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Rich Girl Dictionary: Doom Spending · Two Broke Chicks

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  Speaker 1: This podcast is recorded on gaddigal Land, Always was, always
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  Speaker 1: will be aboriginal Land. Hey Chicks, I'm zal and I'm
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  Speaker 1: out and this is two broat Chicks to show that
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  Speaker 1: shares life lessons and tips to help make you rich
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  Speaker 1: in life. Welcome back to another edition of our mini series,
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  Speaker 1: The Rich Girl Dictionary. Each episode will be focused on
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  Speaker 1: a financial term to help you upgrade your finances and
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  Speaker 1: become the money savvy baddy you were always.
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  Speaker 2: Meant to be and it's all thanks to you banks.
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  Speaker 2: So let's get into it.
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  Speaker 3: This week's Rich Girl Dictionary term is doom spending. Bookie
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  Speaker 3: We're for kis booky episode.
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  Speaker 1: Okay, so what is doom spending? Doom spending is when
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  Speaker 1: you spontaneously spend money on things you don't need as
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  Speaker 1: a way to deal with stress, anxiety or economic uncertainty, mood,
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  Speaker 1: absolute mood.
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  Speaker 2: Guilty, luck me up.
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  Speaker 1: It's more common than you think, around twenty nine percent
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  Speaker 1: of Australian's doom spend, and younger demographics like gen Z
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  Speaker 1: are more prone to it, spending money on treats like
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  Speaker 1: new clothes, meals out or other little purchases that add
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  Speaker 1: up so it does feed into the whole retail therapy phenomenon.
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  Speaker 1: It's the feeling that a quick purchase will fix all
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  Speaker 1: your problems, but in reality it doesn't.
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  Speaker 2: Really do that.
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  Speaker 3: It's like a band aid.
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  Speaker 2: Yeah, it's a really good bit. I really like it.
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  Speaker 2: It's a nice band aid.
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  Speaker 1: But the reason we use retail therapy to cope with
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  Speaker 1: anxiety is because the act of shopping actually gives us
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  Speaker 1: a dopamine hit, which temporarily distracts us from our concerns.
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  Speaker 1: And there is such things as like good quality dopamine
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  Speaker 1: and bad quality dopamine. So bad quality dopamine is ones
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  Speaker 1: that don't have like as long a lasting effects. So
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  Speaker 1: for example, scrolling on TikTok, that's really quick hits of dopamine,
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  Speaker 1: but they don't like las very long, which is why
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  Speaker 1: you put your phone down, you walk around the house
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  Speaker 1: for like fifteen minutes, and then you pick it back
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  Speaker 1: up and you start scrolling again.
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  Speaker 2: Reach Out therapy is kind of the same.
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  Speaker 1: So there have been studies that show buying like products
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  Speaker 1: and items, the dopamine hit of that is such a
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  Speaker 1: shorter hit then things like experiences and good quality dopamine.
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  Speaker 1: So I get it because it doom spending is this
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  Speaker 1: thing that we feel a greater sense of control when
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  Speaker 1: we're choosing to buy the things we want, especially in
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  Speaker 1: today's society where a lot feels outside about control. Yeah,
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  Speaker 1: that's like the natural reaction to be like, well, what
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  Speaker 1: can I control? I can buy a lip gloss.
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  Speaker 3: Literally, That's exactly what I did when the lockdowns were Yeah,
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  Speaker 3: and Al and I were at work and we got
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  Speaker 3: the news that we were going to have to start
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  Speaker 3: working from home, and we didn't know what was happening,
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  Speaker 3: and so I was like, I need to go to macaamion.
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  Speaker 3: I caught I was eating a luxA.
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  Speaker 1: I'm gonna try and say luxA in every obsod if
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  Speaker 1: anyone notices.
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  Speaker 3: Yeah, And I was like I need to buy something.
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  Speaker 3: I need a semblance of control. And then I didn't
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  Speaker 3: end up using that.
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  Speaker 1: I shadow ballant like, have you got the craziest thing
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  Speaker 1: to to get? She bought this like multiple color eyeshadow
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  Speaker 1: palette with like green, like bright green, yellow, pink.
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  Speaker 3: Completely impractical like and because we was at home for
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  Speaker 3: the next six have you like I definitely used it?
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  Speaker 2: Yeah?
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  Speaker 1: Yeah, no, I was trying to think I think I've
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  Speaker 1: used it, but that brown shade in there.
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  Speaker 3: Absolutely, And that's the thing. As much as doom spending
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  Speaker 3: can be a great time in the moment, we get it, Yeah,
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  Speaker 3: it does have its emotional drawbacks. It can lead you
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  Speaker 3: to a cycle of relief when you first make the purchase,
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  Speaker 3: but then to guilt when you realize you've spent money
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  Speaker 3: on something that you probably didn't which then leads to
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  Speaker 3: more regret, and then the cycle just repeats, and next
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  Speaker 3: time the doom spending happens because you're like, have I
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  Speaker 3: not learned? I feel like I just kind of laid
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  Speaker 3: myself out to bear.
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  Speaker 1: But have you ever.
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  Speaker 3: Experienced this doom spending cycle? You're just an angel?
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  Speaker 2: I don't think so.
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  Speaker 1: I think I definitely fall into this, especially if I'm tired.
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  Speaker 1: So like that's when that like habit of you know,
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  Speaker 1: meal delivery apps, and I'll just be like, oh, do
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  Speaker 1: you know what, I can't bother to cook because I'm
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  Speaker 1: just too tight and I want to do it, and
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  Speaker 1: that's like my doom spend. And then you get the
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  Speaker 1: food and it was probably a bit cold, they forgot
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  Speaker 1: your sauce, the chips all fell out of the bag,
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  Speaker 1: and you're like.
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  Speaker 2: The amount of time it actually took to get to me.
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  Speaker 1: I probably could have made a meal that would have
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  Speaker 1: been really yummy, and it was already in the fridge.
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  Speaker 2: Yeah, and that's like and then the guilt from that comes.
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  Speaker 1: I'm not saying that I feel guilty every time I
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  Speaker 1: order to take away food, but I think when it's
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  Speaker 1: in like a doom spending mode, that's when I feel
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  Speaker 1: that guilty guilt.
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  Speaker 3: Yeah, definitely the post food yeah, clarity, Yeah, or even
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  Speaker 3: like sometimes I don't do this anymore or as much anymore.
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  Speaker 1: I'm never gonna talk in absolutes because I'm a walking contradiction.
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  Speaker 1: But like saale sections, like really scrolling through sale sections
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  Speaker 1: and trying to find something I like, rather than the
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  Speaker 1: flip side, which I think I lean more to now
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  Speaker 1: is I need a new leather jacket, so I'm going
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  Speaker 1: to go find one on a sale.
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  Speaker 2: It would be going to a sale being like.
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  Speaker 1: Okay, what your gut, what your gut, and I'd be like,
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  Speaker 1: you know, and then it would all come It didn't fit,
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  Speaker 1: I didn't like it, the cut was a bit weird.
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  Speaker 3: Yeah, and you'd be like, I never would have bought this, Yeah,
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  Speaker 3: am I buying it just because it's on so yep, yeah, yeah.
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  Speaker 3: But the good news is once you recognize the spiral,
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  Speaker 3: there are ways to ensure that your intentional swurges don't
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  Speaker 3: cross into emotional spending territory.
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  Speaker 2: Because that's the thing.
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  Speaker 3: It's all about seeing the cycle and then finding a
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  Speaker 3: kind of exit for yourself.
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  Speaker 1: So how can we avoid doom spending? It's that thing
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  Speaker 1: of like you're anxious about the future, so you buy
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  Speaker 1: a kind then another kindle, then a face serum, then
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  Speaker 1: a coat.
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  Speaker 2: Same I just listed your four recent purchases. Damn for
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  Speaker 2: me exactly.
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  Speaker 1: So let's go into some of the strategies we use
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  Speaker 1: to stop ourselves from doom spending or making those impulsive purchases.
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  Speaker 3: Yeah, try the twenty four hour rule.
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  Speaker 2: It's an oldie, but a goodie it is. It's a
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  Speaker 2: classic for a reason.
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  Speaker 3: When you feel like you need to buy something, wait
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  Speaker 3: at least twenty four hours before you decide to make
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  Speaker 3: the purchase, write down the item, and if you still
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  Speaker 3: find you want to buy the item after that twenty four.
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  Speaker 2: Hours, go ahead.
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  Speaker 3: Because most of the time, the emotional craving for the
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  Speaker 3: purchase has passed by this point and you realize I
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  Speaker 3: don't actually want that.
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  Speaker 2: Yeah, find another dopamine hit.
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  Speaker 1: So it kind of ties into that thing we're talking
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  Speaker 1: about before, but the retail therapy dopamine hit and give
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  Speaker 1: yourself that fix. Another way, it's about finding another activity
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  Speaker 1: that costs you less. I saw a hack online to
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  Speaker 1: stop impulse spending is doing ten star jumps.
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  Speaker 2: Oh okay.
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  Speaker 1: I was like that would work for me, yes, Sam, Yeah,
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  Speaker 1: like doing ten one because I would forget. I'd be like,
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  Speaker 1: what was I doing before I started doing star jumps? Yeah,
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  Speaker 1: but it's like you can do star jumps, you can
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  Speaker 1: go for a walk, calling a friend, listening to music,
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  Speaker 1: or a podcast, wig wig, and you enjoy all these
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  Speaker 1: things because they're a good place to start. And again,
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  Speaker 1: if you come back to something, if you're after it,
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  Speaker 1: you're like, I don't know, Like, if you go for
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  Speaker 1: a thirty minute walk and you're still thinking about something,
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  Speaker 1: that doesn't mean like you failed. It's to be like okay,
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  Speaker 1: then yeah, you can still keep thinking about it and
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  Speaker 1: check back in in twenty four hours.
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  Speaker 2: Yeah exactly, and then you can take that as a sign. Yeah.
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  Speaker 3: And then finally, U bank spending footprint really helps with
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  Speaker 3: visibility spending across different categories and merchants, so you can
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  Speaker 3: really clearly see where your money is going. This all
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  Speaker 3: helps rewire your brain and set clear goals on where
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  Speaker 3: your money should be going. Plus it helps keep you
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  Speaker 3: motivated to save your money on things you'll use and
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  Speaker 3: that will make you feel.
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  Speaker 2: Rich in life.
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  Speaker 3: It's all about financial savvy and making that switch from
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  Speaker 3: doom spending to feel good spending on things that you're
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  Speaker 3: not going to regret the next day.
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  Speaker 2: Yeah. I used to do this.
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  Speaker 1: When I would go to Nailsalon's to get my nails done,
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  Speaker 1: I would I had like a little savor of like
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  Speaker 1: Hot Girl maintenance essentially, and so every week I would
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  Speaker 1: transfer twenty five dollars into that saber. So that way,
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  Speaker 1: when I was going and getting my nails done or
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  Speaker 1: an eyebrow wax, which probably should stop doing that myself,
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  Speaker 1: you know, half an hour brow later, but it just
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  Speaker 1: meant that when I went to go and get my
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  Speaker 1: nails done and I was like, yeah, did the nail
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  Speaker 1: up that cost one hundred dollars, I didn't feel bad
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  Speaker 1: because I'd actually created little buckets. And then I would
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  Speaker 1: like kind of feel bad about spending the savings sometimes
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  Speaker 1: and I'd be like, oh, what I saved it, and
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  Speaker 1: it's good. It makes you really value your money a.
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  Speaker 2: Lot better and a lot more.
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  Speaker 3: And you can still treat yourself without taking away from
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  Speaker 3: your other saving souls because you've got your money set aside.
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  Speaker 1: Little pockets, little bucket. It's like when your dad would
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  Speaker 1: leave gold coins.
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  Speaker 2: On the dressing. You'd nick and I love doing that.
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  Speaker 2: Finally he's got it on tape. He knew the whole
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  Speaker 2: time where.
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  Speaker 3: The younger sibling of stealing the gold coins from the soccer.
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  Speaker 1: Crew didn't steal their gold like their dad's gold coins.
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  Speaker 2: Okay, it's a ride of passage.
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  Speaker 1: One time he could hear them jingling in my bag
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  Speaker 1: and he goes, showed me how much you.
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  Speaker 2: Got in there?
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  Speaker 1: And I show him.
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  Speaker 2: He goes, where did you get that from? When I
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  Speaker 2: just went around?
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  Speaker 1: But on that note, that's it for this episode of
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  Speaker 1: The Rich Girl Dictionary.
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  Speaker 3: Tune in next week for the next installment in this
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  Speaker 3: mini series.
• 10:19
  Speaker 1: Products issued by Ubank. Part of NAB info is General.
• 10:22
  Speaker 1: Consider if It's right for you. For more info and
• 10:24
  Speaker 1: tmdcubank dot com dot Au