Would you rather: talk about your latest sexual tryst, or go over the current state of affairs of your financial status?
If you’re like me, you’re probably more willing to discuss how many times your partner Did That Thing You Like last night rather than admit how much your latest Target run ran you up. There’s this weird thing with talking about money that gets palms sweating, tongues twisting, and folks running for any change of topic. Why is talking about what goes on in your bank account more taboo than what goes on in your bedroom?
Actor, comedian, activist, and creative content maker Gaby Dunn seeks to explore this counter-intuitive weirdness in her podcast Bad With Money. She interviews family, friends, business partners, personal partners, content creators, and financial experts throughout the course of her show. Her goal: to help herself – and listeners – not be bad with money.
The show is witty, informative, and easy to digest. There’s no condescension from the experts, fantastic feedback and perspective from a diverse host of guests, and Gaby isn’t afraid of asking the “stupid” questions so you don’t have to. I’ve only been listening for a few weeks, but already I’m feeling the positive effects of being more aware of my Benjamins – and so have my credit card statements.
Get out of the “poor people thinking” trap
It’s only been within this last year that I moved out of the paycheck-to-paycheck struggle. But my spending habits – and my saving habits – sometimes still reflect that stage of my life. Paycheck hits on Thursday, and by Friday night, I’ve already calculated out how to spend out each and every penny. It’s the mentality – and financial psychology – of thinking in the here and now. “Poor people thinking.” When Gaby talked about it on her show, I thought it had more to do with actual income than with financial habits. But it’s the immediate spending mentality vs. the long-term goal mentality. The goal is to find a balance between your income and spending cashflows that allow you to still enjoy things you need money for in the present, but still be prepared for your future by tucking away and spending wisely.
Putting monetary value on your creative efforts
Time is money. That seems to be something that both Gaby and myself struggle with understanding. As 9-5 “normal” jobholders by day, and creative content makers by night, it’s hard to translate wage and salary from one to the other. There’s a stigma – which Gaby explores in depth numerous times throughout the podcast – that the time and energy that goes into art is somehow less-than the time and energy that goes into other jobs. She frequently reminds her viewers that part of the reason she’s able to afford doing the podcast – because even making stuff takes money! – is because of her other job ventures, and because of ad sponsorship. So being aware of your input in relation to the monetary output of your efforts is crucial in being successful financially, especially if you’re intending on making your creative pursuits your 9-5.
Beware the pitfalls of emotional spending
While Gaby discusses emotional spending in the context of depression and anxiety as a feel-good coping mechanism, I struggle with it in relation to my bipolar disorder. There are times – especially when I’m manic cycling – that I feel so so so good! I can pretty much track these times in my debit and credit card statements because it’s during those cycles that I do the most spending. While 75% of it is necessary spending – groceries, household supplies, bills, etc. – there’s a remaining 25% that once I simmer back down into my normal cycling, I realize I didn’t really need to spend. If it happened every once in awhile, it wouldn’t be too bad, but when you’re cycling on a pretty regular basis, that stuff adds up quick, and detracts from funds that could be better spent elsewhere: savings, long term goals, or just helping yourself get ahead on things. While Gaby encourages listeners to self-care, she just reminds them that there’s a difference between buying the $2 stress-therapy coloring book when you have a $20 budget for the week vs. the $35 sushi platter when you’re still short on rent for the month.
You can listen to Bad With Money With Gaby Dun for free on Spotify. Be sure to use Gaby's ad codes to help yourself with saving some moolah while simultaneously helping her keep the show going!
