Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello and welcome to She's on the Money, the podcast
Speaker 4: for millennials who want financial freedom. Today is Friday, my Friends,
Speaker 4: which means it is time to sit back with the
Speaker 4: girls with a bev in hand, to unpack our favorite
Speaker 4: moments of the week, and of course, to celebrate you
Speaker 4: how incredible She's on the Money community. As always, we'll
Speaker 4: be sharing our favorite money wins, We're going to discuss
Speaker 4: what's making news in the finance world, and we'll be
Speaker 4: helping to answer a juicy money question, which this week
Speaker 4: is all about how to label your expenses when doing
Speaker 4: a bank account audit. But first it is time to
Speaker 4: recap the week that was.
Speaker 1: Jess.
Speaker 4: I'm going to start with Monday's money Diary, because this
Speaker 4: week was a spicy one.
Speaker 2: We spoke to a money darist who got arrested, oh,
Speaker 2: because she.
Speaker 4: Had her identity stolen. But to add insult injury, she's
Speaker 4: an adult. Okay, great, so the cops emailed her dad.
Speaker 4: The cops literally emailed her dad to ask about her
Speaker 4: and her whereabouts and what's going on. And this diarist
Speaker 4: I almost used her name, awkward, like, what is this?
Speaker 4: Why are you emailing my dad? She goes down to
Speaker 4: the station. She literally got arrested, got fingerprinted, got processed.
Speaker 4: Obviously she got let go because it wasn't her. She's
Speaker 4: actually a very intelligent PhD student doing a lot in Papa,
Speaker 4: New Guinea. But that is not the point of the
Speaker 4: I guess main part of the story. The story is
Speaker 4: the cops contacted her dad and she got arrested.
Speaker 2: What the heck?
Speaker 3: If I got a fail say well, Hi, it's the police,
Speaker 3: I'd be like, no, we're investigating your daughter.
Speaker 4: I actually could not believe this story because one that
Speaker 4: just seems like a gross like overstep of personal boundaries.
Speaker 4: If I do something wrong as an adult, I don't
Speaker 4: expect someone to call my dad.
Speaker 3: Yeah, that's really really strange. And I think like, as
Speaker 3: the dad, you'd also be like, what is going on?
Speaker 3: What's happened? Like you'd probably stress him out. And if
Speaker 3: she's old enough to have, you know, done a PhD
Speaker 3: and stuff like, presuming that her dad is a little
Speaker 3: bit older, so that would be like a lot for him.
Speaker 2: Scam.
Speaker 4: Yes, the police were emailing my dad, and my dad
Speaker 4: called and said, honey, look the cops have emailed me.
Speaker 4: I'll be like, Dad, sit down. The cops did not
Speaker 4: email you as much as that child messaging WhatsApp is true,
Speaker 4: Like it's just not a thing.
Speaker 3: Yeah, don't give them our credit car taking credit card details.
Speaker 4: But I just think it's so wild because Jess, can
Speaker 4: you imagine someone just calling your parents to ask about
Speaker 4: you if you're in that circumstance, Like, it's just a
Speaker 4: gross overstep of a boundary that honestly, anyway, I've got
Speaker 4: a lot to say about that. It was a super
Speaker 4: interesting episode. She's now absolutely flourishing, but it was a
Speaker 4: really good insight into what happens when your identity is stolen.
Speaker 4: And I feel like this past year, we've really been
Speaker 4: talking about that because it's becoming more and more prevalent.
Speaker 4: Like I had a friend the other day tell me
Speaker 4: that one of her parents had their identity stolen.
Speaker 2: I'm like, eighty to.
Speaker 4: One hundred thousand dollars worth of personal loans taken out
Speaker 4: in their name, and when they contacted the bank to
Speaker 4: be like, hey, this is fraudulent, like there's three loans,
Speaker 4: they were like, oh, yes, someone flagged the first loan
Speaker 4: on your file as maybe not adding up, but no one.
Speaker 2: Looked into it. Your Joe care.
Speaker 3: That's awful, And do you know what it was?
Speaker 4: It turns out it was, like just because the story
Speaker 4: is interesting, it turns out it was an ex real
Speaker 4: estate agent who was a leasing agent and then obviously
Speaker 4: submitted all of their personal details which were now being
Speaker 4: used to apply for personal loans. That is wild and
Speaker 4: obviously so illegal and literally awful. But I'm telling you
Speaker 4: because I have applied for rental properties before I've handed over,
Speaker 4: you know, all of my personal details to people that
Speaker 4: I thought I could trust, and it just turns out
Speaker 4: you've got to be super super critical of where it is.
Speaker 4: And I guess it's another reason why we should all
Speaker 4: be checking our credit scores all the time and our
Speaker 4: credit reports to just make sure nothing awrye comes up.
Speaker 3: Yeah, and if you want to know more about identity
Speaker 3: that we did an episode at the end of last
Speaker 3: year all about what to do if your identity is
Speaker 3: stolen or if you think it might be stolen. So
Speaker 3: that's a really good episode to go back out as
Speaker 3: a good jo.
Speaker 4: Speaking of deep dives, Just what happened this week on
Speaker 4: our segway, Yeah, it was real smooth until we pointed
Speaker 4: it out.
Speaker 3: This week we spoke all about setting up your investment
Speaker 3: plan for the new year, New year, New me, new
Speaker 3: investment plan. It seems like kind of the vibe.
Speaker 4: New year, New me, New goals that I'm going to
Speaker 4: forget about by the end of January's where I'm at.
Speaker 2: Yeah, absolutely not.
Speaker 3: Because we spoke all about making sure it was sustainable. Yeah,
Speaker 3: making sure we're setting realistic goals, making sure that we
Speaker 3: have the room in our budget to achieve the investing
Speaker 3: goals that we want to say in place for ourselves.
Speaker 3: So it was about setting yourself up for success in
Speaker 3: the new year and really aligning that to what you're
Speaker 3: hoping to achieve overall, as well as in your investment portfolio.
Speaker 4: It's so easy to get super motivated at the start
Speaker 4: of a year to then actually not achieve any of
Speaker 4: those things because the goals that you set were unrealistic
Speaker 4: or just not sustainable. Like how many times I don't
Speaker 4: know about you, Jet, but I don't know how many
Speaker 4: times I've set the New year's resolution to get fit
Speaker 4: and be healthy and then I've written goals like go
Speaker 4: to the gym four times a week.
Speaker 2: That's just never going to happen for me.
Speaker 4: Yeah, Like, it's just unrealistic to expect me to do that,
Speaker 4: And the same thing happens in your investment world and
Speaker 4: in your money world. We actually just need to be
Speaker 4: really realistic about it and set goals that work out
Speaker 4: for us.
Speaker 2: Yeah.
Speaker 3: Absolutely, So it's a really good step by step to
Speaker 3: set yourself up. We're all feeling good and, like you said,
Speaker 3: really motivated at the moment, so let's harness that energy
Speaker 3: and prep ourselves for a really good twenty twenty three.
Speaker 4: Exciting all right, Speaking of exciting, my favorite part of
Speaker 4: the show is actually talking about our community so let's
Speaker 4: jump straight into the budget direct, money wins and compassions
Speaker 4: of the week. Jessica Rici, what are you bringing to
Speaker 4: the table?
Speaker 3: Starting off with a New Year's themed one from Lauren?
Speaker 3: She said, pre ordered the She's and the Money budget
Speaker 3: Journal through shot back a twenty twenty three money win.
Speaker 2: Oh one hundred percent.
Speaker 4: And also that's just a little good casual plug. Did
Speaker 4: you do that on purpose to remind the people that
Speaker 4: maybe don't follow us on social media?
Speaker 2: We have a budgeting journal that's come out so exciting.
Speaker 2: It drops on the.
Speaker 4: Tenth of January, so so soon. Yes, sorry, it wasn't
Speaker 4: available in times of Christmas. It turns out I didn't
Speaker 4: plan to make this until too late in the production schedule.
Speaker 4: But that's okay because you can still order it and
Speaker 4: get on track for twenty twenty three.
Speaker 2: And I'm really excited.
Speaker 3: Absolutely. It's packed full of tips and tricks. It's a
Speaker 3: really great way to track all of your spending and
Speaker 3: again your goals as well. There's check ins throughout the
Speaker 3: years to help keep you on track. I feel like
Speaker 3: you did a really great job of designing it super
Speaker 3: thoughtfully in line with kind of the little tips and
Speaker 3: tricks that we've given in the past. So if you
Speaker 3: wanted a Victoria Divine in your pocket, maybe this journal
Speaker 3: will be good for you. I feel like it's everything
Speaker 3: you would expect from machines on the Money Budget Journal too,
Speaker 3: so it's not just like rite down your budget, it's
Speaker 3: also like reflect on your goals and your money story
Speaker 3: and what's going on. Like there's all the stuff that
Speaker 3: I think is really important to focus on as well,
Speaker 3: all right.
Speaker 2: Next money Win Jess.
Speaker 3: Comes from Emma and she said money Win only bought
Speaker 3: groceries and fuel last week. I avoided the shops and
Speaker 3: deleted the incoming It's on sale emails to not tempt
Speaker 3: myself with unnecessary miscellaneous spending. Queen behavior absolutely. Next one
Speaker 3: comes from Kate, who said money Win, I couldn't afford
Speaker 3: the two hundred dollars ticket to go to a festival
Speaker 3: to see some bands I've always wanted to see. Then
Speaker 3: I saw that they needed volunteers. For a few hours,
Speaker 3: I helped out. Felt good, got to see the bands
Speaker 3: I wanted and it looks great on my resume.
Speaker 2: Oh my gosh, how good.
Speaker 4: That's actually a hot tip that I didn't know existed.
Speaker 4: While I was at UNI that I've only really recently
Speaker 4: discovered that you can actually volunteer for a lot of
Speaker 4: festivals to help set up or pack down or whatever
Speaker 4: it is, and often they'll give you a ticket to
Speaker 4: the festival's payment and tickets to festivals are so expensive, ridiculous.
Speaker 3: Well, we did the same thing last year and we
Speaker 3: did our Shees on the Money International Women's Day events.
Speaker 3: We got some people to help us to volunteer pack
Speaker 3: give bags. Don't forget that's coming up in March. So
Speaker 3: if you haven't got your ticket, head to the She's
Speaker 3: on the Money website.
Speaker 2: It's running out or at the moment.
Speaker 3: We have almost none left, So jump on there if
Speaker 3: you're wanting to join us, and keep an eye out
Speaker 3: because if we need volunteers, we'll be putting a call
Speaker 3: out on socials just like we did last year.
Speaker 2: That means free tickets you love to see it.
Speaker 3: Next week comes from Nicole who said she went to
Speaker 3: an event on Friday night, got a discounted ticket for
Speaker 3: twenty nine dollars, pre booked her parking for fourteen, then
Speaker 3: walked away with quite a few free books. Some of
Speaker 3: them are going to go to friends. One of them
Speaker 3: was autographed, and others she hasn't read yet, but she's
Speaker 3: really excited to.
Speaker 4: Oh my gosh, genius. Also, what kind of event is
Speaker 4: only twenty nine bucks? Cheap parking and free books like
Speaker 4: line it up? I want to go to that event
Speaker 4: next year, The Ultimate Finance event next week. I've got
Speaker 4: few comes from Catherine, who said she's been saving her
Speaker 4: virtual spare change every day and has just about saved
Speaker 4: enough to pay for her holiday accommodation this month. Five
Speaker 4: hundred and fifty dollars saved since August, so it adds
Speaker 4: up really fast.
Speaker 2: Oh, when you said virtual money, I was like, what
Speaker 2: are you talking about? Virtual money? Is it like yeah?
Speaker 2: Is it like pretend money?
Speaker 4: Is it like the money I used to make on
Speaker 4: neopets from doing games?
Speaker 2: I was like, when you're we out with this?
Speaker 4: And when you said, oh, it's actual money, I was like,
Speaker 4: that's actually even better than neopets money.
Speaker 3: I feel like it's like roundups, but maybe manually if
Speaker 3: her bank doesn't offer it or something like that.
Speaker 2: That word just threw me. That is very impressive.
Speaker 4: Also, five hundred bucks, that's a lot of money. I'm
Speaker 4: going to recheck my roundups because I feel like I
Speaker 4: could be doing more brilliant.
Speaker 3: And the last one I have today comes from Alissa,
Speaker 3: who said I had a bookcase, TV unit and two
Speaker 3: coffee tables that I needed to get rid of. After
Speaker 3: no bites on marketplace, I found out that Ikea does
Speaker 3: buy back their furniture.
Speaker 2: That's right.
Speaker 3: A quick trip to Ikea on Saturday, and now I've
Speaker 3: got six hundred and thirty dollars in.
Speaker 2: My back pocket. What the hell? How good is that?
Speaker 4: It wasn't selling a marketplace? So you just dragged it
Speaker 4: to Ikea and they brought their stuff back.
Speaker 3: And I feel like every person on the planet had
Speaker 3: at least one piece of Ica.
Speaker 4: I have a Calix bookshelf that I don't need any more,
Speaker 4: and to be honest, I'd be embarrassed to sell it
Speaker 4: to somebody else because it's.
Speaker 2: Just really well loved.
Speaker 3: To Jessica, I'm a drag it back to Ikea, get
Speaker 3: you some money back.
Speaker 2: Ten out of ten idea.
Speaker 4: All right, let's go to a really quick break, and
Speaker 4: then after the break, I'm going to talk about the
Speaker 4: rising cost of living, and we're going to talk about
Speaker 4: how to label your expenses. When we're talking budget and
Speaker 4: cash flow, don't go anywhere.
Speaker 3: All right, everybody, welcome back. As you said before the break,
Speaker 3: the cost of living pressure is really dominating everyone's worries.
Speaker 3: I know that I have seen it. I've had to
Speaker 3: expand my budget for my groceries, for my utilities, for
Speaker 3: my petrol. It feels like everything is just getting so
Speaker 3: much more expensive, and it's really stressful. Turns out I'm
Speaker 3: not alone. Apparently fifty nine percent of people who were
Speaker 3: recently surveyed were concerned about the skyrocketing cost of grocery
Speaker 3: and electricity prices, soaring cost of rent, and the rising
Speaker 3: interest rates for twenty twenty three.
Speaker 4: Yeah, it gives me the ick, but it absolutely makes
Speaker 4: sense that in twenty twenty three, this is what people
Speaker 4: are worried about. Like, I just feel like, one, it's
Speaker 4: not fair, but two it sparks a really good conversation
Speaker 4: in our podcast, but also just in our business in general, Jess,
Speaker 4: when we're talking about content and how we can actually
Speaker 4: have the biggest impact on our listeners this year, because
Speaker 4: I just feel like for the last twelve months we've
Speaker 4: really focused on interest rates and investing, but it really
Speaker 4: seems that the crux of people's issues aren't just in
Speaker 4: being able to afford to invest. It's really about bringing
Speaker 4: down our grocery budgets and how to be as savvy
Speaker 4: as possible with electricity and those costs that we can't
Speaker 4: actually as easily control. And I feel like it's so
Speaker 4: easy to go, oh jes we just won't go out
Speaker 4: for dinner as much, but when the grocery bill is exorbitant,
Speaker 4: like what are we meant to turn? What are we
Speaker 4: meant to do? So I just think it's so interesting
Speaker 4: to understand. I guess what's going on. And obviously interest
Speaker 4: rate pressure is insane. And in December Jests, I think
Speaker 4: I've already told you this. I'm shocked, and I'm happy
Speaker 4: to share this with the community. Everybody knows I own
Speaker 4: a property. My partner and I have a mortgage, and
Speaker 4: I want to be super transparent about that. We probably
Speaker 4: have about nine hundred and fifty thousand dollars on that mortgage.
Speaker 2: Right.
Speaker 4: I have calculated maybe I need to go see Kate
Speaker 4: from Zella Money, because if she listens to this, she's
Speaker 4: going to be horrified. But I calculated that from January
Speaker 4: twenty twenty two to December twenty twenty two, my interest
Speaker 4: pays on my mortgage. We're paying principle and interest. At
Speaker 4: the moment, my interest component of our mortgage has increased
Speaker 4: by twenty one hundred dollars.
Speaker 2: That is two one hundred.
Speaker 4: Dollars on my mortgage, which, let's be honest, is actually
Speaker 4: a very normal mortgage amount here in Melbourne. Like the
Speaker 4: average property price is more than a million dollars these
Speaker 4: days in Melbourne. It's even higher than that in Sydney.
Speaker 4: So it's actually a really normal amount of money for
Speaker 4: somebody who lives in the inner suburbs of Melbourne to have,
Speaker 4: you know, taken on, especially with a partner. But the
Speaker 4: idea that we are now under twenty one hundred dollars
Speaker 4: more financial stress than we were, Please don't get me wrong.
Speaker 4: I acknowledge our privilege and even being able to access
Speaker 4: a mortgage and being in that position, but it has
Speaker 4: really changed the way that we're investing and saving and
Speaker 4: setting financial goals because that's twenty one hundred dollars a
Speaker 4: month that has to come from somewhere else in our
Speaker 4: budget to be allocated to the interest payments. Because from
Speaker 4: my perspective, I just want to be smashing down my
Speaker 4: home loan as much as possible as I can. But
Speaker 4: where is that coming from? How is that going to work?
Speaker 4: And thankfully, as I said before, acknowledging all the privilege
Speaker 4: that I have in being able to pay it, but
Speaker 4: oh my gosh, the pressure that I feel right now,
Speaker 4: knowing that I just can't see how our community is
Speaker 4: as level headed as they are at the moment, I
Speaker 4: would be losing my mind as well as them.
Speaker 3: Yeah, And it really is coming back to that conversation
Speaker 3: around setting yourself up for success and being realistic with
Speaker 3: what you can do. Because this article said that just
Speaker 3: putting food on the table is the number one worry
Speaker 3: of people for the upcoming year, and you go, okay, well,
Speaker 3: if you can barely afford to feed you know, your
Speaker 3: family of for your family of two, or whatever that
Speaker 3: might be, how can you then be thinking about investing?
Speaker 3: And I think it's really easier then fall down that
Speaker 3: slippery slope of feeling like you're not doing enough and
Speaker 3: feeling really stressed. And it's important to remember that we
Speaker 3: are in a really tumultuous economic time, I think, and
Speaker 3: we're really looking forward to making sure that we as
Speaker 3: a team do everything that we can to support you
Speaker 3: guys this year with content that really helps to set
Speaker 3: you up so that you can feel confident and hopefully
Speaker 3: not quite so stressed.
Speaker 4: Yeah, and I just feel like investing content as much
Speaker 4: as it is super exciting. And please don't think it's
Speaker 4: going anywhere. In fact, I have a whole investing course
Speaker 4: planned for this year, so please don't think that we're
Speaker 4: going to reel back on that in any way, shape
Speaker 4: or form. But there will be so much more relatable
Speaker 4: content when it comes to savings and groceries and everyday
Speaker 4: living expenses and budgeting and debt reduction and what to
Speaker 4: do because Jess. Another thing that has come to light
Speaker 4: over the last twelve months, because obviously research has been done,
Speaker 4: the year is over, we now can look at it
Speaker 4: in reflection. Debt rates for Australians have increased by ten percent.
Speaker 4: So in twenty twenty one, twenty nine percent of Australians
Speaker 4: had some type of personal debt that was not a mortgage,
Speaker 4: and then in twenty twenty two that went.
Speaker 2: Up to thirty nine percent.
Speaker 3: Wow.
Speaker 4: And with the rising cost of groceries and putting food
Speaker 4: on the table and electricity and fuel, I feel like
Speaker 4: it is never ending. And I cannot see that going
Speaker 4: down this year. I can only see it increasing. And
Speaker 4: I don't think that there's any shame in that, because
Speaker 4: at the end of the day, if our community is
Speaker 4: going into debt, I know they're educated enough to know
Speaker 4: why they are going into debt and how they are
Speaker 4: going to get out of it on the flip side,
Speaker 4: but it's just really upsetting that in the world we
Speaker 4: live in, people just are needing to rely on things
Speaker 4: like that, And as I said, absolutely no shame in it.
Speaker 4: What we want to do, though, is make the most
Speaker 4: educated decisions for our circumstance, and sometimes to put food
Speaker 4: on the table, put your kids through school, and put
Speaker 4: you in a position to actually thrive in the future.
Speaker 4: Sometimes you do need to take a step backwards, and
Speaker 4: I think that it is a really privileged thing to
Speaker 4: say just don't go into debt, because that's just not
Speaker 4: an option for a lot of people. So I think
Speaker 4: it's important to acknowledge that that if it's gone up
Speaker 4: in twenty twenty two and then in twenty twenty three,
Speaker 4: as you said before, Jess, our number one concern is
Speaker 4: groceries and fuel and energy, it's just going to increase
Speaker 4: even more. It's sad, but we've got this.
Speaker 2: We've got you.
Speaker 3: We're going to support you. And maybe we'll pop a
Speaker 3: thread up in the Facebook group this week and go
Speaker 3: ahead and leave a comment let us know what's stressing
Speaker 3: you out. What topics do you want us to cover
Speaker 3: this year? Because I mean, we're really here to help
Speaker 3: you guys, and.
Speaker 2: Makes our job really easy if you just tell us
Speaker 2: what to do. I'm out of ten.
Speaker 4: We don't even need a producer and Lisa yeat No,
Speaker 4: we keep our Melisa. We love Melisa, we love her.
Speaker 2: All right, let's move on.
Speaker 4: We have a listener question this week which is all
Speaker 4: about budget and cash flow, so I feel like it's
Speaker 4: really relevant.
Speaker 2: Let's have a listen.
Speaker 4: Hi, there, have you got a money dilemma you just
Speaker 4: can't solve that. She's on the Money Team is here
Speaker 4: to help. Every week we tackle your dilemmas, both big
Speaker 4: and small, to answer your most burning money, career and
Speaker 4: life questions. To get involved, simply head to our website
Speaker 4: and leave us a short voice recording and you might
Speaker 4: just find yourself on the show. Now, let's take a
Speaker 4: listen to this week's money dilemma.
Speaker 5: Hi, my name is Vanessa. I'm reading your book and
Speaker 5: I'm on the bank account out it and I have
Speaker 5: a question. We have two kids and we have swimming classes, basketball, soccer, gymnastics.
Speaker 5: Those expenses. Where do I put them on fixed? Like
Speaker 5: necessary or discretionary? Some of them we think are necessary,
Speaker 5: like swimming classes, we could agree the other ones are discretionary,
Speaker 5: but I'm not sure how do I put them or
Speaker 5: where do I put them? Thank you and your book
Speaker 5: has been very helpful. Thank you.
Speaker 2: Oh that was the sweetest message ever. Hi, Vanessa.
Speaker 4: I'm really excited that you're asking this question because it
Speaker 4: actually opens up a conversation of values and beliefs. And
Speaker 4: there's actually not one actual answer to this because a
Speaker 4: lot of things that you're asking about, and I'm really
Speaker 4: grateful that your kids can do them are privilege. For
Speaker 4: a lot of other families that is not accessible. And
Speaker 4: as much as it for you, non negotiable. And you
Speaker 4: know what, growing up, swimming lessons for us were non negotiable.
Speaker 4: My parents did not let us get out of them,
Speaker 4: regardless of how much we didn't want to do it,
Speaker 4: were to love it. It was one of those circumstances. But
Speaker 4: growing up in Australia beside the beach. My parents were like,
Speaker 4: there's absolutely no way you are not going to learn
Speaker 4: to swim. So I get that that question of is
Speaker 4: it a necessary thing or not is really actually up
Speaker 4: to you and your family values.
Speaker 2: I think what you really need to.
Speaker 4: Do in this circumstances step backwards out of the budget
Speaker 4: categorization mode and actually into a conversation with your partner
Speaker 4: about values and what is discretionary and what isn't not
Speaker 4: necessarily What do your kids do right now? But what
Speaker 4: is a necessary expense versus how do we personally categorize
Speaker 4: something that's disposable? Because you know, swimming lessons and tennis
Speaker 4: lessons and all of those extracurricular activities you could argue
Speaker 4: are not necessary. But in some families you might go, no, absolutely,
Speaker 4: this is a necessary expense in our household that goes
Speaker 4: in that column. And I totally get that. But again
Speaker 4: it's quite personal. However, if you're in a position where
Speaker 4: you are trying to cut back and work out what
Speaker 4: is going on, maybe it is time to have a
Speaker 4: look at, well, how many discretionary things do the kids
Speaker 4: get to do? Do we allocate a specific budget to them?
Speaker 4: To spend on. You know, if they want swimming lessons
Speaker 4: and horse riding lessons and whatever else they're doing. Maybe
Speaker 4: we allocate a certain amount per week and the kids
Speaker 4: get to decide how that is made up of. Or
Speaker 4: I just think there's a few things. What do you reckon, Jess,
Speaker 4: how would you categorize it?
Speaker 3: I personally would probably put them in discretionary. However, that
Speaker 3: being said, I think the thing that's worth kind of
Speaker 3: keeping in mind here is that you can come back
Speaker 3: to this budget as many times as you want throughout
Speaker 3: the year. And you know, we're talking about how things
Speaker 3: are potentially going to get a little bit tougher as
Speaker 3: the year goes on. If you put something into necessity
Speaker 3: now and in six months time of year, oh my gosh,
Speaker 3: we need to find an extra two hundred dollars in
Speaker 3: the budget. Every month, you can come back to your
Speaker 3: budget and go, oh, you know what, maybe we pop
Speaker 3: the swimming lessons on hold for six months until we
Speaker 3: kind of back on our feet and things hopefully stabilize
Speaker 3: a little bit and we can bring them back in.
Speaker 3: Or maybe we go from two lessons a week to
Speaker 3: one lesson a week, and so you can always come back,
Speaker 3: and that's something that I do. I obviously use the
Speaker 3: Budget and cash Flow Master Class Plan for my budgeting
Speaker 3: and I review it every I would say, at a
Speaker 3: minimum two months, just to come back and make sure
Speaker 3: that it's all still working for me. So pop it
Speaker 3: wherever feels right to you now, But know that if
Speaker 3: you know as you go along it's not quite working out,
Speaker 3: you can change that. There's no rule that says that
Speaker 3: you can't.
Speaker 4: And it's really fluid, like personal finance is just that, right.
Speaker 4: I say this all the time. It's personal, so it's
Speaker 4: up to you. But when it comes to budget, it
Speaker 4: is actually quite fluid. So as you said before, Jess,
Speaker 4: if you need to find it an extra two hundred
Speaker 4: bucks in the budget, what could you move from you know,
Speaker 4: essential over to discretionary and back and forth. Because it's
Speaker 4: kind of like, and I don't want to be too
Speaker 4: trivial about this, but I've got friends that I'm talking
Speaker 4: to at the moment that are saving up for like
Speaker 4: Europe trips or saving up for a car purchase, and
Speaker 4: I'm like, well, why don't you just put your TV
Speaker 4: subscriptions on hold until you achieve that goal because it
Speaker 4: might not be forever. And I think often when we're
Speaker 4: canceling something or putting something on the back burner, you
Speaker 4: just assume that's a finite decision, like that's it, Like
Speaker 4: all right, well, I've canceled my stand membership, therefore it's gone.
Speaker 2: No.
Speaker 4: Why not cancel it for three months, achieve your financial goal,
Speaker 4: and then get it back in line with the values
Speaker 4: that you hold. Because from little things, they really do
Speaker 4: add up. Like we say it on the pod. We've
Speaker 4: said it for years on the pod. From little things,
Speaker 4: big things grow. And I think you're right, maybe it's
Speaker 4: time to go all right, well are we doing two
Speaker 4: classes a week? Could be dropped down to one? What
Speaker 4: is necessary? But it's all about discussing it with family
Speaker 4: as well. And I think that that's probably a really
Speaker 4: good place to even get your kids involved in the
Speaker 4: budgeting process, because I'm a big believer in kids being
Speaker 4: more involved in financial decisions as a family. But I
Speaker 4: also think it's too much of a burden to lump
Speaker 4: the entire budget on children and go, oh, this is
Speaker 4: how our entire family works, in our budget, and our
Speaker 4: rent and no our mortgage, in this and this, and
Speaker 4: because sometimes it's just a bit overwhelming, but that could
Speaker 4: be a really good gateway of Hey, guys, Mum and
Speaker 4: dad have done the budget.
Speaker 2: We have X amount to spend. Here's what this cost.
Speaker 2: This cost sits costs.
Speaker 4: What do you think? How do you think we should
Speaker 4: manage this? And it could actually be a really empowering
Speaker 4: way to get the kids involved. But each to their
Speaker 4: own and personal finance is just that, it's personal, so
Speaker 4: there's not a right or wrong in this circumstance.
Speaker 3: Oh my gosh, I love that. And if you're listening
Speaker 3: to this, going what is this amazing budgeting costs.
Speaker 2: The budget and cash flow course you've ever seen in
Speaker 2: your entire life.
Speaker 3: Absolutely, head to the She's on the Money website. It's
Speaker 3: the Shees on the Money, a budget and cash flow masterclass.
Speaker 3: And given it to the new year and everybody's working
Speaker 3: on getting their finances sortag. Should we give them a
Speaker 3: cheeky discount.
Speaker 2: To help them ount? Absolutely? What's the code you're going
Speaker 2: to make?
Speaker 3: Just plug in pod fifty and that will give you
Speaker 3: fifty dollars off. We'll keep that valid right through the
Speaker 3: end of the month for you, So get in and
Speaker 3: hopefully that will help you tear everything up and get
Speaker 3: really organized so you get some sort of for twenty
Speaker 3: twenty three ten idea.
Speaker 4: All right, I think that is all we have time
Speaker 4: for today, JASCRICI have a beautiful weekend and She's on
Speaker 4: the Money listeners, I love you season Bye. The advice
Speaker 4: shared on She's on the Money is general in nature
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