Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
Speaker 1: kaka ya Ya bin Ah Waka Nian our gay In Nimbini,
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Speaker 2: She's on the Money.
Speaker 3: She's on the Money. Hello, and welcome to She's on
Speaker 3: the Money the podcast and let's you be pervy about
Speaker 3: other people's money habits for the educational purposes of course.
Speaker 3: Welcome back to another one of our money diaries, brought
Speaker 3: to you by Sky Wealth, where we get to talk
Speaker 3: with one of our incredible She's on the money community
Speaker 3: members all about their journey. Let's jump straight into it,
Speaker 3: because this week I got a message and it sounded
Speaker 3: exactly like this. Hi Victoria, and she's on the money.
Speaker 3: My husband and I are in the thick of parenting
Speaker 3: three boys right now. We made the decision to move
Speaker 3: to regional New South Wales, knowing we'd never be able
Speaker 3: to afford to buy in Sydney. We were fortunate to
Speaker 3: buy a small home just before the market took off,
Speaker 3: and later sold it to get into the house we
Speaker 3: hope our children will grow up in. We're now navigating
Speaker 3: full time jobs, childcare, school renovations, and considering opening a
Speaker 3: business in our small town, and I'd love to share
Speaker 3: our story. Money diarist. You are chaos in the best possible.
Speaker 2: Way, absolute pure chaos all the time.
Speaker 3: I love that. How old are your boys?
Speaker 2: Ten, three and six?
Speaker 3: Chaos ages?
Speaker 2: Yep, one hundred percent in the best possible way.
Speaker 3: But like she's a busy girl, and she's also like, oh,
Speaker 3: by the way, we're just, you know, managing some renovations.
Speaker 3: Why don't we open a business? We've got heaps to do.
Speaker 3: Would you like to do a money diary with me?
Speaker 3: Because I am very excited to jump right in. Yeah,
Speaker 3: our life is always full on.
Speaker 2: There's always something going on. There's always things happening.
Speaker 3: All right, let's dive straight in. My first and always
Speaker 3: the first question of every money diary is what grade
Speaker 3: would you give your money habits? If I asked you
Speaker 3: to give them a grade from A through to F,
Speaker 3: I would.
Speaker 2: Say I sit at a B. I love to budget,
Speaker 2: but I am not great at sticking to said budget.
Speaker 3: You know what, we can't be good at everything, So
Speaker 3: that's a pretty good place to start. Money diary is
Speaker 3: my favorite question. Tell me a little bit more about
Speaker 3: your money story. Where'd you come from? Where are you going?
Speaker 2: For me, growing up, money wasn't a big feature.
Speaker 4: You know.
Speaker 2: I'm sure money at times was tight, but as kids
Speaker 2: we never really paid attention to it. We lived a
Speaker 2: pretty comfortable life, but not extravagant by any means. I think.
Speaker 2: For me, when I started to really think more about
Speaker 2: it was after my husband and I got married and
Speaker 2: we came back from our honeymoon and we had fifty
Speaker 2: dollars in our bank account, absolutely living paycheck to paycheck,
Speaker 2: And that was the point where I said, I can't
Speaker 2: live like this. That's not how I can function. I
Speaker 2: think that was probably my starting point.
Speaker 3: Firstly, how was your honeymoon?
Speaker 2: Was it good? That was lovely?
Speaker 3: But coming back, were you really stressed? Were you anxious?
Speaker 3: How are you feeling about it? When you say I
Speaker 3: couldn't live like this? What does that actually mean?
Speaker 2: Well, we were renting, I was only working casually, we
Speaker 2: were wanting to have kids. We just had a miscarriage
Speaker 2: just before our wedding, So just before your wedding. Yeah,
Speaker 2: we were going to be twelve weeks at our wedding
Speaker 2: and it didn't quite happen that way.
Speaker 3: I'm so sorry to hear that.
Speaker 2: That's okay, it happens. It's happened since then quite a
Speaker 2: few times. It's something we've definitely struggled with.
Speaker 3: I can absolutely resonate with that, and it's bullshit. It's
Speaker 3: the worst club to be involved in ever. But at
Speaker 3: the same time, it's just like, why did it have
Speaker 3: to happen around your wedding? Like we don't need the
Speaker 3: sparkle of that taken off as well, Like we're already
Speaker 3: having a shit time. Why kick us while we're down.
Speaker 2: The only upside was that meant I went on our
Speaker 2: honeymoon and could drink as much as I wanted.
Speaker 3: And you needed to do that, So obviously it was
Speaker 3: really stressful. What did change look like?
Speaker 2: It was after we had our first son. I wasn't working,
Speaker 2: My husband had this job wasn't paying very well. He
Speaker 2: was paid monthly, so we were on one income and
Speaker 2: really making things stretch. And we grew up in the
Speaker 2: sort of western Sydney area and even then, and this
Speaker 2: is ten years ago, we could see that we were
Speaker 2: going to really struggle. We both worked in hospitality, so
Speaker 2: buying a house there just seemed totally out of our reach.
Speaker 2: So we decided to move to regional New South Wales.
Speaker 2: We didn't know anyone where we moved to. We picked
Speaker 2: it purely on job opportunities for my husband and you know,
Speaker 2: knowing it was somewhere a bit cheaper for us to
Speaker 2: and probably worked out pretty good.
Speaker 3: That's kind of exciting, but also a massive move. Like
Speaker 3: I feel like the level of like reflection you have
Speaker 3: to do to go hold on, hold on, hold on.
Speaker 3: I don't know if our future is going to look
Speaker 3: the way we want it to, and to be not
Speaker 3: only reflecting on that and going that's pretty terrible like,
Speaker 3: we don't want that for us, but to actually make
Speaker 3: the move, Like, I just know so many people who
Speaker 3: think that way, and they go, well, I live in Sydney.
Speaker 3: I'm just never going to buy property, and I've reserved
Speaker 3: myself to the factor that that's just not going to
Speaker 3: be our reality. And you're like, no, we our reality
Speaker 3: is buying property and we're willing to move a lot
Speaker 3: to make that happen. Were you always on the same
Speaker 3: page with your partner about that, because I feel like
Speaker 3: those are big changes moving to a regional town in
Speaker 3: New South Wales, so you could achieve your goals but
Speaker 3: still be no friends and family in that location. What like, girl,
Speaker 3: you got bigger balls than I do. It was hot.
Speaker 2: I was twenty three when I had my eldest, so
Speaker 2: we were young. None of my friends had kids yet,
Speaker 2: but all my friends were there, my family was all there,
Speaker 2: so it was hard to move away from that support network.
Speaker 3: Yeah, absolutely it would be.
Speaker 2: But working in hospitality is very easy to hop from
Speaker 2: job to job, and I think we had sort of
Speaker 2: recognized we'd got to the point where my husband was
Speaker 2: going to struggle to find work that would allow him
Speaker 2: to earn more Over the long run. Yeah, it was
Speaker 2: probably just the trigger. I was living off senilink and
Speaker 2: one income and making things stretch that just wasn't our thing.
Speaker 3: And being in hospitality. I feel like it takes a
Speaker 3: certain personality type to thrive in that space, and like
Speaker 3: you're probably good at making friends, So like moving you'd
Speaker 3: be like, Okay, well I'll get another hospitality job because
Speaker 3: I'll make friends there when we get there, whereas someone
Speaker 3: like me, I'd be like, if I move to a
Speaker 3: foreign town, like I don't even know how I would
Speaker 3: connect with other people.
Speaker 2: Oh, no, I have struggled connecting to people. I think. No,
Speaker 2: I made friends going back to work. That's why I
Speaker 2: went back to work. Initially was just to speak to
Speaker 2: adults again, and remember that I'm an adult who can
Speaker 2: speak to other adults. Yeah, it's definitely taken quite a while,
Speaker 2: and we were fortunate some of my family moved out
Speaker 2: here after us, so now we have some of them
Speaker 2: close again, which is fantastic.
Speaker 1: How good.
Speaker 4: I love that.
Speaker 3: So tell me a bit more about you and your husband.
Speaker 3: What do you guys do for work and how much
Speaker 3: money do you earn?
Speaker 2: So I work for a not for profit in an
Speaker 2: office based job. That is quite a new role. I've
Speaker 2: only been in it for six months, my first out
Speaker 2: of hospitality job, which is very exciting. Oh, congrat And
Speaker 2: I earn about eighty eight thousand and I do salary package.
Speaker 3: Okay, that's nice.
Speaker 2: And my husband is still a chef he earns ninety
Speaker 2: five at the moment. That is a bit of a
Speaker 2: tricky situation we're going through at the moment.
Speaker 3: What does that mean. I've got to be pervy.
Speaker 2: I know, you absolutely have to be perty. His workplace
Speaker 2: has gone into administration as of last week. Yeah, so
Speaker 2: we are waiting to see if there's a redundancy. We
Speaker 2: don't know. He super hasn't been paid for some time,
Speaker 2: so we are very much waiting to see what the
Speaker 2: outcome is.
Speaker 3: Oh my goodness, that is really upsetting, especially like the
Speaker 3: timing and then also just what do you mean no
Speaker 3: super has been paid in the recent times? Like is
Speaker 3: this like for months or the time he's worked for them,
Speaker 3: or like what most of the.
Speaker 2: Time they've made some very small sporadic payment. That is
Speaker 2: so rude. Yeah, so that's really difficult and it's definitely
Speaker 2: put us in a bit of a holding pattern at
Speaker 2: the moment.
Speaker 3: Yeah, absolutely, as well as being stressful because in administration,
Speaker 3: like if they go into administration and they ultimately get
Speaker 3: shut down completely, like there's nobody to chase for those
Speaker 3: super payments. Usually no, I've.
Speaker 2: Looked into it. I think he will get paid out
Speaker 2: his annual leave. Yeah, most likely of redundancy because that
Speaker 2: is government guaranteed, but the super is not. So we
Speaker 2: do not that.
Speaker 3: Oh my goodness. Yes, well, if you need my help,
Speaker 3: you let me know, my love, Like, I've always got
Speaker 3: a little bit of fight to give to stuff like that.
Speaker 3: Now tell me you said earlier, like you know, we
Speaker 3: moved to regional New South Wales market like hadn't boomed yet,
Speaker 3: took off, sold that property and then we bought like
Speaker 3: essentially our forever home and we want our kids to
Speaker 3: grow up there. I feel like that's the biggest financial goal.
Speaker 3: But what are your other financial goals? What are you
Speaker 3: guys currently working towards?
Speaker 2: Right now, we are smack bang in the middle of
Speaker 2: a renovation. Well and actually now I'm hoping we're towards
Speaker 2: the end of this renovation. Yeah, so we have been
Speaker 2: working towards this one for a while. We are still
Speaker 2: trying to have another.
Speaker 3: Baby, So yay, four babies.
Speaker 2: That is a potential. We have gone through IVF for
Speaker 2: one of our three, but I do not want to
Speaker 2: go through IVF again. Financially, I don't want to go
Speaker 2: through it again. Emotionally, I do not want to go
Speaker 2: through it again. I definitely feel I am getting older,
Speaker 2: and I also want to be done with having babies now.
Speaker 2: I want to move on to that next stage.
Speaker 3: You're only thirty five, You're still a child, basically, like
Speaker 3: people are having babies in their fifties. Now, this will happen,
Speaker 3: It'll be fine. I'm manifesting this for us.
Speaker 2: Yes, so yeah, I don't know if we have any
Speaker 2: other big gals at the moment. I definitely have been
Speaker 2: putting a bit into shares, but again I'm sort of
Speaker 2: pulled back on that in the last month while we
Speaker 2: wait to know what's happening. Yeah. Yeah, I feel like
Speaker 2: our our goals are actually probably on pause a moment.
Speaker 3: Well, I mean yeah, because like that's a really stressful thing.
Speaker 3: And like when you told me your income, I'm like, oh,
Speaker 3: eighty eight and then your husband's on ninety five, Like
Speaker 3: you're like that's comfortable, especially if you're in regional New
Speaker 3: South Wales. You already own your property, Like, yes, life
Speaker 3: is stressful. You've got three young boys. That's really expensive.
Speaker 3: Like life happens, but like you could totally find a
Speaker 3: way to have another kid. But then you find out
Speaker 3: that your husband's workplace is going through administration. You're like,
Speaker 3: hold up, hold up, I'm trying to get knocked up here,
Speaker 3: Like that is not part of the deal. Yeah, Like
Speaker 3: that must be very stressful, So I'm sorry that you're
Speaker 3: going through that. I want to go back to your
Speaker 3: renovations though. So you bought the house that you want
Speaker 3: your kids to grow up in, which is very exciting. Yeah,
Speaker 3: what renos are we doing? And were they rener is
Speaker 3: that you're like, oh, they're just cosmetic changes or were
Speaker 3: they Like we bought the house and oh my goodness,
Speaker 3: we'd be saving up for ages because you should us
Speaker 3: in the bathrooms.
Speaker 2: Yes, yeah, No, we bought this house fully intending to
Speaker 2: renovate the kitchen that is where we love to be.
Speaker 2: We did not intend to have to renovate a bathroom
Speaker 2: or repair the roof. They're the main things that were unintentional.
Speaker 2: So we have, yeah, spent more than we had want
Speaker 2: to do. We did have to remortgage to draw out
Speaker 2: a bit more funds to do it, but I think
Speaker 2: we will get it done soon and have the little
Speaker 2: bit of money left over hopefully. Yeah.
Speaker 3: And will that make it a little bit more I
Speaker 3: guess comfortable, given we're just not sure what's happening with
Speaker 3: your husband's situation in your husband's job.
Speaker 2: Yeah, definitely. We've got one big bill left to pay,
Speaker 2: which is our builder, and that one wasn't a fixed contract,
Speaker 2: so I had an idea of what worse would be,
Speaker 2: and we had budgeted for worst case, but it's looking
Speaker 2: like it will be significantly less than that. That was
Speaker 2: definitely a relief. Yeah.
Speaker 3: Well, I'm glad that you were able to re mortgage
Speaker 3: and you've gotten access to that cash. Do you also
Speaker 3: have like an emergency fund and stuff like that set up?
Speaker 2: Yeah, We've got about sixteen thousand in an emergency fund,
Speaker 2: and i've sort of, oh, Alie, worked out a budget
Speaker 2: on our worst case scenario and how that'll look and
Speaker 2: how much we'd have to dip into that each week
Speaker 2: and how long we could live off that. Yeah.
Speaker 3: For Yeah, and talk to me about this conversation, because
Speaker 3: I feel like this conversation could be really stressful to have, Like,
Speaker 3: can you tell me how this played out? Because I
Speaker 3: feel like it happens to a lot of people. Was
Speaker 3: this something that you foresaw happening or was this something
Speaker 3: that your husband came home one day and was like, babe,
Speaker 3: sit down, like what happened in that situation?
Speaker 2: He was like, Oh, I have to tell you. I
Speaker 2: found out something. You can't tell anyone about it yet. Yeah,
Speaker 2: he found out a few perform the other staff did,
Speaker 2: so we had a bit of pre warning by a
Speaker 2: couple of weeks that it was likely to happen. But
Speaker 2: that's a couple of weeks. It was a stressful conversation.
Speaker 2: For sure. We are in a very small town now,
Speaker 2: so everybody definitely for him, job opportunities here are going
Speaker 2: to be pretty limited.
Speaker 3: Yeah, that's really really stressful. All right, let's go to
Speaker 3: a break because on the flip side, I want to
Speaker 3: talk to you a bit more about shares and investing
Speaker 3: because you dangled a carrot earlier and said that you
Speaker 3: were putting some money in there, and I was like,
Speaker 3: I really want to ask what I've got a weight,
Speaker 3: I've got other questions first, So guys, don't go anywhere.
Speaker 3: We will get to the min a second. All right,
Speaker 3: money drice, We are back and I get to dive
Speaker 3: into investing. It makes me so excited. Tell me do
Speaker 3: you have any investments? If so, what are they?
Speaker 2: Yeah, so we're on they dabbling. Literally, we started off
Speaker 2: with rays and was putting little bits of money in there,
Speaker 2: occasionally a little lump sum when we'd get a bit
Speaker 2: extra on tax back. It's only sitting at four thousand
Speaker 2: at the moment.
Speaker 3: That's still very good. Girl. You're thirty five and you're investing,
Speaker 3: and you have three kids and you're just getting your
Speaker 3: stuff together like this is good.
Speaker 2: Yeah. And then I've just started dabbling in Chaseis and
Speaker 2: potentially I will move it over. I mean no rush
Speaker 2: to do so. So that's only got like under one
Speaker 2: thousand dollars while I just sort of sus it out.
Speaker 2: I started putting some money aside for each of our
Speaker 2: kids to invest. I have only just started that, and
Speaker 2: that is something I've had to stop as well at
Speaker 2: the moment while we wait and see.
Speaker 3: Yeah, of course everything should gone pause, Like we just
Speaker 3: don't need to be doing anything that could be considered
Speaker 3: discretionary right now, Like we can catch up later. That
Speaker 3: is absolutely fine, but we don't need even more financial
Speaker 3: stress on ourselves during a time where I'm assuming you're
Speaker 3: pretty stressed.
Speaker 2: Yeah, so I'm still putting the money aside, but it's
Speaker 2: just going into a savings account or an offset account
Speaker 2: for now while I just wait to see what's what's going.
Speaker 3: To happen, work out what's going on, and then we
Speaker 3: can do that later if we need it. That's absolutely fine,
Speaker 3: which is honestly pretty good because Chesi's have recently announced
Speaker 3: and this feels like an ad and I promise it's not.
Speaker 3: But Chezy's recently announced their kids accounts and they haven't
Speaker 3: dropped at the time that you and I are recording this,
Speaker 3: so maybe you're just waiting for that. Like that's great.
Speaker 2: Yeah, I started putting a bit in RAYS and then
Speaker 2: I saw that come out, and I was like, no,
Speaker 2: maybe I will wait, and yeah, I will just maybe
Speaker 2: put it all in there once I see it and
Speaker 2: see what that looks like. So that is a bit exciting.
Speaker 3: I love that, And talk to me about superannuation. I
Speaker 3: feel like that's a stressful topic at the moment as well,
Speaker 3: So I had to apologize. Feel like I've got you
Speaker 3: in limbo likera. I'm asking you all about money when
Speaker 3: you're probably the most stressed about money. So I apologize,
Speaker 3: but also thank you for being so open with us.
Speaker 3: Tell me what's in your super and what's in your
Speaker 3: husband's super, and what are we doing about the fact
Speaker 3: that he hasn't been paid.
Speaker 2: I have just ticked over fifty thousand in mine. Oh no,
Speaker 2: my husband has seventy, but it should be at ninety.
Speaker 2: We don't know what's happening with his super yet. I
Speaker 2: think there's another meeting coming up and we will find
Speaker 2: out more. I really don't expect he will get everything
Speaker 2: he's owed. If we're lucky, we might get some of
Speaker 2: what he is owed. I have been putting a bit
Speaker 2: of extra of my pay into my super pre tax, yeah,
Speaker 2: which is just one hundred dollars a fortnight, just a
Speaker 2: top mine up because mine was I've had a lot
Speaker 2: of time off work with kids. I worked casually on
Speaker 2: and off quite a bit, so that has definitely helped,
Speaker 2: but mine up a bit of recent.
Speaker 3: Yeah, and now I know that you know that your
Speaker 3: husband's company is going into administration. But one thing I
Speaker 3: would recommend, so obviously not advice, This is just what
Speaker 3: I would do in this situation is still going and
Speaker 3: reporting it to the ATO, so making sure. I don't
Speaker 3: know if you've done this already, but I would go
Speaker 3: through the actual proper channel of making a complete report
Speaker 3: to the ATO to say you are eligible for it,
Speaker 3: it has not been paid. This is what has not
Speaker 3: been paid, so that it comes up as an official
Speaker 3: debt that could potentially be taken into consideration during the liquidation,
Speaker 3: because otherwise they might go, oh, super we'll get to it.
Speaker 3: Like no one's really spoken up about this, so like
Speaker 3: nothing's official and like you know, the liquidators haven't been
Speaker 3: made aware of it. No, no, no, we're just going
Speaker 3: to jump and scream about that because that one that's
Speaker 3: twenty thousand dollars bab and unpaid super like needs to
Speaker 3: be reported. So I don't know what you're doing in
Speaker 3: that space, but that is where I would go with
Speaker 3: it immediately, because even if you don't get it and
Speaker 3: it was a waste of time, we tried our best.
Speaker 2: Yep. Yeah, I think he has reached out. At the time,
Speaker 2: he was told to wait a week. I don't know why.
Speaker 3: Yeah, because his employer doesn't want to have to put
Speaker 3: that on a balance sheet.
Speaker 2: No, but they do have a meeting coming up specifically
Speaker 2: about super so it will be interesting to see what
Speaker 2: comes from that. Yeah.
Speaker 3: I just I am so critical of these processes. I'm
Speaker 3: just like one of those people that you know when
Speaker 3: you're like, oh, she sees the best in everybody. I
Speaker 3: really do try, but I've seen the worst in everybody too,
Speaker 3: So I'm always so critical and I'm like, yeah, cool,
Speaker 3: they're probably going to gaslight him in that meeting and
Speaker 3: try and make a settlement agreement. But we want full
Speaker 3: them out. So if you need any help, you reach out,
Speaker 3: my love. Now, talk to me about debts. What debts
Speaker 3: do you guys have, what do they look like, and
Speaker 3: how do they make you feel.
Speaker 2: We have a mortgage that right now is five hundred
Speaker 2: and forty thousand, and we have a car loan that's
Speaker 2: we're trying to smash out and that sits at eighteen
Speaker 2: at the moment.
Speaker 3: That's not too bad. Do you know the interest rate
Speaker 3: on your Carlon?
Speaker 2: Hi? Yeah, I do.
Speaker 3: It's fixed.
Speaker 2: It was a seven year loan and we're on track
Speaker 2: to pay it off in two years two and a
Speaker 2: half years.
Speaker 3: Oh, how good.
Speaker 2: So we're working hard on that. Yeah, and we pay
Speaker 2: extra off our mortgage each streek to have a bit
Speaker 2: of a buffer, and so I know that worst comes
Speaker 2: to worse, I will drop everything back to minimum payments
Speaker 2: for a bit, yeah, and give us a little bit
Speaker 2: of more breathing space. Yeah.
Speaker 3: So tell me a bit about this mortgage. You owe
Speaker 3: one hundred and forty thousand dollars. What did you purchase
Speaker 3: your property for and when?
Speaker 2: So we bought this house twenty twenty four for six
Speaker 2: hundred and.
Speaker 3: Eighty Okay, hey, that's really good.
Speaker 2: Yeah, this is our second house. So we bought a
Speaker 2: house when we first moved out here and did quite
Speaker 2: well from that, so that definitely helped us. We moved
Speaker 2: a little bit more regionally for this one so we
Speaker 2: could go a bit bigger, bigger blocker land, a bigger house. Yeah,
Speaker 2: that's worked.
Speaker 3: Out quite well. So tell me a little bit more
Speaker 3: about that, because you said you bought before the market
Speaker 3: boomed and did well, what did you purchase that house
Speaker 3: for and then how much did you sell it for?
Speaker 3: I'm just so pervy. I'm so sorry, but also I'm
Speaker 3: not sorry. Please tell me, No, we.
Speaker 2: Bought it was when the market was starting to take off.
Speaker 2: We were going to open homes and people were making
Speaker 2: offers there on their first open house. Oh my goodness, yes,
Speaker 2: So I saw this house. I rang the real estate agent.
Speaker 2: I was like, I want to see this house VAP
Speaker 2: this weekend on Sunday. He showed us to it on
Speaker 2: the Sunday. We made our offer on the Sunday. It
Speaker 2: was accepted on the Sunday.
Speaker 3: Oh my goodness.
Speaker 2: Yeah. It was really close to where we were renting.
Speaker 2: It was in our price range. So we bought it
Speaker 2: for three hundred and eighty Yeah in twenty eighteen.
Speaker 3: How good? And then when did you sell it? And
Speaker 3: for how much?
Speaker 2: For so last year we sold it for seven hundred and.
Speaker 3: Five stop it. That is literally so cool. Did you
Speaker 3: see that type of property price increase coming? Because like
Speaker 3: that would have blocked you out of the market. There
Speaker 3: is no way that like had you moved out like
Speaker 3: in twenty twenty four, purchasing for seven hundred grand wouldn't
Speaker 3: have been on the cards.
Speaker 2: We didn't buy it with the thought about where it
Speaker 2: would head. We bought it because it was. It didn't
Speaker 2: tick all our boxes. We would have loved an extra
Speaker 2: bathroom and an extra bedroom. And all these things. But
Speaker 2: at the time it was in our price range. It
Speaker 2: was close to a good school. We didn't have school
Speaker 2: age children then, but we were not far off it,
Speaker 2: and we did a bit of work. We did renovate
Speaker 2: the kitchen and then the bathroom and put a few
Speaker 2: extra in, but most of that is just the market
Speaker 2: going a little bit crazy after we bought it.
Speaker 3: Yeah, that's so good. So you basically walked away with
Speaker 3: a three hundred and twenty five thousand dollars profit. Did
Speaker 3: that then become the deposit or what did you do
Speaker 3: with that cash?
Speaker 2: So we put most of it into the deposit for
Speaker 2: this house. We held back some for the renovation, yep,
Speaker 2: and then we re mortgaged to get back a bit more. Again. Yeah,
Speaker 2: well everything when it's once we realized how much it's
Speaker 2: going to cost.
Speaker 3: Yeah, it's wild, isn't it. And you go, oh, this
Speaker 3: is worst case scenario. Yeah, we'll budget for that because
Speaker 3: we're trying to be really smart. And then it's like
Speaker 3: the worst, worst, worst case scenario and you're like, excuse me,
Speaker 3: but that's not what I signed up for. But we're
Speaker 3: already too deep. We don't have a bathroom now, we
Speaker 3: removed it before we realized that the worst was happening.
Speaker 2: Yes, for a while we were without bathroom, without kitchen.
Speaker 2: Oh no, we still lived in the house while we
Speaker 2: did all this. Yes, we are ready for it to
Speaker 2: be finished.
Speaker 1: Oh my gosh.
Speaker 3: And what does that timeline look like? Are you most there?
Speaker 2: Yeah, it's the kitchen's mostly done, the laundry is done.
Speaker 2: We're just finishing up the bathroom. And it's an on suite,
Speaker 2: so we have another bathroom.
Speaker 3: So that is not not the end of it.
Speaker 2: Definitely wasn't my priority. This bathroom had a leak that
Speaker 2: meant the whole bathroom had to be gutted and replaced.
Speaker 3: How frustrated. So not what we wanted to do, No,
Speaker 3: absolutely not. But then once you start digging you find
Speaker 3: these things like you can't actually afford to not replace them,
Speaker 3: because that if you just pretended that didn't happen, you'd
Speaker 3: end up with a bigger problem down the road.
Speaker 2: Yes, so we bit the bullet on that one, and
Speaker 2: we're not doing anything fancy for that bathroom. Our priority
Speaker 2: was the kitchen. That's where we've put the things we
Speaker 2: love and we've made it what we want. But the
Speaker 2: bathroom we are just happy to keep it simple, basic,
Speaker 2: as cheap as we could do it in a way
Speaker 2: that still means it's quality and hopefully we're not leak again.
Speaker 3: Yeah, and it's nice to use and like there's no issues.
Speaker 3: You mentioned earlier that like this is the home you
Speaker 3: basically want to stay in forever, which is very very cool.
Speaker 3: Are there any things you want to change after that?
Speaker 3: You're like, nope, once we're locked in for all of that,
Speaker 3: Like we're good to go. We don't need to change
Speaker 3: anything else. We might buy a new couch down the road.
Speaker 2: Or it's a slippery slope, then there's always something you
Speaker 2: look at and think, well, maybe a little like patio
Speaker 2: would be nice out there, and then I'd love to
Speaker 2: paint the outside of the house.
Speaker 3: Yeah, it is a slippery slope, isn't it.
Speaker 2: This is the big renovation. I don't think anything else
Speaker 2: we do will compare to how big this is. It'll
Speaker 2: be little bits and pieces down the road, but definitely
Speaker 2: nothing planned.
Speaker 3: Yeah, and they could be expensive, but they're not going
Speaker 3: to be like a bathroom that you cut then you
Speaker 3: find out there's a leak and then you have to
Speaker 3: spend more money. It will be like a let's go
Speaker 3: get some quotes because we'd love a really nice patio area,
Speaker 3: and then you get your quotes and you save up
Speaker 3: for it, and then you can pay for it. At
Speaker 3: that point, I feel like that becomes a much easier process.
Speaker 2: Yes, yeah, I mean unless the other bathroom leaks, which
Speaker 2: we will keep an eye on, we're.
Speaker 3: Not manifesting that. Let's not talk about that. That's not
Speaker 3: a good idea. So Money direst you guys obviously have
Speaker 3: done it really well. I want to know, do you
Speaker 3: have any personal insurances? Like, you've set all of this up,
Speaker 3: You've worked really hard, You've literally moved to regional New
Speaker 3: South Wales to build your wealth. How are you protecting it?
Speaker 2: Yeah, when we bought our first house, we did go
Speaker 2: and set up some insurances. I think at the moment
Speaker 2: we have life, TPD and income cover. I actually had
Speaker 2: a meeting today two you go look at changing those
Speaker 2: moving with someone else who were a bit more comfortable with,
Speaker 2: who might explain it a little bit better. And my
Speaker 2: husband has quite a few health concerns. That mean I
Speaker 2: am really keen on making sure we're covered for most
Speaker 2: of our worst case scenarios.
Speaker 3: Well, yeah, your husband's a chef, so if he can't
Speaker 3: go to work, that's really really physically demanding. How did
Speaker 3: you work out that you wanted to update all of that? Like,
Speaker 3: and where did you go? What did you do?
Speaker 2: It's something that has been on my mind for a
Speaker 2: long time, mainly because I keep getting annual reminders to
Speaker 2: go talk too out previous people and I just kept
Speaker 2: pretending I didn't see it.
Speaker 3: Yeah I didn't see that either. That's crazy.
Speaker 2: So quite a few annual reminders have come and gone.
Speaker 2: I was on a bit of momentum of getting things
Speaker 2: done and just booked it in. Yeah.
Speaker 4: Good.
Speaker 3: It actually makes me so happy when people are like, oh,
Speaker 3: it was on my to do list and I got
Speaker 3: it done. The annual reminder reminds me of my personal insurances,
Speaker 3: which I do have to go an update. Not gonna
Speaker 3: lie like mine aed you for a little bit of
Speaker 3: a refresh. But my trigger, like every time I think
Speaker 3: that is when I get any voice, I'm like, oh
Speaker 3: that's you again. Oh I still haven't updated again? Great,
Speaker 3: no worries. That would probably be one of my worst
Speaker 3: habits at the moment. Now I want to ask you
Speaker 3: about your habits. What do you think your best money
Speaker 3: habit is I like to budget.
Speaker 2: I like to sit down and make a bit of
Speaker 2: a plan about where our money's going to go, and
Speaker 2: when things happen like now, I will immediately sit down
Speaker 2: and I'll rework our budget for our worst case and
Speaker 2: maybe a medium case scenario, and work out how we
Speaker 2: can cut things that aren't necessary. Yep, I would say that,
Speaker 2: And yeah, slowly putting away money here and there is
Speaker 2: probably my best money habit.
Speaker 3: And what would you say is your worst.
Speaker 2: I'm very good at putting the money away, and certain
Speaker 2: things I can put it away. I cannot touch it
Speaker 2: unless it's for the thing it's for. But I can
Speaker 2: be very good at deciding to treat myself. Yeah, when
Speaker 2: there's a sale on Yeah, I can creatively reassign some
Speaker 2: money that was meant for something else, and I like that.
Speaker 3: Yeah, a little creative reassignment that feels a lot more official.
Speaker 3: Like that means that we probably should do it.
Speaker 2: Well, you know, I might buy a gift for myself
Speaker 2: and then I would say, well, that could come from
Speaker 2: the account for gifts, because it's a gift.
Speaker 3: That may for me, Like if you were born today,
Speaker 3: it would actually be your birthday, So you deserve a present, absolutely,
Speaker 3: but you weren't, so you still deserve a present because
Speaker 3: it's disappointing finding out that it's not your birthday.
Speaker 2: Yes, so that's definitely I think I could definitely get
Speaker 2: better having a bit of self control and sticking to
Speaker 2: what I actually said in place.
Speaker 3: That's fair, But I feel like you're doing a really
Speaker 3: good job. Like, let's remind you that you are bringing
Speaker 3: up three young boys in a pretty chaotic economy, and
Speaker 3: you are going through some pretty stressful money stuff at
Speaker 3: the moment, and you seem to be holding it all
Speaker 3: together very well. Might I add, like kudos to you.
Speaker 3: You're like, no, no, no, we're not bearing our heads
Speaker 3: in the sand. I'm going to do a budget, and
Speaker 3: I'm going to do like a medium term budget. Like
Speaker 3: what what your perfect she's on the money community member, Like,
Speaker 3: that's what I want to hear when you go, Look,
Speaker 3: we've just heard that my husband's job is being put
Speaker 3: in basically like his company's being put into administration. So
Speaker 3: many people would be like, oh my god, just bury
Speaker 3: your head in the sand, like we'll wait until we
Speaker 3: work out what happens, Like we'll wait until there's an
Speaker 3: outcome with them and we see what happens. Like you're
Speaker 3: just a bit proactive.
Speaker 4: I love this.
Speaker 2: Yeah, it soothed me a bit to be able to
Speaker 2: sit down and just think about the money side of it,
Speaker 2: or just think about focus on one thing because there's
Speaker 2: only so much we have control of at the moment.
Speaker 3: Yeah, so tell me. At the start of the episode,
Speaker 3: you said, I reckon, I'm a b but like, you've
Speaker 3: achieved a lot, and you've made a lot of sacrifices,
Speaker 3: and you've made a lot of decisions that have obviously
Speaker 3: helped you financially to be in a comfortable position, so
Speaker 3: comfortable that you can genuinely consider having a fourth child,
Speaker 3: which is really really cool. What would it take to
Speaker 3: get you to an a like, what does that actually
Speaker 3: look like in your universe?
Speaker 2: I think making a budget that I can stick to
Speaker 2: that I know I will not spend over my designated categories,
Speaker 2: getting better sorting the life insurance. You know we're headed
Speaker 2: that way, so that's probably a positive.
Speaker 3: Yeah, you're on it, You're on it.
Speaker 2: Yeah, I definitely think focusing more on shares and paying
Speaker 2: off our house and just putting us into a position
Speaker 2: where I feel a bit more comfortable at the moment.
Speaker 3: That's a very good reason. I'm going to give you
Speaker 3: my money a master class, just because I know that
Speaker 3: the budget and cash flow system in there really help.
Speaker 3: I cannot stop you from dipping into different accounts, but
Speaker 3: what I can do is give you a bit more
Speaker 3: structure so it looks a bit more obvious when you
Speaker 3: are dipping into accounts. And we can't be as crafty
Speaker 3: or as sneaky because we're predicting things. It's not just
Speaker 3: like gifts. You had to outline how much you think
Speaker 3: you're going to spend on gifts, and then it will
Speaker 3: tell you how much needs to be there per week
Speaker 3: or per month, and then you might go, ah, there's
Speaker 3: a little bit more accountability there, so that might help.
Speaker 3: I'm going to gift it to you and you can see.
Speaker 3: But even if you've already got to kill a budget
Speaker 3: like it's a fun thing to do because she's pink,
Speaker 3: she's shiny. It's got the mortgage calculator in it as well.
Speaker 2: Love a spreadsheet.
Speaker 3: Yeah, and you know what, I'm biased. I made this one.
Speaker 3: I made it aesthetic. I put in a mortgage calculator
Speaker 3: so you can even play around with what would it
Speaker 3: look like if I dropped my mortgage or payments to
Speaker 3: the minimum, not the additional that you're doing, and it
Speaker 3: will update your budget immediately because it's all like coded
Speaker 3: in the background to show you what that would look like. Love,
Speaker 3: you don't have to go, oh yeah, I'm obsessed, like
Speaker 3: that's very self involved with me to say anyway, money dirist,
Speaker 3: it has been a pleasure. I've loved getting to know you.
Speaker 3: I feel like this is so relatable, like so so relatable,
Speaker 3: and just knowing that you guys have worked so hard.
Speaker 3: I have no doubt that your husband will find a
Speaker 3: new role that probably pays more. We're manifesting that for
Speaker 3: sure on the flip side. And I also you just
Speaker 3: let me know if I need to give you a
Speaker 3: helping hand when it comes to unpaid super I will
Speaker 3: thank you so much, and also a very huge thank
Speaker 3: you to skuy Wealth for making this episode possible. I'll
Speaker 3: chuck a whole heap of information about them, how to
Speaker 3: get in contact, what they do, how they do it
Speaker 3: in the show notes for you to check out. The
Speaker 3: advice shared on She's on the Money is general in
Speaker 3: nature and does not consider your individual circumstances. She's on
Speaker 3: the Money exists purely for educational purposes and should not
Speaker 3: be relied upon to make an investment or financial decision.
Speaker 3: If you do choose to buy a financial product.
Speaker 4: Read the PDS TMD and obtain appropriate financial.
Speaker 3: Advice tailored towards your needs.
Speaker 4: Victoria Divine and She's on the Money are authorized representatives
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