Two Broke Chicks Podcast Episode #110: Breaking Down Toxic Money Traits with Ladies Finance Club
What's your (money) sign? Sal and Al talk toxic money traits and making good habits stick with Molly Benjamin.
Most of us can rattle off our zodiac sign without skipping a beat, but how much do you know about your MONEY sign?
Well, Sal and Al chat to the founder of Ladies Finance Club's, Molly Benjamin, about the different types of money personalities and why you should mix up your spending (or saving) habits depending on your dollar sign.
Molly quizzes the gals on their money personalities and gives her top tips on ditching toxic money traits and making good habits stick.
Consider this their glow up from Two Broke Chicks to Two Rich B*tches.
LISTEN TO EP#10
LINKS & RECEIPTS
- Follow Ladies Finance Club on Instagram
- Follow Molly Benjamin on Instagram
- Listen to the Ladies Finance Club podcast
- Check out Ladies Finance Club webinars and events
CREDITS
- Hosts: Sally McMullen and Alex Hourigan
- Executive Producer: Pariya Taherzadeh
- Editor: Bamby Media
This podcast is powered by Finder and part of the Nova Podcast Network.
Thanks for listening!
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Sally McMullen
Hey sweet cheeks, I'm Sal.
Alex Hourigan
And I'm Al.
Sally McMullen
And we are the hosts of Two Broke Chicks, the show all about sharing life lessons for the gals, from the gals. And today's episode is all about a lesson that I think Alex and I are still getting our heads around and that is money, money, money. I think that most of us, especially Alex and I, can rattle off our horoscope traits like no tomorrow, but I don't think that many people could do the same with their money personality, right?
Alex Hourigan
Fully, and it's probably why money advice like, 'make your coffee at home' or 'save more than you spend' falls on deaf ears. Definitely with us!
Sally McMullen
Do not tell me not to buy a coffee, I will do the exact opposite and buy 10 a day.
Alex Hourigan
Completely, and I'm just tired of the narrative of like, 'avocado on toast means you won't be able to buy a home'. Enough!
Sally McMullen
Let me have this one vice. So, in today's episode, we've got Ladies Finance Club founder, Molly Benjamin, with us to explain the different money personalities and the habits that work for each one. If you're not familiar with the Ladies Finance Club already, they empower women to get savvy with their money, which I think we both definitely need help with sometimes. They have masterclasses, workshops, group accountability sessions, which I love the idea of but also I'm a little bit scared of, that help keep you on track. So, Molly knows what she's talking about.
Alex Hourigan
She's got the goods.
Sally McMullen
So I think that us Two Broke Chicks are in good hands today and we'll learn a lot by the end of this episode. But before we get into the juicy stuff, let's get into our life lessons of the week. So what do you have for me Al?
Alex Hourigan
I have a spicy one! For this week, a bit of context with this one with what's going on in the world right now, while we're recording, but I think the lesson carries through to life regardless of the circumstance. But basically, in the last three months, there's been a lot of stuff on social media that's been filmed and posted that should just not have been there. In this particular circumstance, I'm referencing the Nadia Bartel scandal.
Sally McMullen
Ah, yes, of course.
Alex Hourigan
Breaking lockdown, some not very legal party favours.
Sally McMullen
Legal substances?
Alex Hourigan
And it's just a life lesson of if you're drunk, do not pull out your phone. So in this instance, what happened was, major influencer, she's got about 500,000 followers, Nadia Bartel, was filmed breaking lockdown at a what was supposed to be a divorce party. Like congrats you're divorced, love that for you. But we're in a pandemic, we're in a lockdown, and she broke lockdown and was also filmed using drugs. That was then posted not on Nadia's Instagram, but her friend and also like business owner and someone that she's known for a very long time, apparently, I don't know all of it. But it then went on her Instagram, and everyone saw it. And like, that's it. That's game over at that point.
Sally McMullen
And also on a more cynical note, your career is bound to your social media presence, and you've just shot yourself in the foot. But I think that whether or not you're an Instagram celebrity, or you're just like, you know, an average Joe, just don't. Put the phone away when you're having a night out like-
Alex Hourigan
Yeah.
Sally McMullen
Like we said, even just if you're having a few bevvies, like, we've both learned, nobody wants to see you singing karaoke drunkenly the next morning. So I read a really interesting article on Refinery 29 last week, titled 'Why Women Are Told They Spend Too Much'. And it referenced a 2017 study published by Psychology of Women Quarterly that showed that when women are told that they're bad with money, which we are constantly, it actually decreases our cognitive function around finances. So it makes us feel more confused, more guilty and just less interested in getting our shit together financially or even wanting to get engaged with our money because we're just like, oh, no, like, I'm bad with money. So we just don't even try. So if you hear that, sisters, don't listen to them.
Alex Hourigan
Tell them to shut it!
Sally McMullen
Literally, I think that's a good little segue to get into our chat with Molly. So, as I mentioned earlier, Molly is the founder of the Ladies Finance Club, and she is a legit money coach, and she launched the Ladies Finance Club in 2018. But what I thought was really interesting is that she hasn't always been a whiz with money. And the idea for the club actually came about over you know, a couple of glasses of Prosecco with her gal pals. When, you know, they were sitting around and they all admitted that they were actually a little bit hopeless with their money, which is pretty relatable content, I think. So, inspired by that conversation, Molly put on an info night with some other people who were money experts with some girlfriends just in her living room as a bit of an experiment, and then the rest is history. Since then, over 10,000 women have attended Ladies Finance Club events, and made the first step to kicking their money into gear which is amazing considering that she didn't start off in a money background and it shows that even if you aren't an expert on money, you can get your stuff together. Everyone is different, so not every money strategy that you hear is going to work for you, and that's why we have Molly on the show today to talk about the different money personalities and the different strategies and tips that'll work for each one. Hey, Molly, welcome to Two Broke Chicks.
Molly Benjamin
Thanks so much for having me, Al and Sal, very excited to be here.
Alex Hourigan
We're so excited. I feel like this episode is like perfect because it really is Two Broke Chicks, you know? We're like, 'Molly help!'.
Molly Benjamin
Yeah. Well, hopefully we can work out your personalities and come up with some strategies for that.
Sally McMullen
Yeah, so we'll be Two Rich Bitches by the end of this.
Alex Hourigan
Rebrand!
Molly Benjamin
That sounds way better. Season two, season two rich bitches.
Alex Hourigan
I'm scared to know what my money personality is.
Sally McMullen
Me too, I have no idea but you're the expert on this, Molly. So we thought that it would be fun to kick off our chat. If, you know maybe you ran through a couple of quiz questions with us to find out what our money personalities are. Am I gonna regret this?
Molly Benjamin
And this is a great one because people can play along at home as well. Alright, so we've got question number one, if I unexpectedly received 50k my first impulse would be: a) Make It Rain: spend on things I really want, including gifts for others. b) To immediately lock it away somewhere safe: girlfriend, don't want to waste that. c) I just leave it and then you know, approach it when I felt less overwhelmed. d) Consider all the ways I could invest it to make it grow. Or e) Give it away to a charity where they can help build a better world for everyone. So don't tell me which one you are. But like write it down A, B, C, D or E. So we've got five of these, so that was number one. So number two, as far as credit cards are concerned: a) Credit cards are my weapon of choice, I mostly pay the minimum repayment on them. b) I don't like to use credit cards, I hate having debt. c) I'm often surprised by how much I owe, especially when those sneaky little late fees are added. d) I don't mind using them or running up a large balance because I know I can always pay it off in full. Or e) I tend to avoid using credit cards, I pay with cash or debit. Alrighty. Number three, when it comes to my annual tax return: a) I'm often astonished to realise how much tax I owe. b) I always submit my tax return well before it's due. c) I usually have to scramble to get it done on time. d) I try to get good advice and have the best tax strategies in place. e) I hate the whole damn thing, I just try and get it done with minimal fuss and effort. Alright, so pick A,B,C,D or E. Question four, when I really want something and it's not in my budget, I: a) If I want it, I buy it. Boom, it's mine. b) I have to think really hard before I let myself spend the money. c) What budget? Everything will be fine. d) If it's important to me, I'll just adjust my spending, I'll be able to afford it. Or e) I don't usually spend money on expensive things so I could probably afford it. The last one, question five, in the event of a financial emergency: a) I never have enough money left over to save for emergencies. b) I have saved for almost every emergency, I just hope one doesn't happen. c) Fingers crossed, I just kind of hope for the best. d) I've put a sizable amount for emergencies, I'm not sure if it's enough though. Or e) I hope I can rely on family and friends. So now I want you to add up what did you have the most of A, B, C's D's or E's. Or you might have a couple of each, but what was the main one?
Sally McMullen
Okay, I got two B's, two E's, and one D.
Alex Hourigan
I had two A's and then three E's.
Molly Benjamin
Okay, cool. All right. So should we break down what they are quickly? Yes. All right. So mostly A's so this is like a money spender. So I am, I'm definitely this, or I was this, pretty hardcore. So, you know, you enjoy using your money and you live in the moment so it kind of like the pros are: it brings you joy and pleasure, you're adventurous, and you know, you're always up for the unexpected, you're like that yes person they're like, 'oh, we know she'll do it. Claire will come, she's a Yes girl'. But the disadvantages can be like, it's difficult for you to put money away now for later and hit any long term financial goals, sometimes you can live paycheck to paycheck. And yeah, you spend money sometimes even when you don't have it, which can mean you're likely to go into debt. But it's alright because the ways to help are, on payday, you pay yourself first. So before you pay your bills, you buy anything online, you put money aside into your savings. And then a really nice one I like is you write down everything you spend for a week and rank them 1 to 10 for enjoyment and value. And then before you buy something, just be like, Okay, how long will I have to work to pay for this? Like, how many hours did that just cost me? Okay, that was my hourly rate. Okay, that cost me four hours. Am I-
Alex Hourigan
Oh my god, I love that.
Molly Benjamin
Am I happy to pay four hours for that? So that's if you're a spender. So mostly B's, so it was, Sally did you have quite a few B's in yours?
Sally McMullen
Yeah.
Molly Benjamin
Okay. So you're a money saver.
Sally McMullen
Ooh.
Molly Benjamin
You love to save money. You buy things you really want. You set and accomplish your financial goals, and you're the kind of person who has a budget and sticks to it. Does that sound like you?
Sally McMullen
I think it kind of sounds like me, it's what I'm trying to be.
Molly Benjamin
Yeah, that's nice. But sometimes the disadvantage can be as a money saver, you might find it hard to spend money on yourself. You feel sometimes expected to help others out, because you have money. You prefer to stick to essential purchases and sometimes there's a bit of pressure to spend in ways that maybe don't fit with your budget or values. And with investing, you might feel a little bit worried about losing money, but all good. So, we've got a couple of ways to help.
Sally McMullen
Help me! Help me, Molly!
Molly Benjamin
So, start a fun money fund. So, fun money fund that you just spend on yourself and things that bring you fun. Look at your goals and think are these needs and wants, and is this what I really want? Or is this kind of what society expects from me? I hear that a lot at Ladies Finance Club people are like, I want to buy a house. But then we dig into it and I'm like, no you don't, you want to travel the world, you don't know where you want to belong. Like, is that something you just think you want? And they're like totally. And then also, it's really good to obviously learn about investing and growing your money.
Sally McMullen
Yes, absolutely, can relate because investing is very scary. And I feel like I agonise over every cent I spend.
Alex Hourigan
Yeah. Alright, so we've got C's. Now Did anyone get C's?
I don't think I did.
Sally McMullen
I didn't have any C's.
Molly Benjamin
Okay, that's probably not a bad thing, because C's is a money avoider. So, it's just like, money isn't a priority. You just like live your best life. It's kind of like really quick to like, you're always optimistic that, you know, things will work out, it'll be fine. You know, you share what you have with others, and you don't feel pressured by other expectations. But the cons are, you probably prefer to get a pap smear than do a budget. Because you're like, I've got money coming in, but I don't know how much, I don't know what I'm spending. I don't know what I owe, you lose track.
Alex Hourigan
Oh my god, I'm just anxious, just even thinking about that.
Sally McMullen
Me too.
Molly Benjamin
Well, that's good, because you guys aren't money avoiders. But if you are out there, don't you worry, because these are ways to help. So, I think a really good one is just working out what are your basic living expenses, and putting that into an emergency fund and making sure you've got like at least three months of emergency money, just set aside. I think it's also really good at working with a money coach, because you might have a few little blocks that you really need to overcome. And also super helpful, download a budgeting app, there's a heap out there, and I know Finder's got one, but it's a really good to like set a challenge and be like, 'Okay, I'm going to only spend $100 on groceries this week', and just measure it and actually see. So, just start off small, you know?
Alex Hourigan
I feel like as well half the time, like, people set goals that are just way too big for themselves. And then it's such an unachievable thing to just, try and hit that. And then you're just going to give up automatically because you're not getting any, like, reward from achieving anything, mentally. So yeah.
Molly Benjamin
Totally, and we hear that all the time. People are like, what, 'what's your goal?'. They're like, 'I want to buy a house next year'. And we're like, fantastic. 'What's your deposit?'. 'Oh, I don't have any things saved'. It's like, okay, maybe we need to be a bit more realistic about this goal otherwise, you're just gonna get sad. So mostly D's, money accumulator. So, money helps you feel in control and secure. Well, this is like, you know, you like to protect your money, you're conservative with your money, you're very disciplined. The cons are like, if you experience, like, a lack of money, you kind of feel like you've failed a little bit and you stick to such a strict budget that it means that you can sometimes sacrifice the things you love and the things that bring you joy, and giving up your own money decisions to like professional can be tricky. But that's okay because it's just important to, like, not budget, the fun out of life. And I think people do this as well. They're like, 'Well, I'm never buying a coffee ever again'. It's like, Oh, come on, don't budget the fun out of life. Or, 'I'm never getting cocktails again'. I'm like, or 'getting an Uber Eats'. I'm like, come on, it's lockdown, that's unrealistic. But just like reduce it. And I think for those money accumulators as well, it's just important to like talk to people in your life about, you know, how they experience your relationship with money because sometimes they can be a little bit stingy. And like, I personally, I think stingiest was one of the worst personalities in someone I'm like, 'Oh, God, don't be stingy'.
Sally McMullen
Yes, that one person who counts like the dinner bill down to the cent? I hate that.
Alex Hourigan
Or they message you the next day after drinks, and they're like, 'Hey, can you transfer that $5.50?'
Sally McMullen
And you're like, 'I'm still hungover, okay? I'm still processing last night!'
Molly Benjamin
And then finally E's. Okay, you guys, the E's are the money monks. So, money helps you feel good by giving to others. Look at you.
Sally McMullen
Oh, my God. That's why we spend so much on each other for Christmas every damn year!
Molly Benjamin
Totally! That is a thing. Absolutely. So this one is, you know, the advantages are like, you have strong values, you're generous, you give to other people or causes, you're appreciated for being thoughtful. But the challenges are that sometimes you sacrifice your own needs and future securities for others. And you might also sabotage your own saving plans, by giving away money when your balance grows too much. And you can even think sometimes, you know, having too much money is a bad thing. And it could maybe corrupt you. And when you have lots of money, and you feel a little bit uneasy about it, and we see this a lot, we see people who, especially those who work in like let's say, I don't know, what would you call it like health workers, teachers, charity work as when they're working in that really good-
Sally McMullen
Giving back to the community.
Molly Benjamin
Giving back to the community, they've almost got this mindset of like, I can't grow my wealth, I can't be good and, like, to give it away, because it just doesn't sit with their values. But that's okay, because the last list of ways to overcome it is to write out a list of why money is good, and really start to reframe money as being a tool that, you know, can help you help others. And also negotiating your salary, because these are the kinds of people who maybe wouldn't be negotiating and they do give away their time for a lot less than it's worth. A great thing for money monks, as well as if they're looking at investing, looking to invest in ethical options, because that's just gonna sit a lot better with them and their values. And realise that, you know, money doesn't have to be bad. It doesn't have to make you corrupt and look at your money, beliefs and go, where could this have come from what happened earlier, when I was younger, that would make me think, oh, money is evil, money is bad? That's a couple of different money personalities, and I love money personalities, but I also think it's like, good not to use them as an excuse to be like, 'Well, I'm a money spender. That's just how I am', because that can always be changed.
Alex Hourigan
But pretty much mine was like, I had to spend money on myself or other people. And that's, you know, not the worst thing in the world. I'm trying to become a little bit more of a B, which is a money saver, yeah? But if I'm being brutally honest with myself, I'm always just like, 'Yeah, let's have a good time', or, 'This will make this person really happy'. Like if I'm online shopping, I'll see like, something go on sale and I'll be like, 'Oh my god, you know what? My roommate would really like that. That would make her day'.
Molly Benjamin
Oh my god, can we be friends? That's so nice.
Alex Hourigan
For Christmas, I think last year, I got Sally, like, 10 Christmas presents because we do like a treasure hunt every year. And then the year before that, it was nine I was like 'Well, I can't get her less!'.
Sally McMullen
Yeah, so I'm just, like, expecting it to accumulate every year. I've got a good thing going.
Molly Benjamin
Yeah, what's coming for 2021? Wow!
Sally McMullen
I think that I started off being more of a spender, when I was younger, when I first got a job and then I got that, like, huge buyer's remorse and that thing of like, I have so many possessions, I hate this, like, this is very stressful. And that has, I guess, caused me to at least save more. But then also coming with that, I agonise over, like every time I spend something on myself, I, like, really agonise over spending it which kind of takes the enjoyment out of it, unfortunately. So I think we've spoken about a lot of really good habits for each of these money personalities, but do you have any tips, Molly, on what to do to make them stick? Because like Al said, if you're, sometimes when you're starting a challenge or something like that, you go in with good intentions, and then it doesn't last very long. So what are some tips to help make this a little bit more sustainable?
Molly Benjamin
Yeah, well, I think a tip which is kind of more like the practical side of things is like what gets scheduled, gets done. So put some time aside in your diary to actually make time to make money a priority and a focus, even if it's like 30 minutes, a week on like a Friday morning or a Wednesday evening, like, pour yourself a glass of wine. You know, managing money does not have to be boring or stressful. It can be fun. It's really important just to put time aside to be like, 'Okay, this is the time I'm dedicating to get on top of my money'. And then with, I guess it's making money habit stick, you get what you repeat, which is a quote from James Clear who wrote 'Atomic Habits' and I love that because I think, you want to automate where possible. I'm lazy, I constantly lose my logins for everything, so I've set up pretty much automated, direct debits on everything where I can. My electricity bill, my savings, my investments, everything just comes out automatically. So then I'm not tempted to spend that money and I know that, you know, I'm building my wealth. But I also know that all my bills are getting paid. And then the other one, I guess, is just like, making sure you do put time aside to set up your bank accounts, right, like put yourself in the best position going forward. So, I have like multiple different accounts and it did take me a little bit of time just to kind of be like, okay, this is my fun money account, this is my financially adulting account, where all my living expenses are gonna come out of, this is my future me account, and this is my account for when things need to be replaced. So, really just making time to give yourself a really strong financial foundation.
Alex Hourigan
So how much time would you recommend to schedule in weekly to look over, check in and update your finances?
Molly Benjamin
I mean, once you've got everything set up, it does not need to be long. It can be like 15 minutes. With Ladies Finance Club, we have one hour calls once a month where people jump on, but they also use that time to actually just get on top of their finances. So, we're all on a zoom, they're saying what their goals are. While they're not talking, other people are just getting it managed.
Sally McMullen
Well, all of those were very helpful, Molly, thank you so much. But before we wrap up the episode, we wanted to play a little game of pick your poison, which is essentially our fancy name for this or that. So we'll give you two topics and you tell us which one you prefer.
Molly Benjamin
All right!
Sally McMullen
So, I'll kick off: afterpay or credit cards?
Molly Benjamin
Oh god, that's tough! Afterpay.
Alex Hourigan
Same girl.
Sally McMullen
Me too.
Alex Hourigan
Okay, zodiac signs or money signs?
Molly Benjamin
Money signs. Definitely.
Sally McMullen
All right, next one: crypto or investing?
Molly Benjamin
Investing.
Alex Hourigan
UberEats or home cooking?
Molly Benjamin
Home cooking, but I don't want to sound like a stinge so, occasionally UberEats.
Sally McMullen
What about Friends or Seinfeld?
Molly Benjamin
Friends.
Alex Hourigan
Good choice. More importantly, Channing Tatum or Chris Hemsworth?
Molly Benjamin
Chris Hemsworth, Aussie boy!
Sally McMullen
Money TikTokers or LinkedIn influencers?
Molly Benjamin
Money TikTokers! Oh my god, I love them.
Alex Hourigan
Yes! And last one: bubble bath or face masks?
Molly Benjamin
Bubble baths.
Sally McMullen
Well, thank you so much for joining us on Two Broke Chicks, Molly. We have learnt so much and yeah, I can't wait to reach our final form and be Two Rich Bitches after this.
Alex Hourigan
Fully, I'm so excited and motivated now.
Molly Benjamin
Fantastic. Can't wait. So listen to you on Two Rich Bitches.
Sally McMullen
We'll have you back then and you can help us manage our portfolios or whatever rich people do.
Alex Hourigan
Thanks so much for joining us on Two Broke Chicks, Molly. You can follow @ladiesfinanceclub on Instagram for heaps of helpful money tips and explainers. And hit up the Ladies Finance Club website if you do want to sign up and check out their exclusive events, webinars and courses to become finance savvy queens, chicks, girls, boys.
Sally McMullen
All the pronouns!
Alex Hourigan
Yeah, everyone!
Sally McMullen
And that is a wrap for another episode of Two Broke Chicks. Thanks again to Molly Benjamin for joining us on the show. And to all of y'all for letting us yap in your ear holes. We mentioned so many helpful resources in today's episode, so head to finder.com.au/twobrokechicks for today's show notes and all of the links that you'll need. If you know someone who could use some help whipping their finances into shape, Al I life feel you staring at me and I'm staring at you, feel free to share this episode with them. And of course show us some love, follow us on Spotify, Apple podcasts and give us a review and some love wherever you listen to your podcasts. As always, thanks to our wonderful producer, Pariya Taherzadeh, and our friends at Bamby media for editing this episode. And if you have any questions or if you have any topics that you want us to cover on the show, hit us up on Instagram @twobrokechicks and we'll see you there.
Alex Hourigan
See you next time.
Sally McMullen
Till next time, bye angels! Go get that money!
Alex Hourigan
Yeah! Get that dough!
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