Latest / Two Broke Chicks / Rich Girl Dictionary: Money Dysmorphia

Transcript

Rich Girl Dictionary: Money Dysmorphia · Two Broke Chicks

• 0:00
  Speaker 1: This podcast is recorded on gaddigal Land, Always was, always
• 0:03
  Speaker 1: will be Aboriginal Land.
• 0:10
  Speaker 2: Hey ticks, I'm al and I'm sal and welcome to
• 0:12
  Speaker 2: two broad chicks to show that shares tips and trips
• 0:14
  Speaker 2: to help make you rich in life. And welcome back
• 0:18
  Speaker 2: to another edition of our mini series, The Rich Girl Dictionary.
• 0:21
  Speaker 1: You These bonus episodes are just for you, chicks.
• 0:26
  Speaker 2: Each episode will be focused on a financial term to
• 0:29
  Speaker 2: help you upgrade your finances and become the money.
• 0:32
  Speaker 1: Savvy baddie you're always meant to be.
• 0:36
  Speaker 3: And it's all thanks to your bank. So let's get
• 0:38
  Speaker 3: into it.
• 0:39
  Speaker 2: Okay, this week's Rich Girl Dictionary term is drummer money dysmorphia.
• 0:46
  Speaker 1: That was a good drum roll. Thank you, give you
• 0:49
  Speaker 1: you your credit? Where credit credit quite credits? Okay, so
• 0:55
  Speaker 1: what is money dysmorphia?
• 0:58
  Speaker 3: Essentially, you have money in your account, but you're checking
• 1:02
  Speaker 3: it five times a day convince you're broke or the reverse.
• 1:07
  Speaker 3: Sound familiar to some new jiggi's out there. Money dysmorphia
• 1:11
  Speaker 3: is when your perception be on the reverse.
• 1:14
  Speaker 1: Honestly, yeah yeah, yeah yeah.
• 1:17
  Speaker 3: Money dysmorphia is when your perception of your finances doesn't
• 1:21
  Speaker 3: really match the reality in either direction, so you might
• 1:25
  Speaker 3: feel broke even when you're doing okay, or feel fine
• 1:28
  Speaker 3: when you're actually overspending. A twenty twenty four study you
• 1:32
  Speaker 3: found that forty three percent of Gen Z and millennials
• 1:35
  Speaker 3: experience money dysmorphia, so actually super common, despite many being
• 1:41
  Speaker 3: in a healthier financial position than they feel.
• 1:44
  Speaker 2: So money dysmorphia develops from multiple factors, including a person's upbringing,
• 1:50
  Speaker 2: fears around the cost of living, and perceptions on the Internet.
• 1:54
  Speaker 2: There's the book The Psychology of Money, and that actually
• 1:58
  Speaker 2: talks a lot about how your relationship with money does
• 2:02
  Speaker 2: really start from childhood, and also social media in particular
• 2:07
  Speaker 2: plays a huge role. So constantly seeing other people spending
• 2:12
  Speaker 2: like holidays and lifestyles makes it really hard to accurately
• 2:16
  Speaker 2: gauge where you actually sit.
• 2:18
  Speaker 1: It's a comparison track. Seriously.
• 2:21
  Speaker 2: I remember spending so much money on makeup when I
• 2:24
  Speaker 2: was like eighteen and nineteen because I would watch heaps
• 2:27
  Speaker 2: of like makeup tutorials and like lots of YouTube and
• 2:31
  Speaker 2: they always had these like fully stocked shelves of like
• 2:36
  Speaker 2: seventeen hundred lipsticks, and I was like, I want that.
• 2:40
  Speaker 1: I want every shit in the collection. Yeah, I'm going
• 2:42
  Speaker 1: to get the blue blue Kylie lip kit. God, you
• 2:46
  Speaker 1: did get the blue Kylie lip kit, didn't you? Yeah,
• 2:49
  Speaker 1: not the Kylie one, but lime Crime And was it
• 2:51
  Speaker 1: bright blue? Oh yeah, like sky blue and you and
• 2:55
  Speaker 1: you wore it. I'd wear it to the club. Yeah.
• 2:58
  Speaker 1: I hope those picks never see the latter day. I'm
• 3:00
  Speaker 1: going to post them. Guys, don't worry.
• 3:03
  Speaker 2: So moneydys morphia can show up in your day to
• 3:05
  Speaker 2: day life as chronic financial anxiety and compulsively checking your
• 3:10
  Speaker 2: bank balance or on the flip side, avoiding looking at
• 3:14
  Speaker 2: your finances altogether. And there's that saying that it's like,
• 3:17
  Speaker 2: if you don't want to check your bank account, you
• 3:19
  Speaker 2: need to check your bank account. And when I heard
• 3:21
  Speaker 2: that for the first time, and it was on this
• 3:23
  Speaker 2: show like years ago, I was like, that hurt my feelings. Yeah,
• 3:26
  Speaker 2: but have you ever felt like you had no money
• 3:29
  Speaker 2: and checked your account and been surprised it wasn't as
• 3:32
  Speaker 2: bad as you thought or the opposite?
• 3:34
  Speaker 1: Yeah, definitely.
• 3:35
  Speaker 3: I think there's been times where I was spending more
• 3:38
  Speaker 3: like I was spending beyond my means. Yes, you know,
• 3:41
  Speaker 3: And I almost think that in that same time, I
• 3:43
  Speaker 3: also was very apathetic about my finances and was early
• 3:47
  Speaker 3: in my career, you know, entry level job, wasn't earning
• 3:50
  Speaker 3: very much money, and had this narrative in my head,
• 3:54
  Speaker 3: I like, I don't earn enough money to save money.
• 3:57
  Speaker 1: I only had enough money.
• 3:59
  Speaker 3: To cover my answers, which I do think, like, I
• 4:01
  Speaker 3: definitely didn't have lots of expendable income, but I definitely
• 4:06
  Speaker 3: wasn't spending or budgeting in a.
• 4:08
  Speaker 1: Way that was probably for the best. Whereas when I actually.
• 4:13
  Speaker 3: Looked at my finances and looked at my expenses and
• 4:16
  Speaker 3: realized the things that I could cut back on, I
• 4:18
  Speaker 3: was like, I could be saving money. And that's honestly
• 4:20
  Speaker 3: where it began, like actually just looking at my finances
• 4:23
  Speaker 3: and not just being like, oh, well, I don't earn
• 4:24
  Speaker 3: enough money, so of course I'm not going to save
• 4:26
  Speaker 3: any money, like.
• 4:27
  Speaker 1: Just being a little apathetic pooh about it, you know,
• 4:31
  Speaker 1: little apathetic pooh chat collection. Oh my god, pathetic pew.
• 4:36
  Speaker 1: I'd buy it, Yeah, what about you.
• 4:39
  Speaker 2: Absolutely, I think mine probably was similar to what you're saying,
• 4:45
  Speaker 2: that it's like my money. This more field was more
• 4:50
  Speaker 2: more delusion in terms of yeah, that's enough for money.
• 4:53
  Speaker 2: They last me to the end of the.
• 4:54
  Speaker 1: Month, oh god, yeah. Yeah, and I'd get to like,
• 4:58
  Speaker 1: you know, there's two weeks until paid. It that is
• 5:00
  Speaker 1: not enough money to do? Yeah?
• 5:02
  Speaker 2: And I think as well, that comes from not knowing
• 5:05
  Speaker 2: what my spending habits were, because my spending habits weren't consistent. Yeah,
• 5:10
  Speaker 2: So it would be like, you know, I'd spend a
• 5:12
  Speaker 2: lot of money in the first two weeks after getting paid,
• 5:14
  Speaker 2: and then I'd have to sit here and really be
• 5:17
  Speaker 2: stressed and scrounged because I didn't know.
• 5:20
  Speaker 1: I'd be like, how where did all my money go? Yeah?
• 5:22
  Speaker 2: I'd be like what happened? I'd wake up from a
• 5:25
  Speaker 2: nap and I'd spend two hundred dollars. Yeah, I'd walk
• 5:28
  Speaker 2: out the door and it's forty dollars on the doormat,
• 5:31
  Speaker 2: Like how did that even happen?
• 5:33
  Speaker 1: Yeah?
• 5:39
  Speaker 2: Getting clarity around our financial situation and like whether or
• 5:42
  Speaker 2: not you feel like you are more stressed because you're
• 5:46
  Speaker 2: like I don't have enough money but you actually do
• 5:49
  Speaker 2: and you're okay, or whether it's the overspending one. How
• 5:52
  Speaker 2: can we get clarity around our financial situation.
• 5:55
  Speaker 3: The best way to get around this money dysmorphia is
• 5:59
  Speaker 3: data over feelings.
• 6:00
  Speaker 1: Love data, Yeah, facts over feelings. There should be a drag.
• 6:04
  Speaker 2: Queen called like data something. Surely that that would be
• 6:08
  Speaker 2: a good drag name.
• 6:10
  Speaker 1: Look to stage data.
• 6:12
  Speaker 3: So you need to see the real numbers, not just
• 6:15
  Speaker 3: sense them. Knowledge is power. Getting a clear view of
• 6:18
  Speaker 3: all of your accounts is the first step of understanding
• 6:21
  Speaker 3: what's actually going on.
• 6:22
  Speaker 2: Yeah, and Ubank's Connected Accounts view let's you link to
• 6:25
  Speaker 2: your external accounts from other banks so you can see
• 6:28
  Speaker 2: them all together, not just your Ubank balance, which is
• 6:32
  Speaker 2: super helpful. So Ubank's cash flow view and spending categories
• 6:36
  Speaker 2: can also help you understand your actual patterns so you
• 6:39
  Speaker 2: can determine if anything needs to change. You can look
• 6:42
  Speaker 2: at your cash flow and spending insights at a weekly, fortnightly,
• 6:46
  Speaker 2: monthly or yearly view and align.
• 6:49
  Speaker 1: To your specific pay cycle, so it.
• 6:51
  Speaker 2: Allows you to see what money is coming in and
• 6:54
  Speaker 2: how regularly versus how much money is going out. And
• 6:58
  Speaker 2: that is like the simplest and most non emotional way
• 7:02
  Speaker 2: to look at your money.
• 7:03
  Speaker 1: Yeah, it's just the fact, it's just its numbers.
• 7:06
  Speaker 2: Yeah, you know, and I do think we can fall
• 7:09
  Speaker 2: into this trap of thinking that, you know, money is
• 7:12
  Speaker 2: just numbers on a screen. It doesn't feel as real,
• 7:14
  Speaker 2: you know, and that's you know why they say, oh,
• 7:16
  Speaker 2: cash is more mental in spending. Yeah, but I think
• 7:20
  Speaker 2: having it all in there and having that cash flow
• 7:22
  Speaker 2: insights to look at and looking at data over feelings
• 7:26
  Speaker 2: really can help pull you out of that money dysmorphia.
• 7:29
  Speaker 1: Yeah.
• 7:29
  Speaker 3: Definitely, having access to your own spending insights means that
• 7:33
  Speaker 3: those anxious internal monologues surrounding money knows when to be quiet,
• 7:38
  Speaker 3: and ultimately it makes you feel more supported and like
• 7:41
  Speaker 3: you know what's going on, which I think is where
• 7:43
  Speaker 3: a lot of that anxiety comes from. Do you think
• 7:45
  Speaker 3: you have an accurate picture of your finances or are
• 7:48
  Speaker 3: you going off vibes?
• 7:49
  Speaker 1: Where are we sitting?
• 7:51
  Speaker 2: I would say seventy percent accurate?
• 7:57
  Speaker 1: Thirty percent vibes? Yeah, yeah, but yeah, I.
• 7:59
  Speaker 2: Think it's always a work in progress. That's how I
• 8:02
  Speaker 2: feel about it.
• 8:03
  Speaker 1: Yeah.
• 8:03
  Speaker 2: I don't think I've traditionally been like a very savvy
• 8:08
  Speaker 2: person with my finances, and only in my late twenties
• 8:12
  Speaker 2: and now thirties have I actually kind of locked into it.
• 8:14
  Speaker 2: But I definitely feel, especially this year, I have a
• 8:18
  Speaker 2: more accurate picture of my finances.
• 8:20
  Speaker 1: I know how much my hex dead is. Yeah, I
• 8:23
  Speaker 1: know what my super is.
• 8:25
  Speaker 2: And like even just being able to say that I
• 8:27
  Speaker 2: know those two things like makes me feel a lot
• 8:30
  Speaker 2: better about myself because I'm like, cool, I've taken action
• 8:33
  Speaker 2: and I know more about my finances than I previously did.
• 8:37
  Speaker 3: What about you, Yeah, I feel the same. I definitely
• 8:39
  Speaker 3: think that there's a room for improvement. But in my
• 8:42
  Speaker 3: early twenties, I would never look at my bank account,
• 8:45
  Speaker 3: like I would feel such anxiety and sometimes go weeks
• 8:48
  Speaker 3: without looking at it, and like I look at it daily,
• 8:52
  Speaker 3: I would say, to see what's going on, but then
• 8:54
  Speaker 3: also have those regular check ins to look at the
• 8:57
  Speaker 3: expenses versus the incummings to get an idea and kind
• 9:00
  Speaker 3: of cut back and just try and be.
• 9:02
  Speaker 1: A little bit more responsible.
• 9:03
  Speaker 2: I think taking the pressure off myself as well definitely
• 9:08
  Speaker 2: like made me action more than I even you know,
• 9:13
  Speaker 2: wanted to previously.
• 9:14
  Speaker 1: Like this is this year.
• 9:15
  Speaker 2: I've always said I want to start investing or it's
• 9:17
  Speaker 2: not investing, never did it, But this year, like didn't
• 9:20
  Speaker 2: set a single goal.
• 9:21
  Speaker 1: This year actually started investing. Take the pressure off.
• 9:24
  Speaker 2: Yeah, I took the pressure off myself because I was like, oh,
• 9:26
  Speaker 2: I don't know how to do that and blah blah
• 9:28
  Speaker 2: blah blair. But like I probably have the best view
• 9:31
  Speaker 2: of my finances and understanding of my finances than I've
• 9:34
  Speaker 2: ever had.
• 9:35
  Speaker 3: Yeah, Yeah, I think that's the key right there, taking
• 9:38
  Speaker 3: the pressure off perfection and focusing.
• 9:40
  Speaker 1: On progress instead.
• 9:41
  Speaker 3: That's it for this episode of rich Gal Dictionary. Tune
• 9:45
  Speaker 3: in next week for the next installment of this mini series.
• 9:50
  Speaker 2: Products issued by you Bank. Part of NAB Info is
• 9:52
  Speaker 2: General Consider if It's right for you. For more info
• 9:55
  Speaker 2: and tmdcubank dot com dot Au