Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
This podcast is recorded on Gadigal land. Always was, always will be Aboriginal land.
Hey chicks, I'm Sal. And I'm Al. And this is Two Broke Chicks, the show that shares life lessons and tips to help make you rich in life. Welcome back to another edition of our mini-series, The Rich Girl Dictionary. Each episode will be focused on a financial term to help you upgrade your finances and become the money-savvy baddie you were always meant to be.
And it's all thanks to you, Bank, so let's get into it.
This week's Rich Girl Dictionary term is doom spending.
Doom. We're on for a spooky episode. Okay. So what is doom spending? Doom spending is when you spontaneously spend money on things you don't need as a way to deal with stress, anxiety, or economic uncertainty. Mood.
Absolute mood.
Guilty.
Lock me up.
It's more common than you think. Around 29% of Australians do spend and younger demographics like Gen Z are more prone to it, spending money on treats like new clothes, meals out or other little purchases that add up. So it does feed into the whole retail therapy phenomenon. It's the feeling that a quick purchase will fix all your problems. But in reality, it doesn't really do.
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Chapter 2: What is doom spending and how does it affect us?
really quick hits of dopamine, but they don't last very long, which is why you put your phone down, you walk around the house for like 15 minutes and then you pick it back up and you start scrolling again. Retail therapy is kind of the same. So there have been studies that show buying like products and items, the dopamine hit of that is such a shorter hit.
then things like experiences and good quality dopamine. So I get it because doom spending is this thing that we feel a greater sense of control when we're choosing to buy the things we want, especially in like today's society where a lot feels outside of our control. Yeah. That's like the natural reaction to be like, well, what can I control? I can buy a lip gloss.
Literally. That's exactly what I did when the lockdowns were announced. I know, I was there. Yeah. And Al and I were at work and we got like the news that we were going to have to start working from home and we didn't know what was happening. And so I was like, I need to go to Mecca and buy a nice palette.
We were in a food court.
Yeah.
I was eating a laksa.
I'm going to try to say Luxo in every episode and see if anyone notices. Yeah, and I was like, I need to buy something. I need a semblance of control. And then I didn't end up using that eyeshadow palette, like, at all.
You got the craziest thing, too, to get. She bought this, like, multiple colour eyeshadow palette with, like, green, like, bright green, yellow, pink.
Completely impractical. Especially because we was at home for the next six months. Have you... Oh, I definitely used it. Yeah.
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Chapter 3: Why is doom spending more common among younger generations?
Yeah, yeah.
No, I was trying to think. I think I've used it. Yeah. But that brown shade in there. Hit the pan.
Hit the pan. Hit the pan. Absolutely. And that's the thing. As much as doom spending can be a great time in the moment. We get it. Yeah. It does have its emotional drawbacks. It can lead you to a cycle of relief when you first make the purchase, but then to guilt when you realize you've spent money on something that you probably didn't need, which then leads to more regret.
And then the cycle just repeats the next time the doom spending happens. Yeah. Because you're like, have I not learned? I feel like I just kind of laid myself out to bear. But have you ever experienced this doomspending cycle? Yeah, you're just an angel.
No, I don't think so. I think I definitely fall into this, especially if I'm tired. Um, so like that's when that like habit of, you know, meal delivery apps and I'll just be like, Oh, do you know what? I can't be bothered to cook because I'm just too tight. Yeah. I don't want to do it. And that's like my dream spend. And then you get the food and it was probably a bit cold.
They forgot your sauce. The chips all fell out of the bag and you're like, The amount of time it actually took to get to me, I probably could have made a meal that would have been really yummy.
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Chapter 4: How does retail therapy relate to doom spending?
Oh, absolutely.
And it was already in the fridge. Yeah. And that's like, and then the guilt from that comes. I'm not saying that I feel guilty every time I order takeaway food, but I think when it's in like a doom spending mode, that's when I feel that guilty guilt.
Yeah, definitely. The post food clarity is real.
Or even like sometimes I don't do this anymore or as much anymore. I'm never going to talk in absolutes because I'm a walking contradiction. Yeah. But like sale sections, like really scrolling through sale sections and trying to find something I like rather than the flip side, which I think I lean more to now. is I need a new leather jacket, so I'm going to go find one on sale.
It would be going to a sale being like, okay, what you got? What do you got? And I'd be like, and then it would all come. It didn't fit. I didn't like it. The cut was a bit weird. Yeah, and you'd be like, I never would have bought this for a price, so why am I buying it just because it's on sale?
Yeah, yep. Yeah, but the good news is once you recognize the spiral, there are ways to ensure that your intentional splurges don't cross into emotional spending territory. Because that's the thing. It's all about seeing the cycle and then finding a kinder exit for yourself.
So how can we avoid doom spending? It's that thing of like you're anxious about the future so you buy a candle, then another candle, then a face serum, then a coat. Same. I just listed your four recent purchases.
Damn. You're coming for me.
Exactly. So let's go into some of the strategies we use to stop ourselves from doom spending or making those impulsive purchases.
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