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Rich Girl Dictionary: Soft Saving · 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.
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  Speaker 2: Hey chicks, I'm al and I'm sal and this is
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  Speaker 2: too Broke Cheeks, the show that shares tips and trips
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  Speaker 2: to help make you rich in life. And welcome back
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  Speaker 2: to another edition of our mini series, The Rich Girl Dictionary.
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  Speaker 1: These are bonus episodes just for you chickies.
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  Speaker 3: Yes, each episode will be focused on a financial term
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  Speaker 3: to help you upgrade your finances and become the money
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  Speaker 3: savvy baddie you.
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  Speaker 1: Were always meant to be. And it's all thanks to
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  Speaker 1: you bank. So let's get into it.
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  Speaker 2: This week's Rich Girl Dictionary term is soft saving.
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  Speaker 1: Sounds delicious? Yeah I know, now I want to know
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  Speaker 1: im now I want to make flurry yum. Okay, but
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  Speaker 1: what is soft saving?
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  Speaker 4: Soft saving is a trend where you are saving for
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  Speaker 4: your future while also allowing yourself the simple pleasures of
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  Speaker 4: the life you lead right now aka the occasional saucer,
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  Speaker 4: the occasional selfice.
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  Speaker 1: Yeah, it all links together, it's coming back. It's all
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  Speaker 1: a rich tapestry. As you always like to say. Do
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  Speaker 1: you love that sound?
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  Speaker 4: It's like the gen Z rejection of the hustle error
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  Speaker 4: money rules. In the past, saving your money the right
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  Speaker 4: way was thought to be all about cutting costs in
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  Speaker 4: every aspect of your life to the.
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  Speaker 1: Point where it was almost unenjoyable.
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  Speaker 4: But now a lot of people actually want that happy
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  Speaker 4: medium of saving and slowly building themselves a cushion while
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  Speaker 4: still saying yes to life. This money saving strategy is
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  Speaker 4: all about identifying the difference between intentional and reckless and
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  Speaker 4: ensuring you still lead a happy and healthy lifestyle while
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  Speaker 4: meeting your saving skulls and funding the life you've always
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  Speaker 4: dreamed of without having to sacrifice the life that you're
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  Speaker 4: leading now.
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  Speaker 2: Self savings also brings into focus this idea of liken
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  Speaker 2: health as part of financial health, because according to the
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  Speaker 2: Australian Institute of Health and Welfare, the overall financial stress
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  Speaker 2: levels of individuals from twenty twenty two to twenty twenty
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  Speaker 2: three rose from eleven percent to thirteen percent. So it's
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  Speaker 2: getting higher, and I would say, like in twenty twenty six,
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  Speaker 2: that's probably like ninety skyrocket, Yes, sabuckets in flight wooh
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  Speaker 2: self serving.
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  Speaker 4: The light.
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  Speaker 2: Like it anyway, So financial anxiety is on the rise,
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  Speaker 2: So more and more people are turning towards strategies that
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  Speaker 2: allow them to live comfortably and try to save for
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  Speaker 2: their futures. Assex Money Smart research found that eighty seven
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  Speaker 2: percent of gen zed women in Australia reported being severely
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  Speaker 2: stressed about the cost of living, and fifty seven percent
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  Speaker 2: said they feel overwhelmed by their finances.
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  Speaker 1: The same ACIIC money Smart.
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  Speaker 2: Research also found that eighty two percent of Ossie gen
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  Speaker 2: z's financially stressed, but they're twice as likely as other
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  Speaker 2: generations to want to better manage their finances. So they're stressed,
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  Speaker 2: but they've got the will I like that. Yeah, I
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  Speaker 2: still fix it.
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  Speaker 4: Yeah, they're still optimistic and feeling proactive about their finances
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  Speaker 4: even while feeling.
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  Speaker 1: Stressed about the situation. So how can we save? Softly?
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  Speaker 4: Aggressive saving used to me and suffering now to live later,
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  Speaker 4: whereas soft saving says but.
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  Speaker 1: What if we just didn't?
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  Speaker 3: Yeah?
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  Speaker 1: What are some ways that you've practiced self saving in
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  Speaker 1: your life? Do you reckon?
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  Speaker 2: I've definitely been in more of like a do I
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  Speaker 2: need that headspace? Like my self saving is probably saying
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  Speaker 2: yes a little bit less and saying no a little
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  Speaker 2: bit more, And that's just typically not something that I've
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  Speaker 2: been very good at, but it's also been putting in
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  Speaker 2: more friction to my spending. So rather than like focusing
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  Speaker 2: on saving more, I've focused on spending less.
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  Speaker 1: Love that, and.
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  Speaker 2: That's kind of how I've been embracing saving a little
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  Speaker 2: bit more, because if it was like I would have
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  Speaker 2: this mindset that if there was money in my account,
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  Speaker 2: then it's money to spend. Yeah, and it's like it's
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  Speaker 2: got to spend somewhere, whereas that's not actually the case,
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  Speaker 2: and it would be Now it's more like a because
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  Speaker 2: savings I was just found really boring and like budgeting.
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  Speaker 1: I was like, I don't think that many people are
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  Speaker 1: super turned on.
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  Speaker 2: No, I don't know. Some people get their rocksoft to
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  Speaker 2: their budget true to you try.
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  Speaker 1: I don't need to.
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  Speaker 2: Yuck anyone's yeah, like oh we had a forty increase
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  Speaker 2: in our podcast.
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  Speaker 1: Ye oh yeah, oh yeah, but yeah, that's kind of
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  Speaker 1: how I've done it.
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  Speaker 2: What about you.
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  Speaker 4: I think when I first started trying to save money,
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  Speaker 4: my approach was I'll save everything that's left over, right,
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  Speaker 4: which is an necessarily the best not much, so that
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  Speaker 4: was kind of the issue. Then I was like, Okay,
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  Speaker 4: I don't think this strategy is necessarily working. I'll change
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  Speaker 4: it to every time I get paid, which was monthly
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  Speaker 4: at the time, I would put a certain chunk away.
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  Speaker 4: No matter what was happening, I'd always put that away.
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  Speaker 4: But then I kind of found that that was a
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  Speaker 4: little bit restricting because if something happened that I really
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  Speaker 4: genuinely wanted to do, I'd be like, I can't do
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  Speaker 4: it because it doesn't align with that. So instead, I
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  Speaker 4: think I've tried to embrace a bit more of a
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  Speaker 4: hybrid model, where I would say that eighty percent of
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  Speaker 4: the time I'm putting away the same amount, but if
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  Speaker 4: we have like a holiday or something coming up, then
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  Speaker 4: I'm like, you know what, maybe I'll put a little
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  Speaker 4: bit more into like the holiday fund, yeah that's coming up,
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  Speaker 4: and then a little bit less into like my ongoing savings,
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  Speaker 4: so that I can give myself a little bit of flexibility.
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  Speaker 1: Yeah. I like that.
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  Speaker 2: But you can also try a microsavings routine, so instead
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  Speaker 2: of trying to save hundreds of dollars a month, set
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  Speaker 2: up automatic transfers on payday so they can be small,
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  Speaker 2: painless amounts that you can afford to set aside for
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  Speaker 2: a rainy day and before you know it, you've built savings.
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  Speaker 2: It's all about consistent moves that add up without the
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  Speaker 2: all or nothing mindset.
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  Speaker 1: Yeah, exactly.
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  Speaker 4: And I also love that because it's almost happening in
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  Speaker 4: the background and feel super friction Lesson doesn't take that
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  Speaker 4: much effort, and U Bank offers save accounts with no fees,
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  Speaker 4: which means you can set it and forget it while
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  Speaker 4: you live your life without paying any extra. You can
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  Speaker 4: also have up to ten separate savings accounts to help
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  Speaker 4: categorize what you're saving for whether it's Yeah, makes it
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  Speaker 4: so much easier because whether it's that next overseas trip,
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  Speaker 4: or a car or a new phone, you have your
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  Speaker 4: dedicated account for that. And with the split income feature,
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  Speaker 4: you can even set up the amount you want to
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  Speaker 4: allocate to each of your savings accounts from your pay
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  Speaker 4: which is incredible. And this helps keep your ADMIN to
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  Speaker 4: a minimum while your savings keep popping up, so you
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  Speaker 4: can turn your focus to.
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  Speaker 1: Other things that matter to you.
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  Speaker 2: It's all about building like a calm comp evidence that
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  Speaker 2: you can live your life the way you want to today,
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  Speaker 2: but you're also secure with how your life will look tomorrow.
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  Speaker 2: H I like that.
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  Speaker 4: Yeah, well, that's it for this episode of The Rich
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  Speaker 4: Girl Dictionary.
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  Speaker 2: Tune in next week for the next installment in this
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  Speaker 2: mini series.
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  Speaker 4: Products issued by U Bank, part of NAB Info is general.
• 7:22
  Speaker 4: Consider if it's right for you. For more info and
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  Speaker 4: tmdcubank dot com, dot Au