Speaker 1: Hello, my name's Sanatasha Nabananga Bamblet. I'm a proud your
Speaker 1: the Order, Kernie Whoalbury 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 through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: for millennials who want financial freedom. Today is Friday, which
Speaker 4: means it is time to sit back with the girls
Speaker 4: with a bev in hand to unpack our favorite moments
Speaker 4: of the week, and of course, guys, to celebrate you
Speaker 4: how incredible She's on the Money community. As always, we're
Speaker 4: going to be sharing our favorite money wins, We're going
Speaker 4: to discuss what's making news in the finance world, and
Speaker 4: we're going to be helping to answer a juicy money
Speaker 4: question which this week is all about whether you should
Speaker 4: rush into home ownership with not many savings or wait
Speaker 4: until you have more capital. But more on that later,
Speaker 4: because I want to dive straight in to recap the
Speaker 4: week that was, and I'm going to tell you about
Speaker 4: our money diarist. Oh Jess, I wrote her name at
Speaker 4: the top of the paper and I nearly read it out.
Speaker 4: That could have been a catastrophe. But close, okay, very
Speaker 4: close calls. So this week's money darist really got me
Speaker 4: in the fields. Jess one, she was an absolute legend.
Speaker 4: She has a partner, she's really established, she's got such
Speaker 4: great savings goals and hacks. But when she was twenty
Speaker 4: three years old, her partner left her at seven and
Speaker 4: a half month pregnant and she had no idea what
Speaker 4: to do. So obviously, when her son turned three months old,
Speaker 4: she just started casually her bachelor's degree. Of course, having
Speaker 4: a newborn apparently really easy. And then when he was
Speaker 4: four months old, Get this, Jess. She moved to an
Speaker 4: Aboriginal community because she was really passionate about having an impact,
Speaker 4: and that really came across. But she also had worked
Speaker 4: out that a lot of her living expenses would be
Speaker 4: subsidized and it would all work out really well for her.
Speaker 4: So she put herself in a position where she was
Speaker 4: able to save two thirds of her income basically with
Speaker 4: a newborn or a four month old, and by the
Speaker 4: time she was twenty six, she had finished her bachelor's degree,
Speaker 4: purchased her house all by herself, and her son is thriving.
Speaker 4: And this story was, from my perspective, one of my
Speaker 4: favorite ones because it was really I grew up in poverty.
Speaker 4: I didn't have a lot story, but I wanted to
Speaker 4: make the most out of my life. We really spoke
Speaker 4: about indigenous communities and the impact you can have there
Speaker 4: and that there are so many special roles you can
Speaker 4: do to work in those spaces. And I just feel
Speaker 4: like it shone a light on something that I had
Speaker 4: not thought of before, because at twenty three, like, what
Speaker 4: do you do with a four month old? Like that
Speaker 4: would be terrifying. I totally get it. But not only
Speaker 4: did she kind of take life by the reins, she
Speaker 4: just made it work and is better for it like
Speaker 4: she is just anyway. I'm obsessed with her, and that
Speaker 4: was my favorite part of my week this week. Jess,
Speaker 4: Oh my gosh, she sounds incredible. Would you like to
Speaker 4: hear about Wednesday's deep dive? Obviously, yes, I'd be as
Speaker 4: good as our money diary though you were there.
Speaker 2: But we're stone in middle school.
Speaker 4: We spoke all about points hacking.
Speaker 2: Yeah, definitely not as good.
Speaker 4: And despite all of the recent kuffle, this was not
Speaker 4: an episode about getting your rewards points stolen. It was
Speaker 4: all about maximizing the benefits of your points to get
Speaker 4: freezings like flights and upgrades and hotel rooms, groceries and
Speaker 4: all kinds of other fun things. And we we run
Speaker 4: through some really tangible tips and tricks. We spoke about
Speaker 4: a few different reward systems and things that are out
Speaker 4: there that people could look at leveraging, and we spoke
Speaker 4: about both credit and non credit options. So regardless of
Speaker 4: where you fall on the spectrum, whether you have a
Speaker 4: credit card and you want to use that to your advantage,
Speaker 4: or whether you're someone like me who is like I
Speaker 4: don't want that, I don't trust myself with that, there
Speaker 4: are still other great options out there for you as well.
Speaker 4: Do you know who's really good at points hacking that
Speaker 4: we didn't mention in the episode, true Glenn James from
Speaker 4: My Millennial Money Ye Glenn is a legend at yeah,
Speaker 4: literally so good at it. It was so frustrating just
Speaker 4: to drop the fact that we went to the US
Speaker 4: earlier this year again he was there and us flips
Speaker 4: back of the plane, Glenn James front of the plane, rude.
Speaker 4: The man who is doing something right, yeah, and it
Speaker 4: is upgrading his flights using his points because he's like,
Speaker 4: I'm not paying for that, and I'm like, look sir, understood,
Speaker 4: but also teach me your ways. And instead of asking him,
Speaker 4: we did it ourselves. Yeah, we did the strong independent
Speaker 4: women who need no man. We are ready to be
Speaker 4: points hacking queens. So hopefully people enjoyed that episode. It's
Speaker 4: something that we get asked about a lot in the
Speaker 4: Facebook group, and it was really fun to kind of
Speaker 4: dive into all the different options that are out there.
Speaker 4: All right, Jess, enough about Glenn James. I have heard
Speaker 4: enough about him today. But what I want to hear
Speaker 4: about now is our budget direct community, money wins and
Speaker 4: confessions of the week.
Speaker 2: What have we got?
Speaker 4: All right, let's kick it off with a hot wine
Speaker 4: from Nadia, who said money win. Finally, I made five
Speaker 4: hundred dollars this weekend babysitting.
Speaker 2: Are three kids five hundred bucks.
Speaker 4: I know, I say, good wicket, babysitting three kids overnight
Speaker 4: instead of going down to Sydney for the weekend and
Speaker 4: spending money, the cash is going to go straight.
Speaker 2: Looking after kids to make kids.
Speaker 4: Oh, it's like a practice, like a little full circle moment. Also,
Speaker 4: do you know what that tells me? Five hundred bucks
Speaker 4: babysitting are kind of ford?
Speaker 2: Kids? Kids are expensive? Really.
Speaker 4: When people say like, oh, your life will change here,
Speaker 4: I am being like, you know what, I'm trying really
Speaker 4: hard to create the life that I really want to
Speaker 4: live and earn the income that really I still can't
Speaker 4: afford what people are talking about when it comes to
Speaker 4: like daycare, what childcare expenses, all of this stuff about babysitting,
Speaker 4: like it's so expensive. One of the girls on our
Speaker 4: team does baby sitting on the side, like on the
Speaker 4: weekends or after school, and she makes an innings from that,
Speaker 4: Like she makes so much money, And it just reminds
Speaker 4: me that I'm just like, you know what, when Steve
Speaker 4: and I do decide to have kids, they're coming everywhere
Speaker 4: with me because I can't afford this life. I just
Speaker 4: can't justify it. I will spend it on experiences that
Speaker 4: I can also experience. I would just like to know
Speaker 4: if anyone else picked up on the fact that you
Speaker 4: just use not one, but two cricket metaphors, which I
Speaker 4: can you tell that over the period of time, Steve
Speaker 4: is talking non stop about cricket. I'm like, I've never
Speaker 4: heard you say that in my life. Oh, I've spent
Speaker 4: too much time recently with my dad and with Steve.
Speaker 4: And you know what, they can't wait for Boxing day
Speaker 4: test match. Oh, you know what I can wait for
Speaker 4: Boxing day test match. Oh my gosh, relatable content. Now
Speaker 4: I've got a money loss for you. Turning tables a
Speaker 4: little bit from Lucy who said money loss. Went out
Speaker 4: to dinner with family and friends and got the bill
Speaker 4: because the place didn't split bills, sent my bank details
Speaker 4: and the receipt and weeks later there is still no
Speaker 4: bank transfer or quet. That's the worst feeling in the world.
Speaker 2: Did she say family as well?
Speaker 4: Yeah, guys, harass your family, Like, if there's anyone you
Speaker 4: can harass, it's your family. But also really poorform from
Speaker 4: your friends. Lucy.
Speaker 2: I'm so sorry.
Speaker 4: I just don't understand the audacity of people doing that,
Speaker 4: because you don't know the financial circumstance somebody else is in,
Speaker 4: regardless of the fact that that should not matter. But like,
Speaker 4: what if Lucy needs that money to make bills? What
Speaker 4: if Lucy needs that to put food on the table.
Speaker 4: Like what if Lucy had really really budgeted to go
Speaker 4: out for that nice meal and had gone, you know what,
Speaker 4: I can spend up to twenty five dollars And we
Speaker 4: don't know her from a bar of soap at this point,
Speaker 4: but like, there are a lot of people that would
Speaker 4: have budgeted for that experience and been like, all right,
Speaker 4: I'm gonna pick something on the menu so that I can,
Speaker 4: you know, stick to the budget that I've got.
Speaker 2: And then, you know, being the good girl that she
Speaker 2: clearly is.
Speaker 4: She's like, I'll pick up the tab, It's okay, you
Speaker 4: guys will pay me back, And then she didn't get
Speaker 4: paid back.
Speaker 2: Like that's just the worst.
Speaker 4: It's gonna give people anxiety to go out for dinner
Speaker 4: with you guys.
Speaker 2: Again.
Speaker 4: It's just not kind, No, not at all, And it
Speaker 4: stresses me out knowing our owe people money. Like I
Speaker 4: just can't imagine being like, oh should be right, as
Speaker 4: you know, Jess, I hate or in people money. It
Speaker 4: is not a thing that I enjoy, but who does
Speaker 4: enjoy that? I want people to slide into my dams.
Speaker 4: If you don't pay stuff back, slide into my dams
Speaker 4: and tell me why. Yeah, why do you have the audacity?
Speaker 4: Because I want to share that because I think that
Speaker 4: that is Are you lazy? Are you just rude?
Speaker 2: Forgetful? Maybe? Are you forgetful?
Speaker 4: Yeah? If you're forgetful, does it not weigh on your conscience?
Speaker 4: Like I just have so many questions. Anyway, Lucy, that
Speaker 4: is a money loss and we're sorry about it. Moving
Speaker 4: right along to for money win though from Caitlin. She
Speaker 4: says money when I was going to buy a new
Speaker 4: dress for an event but found something that I already owned.
Speaker 2: Which was perfect.
Speaker 4: We'll always be happy to re wear a dress to
Speaker 4: save some money. Yeah, because you're a genius and I
Speaker 4: just stand the attitude rewear don't care.
Speaker 2: I love that.
Speaker 4: I mistill that to hashtag use it ladies. Next money
Speaker 4: win is from Alice, who said money win. I took
Speaker 4: a gamble on an interstate market for my small business,
Speaker 4: which I was hesitant about do due to the high
Speaker 4: rent and expenses. I killed it and made enough money
Speaker 4: to not have to do any more markets for the
Speaker 4: rest of the year, which means I can spend more
Speaker 4: time at home with my family. Oh my heart, how
Speaker 4: holdsome that is a money win? What makes me feel
Speaker 4: almost better about the last money loss. Yeah, keep killing it, Alice,
Speaker 4: hope your small beers is going really well. That's a
Speaker 4: really solid way to be going into the Christmas feel.
Speaker 2: Folsom as well.
Speaker 4: I love when you hear about small business owners trying
Speaker 4: to like weigh up the pros and cons and then
Speaker 4: you hear that they've just had like a success.
Speaker 2: It makes me want to be like, Yeah, let's body.
Speaker 4: Get it, coueen. I have a short one from Bridget
Speaker 4: who said money win bought new Nike Air Forces for
Speaker 4: forty five dollars because I fit in kids shoes A yeah, genius.
Speaker 4: I love that big one. And last one I have
Speaker 4: here is from Joyce, who said money win. I received
Speaker 4: my long service leave payout after finalizing up with my
Speaker 4: previous job, and it couldn't have come at a better time.
Speaker 4: We've managed to pay off all of our outstanding short
Speaker 4: term debts and have set up a savings plan moving forward.
Speaker 4: Love get it, Joyce. I love that so much all right, Jess.
Speaker 4: As always, it has been great celebrating some of your
Speaker 4: budget Direct money wins and confessions. Budget Direct winner of
Speaker 4: Canstar's Insurer of the Year Award twenty twenty two. Budget
Speaker 4: Direct Insurance solved brilliant. Should we go to a cheeky
Speaker 4: break and then come back and talk all things all wedding.
Speaker 4: We'll see you on the flip side. I'm going to
Speaker 4: discuss Lucy's family in the break. Welcome back, every body,
Speaker 4: Thanks for having me. Oh, you're welcome anytime to my show.
Speaker 1: To my show.
Speaker 4: Addresses on the money, Yeah, oh my god. Can you
Speaker 4: imagine it would be a total disaster. But today I
Speaker 4: want to talk about an interesting article I read and
Speaker 4: I thought it was very timely because what have you
Speaker 4: done recently to do with you know, yourself and a
Speaker 4: man and a very important day?
Speaker 2: What are you talking about?
Speaker 4: I think you might have got married.
Speaker 2: Who did that?
Speaker 4: She's a WIFEI do not say that again. Who will lose.
Speaker 2: Your privileges on this podcast?
Speaker 4: Okay, I'm so sorry, but I read a really interesting
Speaker 4: article about weddings the other day and it was saying
Speaker 4: that the you will lose money and it will be
Speaker 4: a bad in Is that what it said?
Speaker 2: More or less?
Speaker 1: Oh?
Speaker 2: Yeah, relatable.
Speaker 4: It essentially said that inflation is hitting people so hard
Speaker 4: that weddings that were postponed during COVID are costing guests
Speaker 4: as much as an additional twenty thousand dollars because their
Speaker 4: vendors are going, Sorry, food's more expensive, you've got to
Speaker 4: pay more. Sorry, the cost of flower is more expensive,
Speaker 4: You've got to pay more. All of these things. And
Speaker 4: obviously with COVID, so many people put their weddings off.
Speaker 4: So I wanted firstly to talk about I guess weddings
Speaker 4: in regards to inflation, but also v to just kind
Speaker 4: of get your perspective on what your experience was like,
Speaker 4: because you're like the freshest guinea pig I could possibly find.
Speaker 4: I'll be honest, Our budget absolutely blew out, which is
Speaker 4: why you guys didn't see any budgeting tips before the wedding,
Speaker 4: not because I'm embarrassed by it, Like I'm in a
Speaker 4: very privileged position where we are okay financially after that.
Speaker 4: But there were a lot of things that either came
Speaker 4: back higher than what I had anticipated or quotes that
Speaker 4: I got that I was just not happy with. So
Speaker 4: I adore every single one of the vendors that we
Speaker 4: had at our wedding, and we're not talking about them
Speaker 4: here at all, because I don't want you to think
Speaker 4: if I'm talking about flowers, I'm like, oh my god,
Speaker 4: wild loss were so expensive, like that wasn't it. We
Speaker 4: got value for money there, but we obviously went and
Speaker 4: got other quotes and I was gobsmacked. It'll be obvious
Speaker 4: now I got married on the Morning To Peninsula. But
Speaker 4: they also had ridiculous travel fees. And I'm not saying
Speaker 4: don't charge travel fees like if you're a vendor, but like,
Speaker 4: can you just build it into the cost so it
Speaker 4: doesn't feel like you're charging me six hundred dollars to
Speaker 4: drive from Melbourne down to the Peninsula because I don't
Speaker 4: mean to be rude, but that's an hour drive. I
Speaker 4: just thought of money, and with how many weddings happened
Speaker 4: down there, I didn't think it was like, oh, I'm
Speaker 4: getting married so rurally no one's ever been there, Like
Speaker 4: the Morning To Peninsula is full of wineries that have
Speaker 4: weddings most weekends. And having grown up down there, I
Speaker 4: basically was a waitress at weddings for like six or
Speaker 4: seven years, Like that's how I knew so deeply what
Speaker 4: I wanted because I'm like, I've been to this wedding
Speaker 4: and this wedding, and I'm gonna pull I'm going to
Speaker 4: pull that, do you know what I mean? Like I
Speaker 4: had dreamt this up my entire life of what this
Speaker 4: would look like. So I feel like I thought I
Speaker 4: knew what I was in for, but there were additional
Speaker 4: costs and there were things that I didn't anticipate, And
Speaker 4: I don't regret any of it. I'm really really grateful,
Speaker 4: but I also just think it was ridiculous.
Speaker 2: It was a lot.
Speaker 4: But post COVID, I think that there's also been this
Speaker 4: shift of vendors needing more upfront payment because they were
Speaker 4: screwed during COVID jests. That's like the point. You know,
Speaker 4: if you were a caterer during COVID and you you know,
Speaker 4: really successful cater out, I'm assuming you probably have a
Speaker 4: nice mortgage, like you've probably got some kids, you've worked
Speaker 4: out your business for the last ten years maybe, and
Speaker 4: you're just a wedding cater out like that's what you do.
Speaker 4: You do good food and you deliver it to weddings
Speaker 4: and people are stoked. COVID would have wiped that completely
Speaker 4: because we weren't allowed to have any events, so you
Speaker 4: couldn't put food on the table for your family, you
Speaker 4: couldn't pay your mortgage. So I think we need to
Speaker 4: reframe this from the side of the small business that
Speaker 4: are charging more because they're either trying to make up
Speaker 4: for lost time or they are trying to solidify things
Speaker 4: earlier and scare away all of the time wasters who
Speaker 4: might cancel or change because they just don't have that
Speaker 4: flexibility anymore. So I think we need to be a
Speaker 4: little bit sympathetic. But I think also getting out I
Speaker 4: don't know, as a recent bride, getting our heads screwed
Speaker 4: on about how much things actually cost, I feel is
Speaker 4: really really important because you know, things do blow out.
Speaker 4: So Jess, I don't know how to say this without
Speaker 4: sounding terrible, but I'm happy to share some of the
Speaker 4: costs from my wedding, and over time we will probably
Speaker 4: share a lot more. But I always want to give
Speaker 4: a little bit of insight because I feel, do you
Speaker 4: know what, I'm really worried about being judged. I think
Speaker 4: it's no secret that my wedding wasn't a super budget
Speaker 4: diy wedding. To be honest, I didn't have time. And
Speaker 4: I also was just so excited about this wedding. It
Speaker 4: was one of the biggest values to Steve and I.
Speaker 4: We were very excited about it. But you know, there's
Speaker 4: probably a photo that you might have seen of the
Speaker 4: champagne tower, right, and I feel like, going into that,
Speaker 4: I just assumed it wasn't that expensive, right, Like you
Speaker 4: might have a drinks package at the place that you're going.
Speaker 4: You just get some glasses and stack them, right, it
Speaker 4: will just take them after I drink them. Surely, Yeah,
Speaker 4: Like that doesn't seem like an expensive thing to do
Speaker 4: at a wedding, right, And when I added it in,
Speaker 4: I didn't realize that it actually was. So let's talk
Speaker 4: about the champagne tower for a hot second. I had
Speaker 4: to hire a specific table for the champagne glasses to
Speaker 4: be stacked on. Are they glued down like the bottom row? No,
Speaker 4: they're not glued down. They are special glasses. So we
Speaker 4: had like special crystal glasses that cost me extra to have.
Speaker 4: But I had to hire a special tray so that
Speaker 4: champagne when you poured it didn't go all over the floor.
Speaker 4: It's not a table. It's like kind of like a
Speaker 4: card tray in a way, but it was like clear acrylic,
Speaker 4: and that tray you have to hire. That cost me
Speaker 4: five hundred dollars. Yes, for an acrylic tray.
Speaker 2: Yep.
Speaker 4: It did include the glasses, so I could have had
Speaker 4: the standard glasses, but your girlfriend over here is quite
Speaker 4: bogie and I wanted those, you know, like the vintage
Speaker 4: feel champagne glasses. Yep. That's an extra two hundred and
Speaker 4: fifty dollars. So just for the empty tray, you are
Speaker 4: looking at seven hundred and fifty dollars just for that experience.
Speaker 4: And then I don't think it's a secret. My favorite
Speaker 4: champagne in this entire world is Verve. Not the most
Speaker 4: expensive champagne. I mean, we're not talking about like a
Speaker 4: two thousand and one bottle of Don Peignong. We are
Speaker 4: talking about a bottle of Verve, which you can pick
Speaker 4: up your local Dan Murphy's. But not in the fridge section, Jess,
Speaker 4: which we learned last time we went to Dan Murphy's. Yes,
Speaker 4: not in the fridge section because they've got beef apparently,
Speaker 4: oh my god, yes, remember, but you can get my
Speaker 4: way in the fridge section you'll have to buy your
Speaker 4: verve from Dan Murphy's, from the aisle because they're not
Speaker 4: going to refrigerate it for you. Chill yourself.
Speaker 2: Chill it yourself.
Speaker 4: But a bottle of verve is about sixty nine dollars
Speaker 4: if you're buying it in bulk, which we had to.
Speaker 4: And to fill a champagne tower for about one hundred
Speaker 4: and thirty guests, which we had, was two thousand and
Speaker 4: seventy dollars, so that experience, which I thought would be
Speaker 4: a nice addition. And Steve, we'll just do a champagne
Speaker 4: tower instead of a cake because both of us don't
Speaker 4: really enjoy cake, but we love a good glass of champagne.
Speaker 4: Twenty eight hundred and twenty dollars. I would never like
Speaker 4: if you said to me how much you think of Sam,
Speaker 4: I wouldn't.
Speaker 2: I should have asked you that before I shared it,
Speaker 2: to know any of that.
Speaker 4: I hope that when I share stuff like this, you
Speaker 4: guys are just like, oh my god, that's ridiculous. And
Speaker 4: you know what, there are going to be some people
Speaker 4: who are like, oh, she's got rocks in her head,
Speaker 4: Like there's absolutely no way that's crazy.
Speaker 2: Like I get it.
Speaker 4: I think what you need to remember is we did
Speaker 4: our wedding with our values in mind, and that was
Speaker 4: something really important to us. And as I said just before,
Speaker 4: like we didn't have a cake and that was the substitute,
Speaker 4: and wedding cakes can actually become quite comparable in price
Speaker 4: because of the time, energy and effort that goes into them.
Speaker 4: I'm not saying that it wasn't worth that, but I
Speaker 4: think that I hadn't conceptualized before going into there that
Speaker 4: that was twenty eight hundred and twenty dollars that I
Speaker 4: hadn't budgeted because I assumed that you would just get
Speaker 4: some glasses. How I can be chuck them on the table.
Speaker 4: After you've chucked them on the table, you just use
Speaker 4: the champagne that said the wedding that you're paying per head, right, Yeah,
Speaker 4: that would make total sense. Well, because we didn't have
Speaker 4: champagne per head. We actually had a drink's package and
Speaker 4: it included a sparkling. Yes, we probably could have used that,
Speaker 4: but like I wanted my favorite drink there, and so
Speaker 4: Steve and I sat down when we worked out how
Speaker 4: much would be and you know, went back and forth
Speaker 4: and said, is this worth it?
Speaker 2: Is it not? Should we just used.
Speaker 4: Sparkling, Should we, you know, maybe us just drink a
Speaker 4: nice glass of champagne once we get married, or should
Speaker 4: everyone have it? And I was like, no, I want
Speaker 4: everyone to have at least one nice glass of fancy champagne.
Speaker 4: And so that was a decision that we made and
Speaker 4: it really aligned with our values. But just that's a
Speaker 4: lot of money, so much, and so I think that
Speaker 4: as a bride going into a wedding, I just really
Speaker 4: didn't realize how expensive all the quote little things And
Speaker 4: if you're a bridal vendor, please skip like all of
Speaker 4: this because you're just going to be scoffing that I
Speaker 4: didn't understand how expensive it was. But I've never done
Speaker 4: this before. I don't know how I.
Speaker 2: Was expected to know already.
Speaker 4: And I thought I was really educated on this process
Speaker 4: because I used to be a financial advisor. I would
Speaker 4: see my client's wedding budgets and what they were spending
Speaker 4: and how it worked. But like, I never paid enough
Speaker 4: attention to the detail. And I hope that that I
Speaker 4: don't know, little analogy just shares that, yeah, this stuff
Speaker 4: really does increase, And that's got nothing to do with COVID.
Speaker 4: That's just some expensive thing that I had at my
Speaker 4: wedding that made me absolutely gag when I heard about it. Yeah,
Speaker 4: for anyone who did maybe get quotes twelve or so
Speaker 4: months ago all longer, it's definitely a good reminder as
Speaker 4: well to kind of go back requote because prices have
Speaker 4: definitely changed, and I feel like it's across a lot
Speaker 4: of the major categories that are already quite expensive as well,
Speaker 4: like your food, your florals, your venue as well. Ven
Speaker 4: you was the biggest expense for us, that's okay, but
Speaker 4: our venue did include food and beverage, like it was
Speaker 4: kind of an all inclusive package.
Speaker 2: But money win.
Speaker 4: We didn't get paid for the ceremony, and sometimes if
Speaker 4: you also want to get married at the venue, you
Speaker 4: have to pay an additional ceremony fee in addition to
Speaker 4: the reception, which I think is ridiculous because you're already there, right. Yeah,
Speaker 4: but a lot of places charged for that, and I
Speaker 4: didn't know until I started planning a wedding. Oh my goodness. Well,
Speaker 4: keep an eye out, guys, because we definitely will have
Speaker 4: more wedding content coming in the new year. La Victoria said,
Speaker 4: now that she's had some time to relax and think
Speaker 4: about moon and digest it all a little bit. We
Speaker 4: are definitely excited to put some more stuff out there
Speaker 4: for you guys, which I'm super excited about. But I
Speaker 4: also just think it's the most responsible thing to do.
Speaker 4: Now I've been through it. Now I know what this
Speaker 4: costs and how it works. How would I plan better?
Speaker 4: That's going to add way more value to you than
Speaker 4: you guys getting access to a budgeting spreadsheet that I
Speaker 4: ended up blowing out and was not nearly comprehensive enough.
Speaker 2: So I feel like I'm putting you guys in the
Speaker 2: best possible position that I can.
Speaker 4: I could not agree more. But is it about time
Speaker 4: that we listen to a money dilemma? Oh?
Speaker 2: I can't wait. Let's go.
Speaker 4: Hi there, have you got a money dilemma you just
Speaker 4: can't solve? The She's on the Money team is here
Speaker 4: to help. Every week, we tackle your dilemmas, both big
Speaker 4: and small, to answer your most burning money and life questions.
Speaker 4: To get involved, simply head to our website and leave
Speaker 4: us a short voice recording and you might just find
Speaker 4: yourself on the show. Now, let's take a listen to
Speaker 4: this week's money dilemma.
Speaker 5: I have a small deposit using the government five percent
Speaker 5: scheme to avoid el might for a chance of buying
Speaker 5: a small, two bedroom property and getting in as fast
Speaker 5: as possible with not much savings to back me up.
Speaker 6: Do I do that or do I save? At the
Speaker 6: end of next year, I would have sixty thousand dollars
Speaker 6: in savings, And do I invest that money instead in
Speaker 6: something else or just waiting by property when I've got
Speaker 6: more capital built up.
Speaker 4: Yes, I feel like this is actually a really good
Speaker 4: one for you to kick off with because you're in
Speaker 4: a circumstance where you're still looking for your first home.
Speaker 2: What would you say?
Speaker 4: I feel like as much as I understand the desire,
Speaker 4: like if I could get into a.
Speaker 2: Home tomorrow, I would do it.
Speaker 4: Do you know, Like I fully understand the one to
Speaker 4: get in as soon as you can, particularly with the
Speaker 4: changing rates and all of these things that kind of
Speaker 4: make it seem even more urgent than it was before.
Speaker 4: But I would be very conscious personally as someone who
Speaker 4: is risk adverse to jumping into home ownership with not
Speaker 4: a lot of money behind you, because the thing about
Speaker 4: home ownership is that you then have a lot more responsibility.
Speaker 4: So because a render if something breaks, it's actually not
Speaker 4: my problem. Like I call my property manager and I say, hey,
Speaker 4: you need to fix the dish wash and they go, okay,
Speaker 4: no problems, We'll send someone or at least I hope
Speaker 4: that's what would happen if it did break.
Speaker 2: But that's what they usually do.
Speaker 4: Yeah, that's what That's what I'm imagining if they're like
Speaker 4: a good, nice, easy landlord, but you're not what happened
Speaker 4: in my experience. But moving on, But I think that
Speaker 4: when you own the home, you've got to buy a
Speaker 4: new dish washer. That's gonna be what two grand put
Speaker 4: on this podcast about how much a new air conditioner
Speaker 4: costs me. I am a salty still, And that's just
Speaker 4: the incidental things that you don't necessarily factor in for.
Speaker 4: But then you've got your ongoing costs, your rates, if
Speaker 4: you are in an apartment, you've got strata, Like there's
Speaker 4: all of these extra costs that if you're going from
Speaker 4: renting or living at home to home ownership. As much
Speaker 4: as you're like I'm paying off something and it's mine,
Speaker 4: it's a much bigger investment a lot of the time.
Speaker 4: And I think that if you don't have a lot
Speaker 4: of money behind you. You kind of put yourself in
Speaker 4: the position where potentially you could tip yourself beyond the
Speaker 4: point of things becoming a little bit too difficult, and
Speaker 4: I would just be very anxious about that, and that's
Speaker 4: going to put you in a worse off financial position. So, Jess,
Speaker 4: that's exactly what I would have said. I just don't
Speaker 4: think getting in sooner at the cost of your financial
Speaker 4: health and your mental well being is worth it. I
Speaker 4: think that we should be putting ourselves in the best
Speaker 4: possible position. I don't think and I know this again
Speaker 4: a really privileged thing to say, but I think really important.
Speaker 4: I don't think you should be buying a house if
Speaker 4: you don't have an emergency funds left over. I think
Speaker 4: that every single person should not be using every single
Speaker 4: dollar in their account to get a mortgage, because what
Speaker 4: if you move in and then it floods the next week.
Speaker 4: I mean, I'm pretty sure, Jess. There are statistics, because
Speaker 4: I've seen them before. I will find them for another
Speaker 4: episode for you. But most incidents that happen in a
Speaker 4: property that are kind of like, you know, just from negligence.
Speaker 4: Let's call it happened in the first three months of
Speaker 4: ownership because you're just not used to that house. So
Speaker 4: leaving the bath to overrun, leaving the heater on for
Speaker 4: too long, you know, breaking something because you just didn't
Speaker 4: understand how it worked. It's gonna happen when you first
Speaker 4: move in. So I just it makes me so anxious
Speaker 4: to think that you guys would move into a property
Speaker 4: and have no backup funds and no cash to draw on.
Speaker 4: Like what if you find there's mold in the house
Speaker 4: and your building inspector didn't pick it up. There's also
Speaker 4: all of those costs right.
Speaker 2: When you're moving.
Speaker 4: If you're moving, it's a no brainer to get a
Speaker 4: building inspection. It's a no brainer to have to pay solicitors.
Speaker 4: Like the thing I would be saying is really talk
Speaker 4: to your broker, because a very good broker wouldn't let
Speaker 4: you get into a situation that is going to be
Speaker 4: at the cost of your financial security.
Speaker 2: And I know, Jess, you're.
Speaker 4: Using Kate, our broker at Zella Money, And I mean
Speaker 4: you've probably spoken to Nikki before as well, and a
Speaker 4: couple of the other girls. But Kate would absolutely just
Speaker 4: keep telling you, Jess, Nope, that's not the house for you.
Speaker 4: It's out of budget or mean that your financial circumstances
Speaker 4: would look like X, Y, and Z if you did
Speaker 4: that today, and you're like, yep, okay, no worries. So
Speaker 4: it's just so important to have somebody who wants to
Speaker 4: put you in the best financial situation. And quite honestly,
Speaker 4: that's often counterintuitive to a mortgage broker's role because they
Speaker 4: make their money from the bank when the loan settles.
Speaker 4: So it's actually kind of hard to find a broker
Speaker 4: that wants to genuinely put you in the best possible position,
Speaker 4: which is why we snapped Kate up so quickly. Ah,
Speaker 4: I feel like that's the perfect spot to leave it
Speaker 4: for today. Hopefully that helped you out, Niki, But thank
Speaker 4: you guys so much for tuning in. Don't forget if
Speaker 4: you want to join the Facebook group you can find us.
Speaker 4: There's over two hundred and sixty thousand people in there
Speaker 4: sharing their tips and tricks every single day. If you
Speaker 4: want to talk property, we also have the Property Playbook
Speaker 4: Facebook group as well. That might be a good spot
Speaker 4: for our money dilemma. If you're not into Facebook and
Speaker 4: Instagram's more your thing, we're also on there.
Speaker 2: We're on TikTok as well.
Speaker 4: You can find good She's on the content. Stop sending
Speaker 4: them there, Jess, I've got a lot to live up to.
Speaker 4: The TikTok content is great. It's like the grungy content
Speaker 4: that didn't make it Instagram. Yeah if I I only
Speaker 4: let her post it there. If Yeah, I didn't want
Speaker 4: it on the Instagram feed. So nice, Nice, See Hope,
Speaker 4: and we'll talk to you next week.
Speaker 2: See you on Monday. Bye.
Speaker 4: The advice shared on She's on the Money is general
Speaker 4: in nature and does not consider your individual circumstances. She's
Speaker 4: on the Money exists purely for educational purposes and should
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Speaker 4: If you do choose to buy a financial product, read
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