S1: Hello and welcome to It All ends up the podcast
S1: where we chat about money, how to get it, how
S1: to spend it and how to invest it. I'm money
S1: editor Dom.
S2: Powell, and I'm senior economics writer Jess Irvine, and this
S2: is our final episode of the year. Dom I can't
S2: believe we've actually this is our 17th episode. Time flies
S2: when you're having fun.
S1: 17 It feels a bit like I feel that we
S1: should have finished it on a round number. Obviously we
S1: didn't plan this very well, but 17 just feels like it's,
S1: it just sort of irks me a bit. But seven
S1: it's a lot. We did a lot of episodes.
S2: It's a bit random, but yes. No, there's been some
S2: excellent if I do say so myself. Episodes that we produced.
S2: Did you have a favorite so far?
S1: I think my favorite was the one we did on Hacks.
S1: I really enjoyed doing that one. If you have a
S1: listen to it, go back and listen to it. But
S1: I think it's just sort of one of those things
S1: that we're in a very unique sort of situation where
S1: inflation really does matter if you hexed it. So talking
S1: about it, thinking about it, I think is really important.
S2: Yeah, my favorite one we've done so far was on
S2: pay rises and I think it's a sensitive topic for
S2: a lot of people. Nobody wants to ask, but it's
S2: just so important that you ask in the New year.
S2: And we're taking a little break, but we're going to
S2: replay over the summer some of our best hits, including
S2: the next one and including the pay rises ones. So
S2: you will still be getting little snippets from us dropping
S2: into your podcast feeds in the coming weeks ahead while
S2: you're sunning yourselves at the beach, hopefully. And yeah, we're
S2: looking forward to reading some of those for you.
S1: Yeah, it's sort of sort of like a greatest hits,
S1: you know, those so fresh CD's that everyone used to
S1: get back in the day. It's like a so fresh
S1: hits of hits of this podcast. 2022.
S2: Yeah, it's probably a bit premature for our greatest hits
S2: of all time. I don't think we've been going on.
S1: No, no, I think it's fun. I think it's all right.
S1: I think bands, bands are a great asset album for
S1: being around for like, you know, five years. So. All right,
S1: we're getting that this week. We're rounding off 2022 with
S1: some advice to get you prepared for next year and
S1: thinking about what it sort of means to sort of have,
S1: you know, to be financially successful or maybe not even successful,
S1: just sort of financially stable in in 2023. And just
S1: what does that what does that mean to you when
S1: it sounds what does that sort of concept look like
S1: when we're going into the new year?
S2: Yeah, I mean, many people would think that's having a
S2: lot of money to be financially successful. I just need
S2: to have quite a lot of money. But for me,
S2: it's sort of just I mean, it's something that has
S2: evolved in my own life over the last couple of years,
S2: but just having a sense of being in financial control
S2: and actually when they do sort of studies of wellbeing
S2: next to, you know, having healthy relationships and a sense
S2: of purpose in life, having a sense of being in
S2: control of your money is one of the major predictors
S2: of whether a person is going to feel well or not.
S2: So it's it's really important and, you know, it's going
S2: to be a stressful year for many people. In 2023,
S2: we've got the rising cost of living that is still
S2: going to be an issue. And of course, particularly for
S2: people with mortgages, we're going to be hit in the
S2: face with a lot of rate hikes, particularly if you're
S2: on the fixed interest loans as I am. My fixed
S2: rate expires in June next year. So I will be
S2: confronting a doubling, if not more, in my interest rate
S2: when that happens. So I think I would just like
S2: for people to think through in advance what some of
S2: the issues are going to be around their finances and
S2: try to get ahead of the game a little bit
S2: just so that you feel in control of your finances? Yeah.
S2: What does financial success mean to you, Don?
S1: Yeah, well, I think I'm sort of in the same boat.
S1: I think it's less that around having a big lot
S1: of money, though. Obviously that's nice. But, you know, I
S1: think it's more just about not being concerned or not
S1: being worried or at least minimising your level of concern
S1: of worry, worry about your finances and just sort of
S1: being prepared for the whatever, whatever the world throws at you.
S1: And by by golly, is throwing a bit at us
S1: at the moment. You know, there's, there's a little bit
S1: going on and has been for a while. So I
S1: think I think it's just more that sort of level
S1: of stability that's that's sort of what it what it
S1: means to me. And I think that's what we should
S1: all be aspiring to or hoping to aspire to.
S2: Yeah. And are you and New Year's resolutions sort of person?
S1: Look, not really. I have to say, every now and
S1: again I think about making New Year's resolution. But, you know,
S1: I just sort of I just sort of let it go.
S1: I sort of go with the flow sort of guy.
S3: You know.
S2: This is the year into my yang, which.
S3: Is that I have rigorously.
S2: Since I started writing at the Herald, I think been
S2: set setting myself New Year's resolutions. I once had a
S2: New Year's resolution that I was going to save a
S2: dollar for every for every dollar that I spent or something.
S2: I was going to do a minute's exercise or something.
S2: I have a sort of dual purpose to sort of
S2: have health and money related.
S3: So that's what that.
S1: Seems to say to.
S3: Me, like.
S2: It was some sort of motivation to get me to
S2: exercise or something.
S3: It didn't like that. That was that would be.
S1: So many minutes of exercise. Like, obviously that's great if
S1: you could do that, that's amazing. But like, say your
S1: mortgage is like, you know, two grand or something. That's 2000.
S1: It's an exercise.
S3: Well, I mean, read.
S2: That over a month. I don't know.
S3: Yeah.
S1: Then read everything else on top of that that you spent.
S3: I don't know. It was.
S1: It sounded admirable, Jess, but I think. I think that
S1: might have been a bit far fetched.
S2: Over the decades, that's evolved to this year, My financial
S2: resolution was just to track every dollar that I spent,
S2: and I did that. So. And that is actually something
S2: I've embedded into my lifestyle, is just to be a
S2: tracker of where my money is going. And that's actually
S2: my number one strategy. And thank you for indulging me
S2: and letting me kick off with this one as our
S2: strategies for people, because I think a lot of people
S2: would take that is to Mickey Mouse. I'm beyond that.
S2: I don't have time for that. I don't want to
S2: do that. But I am. Having said that, I'm just
S2: surprised since I've been writing about tracking my spending, the
S2: number of people and readers and listeners who contact me go, Yeah,
S2: I've kept a spreadsheet of every dollar I've spent since 1974.
S2: You know, for some of our older listeners, it's actually
S2: something that is quite common to do. And if you
S2: are feeling scared or worried about your finances for 2023,
S2: just one really simple practical thing you can do is
S2: to start to pay closer attention to where your money
S2: is going. I have my own spending tracker that I use.
S2: You can find that through my Instagram money with Jess
S2: play along at home with. Exactly. I just have a
S2: sheet of paper and I write down coffee for dollars.
S2: You know, the utility bill for water, which is quarterly,
S2: you know, $250. And I track everything. So I have
S2: that visibility about where my money is going, and that
S2: helps me to plan for where I want to go.
S2: And that's been an absolute revelation for me in my life.
S2: And that has given me that sense of control that
S2: I think a lot of people are going to be
S2: looking for in the year ahead because things are moving
S2: quickly and you're going to really need to be reviewing
S2: a lot of your expenses to see if you can
S2: keep up, you know, with the mortgage or whether it's
S2: the rent going up. And, you know, I would just
S2: like to be the person in the world who normalizes
S2: that and just to go, yeah, it can be as
S2: simple as track your spending, find out where your money
S2: is going. And lots of us are doing it. Not Don. No.
S1: No. Here's the thing and again on the into to
S1: Jess's yang on the on the guy this is out
S1: here and it's not not budgeting at all it's like
S1: shooting from the hip. Yeah I look it's great because
S1: it means that we get to see both sides of
S1: the coin. But I mean, that being said, I lived
S1: this way. It may not be the best way to live.
S1: I'm sure it's probably better of you if you do
S1: actually think about things and plan and budget things a
S1: bit more than I do. I think that Jess's strategies
S1: are well-worn and and seem quite, quite good. So, you know. Yeah.
S2: And you don't seem particularly stressed about your money either.
S2: I think it's sort of if anyone is feeling that
S2: agitation and fear, it's sort of an exposure therapy thing
S2: about just a way to steer your money in the
S2: face of sort of if it's scaring you. Take a
S2: little look.
S1: Absolutely. And I think that sort of brings us to
S1: the our second tip, which is sort of around thinking
S1: about the things that are coming up this year, namely refinancing,
S1: because obviously, as just mentioned, there's going to be a
S1: lot of people coming from fixed interest rates to, you know,
S1: probably onto a variable rate, which is going to be
S1: likely to be a lot higher than their fixed rate.
S1: So that will be sort of a cascading effect for
S1: a lot of people. There's this sort of talk of
S1: this fixed interest rate cliff, which we are approaching and
S1: will approach in 2023. So I think the best idea
S1: for that for anyone that's sort of in that boat
S1: is just to get ahead of it and really think
S1: about it well in advance, probably at least two months
S1: before your fixed period expires and have a bit of
S1: a look around and all those there's many, many, many
S1: comparison websites where you can sort of look at the
S1: best deals and the best offers and think about what
S1: sort of variable rate you're going to move on to
S1: and what sort of benefits you can get. Like, you know,
S1: there always there are always people out there offering big
S1: packages of cash. Cashback offers a very popular and have
S1: become increasingly more popular as lenders have been sort of
S1: fighting for for people's money in people's business. So definitely
S1: some things to look in the into the just.
S2: Yeah and one of the trends that seems to be
S2: becoming entrenched and I think will continue for 2023 is
S2: the banks are sort of not too backwards in coming
S2: forward and saying, you know, they are offering lower interest
S2: rates to attract new customers. So the new customer variable
S2: rates are lower than the existing customer variable rates. You know,
S2: the incentive, they are trying to steal customers from each other.
S2: And if you can put yourself through the effort of
S2: refinancing and it can be a bit of can be
S2: a bit of a hassle depending on how complex your
S2: situation is. But there will be cheaper rates for new customers.
S2: And the best way to get them is to become
S2: a new customer. I, I have a sort of I
S2: don't endorse anyone, but I do like to look at
S2: there's an online only lender called Tick tock not tick
S2: tock the queue for the kids, which I'm on by
S2: the way but TikTok and I was just check what
S2: they're variable rate they've got a 4.61% comparison rate offer
S2: with with a mortgage offset and I. Like to check in.
S2: So if you're sitting there and your mortgage rate is
S2: already at a five plus, do just know that there's
S2: probably some cheaper rates for you. Another one that came
S2: up I looked on right city dot com Heritage bank
S2: was offering 4.69% going into Christmas plus the $3,000 cash
S2: back not endorsing any of those but just to let
S2: you know there's banks this heaps of lenders out there
S2: and probably ones you've never heard of before and this
S2: is the time to go looking for for a better deal.
S2: And with a note that some people are going to
S2: find that difficult because they will have seen the equity
S2: that they have in their home decline with house prices.
S2: So if you've gone over that 80%, Elvia, because house
S2: prices have come down, it may be more difficult for
S2: you to refinance because you might be paying Lynda's mortgage
S2: insurance when you do. So for people who are sort
S2: of in that situation are stuck. The best piece of
S2: advice I can offer you is if you're negotiating with
S2: your current lender, just ring them up and say, you know,
S2: don't mention about the LVR stuff because they wouldn't figure
S2: that out until the sort of mortgage application process where
S2: they would value your property just sort of come in
S2: strong and ask for a mortgage discharge form, which is
S2: the magic words these days. That's the form that tells
S2: them that you're very serious about switching to another bank
S2: and see how you go with that. But it is
S2: going to be more difficult for people who who've recently
S2: bought and the value of their property has come down.
S2: So they haven't quite got as much equity. So refinancing
S2: is going to be difficult, but yet about two months
S2: out from when you fix is ending, that's when you
S2: want to be thinking in 2023 about refinancing.
S1: Yeah, you've got to scare those banks, you know.
S2: You've got to play the game, but you know, keep.
S1: Them on their toes. They keep us on their on
S1: our toes. So, you know, you should. Yeah. Yeah. Like he's,
S1: he's sort of scary. You call them often like, oh,
S1: when a malicious judge, when you know, who knows what'll happen.
S1: Maybe they'll offer you a big fat wad of cash
S1: to to stay that happen to my sister and she
S1: ended up staying with the lender that she was already with. So.
S2: You know, getting cash back to stay with your existing lender.
S1: It's insane. Like they just so desperate to keep people
S1: on the books that they will they will go to
S1: the ends of the earth. Well, not quite. But, you know,
S1: they will do a lot to keep you around. So
S1: it's definitely worth milking that.
S2: Yes. Ask number three strategy for 2023 is to review
S2: your insurances. And people ask me like, oh, yes, I
S2: need to save some money because interest rates are going up.
S2: And I say review your insurances. And they say, what
S2: about another tip? Because that sounds really boring, but this
S2: is actually a great time of year. We've got a
S2: little bit more time on our hands, you know, do
S2: spend a lot of time at the beach. But if
S2: you've got an extra hour or so to call up
S2: your insurance company. So I'm thinking your car insurance, your
S2: home insurance, your health insurance, and then if you've got
S2: any forms of the life insurance TPD and sort of
S2: income protection insurance, make sure that you know at least
S2: what you are and are not covered for. And know
S2: that if you do sort of scale back some of
S2: the coverage in ways that you're comfortable with that will
S2: reduce your premiums. So just having a look at each
S2: of those insurance policies, you know, reading some of the
S2: finer details because, you know, we talk about, you know,
S2: don't drink coffee or don't, you know, your Netflix subscription.
S2: But if you want to save sort of in the
S2: tens to hundreds of dollars per year, your insurance contracts
S2: are one of the best places to start for some
S2: of the more substantial savings. So you might be able
S2: to keep your coffee and, you know, keep your Netflix
S2: if you sort of maybe look at your car insurance and,
S2: you know, increase the excess on that perhaps, which is
S2: a strategy I love, which means you're more exposed to
S2: paying the higher excess out-of-pocket in the event that you
S2: do make a claim, but it makes your premiums cheaper.
S2: So particularly if you're someone with a bit of cash
S2: set aside to cover, you know, a rainy day expense
S2: like that, and you can afford to pay the higher
S2: excesses that's going to save you. It's going to help
S2: your cash flow in the in the immediate term. So
S2: that can be a really great strategy for saving, I reckon.
S1: And again, look, you could even do this while you're
S1: at the beach. Pick up the phone and just give
S1: them a call. Get on the blower, go talk to
S1: your insurer and see what they'll offer you and see
S1: what they'll do for you. Because again, everyone's everyone's in
S1: the same sort of boat and there's deals out there
S1: that you can get that may not be immediately obvious.
S1: So getting on the phone underrated I'd say in in 2022. Yeah.
S2: And legit to say I don't have enough money. I'm
S2: feeling the cost of living pressure and just come at
S2: it fairly directly and I think that's totally fine. There's
S2: no shame in that. We're all feeling that go go
S2: for it and just haven't got the money to afford this.
S2: How can I make this cheaper? And they might come
S2: up with some strategies for you or just a better deal.
S1: Yeah, absolutely. And my, my fourth tip is sort of
S1: a bit of a crusade I've been on during the
S1: course of these 17 podcast episodes, which is making life
S1: easier for yourself through technology and other things. I've said
S1: this a number of times. Regular listeners will know this.
S1: I have like a bank app I'm with like a
S1: new fangled digital bank. It's. It's made banking is made
S1: my finances like far, far easier. And I know that
S1: there are people out there who are still sort of with,
S1: you know, that whatever bank they've been with for 30
S1: years and their parents or whatever. It's not that hard
S1: to switch banks. It's really not that hard. You have
S1: to it does take a little bit of a bit
S1: of time, but it is worth doing because sometimes this
S1: the quality of life that you will get from a
S1: newer bank or perhaps a different bank with some sort
S1: of newer technology, like there's loads of them out there.
S1: It's just it's just so good. It's so good.
S2: This happened with my super fund recently. I switched super
S2: funds and I didn't realize what I was missing out
S2: because the new fund has like an app where I
S2: can check my balance. I used to have to log
S2: in through a web browser and see in it, and
S2: it tells me and maps my, you know, past contributions.
S2: And it's just a lot better.
S3: Yeah, absolutely. And this is you.
S2: Don't know until you switch and see what else is around.
S1: And this is happening across the board, like I'm talking
S1: about the bank banking app because obviously I use it
S1: every day and it's very front of mind. But like
S1: pretty much every single thing that may like, you know,
S1: look at anything in your life that you may have
S1: been using for a very long time or been with
S1: for ages. And just think about ways that maybe, oh,
S1: maybe there's a better way to do this, or maybe
S1: there's a new way to do this, especially with something
S1: to do with your finances. Like, it's almost like it's
S1: like disrupting yourself. If we're going to use some real
S1: Silicon Valley sort of, you know, terminology here. But it
S1: is quite literally just like think about anything where you
S1: might be able to improve your quality of life, because
S1: that's a big part of, you know, finance and and
S1: getting more on top of your finances. If it's easy
S1: to do, you're going to be more likely to do it.
S1: So and and this is like, you know, this can
S1: be as easy as something like, you know, there's apps
S1: that make it easy to split expenses with friends, you know,
S1: or petrol spy, which we've spoken a few times about,
S1: which helps you sort of find all the cheap petrol
S1: around you. Like just little things like that. Like that's
S1: the sort of stuff that's going to make 2023 more
S1: manageable for you because it's just small and incidental but
S1: can actually make a big difference in the long run.
S2: Yeah, I never fill up the tank without checking the
S2: petrol app for in New South Wales, Fuel check is
S2: the one you want and it's just creating those new
S2: behavioural habits for yourself that you know, I'm a person
S2: who checks a petrol price out before I fill up
S2: and you know, it does require new ways of thinking,
S2: particularly if you're not across all the technology, but you know,
S2: it is well worth sort of getting a little bit
S2: uncomfortable by, you know, and another one I like now
S2: using is cashback sites like Shopback Cash Rewards. It's an
S2: extra step in your life, but one that will make
S2: it a lot better if you can get your head around.
S2: And I just use I bought like ten something that
S2: was $10 and got sort of $0.20 back on a
S2: cashback up. But it's just teaching me. It's a learning
S2: curve of to how I can get those savings and yeah,
S2: but just maybe committing to try one of those new
S2: apps or downloading, you know, the petrol price app in your,
S2: in your state is awesome. It's well worth it.
S1: Yeah. And when in doubt talk to Zuma. Talk to
S1: someone under the age of 25 because they'll have it
S1: all sorted out and no.
S3: Sooner is that.
S1: I think so.
S3: Is that a thing?
S1: Because I like I'm 26. I know I'm right on
S1: the edge of being a part of being a millennial.
S1: And I think the next generation is gen-z or zoomers. So.
S2: Oh, we're calling that Zuma.
S3: Yeah, yeah, yeah, yeah.
S1: Exactly. So talk to some it turns out under the
S1: age 25 because they will have it sorted out. They will.
S2: Cost a young person.
S3: On the side. Scuse me, young fellow. How do you
S3: do your finances? Um.
S2: Yeah, the kids, they're pretty savvy. They know what's.
S1: They know what's going on. And like, just as a
S1: final point around this off, this also extends to things
S1: like concessions and rebates, which which we talked about in
S1: the past. But there are many of them out there,
S1: and especially with the energy price sort of debacle that's
S1: going on, it looks like there will be more rebates
S1: and concessions available for people next year. So definitely keep
S1: on top of that. And I believe even in Victoria
S1: they have reintroducing the $250 energy rebate for next year
S1: as well. So that's something that Victorians look out for.
S2: And so finally, just number five to say that this
S2: is a really good time to rest and reflect and
S2: think about your goals and reset your thinking. You know,
S2: about many things, but including money. So having some sort
S2: of idea of what you want the New Year to
S2: look for for you, or it could even be as
S2: simple as sort of how do I want to feel
S2: about money in the new year or how do I
S2: currently feel at the end of this year? Probably spend
S2: a bit too much on Christmas or but just being
S2: aware of what sort of relationship you you have with money.
S2: Because I think, you know, going into 2023 is going
S2: to be a more difficult year for people financially. I
S2: think that's fair to say across the board. So having
S2: a little moment to to rest and reflect whether you
S2: actually want to set a New Year's resolution, I'm not
S2: actually not going to set a money related use resolution.
S2: I actually do them by financial year because I love
S2: to have two New Year's every year and it.
S3: Seems more appropriate to think.
S2: About money via financial years.
S1: But that's. Suggesting to do this just.
S3: Like.
S1: Your parody of yourself. Just.
S2: But I do. But these sort of turning points in
S2: the calendar year, I do love to break up time
S2: into sort of nice, easily measurable things. And I think
S2: there is a new year effect where you can sort
S2: of surf it for a little while. Maybe it doesn't
S2: last forever, but at least sort of saying, I want
S2: to have a new relationship with money. I want to
S2: feel better about money in the new Year. What's one
S2: of the one tips I heard on the podcast that
S2: I will commit to in 2023?
S1: Yeah, and I think this year a lot of people
S1: were shocked and were quite surprised by the cost of
S1: living crunch. Obviously war in Ukraine and stuff that sort
S1: of came out of nowhere and people were sort of
S1: a bit unprepared. But I think now that we're in
S1: this environment that we've been in for the past nine
S1: or so months, it makes it a little bit easier
S1: to sort of prepare for it and think about it.
S1: And I think that's what is it's a good time
S1: to do over this sort of sort of end of
S1: year break, obviously, take some time off, have a great time.
S1: You know, enjoy your time with your loved ones. Don't
S1: worry too much about money because that's what Christmas is for.
S1: But then, you know, it is also a great time
S1: to sort of think about, you know, get yourself prepared
S1: for energy bill rises, interest rate rises, all those sort
S1: of terrible things that we're not going to look forward
S1: to at all when they come through next year. But
S1: the more sort of steeled you are for the the
S1: better it will be rather than this year where it
S1: sort of came out of nowhere like a freight train.
S2: Yeah. And I think what's kind of nice about it
S2: is we're all in the same boat. It's actually yeah,
S2: it is across the board, these pressures. We're all going
S2: to be going into 2023 feeling a little bit. A
S2: little bit. I'm a little bit nervous about when my
S2: mortgage interest rate rolls off. Yeah. So just to feel
S2: like you're not alone in it. And it is, it's
S2: something that we are all going to have to pay
S2: a little bit more attention to in the new year.
S2: And yeah, I agree. Everyone have a have a great
S2: break over summer. Hopefully you can get some time off
S2: and we'll be back in 2023 to help everyone with
S2: more financial tips and strategies so you won't be alone
S2: will be will be freaking out right next to you.
S1: Exactly. And for our final listener question of the year,
S1: this one's from Zac, and it is for Jess. So
S1: I'm going to bow out of this one. But I'll, I'll, I'll,
S1: I'll posit, which is about solar panels. So Zach wants
S1: to know how you would invest evaluate solar panels as
S1: an investment. He thinks that $1,000 a year annual savings
S1: on your electricity bill on an on a $9,000 investment
S1: is a pretty good return and might be a better
S1: return than anything else you could invest in at the moment,
S1: such as equities or cash or anything along those lines.
S1: He wants to know Cassandra, He just has done the
S1: research from this. What's the cash? You know, what's the
S1: what's the bad thing here? Like, does this solar panels
S1: a good investment to make money on or not?
S2: Yeah, well, if you are in the fortunate position of
S2: sort of having nine to 10 to $11000 sitting around,
S2: this is really something for people to think about over summer.
S2: As you're switching on your air conditioning, you have to
S2: think about, you know, what sort of dollar return will
S2: you get on your money. So you've got to have
S2: that outlay. You're going to save a certain amount on
S2: your electricity bill because you know, you're getting feed in
S2: tariffs by putting money back into the grid. And you're also,
S2: you know, getting free energy from the sun when you
S2: use it. So I did do the sums on this recently.
S2: If you Google my name just so on and solar panels,
S2: you'll you'll find that. But it is saving money is great.
S2: Not spending money is a great investment in a way
S2: because if you compare that so you've dollar you know
S2: you get your you spend your $9,000, maybe you get
S2: $1,000 every year in savings on your bill, you know,
S2: and about 10 to 11% return. That's true. Maybe you
S2: think I'm going to go invest that dollar in the
S2: share market and then you'll get a percentage return. It's
S2: incredibly volatile and you have to pay tax on the earnings.
S2: So that's something to keep in mind. So and then
S2: maybe you could have the money sitting in the offset account.
S2: That is another way of just saving money because you're
S2: not going to pay as much interest on your loan
S2: because you've got the extra dollar sitting there. So that's
S2: also a great strategy, but yet finding a way where
S2: it's just going to cut your costs out of pocket
S2: in an ongoing sense. That could be a great thing
S2: for a lot of people to do. If the caveat
S2: being if you've got the $10,000 or so that's going
S2: to cost you to install the solar panels. So yeah,
S2: I think the tax it's the tax thing that really
S2: when you comparing it with alternative uses of your money
S2: and even putting money in a 4%, you know, savings account,
S2: you're going to pay tax on any earnings that you
S2: get on that. And particularly for high income earners, if
S2: you're at a higher marginal rate that starts to get
S2: you know, you get a lesser return because you're paying
S2: losing more of that on tax. So, yeah, there's nothing
S2: like a quick, you know, saving an expense. Cutting an
S2: expense is another way of investing money if it does
S2: make sense. And I think there's that is something definitely
S2: worth thinking about. And I don't think you're missing anything
S2: there that. That could just be a really good saving
S2: if people have have that sort of disposable cash around.
S1: Yeah, And it's I think it's also worth thinking about,
S1: you know, how long are you going to be in
S1: the place that you going to put the panels on?
S1: You know, I would love to have solar panels on
S1: my apartment despite the fact that I'd need to get
S1: the approval of the other 13 people that live in
S1: the block. But, you know, I'm probably only going to
S1: be there for maybe another five ish or more years
S1: sort of thing. So like, therefore, it's not worth it.
S1: So I think there's there's a lot of things to
S1: take into account. But, you know, yeah, I'd do it
S1: if I could.
S2: Yeah. Solar panel advocates do say that if you do
S2: install them, it will increase, it will increase the sale
S2: price of your home. So I'm not sure if that.
S3: Is true or not that that.
S2: Might be a bit of a line, but yeah, definitely
S2: worth investigating.
S1: And lastly, a budget tip. Just bring us bring us
S1: into the end of the year. Sleigh bells ringing, carols, caroling. Well,
S1: what is it? What's your what's your festive budget tip?
S2: Well, maybe, you know, you're at your Christmas party. You've
S2: had a wonderful time. You should definitely not drive yourself home.
S2: And I want everyone to get home safely this Christmas.
S2: One of my tips is to mix up your ride
S2: share app. So I feel like Uber has become like
S2: Google versus I'm going to Uber, you know, I'm going
S2: to Google something and you've you've forgotten that there's actually
S2: competitors to Uber. So I actually use Didi for the
S2: first time in the last couple of months. And there's
S2: also Ola and Lyft l y left. You know, they're
S2: not in every single area of Australia, but it's well
S2: worth having a Google. And just it's another one of
S2: those habitual things, you know, you think, I've got to
S2: get myself home, I'll just get an Uber. Remember that
S2: there are competitors and if you Google Didi and $20
S2: voucher or even just a voucher, I guarantee you will
S2: get to a website where you can get at least
S2: $20 off your first drive, which might get you home
S2: from your Christmas party this year. So yeah, don't forget
S2: to shop around on absolutely everything, including Rideshares.
S1: And here's my supplementary budget tip, which is don't forget
S1: about taxis. I go to taxi the other day because
S1: sometimes you go into you go going to Uber or
S1: your Didi or whatever, and it's surging and it's like,
S1: you know, $80 to get you home or something ridiculous.
S1: But you can stand on the street and hail a cab.
S1: That's still something you can do in like the middle
S1: of the city or something, you know, similar to that.
S1: And it's usually cheaper. And they can't surge price.
S2: They do night time.
S1: So they do they do that. But like, it'll be
S1: like a flat thing. And, you know, often they're pretty,
S1: pretty good experience. But, you know, there is the caveat
S1: that the taxis can sometimes be a little bit dodgy. But,
S1: you know, we want we want, you know, domain domain not.
S3: To be just place. It is. It is. It is.
S3: I think this is.
S2: A good time to call it taxi. This is the
S2: end of the episode.
S1: It I'm hailing the end of the episode.
S2: The Christmas party is over. I hope everyone does have
S2: a great break. And as as we say, look out
S2: for our summer series of our greatest hits. Still hitting
S2: your podcast players while we're on hiatus.
S1: Yes. And we'll be back in the first week of February.
S1: Hopefully we'll have some juicy new tips. Well, no, not
S1: hopefully we will have some juicy new tips and there'll
S1: be all sorts of things going on that we'll be
S1: able to talk about for for the new year. So
S1: I hope everyone has a lovely break and we'll see
S1: you next year.
S2: See you next year.
S1: This episode of It All Adds Up was produced by
S1: Julia Carl KASELL. The information discussed is general in nature
S1: and does not take into account your personal financial situation,
S1: goals or objectives. You should always do your own research well,
S1: get professional advice before making any major financial decisions. If
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S1: Leave a review and recommend it to all your friends.
S1: You can also submit your listener questions in text or
S1: audio form, and it all adds up at 9:00 pm today.
S1: Thanks for listening.