WEBVTT - Five silent budget killers

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<v Speaker 1>Welcome to How Do They Afford That? The podcast that

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<v Speaker 1>peaks into the financial lives of everyday Australians. I'm Michael Thompson.

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<v Speaker 1>I'm an author and the co host of the podcast

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<v Speaker 1>Beer and Greed business News. As always, I am with

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<v Speaker 1>financial planner Canna Campbell, founder of Sugar Mama TV, the

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<v Speaker 1>financial literacy platform that you'll find on Instagram, TikTok, YouTube, books,

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<v Speaker 1>podcasts everywhere. Hello, good morning today. Budget Killers sounds very intense,

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<v Speaker 1>doesn't it.

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<v Speaker 2>It sounds a little bit satanic, baby.

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<v Speaker 1>Yes it does. These are the things lurking in your

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<v Speaker 1>budget right now, potentially that are either costing you money

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<v Speaker 1>or perhaps causing you unnecessary angst. For me, it's things

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<v Speaker 1>like it's like when your budget's kind of cruising along

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<v Speaker 1>nicely right, and occasionally I get into that stage where

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<v Speaker 1>everything just seems to be working and you've got everything

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<v Speaker 1>under control, and then something just comes along and completely

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<v Speaker 1>just blows your budget out of the water. And it

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<v Speaker 1>is not like an unexpected expense, which is why this

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<v Speaker 1>is so ridiculous. It is for me, the car red

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<v Speaker 1>Joe that happens every year, and I should know that

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<v Speaker 1>it's coming, and yet every year April is just an awful,

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<v Speaker 1>awful month because it takes me by.

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<v Speaker 2>Surprise for a lot of people's Christmas time.

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<v Speaker 1>Yeah, exactly, school holidays, which I mean are they are

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<v Speaker 1>there every year, They're on the calendar. You can plan

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<v Speaker 1>around it. Yet these are budget killers. So today we're

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<v Speaker 1>going to put together a list. These are the five

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<v Speaker 1>silent budget killers to watch out for. I'm not talking

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<v Speaker 1>about those kind of random unexpected things like a shock

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<v Speaker 1>medical expense that might come along just out of the blue,

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<v Speaker 1>but these are things that are probably in your budget

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<v Speaker 1>right now doing some damage. And the thing I'm most

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<v Speaker 1>excited about, Kenna, is that before we started recording this

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<v Speaker 1>today and I said, we're talking five silent budget killers,

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<v Speaker 1>and you're just really going to throw me under your

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<v Speaker 1>face it went ashen. You're just like the color just

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<v Speaker 1>drained from your face and you shook your head. And

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<v Speaker 1>he said, I'm guilty of one of these, one of

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<v Speaker 1>the five. And I can't wait to see what one

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<v Speaker 1>it is. I hope it's a good one. Shall we

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<v Speaker 1>jump in? Yes, number one on the list of five

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<v Speaker 1>silent budget killers to watch out for? What is it?

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<v Speaker 2>This is? I'm gonna have to confess my sins.

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<v Speaker 1>Is it you? Are you? Is this you straight off

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<v Speaker 1>the top? Yes?

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<v Speaker 2>Oh this is really actually embarrassing to share. Okay, but

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<v Speaker 2>I signed up to something under a thirty day free trial,

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<v Speaker 2>forgot about it, then saw that it was going to

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<v Speaker 2>be about just I got the warning like it's going

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<v Speaker 2>we're going to start charging you. Still, did I do

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<v Speaker 2>anything about it?

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<v Speaker 1>No?

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<v Speaker 2>No? Did I even use this description? No, but in

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<v Speaker 2>my head I was like, okay, make sure you go

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<v Speaker 2>and give this subscription a good test to see if

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<v Speaker 2>you wanted or it. Didn't do that, And then it

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<v Speaker 2>gets even worse. I thought the charge was in Australian dollars.

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<v Speaker 2>It was actually in US dollars.

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<v Speaker 1>Oh, no, even worse worse.

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<v Speaker 2>Have I canceled it?

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<v Speaker 1>No, because I still really want to see it works

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<v Speaker 1>as a triple whami. You didn't use it, didn't use it,

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<v Speaker 1>didn't cancel it, and it was charged in US dollars.

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<v Speaker 2>I didn't realize that, and I haven't canceled it yet.

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<v Speaker 1>I still haven't canceled it.

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<v Speaker 2>Because I really I really need to sit down and

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<v Speaker 2>have it go, using it to see if it actually works,

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<v Speaker 2>because it could be really good.

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<v Speaker 1>So Number one on this list of five silent budget

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<v Speaker 1>budget killers is don't do what Canada does. Yeah, okay,

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<v Speaker 1>so we're talking here. You subscription, I say not.

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<v Speaker 2>What I do is what I was trying to I like.

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<v Speaker 1>That subscriptions, direct debits and forgotten free trials.

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<v Speaker 2>Yes, so what I would recommend the wise, responsible, organized

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<v Speaker 2>Canna is normally this is why so shame because she's

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<v Speaker 2>so out of character for me, And it's just this

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<v Speaker 2>one particular subscription because I'm desperate just to give it

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<v Speaker 2>a proper go, and I don't want to cancel it

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<v Speaker 2>because I had this free trial which I won't get

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<v Speaker 2>back anyway. I'm learning.

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<v Speaker 1>Is it a streaming service? Is it? You just really

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<v Speaker 1>want to see what brick boxes like? So you can

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<v Speaker 1>watch the Bill TV. That's the last thing I never sorry, okay,

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<v Speaker 1>just gidding.

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<v Speaker 2>It's like an educational program. That's fine.

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<v Speaker 1>Oh that sounds very dull.

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<v Speaker 2>I am a bit of a nerd.

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<v Speaker 1>We've stavaged that if you're going to break one of

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<v Speaker 1>these rules, at least do it for something exciting like naughty.

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<v Speaker 2>No, No, it's really dull and boring. But what I

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<v Speaker 2>recommend you do is, and I say this in my

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<v Speaker 2>in my coaching of course for budgeting and cash flow.

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<v Speaker 2>Check your accounts on a regular basis at least once

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<v Speaker 2>a week, if not twice a week, which is what

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<v Speaker 2>I do. And I didn't actually pick this up because

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<v Speaker 2>I guy was actually coming out of my business account.

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<v Speaker 2>But also recommend checking your phone under the Apple subscription.

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<v Speaker 2>Great tip, Yes, so important because that's where a lot

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<v Speaker 2>of them are hidden.

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<v Speaker 1>Yeah, I've signed up for like that Apple News Plus

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<v Speaker 1>before you know how Oh yeah, yeah, and I've signed

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<v Speaker 1>up for that one the New York I think, oh yeah,

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<v Speaker 1>I have had that one before as well. Yeah, okay,

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<v Speaker 1>clearly you're speaking my language here with this one. Where

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<v Speaker 1>you have all of these subscriptions. You've got direct debits,

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<v Speaker 1>you've got the streaming services, magazines, newspapers like always like.

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<v Speaker 2>A clean up the back of your phone, Like there's

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<v Speaker 2>there's so many of them, and if you have kids,

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<v Speaker 2>sometimes they've downloaded ones that you haven't you realized.

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<v Speaker 1>I appreciate it when businesses let you know when your

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<v Speaker 1>free trial is coming to an end.

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<v Speaker 2>They should should be the law.

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<v Speaker 1>I think, yeah it is, and it's very handy, like

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<v Speaker 1>whether it's we need to act on them.

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<v Speaker 2>That's the problem. I got the notification, didn't I.

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<v Speaker 1>And so whenever I sign up for a free trial,

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<v Speaker 1>and look, sorry to be lecturing you here on this phone.

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<v Speaker 1>Whenever I sign up for a free trial, I go

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<v Speaker 1>to my calendar and I put a note in there

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<v Speaker 1>about three or four or five days before the free

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<v Speaker 1>trial ends saying cancel free trial. And that actually then

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<v Speaker 1>has a built in buffer for procrastination of one, two, three,

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<v Speaker 1>four or five days. And to date I have not

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<v Speaker 1>missed canceling any of those.

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<v Speaker 2>That's a lie, because you've admitted.

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<v Speaker 1>Letting things, yes, but not when i'd set a reminder

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<v Speaker 1>in my calendar. Okay, well it's a loophole I am.

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<v Speaker 2>You are more of a nerd than I am in

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<v Speaker 2>there case.

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<v Speaker 1>I'm not the one who's just lost money on an

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<v Speaker 1>educational tool. That is the very definition of being a

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<v Speaker 1>nerd here, not that there's anything wrong with being a nerd.

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<v Speaker 1>I've been a nerd since I was born.

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<v Speaker 2>I'm a leader of the club.

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<v Speaker 1>Like sorry, okay, nerd club.

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<v Speaker 2>That's actually sounds like you're safe with me.

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<v Speaker 1>Okay, So subscriptions, direct EBITs, forgotten free trials, the gym

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<v Speaker 1>kind of things like this. It comes down to whether

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<v Speaker 1>you're still using it in the end, like if you

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<v Speaker 1>if you've got Netflix and Stan and Amazon on Prime

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<v Speaker 1>and Binge and kind of the HBO Max one and

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<v Speaker 1>all that you could easily have and Ko and Fox

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<v Speaker 1>telling like you could end up with seven or eight

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<v Speaker 1>streaming services all at the same time, and the question

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<v Speaker 1>is are you actually watching them all?

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<v Speaker 2>But also what currency? Because this is why I've realized

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<v Speaker 2>some of ours subscriptions have gone up quite substantially, and

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<v Speaker 2>I've really questioned the value.

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<v Speaker 1>So do a subscription audit, go through and see what

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<v Speaker 1>ones you're actually using right and just and if you

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<v Speaker 1>are not using it, then get rid of it.

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<v Speaker 2>And also ones that are due to automatically renew particularly

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<v Speaker 2>expensive annual ones. I'm all caught out on one of those.

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<v Speaker 1>Yeah, Disney Disney Plus is an annual renew and it

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<v Speaker 1>ends up being like one hundred and eighty bucks or

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<v Speaker 1>something for the for the annual renewal, which I mean

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<v Speaker 1>you forget because it's a year in between, and all

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<v Speaker 1>of a sudden.

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<v Speaker 2>It's recipe apps as well. There can be you know,

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<v Speaker 2>three hundred dollars what yeah, what I got caught out

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<v Speaker 2>all as well, But I complained it gave me a refund.

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<v Speaker 1>Oh really, oh well done. Yeah, okay, so you do

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<v Speaker 1>the audit, You clean up your subscriptions, Yes, you go

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<v Speaker 1>through your direct debits. You mentioned checking your account kind

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<v Speaker 1>of every week at least, and going through your your

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<v Speaker 1>Apple subscriptions, seeing what is there and just seeing what

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<v Speaker 1>you don't use. If you can get rid of it,

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<v Speaker 1>get rid of it, because these are the things that

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<v Speaker 1>they just roll over and they just keep on coming

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<v Speaker 1>back to damage your budget. Right, they are a silent

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<v Speaker 1>budget killer. Yes, okay, that's number one. Number two, what

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<v Speaker 1>have you got?

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<v Speaker 2>Infrequent essentials? So they are things that belong in your budget,

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<v Speaker 2>They definitely should be there, but they're irregular. So a

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<v Speaker 2>car regio, uh huh, you got me there, insurance premiers,

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<v Speaker 2>particularly ones that renew annually. I got on in this

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<v Speaker 2>the other day. School fees now my middle both my

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<v Speaker 2>two kids are at public schools, and used to think, oh,

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<v Speaker 2>they're free, and then all of the suddenly I got

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<v Speaker 2>a couple of bills which combined were almost five hundred

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<v Speaker 2>dollars with the bills for the for that quarter. Didn't

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<v Speaker 2>know about that is because this particular school has this

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<v Speaker 2>particular special kitchen that they have for the students and

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<v Speaker 2>you're supposed to contribute to it and at this particular level.

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<v Speaker 2>So that caught me by surprise. That then coincided with

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<v Speaker 2>school holidays where you are the you know, entertainment deck coordinator,

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<v Speaker 2>you know, going to this school camp today, Especially if

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<v Speaker 2>you're a working parent like I am, you're trying to

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<v Speaker 2>find activities for them to do, camps for them to

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<v Speaker 2>go to, you know, especially if it's weather dependent, that

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<v Speaker 2>can be expensive and frustrating. So these are the ones

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<v Speaker 2>that you have to pay them. You need them, but

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<v Speaker 2>if you don't plan for them, and you know, this

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<v Speaker 2>is why I recommend having a calendar that's always three

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<v Speaker 2>hundred and sixty five days in a head so you

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<v Speaker 2>can prepare for these and uniforms, sports uniforms, you know,

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<v Speaker 2>school shoes, sporting equipment. What I recommend to do you

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<v Speaker 2>do with this and again it's what I teach in

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<v Speaker 2>my course, but you have a financial float and every

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<v Speaker 2>month or every time you get paid, you put money

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<v Speaker 2>in that financial float so that when those expenses come,

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<v Speaker 2>you always have more than enough to handle them, but

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<v Speaker 2>also to handle multiple expenses at the same time.

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<v Speaker 1>That makes sense.

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<v Speaker 2>You just looked at me so blankly.

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<v Speaker 1>Oh No, I was just I was thinking back to

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<v Speaker 1>my own cash flow kind of situation and thinking just

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<v Speaker 1>how nice it would be to have that set up. Yeah,

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<v Speaker 1>to have that and that the peace.

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<v Speaker 2>Of mind it's a financial float.

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<v Speaker 1>Yeah, No, it does make a lot of sense. Okay.

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<v Speaker 1>So they are the infrequent essentials that they do come around,

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<v Speaker 1>there's no avoiding them, and it is just about, yeah,

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<v Speaker 1>making sure that you're actually budgeting for them and aware

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<v Speaker 1>that they are coming up. So they are the first

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<v Speaker 1>two subscriptions, direct debits, forgotten free trials, and the infrequent essentials.

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<v Speaker 1>All of these are lurking within your budget and visibility

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<v Speaker 1>and maintaining visibility and being aware that they're coming and

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<v Speaker 1>planning for them. That is essential here right, Yes, okay,

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<v Speaker 1>quick break, We've got three more. Are you guilty of

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<v Speaker 1>any of the next three as well?

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<v Speaker 2>Let me see, No, I am?

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<v Speaker 1>Would that surprise you? No? Okay, all right, we'll take

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<v Speaker 1>a break and come back in a second cana. Today

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<v Speaker 1>we are talking about the five silent budget killers to

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<v Speaker 1>watch out for the things that can really derail your budget.

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<v Speaker 1>And they are just they are built into your budget.

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<v Speaker 1>They are things that you're already spending money on and

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<v Speaker 1>if you don't get a handle on them, then they

0:11:39.280 --> 0:11:41.719
<v Speaker 1>can really knock your budget around a bit.

0:11:41.920 --> 0:11:42.920
<v Speaker 2>Yeah.

0:11:43.360 --> 0:11:47.400
<v Speaker 1>Number three on the list, what have you got loyalty tax.

0:11:47.679 --> 0:11:50.680
<v Speaker 2>Oh, I can proudly say I am not a victim

0:11:50.720 --> 0:11:53.360
<v Speaker 2>of loyalty tax because every frugal February I get on

0:11:53.400 --> 0:11:55.360
<v Speaker 2>the phone and I demand a bit of deal. So

0:11:55.480 --> 0:12:00.599
<v Speaker 2>I let them know politely and respectfully, I may go elsewhere.

0:12:01.120 --> 0:12:04.079
<v Speaker 1>So, in terms of a definition, loyalty tax is basically

0:12:04.120 --> 0:12:08.160
<v Speaker 1>when you as a long term customer of something that

0:12:08.200 --> 0:12:10.120
<v Speaker 1>it might be your bank with your home loan, or

0:12:10.160 --> 0:12:13.680
<v Speaker 1>it's not a classic one, might be your energy provider,

0:12:14.120 --> 0:12:17.280
<v Speaker 1>your other utilities, your insurance where you've been with them

0:12:17.280 --> 0:12:22.000
<v Speaker 1>for a long time and suddenly you see new customers

0:12:22.200 --> 0:12:25.360
<v Speaker 1>coming in getting much better deals than you, as that

0:12:25.480 --> 0:12:27.840
<v Speaker 1>really loyal customer who's been there for five years or

0:12:27.880 --> 0:12:31.160
<v Speaker 1>ten years. That is a loyalty tax because you are

0:12:31.200 --> 0:12:33.760
<v Speaker 1>paying for being loyal exactly.

0:12:33.920 --> 0:12:36.560
<v Speaker 2>So that's not good enough, and that is when you

0:12:36.679 --> 0:12:40.000
<v Speaker 2>need to jump on the phone and I love the

0:12:40.000 --> 0:12:42.960
<v Speaker 2>phone calls and ask for a better deal, but be

0:12:43.080 --> 0:12:44.800
<v Speaker 2>armed with the right amount of information so you know

0:12:44.840 --> 0:12:46.959
<v Speaker 2>that X y Z are charging this, and you can

0:12:47.120 --> 0:12:49.520
<v Speaker 2>at the same level of service or the same rate,

0:12:49.800 --> 0:12:51.760
<v Speaker 2>or the same terms of conditions at a much better

0:12:51.840 --> 0:12:54.520
<v Speaker 2>rate and give them the opportunity to not just match that,

0:12:54.760 --> 0:12:57.360
<v Speaker 2>but beat it if they can. And I do this

0:12:57.400 --> 0:13:00.520
<v Speaker 2>every year I call our energy and gas provider. I'm

0:13:00.559 --> 0:13:03.040
<v Speaker 2>blown away by the savings I find. Like I think

0:13:03.120 --> 0:13:06.400
<v Speaker 2>last year I got one hundred fifty dollars per month savings.

0:13:06.520 --> 0:13:09.440
<v Speaker 1>That's big, it's huge. We've done an episode previously on

0:13:09.480 --> 0:13:12.000
<v Speaker 1>the script to use when you're calling up your bank

0:13:12.080 --> 0:13:14.960
<v Speaker 1>or your lender to get a better deal on your

0:13:14.960 --> 0:13:18.160
<v Speaker 1>home loan. But I don't think I ever realized that

0:13:18.240 --> 0:13:22.720
<v Speaker 1>you could do the same with your energy provider, your utilities.

0:13:22.760 --> 0:13:25.160
<v Speaker 1>I just kind of I suppose maybe I've got it

0:13:25.200 --> 0:13:28.440
<v Speaker 1>in my head that it's almost like a fixed price

0:13:28.880 --> 0:13:30.440
<v Speaker 1>and there isn't room to move on it.

0:13:30.520 --> 0:13:31.839
<v Speaker 2>Well, if you're on a fixed plan, it might be

0:13:31.840 --> 0:13:33.760
<v Speaker 2>a little bit different, depends on obviously the details of

0:13:33.800 --> 0:13:37.080
<v Speaker 2>your contract, but it is always worth asking.

0:13:37.280 --> 0:13:38.880
<v Speaker 1>And they may be able to. There might be some

0:13:38.920 --> 0:13:41.400
<v Speaker 1>other charges around the edges that they can.

0:13:41.200 --> 0:13:44.079
<v Speaker 2>And some of them may have like an a penalty fee,

0:13:44.120 --> 0:13:45.800
<v Speaker 2>like an early break fee that they may charge you,

0:13:45.800 --> 0:13:47.560
<v Speaker 2>but it may be worth copying that if you're going

0:13:47.600 --> 0:13:49.800
<v Speaker 2>to be saving so much more within a month or

0:13:49.800 --> 0:13:52.040
<v Speaker 2>two elsewhere. But these are the questions you need to ask.

0:13:52.160 --> 0:13:55.800
<v Speaker 1>Okay, So loyalty tax is a big one. Number four,

0:13:56.000 --> 0:14:02.959
<v Speaker 1>This one's really interesting. Grocery weight. Yes, this isn't you?

0:14:03.000 --> 0:14:05.840
<v Speaker 2>No, I have well, I had three now I have

0:14:05.880 --> 0:14:09.840
<v Speaker 2>two labradors and lubrators eat everything so nothing is wasted

0:14:09.880 --> 0:14:13.040
<v Speaker 2>in our house. Yeah, like everything even but even the compost,

0:14:13.080 --> 0:14:15.560
<v Speaker 2>like it goes back into the soil of the gardens

0:14:15.600 --> 0:14:20.160
<v Speaker 2>around where we live. Like, yes, so that's but on average,

0:14:20.160 --> 0:14:23.840
<v Speaker 2>families apparently waste around twenty five hundred dollars per year.

0:14:24.080 --> 0:14:26.000
<v Speaker 2>I think it's much more than that.

0:14:26.480 --> 0:14:28.680
<v Speaker 1>That's a lot of money. So just by kind of

0:14:28.720 --> 0:14:29.960
<v Speaker 1>buying too much.

0:14:30.200 --> 0:14:33.880
<v Speaker 2>Duplicates not using it up in time, and it's ruined.

0:14:34.080 --> 0:14:36.320
<v Speaker 2>You know, it's gone off, it's gone moldy, or you

0:14:36.360 --> 0:14:36.600
<v Speaker 2>know what.

0:14:37.160 --> 0:14:39.200
<v Speaker 1>You know what's really handy for this? Do you remember

0:14:39.240 --> 0:14:41.960
<v Speaker 1>the episode that we did on using chat GPT for

0:14:42.000 --> 0:14:42.840
<v Speaker 1>your groceries.

0:14:43.000 --> 0:14:44.160
<v Speaker 2>I use it all the time.

0:14:44.120 --> 0:14:46.200
<v Speaker 1>And being able to go, okay, look this is what

0:14:46.200 --> 0:14:48.400
<v Speaker 1>I've got in the fridge, Like the I've got some

0:14:48.480 --> 0:14:50.600
<v Speaker 1>bacon that's nearly at the end of its life. I've

0:14:50.600 --> 0:14:53.960
<v Speaker 1>got some kind of Chinese cabbage. I've got some these

0:14:54.000 --> 0:14:56.040
<v Speaker 1>these days, and put it all into chat GPT and

0:14:56.080 --> 0:14:57.320
<v Speaker 1>it will tell you what to make.

0:14:57.520 --> 0:15:00.160
<v Speaker 2>It's awesome. It is so cool. I do this all

0:15:00.160 --> 0:15:02.040
<v Speaker 2>the time socially when I cannot be bothered to go

0:15:02.120 --> 0:15:03.960
<v Speaker 2>to the supermarket again.

0:15:04.280 --> 0:15:06.600
<v Speaker 1>It's a pretty staggering figure, though, that two and a

0:15:06.640 --> 0:15:07.840
<v Speaker 1>half thousand dollars.

0:15:08.120 --> 0:15:10.560
<v Speaker 2>I think it's much more than that. It's fifty dollars

0:15:10.600 --> 0:15:13.600
<v Speaker 2>a week, especially for young families. And like I think

0:15:13.600 --> 0:15:16.640
<v Speaker 2>about my kids, like, especially when they were younger, Like

0:15:16.640 --> 0:15:19.600
<v Speaker 2>they throw food on the floor and then they'd say

0:15:19.600 --> 0:15:20.840
<v Speaker 2>I want to eat this and have a bite, and

0:15:20.880 --> 0:15:22.760
<v Speaker 2>they go, no, I don't like that, and you know,

0:15:23.320 --> 0:15:25.680
<v Speaker 2>and and fridge meals to get them to eat.

0:15:25.480 --> 0:15:28.480
<v Speaker 1>And your fridge ends up full of kind of quarter

0:15:29.640 --> 0:15:34.640
<v Speaker 1>full pannets of berries. Berries where they start where they start,

0:15:35.160 --> 0:15:36.800
<v Speaker 1>where they start to go soft, and all of a

0:15:36.800 --> 0:15:38.480
<v Speaker 1>sudden they just kind of get left and pushed up

0:15:38.520 --> 0:15:40.400
<v Speaker 1>the back of the fridge, and a new punnet gets

0:15:40.440 --> 0:15:44.280
<v Speaker 1>bought and opened. And pannets of berries are so expensive,

0:15:44.440 --> 0:15:46.160
<v Speaker 1>I know, And that's right.

0:15:46.280 --> 0:15:49.000
<v Speaker 2>We should be eyeing and frozen. It's great with second

0:15:49.000 --> 0:15:49.760
<v Speaker 2>money on berries.

0:15:50.000 --> 0:15:52.200
<v Speaker 1>Oh yeah, but it's hard to kind of pack frozen

0:15:52.240 --> 0:15:53.520
<v Speaker 1>berries into a lunch box.

0:15:53.800 --> 0:15:55.480
<v Speaker 2>No, they're perfect. They thaw out during the day. I

0:15:55.520 --> 0:15:59.480
<v Speaker 2>put them in the kids yogurt pots. Oh really, it's delicious.

0:15:59.600 --> 0:16:02.160
<v Speaker 1>Okay, all right, but two and a half thousand dollars

0:16:02.360 --> 0:16:04.320
<v Speaker 1>if you were to cut down on that, and if

0:16:04.360 --> 0:16:07.400
<v Speaker 1>you were to buy is one way to get around

0:16:07.480 --> 0:16:10.400
<v Speaker 1>that to buy strictly to a list in terms of

0:16:10.400 --> 0:16:13.480
<v Speaker 1>what meal planning, and buy to that list and perhaps

0:16:13.600 --> 0:16:15.280
<v Speaker 1>use chat GPT for your meal planning.

0:16:15.800 --> 0:16:17.400
<v Speaker 2>I was actually chatting with some friends the other day,

0:16:17.400 --> 0:16:19.000
<v Speaker 2>and the amount of my friends that actually just go

0:16:19.080 --> 0:16:21.800
<v Speaker 2>to the supermarket and just buy without a list. They

0:16:21.840 --> 0:16:25.720
<v Speaker 2>just throw whatever in the trolley blows your grocery bill

0:16:25.840 --> 0:16:29.880
<v Speaker 2>out massively. But if you just spend twenty minutes going

0:16:29.920 --> 0:16:32.160
<v Speaker 2>through going Okay, which days of the week are we home,

0:16:32.400 --> 0:16:35.000
<v Speaker 2>what's the balance diet? We'll do salmon one night, chicken

0:16:35.040 --> 0:16:38.960
<v Speaker 2>one night, vegetarian the next. Cross references what you've already

0:16:38.960 --> 0:16:41.400
<v Speaker 2>got in your pantry, what can use up? You know,

0:16:41.480 --> 0:16:45.360
<v Speaker 2>what can you create that's quite a budget friendly meal

0:16:45.720 --> 0:16:48.760
<v Speaker 2>and it keeps everyone happy and obviously filled up with

0:16:48.800 --> 0:16:51.680
<v Speaker 2>the right quality produce. It is a brilliant way of

0:16:51.720 --> 0:16:54.360
<v Speaker 2>actually not just saving money, but also saving yourself a

0:16:54.360 --> 0:16:55.840
<v Speaker 2>lot of time energy as well.

0:16:56.920 --> 0:17:01.080
<v Speaker 1>I reckon, maybe we are probably the average with the

0:17:01.200 --> 0:17:04.840
<v Speaker 1>two and a half thousand dollars, but I would like

0:17:04.920 --> 0:17:06.919
<v Speaker 1>to think that because we do so much of our

0:17:06.960 --> 0:17:11.160
<v Speaker 1>grocery shopping online, that perhaps makes us a bit more

0:17:11.200 --> 0:17:13.800
<v Speaker 1>deliberate in what we're buying. That you are not just

0:17:14.200 --> 0:17:17.360
<v Speaker 1>walking along the aisles and describing whatever you see that's

0:17:17.400 --> 0:17:20.200
<v Speaker 1>on special, that you're really just going, Okay, I need

0:17:20.240 --> 0:17:22.639
<v Speaker 1>to get Rice. Just search Rice up and pop that

0:17:22.720 --> 0:17:28.560
<v Speaker 1>in the digital digital trolley. What's it called your basket basket?

0:17:28.600 --> 0:17:29.320
<v Speaker 2>I think cart.

0:17:29.560 --> 0:17:31.840
<v Speaker 1>Yeah, now that's it. That's it. But maybe that's a

0:17:31.840 --> 0:17:33.800
<v Speaker 1>way to do it as well. It's not for everyone.

0:17:34.000 --> 0:17:36.240
<v Speaker 2>I like that because you know, I do my grocery

0:17:36.240 --> 0:17:40.359
<v Speaker 2>shop either on Saturday night or what a raging weekend

0:17:40.400 --> 0:17:41.800
<v Speaker 2>I have, or Sunday morning.

0:17:41.880 --> 0:17:44.120
<v Speaker 1>Oh my god. So yes, So let's just get this clear.

0:17:44.200 --> 0:17:47.199
<v Speaker 1>You do your grocery shopping on Saturday night, you review

0:17:47.280 --> 0:17:51.840
<v Speaker 1>your budget on Sunday night, and somewhere in between, and.

0:17:51.800 --> 0:17:55.360
<v Speaker 2>Then Friday morning or Friday afternoon. I also do bi

0:17:55.400 --> 0:18:02.679
<v Speaker 2>weekly budget review my transactions. Really, yes, I sound like

0:18:02.680 --> 0:18:05.200
<v Speaker 2>I have no friends and no life.

0:18:05.600 --> 0:18:08.440
<v Speaker 1>No, No, you sound like you'd be great fun at parties.

0:18:10.760 --> 0:18:12.800
<v Speaker 2>I am a lot of fun. I have a lot

0:18:12.800 --> 0:18:13.360
<v Speaker 2>of friends.

0:18:14.320 --> 0:18:17.040
<v Speaker 1>I don't know if when you are the one claiming

0:18:17.080 --> 0:18:20.680
<v Speaker 1>that I don't know how much weight that really carries?

0:18:21.280 --> 0:18:23.160
<v Speaker 2>Can I count my dogs as my friends?

0:18:23.280 --> 0:18:27.800
<v Speaker 1>Absolutely, because we can't ask them to confirm. Okay, So

0:18:27.880 --> 0:18:30.560
<v Speaker 1>all right, so grocery waste that is, that's a big one,

0:18:31.119 --> 0:18:32.679
<v Speaker 1>and because we can actually put a number on that

0:18:32.720 --> 0:18:34.640
<v Speaker 1>and say it's two and a half thousand dollars probably

0:18:34.720 --> 0:18:38.400
<v Speaker 1>minimum that people, and it is just by overshopping and

0:18:38.960 --> 0:18:40.960
<v Speaker 1>not kind of paying attention to what you've already got

0:18:41.040 --> 0:18:43.679
<v Speaker 1>in the fridge and just not and not kind of

0:18:43.680 --> 0:18:47.560
<v Speaker 1>consuming all the leftovers. And even if it's going into

0:18:47.920 --> 0:18:50.720
<v Speaker 1>kind of a recycling kind of process, whether you've got

0:18:50.760 --> 0:18:53.000
<v Speaker 1>a worm farm or a compost bin or something like that,

0:18:53.119 --> 0:18:55.760
<v Speaker 1>at least that is helping, but it's not going to

0:18:55.880 --> 0:18:56.919
<v Speaker 1>save it out of your budget.

0:18:57.080 --> 0:18:59.919
<v Speaker 2>Yeah, exactly. Can I have said one out of the

0:19:00.080 --> 0:19:03.080
<v Speaker 2>quick point before we please go to the next, and

0:19:03.119 --> 0:19:06.479
<v Speaker 2>that is to actually declutter your pantry and fridge. I

0:19:06.640 --> 0:19:09.800
<v Speaker 2>recently did this and I was it was still quite disgusting,

0:19:09.840 --> 0:19:12.080
<v Speaker 2>to be honest. You can check it out on TikTok

0:19:12.119 --> 0:19:14.320
<v Speaker 2>the video of what I found. But since doing that,

0:19:14.840 --> 0:19:18.040
<v Speaker 2>our budget, our grocery bill has come down quite subunificently

0:19:18.080 --> 0:19:20.359
<v Speaker 2>because I'm really prioritizing eating up the things that we

0:19:20.480 --> 0:19:22.800
<v Speaker 2>bought for a once off meal, like a particular paste

0:19:22.880 --> 0:19:25.800
<v Speaker 2>or powder and using that up. And I now know

0:19:25.880 --> 0:19:27.960
<v Speaker 2>not to go there again because it's a waste. And

0:19:28.480 --> 0:19:32.399
<v Speaker 2>seeing a neatly organized pantry is amazing. What it does

0:19:32.440 --> 0:19:35.040
<v Speaker 2>for your mindset is you approach food planning and the

0:19:35.080 --> 0:19:36.800
<v Speaker 2>groceries and you want to keep it neat and tybe

0:19:36.840 --> 0:19:37.800
<v Speaker 2>with less stuff in there.

0:19:38.040 --> 0:19:43.400
<v Speaker 1>I like that last one. ATM fees and bank charges

0:19:43.960 --> 0:19:48.000
<v Speaker 1>like ATM fees, right, if you are still paying ATM fees,

0:19:48.280 --> 0:19:51.959
<v Speaker 1>and if they are a silent budget killer, that's got

0:19:52.000 --> 0:19:56.399
<v Speaker 1>to be a relatively niche thing now, because I mean

0:19:56.480 --> 0:19:59.080
<v Speaker 1>so many people are cashless. Yeah, and you can also

0:19:59.160 --> 0:20:01.440
<v Speaker 1>find one within you or banks.

0:20:01.480 --> 0:20:05.200
<v Speaker 2>Network exactly friends of yeah.

0:20:05.040 --> 0:20:08.760
<v Speaker 1>Yeah indeed, but bank charges that one is a little

0:20:08.920 --> 0:20:10.360
<v Speaker 1>bit harder to avoid.

0:20:10.440 --> 0:20:13.639
<v Speaker 2>Right. Then there's the monthly account keeping charges Yeah, that

0:20:14.160 --> 0:20:18.239
<v Speaker 2>definitely could happen in foreign transaction fees as well. And

0:20:18.280 --> 0:20:21.879
<v Speaker 2>then of course late fees or overdrawn penalties.

0:20:22.280 --> 0:20:25.480
<v Speaker 1>Late fees is probably a perfect example for this as

0:20:25.480 --> 0:20:28.000
<v Speaker 1>a silent budget killer because they are things that are

0:20:28.040 --> 0:20:32.240
<v Speaker 1>happening that are easily avoided, right just by paying on time,

0:20:32.359 --> 0:20:35.520
<v Speaker 1>and whether that is a mortgage payment or a credit

0:20:35.560 --> 0:20:38.600
<v Speaker 1>card payment or any of these, or any kind of

0:20:38.640 --> 0:20:43.440
<v Speaker 1>loan repayments, they are easily avoided. And also just penalties

0:20:43.440 --> 0:20:45.760
<v Speaker 1>for not paying your kind of mobile phone bill on

0:20:45.800 --> 0:20:46.200
<v Speaker 1>things on.

0:20:46.160 --> 0:20:48.320
<v Speaker 2>Time exactly and could do what you did, put five

0:20:48.400 --> 0:20:52.520
<v Speaker 2>reminders in your phone, your calendar, well buffer so you

0:20:52.600 --> 0:20:53.560
<v Speaker 2>don't procrastinate.

0:20:53.920 --> 0:20:57.680
<v Speaker 1>As you turn this around on me now to make

0:20:57.720 --> 0:20:59.960
<v Speaker 1>it sound like that's a bad thing just because I'm

0:21:00.080 --> 0:21:04.000
<v Speaker 1>suddenly organized with my money. Never thought i'd say that

0:21:04.040 --> 0:21:07.440
<v Speaker 1>to you. It's quite quite an exciting day. So atm

0:21:07.480 --> 0:21:11.320
<v Speaker 1>fees and bank charges they're probably fairly minimal, but then

0:21:11.359 --> 0:21:14.400
<v Speaker 1>you do have the persistent as well, and also if

0:21:14.440 --> 0:21:16.600
<v Speaker 1>you have a home loan for instance, that you might

0:21:16.640 --> 0:21:21.040
<v Speaker 1>be paying a fee a larger fees. Yeah, indeed, is

0:21:21.080 --> 0:21:22.679
<v Speaker 1>there room to move on those things?

0:21:22.920 --> 0:21:25.639
<v Speaker 2>Definitely, you can, oh, one hundred percent at me Go.

0:21:26.280 --> 0:21:27.800
<v Speaker 2>You could definitely call them up and say I'm not

0:21:27.800 --> 0:21:31.080
<v Speaker 2>happy about this fee whilst you're also haggling for a

0:21:31.119 --> 0:21:34.399
<v Speaker 2>better interest rate deal as well, and quite often they

0:21:34.440 --> 0:21:35.760
<v Speaker 2>can wave them well.

0:21:35.800 --> 0:21:38.560
<v Speaker 1>And credit card fees, not just the late fees, but

0:21:38.640 --> 0:21:39.919
<v Speaker 1>credit card to do.

0:21:40.280 --> 0:21:42.320
<v Speaker 2>Much harder to do. But yes, it's worth asking.

0:21:42.560 --> 0:21:44.760
<v Speaker 1>But you could also change to a credit card that

0:21:44.840 --> 0:21:45.720
<v Speaker 1>doesn't have a fee.

0:21:46.040 --> 0:21:47.920
<v Speaker 2>Definitely, of course you want to make sure that the

0:21:47.960 --> 0:21:48.960
<v Speaker 2>credit card works for you.

0:21:49.119 --> 0:21:55.200
<v Speaker 1>Okay, five silent budget killers? Which one out of those

0:21:55.280 --> 0:21:59.920
<v Speaker 1>five is the biggest budget killer? Do you think what's

0:22:00.040 --> 0:22:02.520
<v Speaker 1>the one that does the most damage to your budget?

0:22:02.920 --> 0:22:05.920
<v Speaker 2>I would say the loyalty tax is the biggest, particularly

0:22:05.920 --> 0:22:07.800
<v Speaker 2>around homelands, because you know, if you look at the

0:22:07.800 --> 0:22:12.280
<v Speaker 2>cost of interest per month, it's quite substantial. You know,

0:22:12.440 --> 0:22:14.520
<v Speaker 2>the loyalty tax on your gas bill might be say

0:22:14.520 --> 0:22:16.960
<v Speaker 2>twenty dollars a month, but you're the loyalty tax on

0:22:17.000 --> 0:22:19.720
<v Speaker 2>your home loan could very easily be two hundred or

0:22:19.760 --> 0:22:23.000
<v Speaker 2>two thousand dollars a month. So it is the biggest

0:22:23.040 --> 0:22:26.000
<v Speaker 2>one that needs to be addressed as a number one priority.

0:22:26.240 --> 0:22:28.880
<v Speaker 1>But if you want some quick wins, then go through

0:22:28.920 --> 0:22:31.320
<v Speaker 1>your subscriptions and your direct debits because you can get

0:22:31.400 --> 0:22:35.600
<v Speaker 1>up you can get some easy little wins there, right.

0:22:36.640 --> 0:22:39.760
<v Speaker 2>True, But when you think about the time involved, it's

0:22:39.760 --> 0:22:42.240
<v Speaker 2>pretty much the same call your bank, or call your

0:22:42.560 --> 0:22:45.240
<v Speaker 2>you know, Fox cell provider or your streaming service. Like

0:22:45.400 --> 0:22:47.160
<v Speaker 2>it's the same phone call the same amount of time,

0:22:47.720 --> 0:22:49.240
<v Speaker 2>probably going to be on hold for the same amount

0:22:49.280 --> 0:22:52.640
<v Speaker 2>of time as well. Point, but the payoff is potentially

0:22:52.680 --> 0:22:53.960
<v Speaker 2>bigger with a Homeland Okay.

0:22:54.320 --> 0:22:57.800
<v Speaker 1>Number one, subscriptions, direct debits, forgotten free trials. Number two

0:22:57.840 --> 0:23:01.359
<v Speaker 1>the infrequent essentials annually insurance and car red Joe and

0:23:01.400 --> 0:23:03.520
<v Speaker 1>school fees and Christmas those kinds of things that do

0:23:03.600 --> 0:23:05.679
<v Speaker 1>come around every year and it just pays to be

0:23:05.680 --> 0:23:07.520
<v Speaker 1>more aware of them so they don't derail your budget

0:23:07.520 --> 0:23:09.960
<v Speaker 1>when you get to them. Number three the loyalty tax

0:23:09.960 --> 0:23:15.240
<v Speaker 1>on homelans, utilities insurance. Number four grocery waste actually using everything,

0:23:15.400 --> 0:23:17.760
<v Speaker 1>just buying exactly what you need and shopping to a list.

0:23:18.040 --> 0:23:22.800
<v Speaker 1>And number five atm fees, bank chargers and other fees

0:23:22.840 --> 0:23:25.480
<v Speaker 1>and charges that you are charged that you just forget

0:23:25.520 --> 0:23:28.760
<v Speaker 1>that they're there, and it pays to see them, be

0:23:28.920 --> 0:23:31.919
<v Speaker 1>mindful of them, pay on time to avoid them. And

0:23:32.040 --> 0:23:34.119
<v Speaker 1>haggle and negotiate your way out of a fee. If

0:23:34.160 --> 0:23:39.280
<v Speaker 1>you possibly can haggle, heart listeners, we might have just

0:23:39.320 --> 0:23:40.560
<v Speaker 1>going to put myself.

0:23:40.160 --> 0:23:41.800
<v Speaker 2>Back on that nerd level again.

0:23:41.960 --> 0:23:44.159
<v Speaker 1>Oh yeah, no, that was a very nerdy way to finish.

0:23:44.280 --> 0:23:46.640
<v Speaker 1>We might have to do an episode just on haggling,

0:23:46.920 --> 0:23:50.760
<v Speaker 1>on your greatest tips for haggling, because I want to

0:23:50.800 --> 0:23:55.159
<v Speaker 1>know how you walk into an electrics like a Harvey

0:23:55.160 --> 0:23:58.520
<v Speaker 1>Norman or a shop like that, and how you haggle

0:23:58.720 --> 0:24:00.600
<v Speaker 1>your way down to a better deal on a washing

0:24:00.640 --> 0:24:03.520
<v Speaker 1>machine or something, because I imagine it would be quite

0:24:03.600 --> 0:24:07.200
<v Speaker 1>a ferocious thing to witness. Will you do it?

0:24:07.359 --> 0:24:09.840
<v Speaker 2>Yes, we will a challenge accepted?

0:24:10.160 --> 0:24:12.600
<v Speaker 1>Excellent? All right. If we want more information from you,

0:24:12.600 --> 0:24:13.400
<v Speaker 1>where do we find you?

0:24:13.480 --> 0:24:15.320
<v Speaker 2>The best place to reach out to me is on

0:24:15.359 --> 0:24:16.960
<v Speaker 2>Instagram at sugar on my TV.

0:24:16.920 --> 0:24:19.119
<v Speaker 1>And you can hear me every day with Sean Aylmer

0:24:19.200 --> 0:24:21.160
<v Speaker 1>on Fear and Greed business News. You can use thank

0:24:21.200 --> 0:24:22.879
<v Speaker 1>you for listening to how do they ford that? Remember

0:24:22.920 --> 0:24:25.159
<v Speaker 1>to hit follow on the podcast. And the best thing

0:24:25.200 --> 0:24:27.600
<v Speaker 1>you can do is tell somebody else send them a

0:24:27.640 --> 0:24:29.320
<v Speaker 1>link to this episode, spad the word about how do

0:24:29.359 --> 0:24:31.359
<v Speaker 1>they ford that? Thank you for your company, join US

0:24:31.359 --> 0:24:32.040
<v Speaker 1>again next week,