WEBVTT - Amanda Morrall: Changing bad spending habits

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<v Speaker 1>You're listening to the Weekend Collective podcast from News Talks.

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<v Speaker 2>It'd be.

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<v Speaker 3>I'll never even good missus so to death will be

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<v Speaker 3>freezing vocal season so good, it's dear listen.

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<v Speaker 2>They'll have sometimes.

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<v Speaker 3>Guess it's just the North arning he'll have way this

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<v Speaker 3>don't go to your nice Christmas baby.

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<v Speaker 2>My soul man, and welcome back to the Weekend Collective.

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<v Speaker 2>Apparently this is a Christmas song as well, my producer

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<v Speaker 2>Tyra is telling me, but I'm not see you know

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<v Speaker 2>how you can tell a Christmas song usually in the

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<v Speaker 2>background the band of put some sleigh bells in. In fact,

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<v Speaker 2>you can turn any song into a Christmas song just

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<v Speaker 2>by having sleigh bells going ching ching, ching ching in

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<v Speaker 2>the background. Um anyway, but thanks thanks my producer Tire

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<v Speaker 2>for providing the musical choices this afternoon. Right now, there's

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<v Speaker 2>time for smart money. By the way, if you've missed

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<v Speaker 2>any of the previous hours, and we had a very

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<v Speaker 2>busy politics hour with an interview with Ashley Bloomfield and

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<v Speaker 2>also Chris Hopkins and Thomas Coglan from The Herald just

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<v Speaker 2>about the COVID report and subsequently the news the labor

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<v Speaker 2>parties AGM. You can go and check that out online,

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<v Speaker 2>go to iHeartRadio or the news storks he'd be website

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<v Speaker 2>and also Alex Flint there just with getting into exercise

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<v Speaker 2>and personal trainers and terrible exercise equipment. So that was

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<v Speaker 2>that was that, But this is now and it's smart money.

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<v Speaker 2>My guest is she's a personal finance coach, author, writer,

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<v Speaker 2>she's a friend of the show. Really, Amanda Morale, how

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<v Speaker 2>are you going? Amanda? How are you?

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<v Speaker 4>I was going to say Top of the Morning, but

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<v Speaker 4>it's not morning.

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<v Speaker 2>We are you going to say Top of the Money?

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<v Speaker 4>You sense of your very Christmas? I'm just looking at

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<v Speaker 4>this festive studio here. It definitely is feeling a little

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<v Speaker 4>bit like Christmas. You just need a tree and that'll cap.

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<v Speaker 2>And a little bit of tinsel, isn't it, which we've

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<v Speaker 2>got now for those if you haven't seen our studio,

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<v Speaker 2>we have a bunch of TV screens which all have

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<v Speaker 2>different images from our New Zealand and to Christmas fire,

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<v Speaker 2>Christmas a fire they have. They basically just added a

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<v Speaker 2>string of tinsel to it and it's quite effective.

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<v Speaker 4>Tinsel, isn't it like an environmental hazard? Now?

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<v Speaker 2>Probably? Well, this is digital tinsel anyway safe on that

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<v Speaker 2>front as well. They also shove Christmas hats on our

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<v Speaker 2>profile photos all of a sudden about December. The first

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<v Speaker 2>you turn around and you see a photo yourself and

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<v Speaker 2>you think, I don't remember posing in a Santa hat.

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<v Speaker 2>There we go. Hey, now we've got to talk about

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<v Speaker 2>with Christmas approaching. And it ties into this a little bit.

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<v Speaker 2>Spending tracking apps And I actually had connected with a

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<v Speaker 2>tracking app at some stage and then I just suddenly

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<v Speaker 2>didn't anymore, and I've forgotten even what its name was.

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<v Speaker 2>But they're not a bad way. But the thing is,

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<v Speaker 2>you've got to keep updating your often. And I don't know,

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<v Speaker 2>are they some good spinning apps?

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<v Speaker 4>I think they're only as good as you engage to

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<v Speaker 4>use them, right, And I heard some shocking statistic about

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<v Speaker 4>the number of apps that actually get used on people's phones,

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<v Speaker 4>And so you can probably think of the ones that

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<v Speaker 4>are on your phone and think of the top four

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<v Speaker 4>that you use routinely. Yeah, I think of it myself.

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<v Speaker 4>My banking app is right at the top of the list.

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<v Speaker 4>So the one that is most practical for me on

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<v Speaker 4>this occasion is when it is tied to my bank,

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<v Speaker 4>which gives me automatic feeds. So I like my spending

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<v Speaker 4>app through it's.

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<v Speaker 2>Called cash nev oh, I've got that.

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<v Speaker 4>Yeah. So sometimes I think maybe why you suggesting it's

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<v Speaker 4>disappeared is that there's an option when you're logging in

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<v Speaker 4>to keep it. You don't have to like manually log on,

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<v Speaker 4>so it'll be giving you notifications and staying live continuously,

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<v Speaker 4>but you can kind of put a dormant and then

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<v Speaker 4>you forget about it. So I would recommend if there's

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<v Speaker 4>nothing too sensitive and people you know you don't have.

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<v Speaker 2>I've just other two hundred apps on my phone too.

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<v Speaker 4>Ever, since you mentioned it, I know, get rid of

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<v Speaker 4>some of those apps because but yes, so, I mean

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<v Speaker 4>there are many, many separate apps outside of the banking apps,

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<v Speaker 4>but that's a good place to start if you're over apped,

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<v Speaker 4>I would say is look at the ones that are

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<v Speaker 4>associated with your bank, so you're more likely to engage

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<v Speaker 4>with them.

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<v Speaker 2>And because the reason that that spending apps are, you

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<v Speaker 2>could even though I'm a hypocrite for saying this, but

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<v Speaker 2>they sort of should be essential because a lot of

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<v Speaker 2>the times on smart Mate, when we've talked about the

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<v Speaker 2>way we spend money in the old days. Of course,

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<v Speaker 2>the old days. Goodness may have done know what that was.

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<v Speaker 2>But you know, back in the days of cash twenty

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<v Speaker 2>years ago, and we still use cash from time to time,

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<v Speaker 2>I guess, but you were often handing cash over all

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<v Speaker 2>the time, or you were writing out a check which

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<v Speaker 2>you were reconciling as you write it out, and I

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<v Speaker 2>write a check out for ninety dollars. Today, you were

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<v Speaker 2>much more aware emotionally. I think I would agree with

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<v Speaker 2>that the mental trend was more substantial as opposed to bloop.

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<v Speaker 4>Tap tap tap. Yeah, and absolutely, because you'd be more conscious.

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<v Speaker 4>So tonight, I'm going out to get out one hundred dollars.

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<v Speaker 4>One hundred dollars is gone, time to go home, right,

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<v Speaker 4>Whereas when you've got access, well I.

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<v Speaker 1>Just made an easy round number there.

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<v Speaker 4>But you know, I I and here's a good example,

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<v Speaker 4>because I've got a soon to be twenty one year old,

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<v Speaker 4>you know, on a weekend there you know boom like

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<v Speaker 4>paycheck and paycheck out, and you know, I lecture this

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<v Speaker 4>kid incessantly, which is maybe the problem because he doesn't listen.

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<v Speaker 4>But that's the danger is that you can just you

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<v Speaker 4>basically go to you're denied, and then you go home.

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<v Speaker 4>But so there's no sort of built in you know,

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<v Speaker 4>you know, rail guards against overspending. It's just if you

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<v Speaker 4>if you don't have that conscious control and you're not mindful.

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<v Speaker 4>And some people are like that just comes down to

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<v Speaker 4>their habits with money and they just you know, go go, go,

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<v Speaker 4>go go.

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<v Speaker 2>I'll just realize something that if I go to the

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<v Speaker 2>shops and I know I have to get certain items,

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<v Speaker 2>there's probably times I don't even look at what the

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<v Speaker 2>title is, and I might I might go paying us

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<v Speaker 2>O I forgot to look what the title was? How

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<v Speaker 2>much was that? And it's not because because I don't

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<v Speaker 2>consider themsself wealthy by any stretch. But if my wife

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<v Speaker 2>has said, can you go to get X, Y and

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<v Speaker 2>Z down at the shops, and I go and get it,

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<v Speaker 2>sometimes I don't even notice. So that's how transit treats become.

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<v Speaker 4>For mat it's an absolute danger, and I agree with

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<v Speaker 4>your earlier point. It should be kind of an essential

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<v Speaker 4>built in to all these days. But you know, in

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<v Speaker 4>many cases it's not in bank's best interest for you

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<v Speaker 4>to be aware of your spending, just because of course,

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<v Speaker 4>you know, they wouldn't want you to be fast tracking

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<v Speaker 4>your mortgage repayment or you know, not spending you know,

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<v Speaker 4>to the maximum of your credit card. It's very much

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<v Speaker 4>a built into their interest to sort of you know,

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<v Speaker 4>put a veil over that business.

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<v Speaker 2>That's why they probably don't have the automatic notification. Hey,

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<v Speaker 2>by the way, if you pay your bill off, your

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<v Speaker 2>credit card bill off in the next few days, there's

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<v Speaker 2>no interest because of course, if you pay your credit

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<v Speaker 2>card off every month, you avoid the interest, which is

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<v Speaker 2>a major that's in fact, I diary it. I have

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<v Speaker 2>these alarms that go off, bing bing and the other thing.

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<v Speaker 2>Actually funny enough, now that you mentioned kash Nev, I

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<v Speaker 2>remember why I stopped using it was because my wife

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<v Speaker 2>and I we don't we share the same account. We

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<v Speaker 2>have a card each, but when one of you is

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<v Speaker 2>used the Kashnev account, it logs the other one off

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<v Speaker 2>and I got just got sick of logging on and

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<v Speaker 2>off all the time. Yeah, and so, yeah, and that

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<v Speaker 2>was something I thought they could have rectified.

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<v Speaker 4>They have done.

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<v Speaker 2>Maybe they have. They used it.

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<v Speaker 4>Upgrades recently, so it might have changed. But yeah, they

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<v Speaker 4>should be far more onto it than they are. So

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<v Speaker 4>outside of the banking ecosphere they do. There are some

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<v Speaker 4>good apps for individuals. But again, they're only as good

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<v Speaker 4>as they are that you engage with them. So I

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<v Speaker 4>personally don't see the point in getting those unless you're

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<v Speaker 4>going to be paying closer attention and then logging in

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<v Speaker 4>and getting notifications and reform behavior apps. It depends. Some

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<v Speaker 4>are free, some are not. Those paid versions. It's kind

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<v Speaker 4>of like Spotify free, Spotify premium. Pocket Wise is another

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<v Speaker 4>really good one, But the free version it's a bit.

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<v Speaker 4>It's a bit uh requires some manual labor because you

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<v Speaker 4>have to upmanually upload your statements, which can be a bit.

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<v Speaker 4>You know, if you're not like good with spreadsheets and

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<v Speaker 4>CSV files and this and that, you can get a

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<v Speaker 4>little bit it just turned off of that, you know

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<v Speaker 4>immediately if that's going to work for you or not.

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<v Speaker 4>If they've got automatic feeds, then that's and that's the

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<v Speaker 4>paid version where you're not having to do uploads. There

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<v Speaker 4>just there for you. But even even so, say you're

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<v Speaker 4>paying fifteen dollars a month for this, but you're still

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<v Speaker 4>not checking and engaging, then you know, what's the point

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<v Speaker 4>You're going to have to consider there's maybe a different

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<v Speaker 4>pathway for me to try to get, you know, a

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<v Speaker 4>handle of my finances.

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<v Speaker 2>I was always I think I'm still kind of I

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<v Speaker 2>go along with it because through my account we use

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<v Speaker 2>there's a hook up with Zero that have obviously in

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<v Speaker 2>Zero have access to my bank accounts, not to do anything,

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<v Speaker 2>but just to see what's in there. And I did

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<v Speaker 2>take me a while to mentally get my head around

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<v Speaker 2>a separate piece of accounting software having the ability to

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<v Speaker 2>see what money I had in my accounts. And so

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<v Speaker 2>obviously that's a company everyone knows, and there there will

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<v Speaker 2>be other software that does that. But the issue of

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<v Speaker 2>trust as well as and safety. The trust is probably

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<v Speaker 2>the secondary issue the safe the reality of how safe

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<v Speaker 2>it is to enable those spinnings to have access, because

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<v Speaker 2>I would imagine there are some shark infested waters out

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<v Speaker 2>there as well.

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<v Speaker 4>One hundred percent so because we haven't quite got to

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<v Speaker 4>where they are in other countries with open banking, where

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<v Speaker 4>you can hook up of your different banking devices for example,

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<v Speaker 4>you know, centralize your insurances, your retirement savings, investments, Kibi,

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<v Speaker 4>siber and have it all in when centralized place. We're

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<v Speaker 4>not there yet in New Zealand. We're kind of lagging

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<v Speaker 4>behind where a lot of other countries are. But there

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<v Speaker 4>are some areas. There's a tech startup called Acohu that

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<v Speaker 4>is doing some pretty nifty integrations. But in a lot

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<v Speaker 4>of instances you have to give permissions and they will

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<v Speaker 4>assure you. It's easier to break into Fort Knox than

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<v Speaker 4>to you know, for their systems to get scammed. But

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<v Speaker 4>I agree with you, you have to be, you know, mentally

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<v Speaker 4>assured that that everything's going to be okay. There was

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<v Speaker 4>another tracking app that was supposed to track your ear

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<v Speaker 4>and your environmental footprint. Uh and and that was another

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<v Speaker 4>one where you had to you know, kind of overcome

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<v Speaker 4>that issue. Well what about this happening and stuff?

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<v Speaker 2>So oh I couldn't see that. Imagine being lectured every time, yes,

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<v Speaker 2>something something, Well, you contributed to the youthstomized by another

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<v Speaker 2>zero points, zeros are one, whatever the unit would be.

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<v Speaker 4>I know, but some people like to measure those strength

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<v Speaker 4>recently and you know maybe all people like us not

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<v Speaker 4>so much.

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<v Speaker 2>Say old you are spring Chicken, Amanda Morale, what's going on?

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<v Speaker 1>Okay, I'll revise down.

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<v Speaker 2>Look, we want to hear from you. O eight one

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<v Speaker 2>hundred eighty ten eighty Do you use a tracking app?

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<v Speaker 2>And if not, how are you? How do you keep

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<v Speaker 2>track of and I don't mean just keeping track in

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<v Speaker 2>a budgetary sense, but how do you keep track of

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<v Speaker 2>what you're spending day to day in a sense that

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<v Speaker 2>really helps you understand how much money you are spending.

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<v Speaker 2>And if you've got a particular app that you love,

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<v Speaker 2>that you that you trust and you want to share

0:11:39.841 --> 0:11:41.601
<v Speaker 2>it with us, or we've got some questions about it,

0:11:41.601 --> 0:11:44.041
<v Speaker 2>Not that we're technical experts, but Amanda might know a

0:11:44.081 --> 0:11:46.561
<v Speaker 2>few things about a few apps. Give us a call.

0:11:46.681 --> 0:11:49.921
<v Speaker 2>Because it's Christmas time and you know what's so easy

0:11:49.921 --> 0:11:52.281
<v Speaker 2>to just go zips aapp. It's not even zips app.

0:11:52.321 --> 0:11:54.281
<v Speaker 2>That's the manual thing, isn't it. That's the bit of paper.

0:11:55.881 --> 0:11:59.561
<v Speaker 4>I think there's a long since gone the an African

0:11:59.681 --> 0:12:02.521
<v Speaker 4>nations somewhere, but even there I think they're more high tech.

0:12:02.681 --> 0:12:04.681
<v Speaker 2>Well the old days of visa when they would stick

0:12:04.761 --> 0:12:05.481
<v Speaker 2>the thing and.

0:12:05.761 --> 0:12:08.561
<v Speaker 4>Shouldn't sho they're quite neat. They might have those somewhere.

0:12:08.801 --> 0:12:11.761
<v Speaker 2>Still wonder how many years since I did that? Think

0:12:11.761 --> 0:12:14.201
<v Speaker 2>you have to be ten or fifteen? Easy, wouldn't it.

0:12:14.441 --> 0:12:16.881
<v Speaker 4>Yeah, Listen, I think when it comes to Christmas spending,

0:12:18.601 --> 0:12:21.441
<v Speaker 4>just instead of your zip zap and tap tap, you know,

0:12:21.681 --> 0:12:24.561
<v Speaker 4>just get take take take the cash out, you know,

0:12:24.841 --> 0:12:26.761
<v Speaker 4>to go go old school, take the cash out that

0:12:26.841 --> 0:12:28.801
<v Speaker 4>you want to spend on Christmas gifts, and that's it.

0:12:28.841 --> 0:12:31.561
<v Speaker 4>When the money's gone, the money's gone, because I'll move

0:12:31.601 --> 0:12:33.121
<v Speaker 4>it into one of your accounts if you had a

0:12:33.121 --> 0:12:35.681
<v Speaker 4>separate account, and just use all your Christmas shopping on

0:12:35.681 --> 0:12:37.681
<v Speaker 4>that account, and when it's gone, it's gone, and it'll

0:12:37.681 --> 0:12:40.401
<v Speaker 4>force you to stick within your budget unless you go start,

0:12:40.561 --> 0:12:42.801
<v Speaker 4>you know, playing that shell game and moving things out

0:12:42.841 --> 0:12:44.681
<v Speaker 4>of over your secret Seemings account.

0:12:45.401 --> 0:12:48.881
<v Speaker 2>Then you know, I've got a text to you saying

0:12:48.881 --> 0:12:52.641
<v Speaker 2>that's actually really common for people in their twenties, that

0:12:52.921 --> 0:12:55.481
<v Speaker 2>plenty of people do it, and heaps of influencers recommend

0:12:55.561 --> 0:12:58.481
<v Speaker 2>it in terms of the I think in terms of

0:12:58.481 --> 0:13:01.401
<v Speaker 2>the spending app that texture is referring to that they're

0:13:01.441 --> 0:13:02.961
<v Speaker 2>actually quite common for younger people.

0:13:03.361 --> 0:13:07.321
<v Speaker 4>Is that your Yeah, so my one of my other kids.

0:13:07.361 --> 0:13:12.161
<v Speaker 4>They students who particularly those who are flatting, have there's

0:13:12.201 --> 0:13:16.001
<v Speaker 4>a good app called split wise and and so they

0:13:16.561 --> 0:13:19.401
<v Speaker 4>you know that that helps them to manage division of

0:13:19.441 --> 0:13:24.721
<v Speaker 4>all the household finances and stuff. That's very popular. Pocket

0:13:24.801 --> 0:13:27.361
<v Speaker 4>Smith is another one. There's a few key we saver

0:13:27.521 --> 0:13:30.881
<v Speaker 4>providers who've created budgeting apps as a sort of an

0:13:30.921 --> 0:13:34.401
<v Speaker 4>attractive tool to join their schemes. So yeah, absolutely there's

0:13:34.441 --> 0:13:36.721
<v Speaker 4>lots of Metagain, even with the twenty year olds, there's

0:13:36.721 --> 0:13:38.561
<v Speaker 4>going to be you know, some who actually are paying

0:13:38.561 --> 0:13:40.801
<v Speaker 4>attention to it, and you know, those who are very

0:13:40.801 --> 0:13:43.241
<v Speaker 4>golden and probably saving for a home deposit, et cetera.

0:13:43.801 --> 0:13:46.441
<v Speaker 4>Others not so much because they have a different attitude.

0:13:46.441 --> 0:13:48.801
<v Speaker 4>And I think it's more it's less about the apps,

0:13:49.281 --> 0:13:52.241
<v Speaker 4>it's more about your your attitude and your habits. So

0:13:52.281 --> 0:13:54.041
<v Speaker 4>that's the meat of.

0:13:53.961 --> 0:13:56.721
<v Speaker 2>The I must read that text actually, because that was

0:13:56.761 --> 0:13:58.801
<v Speaker 2>the second text they'd sent. This is what they'd sent

0:13:58.881 --> 0:14:00.481
<v Speaker 2>for and so they were talking about what's common. It

0:14:00.481 --> 0:14:04.761
<v Speaker 2>says I have about eighteen different accounts under my one

0:14:04.801 --> 0:14:08.561
<v Speaker 2>band account. The morning after payday, I have automatic payments

0:14:08.601 --> 0:14:12.441
<v Speaker 2>into every account. This is hyper organized, so there's a

0:14:12.481 --> 0:14:15.841
<v Speaker 2>groceries account, gas pets, et cetera. So every time I

0:14:15.881 --> 0:14:18.881
<v Speaker 2>go to spend money, I have to manually take it

0:14:18.921 --> 0:14:21.121
<v Speaker 2>out of the right account. Obviously can still have a spend,

0:14:21.161 --> 0:14:22.721
<v Speaker 2>but it gives a moment of pause for me to

0:14:22.761 --> 0:14:28.161
<v Speaker 2>reconsider before mindlessly swiping. I have eighteen different accounts, How

0:14:28.161 --> 0:14:29.201
<v Speaker 2>on earth would you transact?

0:14:29.241 --> 0:14:32.921
<v Speaker 4>Well, well, that's a lot of accounts. I would hope

0:14:32.961 --> 0:14:35.641
<v Speaker 4>that that person is not spending too much on fees

0:14:35.721 --> 0:14:38.241
<v Speaker 4>because they're you know, the fees aren't too bad on

0:14:38.241 --> 0:14:42.161
<v Speaker 4>some accounts, but if you're overfeed, then you know, as there,

0:14:42.441 --> 0:14:45.481
<v Speaker 4>you know, you have to consider it as a you know, cost.

0:14:45.761 --> 0:14:47.881
<v Speaker 2>I don't know how you do that, and I'm trying

0:14:47.881 --> 0:14:52.801
<v Speaker 2>to work that out actually, and I have eighteen different accounts.

0:14:52.801 --> 0:14:55.081
<v Speaker 2>Apparently it's under be and Z you can have up

0:14:55.121 --> 0:14:57.281
<v Speaker 2>to fifty different free accounts. But when you go spending

0:14:57.361 --> 0:14:58.321
<v Speaker 2>is this with it?

0:14:58.321 --> 0:15:00.321
<v Speaker 4>It seems a bit complicated, But you know, if it

0:15:00.361 --> 0:15:03.281
<v Speaker 4>works for that person's who's to say, who's to knock it?

0:15:03.361 --> 0:15:05.601
<v Speaker 4>So that's what that's my point is that everybody is

0:15:05.641 --> 0:15:09.801
<v Speaker 4>a bit different and there's strategies, so you know, come

0:15:09.881 --> 0:15:12.801
<v Speaker 4>up with a plan that you know that you can

0:15:12.961 --> 0:15:15.401
<v Speaker 4>that it works for you, and you're accountable to that plan.

0:15:15.721 --> 0:15:19.001
<v Speaker 4>Don't adopt somebody else's plan, like the eighteen account plan. Mats.

0:15:19.081 --> 0:15:21.761
<v Speaker 2>This must be for online transactions, because you couldn't have

0:15:21.801 --> 0:15:23.841
<v Speaker 2>a bank card where you stick it in the machine

0:15:23.881 --> 0:15:25.841
<v Speaker 2>and go which account do you want? Watch my a team.

0:15:25.921 --> 0:15:30.601
<v Speaker 4>Well, I think there's with my bank anyhow, receivings you're checking,

0:15:30.681 --> 0:15:33.961
<v Speaker 4>you know, maybe your credit card and you know bonus.

0:15:33.961 --> 0:15:34.361
<v Speaker 1>I don't know.

0:15:34.481 --> 0:15:37.721
<v Speaker 4>Eighteen seems quite excessive. I've got about four and four

0:15:37.841 --> 0:15:38.681
<v Speaker 4>is excessive, So.

0:15:39.681 --> 0:15:42.321
<v Speaker 2>Does seem quite a lot? Wait, text update us on

0:15:42.121 --> 0:15:47.681
<v Speaker 2>that on that strategy, please, because it sounds complex. But

0:15:47.801 --> 0:15:49.681
<v Speaker 2>also we want to hear from you. Do you have

0:15:49.761 --> 0:15:52.281
<v Speaker 2>a way of tracking your spending that actually helps you

0:15:52.321 --> 0:15:55.281
<v Speaker 2>realize how much you've blown on Christmas presents this year?

0:15:55.601 --> 0:15:57.441
<v Speaker 2>I'm sure it's a shame I can't get one from

0:15:57.441 --> 0:16:00.161
<v Speaker 2>my daughters because they keep on saying to me, oh, Daddy,

0:16:00.161 --> 0:16:03.201
<v Speaker 2>we're doing a secret center for my netball team. We're

0:16:03.201 --> 0:16:05.241
<v Speaker 2>doing a secret center for my hockey team, doing a

0:16:05.281 --> 0:16:08.081
<v Speaker 2>secret sound for my and it's like we're up to

0:16:08.881 --> 0:16:10.441
<v Speaker 2>the budgets are just going nuts?

0:16:11.001 --> 0:16:12.001
<v Speaker 4>Well they aren't.

0:16:12.001 --> 0:16:12.281
<v Speaker 1>They're not.

0:16:12.441 --> 0:16:15.641
<v Speaker 4>But I tell yeah, you know, I'm not to encourage consumerism,

0:16:15.721 --> 0:16:19.401
<v Speaker 4>but now is the time to be buying Christmas presents

0:16:19.401 --> 0:16:22.561
<v Speaker 4>because days Friday. I thought it used to be one

0:16:22.641 --> 0:16:24.721
<v Speaker 4>or two days, but it's been a long window. And

0:16:24.761 --> 0:16:27.641
<v Speaker 4>I understand for most shops it's closed on Wednesday, but

0:16:28.441 --> 0:16:33.281
<v Speaker 4>these sales. I've sent parts arguably better than what you're

0:16:33.281 --> 0:16:35.881
<v Speaker 4>going to get at boxing day because retailers are very

0:16:36.001 --> 0:16:38.081
<v Speaker 4>they've had a very tough year and they are a

0:16:38.161 --> 0:16:42.081
<v Speaker 4>keen to siller. So yeah, I would get organized and

0:16:42.241 --> 0:16:44.081
<v Speaker 4>get yourself down there, because you save yourself a lot

0:16:44.081 --> 0:16:44.481
<v Speaker 4>of money.

0:16:44.561 --> 0:16:46.081
<v Speaker 2>We might dig into that a little bit, but yeah,

0:16:46.121 --> 0:16:48.321
<v Speaker 2>in terms of managing your spending, give us a call

0:16:48.361 --> 0:16:50.561
<v Speaker 2>if you've got a particular way that helps you keep

0:16:50.601 --> 0:16:53.161
<v Speaker 2>track of it in a meaningful way that you actually

0:16:53.201 --> 0:16:57.121
<v Speaker 2>know how much you're blowing on whatever. Eight hundred eighty

0:16:57.161 --> 0:16:59.961
<v Speaker 2>ten and eighty text nine to nine two. It's twenty

0:17:00.001 --> 0:17:02.441
<v Speaker 2>three past five newstalks you'd be We're talking about spending

0:17:02.481 --> 0:17:06.161
<v Speaker 2>apps and tracking the money you are s the age

0:17:06.201 --> 0:17:09.001
<v Speaker 2>of simply hold your card over the machine and bingo.

0:17:09.041 --> 0:17:13.121
<v Speaker 2>It's all done magic. And my guest is financial personal

0:17:13.121 --> 0:17:18.881
<v Speaker 2>finance coach and author Amanda Morale. Let's take some calls harmon, Hello, Hi, how.

0:17:18.721 --> 0:17:19.361
<v Speaker 5>Are you doing today?

0:17:19.521 --> 0:17:19.721
<v Speaker 2>Good?

0:17:19.761 --> 0:17:26.401
<v Speaker 5>Thanks? God? Good? So about there's eighteen apps that that

0:17:27.001 --> 0:17:31.521
<v Speaker 5>the one guy texted us. I've got about six apps

0:17:31.801 --> 0:17:36.321
<v Speaker 5>or six bank accounts from A and Z. Part of

0:17:36.321 --> 0:17:39.761
<v Speaker 5>them are three one of their long long con savings

0:17:39.801 --> 0:17:43.201
<v Speaker 5>and one is my everyday's account. And if you do

0:17:43.281 --> 0:17:48.761
<v Speaker 5>your budgets correctly and you get automatic drafts soon you

0:17:48.801 --> 0:17:52.361
<v Speaker 5>don't have to every day manage your account. And if

0:17:52.361 --> 0:17:57.481
<v Speaker 5>you've got a one account that you're spending account, as

0:17:57.481 --> 0:17:59.641
<v Speaker 5>soon as you put money into it, you just withdraw

0:17:59.681 --> 0:18:02.441
<v Speaker 5>the money and able to cash. It stops the spending

0:18:02.561 --> 0:18:05.401
<v Speaker 5>so much. I've saved so much in the line four

0:18:05.441 --> 0:18:07.081
<v Speaker 5>months just doing that.

0:18:07.481 --> 0:18:09.641
<v Speaker 2>So you've just been doing that for the last four months,

0:18:09.961 --> 0:18:12.641
<v Speaker 2>and how traumdica differences it made.

0:18:13.881 --> 0:18:16.721
<v Speaker 5>It's made a massive difference. I was able to save

0:18:16.921 --> 0:18:21.361
<v Speaker 5>about thousand, five hundred and just four months fifteen hundred bucks.

0:18:22.321 --> 0:18:24.521
<v Speaker 5>Fifteen hundred Yeah, and that month.

0:18:24.521 --> 0:18:27.121
<v Speaker 4>That's because you apportioned your spending amount and then you

0:18:27.241 --> 0:18:29.601
<v Speaker 4>put more into savings and then you stop spending when

0:18:29.641 --> 0:18:31.041
<v Speaker 4>you money the money ran out.

0:18:32.441 --> 0:18:35.161
<v Speaker 5>So every time you know, go to fast food, oh

0:18:35.161 --> 0:18:37.361
<v Speaker 5>it's just fifteen dollars year, it's just fifteen dollars thee

0:18:37.561 --> 0:18:39.761
<v Speaker 5>or you know, I've just there, And as soon as

0:18:39.801 --> 0:18:42.841
<v Speaker 5>you've got the money in your pocket, that suddenly you realize, oh,

0:18:42.881 --> 0:18:44.881
<v Speaker 5>it's not just fifteen dollars, that's is fifteen dollars that

0:18:44.961 --> 0:18:47.481
<v Speaker 5>I need for this or that, and it just it

0:18:47.641 --> 0:18:51.641
<v Speaker 5>could have the spending habit quite a bit. The card

0:18:51.761 --> 0:18:54.921
<v Speaker 5>is just too easy. So out of my out of

0:18:54.961 --> 0:18:57.801
<v Speaker 5>my father account, only one account has got a card,

0:18:58.721 --> 0:19:01.401
<v Speaker 5>and that card is for my spending. So my bulls

0:19:01.561 --> 0:19:04.561
<v Speaker 5>is automatic, A payments goes out, my mortgage is automatic,

0:19:04.601 --> 0:19:08.561
<v Speaker 5>payment goes out, long term savings, no pavements goes out

0:19:08.601 --> 0:19:13.001
<v Speaker 5>of there. Then I've got my insurance takes that out.

0:19:13.841 --> 0:19:18.641
<v Speaker 5>And then the other one is for gifts and unplanned expenses.

0:19:19.521 --> 0:19:23.041
<v Speaker 5>And again that one doesn't have a card, but that

0:19:23.161 --> 0:19:25.241
<v Speaker 5>can just easily be moved into spending we needed.

0:19:26.041 --> 0:19:28.561
<v Speaker 2>Hey, what did you notice you stopped spending money on

0:19:28.641 --> 0:19:30.321
<v Speaker 2>the most food?

0:19:30.681 --> 0:19:35.201
<v Speaker 5>Fast food? Fast food was the biggest Yes about that.

0:19:35.641 --> 0:19:40.161
<v Speaker 5>Fast food was my biggest outcome. I would spend around

0:19:40.201 --> 0:19:45.321
<v Speaker 5>about three hundred fortnights on fast food after I've done shopping.

0:19:45.841 --> 0:19:48.041
<v Speaker 4>Wow, okay, so you've probably last a little bit of

0:19:48.081 --> 0:19:50.841
<v Speaker 4>weight too, know if saving that money, yeah, good on.

0:19:50.921 --> 0:19:54.041
<v Speaker 5>You, yep, absolutely, but yeah no, So having cash in

0:19:54.081 --> 0:19:56.361
<v Speaker 5>hand is just it. It's a saver. It is a

0:19:56.401 --> 0:19:56.961
<v Speaker 5>harness saver.

0:19:57.761 --> 0:19:58.481
<v Speaker 4>It's a good tip.

0:19:59.401 --> 0:20:01.561
<v Speaker 2>And I love the South African accent with the words

0:20:01.601 --> 0:20:02.201
<v Speaker 2>fast food.

0:20:02.481 --> 0:20:11.441
<v Speaker 1>You know that actually sounds how here, thankst you, thank you.

0:20:12.081 --> 0:20:17.281
<v Speaker 2>I love a good South African accent. The fast food. Actually,

0:20:17.641 --> 0:20:21.601
<v Speaker 2>that is one I would say the simplest way to

0:20:22.521 --> 0:20:25.081
<v Speaker 2>start saving money for getting spending apps. But you know,

0:20:25.121 --> 0:20:29.681
<v Speaker 2>obviously that's what we're talking about, is it's it's unfortunately

0:20:29.841 --> 0:20:33.281
<v Speaker 2>for hospitality and all that, but if you just cook

0:20:33.321 --> 0:20:35.881
<v Speaker 2>your own meals, you save a fortune. God, I hate

0:20:35.921 --> 0:20:37.721
<v Speaker 2>to think when I was living in Australia in my

0:20:37.841 --> 0:20:40.001
<v Speaker 2>musical theater days, the amount of money I blew on

0:20:40.241 --> 0:20:43.401
<v Speaker 2>bacon and eggs down at the local cafe. I hate

0:20:43.801 --> 0:20:45.641
<v Speaker 2>when I I hate to think it sounds like I'm

0:20:45.641 --> 0:20:48.161
<v Speaker 2>saying it as a throwaway line. I really hate to

0:20:48.201 --> 0:20:49.121
<v Speaker 2>think how much I spent.

0:20:50.041 --> 0:20:52.121
<v Speaker 4>You know, just do you still eat bacon and eggs

0:20:52.201 --> 0:20:53.881
<v Speaker 4>or yes.

0:20:53.841 --> 0:20:57.441
<v Speaker 2>But it's a genuine treat rather than something I developed

0:20:57.441 --> 0:21:00.921
<v Speaker 2>and not listen to a habit. But learning to cook

0:21:00.961 --> 0:21:01.881
<v Speaker 2>your own meals.

0:21:01.721 --> 0:21:04.121
<v Speaker 4>Yeah, one hundred percent, no, and they're better for you

0:21:04.401 --> 0:21:06.681
<v Speaker 4>and you know, but a lot of it comes down

0:21:06.761 --> 0:21:10.961
<v Speaker 4>to just gain self awareness and organization. And obviously for Hermann,

0:21:11.721 --> 0:21:14.201
<v Speaker 4>you know, the switch flecked at some stage that he

0:21:14.441 --> 0:21:17.121
<v Speaker 4>auto payments, just allocate myself a certain amount.

0:21:17.241 --> 0:21:17.481
<v Speaker 2>That's it.

0:21:17.641 --> 0:21:20.361
<v Speaker 4>Money runs out, and so it's discipline as well underlying

0:21:20.481 --> 0:21:23.561
<v Speaker 4>all those. Again, it's easy to think, oh, i'll download

0:21:23.601 --> 0:21:25.681
<v Speaker 4>this app, I'll be a fifteen Maybe you don't have

0:21:25.841 --> 0:21:28.281
<v Speaker 4>the fifteen bucks a month to use that, but then

0:21:28.321 --> 0:21:30.801
<v Speaker 4>you ignore it. You know, it's showing you the things

0:21:30.841 --> 0:21:33.601
<v Speaker 4>that you intuitively know that you've overspent in certain areas.

0:21:33.641 --> 0:21:37.441
<v Speaker 4>So you have to be able to control your behavior.

0:21:37.521 --> 0:21:39.681
<v Speaker 4>And if you can't control your baby, you do what

0:21:39.841 --> 0:21:42.761
<v Speaker 4>he's suggesting, which is like pay yourself in cash. Cash

0:21:42.841 --> 0:21:43.761
<v Speaker 4>is out. That's it.

0:21:44.201 --> 0:21:49.641
<v Speaker 2>Well, you always fiscally aware because you know, obviously you're

0:21:49.921 --> 0:21:52.201
<v Speaker 2>financial author and things like that. But sometimes I think

0:21:52.281 --> 0:21:56.721
<v Speaker 2>also that people who specialists in a particular area, they

0:21:56.801 --> 0:21:59.001
<v Speaker 2>might be there because they've learned the hard way. Was

0:21:59.041 --> 0:21:59.641
<v Speaker 2>there a time for you?

0:22:00.041 --> 0:22:03.601
<v Speaker 4>No, I can't say that I ever made any big mistakes,

0:22:03.681 --> 0:22:07.321
<v Speaker 4>but you know, no, no, but I I but you know,

0:22:07.441 --> 0:22:10.521
<v Speaker 4>I went through a divorce that was probably caused because

0:22:10.561 --> 0:22:13.561
<v Speaker 4>one party was horrible with money, and you know, tried

0:22:13.601 --> 0:22:15.881
<v Speaker 4>to fix the situation. And you know, I think I've

0:22:16.041 --> 0:22:20.041
<v Speaker 4>said this many times on the show, but financial you know,

0:22:20.201 --> 0:22:23.601
<v Speaker 4>strain and issues are more toxic in a relationship than

0:22:23.681 --> 0:22:27.401
<v Speaker 4>cheating and cause more damage. So you never underestimate how

0:22:27.681 --> 0:22:32.601
<v Speaker 4>how money is stressful, incredibly stressful, especially because you know,

0:22:32.681 --> 0:22:35.641
<v Speaker 4>you got you know, people with gambling habits or you

0:22:35.721 --> 0:22:37.881
<v Speaker 4>know they are overspending. Then you go to mortgage particular,

0:22:37.921 --> 0:22:39.841
<v Speaker 4>people will be feeling a heat now more than ever.

0:22:40.001 --> 0:22:42.961
<v Speaker 4>And the Kiwi saber Hardship you know, story shows that

0:22:43.801 --> 0:22:47.641
<v Speaker 4>so under strain. And unfortunately some people understrain you know,

0:22:47.761 --> 0:22:51.481
<v Speaker 4>like they can overeat or they overspend for emotional reasons too.

0:22:51.561 --> 0:22:54.201
<v Speaker 4>So it's fairly important to understand the psychology of money

0:22:54.281 --> 0:22:58.041
<v Speaker 4>because then you can control or help to reform your

0:22:58.081 --> 0:23:01.241
<v Speaker 4>patterns too. And so that place feeds into the story

0:23:01.401 --> 0:23:02.441
<v Speaker 4>you know really strong.

0:23:02.281 --> 0:23:04.841
<v Speaker 2>Well finally enough that you should mention financial habits. But

0:23:05.241 --> 0:23:08.001
<v Speaker 2>that is something else I wanted to that we wanted

0:23:08.041 --> 0:23:11.001
<v Speaker 2>to talk about, because it's one of the things that's

0:23:11.001 --> 0:23:13.361
<v Speaker 2>always struck me that we can talk about. You know this,

0:23:13.761 --> 0:23:16.801
<v Speaker 2>it's like a previous guest Alex Flint talking about exercise

0:23:16.841 --> 0:23:20.201
<v Speaker 2>and how we talk about changing our exercise habits and

0:23:20.241 --> 0:23:23.681
<v Speaker 2>our well being. And I'm not sure whether that's an

0:23:23.721 --> 0:23:25.481
<v Speaker 2>easier thing to do with your own physical health, but

0:23:25.561 --> 0:23:30.001
<v Speaker 2>with your financial health, and we can talk about I

0:23:30.081 --> 0:23:31.881
<v Speaker 2>need to do this and have this spending app. But

0:23:32.761 --> 0:23:35.201
<v Speaker 2>I wonder how hard it is for people to change

0:23:35.321 --> 0:23:40.441
<v Speaker 2>financial habits of a lifetime, which accentuates probably the importance

0:23:40.481 --> 0:23:43.121
<v Speaker 2>of setting your kids up with good financial habits, being

0:23:43.121 --> 0:23:46.281
<v Speaker 2>aware of what a dollar is worth. But when it

0:23:46.361 --> 0:23:51.441
<v Speaker 2>comes to genuinely changing financial habits, I have the sense

0:23:51.521 --> 0:23:54.201
<v Speaker 2>that that's actually pretty tricky.

0:23:54.281 --> 0:23:54.481
<v Speaker 5>For me.

0:23:54.761 --> 0:23:58.681
<v Speaker 2>I probably changed my spending financial habits when I got

0:23:58.721 --> 0:24:02.881
<v Speaker 2>a mortgage. Actually that is well, it's like you know

0:24:02.961 --> 0:24:05.001
<v Speaker 2>you've got suddenly you've got the hammer and anvilin app.

0:24:05.281 --> 0:24:07.921
<v Speaker 2>Really you're really pummeling yourself into because you've got some

0:24:08.081 --> 0:24:11.761
<v Speaker 2>serious financial commitments. But up until that time, I sort

0:24:11.801 --> 0:24:13.921
<v Speaker 2>of felt that it was easier to breeze by and

0:24:14.241 --> 0:24:16.241
<v Speaker 2>in the more transient spending habits.

0:24:16.681 --> 0:24:19.001
<v Speaker 4>I think that's not uncommon because it's an age and

0:24:19.041 --> 0:24:22.001
<v Speaker 4>stage thing where if you can drift going paycheck to

0:24:22.081 --> 0:24:25.041
<v Speaker 4>paycheck and your lifestyle is quite comfortable, that's when. But

0:24:25.161 --> 0:24:28.041
<v Speaker 4>then you pump the brakes when you're again looking for

0:24:28.081 --> 0:24:30.001
<v Speaker 4>a mortgage, you have a child, or you've got a.

0:24:30.361 --> 0:24:32.801
<v Speaker 2>Kids and a mortgage boomf.

0:24:34.841 --> 0:24:37.761
<v Speaker 4>So that that really just causes you to pause and

0:24:38.081 --> 0:24:41.001
<v Speaker 4>do things differently, because otherwise there'll be lots of arguments

0:24:41.201 --> 0:24:42.481
<v Speaker 4>and strain that you don't need.

0:24:42.641 --> 0:24:44.881
<v Speaker 2>So I'm not sure we can really advocate that if

0:24:44.961 --> 0:24:48.081
<v Speaker 2>you have some prolific spending habits that just have a

0:24:48.161 --> 0:24:52.041
<v Speaker 2>baby or buy a house, But probably if you haven't

0:24:52.041 --> 0:24:54.361
<v Speaker 2>got a house and you are wasteful with your money,

0:24:54.401 --> 0:24:57.561
<v Speaker 2>maybe there is a sort of I'm being fickle a

0:24:57.601 --> 0:24:58.001
<v Speaker 2>little bit.

0:24:58.241 --> 0:25:00.761
<v Speaker 4>I think the human mind needs to be you know,

0:25:01.001 --> 0:25:04.321
<v Speaker 4>it's just the human condition rather to to you know,

0:25:04.521 --> 0:25:08.121
<v Speaker 4>do things you enjoy right so or you know, got

0:25:08.161 --> 0:25:10.001
<v Speaker 4>an a version to the things you hate doing right.

0:25:10.081 --> 0:25:10.721
<v Speaker 2>So that's just it.

0:25:10.961 --> 0:25:12.561
<v Speaker 4>So you kind of have to track the mind to

0:25:12.681 --> 0:25:16.241
<v Speaker 4>some degree, and you know, setting up some systems in

0:25:16.321 --> 0:25:19.641
<v Speaker 4>place to protect yourself, but equally having incentives in place

0:25:19.681 --> 0:25:22.841
<v Speaker 4>where there's you're rewarded for the habits that you're changing,

0:25:22.841 --> 0:25:25.801
<v Speaker 4>because changing habits is tough. And so again, if you

0:25:25.841 --> 0:25:27.801
<v Speaker 4>have little goals for yourself, well when I do this

0:25:28.001 --> 0:25:30.481
<v Speaker 4>and I achieve this level of season and reward myself

0:25:30.521 --> 0:25:32.881
<v Speaker 4>with this, and same thing goes for health. I always

0:25:32.921 --> 0:25:36.161
<v Speaker 4>find that health and finance are very similar pathways.

0:25:37.001 --> 0:25:39.441
<v Speaker 2>Actually, would it be a legitimate thing on a financial

0:25:39.521 --> 0:25:42.081
<v Speaker 2>habits say, and I think probably the thing I had

0:25:42.121 --> 0:25:44.601
<v Speaker 2>as a younger man of you know, just going to

0:25:44.681 --> 0:25:48.201
<v Speaker 2>cafes more often than I should have if I had said, okay,

0:25:48.321 --> 0:25:49.801
<v Speaker 2>tell you what, I'm not going to do that, but

0:25:49.921 --> 0:25:52.281
<v Speaker 2>on Friday night, I'm going out for dinner with friends,

0:25:52.401 --> 0:25:53.761
<v Speaker 2>and I'm not going to worry about the bills so

0:25:53.881 --> 0:25:56.801
<v Speaker 2>much because I've saved a fortune by not doing it

0:25:57.001 --> 0:25:59.481
<v Speaker 2>three or four days a week, is it. I mean

0:25:59.601 --> 0:26:02.841
<v Speaker 2>that's sort of a sacrifice and reward type of thing. Well, well,

0:26:02.841 --> 0:26:04.521
<v Speaker 2>hopefully you don't go out and blow it at all.

0:26:04.521 --> 0:26:08.081
<v Speaker 4>Exactly exactly, because you can also deceive yourself that you say, hey,

0:26:08.081 --> 0:26:10.041
<v Speaker 4>I saved five bucks a week, you know, a day

0:26:10.081 --> 0:26:12.041
<v Speaker 4>by not buying my coffee, and then you go out

0:26:12.081 --> 0:26:14.281
<v Speaker 4>on the weekend and you spend one hundred or whatever

0:26:14.361 --> 0:26:15.321
<v Speaker 4>it is is you know.

0:26:15.801 --> 0:26:17.841
<v Speaker 2>That that's we've worked out. That's your magic.

0:26:18.841 --> 0:26:21.201
<v Speaker 1>It's just an easy, easy round number.

0:26:22.201 --> 0:26:24.601
<v Speaker 4>But you know what I'm saying, So you have to

0:26:25.001 --> 0:26:27.281
<v Speaker 4>it has to have some sort of common sense behind

0:26:27.361 --> 0:26:30.601
<v Speaker 4>it and just awareness. So if I don't want to

0:26:30.681 --> 0:26:32.361
<v Speaker 4>knock the apps, because if it gives you a sense

0:26:32.401 --> 0:26:35.921
<v Speaker 4>of awareness, then it helps you to pump the brakes. Great. Equally,

0:26:36.241 --> 0:26:39.001
<v Speaker 4>if cash and the envelope is a strategy that you

0:26:39.121 --> 0:26:41.241
<v Speaker 4>know keeps you on the path and you know, alerts

0:26:41.281 --> 0:26:43.161
<v Speaker 4>you to the fact that, hey, look, I've lost ten

0:26:43.241 --> 0:26:45.961
<v Speaker 4>pounds and save three hundred dollars a week by not

0:26:46.081 --> 0:26:48.881
<v Speaker 4>going to KFC or McDonalds. So what have you great?

0:26:49.281 --> 0:26:51.161
<v Speaker 4>I mean, I'm looking forward to the day when my

0:26:51.321 --> 0:26:53.361
<v Speaker 4>kid is out on his own he has to pay rent,

0:26:53.441 --> 0:26:57.081
<v Speaker 4>and then that restrains all this ridiculous money at the bars,

0:26:57.121 --> 0:26:59.001
<v Speaker 4>et cetera. He's going to have a bit of a

0:26:59.041 --> 0:27:00.841
<v Speaker 4>wake up moment. But you know that's going to be

0:27:00.881 --> 0:27:02.681
<v Speaker 4>a teachable moment for him if he can't make his

0:27:02.761 --> 0:27:04.761
<v Speaker 4>rent payment, you know, so that for him that that's

0:27:04.801 --> 0:27:07.441
<v Speaker 4>the learn of you know, having a mortgage, is paying

0:27:07.481 --> 0:27:10.521
<v Speaker 4>your rent right other thise your move back in with

0:27:10.601 --> 0:27:11.361
<v Speaker 4>your nagging mother.

0:27:12.081 --> 0:27:14.801
<v Speaker 2>You're throwing up other topics here because I was about

0:27:14.841 --> 0:27:17.121
<v Speaker 2>to ask whether it's a good idea for parents to

0:27:17.241 --> 0:27:19.321
<v Speaker 2>charge their kids rent to prepare them for that reason.

0:27:19.401 --> 0:27:22.081
<v Speaker 4>Yes, I do think it is. I mean I am

0:27:22.121 --> 0:27:25.121
<v Speaker 4>a bit of a softy wells of course were the students,

0:27:25.321 --> 0:27:29.001
<v Speaker 4>you know, But equally, I think that teaches them that,

0:27:29.441 --> 0:27:32.001
<v Speaker 4>you know, not getting everything for free, right, particularly when

0:27:32.041 --> 0:27:33.201
<v Speaker 4>when they reach a certain age.

0:27:33.281 --> 0:27:36.961
<v Speaker 2>So it's yeah, that will save that to another day.

0:27:37.001 --> 0:27:39.441
<v Speaker 2>That that is a good one though. And also we

0:27:39.601 --> 0:27:41.161
<v Speaker 2>have talked about it a bit because there was a

0:27:41.201 --> 0:27:44.081
<v Speaker 2>lovely anecdotal story that somebody shared with us of their

0:27:44.161 --> 0:27:46.081
<v Speaker 2>parents charging them rent while they were at home for

0:27:46.121 --> 0:27:49.361
<v Speaker 2>a while and or bored, and then when they left home,

0:27:49.561 --> 0:27:52.241
<v Speaker 2>the parents returned it all with interest to help them

0:27:52.281 --> 0:27:54.161
<v Speaker 2>by their first half, and I thought, I thought that

0:27:54.281 --> 0:27:59.561
<v Speaker 2>was awesome story as well. Let's take some calls Janet, Hello, Hi,

0:27:59.921 --> 0:28:03.321
<v Speaker 2>how are you good? Thanks? How are you doing? Yeah?

0:28:03.401 --> 0:28:06.601
<v Speaker 6>Good? I guess i'd share a system. I've been new

0:28:06.641 --> 0:28:10.241
<v Speaker 6>things for quite a while now. The first thing is

0:28:10.641 --> 0:28:13.441
<v Speaker 6>don't have a credit card because you lose track of

0:28:13.481 --> 0:28:16.801
<v Speaker 6>what you're spending. There's nothing more depressing than to a

0:28:16.921 --> 0:28:19.681
<v Speaker 6>worked hard all month and get your pay and it

0:28:19.761 --> 0:28:20.961
<v Speaker 6>all goes on the credit card.

0:28:21.641 --> 0:28:22.801
<v Speaker 4>Yeah yeah, I agree.

0:28:24.641 --> 0:28:26.441
<v Speaker 6>So you want to get your money and go, oh good,

0:28:26.481 --> 0:28:29.321
<v Speaker 6>what am I going to spend it on? So I

0:28:30.481 --> 0:28:34.841
<v Speaker 6>have one account that money goes, it's transferred into for

0:28:35.001 --> 0:28:41.001
<v Speaker 6>spending including bills, and I have a budget. So I

0:28:41.841 --> 0:28:43.761
<v Speaker 6>guess tomate how much my bills are going to be

0:28:43.841 --> 0:28:49.961
<v Speaker 6>each month, so power, water, que, irregular ones, and things

0:28:50.121 --> 0:28:52.841
<v Speaker 6>like insurance, I pro rider over the year, so I'd

0:28:52.881 --> 0:28:57.121
<v Speaker 6>divide it by twelve, so you're contributing each month towards that,

0:28:58.361 --> 0:29:02.881
<v Speaker 6>And so you get a total, a subtotal of what

0:29:02.961 --> 0:29:05.481
<v Speaker 6>you think you're going to spend for the money on

0:29:05.761 --> 0:29:09.161
<v Speaker 6>just the basics and food and whatever, and then what

0:29:09.321 --> 0:29:11.801
<v Speaker 6>your left with is your slash money for the one

0:29:11.881 --> 0:29:13.361
<v Speaker 6>off and the fun and all the rest of it.

0:29:14.801 --> 0:29:18.001
<v Speaker 6>And I also have a little calculation on my spreadsheet

0:29:18.641 --> 0:29:20.281
<v Speaker 6>where I can enter the number of days left in

0:29:20.361 --> 0:29:22.841
<v Speaker 6>the month. So if you've got three hundred dollars left,

0:29:22.881 --> 0:29:25.761
<v Speaker 6>and at the start of the month, you've got ten

0:29:25.801 --> 0:29:28.201
<v Speaker 6>dollars a day to spend. If it's the last day

0:29:28.241 --> 0:29:30.721
<v Speaker 6>of the month, you've got three hundred dollars left, you've

0:29:30.721 --> 0:29:33.921
<v Speaker 6>got three hundred dollars left for the day. So you

0:29:34.041 --> 0:29:36.161
<v Speaker 6>can kind of reward yourself later in the month if

0:29:36.201 --> 0:29:39.481
<v Speaker 6>you've been good earlier in the month, or you can

0:29:39.721 --> 0:29:42.801
<v Speaker 6>take what's left and assign it to an expense for

0:29:42.921 --> 0:29:44.721
<v Speaker 6>the next month and get yourself ahead.

0:29:45.681 --> 0:29:50.241
<v Speaker 2>Sure you are organized, What what made you? Did you

0:29:50.321 --> 0:29:52.721
<v Speaker 2>do this? Because you saw the error of your ways

0:29:52.761 --> 0:29:54.681
<v Speaker 2>and you were reforming yourself or have you always been

0:29:54.761 --> 0:29:57.921
<v Speaker 2>quite for skilly sort of alert and responis.

0:29:57.961 --> 0:30:01.721
<v Speaker 6>Oh, look, I left a job and I had to budget,

0:30:02.841 --> 0:30:07.161
<v Speaker 6>and I've been doing this for ten past years. And

0:30:07.321 --> 0:30:09.241
<v Speaker 6>then you can, once you've done it for a year,

0:30:09.401 --> 0:30:11.601
<v Speaker 6>you can just copy your history down so you've got

0:30:11.681 --> 0:30:13.161
<v Speaker 6>more of an idea of what you're doing.

0:30:14.721 --> 0:30:18.121
<v Speaker 4>Yeah, sounds like a great system. And your earliest point too,

0:30:18.361 --> 0:30:21.201
<v Speaker 4>I hundred said. That's one thing that I can say

0:30:21.281 --> 0:30:24.441
<v Speaker 4>my kids haven't done, and I hope that doesn't change.

0:30:24.521 --> 0:30:27.441
<v Speaker 4>Is not getting a credit card because that prevents you

0:30:27.521 --> 0:30:29.681
<v Speaker 4>from spending money you don't have. And then once you're

0:30:29.921 --> 0:30:32.841
<v Speaker 4>once people get on that treadmill because it's also easy

0:30:32.961 --> 0:30:36.041
<v Speaker 4>to do. They're forever trying to dig themselves out of

0:30:36.081 --> 0:30:39.121
<v Speaker 4>the hole and complaining I can never get ahead financially

0:30:39.161 --> 0:30:41.921
<v Speaker 4>because they're paying money on money owed. So I think

0:30:42.001 --> 0:30:44.241
<v Speaker 4>that's a very smart, smart decision.

0:30:44.361 --> 0:30:47.001
<v Speaker 2>Thanks for you, cool, Janet. I confess that I I

0:30:47.201 --> 0:30:49.561
<v Speaker 2>just we stick everything through the credit card because I

0:30:49.601 --> 0:30:50.321
<v Speaker 2>love the points.

0:30:50.121 --> 0:30:52.161
<v Speaker 4>For the points. Yeah, it works for something as.

0:30:52.081 --> 0:30:54.161
<v Speaker 2>Long as you can play it off, though, and if

0:30:54.161 --> 0:30:55.801
<v Speaker 2>you missed that date, you're ah.

0:30:56.201 --> 0:30:58.041
<v Speaker 4>Yeah, yeah, yeah, Well you just set it up on

0:30:58.281 --> 0:31:00.721
<v Speaker 4>as an auto payment, right, so it gets sucked out

0:31:00.721 --> 0:31:01.001
<v Speaker 4>of your p.

0:31:01.121 --> 0:31:03.041
<v Speaker 2>I have an alarm on my phone that goes off.

0:31:03.281 --> 0:31:06.041
<v Speaker 2>Is pay credit card? Do it manually? I don't know.

0:31:06.081 --> 0:31:08.121
<v Speaker 2>There's something that's just a control freaky thing.

0:31:08.201 --> 0:31:10.161
<v Speaker 4>I'm not sure you can set it up for another

0:31:10.321 --> 0:31:10.841
<v Speaker 4>payment though.

0:31:11.921 --> 0:31:13.321
<v Speaker 2>I'll have to have a look at that one. We'll

0:31:13.321 --> 0:31:15.961
<v Speaker 2>talk about that one in the break, but we'll be

0:31:16.041 --> 0:31:17.481
<v Speaker 2>back in just a moment. When to take your calls

0:31:17.521 --> 0:31:20.561
<v Speaker 2>on how are you tracking your spending? And is there

0:31:20.561 --> 0:31:22.881
<v Speaker 2>a particular app that you swear by because you can

0:31:22.921 --> 0:31:24.961
<v Speaker 2>share that with us too on eight hundred eighty ten eighty.

0:31:25.361 --> 0:31:30.081
<v Speaker 2>But also if you have changed your financial habits, what

0:31:30.321 --> 0:31:32.921
<v Speaker 2>was it that motivated it? Because I think it's one

0:31:32.921 --> 0:31:35.281
<v Speaker 2>of those things. It's like getting fit and healthy. You

0:31:35.361 --> 0:31:36.921
<v Speaker 2>can talk about it till the cows come home, but

0:31:36.961 --> 0:31:38.521
<v Speaker 2>when are you going to make the meaningful change? And

0:31:38.521 --> 0:31:40.721
<v Speaker 2>I'm sure when it comes to financial health, that's just

0:31:40.801 --> 0:31:42.361
<v Speaker 2>as big a challenge to give us a call eight

0:31:42.441 --> 0:31:45.321
<v Speaker 2>hundred eighty ten and eighty eighteen minutes two six News Talks.

0:31:45.361 --> 0:31:48.721
<v Speaker 2>It'd be My producer Tyra is so happy right now

0:31:48.801 --> 0:31:51.401
<v Speaker 2>because she loves Christmas and if you missed the show

0:31:51.481 --> 0:31:54.281
<v Speaker 2>on the first of November, she started playing Christmas music

0:31:54.361 --> 0:31:55.521
<v Speaker 2>and I was like, what the hell are you doing.

0:31:55.961 --> 0:31:58.321
<v Speaker 2>She's like, it's November, I can play Christmas music, not

0:31:58.401 --> 0:32:01.441
<v Speaker 2>on news talks. He'd be it's gonna be like two

0:32:01.561 --> 0:32:02.841
<v Speaker 2>months of Christmas.

0:32:02.961 --> 0:32:04.681
<v Speaker 1>Were more happy people in the world.

0:32:05.121 --> 0:32:07.081
<v Speaker 2>She's so happy right now. That is definitely one for

0:32:07.121 --> 0:32:09.401
<v Speaker 2>your playlist though. But anyway, this is smart Money, and

0:32:09.521 --> 0:32:12.481
<v Speaker 2>my guest is Amanda Morale talking about budgeting and how

0:32:12.561 --> 0:32:12.841
<v Speaker 2>you do it.

0:32:13.121 --> 0:32:19.201
<v Speaker 7>Calvin Giday, Good Athene, Tim and good Athenoon to your guest, Amanda, Amanda,

0:32:22.041 --> 0:32:25.241
<v Speaker 7>there must be tens of thousands, could even be hundreds

0:32:25.281 --> 0:32:28.281
<v Speaker 7>of thousands of people like me who a lot of

0:32:28.321 --> 0:32:31.961
<v Speaker 7>the things you previously mentioned. I would know anything about

0:32:32.441 --> 0:32:35.081
<v Speaker 7>apps and all this sort of carry on. But I

0:32:35.201 --> 0:32:39.761
<v Speaker 7>do confess to having some automatic payments, you know, electricity,

0:32:39.881 --> 0:32:44.641
<v Speaker 7>newspaper account, phone account that's done automatically through the bank

0:32:45.121 --> 0:32:48.841
<v Speaker 7>as such. But I'm one of these people who I

0:32:49.041 --> 0:32:52.361
<v Speaker 7>love cash and when I go to the supermarket I

0:32:52.441 --> 0:32:55.281
<v Speaker 7>always come out normally with more money than what I

0:32:55.361 --> 0:33:00.161
<v Speaker 7>went in with. As such, You when I go to

0:33:00.201 --> 0:33:02.561
<v Speaker 7>the supermarket, I come out with more cash than what I.

0:33:02.641 --> 0:33:03.041
<v Speaker 5>Went in with.

0:33:03.321 --> 0:33:05.921
<v Speaker 2>Why how does that work? Pocketing?

0:33:06.081 --> 0:33:08.201
<v Speaker 7>Well, it's because you keep away from apps and all

0:33:08.241 --> 0:33:12.041
<v Speaker 7>those different things which you two have been mentioning different.

0:33:12.121 --> 0:33:14.521
<v Speaker 7>It's a different lifestyle altogether out here.

0:33:14.721 --> 0:33:16.881
<v Speaker 2>And for a lot of people, maybe you're going to

0:33:16.961 --> 0:33:18.321
<v Speaker 2>the supermarket and busking.

0:33:20.881 --> 0:33:26.681
<v Speaker 7>Well inadvertently rating the till as such. But anyway, so

0:33:27.401 --> 0:33:30.281
<v Speaker 7>I in my lifetime, I've never ever had a credit card.

0:33:30.321 --> 0:33:31.601
<v Speaker 7>I wouldn't know what one was.

0:33:34.441 --> 0:33:34.481
<v Speaker 4>Know.

0:33:34.681 --> 0:33:37.921
<v Speaker 7>I use f POS which is f post card, which

0:33:38.041 --> 0:33:39.961
<v Speaker 7>is code really for cash.

0:33:41.001 --> 0:33:43.201
<v Speaker 2>Yeah, well you don't see it happen either. That can

0:33:43.281 --> 0:33:46.201
<v Speaker 2>go bling as well, can't because but as.

0:33:46.121 --> 0:33:48.361
<v Speaker 7>I say, but I do have the legal tender in

0:33:48.441 --> 0:33:50.401
<v Speaker 7>my hand hand more off than not when I go

0:33:50.481 --> 0:33:53.001
<v Speaker 7>and buy petrol and things like that and go to

0:33:53.081 --> 0:33:56.201
<v Speaker 7>the movies and a few other bits and pieces. But

0:33:56.921 --> 0:33:59.001
<v Speaker 7>so I was going to say that the app, the

0:33:59.041 --> 0:34:02.201
<v Speaker 7>app situation for me, it's a much easier lifestyle.

0:34:02.241 --> 0:34:02.361
<v Speaker 2>Now.

0:34:02.401 --> 0:34:04.961
<v Speaker 7>I fully realize a lot of people don't like cash.

0:34:05.121 --> 0:34:06.641
<v Speaker 7>Oh no, no, no, don't like cash.

0:34:06.961 --> 0:34:07.001
<v Speaker 4>Me.

0:34:07.481 --> 0:34:10.521
<v Speaker 7>I love cash. The more cache I have, the happier

0:34:10.561 --> 0:34:13.001
<v Speaker 7>I am cash.

0:34:13.801 --> 0:34:17.441
<v Speaker 2>Yeah, we hear you altogether, now, Yeah, Hey, thanks Calvin.

0:34:18.281 --> 0:34:19.841
<v Speaker 2>He's completely made me forget what I was going to

0:34:19.881 --> 0:34:20.121
<v Speaker 2>ask you.

0:34:20.201 --> 0:34:20.321
<v Speaker 3>Oh.

0:34:20.401 --> 0:34:24.161
<v Speaker 2>Yes, So we have obliquely took talked about apps when

0:34:24.161 --> 0:34:27.081
<v Speaker 2>it comes to spending apps. But do you have particular

0:34:27.161 --> 0:34:30.161
<v Speaker 2>ones where and you're not giving specific financial advice and

0:34:30.241 --> 0:34:32.481
<v Speaker 2>things that would be worth people checking out if their

0:34:32.521 --> 0:34:34.561
<v Speaker 2>interested in and tracking their spending.

0:34:34.681 --> 0:34:37.361
<v Speaker 4>Yeah, so I think it depends on your situation. So

0:34:38.201 --> 0:34:42.481
<v Speaker 4>what I would recommend there's about eight that are quite

0:34:42.601 --> 0:34:45.481
<v Speaker 4>well reviewed on money hub dot coded and said if

0:34:45.521 --> 0:34:47.521
<v Speaker 4>you look up got a moneyhub dot cod in and said,

0:34:47.641 --> 0:34:52.001
<v Speaker 4>look up their reviews on spending apps. Because well, again,

0:34:52.161 --> 0:34:55.281
<v Speaker 4>if you're looking for ones for your kids, for example,

0:34:55.441 --> 0:34:57.201
<v Speaker 4>to try to train them up on money, there's a

0:34:57.561 --> 0:35:02.641
<v Speaker 4>one called Square one split wise for students and flatmates

0:35:03.361 --> 0:35:08.961
<v Speaker 4>for multi accounts and customizations spend ye. Again, there's ones

0:35:09.481 --> 0:35:12.641
<v Speaker 4>that the banks have, so there's numerous ones, but it

0:35:12.721 --> 0:35:15.801
<v Speaker 4>really depends what you're looking for for your situation. So

0:35:16.241 --> 0:35:18.961
<v Speaker 4>again that's a good place to start is just looking

0:35:19.641 --> 0:35:23.401
<v Speaker 4>up that central Spinster Ali money hub review center for

0:35:23.641 --> 0:35:27.201
<v Speaker 4>for whatever it is you're looking money. So it's just

0:35:27.281 --> 0:35:28.921
<v Speaker 4>called money hub dot codin and is it and they

0:35:29.161 --> 0:35:31.961
<v Speaker 4>review everything under the sky, including spending habits. But what

0:35:32.121 --> 0:35:34.161
<v Speaker 4>they'll do is they'll go in and tell you why

0:35:34.401 --> 0:35:37.881
<v Speaker 4>each one is different from the other and how it's superior. Again,

0:35:37.961 --> 0:35:41.281
<v Speaker 4>because everybody's situation is different. As the last gentleman caller said,

0:35:41.321 --> 0:35:44.441
<v Speaker 4>but had no idea, and my situation is different. Again,

0:35:44.561 --> 0:35:47.281
<v Speaker 4>you might have somebody, a younger person who really wants

0:35:47.361 --> 0:35:50.961
<v Speaker 4>to heavily micromanage and funnel their accounts. They're you know,

0:35:51.161 --> 0:35:54.481
<v Speaker 4>banking out, might be you know, the the be's knees

0:35:54.561 --> 0:35:56.721
<v Speaker 4>in that regard. So it really depends what it is

0:35:56.841 --> 0:36:00.201
<v Speaker 4>you're looking for. One thing will I remember on the

0:36:00.241 --> 0:36:03.401
<v Speaker 4>budgeting side of things, is it's a free app and

0:36:03.521 --> 0:36:06.081
<v Speaker 4>it works holistically with a bunch of other things. Is

0:36:06.161 --> 0:36:09.201
<v Speaker 4>sort of dot org dead and dead I. I can't

0:36:09.481 --> 0:36:17.121
<v Speaker 4>say enough good things. And that's a free government. And

0:36:17.201 --> 0:36:20.561
<v Speaker 4>you can tie in like your whole situation too, including

0:36:20.561 --> 0:36:22.681
<v Speaker 4>where you're on track with your kiwisaver and how much

0:36:22.761 --> 0:36:25.641
<v Speaker 4>you're going to you know, potentially have for retirement. So

0:36:25.721 --> 0:36:27.881
<v Speaker 4>it's not just your day to day spending, but it's

0:36:28.401 --> 0:36:31.761
<v Speaker 4>more of a holistic picture. So for those individuals who

0:36:31.961 --> 0:36:34.401
<v Speaker 4>you know can't afford a good financial advisor, you can

0:36:34.481 --> 0:36:37.081
<v Speaker 4>DIY a lot of this stuff yourself, and that sort

0:36:37.121 --> 0:36:39.041
<v Speaker 4>of is a great place to start. You could plug

0:36:39.081 --> 0:36:41.521
<v Speaker 4>in all these inputs, change them. That's what I'm trying

0:36:41.561 --> 0:36:43.641
<v Speaker 4>to train my kids on doing so they can see

0:36:44.161 --> 0:36:45.681
<v Speaker 4>big picture of what's going on.

0:36:45.841 --> 0:36:47.561
<v Speaker 2>Yeah, I think the journey I've got to go on

0:36:47.681 --> 0:36:50.081
<v Speaker 2>with my kids is that they they quite conscious of

0:36:50.121 --> 0:36:52.041
<v Speaker 2>the money that they've gotten, how they want to spend it,

0:36:52.481 --> 0:36:55.001
<v Speaker 2>but it cost to other things they've gotten. No, I

0:36:55.081 --> 0:36:57.561
<v Speaker 2>think they think Mum and Dad are the bottomless the

0:36:57.601 --> 0:37:00.921
<v Speaker 2>bottomless pit, and that's that's probably I'm not sure how

0:37:00.961 --> 0:37:07.041
<v Speaker 2>to imbue them with a sense of with the understanding

0:37:07.121 --> 0:37:09.281
<v Speaker 2>of that Mum and Dad are not bottomless money pets either,

0:37:09.561 --> 0:37:10.441
<v Speaker 2>but maybe saying.

0:37:10.321 --> 0:37:11.521
<v Speaker 1>Just no money.

0:37:11.561 --> 0:37:13.321
<v Speaker 4>It really depends how old they are and where they're

0:37:13.321 --> 0:37:16.201
<v Speaker 4>at for understanding that. It's you know, then I think this,

0:37:16.361 --> 0:37:18.881
<v Speaker 4>it's never too early to start. Well, obviously not where

0:37:18.881 --> 0:37:20.481
<v Speaker 4>they are in now peace, I don't think. But you know,

0:37:20.601 --> 0:37:22.801
<v Speaker 4>the sooner you get them started, the better. But then

0:37:22.881 --> 0:37:25.481
<v Speaker 4>you'll find your teenagers will come to a stage where

0:37:25.521 --> 0:37:27.401
<v Speaker 4>they want to start getting their hair colored or something

0:37:27.481 --> 0:37:30.441
<v Speaker 4>like that. Oh no, you know, then, yeah, prepare for

0:37:30.961 --> 0:37:31.121
<v Speaker 4>you know.

0:37:31.121 --> 0:37:34.441
<v Speaker 2>What I'm going to teach myself how to I'm going

0:37:34.521 --> 0:37:36.961
<v Speaker 2>to look I do the ballet buns. It can't be

0:37:37.041 --> 0:37:37.761
<v Speaker 2>that much difficult.

0:37:37.921 --> 0:37:41.761
<v Speaker 4>Different to the cost of those things is a watering,

0:37:41.841 --> 0:37:44.241
<v Speaker 4>So hopefully they're far away from that, or you make

0:37:44.321 --> 0:37:45.481
<v Speaker 4>them save for those kind of things.

0:37:45.761 --> 0:37:48.601
<v Speaker 2>Well, luckily we have one with striking read here, which

0:37:48.641 --> 0:37:52.201
<v Speaker 2>she quite likes, and she's that's she just celebrates it

0:37:52.281 --> 0:37:55.921
<v Speaker 2>every day. You're spared fingers crossed on that one. Yeah. Absolutely,

0:37:56.001 --> 0:37:57.481
<v Speaker 2>we're going to take a moment back and a ticket's

0:37:57.481 --> 0:37:59.561
<v Speaker 2>eight minutes to six news talks. He'd be yes, welcome

0:37:59.641 --> 0:38:02.761
<v Speaker 2>back to the weekend collective. Gosh, smart money. That time

0:38:02.801 --> 0:38:05.401
<v Speaker 2>has flown, Amanda, marn I know what time is, excel reading.

0:38:05.881 --> 0:38:08.201
<v Speaker 2>Time flies when you're having fun. As they say, I've

0:38:08.241 --> 0:38:10.281
<v Speaker 2>got a good question for you here, though a quick one.

0:38:10.361 --> 0:38:12.281
<v Speaker 2>I'm not sure if we can get a quick answer

0:38:12.321 --> 0:38:14.521
<v Speaker 2>to this, Amanda. I've never had a credit card, but

0:38:14.641 --> 0:38:16.161
<v Speaker 2>my parents think I should get one so I can

0:38:16.241 --> 0:38:19.841
<v Speaker 2>build a credit score. So there's a couple of things.

0:38:19.961 --> 0:38:21.641
<v Speaker 2>Is there anything I can do the internet set It

0:38:21.761 --> 0:38:23.561
<v Speaker 2>might apply to the US, but not here in New Zealand.

0:38:23.601 --> 0:38:26.081
<v Speaker 2>Don't know, there's not enough information in that, but getting

0:38:26.121 --> 0:38:29.081
<v Speaker 2>a credit score or fixing your credit score, how do

0:38:29.161 --> 0:38:29.641
<v Speaker 2>you build that?

0:38:29.961 --> 0:38:32.241
<v Speaker 4>Yeah, well, so a if you want to find out

0:38:32.321 --> 0:38:34.761
<v Speaker 4>what your credit score is currently, but it sounds like

0:38:35.001 --> 0:38:37.841
<v Speaker 4>this fellow or gal doesn't think they have one, but

0:38:38.001 --> 0:38:39.881
<v Speaker 4>you can find them up. There's a couple of different

0:38:39.921 --> 0:38:42.801
<v Speaker 4>credit reading agencies. But that's a quick Google search.

0:38:42.921 --> 0:38:44.961
<v Speaker 2>How do you get a credit score? I think was question?

0:38:45.161 --> 0:38:48.841
<v Speaker 4>But yeah, and so once you start, you know, the

0:38:48.921 --> 0:38:52.481
<v Speaker 4>typical consumer behavior, everything starts getting tracked. And that's everything

0:38:52.601 --> 0:38:55.081
<v Speaker 4>from you know, paying your rent on time, paying your

0:38:55.961 --> 0:39:01.601
<v Speaker 4>or your bills on time. Anything where you've been required

0:39:01.681 --> 0:39:04.281
<v Speaker 4>to pay things on time will all start to get tracked,

0:39:04.481 --> 0:39:06.801
<v Speaker 4>and then that builds in towards your credit score. Where

0:39:06.841 --> 0:39:09.801
<v Speaker 4>you start to get a bad credit score is missed payments,

0:39:09.921 --> 0:39:14.041
<v Speaker 4>et cetera. So it tracks all your financial behaviors. So

0:39:14.761 --> 0:39:18.001
<v Speaker 4>you know, it won't just be it depends what stage

0:39:18.041 --> 0:39:20.401
<v Speaker 4>of life this individual is at, because if they've got

0:39:20.561 --> 0:39:22.481
<v Speaker 4>no other if they're not paying rent or any bills

0:39:22.561 --> 0:39:25.081
<v Speaker 4>or anything like that, then yes, if they're buying things,

0:39:25.201 --> 0:39:26.401
<v Speaker 4>they may want to start building.

0:39:26.761 --> 0:39:28.841
<v Speaker 2>The trap is it's like you don't want a credit cab,

0:39:28.881 --> 0:39:30.481
<v Speaker 2>but you still need to build a credit score.

0:39:31.041 --> 0:39:33.561
<v Speaker 4>Yeah, but at the time in which, again you're paying

0:39:33.641 --> 0:39:37.561
<v Speaker 4>your mobile phone bill or your any sort of any bills,

0:39:38.041 --> 0:39:40.121
<v Speaker 4>And as soon as you start missing those, your credit

0:39:40.241 --> 0:39:42.401
<v Speaker 4>scores goes down. If you want to try to build

0:39:42.441 --> 0:39:44.001
<v Speaker 4>it up. If you failed, then you got to just

0:39:44.161 --> 0:39:44.761
<v Speaker 4>pay on time.

0:39:44.961 --> 0:39:48.601
<v Speaker 2>Guess what times up? Thanks for listen. Check out the

0:39:48.641 --> 0:39:52.121
<v Speaker 2>podcast news it Be website iHeartRadio. Thanks my producer Tira

0:39:52.481 --> 0:39:55.281
<v Speaker 2>and Sunday at six is Neck For more from the

0:39:55.321 --> 0:39:58.721
<v Speaker 2>weekend collective. Listen live to news Talks it'd Be weekends

0:39:58.761 --> 0:40:02.041
<v Speaker 2>from three pm, or follow the podcast on iHeartRadio