DeepSummary
The episode begins with a discussion about the challenges of managing money in one's twenties, whether saving for a car or a big trip. Jemma and her guest Alex from the podcast 'Two Broke Chicks' delve into the topic of impulse shopping and retail therapy, exploring the emotional and psychological factors that drive these behaviors.
They highlight the role of social media, trends, and marketing tactics in creating a sense of urgency and a fear of missing out, which often leads to impulse purchases. The conversation also touches on the concept of 'it girls' and the constant pressure to conform to new fashion trends, resulting in overspending.
In the latter part of the episode, Jemma and Alex offer practical advice on identifying genuine needs versus impulse buys, managing money effectively, and prioritizing experiences and relationships over material possessions. They emphasize the importance of developing financial literacy and making conscious spending choices in one's twenties.
Key Episodes Takeaways
- Practice mindful spending by identifying genuine needs versus impulse buys, and consider waiting or finding alternative options before making a purchase.
- Avoid unnecessary expenses, such as healthcare, due to perceived high costs, as neglecting essential needs can lead to greater financial burdens in the future.
- Engage in activities that provide a sense of control and dopamine release without spending money, such as cleaning, organizing, or creating vision boards.
- Understand the psychological factors that drive impulse shopping and retail therapy, such as social comparison, fear of missing out, and emotional regulation.
- Be aware of marketing tactics and trends that create a sense of urgency and pressure to conform, leading to overspending.
- Develop financial literacy and actively manage your money by budgeting, tracking expenses, and prioritizing essential needs.
- Consider the longevity and quality of purchases, especially when it comes to trend items from fast fashion brands.
- Prioritize spending on experiences and relationships over material possessions, as memories and connections hold more value in the long run.
Top Episodes Quotes
- “But also, the quality you get is going to fall apart within a year. Which is why I would say, like, these trend items that do tend to come from fast fashion. Think about whether you really want it and if you're going to be wearing it in three years time. But if you are going to be wearing it in three years time, is it going to last? Is it going to last in the wash?“ by Alex Hourigan
- “Part of the influence of that is social media. It really creates an entire psychological system of social comparison. Well, we've spoken about this the amount of times I've been like, I hate my clothes and I feel great in them, but it's because I'm constantly scrolling and seeing people who are super fashionable. And so I buy in order to make myself not just feel better, but to almost suppress and be, like, acceptance.“ by Jemma Spegg
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Episode Information
The Psychology of your 20s
iHeartPodcasts
12/14/23
Impulse shopping in an experience we've all had, the feeling of buying something you know you don't really need, but you want it desperately in the moment. Often during this decade we begin earning "adult money" for the first time and that means we can begin spending as a way to emotional regulate. Had a bad day? Buy a new pair of shoes. Been through a breakup? Shopping spree. There are so many ways that companies encourage this behaviour through flash sales and low stock sales, creating a sense of urgency and getting us to spend. So, in today's episode we break down the psychology behind impulse shopping and retail therapy.
We are joined by Alex from the hit podcast, Two Broke Chicks, to provide us with the dos and don'ts of shopping and overspending in our 20s, breaking down the emotions behind buyers remorse, and how to be wiser with your money during this decade.
Follow Two Broke Chicks: https://www.instagram.com/twobrokechicks/?hl=en
Follow Alex: https://www.instagram.com/alexhourigan/?hl=en
Listen to Two Broke Chicks: https://open.spotify.com/show/3d4z5FXeXAtmmP6DPhkpzw?si=aefc278962e64b1b
Follow The Psychology of your 20s: @thatpsychologypodcast
Follow Jemma: @jemmasbeg
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