This month, it’s taken all of my willpower to not drop close to $1K on a hair dryer. Who cares that it’s a decent chunk of my wage? Who cares that I have another one that could pretty much do the same job for me? This magnificent hair tool that all the Cool Girls™ own is extra af and I want it.
This purchase is one I’d file under a “spenemy”. A purchase that I definitely don’t need. A “treat yourself” moment, if you will. And we all have them. It’s what you’d define as those hidden culprits that rack up over time and can stop you from achieving your savings goals. According to research commissioned by ANZ*, 78% of Aussies say they have at least one “spenemy” habit that drains their bank account each month.
While we shouldn’t demonise spending our hard-earned cash on what makes us happy – and tbh, businesses could really use a good boost right now – sometimes those pesky “spenemies” (like buying a fancy hair tool we don’t need) can be a big factor in why some of us don’t know where our money goes by the time payday rolls around. And they can also make a big dent in our savings goals.
Thankfully, tools like the super accessible Your Money Report, available via the ANZ App, are coming to the rescue of spenders like myself and are helping us to track some of the cashola going in (and out) of our bank accounts, including breaking down spending based on merchant and category.
To make myself feel better about potentially dropping a grand (!!) on my hair, I asked a few other people what their most extra “spenemy” purchase has been in the last month.
“I purchased my partner an $8k coffee machine for his 30th birthday. I justified it by not having to buy coffees out anymore and he used to be a barista so I’ll get cafe quality at home! My bank account has never looked sadder, though.” – Melanie, 29, NSW
“I’ve been craving a holiday for a few months now, so I recently booked three nights at a ~boutique~ accommodation on Bondi beach. I spent around $550 and am preparing to spend big on fancy yoga classes, brunches, and all the coffee. Living my best bougie life.” – James, 25, Qld
“I spent $50 on these ridiculous fluffy rainbow slippers. I didn’t need slippers and I’ve never really worn them anyway. I also know you can buy, like, $3 ones from Kmart that will do the trick, but here we are. I got a targeted ad and wanted to live the bougie fantasy but they just look silly when I wear them with my ratty clothes. AH, regret.” – Ellie, 26, NSW
“Mine isn’t a big spend all at once but I’ve been eating out almost every day this month. While $30 to $50 might not seem like much, it’s started to add up! I think I’ve spent nearly $500 on just food and drinks (that’s not counting Uber, oh Lord). Next month will be different… I hope.” – India, 23, Qld
“I just spent $350 (jewellery included) getting my ear piercings curated. It’s where they where they pierce your ear to suit the style of each ear instead of having matching pairs. I’ve wanted it done for years and finally decided to bite the bullet!” – Bree, 27, Qld
“Last month was truly a month of extravagant eating and cooking. Being in isolation for the majority of the month, I was relying on grocery deliveries and takeaway to get me by, which always blows budgets out of the water. I was also sad about everything getting cancelled, and channeled that into cooking and eating. According to my banking app, I spent $1,139 on food over the month which I’m truly shook by. This is double, maybe triple what I usually spend on food, including when I’m going out. It makes sense though. At least I ate good and made a bunch of delish meals that I can add to the rotating repertoire now.” – Sammy, 26, Vic
“I love Marvel and watched the latest Spider-Man movie three times in the cinema. I also hyper-fixate on things and have a lot of film memorabilia, so I bought myself the Spider-Man: Homecoming – The Art of the Movie to add to my collection of art books. It cost me $280 since the book is no longer being printed. I regret it only a little bit.” – Shantelle, 26, Vic
“I am the worst at styling my hair beyond a simple daily brush. My hair is very thick and straight but struggles to hold any volume. I love the look of the blowout you get when you’re fresh out of the salon, so I invested $99 in a blowout brush, which I’m now obsessed with. Not only does my hair look professionally styled every time I use it, but now I don’t have to learn the technique for blow-drying with a roller brush!” – Bella, 25, NSW
So, while it’s important to treat yo’ self once in a while, you might want to check if your spenemies are adding up. Okay, I don’t feel so bad now.
*ANZ commissioned research via YouGov January 2022. The study was conducted online between the 6th and 9th of January 2022, with a nationally representative sample of 1,024 Australian adults aged 18 years or older.
Unless otherwise stated, the views and opinions in this are PEDESTRIAN.TV‘s.