investing? Does she invest?
• 29:00
  Speaker 6: Yes, I have Rais. I've had it for over a
• 29:03
  Speaker 6: year now. I just have the like roundups turned on
• 29:07
  Speaker 6: and I put in about thirty dollars a week. So
• 29:10
  Speaker 6: I just find that that works for me, and it's
• 29:13
  Speaker 6: just kind of sitting there working in the background. I
• 29:16
  Speaker 6: am intending on taking out that money at some stage
• 29:21
  Speaker 6: because I plan on moving overseas, so it's just kind
• 29:24
  Speaker 6: of it's not really practical for me to just keep
• 29:26
  Speaker 6: investing when I'm in another country.
• 29:28
  Speaker 1: So yeah, what is her big money goal?
• 29:31
  Speaker 6: My big money goal is to step myself up really well,
• 29:35
  Speaker 6: because I want to move overseas and I'm not sure
• 29:38
  Speaker 6: how long I'll be without a job while I'm overseas,
• 29:40
  Speaker 6: so yeah, just to have as much money as possible
• 29:43
  Speaker 6: when i'm there. So I'm planning to move to Canada
• 29:46
  Speaker 6: and a working holiday, so yeah, just see the sites.
• 29:50
  Speaker 6: Hopefully get a job in my career and.
• 29:53
  Speaker 1: Yeah, what depths does she have if any?
• 29:55
  Speaker 6: Yes, I got a credit card when I started working
• 29:57
  Speaker 6: full time. I just thought it would be a good idea.
• 30:00
  Speaker 6: I didn't think that it would get out of control.
• 30:02
  Speaker 6: I ended up actually oweing seven thousand dollars and I
• 30:05
  Speaker 6: just didn't really know how I ended up with it.
• 30:08
  Speaker 6: It's just kind of crazy, and yeah, I just kind
• 30:12
  Speaker 6: of buried my head in the sand and didn't really
• 30:14
  Speaker 6: know what to do about it. And then yeah, I
• 30:16
  Speaker 6: found the podcast and I was like, I'm just being silly,
• 30:20
  Speaker 6: Like just face it head on. I don't know how
• 30:23
  Speaker 6: to explain how I just kind of went on was
• 30:25
  Speaker 6: a spending man and just put all my money into
• 30:27
  Speaker 6: my debt basically, and I managed to pay it off
• 30:30
  Speaker 6: in three months. So at the moment, the only debt
• 30:33
  Speaker 6: that I have is my hextet, which is about thirty
• 30:36
  Speaker 6: thousand dollars and then I have about thirty dollars in
• 30:41
  Speaker 6: my after pay account, but that's all under control, and
• 30:44
  Speaker 6: I just use it as a installment thing. I don't
• 30:48
  Speaker 6: purchase anything that I wouldn't buy right now with my
• 30:50
  Speaker 6: own money. So yeah, that's just sitting there.
• 30:53
  Speaker 1: What is her big money goal?
• 30:55
  Speaker 6: I just put it down basically to not keeping an
• 30:59
  Speaker 6: eye on it, and it just snowballing, basically. So at
• 31:04
  Speaker 6: one point I realized that my PayPal account was linked
• 31:08
  Speaker 6: to my credit card, and I just didn't realize that
• 31:10
  Speaker 6: it was. I thought it was linked to my everyday account,
• 31:13
  Speaker 6: so and I would pay for a lot of things
• 31:15
  Speaker 6: with my PayPal and it just, yeah, it just grew.
• 31:18
  Speaker 1: What is her best money habit?
• 31:20
  Speaker 6: I think that when I have a goal, I am
• 31:24
  Speaker 6: really determined to get there. So when I have a
• 31:27
  Speaker 6: clear goal in mind, I just kind of put everything
• 31:31
  Speaker 6: into it and make sacrifices and all that kind of stuff.
• 31:34
  Speaker 1: And what's her worst money habit?
• 31:35
  Speaker 6: Probably my worst money habit is a lifestyle creep so
• 31:38
  Speaker 6: because I am saving more money and I don't have
• 31:42
  Speaker 6: an end goal as to when I'm moving overseas because
• 31:44
  Speaker 6: of coronavirus. I can just let myself live a bit
• 31:47
  Speaker 6: more lavishly than I would if I knew that I
• 31:50
  Speaker 6: was moving next month?
• 31:51
  Speaker 1: And what grade would she give her money habits?
• 31:53
  Speaker 6: Back when I wasn't in control, I probably would have
• 31:56
  Speaker 6: given myself an F, like it just wasn't a good time,
• 32:01
  Speaker 6: But now I would probably give myself a C plus,
• 32:06
  Speaker 6: like definitely lots of room for improvement, have some good habits,
• 32:10
  Speaker 6: but just need to keep on top of it.
• 32:12
  Speaker 4: What did you think of today's money Darres Victoria twenty
• 32:14
  Speaker 4: four and saving for a big adventure. I feel like
• 32:17
  Speaker 4: she was so relatable when she said that she had
• 32:21
  Speaker 4: seven thousand dollars worth of credit card debt and it
• 32:23
  Speaker 4: just snowballed out of control, and she didn't know who
• 32:26
  Speaker 4: that her PayPal was actually linked to the account. I
• 32:29
  Speaker 4: feel like we've all been in a situation where our
• 32:32
  Speaker 4: finances have kind of gotten a little bit out of control.
• 32:35
  Speaker 4: So many people end up in credit card debt, and
• 32:37
  Speaker 4: nobody actually walks into credit card debt on purpose, Like,
• 32:40
  Speaker 4: not one person picks up a credit card and says, hey, Victoria,
• 32:44
  Speaker 4: like I really want to get into a whole heap
• 32:46
  Speaker 4: of debt. I feel like they need to stop being
• 32:48
  Speaker 4: so harsh on themselves because it is lifestyle creep. It
• 32:51
  Speaker 4: is something that creeps up on us. And that's why
• 32:54
  Speaker 4: if you think that you're not responsible with a credit card,
• 32:57
  Speaker 4: it's often better to not have one and be in
• 33:00
  Speaker 4: a situation where you're on top of it. In saying that,
• 33:02
  Speaker 4: I know so many people who are using credit cards
• 33:06
  Speaker 4: and they're using them properly, and they're you know, collecting points,
• 33:09
  Speaker 4: and it's aligned to their values and beliefs and goals.
• 33:12
  Speaker 4: And I think that for some people that works really well,
• 33:15
  Speaker 4: whereas for others it's just something that would get them
• 33:17
  Speaker 4: in a whole heap of trouble. So I think that
• 33:19
  Speaker 4: that's a very big part of when you're working out
• 33:22
  Speaker 4: your money mindset and your money stories, working out whether
• 33:25
  Speaker 4: you can actually trust yourself with a credit product or not.
• 33:28
  Speaker 4: And the same thing goes for after pay. She mentioned
• 33:30
  Speaker 4: that she has thirty dollars in after pay, and that
• 33:33
  Speaker 4: was before I knew that she had seven thousand dollars
• 33:35
  Speaker 4: well previously had seven thousand dollars worth of credit card debt,
• 33:38
  Speaker 4: and she said that she used it for installments. And
• 33:40
  Speaker 4: I actually think if you're in a situation where something
• 33:43
  Speaker 4: like after pay is actually helping you with cash flow
• 33:47
  Speaker 4: and helping you purchase things that you were going to
• 33:50
  Speaker 4: purchase anyway, but split the payment up over a period
• 33:54
  Speaker 4: of time. I think that that actually puts you in
• 33:56
  Speaker 4: more control of your financial future than not being in
• 34:00
  Speaker 4: control of it. In saying that, I've said it on
• 34:03
  Speaker 4: the podcast before, these things can creep out of control
• 34:06
  Speaker 4: really quickly and quite easily for a lot of us.
• 34:08
  Speaker 4: So I think we need to be really aware of
• 34:11
  Speaker 4: what we are like when it comes to products like this.
• 34:14
  Speaker 4: I loved that she said that she had ten thousand
• 34:16
  Speaker 4: dollars in savings. I know so many of us would
• 34:19
  Speaker 4: love to have that. It sounds like she's actually been
• 34:22
  Speaker 4: an absolute money wizard recently, especially on a sixty three
• 34:25
  Speaker 4: thousand dollars salary. She's actually in a position where she's
• 34:29
  Speaker 4: paid off seven thousand dollars worth of debt in the
• 34:31
  Speaker 4: last twelve months and she's got ten grand in savings.
• 34:34
  Speaker 4: That's absolutely no small feat. Like even to pay seven
• 34:37
  Speaker 4: thousand dollars worth of credit card debt off in three months,
• 34:40
  Speaker 4: what's that? That's like twenty three hundred dollars a month.
• 34:43
  Speaker 4: That she was contributing to debt repayments, and I feel
• 34:47
  Speaker 4: like that would have been a pretty significant lifestyle change
• 34:49
  Speaker 4: for her. And what did you think about the grade
• 34:52
  Speaker 4: that she gave herself her rating. I feel like it
• 34:55
  Speaker 4: was reasonable, but also I always think that our money
• 34:58
  Speaker 4: diarists are being really harsh on them. It's interesting she
• 35:01
  Speaker 4: gave herself a C plus, yet she'd completely gotten out
• 35:05
  Speaker 4: of her credit card debt, she has savings, she's got goals.
• 35:08
  Speaker 4: I feel like she was being a bit harsh on herself,
• 35:11
  Speaker 4: But I do think that the space she could improve on,
• 35:14
  Speaker 4: just from her saying that she feels really stressed and
• 35:16
  Speaker 4: sometimes freaks out about money, is to keep a really
• 35:20
  Speaker 4: clear budgeting and cash flow system. So if she can
• 35:23
  Speaker 4: get her budget under control and understand exactly what's coming
• 35:26
  Speaker 4: into her account every single week and month and what
• 35:29
  Speaker 4: exactly has to go out, and having a cash flow
• 35:32
  Speaker 4: system so you know which money comes in where and
• 35:35
  Speaker 4: where it should live and where you're putting things and
• 35:37
  Speaker 4: plugging it all together, that's going to make her feel
• 35:41
  Speaker 4: so much more in control. And for a lot of us,
• 35:44
  Speaker 4: doing a budgeting and cash flow system makes us put
• 35:46
  Speaker 4: our heads in the sand. But it's something that can
• 35:48
  Speaker 4: make you feel incredibly empowered. So for me, that would
• 35:52
  Speaker 4: be my biggest tip for her. But it absolutely sounds
• 35:54
  Speaker 4: like she's on the right track and I am so
• 35:56
  Speaker 4: happy for her. Lovely tips of the truck.
• 36:00
  Speaker 3: Now that is all we have time for today, but
• 36:02
  Speaker 3: before we head off, let's quickly wrap the.
• 36:04
  Speaker 1: Boring but important stuff.
• 36:05
  Speaker 3: The advice shared on she Is on the Money is
• 36:07
  Speaker 3: general in nature and does not consider your individual circumstances.
• 36:11
  Speaker 1: She's on the Money exists.
• 36:12
  Speaker 3: Purely for educational purposes and should not be relied upon
• 36:15
  Speaker 3: to make an investment or financial decision.
• 36:17
  Speaker 1: And relax. We've promised.
• 36:19
  Speaker 3: Victoria Devine is an authorized representative of Australia Pacific Funds Management,
• 36:23
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• 36:31
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• 36:33
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  Speaker 4: You can find us on your YouTube now as well,
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• 37:08
  Speaker 4: you next week, guys.
• 37:09
  Speaker 5: Bye,