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Speaker 1: She's on the Money. She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: for millennials who want financial freedom. Managing our budget and

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Speaker 2: cash flow is probably the most important part of nailing

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Speaker 2: our finances. If we don't understand our cash flow, then

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Speaker 2: we can't create a plan for our money. And if

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Speaker 2: we don't have a plan for our money, then we're

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Speaker 2: like me on a road trip without Google Maps.

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Speaker 3: Yeah loss, Yeah, agreed, And I would say it's not

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Speaker 3: like one of the most. I would say it is

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Speaker 3: the most, But yeah, carry.

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Speaker 1: On great well.

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Speaker 2: Budgeting is hard enough to nail at the best of times.

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Speaker 2: It is made a whole lot harder when you don't

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Speaker 2: earn the same income week in and week out.

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Speaker 4: True.

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Speaker 1: Gking, my name.

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Speaker 2: Is Georgia King, and today to get to the bottom

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Speaker 2: of how to budget if we are casual workers, freelancers,

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Speaker 2: seasonal workers, or anyone who's in fluctuates from paypacket to

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Speaker 2: pay packet, is financial advice of Victoria define the flesh

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Speaker 2: out for us why this is such an important topic.

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Speaker 3: Gee, you are not wrong. It's a topic that impacts

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Speaker 3: such a significant number of our community, and arguably even

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Speaker 3: more after COVID. As you said, it's casual workers and

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Speaker 3: freelancers just like you, but it's people who might earn

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Speaker 3: overtime occasionally, or who might run small businesses, or might

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Speaker 3: have different incomes based on the time of the year.

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Speaker 3: Variable incomes are just so common and need to be

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Speaker 3: something we're talking more about and how to manage properly.

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Speaker 3: So I saw you in the Facebook group this week

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Speaker 3: having a little bit of a dig around asking some questions.

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Speaker 3: Yes post, yeah, I did. I saw you posted in

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Speaker 3: the group recently about this, and you had so many

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Speaker 3: replies and so many questions, and so I know from

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Speaker 3: that that it is a super relevant convo to be

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Speaker 3: having together. And the reason it's so important that we

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Speaker 3: get on top of things if we do earn an

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Speaker 3: inconsistent income is that we need to make sure that

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Speaker 3: we're looking after our selves. If we earn five thousand

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Speaker 3: dollars one month, but then two hundred dollars the next,

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Speaker 3: we need to make sure that we're not spending all

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Speaker 3: of that five grand that we owned the first month. Similarly,

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Speaker 3: I know we have some regional based listeners who work

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Speaker 3: on farms, and that's obviously an incredibly seasonal industry, So

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Speaker 3: we need to make sure that we do have a

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Speaker 3: plan for our money so that we covered in the

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Speaker 3: down months.

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Speaker 2: We also know from our data fat and remember we

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Speaker 2: did that census in twenty twenty twenty, Yeah we did.

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Speaker 3: Yeah, we did a twenty nineteen one, a twenty twenty one,

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Speaker 3: and you best believe it, there'll be a twenty twenty

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Speaker 3: one one.

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Speaker 1: Bu la la.

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Speaker 2: Well, we know from the past census is that we've

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Speaker 2: done the sense site that we do have an incredible

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Speaker 2: amount of UNI students in our community and a lot

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Speaker 2: of them do work casually, and then we also have

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Speaker 2: a lot of students who go on placement for long

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Speaker 2: periods of tire that dot we're frustrating.

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Speaker 3: And I know that you've got friends, because I know

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Speaker 3: your friends, and some of them are nurses and they

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Speaker 3: have to go on these massive unpaid placements, and that

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Speaker 3: is such an ask.

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Speaker 1: Oh, one hundred percent, that's a lot.

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Speaker 3: Of privilege to be asking for, Hey, can you give

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Speaker 3: us a whole heap of unpaid time?

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Speaker 4: Like what in the world?

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Speaker 2: Entering the real world in quotation marks is quite difficult,

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Speaker 2: I guess.

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Speaker 1: You could say. So.

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Speaker 2: The idea here is this chat today will help those

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Speaker 2: students and all of our listeners really figure out what

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Speaker 2: to do with their income when it does go up

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Speaker 2: and down, so that people don't fall into the mindset

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Speaker 2: of being like, oh, I'll just be better with my

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Speaker 2: money when they have a quote unquote real job.

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Speaker 3: No, you know, an mindsent We want to get on

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Speaker 3: top of it right now.

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Speaker 4: You are absolutely correct.

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Speaker 2: So to make today's episode as digestible as possible, we

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Speaker 2: will be breaking it down into five steps to nailing

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Speaker 2: your budget on a variable income. And then in the

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Speaker 2: second half of the show, I'm going to be peppering

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Speaker 2: some of our community questions at UV.

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Speaker 1: So let's run through. Let's go start with step one.

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Speaker 3: Okay, So Step one is and I've thought about this

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Speaker 3: good and hard as you would know, I've been yelling,

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Speaker 3: not yelling, but I've been having heated conversations in the

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Speaker 3: office being like, what are the steps? How do you

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Speaker 3: think that we are going to make the moist out

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Speaker 3: of this podcast? Because I think that you need to

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Speaker 3: walk away with tangible things that you can action after

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Speaker 3: listening to one of our podcasts. So step one is

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Speaker 3: establishing your outgoings and discretionary and non discretionary spending. I've

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Speaker 3: said this before about you know, normal cash flow and budgeting,

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Speaker 3: but it is particularly important when you have a variable income.

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Speaker 3: So we want to get a super clear idea of

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Speaker 3: where you're spending each and every single month. Not necessarily

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Speaker 3: what discretionary looks like, but what are your essential costs.

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Speaker 4: Go through and.

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Speaker 3: List what you pay on rent, your mortgage, your food,

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Speaker 3: your bills, your insurances, etc. All of those essential expensive

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Speaker 3: parts of life that you need to pay for non negotiably.

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Speaker 3: It's also really important in budgeting, no matter if you're

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Speaker 3: on a regular or variable income, that you establish where

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Speaker 3: you're spending your money non essentially. Think of gym membership,

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Speaker 3: just getting you nails done me when I used to

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Speaker 3: get my lashes done, streaming services, online shopping, extra drinks

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Speaker 3: when you go out, coffees, all of these things. While

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Speaker 3: I'm not saying they are negative, they are just discretionary.

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Speaker 3: So if we are having a little bit of a

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Speaker 3: tighter month, those are things we could cut back on

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Speaker 3: very easily without compromising the roof over our heads. So

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Speaker 3: before we can map out a budget, we really need

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Speaker 3: to have a clear understanding of the money that we

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Speaker 3: have coming in and the money that we have going out,

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Speaker 3: and later on we can see if our budget is

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Speaker 3: suited to the amount we are spending on those non

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Speaker 3: essential items, and if we're spending beyond our means, then

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Speaker 3: it's maybe time to cut back a little bit. V.

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Speaker 1: I know what you're going to say next. Okay, what

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Speaker 1: this does come up?

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Speaker 3: Okay, well, why don't you just take it over?

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Speaker 2: So V is going to suggest that the way that

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Speaker 2: we establish what our discretionary shee slurs and non discretionary

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Speaker 2: spending items are is to print out three to six

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Speaker 2: months of our spending accounts. Okay, grab a highlighter, grub

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Speaker 2: a couple of highlighters, highlight everything you've spent money on

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Speaker 2: that you didn't need.

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Speaker 1: To spend out.

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Speaker 4: That's exactly what I'm going to say.

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Speaker 2: Combine that together and there you go. There you're discretionary spending.

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Speaker 3: Yeah, absolutely, not discretionary and non discretionary. I feel a

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Speaker 3: little bit attacked, But if you've done my online course,

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Speaker 3: you know that I would take you through that blow

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Speaker 3: by blow because it is such an important piece to

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Speaker 3: do because it really reflects to you what your values

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Speaker 3: are and what you're actually on. So, yes, that's called

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Speaker 3: a bank account audit by the way, Georgia bank account,

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Speaker 3: bank account audit, and.

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Speaker 1: Just to establish really clicks.

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Speaker 3: I just made it up, by the way, that's not

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Speaker 3: like your official term. I just made this idea of

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Speaker 3: a bank account audit up and getting texts and coloring

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Speaker 3: it in. I'm sure other people do something very similar,

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Speaker 3: but I just want it right in your face.

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Speaker 1: Shut shut.

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Speaker 2: You've got discretionary non discretionary. What's the difference which ones which?

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Speaker 3: So a discretionary item is something that you can choose

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Speaker 3: to spend money on or choose not to spend money on.

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Speaker 3: So that's like coffees and hair and nails and shoes

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Speaker 3: and non essential spending. And then you've got your non

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Speaker 3: discretionary spending, which is things that you don't have a

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Speaker 3: lot of choice sofar. So whilst you know, we could

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Speaker 3: argue that rent and mortgage is there's choice behind them.

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Speaker 3: I get that, but month to month they're set fees

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Speaker 3: that if you've already committed to them, we have to pay.

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Speaker 3: So therefore you would have a base level of income

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Speaker 3: that you need to derive to cover your expenses for

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Speaker 3: that month. Because you need to keep a roof over

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Speaker 3: your head, you need to pay your bills, and you

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Speaker 3: need to put food on the table. So for me,

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Speaker 3: those are those essential items that we can't budge on.

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Speaker 1: Fabulous.

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Speaker 2: Let's move on to step two, which is establishing your

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Speaker 2: average income us through.

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Speaker 3: This one so you're right, we do need to establish

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Speaker 3: our average income.

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Speaker 4: We need to.

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Speaker 3: Establish that because we need to ask ourselves what we

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Speaker 3: think we're going to make and what we're actually going

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Speaker 3: to make in a typical month. And the reason we

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Speaker 3: need to do that is because we can't keep guestimating

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Speaker 3: and when we have a variable income, it is so

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Speaker 3: easy to get caught up and go, oh gee, I've

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Speaker 3: had a really good month, let's go out for dinner,

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Speaker 3: Let's do this, let's do that. But we actually need

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Speaker 3: to remember that that money isn't ours to spend just

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Speaker 3: to get because what if we have no money or

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Speaker 3: no income next month. We really need to be thinking

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Speaker 3: of future us and putting future us first. And this

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Speaker 3: is not like having an emergency fund, So having an

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Speaker 3: emergency fund is separate to that. Also, incredibly recommended is

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Speaker 3: the number one thing that I want everybody to have.

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Speaker 3: But making sure you know your average income so that

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Speaker 3: you can maybe stockpile a couple of months in your

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Speaker 3: cash hub and actually have that cash there. So if

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Speaker 3: you don't have a heap of income coming in one month,

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Speaker 3: you're okay, that's all right. It might be a little

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Speaker 3: bit stressful, but you've already worked out that because you're

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Speaker 3: on a variable income. That might be the case. And

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Speaker 3: this can happen for so many people. You might be

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Speaker 3: a seasonal worker. It might be UNI break. You might

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Speaker 3: have gone on UNI break in your back your parents'

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Speaker 3: house for a little while, and you know you're not

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Speaker 3: working as much because you don't pick up as many

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Speaker 3: shifts because at school, holidays or something, or you want

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Speaker 3: to go on break. Like, we need to think about everything,

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Speaker 3: and variable income doesn't just mean you don't know what

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Speaker 3: to expect. It also means you just have different amounts

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Speaker 3: coming in each and every single month, and that is

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Speaker 3: so hard to predict. So the way you can figure

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Speaker 3: this out is going back and looking at your income

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Speaker 3: over the last three to six months and then averaging

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Speaker 3: that out by literally adding it all together and then

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Speaker 3: dividing it by the amount of months that you chose

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Speaker 3: to do an average over or taking the lowest month's

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Speaker 3: income and using that as your baseline, and then once

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Speaker 3: you have your numbers, or what we're going to call

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Speaker 3: a baseline, you can start framing a budget around that figure.

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Speaker 3: And what that means is you're going to have this

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Speaker 3: baseline of what you actually need to derive versus what

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Speaker 3: is actually coming in on average, so that we can

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Speaker 3: start to feel a little bit more stable in the

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Speaker 3: income that's coming in versus what might be because as

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Speaker 3: I said before, it is so easy to get frustrated

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Speaker 3: when you don't have enough income coming in one month.

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Speaker 3: And also you can just be a bit splurgy one

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Speaker 3: month if you have more income then normally comes in.

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Speaker 3: We tend to forget about future us and we go,

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Speaker 3: oh my gosh, it's been so long since I've been

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Speaker 3: able to do xyz. Whereas that's an opportunity in my eyes,

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Speaker 3: to put yourself ahead so that that feel doesn't happen again.

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Speaker 2: That really goes against human nature. I feel like every

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Speaker 2: time I get paid, I'm like, oh my god, I'm

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Speaker 2: filthy rich, Like I'm not. I'm not like, Okay, this

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Speaker 2: is my opportunity to create a plan for future me.

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Speaker 3: Like that doesn't quit no, and it's not something that

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Speaker 3: normally comes naturally it is not human nature to do that.

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Speaker 3: That's why we, you know, eat in abundance. Like if

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Speaker 3: someone put this massive plate in front of you, my gosh,

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Speaker 3: it was delicious food, you would eat as much of

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Speaker 3: it as possible. And that's where that treat your self

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Speaker 3: mentality comes from. And whilst I totally can get behind

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Speaker 3: looking after yourself and self care, I just don't believe

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Speaker 3: that putting future you first mean spending all the money

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Speaker 3: that came in one month because you quote deserve it.

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Speaker 3: I really think it's like shooting yourself in the foot

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Speaker 3: and saying, oh, but I deserve it. Okay, So you're

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Speaker 3: saying that right now you deserve to spend all the

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Speaker 3: money that you've just worked your butt off to get

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Speaker 3: so that in the future you have the same problem

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Speaker 3: that you had the months before, where you were overly stressed.

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Speaker 3: You know, you were upset, you couldn't sleep, you couldn't

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Speaker 3: do all of these things because we didn't have sufficient

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Speaker 3: cash flow. You're saying you're being gifted this opportunity to

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Speaker 3: get ahead and you want to blow it going out

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Speaker 3: for drinks with girls. Please don't get me wrong, I'm

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Speaker 3: not you know, trying to crucify lifestyle choices. But I

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Speaker 3: also think that we need to remember that future us

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Speaker 3: is really important and we really.

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Speaker 4: Need to put them first. Yeah.

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Speaker 3: Yeah, that's I'm pretty passionate about this topic, as here

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Speaker 3: probably did.

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Speaker 2: And I mean, we always talk about future you. It's

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Speaker 2: why we're kios to set ourselves up for a financially

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Speaker 2: free future.

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Speaker 1: Yeah.

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Speaker 2: Let's move on, though, V to step number three, which

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Speaker 2: is establishing a good banking structure.

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Speaker 3: Okay, this is the number one thing that I think

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Speaker 3: impacts the way we manage our cash flow. And I

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Speaker 3: have an entire online course about this. This episode is

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Speaker 3: not about that, but I would take you through the

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Speaker 3: entire structure of what I do, and I actually teach

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Speaker 3: you how to do it, but also automate the entire thing,

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Speaker 3: which is honestly chef's kiss. Most of us don't want

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Speaker 3: to do it ourselves. Cool, let me do it. Created

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Speaker 3: a tool for that money win. But when you are

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Speaker 3: going to establish a good cash flow, the number one

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Speaker 3: thing I want you to do is have what is

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Speaker 3: called a cash hub, and that is a centralized account

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Speaker 3: that all your money comes into and.

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Speaker 4: Goes out of.

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Speaker 3: It's kind of like the what would you call it

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Speaker 3: like the space station or whatever.

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Speaker 1: Yeah, it's a bit fun.

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Speaker 3: Yeah it's not as fun as I wanted it to be,

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Speaker 3: but we're going to go with it. But it is

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Speaker 3: that hub where everything needs to come into. But you

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Speaker 3: don't have a debit card associated with that account, so

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Speaker 3: you can't just go, oh, oh, my money's been paid,

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Speaker 3: I can just start spending. You've got to actively go

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Speaker 3: in there and transfer it to other accounts and actually

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Speaker 3: transfer it to your savings, to your spending, to what

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Speaker 3: you're actually needing, as opposed to going and just tapping

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Speaker 3: away and not really thinking about it too much. So

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Speaker 3: having this cash hub and side note hypothetically, because I

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Speaker 3: obviously can't give advice on this podcast, Georgia, hypothetically if

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Speaker 3: you had a more that would be a really great

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Speaker 3: offset account so that your money is working as hard

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Speaker 3: for you as you do for it. But back on track,

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Speaker 3: that cash hub is going to enable you with a

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Speaker 3: level of financial freedom because if one month you don't

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Speaker 3: actually have the income that you want to have or

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Speaker 3: need to have to cover your expenses, money hopefully has

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Speaker 3: been banking up in there so that you can transfer

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Speaker 3: it to your spending account even though you didn't get

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Speaker 3: paid and still cover all your rent, cover all your bills,

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Speaker 3: and be financially secure.

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Speaker 2: So I guess b that really puts a barrier between

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Speaker 2: you and impulse spending. As we were kind of talking

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Speaker 2: about before, how everyone feels they're rich on payday.

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Speaker 3: Absolutely, and that's why you don't have it brought into

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Speaker 3: your main account, and you don't have a debit card

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Speaker 3: associated with the account that you would get your income into.

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Speaker 3: And that's why I have then a spending account. And

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Speaker 3: you know, if you really want me to spell it out,

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Speaker 3: definitely go and have a look at the online course

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Speaker 3: where I literally tell you all the bank accounts you

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Speaker 3: need for what saving schools you've gotten exactly to the dollar,

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Speaker 3: how much you need to put in each and every

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Speaker 3: single one of them. But for me, having that cash

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Speaker 3: hub and then having an everyday spending account where you

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Speaker 3: only transfer the money that you need, helps you really

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Speaker 3: think about the money and financial decisions that you're making

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Speaker 3: and what they actually mean.

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Speaker 1: Primo.

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Speaker 2: Okay, let's move on to step four, creating an emergency fund.

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Speaker 1: No surprises that this this is going to be there.

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Speaker 3: I'm actually surprised that I ended up putting it as

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Speaker 3: step number four because I'm so passionate. But did you

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Speaker 3: notice I swindled it into the earlier conversations about how

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Speaker 3: you needed one?

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Speaker 4: Earlier?

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Speaker 1: I did? I did you wealth We're going to talk

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Speaker 1: about that later. Stopping it all the way.

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Speaker 3: Now you're giving all the secrets away. I'm not I promise.

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Speaker 3: An emergency fund should be absolutely no secret. Absolutely everyone

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Speaker 3: should have one or be working towards creating one, and

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Speaker 3: this should have been step number one, like, let's be honest,

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Speaker 3: but it wasn't because we're talking about cash flow, not

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Speaker 3: about emergency funds. But it's so important because in case

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Speaker 3: we mark up the maths around something or unexpectedly run

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Speaker 3: into an exp Ben saw a spot of trouble, we're

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Speaker 3: covered for it, like an emergency account is for that.

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Speaker 3: It's for emergencies. And recently in our Facebook group, we've

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Speaker 3: actually had some people who have been using their emergency

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Speaker 3: fund so, which has been great. I'm very happy that

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Speaker 3: you've had them. But the questions have been around like, oh,

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Speaker 3: v I feel really guilty because you know my emergency

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Speaker 3: fund's down. It's like no, no, no, never feel guilty

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Speaker 3: for using your emergency fund for emergency expenses. Because that's

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Speaker 3: what it's there for. Let's celebrate the fact that you're

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Speaker 3: not in debt because of an unexpected cost, and that

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Speaker 3: you're not financially struggling, and let's reflect on the privilege

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Speaker 3: that you had to just go. Do you know what,

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Speaker 3: I've got the cash for that. My tire might have blown,

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Speaker 3: i might have had to have roadside assists come out,

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Speaker 3: but I'm not financially in a worse off position because

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Speaker 3: that happened to me, when for so many people that

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Speaker 3: could have been something that really crippled their savings ability

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Speaker 3: this month, or you know, crippled them being able to

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Speaker 3: pay and put groceries on the table. Like for me,

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Speaker 3: I think an emergency fund is really really important. Again,

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Speaker 3: the amount is going to vary depending on your preference

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Speaker 3: and what is important to you and how that works,

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Speaker 3: but in general, the prescription is three months worth of

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Speaker 3: living expenses and you know, whatever works for you. I've

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Speaker 3: got clients who have two thousand doults in their emergency fund.

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Speaker 3: I've got one client who has three years worth of

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Speaker 3: expenses in her emergency fund. It is different for everybody,

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Speaker 3: so there's no one size fits or answer there.

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Speaker 2: I'm sorry and The last step here is step five five,

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Speaker 2: and so that's setting up our budget and adjusting it accordingly.

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Speaker 3: Now you've gone in set up an emergency fund or

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Speaker 3: you're seriously considering it, which you all should be. And

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Speaker 3: we know what your average monthly income is and what

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Speaker 3: your outgoings are, we can set up a budget that

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Speaker 3: is much the same as a regular budget income Ewner

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Speaker 3: would have, so there's no real secrets when it comes

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Speaker 3: to irregular income. And I think that a lot of

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Speaker 3: people are going to be listening to this and think

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Speaker 3: Victoria is going to have the key to our kingdom.

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Speaker 4: She's going to tell us exactly.

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Speaker 3: What's going on. And in reality, I'm just going to

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Speaker 3: tell you budget, understand your income, understands your expenses, and

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Speaker 3: we can put away money for future because sometimes income

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Speaker 3: is not regular and that's okay. Was actually having this

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Speaker 3: conversation complete sidetrack, But I was having this conversation with

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Speaker 3: Ryan John the other day because we've just established a

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Speaker 3: brand new business and a podcast called The Business Bible,

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Speaker 3: which I'm very excited about, by the way, and he

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Speaker 3: was saying that he has a friend who has a

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Speaker 3: pub here in Melbourne and day to day they literally

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Speaker 3: just break even like every day, like they don't make

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Speaker 3: massive profit, but every Saint Patrick's Day they make mega profit.

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Speaker 3: Like they are out in the car park, they have

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Speaker 3: set up my keys, they have you know, this fancy

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Speaker 3: band that comes. They do this massive thing. They make

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Speaker 3: mega profit and for that year, that's where a majority

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Speaker 3: of their profit comes from.

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Speaker 1: But getting into the.

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Speaker 3: Business, they knew day to day we're just going to

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Speaker 3: break even. There's not going to be any sexy profits here.

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Speaker 3: There are anywhere, but when it comes to Saint Pat's Day,

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Speaker 3: that's when we go to rake it in. And that is,

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Speaker 3: I guess a really good example and something that I

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Speaker 3: found really interesting because it's genuine. But that profit that

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Speaker 3: doesn't just mean, oh my gosh, one day we made

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Speaker 3: this massive profit. We can start spending like crazy because

403
00:18:14,200 --> 00:18:16,639
Speaker 3: we've just done this spat s Day thing, Like you

404
00:18:16,720 --> 00:18:19,440
Speaker 3: need to average that out over the year and make

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Speaker 3: sure that you can meet staff, payroll and you can,

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Speaker 3: you know, pay for your expenses and know what's coming

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Speaker 3: in and what's going out and what is a good

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Speaker 3: profit for this business. And I think you need to

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Speaker 3: start thinking about your income as a little bit of

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Speaker 3: a business, especially if it's irregular. Like, just because you've

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Speaker 3: had a massively profitable month one month doesn't mean you

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Speaker 3: should go and blow it because we need to protect

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Speaker 3: that business, We need to protect that structure, and you know,

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Speaker 3: buffet up a little bit. So having a buffer in

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Speaker 3: your cash hub is going to really really help. But

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Speaker 3: at the end of the day, setting up a budget

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Speaker 3: is about knowing what's coming in, what is going out,

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Speaker 3: what you earn, what you spend, and how that's impacting

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Speaker 3: what's coming into your banking count. And from there we're

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Speaker 3: able to then go, okay, cool, I need gee, I've

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Speaker 3: worked it all out. I need sixteen hundred dollars a

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Speaker 3: month to pay my rent, to pay my bills, to

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Speaker 3: put food on the table. That doesn't include discretionary costs.

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Speaker 3: But if I lost my job tomorrow or I had

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Speaker 3: no income, it's okay, I don't really need to go

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Speaker 3: out for coffee or just have the next cafe that

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Speaker 3: I think's in the back of the pantry. That'll be fine,

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Speaker 3: But sixteen hundred bucks needs to come in. Whereas you

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00:19:26,880 --> 00:19:30,040
Speaker 3: know average monthly income, you might actually get two and

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Speaker 3: a half thousand dollars, and you want to you know

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Speaker 3: average that out. But what if you did a really

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Speaker 3: big freelance month and you had five grand coming in.

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Speaker 4: That doesn't mean you go buy.

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Speaker 3: A new iPad and you go and treat yourself or go, oh,

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Speaker 3: you know what, I've really wanted this, this is now

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Speaker 3: the time to treat myself. I guess I'm trying to

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Speaker 3: really just say we need to look after a future

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Speaker 3: us and not be too impulsive with our spending, especially

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Speaker 3: when we feel like we've been hanging out for a

440
00:19:54,840 --> 00:19:55,840
Speaker 3: really big payday.

441
00:19:56,320 --> 00:19:59,359
Speaker 2: See what if we've kind of undersold ourselves a little

442
00:19:59,440 --> 00:20:03,600
Speaker 2: and we kind of we foresaw that we would earn

443
00:20:04,080 --> 00:20:07,240
Speaker 2: sixteen hundred dollars a month as we suggested earlier, but

444
00:20:07,320 --> 00:20:09,840
Speaker 2: we do have that four grand month, and then that

445
00:20:09,920 --> 00:20:13,000
Speaker 2: happens again and again. What do we do with that

446
00:20:13,200 --> 00:20:14,879
Speaker 2: surplus money? Are we meant to invest it?

447
00:20:14,960 --> 00:20:15,359
Speaker 1: Save it?

448
00:20:15,840 --> 00:20:19,600
Speaker 3: That's literally a golden question. So for me, I would

449
00:20:19,640 --> 00:20:22,199
Speaker 3: want to see that consistently. If you know your income

450
00:20:22,280 --> 00:20:25,840
Speaker 3: has increased, great, let's talk about lifestyle creep and making

451
00:20:25,840 --> 00:20:29,280
Speaker 3: sure that we're not actually experiencing too much lifestyle creep.

452
00:20:29,520 --> 00:20:32,800
Speaker 3: But that's going to be up to your personal financial goals.

453
00:20:33,160 --> 00:20:36,360
Speaker 3: Is your goal to invest great? Then let's talk about investing.

454
00:20:36,640 --> 00:20:39,760
Speaker 3: Is your goal to save fantastic, Let's start saving for

455
00:20:39,800 --> 00:20:42,240
Speaker 3: that goal. But the number one thing I would say

456
00:20:42,400 --> 00:20:45,679
Speaker 3: is emergency fund. Emergency fund, emergency fund, Like, get that

457
00:20:45,960 --> 00:20:48,359
Speaker 3: established and sitting there so you can feel a little

458
00:20:48,400 --> 00:20:51,200
Speaker 3: bit more financially secure. And then the second thing I'd

459
00:20:51,240 --> 00:20:53,360
Speaker 3: want you to do, if you have a variable income

460
00:20:53,800 --> 00:20:56,199
Speaker 3: is build up that cash buffer a little bit so

461
00:20:56,280 --> 00:20:58,040
Speaker 3: that you do have a little bit of money to

462
00:20:58,119 --> 00:21:01,240
Speaker 3: fall back on if one month you don't actually have

463
00:21:01,320 --> 00:21:03,719
Speaker 3: as much income, Like what if your expenses are sixteen

464
00:21:03,800 --> 00:21:06,520
Speaker 3: hundred dollars in a month like I was exampling before,

465
00:21:06,840 --> 00:21:09,399
Speaker 3: but you actually only aren't twelve hundred dollars that month.

466
00:21:09,720 --> 00:21:12,240
Speaker 3: I don't want you to feel like you can't make rent.

467
00:21:12,280 --> 00:21:13,679
Speaker 3: I want you to have a little bit of a

468
00:21:13,680 --> 00:21:16,560
Speaker 3: buffer in your cash hub, so no worries, I've still

469
00:21:16,600 --> 00:21:18,760
Speaker 3: got that sixteen hundred dollars like a make rent, I

470
00:21:18,760 --> 00:21:19,840
Speaker 3: can put food on the table.

471
00:21:19,960 --> 00:21:20,639
Speaker 4: I'm all good.

472
00:21:21,200 --> 00:21:23,159
Speaker 3: I don't want you to have to dip into an

473
00:21:23,200 --> 00:21:27,800
Speaker 3: emergency fund, because this shouldn't be an emergency. An emergency

474
00:21:27,920 --> 00:21:32,359
Speaker 3: is an unforeseen circumstance, not you not budgeting properly, So

475
00:21:32,440 --> 00:21:35,160
Speaker 3: I think we really need to differentiate those two things,

476
00:21:35,240 --> 00:21:37,080
Speaker 3: and go, oh, V, why are you saying that we

477
00:21:37,160 --> 00:21:38,880
Speaker 3: need to have money in our cash hub if I've

478
00:21:38,880 --> 00:21:41,880
Speaker 3: got an emergency fund, because ideally we don't have to

479
00:21:41,880 --> 00:21:45,719
Speaker 3: touch our emergency fund unless it's a genuine emergency. Whereas

480
00:21:45,720 --> 00:21:48,199
Speaker 3: a cash hub is going to have enough cash so

481
00:21:48,240 --> 00:21:50,280
Speaker 3: that cash can flow in and out of your account

482
00:21:50,359 --> 00:21:54,040
Speaker 3: seamlessly and cover your expenses and cover your bills and

483
00:21:54,080 --> 00:21:55,080
Speaker 3: make you comfortable.

484
00:21:55,640 --> 00:21:57,080
Speaker 1: Beautifully said there V.

485
00:21:57,320 --> 00:22:01,600
Speaker 2: Okay, So to recap the five steps up, establish your outgoings,

486
00:22:02,320 --> 00:22:06,960
Speaker 2: establish your average income, establish a good banking structure.

487
00:22:07,920 --> 00:22:10,119
Speaker 1: Establish an emergency.

488
00:22:09,480 --> 00:22:13,840
Speaker 2: Fund that should have been number one still, and establish

489
00:22:13,960 --> 00:22:16,720
Speaker 2: your budget and adjust it accordingly. Do you think I

490
00:22:16,760 --> 00:22:17,800
Speaker 2: said establish enough?

491
00:22:17,800 --> 00:22:20,760
Speaker 3: Then No, I don't think you did. What about emergency fund?

492
00:22:20,800 --> 00:22:21,720
Speaker 3: Should I mention that again?

493
00:22:23,320 --> 00:22:23,560
Speaker 4: Okay?

494
00:22:23,600 --> 00:22:26,080
Speaker 3: So yeah, if you haven't thought about it yet, establish

495
00:22:26,160 --> 00:22:27,159
Speaker 3: an emergency fund.

496
00:22:27,200 --> 00:22:27,480
Speaker 1: Heaven.

497
00:22:27,560 --> 00:22:29,760
Speaker 2: We will be back right after the break, guys to

498
00:22:29,800 --> 00:22:42,440
Speaker 2: answer your community questions. So please don't go anywhere now.

499
00:22:42,440 --> 00:22:42,720
Speaker 1: Guys.

500
00:22:42,720 --> 00:22:45,399
Speaker 2: Please remember, if you are big fans of the show,

501
00:22:45,440 --> 00:22:47,439
Speaker 2: we would so love it if you could leave us

502
00:22:47,440 --> 00:22:50,800
Speaker 2: a little five star review in our tunes. Slash you know,

503
00:22:51,400 --> 00:22:54,480
Speaker 2: write everything you love about us in the in the

504
00:22:54,560 --> 00:22:55,600
Speaker 2: section fee.

505
00:22:55,720 --> 00:22:57,920
Speaker 3: That'd be kind of kind kind of nice.

506
00:22:58,760 --> 00:23:00,199
Speaker 1: It would be kind of kind I.

507
00:23:00,200 --> 00:23:02,399
Speaker 3: Thought you were going to talk about good podcasts for

508
00:23:02,440 --> 00:23:03,960
Speaker 3: a second, and I was like, oh my gosh, I've

509
00:23:03,960 --> 00:23:06,560
Speaker 3: been listening to Yeah, I've got one for you. You're ready,

510
00:23:06,840 --> 00:23:10,399
Speaker 3: morbid Morbid. Yeah, it's like a true crime podcast. But

511
00:23:10,520 --> 00:23:14,000
Speaker 3: these but these two girls who talk about true crime

512
00:23:14,160 --> 00:23:15,320
Speaker 3: and I'm totally into it.

513
00:23:15,359 --> 00:23:16,919
Speaker 1: Who are the hosts of this speech? We give them

514
00:23:16,920 --> 00:23:17,640
Speaker 1: a little shout.

515
00:23:17,400 --> 00:23:18,080
Speaker 4: Out, we should.

516
00:23:18,119 --> 00:23:21,280
Speaker 3: It's hosted by a woman called Elaina and a girl

517
00:23:21,280 --> 00:23:23,879
Speaker 3: called Ashley or they call it ash on the podcast,

518
00:23:24,200 --> 00:23:27,680
Speaker 3: and they totally grow on you. Like I've started from

519
00:23:27,720 --> 00:23:29,919
Speaker 3: the very start, which is something I seldom ever do.

520
00:23:30,000 --> 00:23:32,120
Speaker 3: I usually just like, start from the most recent ones

521
00:23:32,160 --> 00:23:33,399
Speaker 3: here if I like it. But I went all the

522
00:23:33,400 --> 00:23:35,680
Speaker 3: way back because i'd heard great things. Anyway, it's true

523
00:23:35,760 --> 00:23:39,960
Speaker 3: crime podcast and I'm loving it. I'm so so bingey

524
00:23:40,080 --> 00:23:42,760
Speaker 3: on stuff like this when I find a good podcast. Anyway,

525
00:23:42,800 --> 00:23:44,560
Speaker 3: this has nothing to do with the show, but I'm

526
00:23:44,600 --> 00:23:48,240
Speaker 3: really glad that we've included it. Moving glad out Wednesday,

527
00:23:48,320 --> 00:23:50,760
Speaker 3: Deep Dives have gone back to including a whole heap

528
00:23:50,840 --> 00:23:54,639
Speaker 3: of Georgia and Victoria banter. So slide into our DMS

529
00:23:54,680 --> 00:23:56,560
Speaker 3: if you don't want us to bant on the Epps.

530
00:23:56,720 --> 00:23:59,280
Speaker 4: But you know what, it's our EP. We'll do what we.

531
00:23:59,200 --> 00:24:01,600
Speaker 1: Want that from you. Okay.

532
00:24:01,680 --> 00:24:05,240
Speaker 2: My first question, this one's from me, your co host,

533
00:24:05,560 --> 00:24:10,000
Speaker 2: so Starlo Hi, dont you to tell us how we

534
00:24:10,040 --> 00:24:13,720
Speaker 2: should be investing if we do have an income that fluctuates,

535
00:24:13,920 --> 00:24:16,520
Speaker 2: like my good self, tell me how to invest one

536
00:24:16,520 --> 00:24:17,120
Speaker 2: more time.

537
00:24:17,000 --> 00:24:19,600
Speaker 3: Being, I have told you so many times to invest

538
00:24:19,840 --> 00:24:23,479
Speaker 3: where I don't even like this question anymore. But when

539
00:24:23,560 --> 00:24:26,280
Speaker 3: it comes to investing on a variable income, it's the

540
00:24:26,359 --> 00:24:30,400
Speaker 3: same as the budget question. Work out what your expenses are,

541
00:24:30,440 --> 00:24:32,320
Speaker 3: then work out on average what you would like to

542
00:24:32,320 --> 00:24:34,760
Speaker 3: contribute on a monthly basis, and go from there.

543
00:24:35,080 --> 00:24:36,920
Speaker 4: There's no magic key or.

544
00:24:37,000 --> 00:24:40,160
Speaker 3: Secret when it comes to investing on a flexible income.

545
00:24:40,600 --> 00:24:42,879
Speaker 3: I mean, some months you might have a little bit more,

546
00:24:43,200 --> 00:24:45,679
Speaker 3: but I don't want you investing more just because you

547
00:24:45,760 --> 00:24:48,360
Speaker 3: have a heap of money coming in. I actually want

548
00:24:48,400 --> 00:24:51,320
Speaker 3: you to be setting yourself up so future you is okay.

549
00:24:51,800 --> 00:24:53,760
Speaker 3: And then at the end of you know, a six

550
00:24:53,800 --> 00:24:56,000
Speaker 3: month period, if you're sitting on a really nice amount

551
00:24:56,040 --> 00:24:58,280
Speaker 3: of money in your cash hub that is left over,

552
00:24:58,720 --> 00:25:00,840
Speaker 3: then let's talk about what you can invest it in

553
00:25:00,880 --> 00:25:04,880
Speaker 3: addition to what your already existing investment plan was. So

554
00:25:05,080 --> 00:25:08,199
Speaker 3: I'm really sorry, but there's no sexy answer. It's just

555
00:25:08,480 --> 00:25:11,160
Speaker 3: let's work out what, on average per month you would

556
00:25:11,280 --> 00:25:13,960
Speaker 3: like to invest, what that looks like, and let's go

557
00:25:14,040 --> 00:25:14,440
Speaker 3: from there.

558
00:25:14,680 --> 00:25:17,720
Speaker 1: So it definitely doesn't mean you can't invest. It's all about.

559
00:25:17,520 --> 00:25:21,280
Speaker 3: Understanding your money exactly distributing and you might say the

560
00:25:21,480 --> 00:25:23,399
Speaker 3: I have an additional two hundred dollars a month and

561
00:25:23,440 --> 00:25:25,480
Speaker 3: I really want to invest that and go great, g

562
00:25:25,720 --> 00:25:28,919
Speaker 3: let's try and do that consistently so that could become

563
00:25:29,000 --> 00:25:31,480
Speaker 3: a part of your budget and cash flow, so that

564
00:25:31,560 --> 00:25:33,919
Speaker 3: in your cash hub we allocate for that regardless of

565
00:25:33,960 --> 00:25:37,520
Speaker 3: whether your income is high or low that month, because

566
00:25:37,560 --> 00:25:40,160
Speaker 3: we've planned and I know that it is a very

567
00:25:40,200 --> 00:25:42,720
Speaker 3: privileged position to be in. Okay, cool, set this cash

568
00:25:42,800 --> 00:25:45,040
Speaker 3: ub up and hopefully sit on a little bit more cash.

569
00:25:45,240 --> 00:25:46,760
Speaker 3: But at the end of the day, if we really

570
00:25:46,800 --> 00:25:48,520
Speaker 3: want to get in control of our money, we need

571
00:25:48,560 --> 00:25:51,760
Speaker 3: to start acting like we really respect the money that's

572
00:25:51,800 --> 00:25:55,040
Speaker 3: coming in and out of our accounts. And whilst it

573
00:25:55,080 --> 00:25:58,000
Speaker 3: can be really hard to get there over time. Once

574
00:25:58,040 --> 00:26:01,119
Speaker 3: we start functioning in the right stemps and with the

575
00:26:01,200 --> 00:26:04,560
Speaker 3: right you know, with the right structures in place, we're

576
00:26:04,600 --> 00:26:08,440
Speaker 3: actually able to create that financial security for ourselves regardless

577
00:26:08,480 --> 00:26:09,119
Speaker 3: of our income.

578
00:26:09,359 --> 00:26:11,760
Speaker 2: All right, My next question here is from Brianna V.

579
00:26:11,920 --> 00:26:15,000
Speaker 2: And it links perfectly back to our little conversation about

580
00:26:15,040 --> 00:26:19,159
Speaker 2: emergency funds earlier. So, as a person who has a

581
00:26:19,240 --> 00:26:23,280
Speaker 2: variable income, she has incredible guilt around spending on emergencies

582
00:26:23,320 --> 00:26:24,639
Speaker 2: from her emergency fund.

583
00:26:24,800 --> 00:26:27,240
Speaker 4: No we talked about the Yes.

584
00:26:27,160 --> 00:26:30,159
Speaker 2: Watching her savings take a hit really hurts because she

585
00:26:30,200 --> 00:26:32,600
Speaker 2: doesn't know when she's going to be able to replenish it.

586
00:26:32,680 --> 00:26:35,200
Speaker 2: So she's feeling awful, and that makes her feel really

587
00:26:35,240 --> 00:26:36,920
Speaker 2: anxious because she's not sure she's going to need that

588
00:26:36,960 --> 00:26:41,960
Speaker 2: money again soon for something even more important and more emergency.

589
00:26:41,840 --> 00:26:44,119
Speaker 4: S and that can make you a bit stressy.

590
00:26:44,200 --> 00:26:47,720
Speaker 2: Right Yeah, So I guess the question here is how

591
00:26:47,720 --> 00:26:48,840
Speaker 2: does she get past this?

592
00:26:49,119 --> 00:26:52,480
Speaker 3: Okay, First things first, your emergency fund is not your savings,

593
00:26:52,800 --> 00:26:55,960
Speaker 3: absolutely not. We do not refer to emergency funds as

594
00:26:56,000 --> 00:26:59,760
Speaker 3: savings because they are not. We are not sacrificing savings

595
00:27:00,240 --> 00:27:03,840
Speaker 3: for emergencies. That's why our emergency fund exists, and we

596
00:27:03,920 --> 00:27:06,080
Speaker 3: need to get rid of that guilt because that's what

597
00:27:06,119 --> 00:27:09,200
Speaker 3: your emergency fund was for. Like, let's start seeing it

598
00:27:09,280 --> 00:27:12,800
Speaker 3: as a massive privilege. If you've got an emergency fund,

599
00:27:12,960 --> 00:27:15,440
Speaker 3: an emergency popped up and you needed to purchase something,

600
00:27:15,520 --> 00:27:17,679
Speaker 3: or you needed to pay for something, or you know,

601
00:27:17,840 --> 00:27:18,880
Speaker 3: something came up that.

602
00:27:18,920 --> 00:27:21,760
Speaker 4: Required casholer how cool is.

603
00:27:21,720 --> 00:27:24,200
Speaker 3: It that you had that sitting there and you didn't

604
00:27:24,240 --> 00:27:26,119
Speaker 3: need to go into debt, You didn't need to borrow,

605
00:27:26,240 --> 00:27:28,760
Speaker 3: you didn't need to call anybody and ask for help.

606
00:27:28,880 --> 00:27:31,080
Speaker 3: Like we need to start going, how cool is it

607
00:27:31,200 --> 00:27:32,520
Speaker 3: that served its purpose?

608
00:27:32,760 --> 00:27:36,560
Speaker 2: So an emergency, just for complete clarification, isn't like, ah,

609
00:27:36,640 --> 00:27:40,119
Speaker 2: I fell off a hill and broke my leg and

610
00:27:40,160 --> 00:27:43,000
Speaker 2: that's the emergency. It can be like what Brianna's said

611
00:27:43,040 --> 00:27:45,680
Speaker 2: here is that she really needed a new laptop for university.

612
00:27:45,760 --> 00:27:46,760
Speaker 1: She was using her mum's.

613
00:27:46,920 --> 00:27:48,800
Speaker 2: So that's a valid emergency. You don't just have to

614
00:27:48,840 --> 00:27:50,040
Speaker 2: be look super injured or whatever.

615
00:27:50,359 --> 00:27:52,800
Speaker 3: Yeah, no, no, no, And it could absolutely be a laptop.

616
00:27:52,920 --> 00:27:54,200
Speaker 4: Like I remember, was it.

617
00:27:54,160 --> 00:27:56,960
Speaker 3: You that tipped liquid all over the girl?

618
00:27:57,080 --> 00:27:57,760
Speaker 4: Yeah it was you.

619
00:27:57,560 --> 00:27:59,200
Speaker 1: You tipped under my fraense.

620
00:27:59,520 --> 00:28:02,840
Speaker 3: Yeah, coffee, But you need them for work, and you

621
00:28:02,920 --> 00:28:05,960
Speaker 3: need them for UNI, and you actually need them to function.

622
00:28:06,560 --> 00:28:09,280
Speaker 3: They're not actually a luxury in your life. There actually

623
00:28:09,320 --> 00:28:11,960
Speaker 3: a vehicle that enables you to generate an income or

624
00:28:12,000 --> 00:28:15,480
Speaker 3: go to university and get an education. So for me, yep, great,

625
00:28:15,480 --> 00:28:16,919
Speaker 3: If you need to buy a new laptop with your

626
00:28:16,920 --> 00:28:20,000
Speaker 3: emergency fund, that is a okay, it is a non issue.

627
00:28:20,080 --> 00:28:22,320
Speaker 3: But we just need to start plodding away at how

628
00:28:22,359 --> 00:28:25,399
Speaker 3: we could potentially build that back up again. It is

629
00:28:25,440 --> 00:28:27,399
Speaker 3: not savings though, and I think that that's where we

630
00:28:27,480 --> 00:28:29,920
Speaker 3: start to feel really guilty because you look at it

631
00:28:30,000 --> 00:28:31,760
Speaker 3: and go, oh my gosh, I feel so guilty. I've

632
00:28:31,800 --> 00:28:35,480
Speaker 3: spent X amount on this new laptop. If you're really

633
00:28:35,520 --> 00:28:38,880
Speaker 3: regretting that purchase, was it a choice or was it

634
00:28:38,960 --> 00:28:41,480
Speaker 3: actually an emergency? So I think we need to think

635
00:28:41,520 --> 00:28:44,440
Speaker 3: about our spending again. I'm probably going to recommend here

636
00:28:44,520 --> 00:28:46,680
Speaker 3: putting twenty four hours between you and your spending, or

637
00:28:46,720 --> 00:28:49,520
Speaker 3: as much time as possible. It's not hey, I really

638
00:28:49,520 --> 00:28:51,920
Speaker 3: just want a new laptop, it's I actually need this.

639
00:28:52,080 --> 00:28:53,520
Speaker 4: You know what? This is going to help me?

640
00:28:53,760 --> 00:28:55,720
Speaker 3: Rarah, does that make sense totally?

641
00:28:56,000 --> 00:28:58,200
Speaker 1: I think that will give Brianna a lot of cluric.

642
00:28:58,680 --> 00:29:02,600
Speaker 4: Feeling guilty, my friend, and stop it. It doesn't help anybody.

643
00:29:02,720 --> 00:29:04,920
Speaker 3: And that's what I think is really important to point

644
00:29:04,960 --> 00:29:08,520
Speaker 3: out here, to stop feeling feelings that don't help us constructively.

645
00:29:08,760 --> 00:29:11,040
Speaker 3: If you're feeling guilty, sorry, who does that help? It

646
00:29:11,040 --> 00:29:14,360
Speaker 3: doesn't even help you. Cut it out. You're worth more,

647
00:29:14,360 --> 00:29:14,800
Speaker 3: my friend.

648
00:29:15,160 --> 00:29:18,560
Speaker 2: Our next question comes from Rachel Fee. How do we

649
00:29:18,600 --> 00:29:21,320
Speaker 2: go about getting a home loan or finance when we're

650
00:29:21,360 --> 00:29:23,000
Speaker 2: working on a variable income?

651
00:29:23,120 --> 00:29:27,240
Speaker 3: That is absolutely okay. I actually have a very variable income,

652
00:29:27,400 --> 00:29:29,400
Speaker 3: as my team know, and I think some of you

653
00:29:29,440 --> 00:29:31,640
Speaker 3: who are keen listeners to She's on the Money, No,

654
00:29:32,360 --> 00:29:34,640
Speaker 3: And it's all about just proving to the banks that

655
00:29:34,680 --> 00:29:37,680
Speaker 3: you are a responsible being and you can manage your

656
00:29:37,720 --> 00:29:40,400
Speaker 3: cash flow. So I think it's about having that cash

657
00:29:40,480 --> 00:29:43,280
Speaker 3: hub and having your savings account set up and showing

658
00:29:43,320 --> 00:29:46,840
Speaker 3: them cool. I might be variable, but here's my consistency.

659
00:29:47,000 --> 00:29:49,719
Speaker 3: I'm a consistent person. This is how I manage my income.

660
00:29:49,760 --> 00:29:52,080
Speaker 3: This is what's going on. But the best thing to

661
00:29:52,160 --> 00:29:54,040
Speaker 3: do here is actually have a chat with a good

662
00:29:54,120 --> 00:29:56,880
Speaker 3: mortgage broker, because a mortgage broker is going to be

663
00:29:56,920 --> 00:30:01,440
Speaker 3: able to show you exactly what is required. My personal situation,

664
00:30:01,480 --> 00:30:04,360
Speaker 3: which I'm really happy to talk about. I actually needed

665
00:30:04,360 --> 00:30:07,560
Speaker 3: to provide two years worth of financial statements to show

666
00:30:07,600 --> 00:30:10,160
Speaker 3: them that I was consistent and I was good at

667
00:30:10,200 --> 00:30:12,480
Speaker 3: what I was doing, and that I wasn't, you know,

668
00:30:12,640 --> 00:30:16,480
Speaker 3: irresponsible or I just started saving three months ago. So

669
00:30:16,560 --> 00:30:19,600
Speaker 3: for me, it required two years of financials, and it's

670
00:30:19,640 --> 00:30:21,360
Speaker 3: going to be different for everybody. I don't mean to

671
00:30:21,440 --> 00:30:23,560
Speaker 3: terrify you with that, but I think it's important to

672
00:30:23,560 --> 00:30:24,960
Speaker 3: be honest and truthful.

673
00:30:25,040 --> 00:30:27,000
Speaker 1: Yeah mm hmm, we love honesty.

674
00:30:28,080 --> 00:30:30,840
Speaker 2: Next one is from Emma, who's asked, what if you

675
00:30:30,920 --> 00:30:33,560
Speaker 2: share finances with a partner and one of you has

676
00:30:33,560 --> 00:30:34,880
Speaker 2: an income that fluctuate?

677
00:30:35,080 --> 00:30:37,800
Speaker 3: Same same, work out your budget, work out what that

678
00:30:37,880 --> 00:30:40,440
Speaker 3: cash hub looks like, what's going to come in, and

679
00:30:40,480 --> 00:30:43,200
Speaker 3: how much you're both contributing to goals. I think the

680
00:30:43,280 --> 00:30:45,760
Speaker 3: second you work out exactly what you need to be

681
00:30:45,800 --> 00:30:48,360
Speaker 3: paying for, it makes it a little bit easier for

682
00:30:48,440 --> 00:30:51,200
Speaker 3: you to actually go, okay, cool, my income fluctuates, but

683
00:30:51,440 --> 00:30:53,120
Speaker 3: one month I've got more, so I'm just going to

684
00:30:53,120 --> 00:30:55,000
Speaker 3: put a little bit more aside so that in those

685
00:30:55,040 --> 00:30:58,400
Speaker 3: months that I don't have quote enough to contribute, you

686
00:30:58,440 --> 00:31:01,040
Speaker 3: can top it up and actually make use of that

687
00:31:01,160 --> 00:31:04,400
Speaker 3: money and essentially give yourself the consistency that you're craving.

688
00:31:04,640 --> 00:31:07,080
Speaker 1: Now. Not to plug the course here, V, but.

689
00:31:07,080 --> 00:31:09,239
Speaker 3: We do feel like I did awkwardly before and it

690
00:31:09,280 --> 00:31:11,560
Speaker 3: wasn't meaning to, but I obviously it was.

691
00:31:11,560 --> 00:31:13,720
Speaker 1: Gonna come up. Yeah, it's a podcast on budgeting and

692
00:31:13,760 --> 00:31:14,200
Speaker 1: cash flow.

693
00:31:14,360 --> 00:31:17,000
Speaker 3: Yeah, and like I spent ages writing that course so

694
00:31:17,040 --> 00:31:19,160
Speaker 3: it would work for you, GA precisely.

695
00:31:19,520 --> 00:31:22,760
Speaker 2: So the question here from Kira V is about that

696
00:31:22,840 --> 00:31:24,880
Speaker 2: master class. Is it suitable for people who do have

697
00:31:24,960 --> 00:31:25,640
Speaker 2: a variable income?

698
00:31:25,720 --> 00:31:28,840
Speaker 3: Absolutely, it is great functions on that cash flow basis,

699
00:31:29,120 --> 00:31:31,640
Speaker 3: and the way I work it out is on your

700
00:31:31,680 --> 00:31:35,200
Speaker 3: base income. So the tool that I've created is a tool.

701
00:31:35,320 --> 00:31:37,760
Speaker 3: It's not actually me going and do this and then

702
00:31:37,800 --> 00:31:40,840
Speaker 3: subtract that and do this and then follow that, like

703
00:31:40,960 --> 00:31:43,320
Speaker 3: I literally get you to put all of your expenses

704
00:31:43,400 --> 00:31:46,479
Speaker 3: and what your savings goals are into a spreadsheet, and

705
00:31:46,520 --> 00:31:48,840
Speaker 3: then in the back end, I've worked out this fancy

706
00:31:48,880 --> 00:31:52,920
Speaker 3: formula literally fancy. Everyone that sees it's like wow, she's

707
00:31:53,520 --> 00:31:57,960
Speaker 3: she can really dance, but a fancy formula that then

708
00:31:57,960 --> 00:32:00,560
Speaker 3: tells you, Okay, these are the bank accounts, this is

709
00:32:00,600 --> 00:32:02,760
Speaker 3: what's coming into this bank account. This is what should

710
00:32:02,800 --> 00:32:04,680
Speaker 3: be going out on a weekly basis. This is what's

711
00:32:04,720 --> 00:32:07,080
Speaker 3: in your cash hub. These are your monthly expenses. This

712
00:32:07,200 --> 00:32:09,360
Speaker 3: is what you need to be building up. So I've

713
00:32:09,360 --> 00:32:11,680
Speaker 3: got a number of people on variable incomes that use

714
00:32:11,720 --> 00:32:14,719
Speaker 3: the course and use the spreadsheet and use my system

715
00:32:14,800 --> 00:32:17,840
Speaker 3: and love it. I heard you were one of them.

716
00:32:18,000 --> 00:32:18,480
Speaker 4: Mm hmm.

717
00:32:19,160 --> 00:32:22,320
Speaker 1: Would definitely recommend. We will link in the show.

718
00:32:22,320 --> 00:32:23,600
Speaker 4: Not so awkward.

719
00:32:23,800 --> 00:32:27,080
Speaker 2: Hey, you gotta plug it and you know you know

720
00:32:27,120 --> 00:32:30,200
Speaker 2: what we're talking about soon on the podcast what imposter Syndrome?

721
00:32:30,560 --> 00:32:30,960
Speaker 2: I like that.

722
00:32:33,000 --> 00:32:35,120
Speaker 3: Ready, But on the online course, if you use the

723
00:32:35,120 --> 00:32:38,760
Speaker 3: code pod pod fifty, you get fifty bucks off the course.

724
00:32:39,280 --> 00:32:41,600
Speaker 1: Love, Yes, thanks money.

725
00:32:41,600 --> 00:32:43,320
Speaker 4: It's in the show notes so you don't have to

726
00:32:43,320 --> 00:32:43,760
Speaker 4: remember that.

727
00:32:43,760 --> 00:32:45,280
Speaker 1: It's all good, guys, perfect.

728
00:32:44,920 --> 00:32:47,720
Speaker 2: All right, let's wrap the show. They're be budgeting for

729
00:32:47,800 --> 00:32:51,280
Speaker 2: a variable income to surmise the whole show. It's hard,

730
00:32:51,400 --> 00:32:53,160
Speaker 2: but it's not impossible.

731
00:32:52,600 --> 00:32:53,160
Speaker 4: Absolutely not.

732
00:32:53,200 --> 00:32:55,280
Speaker 3: It can actually be really easy once you got five

733
00:32:55,320 --> 00:32:56,120
Speaker 3: steps in place to do.

734
00:32:56,440 --> 00:32:57,920
Speaker 1: You want me to repeat what they are one the time?

735
00:32:57,960 --> 00:32:58,720
Speaker 3: Yeah, I really do.

736
00:32:59,320 --> 00:33:02,880
Speaker 2: Number one, establish your outgoings. Number two, establish your income.

737
00:33:03,000 --> 00:33:06,680
Speaker 2: Number three, establish a good banking structure. Number four establish

738
00:33:06,840 --> 00:33:10,800
Speaker 2: an emergency fund. Number five, establish your budget.

739
00:33:11,000 --> 00:33:13,720
Speaker 3: And if you didn't think that we said establish enough,

740
00:33:14,040 --> 00:33:16,720
Speaker 3: we definitely didn't talk about emergency fees enough.

741
00:33:16,800 --> 00:33:18,920
Speaker 1: Don't leave negative reviews about either of those things.

742
00:33:18,960 --> 00:33:21,200
Speaker 3: Ah, can you imagine if people like she recommended an

743
00:33:21,200 --> 00:33:23,000
Speaker 3: emergency fund orful advice.

744
00:33:23,960 --> 00:33:26,280
Speaker 1: I will also write a little blog post for us

745
00:33:26,320 --> 00:33:27,280
Speaker 1: on those fives.

746
00:33:27,440 --> 00:33:30,400
Speaker 3: Would love that, and I'm sure everybody that's listening would

747
00:33:30,440 --> 00:33:32,720
Speaker 3: love that too, because all they got from that list

748
00:33:32,720 --> 00:33:34,840
Speaker 3: that you just read out was the wordest establish.

749
00:33:34,920 --> 00:33:37,800
Speaker 1: All right, via, that is all we have time for today.

750
00:33:37,680 --> 00:33:40,080
Speaker 3: But just before we head off, we'd like to acknowledge

751
00:33:40,080 --> 00:33:43,120
Speaker 3: and pay respect to Australia's Aboriginal and Torrestrate island. To

752
00:33:43,160 --> 00:33:46,520
Speaker 3: people's the traditional custodians of the lands, the waterways and

753
00:33:46,560 --> 00:33:47,560
Speaker 3: the skies.

754
00:33:47,200 --> 00:33:48,400
Speaker 4: All across Australia.

755
00:33:48,720 --> 00:33:50,560
Speaker 3: We thank you for sharing and for caring for the

756
00:33:50,640 --> 00:33:52,880
Speaker 3: land which we are able to learn on. We pay

757
00:33:52,960 --> 00:33:55,520
Speaker 3: respects to elders past and present, and we share our

758
00:33:55,560 --> 00:33:56,960
Speaker 3: friendship and our kindness.

759
00:33:57,200 --> 00:33:59,840
Speaker 2: And please remember, friends, that the advice shared on She's

760
00:34:00,120 --> 00:34:02,680
Speaker 2: the Money is general in nature and doesn't consider your

761
00:34:02,720 --> 00:34:07,320
Speaker 2: individual circumstances. Never now, She's on the money, exists purely

762
00:34:07,360 --> 00:34:10,080
Speaker 2: for educational purposes and should not be relied upon to

763
00:34:10,120 --> 00:34:13,800
Speaker 2: make an investment or a financial decision, and we promise.

764
00:34:13,960 --> 00:34:17,400
Speaker 2: Vicky d is an authorized representative of Australia Pacific Funds

765
00:34:17,400 --> 00:34:21,080
Speaker 2: Management Proprietary Limited ABN three four one three two four

766
00:34:21,120 --> 00:34:24,839
Speaker 2: six three two five seven AFSL three three nine one

767
00:34:25,080 --> 00:34:29,200
Speaker 2: five one And a big thank you to Tourney Ludge.

768
00:34:29,800 --> 00:34:33,440
Speaker 2: Our ap legends get together.

769
00:34:33,320 --> 00:34:35,040
Speaker 3: And we get to hang out or I get to

770
00:34:35,080 --> 00:34:38,200
Speaker 3: hang out with her every day of the week. You

771
00:34:38,200 --> 00:34:40,600
Speaker 3: you just get to see her on Tuesdays.

772
00:34:40,000 --> 00:34:42,759
Speaker 1: Tuesday's, Thursdays, on occasion and it's a joy. It makes

773
00:34:42,760 --> 00:34:43,160
Speaker 1: my week.

774
00:34:43,280 --> 00:34:47,440
Speaker 4: You love your tone A she's listening to True Day.

775
00:34:48,160 --> 00:34:50,360
Speaker 3: She's listening This was meant to be a recording that

776
00:34:50,440 --> 00:34:52,720
Speaker 3: she got when she was editing it. But she's standing

777
00:34:52,719 --> 00:34:55,000
Speaker 3: outside our studio. You know what we've done here, friends,

778
00:34:55,160 --> 00:34:56,520
Speaker 3: We are doing a really good week.

779
00:34:56,760 --> 00:34:57,879
Speaker 1: Bye, guys,