Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
Speaker 1: the Order Kerney Whalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money, She's on
Speaker 2: the Money. Hello, and welcome to She's on the the
Speaker 2: podcast a millennials who want financial freedom. Welcome back to
Speaker 2: my favorite episode of the week, our Money Diaries, where
Speaker 2: I get the absolute privilege of talking to one of
Speaker 2: our incredible She's on the Money community members. Let's jump
Speaker 2: straight into it, because this week I got this message.
Speaker 1: Hi Ve.
Speaker 2: I'm a twenty four year old six figure income earner
Speaker 2: with no university degree. My partner and I have bought
Speaker 2: a house that's nearly finished being renovated. I've also begun
Speaker 2: my investment journey which feels like a big shift for me,
Speaker 2: as I used to feel like it was a form
Speaker 2: of gambling, having experienced family financial trauma. I am so
Speaker 2: proud of where I am now, Money Diarist. I'm proud
Speaker 2: of you too. How exciting and you're only twenty four.
Speaker 3: Yeah, thank you. It's been a bit of a journey,
Speaker 3: but really proud of where we are now.
Speaker 2: Oh my gosh, I love it so much. Let's dive
Speaker 2: straight in. At the start of every episode, I always
Speaker 2: ask Money Diarist or Gig your money habits if I
Speaker 2: asked you to give them a grade from A through
Speaker 2: to F.
Speaker 3: I was having a think about this last night, and
Speaker 3: even though I'm earning really well and I feel like
Speaker 3: I'm doing really well with the house and things like that,
Speaker 3: I would still rate my money habits I think a
Speaker 3: B plus. As I'm sure you'll get into it after that,
Speaker 3: there's some areas that I definitely need to improve.
Speaker 2: All right, I am very excited to learn more about that.
Speaker 2: But as always, I want to ask you my favorite question,
Speaker 2: Money Diarist, Can you tell me a little bit more
Speaker 2: about your money story.
Speaker 3: So I first started working when I was a legal age.
Speaker 3: I think that's thirteen and nine months, and I've always
Speaker 3: had quite a good, strong work ethic. I've always been
Speaker 3: quite independent with money as possible, as I was in
Speaker 3: just a single earning income and when my family members
Speaker 3: had quite a few of mental illness problems. So I've
Speaker 3: always kind of just looked after myself and gone, do
Speaker 3: you know what, I'm just going to work extra hours,
Speaker 3: even from a young age, to just try and save
Speaker 3: the most I can and take the most pressure off
Speaker 3: of my family. I always believe that money isn't the
Speaker 3: most important thing in life, but the thought of not
Speaker 3: having that additional financial stress is something that I've always
Speaker 3: wanted to have. So even though it's not the most
Speaker 3: important thing and I do prioritize other things, it's definitely
Speaker 3: one of the priorities. Even since I was young to
Speaker 3: kind of Okay, if I work an extra three hours,
Speaker 3: i can earn you know, this much extra for the week,
Speaker 3: which then you know, I can either buy something else
Speaker 3: so I can save that towards a goal. And I've
Speaker 3: always kind of been money driven, I guess to a degree.
Speaker 2: I love that. I feel like knowing that that's one
Speaker 2: of your mentalities is really powerful as well, because you
Speaker 2: can kind of harness it. And I think sometimes people go, oh,
Speaker 2: it's only an extra one hundred and fifty bucks or
Speaker 2: whatever it might be. But You're like, that takes so
Speaker 2: much pressure off and from little things. Those things compound
Speaker 2: and they actually grow and become really impactful in the
Speaker 2: larger I guess phase of your life.
Speaker 3: Yeah, exactly.
Speaker 2: That tell me a bit more about becoming an adult
Speaker 2: with that mentality, Like is that the same today?
Speaker 3: Yeah? Same today? So how my structure works at the moment,
Speaker 3: I get my base salary but also get commissioned. So
Speaker 3: I'm very much in the position where I can kind
Speaker 3: of earn as much as I want to earn. To
Speaker 3: a degree. Of course, there's a bit of luck that
Speaker 3: comes into it. And obviously I try and keep to
Speaker 3: my standard hours. But when I'm at work, I'm just
Speaker 3: at work and I eliminate all other distractions and I'm going, Okay,
Speaker 3: how can I actually get the most out of these hours?
Speaker 3: Which took me a little while to get there? In
Speaker 3: my adult life, I think, you know, each year is different.
Speaker 3: If I've got a lot going on in my personal life.
Speaker 3: You know, last year wasn't as good and I kind
Speaker 3: of got distracted a bit easier. But this year, especially
Speaker 3: since we've recently purchased our house, I've just been head down,
Speaker 3: pump up at work and just trying to smash it
Speaker 3: out as much as I can.
Speaker 2: I love that so much. Do you find because you
Speaker 2: get commissions as a part of your role that you
Speaker 2: tend to work more hours? Because I feel like if
Speaker 2: I was working in a role where you said, oh V, like,
Speaker 2: if you get comms, you you know obviously can scale
Speaker 2: your own income. Does that mean that you're working more
Speaker 2: hours then you should or is that something where you're like, no, V,
Speaker 2: that's one of the benefits. I love that I can
Speaker 2: put in additional hours.
Speaker 3: When I first started, I was doing additional hours. I
Speaker 3: think also that's because I was just kind of a
Speaker 3: trainee and trying to understand as much as possible. But
Speaker 3: these days, I'm really strict with myself. I won't work
Speaker 3: an extra hour after work, but if I need to
Speaker 3: work a little bit through my lunch break, I might,
Speaker 3: But it's a really day to day kind of thing.
Speaker 3: The majority of time, I try and take my full
Speaker 3: lunch break go for a walk. Oh clear in my mind,
Speaker 3: because you know, when I'm at work, like I said,
Speaker 3: I'm kind of head down, bump up. I know, if
Speaker 3: I go in with that mentality every single day without
Speaker 3: taking my breaks, I'll spurn myself out. So I'm trying
Speaker 3: to avoid that as much as possible.
Speaker 2: I like that, all right, tell us a little bit more.
Speaker 2: What do you actually do for work and how much
Speaker 2: money do you earn.
Speaker 3: I've worked in recruitment and I've done this for the
Speaker 3: last three years. My salary is very much commission based.
Speaker 3: So last fin etal year, I'm so so proud to
Speaker 3: say that I at one hundred and five thousand plus super.
Speaker 2: Correct the six figures.
Speaker 3: Yeh, oh, my gosh. It was the best feeling ever.
Speaker 3: When I saw my financial statement at the end of
Speaker 3: the year, I was like, oh, I was so happy
Speaker 3: killing it. Oh, it felt so good. And that's on
Speaker 3: a base salary of seventy five thousand plus super so
Speaker 3: that additional what thirty thousand is in my commission.
Speaker 2: When you say base salary, sometimes these things are different
Speaker 2: from I guess company to company. I know that if
Speaker 2: you're in real estate and you get paid a base salary,
Speaker 2: the expectation is that you kind of pay back your
Speaker 2: base salary and then you earn on top of that.
Speaker 2: Is this just you get seventy five thousand dollars as
Speaker 2: a base just for turning up to work, and then
Speaker 2: anything above and beyond that is cream or tell me
Speaker 2: a bit about how the comm structure works.
Speaker 3: Yeah, so like the latter, So seventy five thousand for
Speaker 3: me just coming to work, and then anything on top
Speaker 3: of that is like an additional, very nice little bit
Speaker 3: on top. But with that we are given the expectation
Speaker 3: that we kind of earn a certain amount for the company.
Speaker 3: But if we don't do that, then you know, we
Speaker 3: might go into performance matternent. But I earned over the
Speaker 3: kind of threshold that they're wanting you to earn anyway,
Speaker 3: and majority of people do. It's not very often that
Speaker 3: people earn less than what's kind of required of them.
Speaker 2: Yeah, that makes sense. So I was like, how does
Speaker 2: this work? Because often when you have a base salary,
Speaker 2: there's like base requirements and if you don't meet them,
Speaker 2: it can be a little bit worrying when you say
Speaker 2: you have a base salary of seventy five thousand dollars.
Speaker 2: I'm just so pervy when people earn comms, because obviously
Speaker 2: not everything is given when you're budgeting and doing cash
Speaker 2: flow and planning. Do you just base it on the
Speaker 2: seventy five thousand or are you basing it on the hundred?
Speaker 1: Like?
Speaker 2: How does that all work?
Speaker 3: Well, that's the thing is that I haven't got a
Speaker 3: set budget and I don't really look into these things.
Speaker 3: And that's what I think my worst money have it
Speaker 3: is is that I'm earning this money, but I'm not
Speaker 3: planning where it's going. I've always been a good saver,
Speaker 3: and I guess that's where my commission comes in. That
Speaker 3: whatever my commission is for the month, that goes straight
Speaker 3: into savings, but in regards to my budget and kind
Speaker 3: of cash flow, not thinking about those things, which is
Speaker 3: my next goal is to kind of get a bit
Speaker 3: of control over that.
Speaker 2: All Right, next goal, I want to know what is
Speaker 2: your big money goal that you're working towards. You mentioned
Speaker 2: that you've already bought a house, so what are you
Speaker 2: currently working towards.
Speaker 3: We really want to finish our renovations, because we're doing
Speaker 3: some this year and we're planning to do some a
Speaker 3: bit next year. Obviously starting to smash out our mortgage.
Speaker 3: But the goal would be rather than just the house
Speaker 3: and things like that would be to go on a
Speaker 3: European trip in the next three years or so. I
Speaker 3: have been on a holiday for quite some time, so
Speaker 3: I'd like to save up for that and go there.
Speaker 3: But ultimately, the long, long term goal is to be
Speaker 3: financially free, but that's quite a while away.
Speaker 2: That takes ages. I totally get that there are interim goals,
Speaker 2: my friend, because same, I want to know a little
Speaker 2: bit more about these renos that you've mentioned. So I've
Speaker 2: just gone through the process and oh my gosh, they
Speaker 2: blow out so much.
Speaker 3: Oh my gosh, they do.
Speaker 2: Tell me a bit more about your reno journey, what
Speaker 2: it's cost, what you'd expected from the beginning, Like is
Speaker 2: it big reno? Is it a little renot? Like what
Speaker 2: does it look like?
Speaker 3: Yeah, of course. So we bought a small little house.
Speaker 3: It was kind of one of those situations where you
Speaker 3: buy the worst house in a night street. We're in
Speaker 3: this really cute little area, lovely little houses around us,
Speaker 3: but our house was horrendous. It's only been rented for
Speaker 3: the last I think thirty years, so you can tell
Speaker 3: that the people that rented it didn't ridiculously look after
Speaker 3: it like it was their own unfortunately, so it has
Speaker 3: been quite neglected. But we purchased that about a year
Speaker 3: or so ago, now a bit more soon, about early
Speaker 3: this year, and that cost us six hundred and fifty thousand,
Speaker 3: And then because we were doing the renovations, we only
Speaker 3: put the ten percent deposit down instead of a full
Speaker 3: twenty percent, so we had that extra ten percent deposit
Speaker 3: to put into the renovations, which hopefully once these are
Speaker 3: all done, which we're putting about sixty thousand in this year,
Speaker 3: then we can refinance and hopefully have more equity in
Speaker 3: the house.
Speaker 2: Oh love, how did you work out that sixty grand
Speaker 2: worth of I guess Reno's was going to work out
Speaker 2: for you? Like did you go, you know, to Bunning's
Speaker 2: and look at all the kitchens or were you online?
Speaker 2: Or like where did you start? Because I found it
Speaker 2: so overwhelming.
Speaker 3: It was so overwhelming. We started mostly by getting quotes
Speaker 3: from people who do renovations, just to see how much
Speaker 3: it would cost for them to do it, plus the labor,
Speaker 3: because then if that's kind of at the absolute maximum
Speaker 3: of our range, then we kind of know what to
Speaker 3: stick too. Roughly, so we made sure that all of
Speaker 3: our quotes had a break down the kitchen, you know,
Speaker 3: living space, paint, absolutely everything. We made sure they had
Speaker 3: that breakdown, and then it was just online having a look,
Speaker 3: reading different forums of people who have renovated their houses,
Speaker 3: watching different reels of people who do it, and put
Speaker 3: the prices next to it.
Speaker 2: Yes, I do that on TikTok all the time.
Speaker 3: Yeah, a bit of a process. But at the moment,
Speaker 3: where very much like doing well with our budget. So
Speaker 3: it's looking good at the moment.
Speaker 2: Ah, I'm so envso was not so good with my
Speaker 2: budget when it came to the renos. Let's go to
Speaker 2: a really quick break because on the flip side, I
Speaker 2: want to know a little bit more about that budget
Speaker 2: and also about your debts and investments and to break
Speaker 2: down that are bad money habit you mentioned just before.
Speaker 2: Don't go anywhere, guys, All right, money diarist, We are
Speaker 2: back and I'm so pervy on your reno journey. Obviously,
Speaker 2: when you are buying your first home, there's not always
Speaker 2: a lot of room for investing and doing stuff on
Speaker 2: the side. But I do want to ask anyway, do
Speaker 2: you have any investments? If so, what are they.
Speaker 3: Yeah, I do have a few investments, have my superannuation
Speaker 3: which I've slightly increased my risk profile for I didn't
Speaker 3: realize until this year that you could actually change your
Speaker 3: superannuation risk profile.
Speaker 2: You can and everyone should review it.
Speaker 3: Yeah, so I've actually made that a little bit more
Speaker 3: aggressive considering that I'm only twenty four at the moment,
Speaker 3: I've got a long way to go, and hopefully it'll
Speaker 3: even out and should be fine over time. Love. I
Speaker 3: also have a Raise account and a spaceship account, which
Speaker 3: have about two thousand dollars spread across them. I started
Speaker 3: them when I started listening to the podcast so well
Speaker 3: I love this yeah Yeah, And I have a share
Speaker 3: scheme with the company that I'm working for, where they
Speaker 3: contribute one hundred dollars a month from my paycheck. And
Speaker 3: then I've also started dabbling in the share market myself.
Speaker 3: So I have five investments at the moment, some blue chip,
Speaker 3: someone a little bit more of the riskier side, which
Speaker 3: add up to around the eight thousand dollar mark.
Speaker 2: Oo look at you go.
Speaker 3: Yeah, something I'm so proud of because this was a
Speaker 3: huge step for me. I always saw investing as more
Speaker 3: of something gambling. I was never educated on it ever,
Speaker 3: and I just always thought, oh my gosh, why would
Speaker 3: you invest like you're throwing your money away, You're going
Speaker 3: to lose it. But my partner was into investing when
Speaker 3: we met a little bit, and he kind of taught
Speaker 3: me about and then, obviously listening to the podcast, starting
Speaker 3: to do a bit more of my own research, and
Speaker 3: I kind of got rid of that stigma and I thought,
Speaker 3: I'll just give it a go. I'll just put a
Speaker 3: little bit into, raise bit into And then I built
Speaker 3: that up and I love it. Now I'm really interested
Speaker 3: in like, yeah, yeah, it's great.
Speaker 2: Oh my gosh, I love it. I feel like raising
Speaker 2: Spaceship kind of like the gateway drug of the investment community,
Speaker 2: because you end up just going all right, well that
Speaker 2: feels like a little bit less risky, a little bit
Speaker 2: more controlled. I'll give it a crack, and then it's
Speaker 2: the gateway and now you have five different investments. I
Speaker 2: want to know though, because obviously coming from such a
Speaker 2: mentality where you're like, look, I really thought that investing
Speaker 2: was actually a form of gambling. Education is the key here.
Speaker 2: But how did you then start to pick those five investments?
Speaker 2: What made you confident enough to pull the trigger and
Speaker 2: put money in it? Because a grand that's a lot
Speaker 2: of money.
Speaker 3: It is a lot actually for the blue chip ones.
Speaker 3: I just knew companies that I've heard of a lot
Speaker 3: that I felt were quite stable, did some research into
Speaker 3: it from the investment side, and I felt comfortable with them.
Speaker 3: For the ones that were on a little bit more
Speaker 3: of the riskier side, there's a couple people at my
Speaker 3: work that really really into the share market and they
Speaker 3: kind of throw around tips between each other, and this
Speaker 3: is when.
Speaker 2: You're like, let me in. I want to hear your tips.
Speaker 3: Exactly that if I wasn't telling anyone that I was
Speaker 3: kind of into it at the moment because I've had
Speaker 3: that little bit of a stigma, so I was a
Speaker 3: bit worried. So I was just like, oh, I'll just
Speaker 3: listen and see what happens. And then they were talking
Speaker 3: about it, and one day I was like, I'm just
Speaker 3: gonna try and if I lose money, I lose money.
Speaker 3: If I gain money, I gain money. I just want
Speaker 3: to give it a go. At this point, I had
Speaker 3: my blue chips. I was feeling confident. Obviously listening to
Speaker 3: the podcast, I understand that it's going to be up
Speaker 3: and down. It's not going to just keep being up
Speaker 3: for the duration that I have it, and I don't
Speaker 3: plan on taking anything out anytime soon. So I gave
Speaker 3: it a go, and one of them worked a bit
Speaker 3: more than the other. But I feel really confident now
Speaker 3: that it's not gambling. But I feel really confident now,
Speaker 3: you know, looking into other stops and going, oh, I
Speaker 3: might put a little bit on that and just see
Speaker 3: what happens. Or this is a bit more of a
Speaker 3: safer option, I'll put a bit more money into that
Speaker 3: and you can play flip my mentality there.
Speaker 2: I love it. I think it's so good because so
Speaker 2: many people do feel that way. And then it's really
Speaker 2: about education and exposure that makes you understand how it
Speaker 2: actually all works. You go, wait, this is really different.
Speaker 2: This is actually about wealth creation and creating financial freedom.
Speaker 2: I have another question about investing, just because I'm so brvy,
Speaker 2: so I apologize, but I'm not that sorry. When you
Speaker 2: did decide to pull the trie gul, you bought your
Speaker 2: blue chip stocks first, how did you pick a platform
Speaker 2: to invest on? Like, what did you pick and why
Speaker 2: did you pick it? And why did that make the
Speaker 2: most sense for you?
Speaker 3: I went with concept, and that's only simply because my
Speaker 3: partner had invested in concept. I didn't really look into
Speaker 3: which platform too much. It's just I knew he was
Speaker 3: with it. I knew a couple of the people from
Speaker 3: work were in it s they were with a couple
Speaker 3: others as well.
Speaker 2: But I just thought, okay, just this works, it makes sense,
Speaker 2: tried and true. Some other people have done it, so
Speaker 2: therefore it can't be that bad.
Speaker 3: No.
Speaker 2: I love that. I always ask because there's always a
Speaker 2: reason why someone picked their platform. It's not oh v yes.
Speaker 2: So I googled it and I looked at this chart
Speaker 2: and it compared it, and so I picked off that
Speaker 2: there's always like some other reason that people were like,
Speaker 2: Oh no, I felt comfortable with this, and I just
Speaker 2: love hearing it.
Speaker 3: Yeah, that bank with Commonwealth as well. So I was
Speaker 3: kind of like, oh, okay, that's fine.
Speaker 2: Yeare easy, all right. I want to know now about debt.
Speaker 2: You mentioned before that you purchased your home for six
Speaker 2: hundred and fifty thousand dollars, but I want to know
Speaker 2: what debt are you in, how much and how does
Speaker 2: it break down?
Speaker 3: Yep. So I am very proud to say that I
Speaker 3: don't have any bad debt at all.
Speaker 2: Very sexy.
Speaker 3: I had my year and a half of my university
Speaker 3: degree that I started but didn't end up finishing because
Speaker 3: I absolutely hated it. I paid off that Hex's debt
Speaker 3: that was kind of my main financial goal before the
Speaker 3: end of financial You just gone because I understand it. It
Speaker 3: was going up for seven percent with inflation. I was like,
Speaker 3: I do not want to keep paying this off.
Speaker 2: So you're here telling me like, heyve twenty four and
Speaker 2: six figures have no Hex debt. You also have a
Speaker 2: mortgage paying for my renovations going to Europe. I love this.
Speaker 2: I'm obsessed.
Speaker 3: Yeah, I think sometimes I think you for myself enough credit.
Speaker 3: I get a bit of imposter syndrome sometimes.
Speaker 2: So I'm here to be your like official personal hype girl.
Speaker 2: I'm like, get it, COI in, this is the best ever.
Speaker 3: I just struggle to kind of like it sounds great
Speaker 3: in my head, but it doesn't. It does feel good.
Speaker 3: I don't know, it's hard to explain. I guess I liked.
Speaker 3: I just feel like I have imposter syndrome sometimes be like, oh, yeah,
Speaker 3: it's good, but you know, I'm sure I could be
Speaker 3: doing more of this.
Speaker 2: We all think that though, right, the grass is always
Speaker 2: greener on the other side, and impostera syndrome is something
Speaker 2: I can definitely relate to because I get it all
Speaker 2: the time, and it's like the dumbest thing in the
Speaker 2: entire world, because like, I know what I've done, Like
Speaker 2: I know that I'm a good person doing good things.
Speaker 2: At the end of the day, that's all that matters.
Speaker 2: It doesn't matter what I've achieved or what I haven't achieved.
Speaker 2: I look at it and I go, I'm a good
Speaker 2: person doing good things. No one is actually going to
Speaker 2: come for me and kick me out and be like
Speaker 2: you don't know what you're talking about, Like, you know,
Speaker 2: get out, you're not a good person. But it's something
Speaker 2: that I think we should actually talk a lot more about,
Speaker 2: because it doesn't matter whether it's your career or whether
Speaker 2: it's your investing journey or you've bought your first house.
Speaker 2: Like how many times do we just gaslight ourselves into
Speaker 2: thinking it's not good enough. You're like, Oh, I bought
Speaker 2: my first house, but I live in it. I don't
Speaker 2: have an investment property. You're like, wait, what, Like where's
Speaker 2: this mentality coming from? Or you look at it and
Speaker 2: you go started investing. You know, I've really thought about this.
Speaker 2: I have, you know, my blue chip stocks, I have rays,
Speaker 2: I have spaceship. I'm actually doing a really good job.
Speaker 2: It's only eight grand though, that's not very good. Like
Speaker 2: why do we do this to ourselves?
Speaker 3: I know, I have no idea why. And to be honest,
Speaker 3: I think it's as like majority of female thing as well.
Speaker 2: Oh yeah, it's not a male thing one hundred percent.
Speaker 3: Like everyone I speak to be like, oh yeah, you know,
Speaker 3: this is so great about me, This is so great
Speaker 3: about me people at work, and I'm just sitting there like,
Speaker 3: oh yeah, I guess.
Speaker 2: No, absolutely not. We need to start talking to ourselves
Speaker 2: as though we're our own best friends, because like I
Speaker 2: would never talk to my friends or anybody like, oh
Speaker 2: my gosh, yeah, you're right, that's not that good. Like
Speaker 2: I'm here going, holy moly, you're twenty four. You've done
Speaker 2: all of this good stuff, Like talk to yourself that way.
Speaker 2: Just go, oh, what would Victoria say to be? And
Speaker 2: then say that because that's going to put you in
Speaker 2: a better position.
Speaker 3: Yeah, okay, that's my new goal. That's what I'm going
Speaker 3: to do all the time.
Speaker 2: Now, All right. Earlier in the episode, you mentioned that
Speaker 2: you think that your worst money habit is that you, you know,
Speaker 2: earn a lot of money, but you're not really sure
Speaker 2: where it's going. Let's talk a bit more about that,
Speaker 2: but first I want to know what is your best
Speaker 2: money habit. Do you think.
Speaker 3: I am a good saver? Like, if I have a goal,
Speaker 3: I will absolutely work so hard smash it out, and
Speaker 3: once my money is in that savings account, I will
Speaker 3: not touch it like I will starve and I will
Speaker 3: not touch it like I've got my emergency account, which
Speaker 3: is good, but I will never ever ever touch it
Speaker 3: until obviously I've achieved that going and paying for it.
Speaker 3: So I'd say savings are really good money habit for me.
Speaker 2: I love that. I think that that's really clear. Tell
Speaker 2: me a little bit more about this worst money habit.
Speaker 2: You said it was earning money, you're not really sure
Speaker 2: where it's going or what it's doing, but you're good
Speaker 2: at saving. How does that work?
Speaker 3: What I'm doing at the moment or when I was
Speaker 3: saving kind of for my bigger money goals is I
Speaker 3: would just put in a figure out when I want
Speaker 3: to achieve this goal by kind of break it down
Speaker 3: in months as to how long it would take me.
Speaker 3: You know, when I want to do it, how much
Speaker 3: it'll cost me, and kind of figure out the monthly
Speaker 3: amount that I would need to put into my savings,
Speaker 3: and then I would just do that and I just
Speaker 3: put that in and the rest of the money would
Speaker 3: be between my other accounts. I have an emergency account,
Speaker 3: which is good, but my other accounts that kind of
Speaker 3: just sit there and I'll just, you know, once one
Speaker 3: goes low, I'll keep topping it up with the other.
Speaker 3: But there's no thought actually behind it, and I'll just
Speaker 3: kind of like, oh yeah, I'll food shopping, not thinking
Speaker 3: about it, spipe my card. I don't go shopping much,
Speaker 3: but if I did, you know, I look at the
Speaker 3: price and if I can afford it, I'll just swipe
Speaker 3: my cards. Like, I don't really have much thought process
Speaker 3: behind you know, this is my budget for food, this
Speaker 3: is my budget for eating out, this is my budget
Speaker 3: for absolutely anything. Like I don't have that thought process
Speaker 3: behind it, which I really want to get, Like I
Speaker 3: want to make a budget. I want to be so
Speaker 3: organized in that space. I've just I've tried in the past,
Speaker 3: like a few years ago, and I just had no
Speaker 3: success at all. And I think that was I was
Speaker 3: younger obviously, but I just I don't know why. I've
Speaker 3: just I really want to get there.
Speaker 2: I feel like that's really relatable though, because I look
Speaker 2: at it and go, you know, everyone budgets in a
Speaker 2: different way, Like budgeting means something different to absolutely everybody.
Speaker 2: And from my perspective, looking at you know you from
Speaker 2: the outside in and having had this really beautiful conversation,
Speaker 2: I go, well, does she really need a strict budget?
Speaker 2: Like she's achieved the goal of buying her house, she's investing,
Speaker 2: she's doing all of these things. What do you think
Speaker 2: you'd achieve if you had a budget set in place
Speaker 2: and were more organized.
Speaker 3: I think it would be good for my saving habits
Speaker 3: because I think I could probably say more or put
Speaker 3: more money towards a mortgage, or more money towards, you know,
Speaker 3: a holiday in the future, rather than not thinking about
Speaker 3: and not having that structure. A bit of control would
Speaker 3: be nice. And I don't feel like I have that
Speaker 3: control over what's coming in what's going out.
Speaker 2: Now You've got a mortgage is important too.
Speaker 3: Yeah, And I'm such an organized person and this is
Speaker 3: not on brand with what I'm like.
Speaker 2: This doesn't suit the vibe, like this doesn't master the
Speaker 2: vibe check. No. I love that, and I think it's
Speaker 2: important because we want every dollar that comes into our
Speaker 2: account to be working as hard as we do for it,
Speaker 2: and sometimes if we don't have enough clarity or structure,
Speaker 2: it's just not It just comes in and it just
Speaker 2: does whatever it needs to do, but it's not working hard.
Speaker 2: I just have so many questions about this because I
Speaker 2: just think it's so relatable. I want to ask another
Speaker 2: one about the budgeting aspect. You said you tried a
Speaker 2: couple of years ago and it didn't work. What did
Speaker 2: you try and why do you think it didn't work?
Speaker 3: So my cousin is like the Queen of budgeting. She
Speaker 3: is down to the scent, absolutely crazy. I love it really, like, Okay,
Speaker 3: can I sit down with you, can you show me
Speaker 3: how to do it? Run me through it? And I
Speaker 3: did it for a few months and I just completely
Speaker 3: got not couldn't be bothered, but I just lost that
Speaker 3: want to do it, and I guess that being stripped
Speaker 3: with myself for doing it, and then since then I
Speaker 3: just haven't really tried again. So I think also how
Speaker 3: she kind of had it laid out, she had it
Speaker 3: on Excel spreadsheets, which was great, but I think it
Speaker 3: really suited her. Yeah, and obviously she's only thinking from her,
Speaker 3: whereas for me, I tried making it better for me
Speaker 3: and making it a bit prettier and things like that.
Speaker 3: So then I want to do it, but it just
Speaker 3: didn't stick.
Speaker 2: I need to know when you did it on Excel spreadsheets.
Speaker 2: Did it then become a super manual process? Like every
Speaker 2: single week or a month, you'd have to go in
Speaker 2: and actually like look at the spreadsheet and then implement
Speaker 2: that in your banking system and then switch things around.
Speaker 2: So it was like a lot of work or was
Speaker 2: it something where you just had your finger on the
Speaker 2: pulse every month?
Speaker 3: Yeah, it was definitely on the manual side, and especially
Speaker 3: because I'm not an Excel with in the slightest, so
Speaker 3: I had one notes for how to do things and
Speaker 3: how to add your formulas and things like that. But
Speaker 3: then I would just slip my mind or I'd have
Speaker 3: to google each month to make sure I'm doing the
Speaker 3: right thing, and it just got way too manual for
Speaker 3: something that should just be a quick numbering numbering.
Speaker 2: I totally get it, Like, obviously you're not in this situation,
Speaker 2: but I have adhd. So if it becomes a manual process,
Speaker 2: it's not happening. Like I won't do it. It has
Speaker 2: to be taken off me. I don't often do this,
Speaker 2: but I'm going to gift you my budget in cash
Speaker 2: Flow master Class or the New Money Masterclass, because it
Speaker 2: is all automated and if you're not a spreadsheet girly.
Speaker 2: I was explaining it to someone the other day and
Speaker 2: they were like, I don't get Excel or you know,
Speaker 2: Google sheets, fee like it doesn't work. I'm like, it's
Speaker 2: actually kind of like a software inside Excel that I've
Speaker 2: built because I am a spreadsheet girly and I am
Speaker 2: a nerd. But what you do is you put all
Speaker 2: of your budget in and then it tells you what
Speaker 2: you need to automate in your banking system. So you
Speaker 2: just set up direct debits and yeah, you just re
Speaker 2: reflect your budget in your direct debits, and then your
Speaker 2: job is to just like check in every month, make
Speaker 2: sure that you know if there's a new expense that
Speaker 2: you forgot about that's included. But like that's the extent
Speaker 2: of the budgeting, if that makes sense. So I can't
Speaker 2: wait to hear what you think of it, because I
Speaker 2: think it's going to really really work. I think it'll
Speaker 2: be so much No, no, no, I just think after this conversation,
Speaker 2: I'm like, this is gonna work so well for you.
Speaker 2: I'm going to give it to you. I'll also pop
Speaker 2: a cheeky little discount in the show notes for anyone
Speaker 2: who wants to join as well, because obviously, if I'm
Speaker 2: talking about it, you might go they like, what about us?
Speaker 2: I just think it'll work so well, especially because I
Speaker 2: was like, oh, like, why I didn't it work? And
Speaker 2: you can like share it with your cousin. I'll allow that.
Speaker 2: I think that's fair because I think she'll be really impressed.
Speaker 2: If she's a spreadsheet girl, they're like me. But last
Speaker 2: question I've got for you. Obviously, you said that your
Speaker 2: money habits are a B plus and you know you
Speaker 2: really want to work on your budgeting, but from my perspective,
Speaker 2: you're already killing it. After this conversation. Do you think
Speaker 2: you're still a B plus? And if so, that's fine,
Speaker 2: but if not, like, why have you changed? But also
Speaker 2: what could you do to get to that A plus?
Speaker 2: I guess credit.
Speaker 3: I would maybe shift myself up to an A minus.
Speaker 2: Oh I love this.
Speaker 3: Yeah, I think, like you said, I just need to
Speaker 3: give myself a bit more credit and go. You know,
Speaker 3: even though I feel like I can be doing more
Speaker 3: to just sit back and reflect and go. But do
Speaker 3: you know what I've done so well so far?
Speaker 2: One hundred percent.
Speaker 3: Yeah, Like, I'm proud of what I've achieved, and I
Speaker 3: guess I need to think about that a bit more.
Speaker 3: But to get to that A plus, I would say
Speaker 3: the budget side of things would definitely give me a
Speaker 3: bit more control, So that would one hundred percent assist
Speaker 3: me in getting to that A plus level. And then
Speaker 3: also I'd like to continue to add to my investments
Speaker 3: and kind of build that portfolio so that hopefully one
Speaker 3: day I can be financially free or as close to
Speaker 3: it as possible.
Speaker 2: Adore. Oh my gosh. I wish we had more time
Speaker 2: to chat, but unfortunately that is all we have time
Speaker 2: for today, So moneyters, thank you for joining us. Thank
Speaker 2: you for this chat. I feel like I'm now your
Speaker 2: personal hype girl, as I am for absolutely everybody in
Speaker 2: our community. But I have adored this. Thank you so much.
Speaker 3: Thank you so much. Be so nice to finally meet ya.
Speaker 3: I was so looking forward to this.
Speaker 2: Oh my gosh, I love that so much. We like
Speaker 2: besties who hadn't met yet.
Speaker 3: Maybe one day next time you come to Western Australia.
Speaker 2: Will oh I mean, I mean I'm in. The advice
Speaker 2: shared on She's on the Money is general in nature
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