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

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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

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

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

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

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

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it. She's on the Money, She's on

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Speaker 2: the Money.

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

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Speaker 3: for millennials who want financial freedom. Today is Friday, my Friends,

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Speaker 3: which means it is time to sit back with the

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Speaker 3: girls with a bev in hand, to unpack our favorite

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Speaker 3: moments of the week, and of course.

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Speaker 2: To celebrate you how incredible She's on the Money community.

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Speaker 3: As always, we'll be sharing our favorite money wins, We're

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Speaker 3: going to discuss what's making news in the finance world,

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Speaker 3: and we'll be helping to answer a juicy money question,

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Speaker 3: which this week is all about how to label your

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Speaker 3: expenses when doing a bank account audit. But first it

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Speaker 3: is time to recap the week that was.

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Speaker 1: Jess.

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Speaker 3: I'm going to start with Monday's money Diary, because this

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Speaker 3: week was a spicy one.

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Speaker 2: We spoke to a money darist who got arrested, oh,

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Speaker 2: because she.

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Speaker 3: Had her identity stolen. But to add insult injury, she's

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Speaker 3: an adult. Okay, great, so the cops emailed her dad.

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Speaker 3: The cops literally emailed her dad to ask about her

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Speaker 3: and her whereabouts and what's going on. And this diarist

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Speaker 3: I almost used her name, awkward, like, what is this?

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Speaker 3: Why are you emailing my dad? She goes down to

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Speaker 3: the station. She literally got arrested, got fingerprinted, got processed.

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Speaker 3: Obviously she got let go because it wasn't her. She's

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Speaker 3: actually a very intelligent PhD student doing a lot in Papa,

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Speaker 3: New Guinea. But that is not the point of the

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Speaker 3: I guess main part of the story. The story is

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Speaker 3: the cops contacted her dad and she got arrested.

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Speaker 2: What the heck?

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Speaker 4: If I got a fail say well, Hi, it's the police,

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Speaker 4: I'd be like, no, we're investigating your daughter.

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Speaker 3: I actually could not believe this story because one that

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Speaker 3: just seems like a gross like overstep of personal boundaries.

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Speaker 3: If I do something wrong as an adult, I don't

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Speaker 3: expect someone to call my dad.

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Speaker 4: Yeah, that's really really strange. And I think like, as

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Speaker 4: the dad, you'd also be like, what is going on?

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Speaker 4: What's happened? Like you'd probably stress him out. And if

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Speaker 4: she's old enough to have, you know, done a PhD

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Speaker 4: and stuff like, presuming that her dad is a little

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Speaker 4: bit older, so that would be like a lot for him.

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Speaker 2: Scam.

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Speaker 3: Yes, the police were emailing my dad, and my dad

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Speaker 3: called and said, honey, look the cops have emailed me.

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Speaker 2: I'll be like, Dad, sit down.

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Speaker 3: The cops did not email you as much as that

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Speaker 3: child messaging WhatsApp is true, Like it's just not a thing.

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Speaker 4: Yeah, don't give them a credit car taking credit card details.

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Speaker 3: But I just think it's so wild because Jess, can

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Speaker 3: you imagine someone just calling your parents to ask about

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Speaker 3: you if you're in that circumstance, Like, it's just a

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Speaker 3: gross overstep of a boundary that honestly, anyway, I've got

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Speaker 3: a lot to say about that. It was a super

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Speaker 3: interesting episode. She's now absolutely flourishing, but it was a

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Speaker 3: really good insight into what happens when your identity is stolen.

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Speaker 3: And I feel like this past year, we've really been

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Speaker 3: talking about that because it's becoming more and more prevalent.

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Speaker 3: Like I had a friend the other day tell me

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Speaker 3: that one of her parents had their identity stolen.

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Speaker 2: I'm like, eighty to.

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Speaker 3: One hundred thousand dollars worth of personal loans taken out

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Speaker 3: in their name, and when they contacted the bank to

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Speaker 3: be like, hey, this is fraudulent, like there's three loans,

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Speaker 3: they were like, oh, yes, someone flagged the first loan

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Speaker 3: on your file as maybe not adding up, but no one.

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Speaker 2: Looked into it. Your Joe care. That's awful, And do

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Speaker 2: you know what it was?

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Speaker 3: It turns out it was, like just because the story

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Speaker 3: is interesting, it turns out it was an ex real

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Speaker 3: estate agent who was a leasing agent and then obviously

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Speaker 3: submitted all of their personal details which were now being

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Speaker 3: used to apply for personal loans. That is wild and

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Speaker 3: obviously so illegal and literally awful. But I'm telling you

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Speaker 3: because I have applied for rental properties before I've handed over,

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Speaker 3: you know, all of my personal details to people that

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Speaker 3: I thought I could trust, and it just turns out

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Speaker 3: you've got to be super super critical.

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Speaker 2: Of where it is.

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Speaker 3: And I guess it's another reason why we should all

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Speaker 3: be checking our credit scores all the time and our

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Speaker 3: credit reports to just make sure nothing awrye comes up.

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Speaker 4: Yeah, and if you want to know more about identity

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Speaker 4: that we did an episode at the end of last

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Speaker 4: year all about what to do if your identity is

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Speaker 4: stolen or if you think it might be stolen. So

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Speaker 4: that's a really good episode to go back out as

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Speaker 4: a good jo.

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Speaker 3: Speaking of deep dives, Just what happened this week on

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Speaker 3: our segway, Yeah, it was real smooth until we pointed

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Speaker 3: it out.

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Speaker 4: This week we spoke all about setting up your investment

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Speaker 4: plan for the new year, New year, New me, new

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Speaker 4: investment plan. It seems like kind of the vibe.

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Speaker 3: New year, New me, New goals that I'm going to

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Speaker 3: forget about by the end of January's where I'm at.

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Speaker 2: Yeah, absolutely not.

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Speaker 4: Because we spoke all about making sure it was sustainable. Yeah,

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Speaker 4: making sure we're setting realistic goals, making sure that we

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Speaker 4: have the room in our budget to achieve the investing

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Speaker 4: goals that we want to say in place for ourselves.

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Speaker 4: So it was about setting yourself up for success in

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Speaker 4: the new year and really aligning that to what you're

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Speaker 4: hoping to achieve overall, as well as in your investment portfolio.

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Speaker 3: It's so easy to get super motivated at the start

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Speaker 3: of a year to then actually not achieve any of

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Speaker 3: those things because the goals that you set were unrealistic

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Speaker 3: or just not sustainable. Like how many times I don't

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Speaker 3: know about you, Jet, but I don't know how many

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Speaker 3: times I've set the New year's resolution to get fit

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Speaker 3: and be healthy and then I've written goals like go

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Speaker 3: to the gym four times a week.

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Speaker 2: That's just never going to happen for me.

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Speaker 3: Yeah, Like, it's just unrealistic to expect me to do that,

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Speaker 3: And the same thing happens in your investment world and

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Speaker 3: in your money world. We actually just need to be

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Speaker 3: really realistic about it and set goals that work out

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Speaker 3: for us.

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Speaker 2: Yeah.

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Speaker 4: Absolutely, So it's a really good step by step to

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Speaker 4: set yourself up. We're all feeling good and, like you said,

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Speaker 4: really motivated at the moment, so let's harness that energy

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Speaker 4: and prep ourselves for a really good twenty twenty three.

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Speaker 3: Exciting all right, Speaking of exciting, my favorite part of

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Speaker 3: the show is actually talking about our community so let's

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Speaker 3: jump straight into the budget direct, money wins and compassions

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Speaker 3: of the week.

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Speaker 2: Jessica Rici, what are you bringing to the table?

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Speaker 4: Starting off with a New Year's themed one from Lauren?

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Speaker 4: She said, pre ordered the She's and the Money budget

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Speaker 4: Journal through shot back a twenty twenty three money win.

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Speaker 2: Oh one hundred percent.

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Speaker 3: And also that's just a little good casual plug. Did

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Speaker 3: you do that on purpose to remind the people that

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Speaker 3: maybe don't follow us on social media?

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Speaker 2: We have a budgeting journal that's come out so exciting.

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Speaker 2: It drops on the tenth of January, so so soon.

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Speaker 3: Yes, sorry, it wasn't available in times of Christmas. It

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Speaker 3: turns out I didn't plan to make this until too

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Speaker 3: late in the production schedule. But that's okay because you

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Speaker 3: can still order it and get on track for twenty

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Speaker 3: twenty three.

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Speaker 2: And I'm really excited.

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Speaker 4: Absolutely. It's packed full of tips and tricks. It's a

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Speaker 4: really great way to track all of your spending and

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Speaker 4: again your goals as well. There's check ins throughout the

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Speaker 4: years to help keep you on track. I feel like

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Speaker 4: you did a really great job of designing it super

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Speaker 4: thoughtfully in line with kind of the little tips and

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Speaker 4: tricks that we've given in the past. So if you

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Speaker 4: wanted a Victoria Divine in your pocket, maybe this journal

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Speaker 4: will be good for you. I feel like it's everything

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Speaker 4: you would expect from machines on the Money Budget Journal too,

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Speaker 4: so it's not just like rite down your budget, it's

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Speaker 4: also like reflect on your goals and your money story

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Speaker 4: and what's going on. Like there's all the stuff that

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Speaker 4: I think is really important to focus on as well,

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Speaker 4: all right.

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Speaker 2: Next money Win Jess.

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Speaker 4: Comes from Emma and she said money Win only bought

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Speaker 4: groceries and fuel last week. I avoided the shops and

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Speaker 4: deleted the incoming It's on sale emails to not tempt

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Speaker 4: myself with unnecessary miscellaneous spending. Queen behavior absolutely. Next one

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Speaker 4: comes from Kate, who said money Win, I couldn't afford

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Speaker 4: the two hundred dollars ticket to go to a festival

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Speaker 4: to see some bands I've always wanted to see. Then

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Speaker 4: I saw that they needed volunteers. For a few hours,

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Speaker 4: I helped out. Felt good, got to see the bands

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Speaker 4: I wanted and it looks great on my resume.

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Speaker 2: Oh my gosh, how good.

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Speaker 3: That's actually a hot tip that I didn't know existed.

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Speaker 3: While I was at UNI that I've only really recently

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Speaker 3: discovered that you can actually volunteer for a lot of

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Speaker 3: festivals to help set up or pack down or whatever

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Speaker 3: it is, and often they'll give you a ticket to

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Speaker 3: the festival's payment and tickets to festivals are so expensive, ridiculous.

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Speaker 4: Well, we did the same thing last year and we

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Speaker 4: did our Shees on the Money International Women's Day events.

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Speaker 4: We got some people to help us to volunteer pack

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Speaker 4: give bags. Don't forget that's coming up in March. So

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Speaker 4: if you haven't got your ticket, head to the She's

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Speaker 4: on the Money website.

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Speaker 2: It's running out or at the moment.

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Speaker 4: We have almost none left, So jump on there if

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Speaker 4: you're wanting to join us, and keep an eye out

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Speaker 4: because if we need volunteers, we'll be putting a call

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Speaker 4: out on socials just like we did last year.

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Speaker 2: That means free tickets you.

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Speaker 4: Love to see it. Next week comes from Nicole who

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Speaker 4: said she went to an event on Friday night, got

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Speaker 4: a discounted ticket for twenty nine dollars, pre booked her

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Speaker 4: parking for fourteen, then walked away with quite a few

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Speaker 4: free books. Some of them are going to go to friends.

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Speaker 4: One of them was autographed, and others she hasn't read yet,

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Speaker 4: but she's really excited to.

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Speaker 3: Oh my gosh, genius. Also, what kind of event is

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Speaker 3: only twenty nine bucks? Cheap parking and free books like

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Speaker 3: line it up? I want to go to that event

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Speaker 3: next year, The Ultimate Finance event next week. I've got

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Speaker 3: few comes from Catherine, who said she's been saving her

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Speaker 3: virtual spare change every day and has just about saved

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Speaker 3: enough to pay for her holiday accommodation this month. Five

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Speaker 3: hundred and fifty dollars saved since August, so it adds

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Speaker 3: up really fast.

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Speaker 2: Oh, when you said virtual money, I was like, what

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Speaker 2: are you talking about? Virtual money? Is it like yeah?

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Speaker 2: Is it like pretend money?

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Speaker 3: Is it like the money I used to make on

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Speaker 3: neopets from doing games?

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Speaker 2: I was like, when you're we out with this?

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Speaker 3: And when you said, oh, it's actual money, I was like,

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Speaker 3: that's actually even better than neopets money.

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Speaker 4: I feel like it's like roundups, but maybe manually if

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Speaker 4: her bank doesn't offer it or something like that.

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Speaker 2: That word just threw me. That is very impressive.

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Speaker 3: Also, five hundred bucks, that's a lot of money. I'm

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Speaker 3: going to recheck my roundups because I feel like I

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Speaker 3: could be doing more brilliant.

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Speaker 4: And the last one I have today comes from Alissa,

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Speaker 4: who said I had a bookcase, TV unit and two

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Speaker 4: coffee tables that I needed to get rid of. After

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Speaker 4: no bites on marketplace, I found out that Ikea does

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Speaker 4: buy back their furniture.

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Speaker 2: That's right.

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Speaker 4: A quick trip to Ikea on Saturday, and now I've

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Speaker 4: got six hundred and thirty dollars in my back pocket.

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Speaker 2: What the hell? How good is that?

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Speaker 3: It wasn't selling a marketplace? So you just dragged it

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Speaker 3: to Ikea and they brought their stuff back.

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Speaker 4: And I feel like every person on the planet had

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Speaker 4: at least one piece of Ica.

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Speaker 3: I have a Calix bookshelf that I don't need any more,

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Speaker 3: and to be honest, I'd be embarrassed to sell it

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Speaker 3: to somebody else because it's.

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Speaker 2: Just really well loved.

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Speaker 4: To Jessica, I'm a drag it back to Ikea, get

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Speaker 4: you some money back.

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Speaker 2: Ten out of ten idea.

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Speaker 3: All right, let's go to a really quick break, and

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Speaker 3: then after the break, I'm going to talk about the

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Speaker 3: rising cost of living, and we're going to talk about

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Speaker 3: how to label your expenses. When we're talking budget and

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Speaker 3: cash flow, don't go anywhere.

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Speaker 4: All right, everybody, welcome back. As you said before the break,

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Speaker 4: the cost of living pressure is really dominating everyone's worries.

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Speaker 4: I know that I have seen it. I've had to

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Speaker 4: expand my budget for my groceries, for my utilities, for

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Speaker 4: my petrol. It feels like everything is just getting so

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Speaker 4: much more expensive, and it's really stressful. Turns out I'm

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Speaker 4: not alone. Apparently fifty nine percent of people who were

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Speaker 4: recently surveyed were concerned about the skyrocketing cost of grocery

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Speaker 4: and electricity prices, soaring cost of rent, and the rising

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Speaker 4: interest rates for twenty twenty three.

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Speaker 3: Yeah, it gives me the ick, but it absolutely makes

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Speaker 3: sense that in twenty twenty three, this is what people

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Speaker 3: are worried about. Like, I just feel like, one, it's

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Speaker 3: not fair, but two it sparks a really good conversation

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Speaker 3: in our podcast, but also just in our business in general, Jess,

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Speaker 3: when we're talking about content and how we can actually

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Speaker 3: have the biggest impact on our listeners this year, because

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Speaker 3: I just feel like for the last twelve months we've

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Speaker 3: really focused on interest rates and investing, but it really

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Speaker 3: seems that the crux of people's issues aren't just in

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Speaker 3: being able to afford to invest. It's really about bringing

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Speaker 3: down our grocery budgets and how to be as savvy

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Speaker 3: as possible with electricity and those costs that we can't

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Speaker 3: actually as easily control. And I feel like it's so

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Speaker 3: easy to go, oh jes we just won't go out

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Speaker 3: for dinner as much, but when the grocery bill is exorbitant,

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Speaker 3: like what are we meant to turn? What are we

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Speaker 3: meant to do? So I just think it's so interesting

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Speaker 3: to understand. I guess what's going on. And obviously interest

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Speaker 3: rate pressure is insane. And in December Jests, I think

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Speaker 3: I've already told you this. I'm shocked, and I'm happy

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Speaker 3: to share this with the community. Everybody knows I own

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Speaker 3: a property. My partner and I have a mortgage, and

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Speaker 3: I want to be super transparent about that. We probably

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Speaker 3: have about nine hundred and fifty thousand dollars on that mortgage.

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Speaker 4: Right.

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Speaker 3: I have calculated maybe I need to go see Kate

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Speaker 3: from Zella Money, because if she listens to this, she's

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Speaker 3: going to be horrified. But I calculated that from January

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Speaker 3: twenty twenty two to December twenty twenty two, my interest pays,

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Speaker 3: so on my mortgage, we're paying principle and interest. At

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Speaker 3: the moment, my interest component of our mortgage has increased

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Speaker 3: by twenty one hundred dollars.

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Speaker 2: That is two one hundred.

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Speaker 3: Dollars on my mortgage, which, let's be honest, is actually

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Speaker 3: a very normal mortgage amount here in Melbourne. Like the

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Speaker 3: average property price is more than a million dollars these

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Speaker 3: days in Melbourne. It's even higher than that in Sydney.

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Speaker 3: So it's actually a really normal amount of money for

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Speaker 3: somebody who lives in the inner suburbs of Melbourne to have,

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Speaker 3: you know, taken on, especially with a partner. But the

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Speaker 3: idea that we are now under twenty one hundred dollars

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Speaker 3: more financial stress than we were, Please don't get me wrong.

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Speaker 3: I acknowledge our privilege and even being able to access

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Speaker 3: a mortgage and being in that position, but it has

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Speaker 3: really changed the way that we're investing and saving and

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Speaker 3: setting financial goals because that's twenty one hundred dollars a

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Speaker 3: month that has to come from somewhere else in our

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Speaker 3: budget to be allocated to the interest payments. Because from

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Speaker 3: my perspective, I just want to be smashing down my

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Speaker 3: home loan as much as possible as I can, But

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Speaker 3: where is that coming from? How is that going to work?

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Speaker 3: And thankfully, as I said before, acknowledging all the privilege

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Speaker 3: that I have in being able to pay it, but

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Speaker 3: oh my gosh, the pressure that I feel right now,

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Speaker 3: knowing that I just can't see how our community is

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Speaker 3: as level headed as they are at the moment, I

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Speaker 3: would be losing my mind as well as them.

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Speaker 4: Yeah, And it really is coming back to that conversation

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Speaker 4: around setting yourself up for success and being realistic with

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Speaker 4: what you can do. Because this article said that just

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Speaker 4: putting food on the table is the number one worry

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Speaker 4: of people for the upcoming year, and you go, okay, well,

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Speaker 4: if you can barely afford to feed you know, your

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Speaker 4: family of for your family of two, or whatever that

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Speaker 4: might be, how can you then be thinking about investing?

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Speaker 4: And I think it's really easier then fall down that

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Speaker 4: slippery slope of feeling like you're not doing enough and

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Speaker 4: feeling really stressed. And it's important to remember that we

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Speaker 4: are in a really tumultuous economic time, I think, and

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Speaker 4: we're really looking forward to making sure that we as

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Speaker 4: a team do everything that we can to support you

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Speaker 4: guys this year with content that really helps to set

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Speaker 4: you up so that you can feel confident and hopefully

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Speaker 4: not quite so stressed.

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Speaker 3: Yeah, and I just feel like investing content as much

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Speaker 3: as it is super exciting. And please don't think it's

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Speaker 3: going anywhere. In fact, I have a whole investing course

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Speaker 3: planned for this year, so please don't think that we're

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Speaker 3: going to reel back on that in any way, shape

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Speaker 3: or form. But there will be so much more relatable

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Speaker 3: content when it comes to savings and groceries and everyday

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Speaker 3: living expenses and budgeting and debt reduction and what to

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Speaker 3: do because Jess. Another thing that has come to light

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Speaker 3: over the last twelve months, because obviously research has been done,

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Speaker 3: the year is over, we now can look at it

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Speaker 3: in reflection. Debt rates for Australians have increased by ten percent.

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Speaker 3: So in twenty twenty one, twenty nine percent of Australians

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Speaker 3: had some type of personal debt that was not a mortgage,

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Speaker 3: and then in twenty twenty two that went.

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Speaker 2: Up to thirty nine percent.

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Speaker 4: Wow.

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Speaker 3: And with the rising cost of groceries and putting food

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Speaker 3: on the table and electricity and fuel, I feel like

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Speaker 3: it is never ending and I cannot see that going

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Speaker 3: down this year. I can only see it increasing. And

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Speaker 3: I don't think that there's any shame in that, because

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Speaker 3: at the end of the day, if our community is

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Speaker 3: going into debt, I know they're educated enough to know

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Speaker 3: why they are going into debt and how they are

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Speaker 3: going to get out of it on the flip side,

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Speaker 3: but it's just really upsetting that in the world we

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Speaker 3: live in, people just are needing to rely on things

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Speaker 3: like that, And as I said, absolutely no shame in it.

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Speaker 3: What we want to do, though, is make the most

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Speaker 3: educated decisions for our circumstance, and sometimes to put food

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Speaker 3: on the table, put your kids through school, and put

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Speaker 3: you in a position to actually thrive in the future.

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Speaker 3: Sometimes you do need to take a step backwards, and

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Speaker 3: I think that it is a really privileged thing to

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Speaker 3: say just don't go into debt, because that's just not

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Speaker 3: an option for a lot of people. So I think

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Speaker 3: it's important to acknowledge that that if it's gone up

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Speaker 3: in twenty twenty two and then in twenty twenty three,

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Speaker 3: as you said before, Jess, our number one concern is

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Speaker 3: groceries and fuel and energy, it's just going to increase

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Speaker 3: even more.

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Speaker 2: It's sad, but we've got this. We've got you.

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Speaker 4: We're going to support you. And maybe we'll pop a

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Speaker 4: thread up in the Facebook group this week and go

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Speaker 4: ahead and leave a comment let us know what's stressing

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Speaker 4: you out. What topics do you want us to cover

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Speaker 4: this year? Because I mean, we're really here to help

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Speaker 4: you guys, and.

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Speaker 2: Makes our job really easy if you just tell us

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Speaker 2: what to do. I'm out of ten.

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Speaker 3: We don't even need a producer and Lisa yeat No,

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Speaker 3: we keep a Melisa. We love Melisa, we love her.

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Speaker 3: All right, let's move on. We have a listener question

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Speaker 3: this week which is all about budget and cash flow,

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Speaker 3: so I feel like it's really relevant.

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Speaker 2: Let's have a listen. Hi, there, have you got a

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Speaker 2: money dilemma you just can't solve that. She's on the

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Speaker 2: Money Team is here to help.

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Speaker 3: Every week we tackle your dilemmas, both big and small,

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Speaker 3: to answer your most burning money, career and life questions.

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Speaker 3: To get involved, simply head to our website and leave

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Speaker 3: us a short voice recording and you might just find

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Speaker 3: yourself on the show. Now, let's take a listen to

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Speaker 3: this week's money dilemma.

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Speaker 5: Hi, my name is Vanessa. I'm reading your book and

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Speaker 5: I'm on the bank account out it and I have

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Speaker 5: a question. We have two kids and we have swimming classes, basketball, soccer, gymnastics.

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Speaker 5: Those expenses. Where do I put them on fixed? Like

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Speaker 5: necessary or discretionary? Some of them we think are necessary,

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Speaker 5: like swimming classes, we could agree the other ones are discretionary,

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Speaker 5: but I'm not sure how do I put them or

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Speaker 5: where do I put them? Thank you and your book

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Speaker 5: has been very helpful. Thank you.

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Speaker 2: Oh that was the sweetest message ever. Hi, Vanessa.

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Speaker 3: I'm really excited that you're asking this question because it

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Speaker 3: actually opens up a conversation of values and beliefs. And

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Speaker 3: there's actually not one actual answer to this because a

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Speaker 3: lot of things that you're asking about, and I'm really

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Speaker 3: grateful that your kids can do them are privilege. For

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Speaker 3: a lot of other families that is not accessible. And

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Speaker 3: as much as it for you, non negotiable. And you

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Speaker 3: know what, growing up, swimming lessons for us were non negotiable.

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Speaker 3: My parents did not let us get out of them,

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Speaker 3: regardless of how much we didn't want to do it,

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Speaker 3: were to love it. It was one of those circumstances.

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Speaker 3: But growing up in Australia beside the beach. My parents

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Speaker 3: were like, there's absolutely no way you are not going

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Speaker 3: to learn to swim. So I get that that question

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Speaker 3: of is it a necessary thing or not is really

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Speaker 3: actually up to you and your family values.

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Speaker 2: I think what you really need to.

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Speaker 3: Do in this circumstances step backwards out of the budget

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Speaker 3: categorization mode and actually into a conversation with your partner

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Speaker 3: about values and what is discretionary and what isn't not

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Speaker 3: necessarily What do your kids do right now? But what

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Speaker 3: is a necessary expense versus how do we personally categorize

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Speaker 3: something that's disposable? Because you know, swimming lessons and tennis

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Speaker 3: lessons and all of those extracurricular activities you could argue

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Speaker 3: are not necessary. But in some families you might go, no, absolutely,

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00:19:55,960 --> 00:19:59,040
Speaker 3: this is a necessary expense in our household that goes

441
00:19:59,080 --> 00:20:02,240
Speaker 3: in that column. And I totally get that. But again

442
00:20:02,359 --> 00:20:06,400
Speaker 3: it's quite personal. However, if you're in a position where

443
00:20:06,400 --> 00:20:08,719
Speaker 3: you are trying to cut back and work out what

444
00:20:08,920 --> 00:20:11,359
Speaker 3: is going on, maybe it is time to have a

445
00:20:11,400 --> 00:20:14,440
Speaker 3: look at, well, how many discretionary things do the kids

446
00:20:14,480 --> 00:20:17,840
Speaker 3: get to do? Do we allocate a specific budget to them?

447
00:20:18,160 --> 00:20:21,440
Speaker 3: To spend on. You know, if they want swimming lessons

448
00:20:21,480 --> 00:20:24,480
Speaker 3: and horse riding lessons and whatever else they're doing. Maybe

449
00:20:24,520 --> 00:20:27,200
Speaker 3: we allocate a certain amount per week and the kids

450
00:20:27,240 --> 00:20:30,040
Speaker 3: get to decide how that is made up of. Or

451
00:20:30,280 --> 00:20:32,720
Speaker 3: I just think there's a few things. What do you reckon, Jess,

452
00:20:32,760 --> 00:20:34,120
Speaker 3: how would you categorize it?

453
00:20:34,320 --> 00:20:38,199
Speaker 4: I personally would probably put them in discretionary. However, that

454
00:20:38,200 --> 00:20:39,960
Speaker 4: being said, I think the thing that's worth kind of

455
00:20:40,040 --> 00:20:42,720
Speaker 4: keeping in mind here is that you can come back

456
00:20:42,720 --> 00:20:45,240
Speaker 4: to this budget as many times as you want throughout

457
00:20:45,240 --> 00:20:47,640
Speaker 4: the year. And you know, we're talking about how things

458
00:20:47,680 --> 00:20:49,640
Speaker 4: are potentially going to get a little bit tougher as

459
00:20:49,640 --> 00:20:53,600
Speaker 4: the year goes on. If you put something into necessity

460
00:20:53,680 --> 00:20:56,200
Speaker 4: now and in six months time of year, oh my gosh,

461
00:20:56,280 --> 00:20:58,000
Speaker 4: we need to find an extra two hundred dollars in

462
00:20:58,000 --> 00:21:00,199
Speaker 4: the budget. Every month, you can come back to your

463
00:21:00,240 --> 00:21:03,000
Speaker 4: budget and go, oh, you know what, maybe we pop

464
00:21:03,040 --> 00:21:05,439
Speaker 4: the swimming lessons on hold for six months until we

465
00:21:05,600 --> 00:21:08,560
Speaker 4: kind of back on our feet and things hopefully stabilize

466
00:21:08,560 --> 00:21:10,119
Speaker 4: a little bit and we can bring them back in.

467
00:21:10,200 --> 00:21:11,600
Speaker 4: Or maybe we go from two lessons a week to

468
00:21:11,600 --> 00:21:14,040
Speaker 4: one lesson a week, and so you can always come back,

469
00:21:14,080 --> 00:21:16,440
Speaker 4: and that's something that I do. I obviously use the

470
00:21:16,600 --> 00:21:19,320
Speaker 4: Budget and cash Flow Master Class Plan for my budgeting

471
00:21:19,440 --> 00:21:22,200
Speaker 4: and I review it every I would say, at a

472
00:21:22,240 --> 00:21:24,680
Speaker 4: minimum two months, just to come back and make sure

473
00:21:24,680 --> 00:21:27,159
Speaker 4: that it's all still working for me. So pop it

474
00:21:27,320 --> 00:21:30,760
Speaker 4: wherever feels right to you now, But know that if

475
00:21:30,960 --> 00:21:33,280
Speaker 4: you know as you go along it's not quite working out,

476
00:21:33,600 --> 00:21:35,320
Speaker 4: you can change that. There's no rule that says that

477
00:21:35,359 --> 00:21:35,800
Speaker 4: you can't.

478
00:21:36,040 --> 00:21:38,760
Speaker 3: And it's really fluid, like personal finance is just that, right.

479
00:21:38,800 --> 00:21:41,000
Speaker 3: I say this all the time. It's personal, so it's

480
00:21:41,080 --> 00:21:43,840
Speaker 3: up to you. But when it comes to budget, it

481
00:21:44,080 --> 00:21:46,880
Speaker 3: is actually quite fluid. So as you said before, Jess,

482
00:21:46,880 --> 00:21:48,560
Speaker 3: if you need to find it an extra two hundred

483
00:21:48,600 --> 00:21:52,119
Speaker 3: bucks in the budget, what could you move from you know,

484
00:21:52,320 --> 00:21:56,439
Speaker 3: essential over to discretionary and back and forth. Because it's

485
00:21:56,520 --> 00:21:57,880
Speaker 3: kind of like, and I don't want to be too

486
00:21:57,920 --> 00:22:01,000
Speaker 3: trivial about this, but I've got friends that I'm talking

487
00:22:01,040 --> 00:22:02,439
Speaker 3: to at the moment that are saving up for like

488
00:22:02,440 --> 00:22:05,080
Speaker 3: Europe trips or saving up for a car purchase, and

489
00:22:05,119 --> 00:22:07,280
Speaker 3: I'm like, well, why don't you just put your TV

490
00:22:07,440 --> 00:22:11,199
Speaker 3: subscriptions on hold until you achieve that goal because it

491
00:22:11,280 --> 00:22:13,400
Speaker 3: might not be forever. And I think often when we're

492
00:22:13,400 --> 00:22:15,800
Speaker 3: canceling something or putting something on the back burner, you

493
00:22:15,920 --> 00:22:18,639
Speaker 3: just assume that's a finite decision, like that's it, Like

494
00:22:18,800 --> 00:22:22,320
Speaker 3: all right, well, I've canceled my stand membership, therefore it's gone.

495
00:22:22,600 --> 00:22:22,760
Speaker 2: No.

496
00:22:22,920 --> 00:22:25,480
Speaker 3: Why not cancel it for three months, achieve your financial goal,

497
00:22:25,480 --> 00:22:27,280
Speaker 3: and then get it back in line with the values

498
00:22:27,320 --> 00:22:30,280
Speaker 3: that you hold. Because from little things, they really do

499
00:22:30,400 --> 00:22:32,000
Speaker 3: add up. Like we say it on the pod. We've

500
00:22:32,040 --> 00:22:34,040
Speaker 3: said it for years on the pod. From little things,

501
00:22:34,040 --> 00:22:36,840
Speaker 3: big things grow. And I think you're right, maybe it's

502
00:22:36,880 --> 00:22:38,560
Speaker 3: time to go, all right, well are we doing two

503
00:22:38,560 --> 00:22:40,639
Speaker 3: classes a week? Could be dropped down to one? What

504
00:22:40,840 --> 00:22:44,560
Speaker 3: is necessary? But it's all about discussing it with family

505
00:22:44,600 --> 00:22:47,280
Speaker 3: as well. And I think that that's probably a really

506
00:22:47,320 --> 00:22:49,919
Speaker 3: good place to even get your kids involved in the

507
00:22:49,960 --> 00:22:53,399
Speaker 3: budgeting process, because I'm a big believer in kids being

508
00:22:53,440 --> 00:22:56,720
Speaker 3: more involved in financial decisions as a family. But I

509
00:22:56,880 --> 00:22:59,800
Speaker 3: also think it's too much of a burden to lump

510
00:22:59,840 --> 00:23:02,800
Speaker 3: the entire budget on children and go, oh, this is

511
00:23:02,840 --> 00:23:05,439
Speaker 3: how our entire family works, in our budget and our

512
00:23:05,480 --> 00:23:07,280
Speaker 3: rent and now mortgage, in this and this, and because

513
00:23:07,320 --> 00:23:09,600
Speaker 3: sometimes it's just a bit overwhelming, but that could be

514
00:23:09,600 --> 00:23:12,360
Speaker 3: a really good gateway of Hey, guys, Mum and dad

515
00:23:12,359 --> 00:23:13,120
Speaker 3: have done the budget.

516
00:23:13,160 --> 00:23:15,560
Speaker 2: We have X amount to spend. Here's what this cost.

517
00:23:15,640 --> 00:23:17,360
Speaker 2: This cost sits costs, what do you think?

518
00:23:17,400 --> 00:23:19,600
Speaker 3: How do you think we should manage this? And it

519
00:23:19,640 --> 00:23:21,879
Speaker 3: could actually be a really empowering way to get the

520
00:23:21,960 --> 00:23:24,960
Speaker 3: kids involved. But each to their own and personal finance

521
00:23:25,040 --> 00:23:26,920
Speaker 3: is just that, it's personal, so there's not a right

522
00:23:27,000 --> 00:23:28,200
Speaker 3: or wrong in this circumstance.

523
00:23:28,280 --> 00:23:29,880
Speaker 4: Oh my gosh, I love that. And if you're listening

524
00:23:29,920 --> 00:23:32,720
Speaker 4: to this, going what is this amazing budgeting costs.

525
00:23:33,119 --> 00:23:35,359
Speaker 2: The budget and cash flow course you've ever seen in

526
00:23:35,400 --> 00:23:36,320
Speaker 2: your entire life.

527
00:23:36,520 --> 00:23:39,000
Speaker 4: Absolutely, head to the She's on the Money website. It's

528
00:23:39,119 --> 00:23:41,640
Speaker 4: the Shees on the Money, a budget and cash flow masterclass.

529
00:23:41,680 --> 00:23:43,879
Speaker 4: And given it to the new year and everybody's working

530
00:23:43,880 --> 00:23:45,879
Speaker 4: on getting their finances sortag. Should we give them a

531
00:23:45,920 --> 00:23:47,120
Speaker 4: cheeky discount.

532
00:23:46,920 --> 00:23:48,959
Speaker 2: To help them ount? Absolutely? What's the code you're going

533
00:23:49,000 --> 00:23:49,199
Speaker 2: to make?

534
00:23:49,320 --> 00:23:51,680
Speaker 4: Just plug in pod fifty and that will give you

535
00:23:51,800 --> 00:23:54,199
Speaker 4: fifty dollars off. We'll keep that valid right through the

536
00:23:54,240 --> 00:23:56,159
Speaker 4: end of the month for you, So get in and

537
00:23:56,160 --> 00:23:58,160
Speaker 4: hopefully that will help you tear everything up and get

538
00:23:58,200 --> 00:24:01,160
Speaker 4: really organized so you gets some sort of for twenty twenty.

539
00:24:00,920 --> 00:24:02,000
Speaker 2: Three ten idea.

540
00:24:02,119 --> 00:24:03,680
Speaker 3: All right, I think that is all we have time

541
00:24:03,680 --> 00:24:06,440
Speaker 3: for today, JASICRICI have a beautiful weekend and She's on

542
00:24:06,480 --> 00:24:15,360
Speaker 3: the Money listeners, I love you season Bye. The advice

543
00:24:15,400 --> 00:24:17,959
Speaker 3: shared on She's on the Money is general in nature

544
00:24:18,000 --> 00:24:21,520
Speaker 3: and does not consider your individual circumstances. She's on the

545
00:24:21,520 --> 00:24:25,080
Speaker 3: Money exists purely for educational purposes and should not be

546
00:24:25,160 --> 00:24:28,520
Speaker 3: relied upon to make an investment or financial decision. If

547
00:24:28,560 --> 00:24:30,919
Speaker 3: you do choose to buy a financial product, read the

548
00:24:30,920 --> 00:24:34,480
Speaker 3: PDS TMD and obtain appropriate financial advice.

549
00:24:34,200 --> 00:24:35,560
Speaker 2: Tailored towards your needs.

550
00:24:35,880 --> 00:24:39,840
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

551
00:24:39,880 --> 00:24:43,760
Speaker 3: of money. Sheper pty Ltd ABN three two one is

552
00:24:43,800 --> 00:24:47,680
Speaker 3: six four nine two seven seven zero eight AFSL four

553
00:24:47,760 --> 00:24:51,560
Speaker 3: five one two eight nine