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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Order

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Speaker 1: Order Kerney Whoalbury and a waddery woman. And before we

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Speaker 1: get started on She's on the Money podcast, I would

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Speaker 1: like to acknowledge the traditional custodians of the land of

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Speaker 1: which this podcast is recorded on a wondery country, acknowledging

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Speaker 1: the elders, the ancestors and the next generation coming through

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Speaker 1: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 1: the storytelling of you to make a difference for today

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Speaker 1: and lasting impact for tomorrow. Let's get into it.

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Speaker 2: She's on the Money, She's on the Money.

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Speaker 3: Hello, and welcome to She's on the Money and another

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Speaker 3: little bonus episode with just Me Victoria Devone. After our

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Speaker 3: wonderful chat a few weeks ago with our friend Caroline

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Speaker 3: Wall about identifying the signs of financial abuse, I wanted

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Speaker 3: to jump on and do a quick little solo episode

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Speaker 3: about how to set up healthy money behavior in your

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Speaker 3: relationship when sharing finances because it is hot topic at

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Speaker 3: the moment. I feel like I'm seeing so many videos

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Speaker 3: on TikTok about how to share finances and what the

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Speaker 3: right thing to do is and what the wrong thing

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Speaker 3: to do is because navigating financial matters is a really

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Speaker 3: significant aspect of literally any relationship, and establishing healthy money

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Speaker 3: behaviors is crucial for long term harmony and financial stability. Now,

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Speaker 3: whether you're in newlywed or your long term partners, or

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Speaker 3: you're planning to merge your finances, or maybe you need

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Speaker 3: to have some money chats with your housemate, Addressing money

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Speaker 3: matters with transparency, mutual respect, and a little bit of

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Speaker 3: strategy are vital in any sustainable relationship. So, because you

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Speaker 3: guys know, I love to have a little rant, which

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Speaker 3: is probably why I've jumped on on a solo episode.

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Speaker 3: Wouldn't wait for a co host to be free, I've

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Speaker 3: broken this up into six little segments to have a

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Speaker 3: quick chat about. Now, money and relationships are incredibly fickle,

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Speaker 3: But the first thing that you're probably going to expect

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Speaker 3: me to talk about is communication, and that is my

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Speaker 3: number one point, So open communication. So first things first,

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Speaker 3: we want to start initiating conversations about money early. Open

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Speaker 3: and honest communication about finances should start as early as

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Speaker 3: possible in a relationship. Now, I don't mean go to

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Speaker 3: your first tin to date and ask them what they earn,

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Speaker 3: what they own, what they owe, and what they're spending like.

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Speaker 3: That's probably a little bit invasive, but as the relationship

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Speaker 3: starts to flourish, discussing financial backgrounds, including how you were

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Speaker 3: raised with money, your spending habits, and existing debts or

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Speaker 3: assets is really important because understanding each other's financial perspectives

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Speaker 3: is going to help in building a foundation of trust.

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Speaker 3: The next thing I want to talk about is regular

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Speaker 3: financial check ins. This isn't sex, but we can make

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Speaker 3: it sexy. And I've said time and time again on

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Speaker 3: the podcast, having a regular financial check in to me

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Speaker 3: is incredibly important because you're going into it in the

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Speaker 3: same mind frame. No one likes being taken out the

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Speaker 3: second they get home from work with oh my gosh, babe,

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Speaker 3: I have been looking at the budget like they need

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Speaker 3: to be mentally prepared for that conversation. So scheduling regular

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Speaker 3: finance meetings to discuss your current financial situation, upcoming expenses,

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Speaker 3: maybe check in on your savings goals, and any other

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Speaker 3: changes to your financial plan is going to set you

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Speaker 3: up for consistent success. These check ins make sure that

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Speaker 3: both of you are staying informed and engaged in the

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Speaker 3: financial decision making process. The third thing I wanted to

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Speaker 3: talk about when it comes to communication, and I promise

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Speaker 3: I'll get off communication really soon because that is definitely

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Speaker 3: a topic that when we talk about finances, I'm only

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Speaker 3: saying communicate, communicate, communicate, because how many people say, oh, yep,

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Speaker 3: the relationship failed because of communication. The last I want

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Speaker 3: to talk about is being transparent. So we need to

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Speaker 3: be transparent because at the end of the day, there

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Speaker 3: shouldn't be any shame around money. So if we are

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Speaker 3: going to be transparent, we need to be transparent about

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Speaker 3: what we're earning, what we're spending, what we own, and

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Speaker 3: what we owe. And I mean, you don't have to

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Speaker 3: come ride out the gates in a brand new relationship

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Speaker 3: about all of these things. But hiding financial information can

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Speaker 3: lead to distrust and resentment. So sharing your financial statements,

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Speaker 3: your credit reports, and any other relevant documentation is going

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Speaker 3: to mean that you're both on the same page and

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Speaker 3: have a clear understanding of the financial landscape. But also,

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Speaker 3: you only need to do this when you are ready.

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Speaker 3: Like communication is key, but we're not just diving in

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Speaker 3: and going, hey, babe, you want to see my credit check,

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Speaker 3: Like that's not something that is expected and we need

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Speaker 3: to also navigate these waters with what you're comfortable with,

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Speaker 3: knowing that if you're uncomfortable with anything, maybe that's a

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Speaker 3: good sign to check in with your own money story

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Speaker 3: around maybe why you're feeling uncomfortable. Is it uncomfortable because

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Speaker 3: it might be just too soon in the relationship fair?

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Speaker 3: Or are you really avoiding talking about debt because it's

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Speaker 3: stung in the past. All right, moving on, I want

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Speaker 3: to talk next about establishing joint goals, so setting short

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Speaker 3: and long term goals. How many times have I talked

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Speaker 3: about this on the podcast. I would be a millionaire

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Speaker 3: if you gave me a dollar for every time. I'm like,

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Speaker 3: goal setting, goals setting, goal setting, But what we want

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Speaker 3: to do is discuss and then agree on your financial

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Speaker 3: goals as a couple. These can include saving for a vacation,

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Speaker 3: you could be buying a home, starting a family, or

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Speaker 3: even planning for retirement. Setting really clear goals is going

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Speaker 3: to help in aligning your financial priorities and working together

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Speaker 3: towards common objectives. This is going to make you feel

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Speaker 3: closer as a couple as well. So finance isn't that sexy,

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Speaker 3: but there's something very sexy about being on the exact

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Speaker 3: same page as your partner the next You're not going

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Speaker 3: to like this because it feels monotonous, but we're going

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Speaker 3: to be creating a budget, developing a joint budget that

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Speaker 3: covers all household expenses. You're safe and any discretionary spending

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Speaker 3: is key here. A really well structured budget is going

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Speaker 3: to have absolutely everything included in it. Every single dollar

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Speaker 3: that goes out of your bank account needs to be included.

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Speaker 3: I've said time and time again that most of us

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Speaker 3: can articulate very clearly what comes into our bank account,

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Speaker 3: but we can't articulate exactly what leaves. What we want

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Speaker 3: to do here is a deep dive into what we

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Speaker 3: are actually spending, not an idealistic what we're spending, because

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Speaker 3: in a perfect world, I'd only spend one hundred and

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Speaker 3: fifty dollars a week on groceries. But I know that

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Speaker 3: is not going to be true. So sitting down and

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Speaker 3: you know, crafting a little bit of an idealistic budget

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Speaker 3: is actually going to put you behind. So what we

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Speaker 3: want to do is be really honest with ourselves around

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Speaker 3: what our actual spending looks like. If you're spending seven

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Speaker 3: dollars a day or lattes that's okay, but we just

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Speaker 3: need to be aware of it. A well structured budget

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Speaker 3: is going to help maintain your day to day expenses

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Speaker 3: and make sure that both of you in this relationship

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Speaker 3: are on the same page about financial commitments. There is

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Speaker 3: not anything worse than thinking, all right, we've sat down,

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Speaker 3: we've done our budget. We're only going to spend one

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Speaker 3: hundred and fifty dollars on groceries, and X on this,

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Speaker 3: and why on that, and by the end of the

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Speaker 3: month we would have saved seven hundred and fifty dollars.

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Speaker 3: You get to the end of the month and the

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Speaker 3: money's just not in the account. That leads to animosity,

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Speaker 3: that leads to blame, that leads to you having conversations

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Speaker 3: that are not that nice. That could be completely avoided

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Speaker 3: if we were just honest about what actually goes in

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Speaker 3: and out of our bank account each and every single month.

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Speaker 3: The next thing that I'm let's be honest, I need

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Speaker 3: it to be one of your goals. This is an

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Speaker 3: emergency fund. And I think absolutely everybody in the entire

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Speaker 3: universe should have an emergency fund, whether they are in

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Speaker 3: debt or not. Lots of finance experts will say, smash

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Speaker 3: down your debt. But I think there is something really

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Speaker 3: motivating about having an emergency fund while you're in debt

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Speaker 3: because it means when it's unex expected cost comes up,

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Speaker 3: we are not repeating the same process. We are breaking

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Speaker 3: the cycle. We are able to pay for that additional

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Speaker 3: expense out of the money that you have saved from

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Speaker 3: your emergency savings, and you're not continuing to perpetuate a

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Speaker 3: cycle that isn't working for you. So establishing an emergency

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Speaker 3: fund to cover unexpected expenses like your medical emergencies, or

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Speaker 3: car repairs or even a job loss is important. I'd

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Speaker 3: be aiming to save between three and six months worth

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Speaker 3: of your living expenses. Key, there is living expenses. We're

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Speaker 3: not talking you know, everything that you're spending. When we

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Speaker 3: are talking about an emergency fund. It doesn't take into

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Speaker 3: consideration how much you're investing, how much you're saving, you know,

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Speaker 3: any of your financial goals. It's just what is it

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Speaker 3: going to cost to put a roof over your head,

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Speaker 3: keep your bills paid, and put food on the table.

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Speaker 3: An emergency fund is going to provide you with the

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Speaker 3: financial security that you deserve, and it's going to reduce

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Speaker 3: your stress, even if you're in mountains of debt. Knowing

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Speaker 3: that there's an extra couple of one hundred dollars to

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Speaker 3: the side, I promise is going to help you sleep

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Speaker 3: better at night. Now, I'm really sorry for the randy

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Speaker 3: nature of this. I hope you're on board with it though,

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Speaker 3: because I feel like we're getting stuff done. The next

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Speaker 3: thing we're going to do is define roles and responsibilities.

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Speaker 3: We're going to treat this like a job. So the

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Speaker 3: first thing when it comes to roles and responsibilities that

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Speaker 3: we're going to do is determine contribution proportions, which is

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Speaker 3: again something a little bit spicy. You might not agree

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Speaker 3: with this, I actually don't care. I believe in equity

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Speaker 3: and equality working together. So what you're going to do

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Speaker 3: is decide on how you're going to be contributing to

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Speaker 3: shared expenses. This can obviously be done equally split down

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Speaker 3: the middle. You both pay fifty to fifty. It could

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Speaker 3: be proportional based on your income. Say you are the

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Speaker 3: main breadwinner in your relationship and your partnerns half of

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Speaker 3: what you do. From my perspective, it's not necessarily fair

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Speaker 3: that your bills are fifty to fifty For me, I

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Speaker 3: would say that you maybe need to be paying a

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Speaker 3: little bit more because by going fifty to fifty, you're

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Speaker 3: putting unnecessary financial stress on your partner. And at the

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Speaker 3: end of the day, are we not working towards shared

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Speaker 3: financial goals and a shared outcome. Any other method that's

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Speaker 3: going to work for you is going to work, but

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Speaker 3: we need to have this conversation. The key is to

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Speaker 3: make sure that both of you feel that the arrangement

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Speaker 3: is not just fair, but it's equitable. The next thing

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Speaker 3: we're going to do is assign some financial roles. So

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Speaker 3: we're going to assign specific financial roles to each of you.

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Speaker 3: So one of you is going to be in charge

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Speaker 3: of paying the bills, one of you is going to

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Speaker 3: be in charge of managing investments or tracking expenses. Having

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Speaker 3: really clear division of your roles is going to help

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Speaker 3: in efficient financial management, and it's going to stop tasks

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Speaker 3: from being overlooked. What I do, because I'm really good

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Speaker 3: at overlooking things, is I actually just put calendar notifications

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Speaker 3: into my diary, so I know that come November there

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Speaker 3: is going to be a notification that pops up that

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Speaker 3: says review car insurance, and I know that that's not exciting,

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Speaker 3: and you could just press di smeth. But I always

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Speaker 3: make an effort to review my insurance details because I

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Speaker 3: did that last year and saved a couple of hundred dollars.

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Speaker 3: And that's a couple of one hundred dollars that can

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Speaker 3: now go to a goal instead of just going down

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Speaker 3: the drain. Now, the next thing that I want you

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Speaker 3: to organize is joint and individual bank accounts. Now, obviously,

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Speaker 3: finance is really fickle, and it is actually really personal.

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Speaker 3: I have worked when I was a financial advisor with

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Speaker 3: clients who had completely separate bank accounts and they were retired.

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Speaker 3: They had done their entire lives this way and it

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Speaker 3: worked for them. I've also worked with people who've never

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Speaker 3: had personal accounts because they've been together since they were

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Speaker 3: fourteen years old and they've always had shared finances. When

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Speaker 3: it comes to your accounts, there is no right and

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Speaker 3: there is no wrong. But a joint account could be

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Speaker 3: really useful for things like shared expenses, while individual accounts

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Speaker 3: are something that I would push you to have. Irrespective

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Speaker 3: of whether you completely share your accounts or not, I

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Speaker 3: want you to always have personal financial freedom. This approach

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Speaker 3: is going to allow for autonomy while ensuring that shared

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Speaker 3: financial responsibilities are met. Also, there is a very big

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Speaker 3: piece here about having access to funds to leave any situation.

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Speaker 3: When we talk about emergency funds, I also want to

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Speaker 3: make sure that you have your own emergency fund. If

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Speaker 3: you're in a situation that you don't want to be in,

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Speaker 3: you can get yourself out of it. To me, that

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Speaker 3: is the ultimate financial freedom. Now let's go to a

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Speaker 3: quick break on the flip side. We're going to dive

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Speaker 3: a little bit deeper into exactly how you can set

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Speaker 3: yourself up for healthy money behaviors in your relationship and

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Speaker 3: what to do when it comes to sharing finances. Don't

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Speaker 3: go anywhere, all right, guys, we are back and we

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Speaker 3: are talking about how to set up healthy money behaviors

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Speaker 3: in your relationship when you are sharing finances. I wanted

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Speaker 3: to start this side of the episode off on I

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Speaker 3: guess a little bit more of a spicy topic, and

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Speaker 3: that's about building trust and accountability, which a lot of

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Speaker 3: people just assume is given in a relationship. Building trust

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Speaker 3: and accountability is so important in a relationship, especially when

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Speaker 3: it comes to finances. So the first thing we're going

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Speaker 3: to do is making sure that we are respecting each

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Speaker 3: other's financial preferences. And this might feel like a no brainer.

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Speaker 3: You might go, well, of course they do v but

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Speaker 3: the reality is sometimes we forget to sit down and

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Speaker 3: actually ask our partner how they feel about specific goals.

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Speaker 3: I want to know is this also your goal or

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Speaker 3: are you working towards this because you know this is

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Speaker 3: what I really want. Making sure that if we are

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Speaker 3: going down the route of investing, does my partner feel overwhelmed?

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Speaker 3: Do they feel excited? Are they on the same page?

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Speaker 3: Are we, you know, having these conversations and respecting each

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Speaker 3: other's preferences, because it is so important to make sure

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Speaker 3: that we're not only respecting their preferences but also avoid

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Speaker 3: being critical of their spending and money habits. But we

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Speaker 3: also need to make sure that we are avoiding being

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Speaker 3: critical of our partner's spending habits, which can often happen

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Speaker 3: without us even realizing it. Instead, what we want to

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Speaker 3: do is work together to find a balance that kind

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Speaker 3: of accommodates both of our needs and both of our desires.

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Speaker 3: Next should not come as a surprise, but it needs

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Speaker 3: to be said. We need to avoid finance secrets financial infidelity,

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Speaker 3: such as hiding purchases or secret bank accounts can actually

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Speaker 3: damage trust in a relationship, and that stuff can last

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Speaker 3: a long time. So commit to being honest about all

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Speaker 3: financial matters, no matter how small, even if it's just

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Speaker 3: like maybe telling your partner that it was on sale

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Speaker 3: and maybe it wasn't. This is where it needs to

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Speaker 3: be stamped out. Okay, the next thing we're going to

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Speaker 3: do is always support each other's financial goals. So what

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Speaker 3: we want to do is encourage and support each other's

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Speaker 3: individual financial goals, whether it's you paying off your hex early,

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Speaker 3: or you want to start a business, or you want

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Speaker 3: to invest in some further education. Showing your support for

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Speaker 3: your partner's aspirations Foster's are really healthy financial relationship and

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Speaker 3: it shouldn't have to be said, but often we forget

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Speaker 3: to ask our partner what do they want to achieve?

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Speaker 3: Where are they going, especially when we're only focusing on

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Speaker 3: things that are joint or only focusing on ourselves. Now,

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Speaker 3: moving forward, this is where things get really serious, and

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Speaker 3: we're going to talk about estate planning and future planning.

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Speaker 3: But that is planning for the future. So let's start

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Speaker 3: with estate planning. I want you to discuss and plan

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Speaker 3: for the future by creating updated wills, I want you

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Speaker 3: to set up powers of attorney, and I want you

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Speaker 3: to establish beneficiaries for insurance policies and retirement accounts. It's

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Speaker 3: not sexy, I know, but life is fragile and these

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Speaker 3: things are going to put you in the best possible

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Speaker 3: position should the worst happen. Estate planning makes sure that

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Speaker 3: your wishes and your partner's wishes are honored, and it

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Speaker 3: also provides a lot of peace of mind the next

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Speaker 3: retirement planning. It's not sexy, so let's call it working

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Speaker 3: towards financial freedom for the day that we don't have

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Speaker 3: to work. So what we want to do is work

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Speaker 3: together to plan for retirement. Have you actually ever sat

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Speaker 3: down with your partner and said when do you want

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Speaker 3: to retire? Because I know that before becoming a financial advisor,

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Speaker 3: in previous relationships, there's no way at the age that

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Speaker 3: I was at, I would have had that conversation. And

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Speaker 3: I can almost guarantee that when you sit down with

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Speaker 3: your partner, if it's the first conversation you're having, you're

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Speaker 3: going to have very different ideas of what retirement looks like.

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Speaker 3: Not everybody goes, oh yeah, I'll get to sixty five

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Speaker 3: and I will retire. Often people go, oh retirement, Oh yeah,

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Speaker 3: like I would love to retire earlier. I'd love to

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Speaker 3: retire in my fifties. That requires a lot of planning

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Speaker 3: and needs to become part of your goal setting conversation.

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Speaker 3: Are we contributing enough to our superranuation? Are we actually

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Speaker 3: taking that seriously? Does your employer have any advantages? Are

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Speaker 3: there any benefits like the government scheme of matching your

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Speaker 3: super contributions? Do you know about that? What does that

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Speaker 3: look like? How do we put ourselves in the best

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Speaker 3: possible situation to reach a point in time where we

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Speaker 3: can become completely financially free and don't have to go

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Speaker 3: to work every single day to earn an income. How

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Speaker 3: do we do that? We do that through financial education.

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Speaker 3: Obviously you're listening to this podcast, so like gold stuff

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Speaker 3: you my love, But continually educating yourself about personal finance

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Speaker 3: is incredibly important. It's not something where you can listen

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Speaker 3: to a podcast one time, set up your super in

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Speaker 3: the way that works for you, and then never look

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Speaker 3: at it again. We need to be consistently learning and

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Speaker 3: looking at it and reviewing it. Might look like attending

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Speaker 3: some finance workshops, it might be reading some books, it

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Speaker 3: might be actually going and seeing a financial advisor. Making

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Speaker 3: sure we are informed is going to help make better

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Speaker 3: finance decisions, and it means that we can adapt changes

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Speaker 3: right now in our financial situation to actually reach the

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Speaker 3: life that we want and the life that we deserve.

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Speaker 3: The next thing I want to talk about is conflict resolution,

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Speaker 3: because at the end of the day, we're actually talking

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Speaker 3: about a relationship here. We're not talking about, you know,

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Speaker 3: sitting down and just finance educating yourself. We're talking about

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Speaker 3: doing finance with a partner. And ultimately, there are going

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Speaker 3: to be times where you go head to head. There

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Speaker 3: are going to be times where you're not on the

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Speaker 3: same page. But what we want to do is make

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Speaker 3: sure that we get back on to the same page

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Speaker 3: as soon and as calmly as possible. Right, So the

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Speaker 3: first thing we're going to do is address conflicts calmly.

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Speaker 3: I'm not the best at doing this, so this is

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Speaker 3: more of a do as I say, not as I

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Speaker 3: do kind of situation. I wish I was my partner.

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Speaker 3: He often says, you know what, we just need a minute,

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Speaker 3: let's go wind down, and I'm just like I'm ready

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Speaker 3: to fight. I don't want to wind down. I want

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Speaker 3: to discuss what's going on. But ultimately he's the smart

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Speaker 3: one here and we actually need to diffuse the situation

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Speaker 3: before we continue a conversation, because it wasn't going to

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Speaker 3: be productive, right, But financial disagreements are inevitable. They're going

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Speaker 3: to happen, but how you handle them is what matters.

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Speaker 3: Addressing conflicts really calmly and avoiding blame and criticism is

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Speaker 3: really important. Trying not to say, oh my gosh, you

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Speaker 3: always or you do this. Trying to say things like, oh,

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Speaker 3: I really feel like this isn't working for us, instead

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Speaker 3: of you always mess it up means you're going to

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Speaker 3: end up in a better situation and you'll be able

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Speaker 3: to focus on finding solutions that work for both of you.

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Speaker 3: The next I don't adore this, but it's compromise. Every

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Speaker 3: single relationship is going to have some level of compromise.

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Speaker 3: Every successful relationship that I know of involves some level

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Speaker 3: of compromise. You need to be willing to compromise on

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Speaker 3: your finance decisions as well. So understanding that both parties

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Speaker 3: might actually have different priorities is really important because we

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Speaker 3: need to find a middle ground, because that's what's going

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Speaker 3: to maintain harmony. You might really, really really want to

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Speaker 3: save for an overseas holiday, but your partner is saving

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Speaker 3: for a different goal. Maybe we compromise and put the

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Speaker 3: holiday off a little bit, achieve our partner's financial goal,

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Speaker 3: and then throw absolutely everything we have into yours. Things

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Speaker 3: go in ebbs and five flows. And I think one

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Speaker 3: of the best things I've ever learned about relationships is

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Speaker 3: they are always going to involve some level of compromise

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Speaker 3: from one party or another. And if you're sitting there

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Speaker 3: going but I don't compromise on anything, I hate to

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Speaker 3: break it to you, it's because your partner's compromising on

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Speaker 3: more than you are. The next thing I want to

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Speaker 3: say here is that if this is something you are

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Speaker 3: struggling with, seek professional help. Like that's not me being

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Speaker 3: dramatic and saying seek professional help. But at the end

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Speaker 3: of the day, if you can't get on the same

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Speaker 3: page and this relationship is really important to you, maybe

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Speaker 3: consider having a chat to a financial advisor or more importantly,

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Speaker 3: maybe a couples therapist will help you get on the

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Speaker 3: same page. Professional guidance can provide you with an objective

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Speaker 3: perspective and help in resolving complex financial issues. Don't ask

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Speaker 3: your friends. Don't ask somebody who has a vested interest

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Speaker 3: in your relationship. Talk to somebody who's completely outside of it,

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Speaker 3: because while it might be really confronting and not what

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Speaker 3: you want to hear, it's going to put you in

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Speaker 3: a better position. Let's move off conflict resolution because I'm

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Speaker 3: sick of talking about it and it's like, not the

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Speaker 3: most exciting topic to talk about. We're going to talk

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Speaker 3: about actual tips for managing your money every single day

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Speaker 3: inside a relationship. These are things that work really well

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Speaker 3: for me and my husband. They might not work for you,

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Speaker 3: but that's because everyone's finance situation is completely different. How

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Speaker 3: I manage things might not be how you want to

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Speaker 3: manage things. But the cool thing is we can learn

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Speaker 3: about it and pick and choose the parts that might

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Speaker 3: work for us to actually test out. You don't have

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Speaker 3: to do everything that I do. So the first thing

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Speaker 3: that works really well for us is automating our savings

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Speaker 3: and our bills. Lots of you might go bippy. I

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Speaker 3: like being in charge of it. I love logging in,

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Speaker 3: and you know paying the bill manually you do you

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Speaker 3: doesn't work For me, automating our savings contributions and bill

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Speaker 3: payments means that we are consistent and we don't have

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Speaker 3: any late payments. It means that our savings money gets

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Speaker 3: taken out of our account before we have even the

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Speaker 3: opportunity to have a look at it. We have on

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Speaker 3: the day that my pay goes in and my husband's

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Speaker 3: pay go in and automatic transfer that goes into our savings.

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Speaker 3: Automation is going to help in building a really disciplined

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Speaker 3: savings habit when maybe you are a little bit spendy

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Speaker 3: like me. And it also means that when it comes

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Speaker 3: to bills, you're reducing the risk of actually running into

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Speaker 3: late fees, which, if you're like me, if it's manual,

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Speaker 3: I'm definitely paying a late fee. The next is use

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Speaker 3: some kind of budgeting app or spreadsheet to track your spending.

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Speaker 3: Obviously I preach consistently reviewing your expenses to help identify

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Speaker 3: areas where you can cut back and stay within budget,

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Speaker 3: but tracking your spending means that we can just be

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Speaker 3: completely on top of it. I think there's so much

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Speaker 3: power in understanding not only what comes into your account,

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Speaker 3: but how every dollar leaves Because you worked hard for

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Speaker 3: that money. I want to make sure that it is

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Speaker 3: working as hard for you as you did for it.

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Speaker 3: So let's just keep a little bit of an eye

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Speaker 3: on all of these little finance employees that we've got

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Speaker 3: in our best year yet course that we did at

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Speaker 3: the start of the year, and don't worry, we will

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00:22:58,880 --> 00:23:02,040
Speaker 3: release it next year. I talked about making every single

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00:23:02,119 --> 00:23:04,520
Speaker 3: dollar that you earn a tiny employee and they have

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00:23:04,600 --> 00:23:06,760
Speaker 3: to have a job. Like their job might be getting

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00:23:06,800 --> 00:23:09,479
Speaker 3: the groceries for you, or their job might be actually

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00:23:09,520 --> 00:23:12,200
Speaker 3: sitting in a savings account. But like, if they're sitting

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00:23:12,200 --> 00:23:14,320
Speaker 3: in a savings account and they're not earning you any money,

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00:23:14,320 --> 00:23:16,840
Speaker 3: are they working that hard? No, we need to performance

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00:23:16,880 --> 00:23:19,399
Speaker 3: manage them. How do we do that? What does that

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00:23:19,520 --> 00:23:22,960
Speaker 3: look like? So tracking your spending isn't necessarily about going

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00:23:23,240 --> 00:23:26,040
Speaker 3: I know I spend seven dollars on coffee. It's going

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00:23:26,119 --> 00:23:28,840
Speaker 3: further than that and saying, is that seven dollars that

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00:23:28,880 --> 00:23:32,200
Speaker 3: I'm spending on that coffee working for me? And if

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00:23:32,200 --> 00:23:34,359
Speaker 3: you ask me, absolutely I would spend a lot more

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00:23:34,440 --> 00:23:37,080
Speaker 3: than seven dollars on a good coffee. And that is

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00:23:37,119 --> 00:23:39,439
Speaker 3: not me being privileged, but more a part of my

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00:23:39,520 --> 00:23:42,840
Speaker 3: everyday functioning. But you might go absolutely not, that's not

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Speaker 3: in line with my values. I'd prefer my little money

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Speaker 3: employee to be over in my savings account, earning me

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Speaker 3: more money, and that is where tracking your spending gets

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00:23:50,640 --> 00:23:55,439
Speaker 3: its power. The next is celebrating financial milestones. I was

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00:23:55,480 --> 00:23:57,800
Speaker 3: having a conversation the other day with a friend about

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00:23:58,200 --> 00:24:02,560
Speaker 3: not celebrating milestones and how when you look back, you go, wow,

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00:24:02,720 --> 00:24:05,439
Speaker 3: that was actually really significant, but in the moment you

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00:24:05,520 --> 00:24:08,280
Speaker 3: kind of just go moving on, what's the next thing.

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00:24:08,760 --> 00:24:11,600
Speaker 3: But celebrate your financial achievements together. If you hit a

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00:24:11,640 --> 00:24:14,480
Speaker 3: savings goal, or you pay off debt, or you're making

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00:24:14,480 --> 00:24:18,440
Speaker 3: a significant purchase, celebrate that. Like it doesn't mean going

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00:24:18,480 --> 00:24:21,240
Speaker 3: and buying a really expensive bottle of champagne. It could

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00:24:21,240 --> 00:24:23,359
Speaker 3: be taking the afternoon and going for a walk. It

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00:24:23,400 --> 00:24:26,720
Speaker 3: could be literally anything. But celebrating milestones is going to

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00:24:26,760 --> 00:24:30,600
Speaker 3: reinforce that positive behavior, strengthen your bond, and mean that

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00:24:30,840 --> 00:24:32,760
Speaker 3: we're going to be better at it next time because

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00:24:32,800 --> 00:24:35,920
Speaker 3: we know how good it feels. And then the last

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Speaker 3: thing I wanted to touch on was practicing financial independence.

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Speaker 3: I know that we're talking about setting up healthy money

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Speaker 3: behaviors in your relationship when you're sharing finances, but I

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00:24:46,400 --> 00:24:50,199
Speaker 3: think that every single person should be financially independent in

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Speaker 3: their own right. So while having shared finances can be

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00:24:53,640 --> 00:24:56,359
Speaker 3: really important, again, you don't necessarily have to do it

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00:24:56,359 --> 00:24:58,840
Speaker 3: if you're not comfortable with it. Maintaining a level of

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00:24:58,880 --> 00:25:02,760
Speaker 3: financial independence is not just beneficial, it is essential. Make

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00:25:02,880 --> 00:25:05,240
Speaker 3: sure that you have access to your own savings and

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00:25:05,280 --> 00:25:08,639
Speaker 3: discretionary funds. I do not care if you work or not.

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00:25:09,080 --> 00:25:11,920
Speaker 3: Making sure that you have access to cash that your

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00:25:11,960 --> 00:25:14,720
Speaker 3: partner can't get access to. While it might feel a

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00:25:14,760 --> 00:25:17,159
Speaker 3: little bit morbid and you go, but v my partner

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00:25:17,200 --> 00:25:19,159
Speaker 3: is my biggest advocate and my biggest fan and the

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00:25:19,160 --> 00:25:22,639
Speaker 3: best person in the entire universe. I can almost guarantee

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00:25:22,840 --> 00:25:25,560
Speaker 3: that someone in a situation that they wanted to get

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00:25:25,560 --> 00:25:29,360
Speaker 3: out of would have said the same. So practicing financial

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00:25:29,359 --> 00:25:33,640
Speaker 3: independence is something that I am wildly, wildly passionate about. Now,

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00:25:33,640 --> 00:25:35,040
Speaker 3: I'll wrap it up here because I know that I

488
00:25:35,040 --> 00:25:37,080
Speaker 3: have ranted, and I have raved and probably bitten your

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00:25:37,080 --> 00:25:38,960
Speaker 3: ear off. But there is a lot that we need

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00:25:39,000 --> 00:25:40,919
Speaker 3: to go over and a lot to get on the

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00:25:40,920 --> 00:25:44,240
Speaker 3: same page when it comes to relationships and finance. And

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00:25:44,280 --> 00:25:46,480
Speaker 3: this isn't the only episode that I think you should

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00:25:46,480 --> 00:25:49,000
Speaker 3: listen to. We obviously have a lot, but I was

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00:25:49,080 --> 00:25:50,919
Speaker 3: just feeling it in my bones that I wanted to

495
00:25:50,960 --> 00:25:53,560
Speaker 3: jump on here and have a chat with you about

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00:25:53,600 --> 00:25:56,399
Speaker 3: some tips and tricks that you could implement today. But

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00:25:56,520 --> 00:25:58,119
Speaker 3: we all know at the end of the day that

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00:25:58,280 --> 00:26:01,760
Speaker 3: establishing healthy money behaviors in a relationship when sharing finance,

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00:26:01,960 --> 00:26:05,919
Speaker 3: actually requires open communication, mutual respect, and a little bit

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00:26:05,920 --> 00:26:09,159
Speaker 3: of strategic planning. And by setting joint financial goals and

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00:26:09,320 --> 00:26:13,159
Speaker 3: really defining roles and responsibilities, we build trust and we

502
00:26:13,200 --> 00:26:15,879
Speaker 3: can plan for the future, and then we're a stronger

503
00:26:16,000 --> 00:26:19,520
Speaker 3: and more confident couple. Let's have regular check ins, let's

504
00:26:19,520 --> 00:26:22,199
Speaker 3: be super transparent, and let's come to the table with

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00:26:22,240 --> 00:26:25,159
Speaker 3: a willingness to compromise, because that's what's actually going to

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00:26:25,160 --> 00:26:29,679
Speaker 3: be essential for maintaining a really healthy finance relationship. With

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00:26:29,880 --> 00:26:32,520
Speaker 3: all of these practices in place, couples they're able to

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00:26:32,600 --> 00:26:36,159
Speaker 3: achieve financial stability and enjoy a really good future together.

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00:26:36,320 --> 00:26:38,159
Speaker 3: And at the end of the day, no one wants

510
00:26:38,160 --> 00:26:42,200
Speaker 3: sticky money conversations. They're awkward, they're icky, and they don't

511
00:26:42,320 --> 00:26:45,000
Speaker 3: have to be. Finance doesn't have to be something that

512
00:26:45,119 --> 00:26:47,480
Speaker 3: is overwhelming. It can be something that we are all

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00:26:47,640 --> 00:26:50,960
Speaker 3: excited about. So with that, I will see you guys

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00:26:51,000 --> 00:26:53,359
Speaker 3: next week. Thank you for joining me for a little

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00:26:53,359 --> 00:26:56,119
Speaker 3: bonus episode. If you like them, slide into our DMS

516
00:26:56,160 --> 00:26:59,320
Speaker 3: and let us know, because I welcome any opportunity to

517
00:26:59,440 --> 00:27:02,679
Speaker 3: get behind the mic, all on my own and go rogue.

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00:27:02,840 --> 00:27:12,600
Speaker 3: Have the best weekend, guys. The advice shared on She's

519
00:27:12,640 --> 00:27:14,879
Speaker 3: on the Money is general in nature and does not

520
00:27:15,040 --> 00:27:19,280
Speaker 3: consider your individual circumstances. She's on the Money exists purely

521
00:27:19,320 --> 00:27:22,280
Speaker 3: for educational purposes and should not be relied upon to

522
00:27:22,280 --> 00:27:25,639
Speaker 3: make an investment or financial decision. If you do choose

523
00:27:25,640 --> 00:27:28,600
Speaker 3: to buy a financial product, read the PDS TMD and

524
00:27:28,680 --> 00:27:33,240
Speaker 3: obtain appropriate financial advice tailored towards your needs. Victoria Divine

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00:27:33,359 --> 00:27:36,720
Speaker 3: and She's on the Money are authorized representatives of Money

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00:27:36,720 --> 00:27:40,960
Speaker 3: Sherper Pty Ltd ABN three two one six four nine

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00:27:41,119 --> 00:27:45,000
Speaker 3: two seven seven zero eight AFSL four five one two

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00:27:45,119 --> 00:27:49,720
Speaker 3: eight nine