Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
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Speaker 2: She's on the Money.
Speaker 3: She's on the Money. Hello, my friends, and welcome to
Speaker 3: She's on the Money, the podcast that makes your personal
Speaker 3: finances fun, especially on a Friday. The gang is back
Speaker 3: together for another edition of Friday Drinks, where we gather
Speaker 3: to celebrate you our clever She's on the Money Community
Speaker 3: Victoria Devine and joining me this week. Is the winsome
Speaker 3: Miss Jessgariici with our community's best money wins and of course,
Speaker 3: the benevolent Miss beck Sayed is here bracing broke tips glore. Welcome,
Speaker 3: my friends. We're also going to be covering some juicy
Speaker 3: money dilemmas which seem to be rather investment coded.
Speaker 4: This week.
Speaker 3: One community member slid into our DMS with I would
Speaker 3: say a concern about couple's money values, while another leftist
Speaker 3: of voicemail devoted to dollar cost averaging are the best
Speaker 3: ways that we can do it? Do you fancy having
Speaker 3: your dilemma discussed on our podcast? Come on through, my friends.
Speaker 3: All you need to do is head to our podcast
Speaker 3: page on the She's on the Money website, record a
Speaker 3: little punchy dilemma of your own, and who knows, your
Speaker 3: query might just make the cut better. Yet, it might
Speaker 3: even help other listeners just like you work through their
Speaker 3: money woes. Now, wouldn't you know what, my friends? It
Speaker 3: is for our five star review? Are you strapped in?
Speaker 3: Are you ready?
Speaker 5: Yeah?
Speaker 3: Absolutely? The five star review time is where we get
Speaker 3: to hear from our lovely listeners about the ways that
Speaker 3: they are finding financial independence and confidence with a little
Speaker 3: help from us and the show. This one comes from
Speaker 3: a friend called Amy, who says, hey, guys, I am
Speaker 3: sure you get a million messages like these, arguably not
Speaker 3: a million week. We would like more, but I just
Speaker 3: wanted to say thank you so much for the advice
Speaker 3: you have given. I was going through some money problems
Speaker 3: recently caused by my own reckless spending and seriously considered
Speaker 3: taking out a personal loan as I was too embarrassed
Speaker 3: to ask for help, But in the process of applying
Speaker 3: for it, there was a little voice in the back
Speaker 3: of my head that sounded suspiciously like you guys, telling
Speaker 3: me to check out other options first. Luckily, I am
Speaker 3: extremely fortunate and was able to get my parents to
Speaker 3: reduce my board for a couple of months while I
Speaker 3: sought my stuff out. It was definitely the wake up
Speaker 3: call that I needed, and I cannot thank you guys
Speaker 3: enough for playing a part in it. Oh idea that
Speaker 3: we're like the little sound on your shoulder like don't
Speaker 3: do this, yes, like the fairly odd parents like, which
Speaker 3: is like a bit how you go in fairies be
Speaker 3: like don't do that.
Speaker 4: Yeah, Oh that's gorgeous, because.
Speaker 3: It really is a slippery slope. So I'm really glad
Speaker 3: that you didn't. Proud of you and thank you so much.
Speaker 3: I love that Amy. It sounds like our voices are
Speaker 3: maybe living a little bit rent free in your head,
Speaker 3: or maybe we should start paying you bored. We are
Speaker 3: so proud of you exploring your options and honestly finding
Speaker 3: a way out, because there's always another option. If we've
Speaker 3: taught you anything interesting about your finances or how to
Speaker 3: make your dollars go a little bit further, please let
Speaker 3: us know by leaving a five star review for She's
Speaker 3: on the Money on Apple, podcast, Spotify, or honestly, wherever
Speaker 3: you tune in. We take them in our dms. I
Speaker 3: take them in my DMS. I will take carry a
Speaker 3: pigeon literally anything. All right, jessic Ricci, are you buckled in?
Speaker 3: And are you ready? I am a question of the
Speaker 3: week time and this one might call for a little
Speaker 3: bit of ar capella. Okay, Sue wants to know what's
Speaker 3: your karaoke song and do you have matching dance moves?
Speaker 5: My goodness, I fear I avoid karaoke like it's my
Speaker 5: I don't think I've been.
Speaker 3: Usual adult life, really, I just feel like you're a carrier.
Speaker 5: No, this is my worst nightmare because I cannot even
Speaker 5: carry a tune and my social anxiety, all these people
Speaker 5: looking at me no like I can't. I would literally
Speaker 5: need to be even hammered. I don't think you could
Speaker 5: convince me to get on that stage.
Speaker 3: But if we were to convince you to get on
Speaker 3: the stage, what song would you be most comfortable singing?
Speaker 5: Oh, I'm in a belt out some t swift. Put
Speaker 5: on any of the discography, proferably something offbeat, you know,
Speaker 5: maybe like paper Rings or something fun like that.
Speaker 3: A reputation. But yeah, we can't convince you to do
Speaker 3: the dance a chance in hell. That's crazy. I feel
Speaker 3: like you're the exact opposite. I love I saw that
Speaker 3: coming a million but I thought you would say, yeah,
Speaker 3: I love karaoke, it's really fun.
Speaker 5: I will support, I will cheer, I will woogle people
Speaker 5: like I'll go to care.
Speaker 3: But you are such a wor girl. I'm not participating. Okay,
Speaker 3: all right, I feel like you'll move your shoulders. I'll
Speaker 3: be dancing on the sideline. I feel like you're the
Speaker 3: dreams that would be singing on the sidelines. But don't
Speaker 3: give you the microphone. Yeah, that's a fair that's a
Speaker 3: fair assessment because like at the Taylor Swift concert, we
Speaker 3: were screaming. That's true, Like every single lyric we were
Speaker 3: screaming them. Like, it's not like you were scared of
Speaker 3: being heard, jests, no one looking at me.
Speaker 4: Problem is not being perceived. But you have seen, you
Speaker 4: want to see, you want to move.
Speaker 3: She wants to be a karaoke girl.
Speaker 4: I get that. I get that. I get there. So
Speaker 4: maybe maybe alone you're a home I get you. How
Speaker 4: do I whittle it down? So definitely.
Speaker 3: I love that there's options, there's so many, so special
Speaker 3: to Mithiggans obviously, dreams, Gabrielle.
Speaker 4: Dreams, Ken came true.
Speaker 3: And then I know this is like this is like,
Speaker 3: you know, maybe ethically ambiguous, but I really quickly ambiguous.
Speaker 6: I like that.
Speaker 4: I love human nature.
Speaker 3: Michael Jackson and sorry, sorry, we don't need I know,
Speaker 3: and I'm trying to wean myself off. Oh no, no, no,
Speaker 3: like we can keep them. Sorry, they live in our past.
Speaker 3: That's they live in our past. Jackson, you know, just
Speaker 3: to be like questionable in terms of his decision making.
Speaker 3: But at the same time, I think he's not here anymore.
Speaker 3: So if you like his music pop Off Queen.
Speaker 4: Those are my three main ones, okay, and then there's
Speaker 4: so many more.
Speaker 3: But I don'teel like a man in the mirror would
Speaker 3: be something that you would be like all over. Actually
Speaker 3: wouldn't mind that, but I don't know if you could.
Speaker 4: Maybe I could.
Speaker 3: I trust the register change exactly, and what about you?
Speaker 3: Oh my god, I don't know. I feel so stumped.
Speaker 3: Like Jess Love a microphone, put it in front of me,
Speaker 3: do not make me sing. I can't sing my toddler
Speaker 3: the other mummy, stop mortifying, mortifying. I was just like singing.
Speaker 3: And he goes like I'm holding my toddler, cradling him,
Speaker 3: and like, for his entire life, I've sung to him
Speaker 3: while he's like going to sleep, you know, not every time,
Speaker 3: but sometimes, and he puts his fingers over my mouth
Speaker 3: and goes, mammy stop honestly, fair fair. So yeah, I'm
Speaker 3: not a karaoke girly, but if I was going to
Speaker 3: it would be a song that I know really well,
Speaker 3: like TLC Waterfalls.
Speaker 4: Oh yeah, okay, like I even.
Speaker 3: Know the rap part, which I think is so funny
Speaker 3: because it doesn't suit my personality at all.
Speaker 4: I wouldn't picked it for you, but I can see it.
Speaker 3: It's really fun or like a Natasha Beddingfield unwritten or
Speaker 3: something like something really honestly, the takia the better. Yeah,
Speaker 3: so that's where I would be. We are not, just
Speaker 3: to be very clear, we are not going to be
Speaker 3: hosting a Shoes on the Money karaoke event. It's not happening.
Speaker 3: I'm not comfortable with it. Jess isn't comfortable with it,
Speaker 3: but might do a side quest. I can see that
Speaker 3: in your future for sure. God, she hosts trivia, next
Speaker 3: up karaoke, She's on the Money branded. I'll be there
Speaker 3: to support sport. I will be there. Do not make
Speaker 3: me sing like I just can't get over the fact
Speaker 3: that I can't sing.
Speaker 4: You don't need to worry about that part.
Speaker 5: On the inside, I feel like I should be a
Speaker 5: good singer, and it really upsets me.
Speaker 3: Like I should be a good singer. I am not.
Speaker 3: Like what comes out of my mouth in the car
Speaker 3: is not what you would hear, like, I think it's
Speaker 3: way better than what it is in reality.
Speaker 4: And then you turn the radio down. You're like, am
Speaker 4: I hitting those notes? And you're like waiting, No, that
Speaker 4: was the song?
Speaker 3: No, I'm just enjoying the song totally, and I would
Speaker 3: like to live in that state of delusion. I don't
Speaker 3: need people with cameras being able to capture those moments.
Speaker 4: Yeah, I understand.
Speaker 3: I agree. So if you ever think about Jess or
Speaker 3: I do in karaoke, just know we're amazing at it
Speaker 3: and we wouldn't want you to feel bad about your
Speaker 3: karaoke ability, so we would never get up on that stage.
Speaker 4: Well that's fair.
Speaker 3: We're just really thoughtful, aren't we. Just I couldn't agree more.
Speaker 3: All Right, guys, if you've got an excellent question for
Speaker 3: the pod, to send it on through to us. As
Speaker 3: you've heard, it does not have to be money related,
Speaker 3: but maybe ow she's on the karaoke playlist, should be like,
Speaker 3: we should make one of those.
Speaker 4: I god, we should should.
Speaker 3: Absolutely? Are you ready for more community money wins? Misters GRICI,
Speaker 3: please tell me what has our community been up to
Speaker 3: on the money win front this week? Firstly, Sharon has
Speaker 3: said money win.
Speaker 5: I've paid off my after pay, I've closed the account
Speaker 5: and I've deleted the app. Oh amazing, lots of people
Speaker 5: getting around her, you love to see it? Tell yeah,
Speaker 5: then I've got money in from Sammy, who said, I
Speaker 5: just hit two hundred and fifty sessions at my gym
Speaker 5: and they gave me one hundred.
Speaker 3: Dollars alis katvoutcha Alis.
Speaker 5: Katie also had free shipping in a ten percent discount,
Speaker 5: so I got some new leggings for free. Oh my god,
Speaker 5: amazing love the year gym celebrates that.
Speaker 3: That's awesome.
Speaker 5: Next, I've got a money win from Chantale, who said
Speaker 5: it's actually a money loss, but a memory win. I
Speaker 5: took my daughter out for a bike rid I had
Speaker 5: on the weekend, and we had breakfast at a local cafe,
Speaker 5: and I then doubled down because the weather was beautiful,
Speaker 5: and we walked to our local bowling club and enjoyed
Speaker 5: a drink and some nibbles outside while we played Uno.
Speaker 5: I normally wouldn't spend fifty dollars in one morning eating
Speaker 5: and drinking out, but making memories.
Speaker 4: Is absolutely worth it.
Speaker 3: It's very true, and.
Speaker 5: That sounded just so wholesome to me, Like you know,
Speaker 5: in the sunshine, little breakfast together, sometimes it's money well spent.
Speaker 5: Then I've got one from Tara who said my vacuum
Speaker 5: mop broke and I needed to get a new one.
Speaker 5: I menased JB High Fire to look for the dice
Speaker 5: and washed g one, which they had listed for nine
Speaker 5: ninety nine. I then went online and Mayer had them
Speaker 5: on sale for three hundred and ninety five dollars and
Speaker 5: Jbhigh Fire price match, so I saved six hundred dollars.
Speaker 5: I have that dice and mop I paid one thousand
Speaker 5: dollars for it. I will say it was worth every penny.
Speaker 5: But if you can buy it for three hundred and
Speaker 5: ninety five dollars.
Speaker 3: That's one thousand.
Speaker 2: That's a steal deal.
Speaker 3: And oh brilliant, brilliant, brilliant.
Speaker 2: I love it so much.
Speaker 3: I haven't tried the dice in one have the What
Speaker 3: have I got? I've got the Bissel, yeah, and I
Speaker 3: love her. But she's like on a cord yeah, so
Speaker 3: I want like a cordless one because I'm not gonna lie.
Speaker 3: It's incredibly like good. Yeah, but the idea that I
Speaker 3: have to lug it out, plug it in do to
Speaker 3: cord things really good.
Speaker 5: The battery is like an hour, I'm pretty sure on it,
Speaker 5: which is like enough for me to do my house.
Speaker 3: That's good.
Speaker 5: Yeah, And it's so satisfied for anyone hasn't seen it.
Speaker 5: It mops and vacuums at the same time. So if
Speaker 5: you've got pets, like there's always pet hair on my
Speaker 5: floor no matter how much I run the robo back.
Speaker 5: So it's good because it doesn't block the mop. But
Speaker 5: then there's two little canisters, one for clean water that
Speaker 5: goes on the floor as you mop, and as you
Speaker 5: it sucks it back up, which is if you've got floorboards.
Speaker 3: But also you can see the dirty water. In a sense,
Speaker 3: it's so satisfying. My mistol does that as well. Really, right,
Speaker 3: why do I mop the floor and then go I'll
Speaker 3: just do a quick once over of the kitchen again
Speaker 3: because I don't know why. I feel like the kitchen
Speaker 3: needs doing twice for some reason, like it just does.
Speaker 3: And then the mop is dirty again, and I'm like.
Speaker 4: Don't use this house.
Speaker 3: I've literally just cleaned it. I don't understand mopping till
Speaker 3: it's clear.
Speaker 4: Is Oh that would feel good.
Speaker 3: It feels so good not in this house.
Speaker 5: I've got a body win from Grace who said I
Speaker 5: didn't buy one single work lunch last week.
Speaker 3: Okay, I can't very good. Grace.
Speaker 5: Jason said I bought two new books and I got
Speaker 5: them from Marketplace. It was five dollars for both, which
Speaker 5: is a bargain if ever I've heard one. And then lastly,
Speaker 5: I've got money win from Aaron who said we were
Speaker 5: in the city for Vivid with our two kids and
Speaker 5: my five year old was insisting on getting a big pretzel,
Speaker 5: which is like, you know there's Venda hot pretzels five.
Speaker 3: Year old's page.
Speaker 5: They're so couldn't find them, she said, unfortunately, but today
Speaker 5: she went to Aldi picked up a box of six
Speaker 5: frozen ones six bucks.
Speaker 3: Sorry, what you can get giant frozen pretzels. I've had
Speaker 3: them before.
Speaker 5: They're very good. Actually, so I've had the pretzel sticks.
Speaker 5: I don't know if they do the twisty ones them
Speaker 5: in the air fryer. Stop it a little bit of
Speaker 5: molden salt.
Speaker 4: Okay, delicious.
Speaker 3: I didn't know this exist, Like, I want to go
Speaker 3: to Aldi a sap. I'm not pregnant, but that feels
Speaker 3: like a pregnancy cravy in my head. I'm like, oh yes. Also, Jess,
Speaker 3: I just saw on Instagram and I tagged you on
Speaker 3: Instagram in a picture of a pink air fryer. I
Speaker 3: need it. Ninja has a pink air fryer. I must
Speaker 3: have it.
Speaker 4: I literally did.
Speaker 3: Don't tell anybody, but while Jess was opening her phone
Speaker 3: I saw it and tagged her while we're recording the episode,
Speaker 3: and I was like, she needs to see this. She
Speaker 3: it's like a light pink.
Speaker 4: Oh that's cute. Oh now that's sorry, Hugh.
Speaker 3: Sorry, Jess is building a house.
Speaker 4: Yeah, you gotta have that.
Speaker 3: Jess has a new kitchen and nobody else has seen
Speaker 3: the cabinet tree in her kitchen yet because she hasn't
Speaker 3: posted it. But I made her send me pictures of
Speaker 3: her cabinet tree in her kitchen, and I just know
Speaker 3: that it needs a pink air fryer. I'm really cute.
Speaker 3: I'm so excited to see this. Oh don't even it
Speaker 3: is the most exciting thing ever. All right, let's move on. Yes, Beck,
Speaker 3: I don't know if you can get better than six
Speaker 3: dollars for six frozen pretzels, but I feel like you
Speaker 3: often do top it.
Speaker 4: Well, I'm gonna be pretty close.
Speaker 3: I'd tell you what do you bring into the table?
Speaker 3: My friend?
Speaker 4: So well?
Speaker 3: Actually, first of all, pretzel I always get confused by them,
Speaker 3: to the small ones, crispy always like a chip, large
Speaker 3: pretzel like a bread.
Speaker 4: Would you say understood?
Speaker 3: Think crispy out that and today are fantastic negotiating tools
Speaker 3: for toddless. Yes, my kid will do so much for
Speaker 3: a pretzel. Yeah, hell yeah, Okay, same though, I got
Speaker 3: to get on these big pretzels. I'm going to get
Speaker 3: the big pretzels. I'll report that, thank you.
Speaker 4: Okay.
Speaker 3: First broke tip I have from the community is from Christy,
Speaker 3: who says, go to Buddings. They do free kids crafts
Speaker 3: often on a Sunday. They have an indoor playground. Plus
Speaker 3: they have party pies and sausage rolls for the kids,
Speaker 3: so you don't have to buy big ones. It's a
Speaker 3: great option for.
Speaker 4: A rainy day.
Speaker 3: It is actually good free to do.
Speaker 6: This.
Speaker 3: Next one comes from a Stacey who says, if there's
Speaker 3: something you desperately want to watch on Prime and you're
Speaker 3: a bingital in one or two nights kind of person,
Speaker 3: sign up, watch the show, cancel the membership, and you
Speaker 3: can opt to have the remainder of your month's fee
Speaker 3: refunded versus paying for a whole month, which is a
Speaker 3: great idea.
Speaker 4: I didn't even know that movies and stuff like that
Speaker 4: as well, So I think that's so good.
Speaker 3: And I know this is really lazy of me, but
Speaker 3: it did remind me that this is something I want
Speaker 3: to tell freelancers or anyone who needs Adobe to like
Speaker 3: make money or just whatever you use it for.
Speaker 4: Adobe does this same thing. So if you sign up
Speaker 4: for a month to month not an annual subscription, you
Speaker 4: can say you have to cut up a video for
Speaker 4: a client or whatever you need to do. If you
Speaker 4: sign up, unfortunately, do you have to pay the full
Speaker 4: amount upfront, but then try and get your work done
Speaker 4: in one or two days, and then you cancel and
Speaker 4: you can opt for a refund like pro rated pro rade.
Speaker 4: It it's like two days off or whatever. It's like
Speaker 4: still like a hefty chunk. You're really not paying that much.
Speaker 4: So I think this is a great reminder.
Speaker 3: I think I said it recently on a podcast that
Speaker 3: I've just been threatening all my subscriptions, yer, like I
Speaker 3: just go in and threaten to cancel, Like I like,
Speaker 3: go into the account, hit cancel and see if like
Speaker 3: a retention thing comes up, and if it does, I'm like,
Speaker 3: thank you, I'll be taking that discount. And if it
Speaker 3: doesn't pop up, I'm like, I didn't mean it and
Speaker 3: likes it because there are some subscriptions that I do
Speaker 3: want to keep, but I also want a discount.
Speaker 4: So totally. I just got through three months of free Adobe.
Speaker 4: I'm obsessed with Adobe this morning because the same thing.
Speaker 3: I'm obsessed with. How creative I feel like you are consistently.
Speaker 3: It's really impressive. While you guys hear a little word
Speaker 3: from our sponsors, we're going to be plotting ways to
Speaker 3: be more creative with our money. So guys don't go anywhere.
Speaker 3: Welcome back, everybody. Let's take a listen to this week's
Speaker 3: money dilemma.
Speaker 6: Hi.
Speaker 3: There, have you got a money dilemma you just can't solve?
Speaker 3: The Sheese on the Money Team is here to help.
Speaker 3: Every week, we tackle your dilemmas, both big and small,
Speaker 3: to answer your most burning money, career and life questions.
Speaker 3: To get involved, simply head to our website and leave
Speaker 3: us a short voice recording and you might just find
Speaker 3: yourself on the show. Now, let's take a listen to
Speaker 3: this week's money dilemma.
Speaker 2: Hi, she's on the Money Team. I have a question
Speaker 2: about dollar cost averaging in investing. I have worked out
Speaker 2: that I can invest about one thousand dollars every six months.
Speaker 2: I could invest that in smaller portions over the course
Speaker 2: of the six months, but I have been investing it
Speaker 2: as a thousand dollar lump some essentially every six months.
Speaker 2: I'm investing with Perla, and the brokerage fee is six
Speaker 2: dollars fifty. So the way that I thought about it
Speaker 2: was that that was a good percentage of the investment.
Speaker 2: But I keep hearing about dollar cost averaging, and I'm
Speaker 2: essentially wondering whether I should be doing this differently, whether
Speaker 2: I should be investing more frequently every fortnight or every month,
Speaker 2: or whether this is a good way to go. I'd
Speaker 2: love your advice and thoughts about this. Thank you.
Speaker 3: What do you reckon? Beeck? What would you do?
Speaker 4: Yes, I had never thought about that. So I guess like,
Speaker 4: if you're investing months every like six months or whatever,
Speaker 4: then you would hope that on the day that you
Speaker 4: invest the investment is low. But if you invested every day,
Speaker 4: or like every few days or every few weeks, then
Speaker 4: your chances of getting like some lower price some higher price.
Speaker 3: Is that what that is?
Speaker 4: Dollar cost averaging?
Speaker 5: Yeah, So the idea of dollar cost averaging is that
Speaker 5: you make more frequent purchases, so statistically speaking, you're more
Speaker 5: likely to hit an average of a market, whereas our listener,
Speaker 5: for example, she's buying ones every six months, she's purchasing
Speaker 5: twice in a year, so statistically speaking, the chances of
Speaker 5: the market being in a positive spot are less likely,
Speaker 5: whereas if you were to purchase more regularly. The idea
Speaker 5: would be that sometimes you buy it's high, sometimes you
Speaker 5: buy it's low, and that it averages out, so you're
Speaker 5: kind of in the middle of the market, if that
Speaker 5: makes sense across the board.
Speaker 4: And I guess the downside is that I believe it
Speaker 4: six or fifty every time per transaction, per transaction, that
Speaker 4: seems like a hefty fee. I don't know. I'd a
Speaker 4: very per Yeah, I would like try and do it
Speaker 4: like consistently or like you know, shorter times in between personally, But.
Speaker 3: I've come with receipts, okay, tell us more. Okay. So
Speaker 3: she gave me enough information that I could put this
Speaker 3: into an online investment frequency calculator, which helps you understand
Speaker 3: what frequency would be the best strategy for your money. Now,
Speaker 3: this is obviously not financial advice, as in, I'm going
Speaker 3: to give a piece of financial advice, but it's not
Speaker 3: specific to you. And the way that I see it
Speaker 3: is you might choose to not invest this way just
Speaker 3: purely because it's your habits and you're trying to go
Speaker 3: no V, I really want to invest on an opply basis,
Speaker 3: or no V, I really want it to go into
Speaker 3: the market every two months. Like that's very different because
Speaker 3: if you're saying I will feel more committed because I'm
Speaker 3: investing regularly and I get to play with it more often.
Speaker 3: Therefore I'm contributing more, that's probably a really good thing
Speaker 3: for you. But there is a website, and I'll make
Speaker 3: sure it's in the show notes. It's investcalc dot GitHub,
Speaker 3: dot io, and I have used this a few times.
Speaker 3: It's not owned by any of the banks or any
Speaker 3: of the investing platforms, which I kind of like. And
Speaker 3: it's just an investment frequency calculator. So you've just got
Speaker 3: to take it as you will. And what it will
Speaker 3: do is it will take your investment frequency, your savings
Speaker 3: per month, your interest rate that you might get on
Speaker 3: your savings, your expected investment returns, and then your brokerage
Speaker 3: per investment, and it tells you how often investing would
Speaker 3: be optimal for you. Right, So for this example, our
Speaker 3: friend she's saying, I have one thousand dollars every six months,
Speaker 3: so we could probably assume that she's saving about one
Speaker 3: hundred and sixty six dollars and sixty six cents per month. Right,
Speaker 3: that makes two grand to you. I popped that in
Speaker 3: so I said every month, she's got one hundred and
Speaker 3: sixty six dollars and sixty six cents interest rate on savings. Today,
Speaker 3: a good savings account you could get around five percent.
Speaker 3: So this is just a point in time thing. So
Speaker 3: I have put five percent in the interest rate on savings.
Speaker 3: The expected investment returns. Again, we know that since inception
Speaker 3: the average rate of the Australian share markets return has
Speaker 3: been thirteen percent, but I've put nine because I feel
Speaker 3: like that seems to be what a lot of ETFs
Speaker 3: and a lot of investments have been returning over the
Speaker 3: last thirty years. I've then gone and looked up Perla's
Speaker 3: brokerage fee, and on average per investment it's six dollars
Speaker 3: fifty for Perler. So with all of that, this calculator
Speaker 3: has spat out. And I'll again make sure that these
Speaker 3: link is in the show notes, so you can do
Speaker 3: your own calculations and make your own decisions. But the
Speaker 3: optimal investment strategy apparently is investing eight hundred and thirty
Speaker 3: seven dollars once every five months. Interesting yeap, And this
Speaker 3: amount includes the brokerage and seven dollars interest. So it
Speaker 3: says that if you were to invest every single month
Speaker 3: over let me just get my laptop because I want
Speaker 3: specific numbers for you guys. It says here that if
Speaker 3: you were to invest, so this is over ten years,
Speaker 3: So this calculator goes all right, Well, if you're investing
Speaker 3: consistently for ten years and you invested the one hundred
Speaker 3: and sixty six every single month, your investment portfolio would
Speaker 3: be worth about thirty thousand, two hundred dollars. If you
Speaker 3: were to invest every three months, it would be worth
Speaker 3: thirty one thousand dollars. If you were to invest every
Speaker 3: five months, it would be worth thirty one thousand, one
Speaker 3: hundred dollars, and if you were to invest every ten months,
Speaker 3: it drops back down to just under thirty one thousand dollars.
Speaker 3: So like as you guys can see, like there's not
Speaker 3: heaps of difference. And obviously this is just like a
Speaker 3: here's the maths. Yeah, and just because the maths maths
Speaker 3: doesn't mean it's the best situation for you. But that's
Speaker 3: really interesting and I find it a really good way
Speaker 3: of making decisions because obviously, when you have brokerage, you're
Speaker 3: spending six dollars fifty just to get your money into
Speaker 3: the market, and that stuff adds up, like if you're
Speaker 3: spending six dollars fifty every single month, that money could
Speaker 3: have gone into your investment portfolio instead. So we do
Speaker 3: need to be really aware of how often we're investing.
Speaker 3: And I do think that there's this really big misconception
Speaker 3: that when we say and when I say we, when
Speaker 3: the market says invest consistently over the long term, it
Speaker 3: means every week or every month. Yeah, it doesn't actually
Speaker 3: mean that. It just means be consistent with your contributions
Speaker 3: to your investment portfolio. And every five months. You might go, vi,
Speaker 3: that doesn't make sense, like that feels like a long
Speaker 3: period of time. Well it's actually not, because our plan
Speaker 3: is to be investing for thirty, forty, fifty, maybe sixty years.
Speaker 3: So if we're doing that, every five months is actually
Speaker 3: very consistent. We just need to commit to that and
Speaker 3: it's a bit harder to feel that commitment when you're like, oh,
Speaker 3: it's just my savings sitting over there. I haven't invested them, Like,
Speaker 3: you know, we're making interest on our savings because obviously
Speaker 3: we'd have a high interest savings account while everything's banking up,
Speaker 3: and then we make an investment decision that makes sense
Speaker 3: for us.
Speaker 5: So it's worth remembering that five months isn't a rule
Speaker 5: of thumb for everyone. That's based on this specific and.
Speaker 3: That's where I'm like, I just want to be very clear.
Speaker 3: This is the calculator. I'm putting it in the link, like,
Speaker 3: that's not me saying please do this. That's absolutely not advice,
Speaker 3: but it's hey, look at what this specific example spat out,
Speaker 3: because it's not what you would have expected, especially because
Speaker 3: the narrative is so often invest every single month. Jess,
Speaker 3: it's a good idea. Let's just do our check in
Speaker 3: sounds like she was doing.
Speaker 4: She was on the right track, for sure.
Speaker 3: I feel like she is on the right track right
Speaker 3: she said, I'm investing one thousand dollars every six months.
Speaker 3: That seems pretty close.
Speaker 4: Banks Gold perfect, you do you boot.
Speaker 3: Absolutely anyway, that was really fun. I could keep talking
Speaker 3: about dollar cost averaging forever, which I think you guys know.
Speaker 3: Let's move on to our DM of the week. This
Speaker 3: DM concerns the values behind it, our investments. I'm just
Speaker 3: so excited about this next topics, specifically how our values
Speaker 3: might differ if we're in a relationship. So this community
Speaker 3: member messaged us and said, Hi, Victoria, Jess and beck
Speaker 3: I have a dilemma that's been eating away at me,
Speaker 3: and you just know it is because there were five
Speaker 3: exclamation marks after this. My partner and I have completely
Speaker 3: different approaches to money. I'm a planner and love having savings. Well,
Speaker 3: he believes money is just there to be enjoyed. Recently,
Speaker 3: I've started feeling resentful because I'm saying no to dinners,
Speaker 3: weekends away, and shopping so that I can hit my goals,
Speaker 3: while he's spending freely and still expects us to split
Speaker 3: everything evenly. We don't combine finances, but his choices are
Speaker 3: starting to impact mine. Am I being too rigid with
Speaker 3: my money? Or is this something that we need to
Speaker 3: have a bigger conversation about. I think we've answered a
Speaker 3: question like this before totally, and like that's just telling
Speaker 3: us or I think it's just telling us goal you're
Speaker 3: not alone. This is consistent. It's like the ying and yang,
Speaker 3: for sure.
Speaker 4: I think God and I've had a lot of these
Speaker 4: discussions recently for some reason. It's popping up at the
Speaker 4: moment in my world.
Speaker 3: But I think that like money and just everything, like
Speaker 3: the way you're brought up with money, Like we all know,
Speaker 3: like it's not just something we inherently have, Like it's
Speaker 3: not like you can.
Speaker 4: You know, you either have empathy or you don't have empathy.
Speaker 4: It's like money is not a part of human biology whatever,
Speaker 4: and so it's like makes sense that we have to
Speaker 4: like learn what our relationship is with this foreign object.
Speaker 4: Some people are really good at making sure that they're
Speaker 4: getting the best deal in every way, and my brain
Speaker 4: personally doesn't work like that, and some people's does and
Speaker 4: some people don't. It just really depends on the way
Speaker 4: your brain works, and also the way you were brought up,
Speaker 4: I suppose. But I think like even then it's a
Speaker 4: situation that money is very important to you, Money is
Speaker 4: not very important to your partner already is, but in
Speaker 4: this way where it's like should be used for joy
Speaker 4: and pleasure and all these things. Which I understand because
Speaker 4: I'm on the same wavelength. I think that we should
Speaker 4: be enjoying the fruits of our labor every day in
Speaker 4: every way. But I think that there is certainly a
Speaker 4: really nice middle ground. It doesn't have to be super
Speaker 4: frugal or just like splurge all the time. But I
Speaker 4: think as long as your partner knows why it's important
Speaker 4: to you and what that looks like, and you as
Speaker 4: well understanding their point of view as well, I think
Speaker 4: you can come to a nice middle ground where you'll
Speaker 4: maybe like, hey, let's save this amount of money, or
Speaker 4: if you want to go out and splurge, then we
Speaker 4: can do that, but I won't be financially contributing because
Speaker 4: sometimes you just want like someone to go with. You
Speaker 4: want to be able to go to the movies or
Speaker 4: go to a fancy restaurant, but you don't want to
Speaker 4: go alone. So if your partner's like, i'll pay for it, cool,
Speaker 4: go enjoy the fruits of their labor. But I think
Speaker 4: there is a middle ground and you can reach that
Speaker 4: just having a big conversation about it all.
Speaker 3: And it sounds a lot like it's about mindset, like
Speaker 3: your mindset where you're like no, you should always like
Speaker 3: just enjoy the fruits of your labor. And like, then
Speaker 3: I look at Jess and my money mindset in comparison
Speaker 3: to yours, and I go, well, Beck, my money mindset
Speaker 3: is that by doing that, you're stealing from future you.
Speaker 3: And like, I'm making my life harder for future me
Speaker 3: to enjoy things that are bigger and better. And I
Speaker 3: think it's about instant and delayed gratification. And that's why
Speaker 3: getting into it is really helpful. Jess, what would you do?
Speaker 3: I think like there's two ways it can go.
Speaker 5: I think either you sit down, you have the conversation,
Speaker 5: you reach that middle ground and you find compromise. Or
Speaker 5: I think, like it is pragmatic to talk about the
Speaker 5: fact that it may just be a point of difference
Speaker 5: that is too significant. I think your relationship with money,
Speaker 5: I would equate it to like a personal value.
Speaker 3: You know, sometimes you meet people and you go we click.
Speaker 5: On so many levels, we have so much in common
Speaker 5: that politically our opinions really differ. Or you know, our
Speaker 5: core values when it comes to the way that we
Speaker 5: move in the world are very different, and that can
Speaker 5: sometimes be a mountain that is too high to overcome.
Speaker 5: I think it's important to acknowledge that because if you
Speaker 5: are someone who is in a relationship and you're getting
Speaker 5: resentful like that, I think that's quite a dangerous emotion
Speaker 5: to be feeling. So if you haven't already addressing it
Speaker 5: is super important and saying hey, this is how I'm feeling,
Speaker 5: this is how you're feeling.
Speaker 3: Is there a middle ground? What does that look like?
Speaker 5: But also, if you really want to live your life
Speaker 5: one way and your partner really wants to live their
Speaker 5: life another way, it is also worth looking at critically
Speaker 5: and thinking, well, what are the implications long term? True,
Speaker 5: because if you're gonna be with someon of for the
Speaker 5: rest of your lives and those things don't align, it
Speaker 5: can be a really uncomfortable situation, and like emotionally, that
Speaker 5: can take a toll. Resent is a really negative feeling,
Speaker 5: and resent then grows into all of these other types
Speaker 5: of emotions. It can become anger, it can become you know,
Speaker 5: all those things that then drive a wedge between what
Speaker 5: I'm sure started out as a very wonderful and loving relationship.
Speaker 5: And so it is I think, yes, in an ideal world,
Speaker 5: we're finding a middle ground and we're both talking and
Speaker 5: we're going, oh, like we can do what everybody wants.
Speaker 5: But I also just wanted to say, like, sometimes like
Speaker 5: you just don't align with the person you're with on
Speaker 5: key things. Yeah, and I personally think money is one
Speaker 5: of those key things where if you can't find a
Speaker 5: way to make it work, that is also okay, and
Speaker 5: you maybe will need to.
Speaker 3: Look at other options. I feel like that's a really
Speaker 3: aggressive thing to say to someone single friends, Jess, is
Speaker 3: that what you're suggesting, You've just decided I'm going to
Speaker 3: be a matchmaker. I'll find you a new man.
Speaker 5: Yeah.
Speaker 3: I think that you're being harsh on yourself. I do
Speaker 3: not think that you are being too rigid for having goals.
Speaker 3: I think that having goals is really important, and we
Speaker 3: know just from a research perspective that having goals means
Speaker 3: that you're a happier person. Incredible. But I think that
Speaker 3: you're now starting to feel like the fun Police, Like
Speaker 3: you're feeling that resentment and as you said before, Jess,
Speaker 3: it's not a good emotion to feel. But for me
Speaker 3: is a little alarm bell that should be telling you, hey,
Speaker 3: this arrangement doesn't feel fair anymore, Like there is some
Speaker 3: type of discrepancy in that relationship and you're not going
Speaker 3: to be surprised. Yess, what is it? What do you
Speaker 3: think I'm going to say? Is the key here? Got
Speaker 3: a big communication? But I really would sit down with him,
Speaker 3: and you know, not when you're annoyed, like just when
Speaker 3: you are starting to go all right, I want to
Speaker 3: sit down and have a big, proper conversation and like
Speaker 3: frame it less as you're spending too much and you're
Speaker 3: not doing what I'm doing, but more like I've realized
Speaker 3: that we have very different approaches to money, and I'm
Speaker 3: starting to feel a little bit resentful of that because
Speaker 3: you know, I'm trying really hard to achieve these goals
Speaker 3: which I feel like you're benefiting from, but then you're
Speaker 3: not actually contributing to those bigger goals and you're just
Speaker 3: yellowing life. And you know, I'm making all these sacrifices
Speaker 3: while also feeling like I'm being expected to keep up
Speaker 3: with spending that doesn't align to those sacrifices that I'm making,
Speaker 3: and I just I don't want this to become a
Speaker 3: bigger issue, like I want to be on the same page.
Speaker 3: Are we not working towards the same future? And yeah,
Speaker 3: I would then get really specific. I love a smart goal,
Speaker 3: but I also love that as a solution conversation. Does
Speaker 3: that make sense? Like, I love using a smart goal,
Speaker 3: I want a smart stand.
Speaker 4: For back.
Speaker 3: Solution.
Speaker 5: We mentioned smart goals on a Friday episode Took Me
Speaker 5: about you and Me and Beck.
Speaker 3: Trying to fumble through each was so funny.
Speaker 4: It's something like Solow Dear God.
Speaker 3: In my book, I wrote about SotM goals instead of
Speaker 3: smart goals because I feel like SotM goals like hit
Speaker 3: the mark a little bit better for our community. So
Speaker 3: that's about being specific the O. So yeah, SotM, I
Speaker 3: was like, can we do spell? Oh? Is actually about
Speaker 3: being optimistic because I don't think that you can set
Speaker 3: a goal that you're not positive about. Like, if you're
Speaker 3: setting a goal and you don't feel good, get rid
Speaker 3: of it. T is timely and then M is measurable.
Speaker 3: So it's about putting a framework around something. So just
Speaker 3: asking hey, what are your savings goals to your partner,
Speaker 3: they might go I've got none. Be like, oh, well,
Speaker 3: let's backtrack. What do you want to achieve? Like five
Speaker 3: years from now, what experiences do you want to have had?
Speaker 3: What you know things do you want to own instead
Speaker 3: of going oh, why no goal, which honestly feels so hard,
Speaker 3: like that's like saying how much water is in the ocean?
Speaker 3: You know, like that's not going to work for me.
Speaker 3: But if I said to you, beck Hey, like in
Speaker 3: five years, like what are some things that you want
Speaker 3: to say that you've done? Like we could probably start
Speaker 3: working towards creating some goals together and then you know
Speaker 3: what lifestyle spending can you comfortably say no to? Like
Speaker 3: are there some things that we could get rid of
Speaker 3: that you know could become savings? And they might go
Speaker 3: no none. You go, well, how do we have compromise?
Speaker 3: Because everything life is about compromise. If we want a
Speaker 3: bigger thing later, we've got to give up a smaller
Speaker 3: thing now, and that can be really hard because the
Speaker 3: smaller things they're good. Have you ever had an armored croissant?
Speaker 3: Be so for real? But like a real fresh one?
Speaker 3: That's the small thing It is hard to give up.
Speaker 3: I get it, like walking past the bakery and they've
Speaker 3: just pulled them out, Like I'm not saying, oh, giving
Speaker 3: up small things is just so easy, Like we do
Speaker 3: have to acknowledge that it's going to be challenging because
Speaker 3: it's a lifestyle shift, But like, what can we give
Speaker 3: up now for a bigger, better one later, whether that
Speaker 3: is a house, whether that is even just food, Like
Speaker 3: it could be, Hey, I'm going to budget my GROCERI
Speaker 3: is a lot stricter, and I'm not going to do
Speaker 3: all the nice dinners that I really love. Like if
Speaker 3: you love having salmon every night, well I get it,
Speaker 3: and you're like, well it's not that bad because I
Speaker 3: get it at the supermarket and cook it myself. Okay,
Speaker 3: but maybe instead of having the bougie weeknight dinners, we
Speaker 3: have some like pretty staple basics, then we actually have
Speaker 3: in the budget some money to go out on the
Speaker 3: weekend with and we don't feel guilty because we're not
Speaker 3: compromising our lifestyle anyway. I just think there's a lot
Speaker 3: of conversation to be had, and you're not being too rigid,
Speaker 3: You're being intentional, And I think that a conversation and
Speaker 3: good communication is what you need to have right now,
Speaker 3: because resentment honestly becomes a whole third person in your relationship. True,
Speaker 3: Like it just becomes a whole thing. Absolutely, Like if
Speaker 3: you resent someone, like, oh, it's just a whole other
Speaker 3: emotion that you just don't need. Well, that's my opinion, anyway,
Speaker 3: what did everybody else say?
Speaker 6: Oh?
Speaker 3: They were spicy. So the first question I asked the
Speaker 3: community was have you ever felt like a partner's financial
Speaker 3: habits were impacting your own goals? My friends, you are
Speaker 3: not alone? Sixty eight percent of you said yes. The
Speaker 3: next question I asked was should a higher spender contribute
Speaker 3: more towards shared lifestyle costs? So I found to this interesting.
Speaker 3: Twenty four percent of you said yes, are they twenty four?
Speaker 3: Twelve percent said no, and then sixty four percent said, well,
Speaker 3: it actually depends what the expense is.
Speaker 4: That's fairy.
Speaker 3: I thought that was fair too. The next question we
Speaker 3: asked was do you think couples need to have similar
Speaker 3: money values for a relationship to work? Eighty three percent
Speaker 3: of you said yes, and then I said, all right,
Speaker 3: what is your two cents? A lot of people had
Speaker 3: the same conversation as us. Communication talk to them. So
Speaker 3: I've just wiped all of those comments out because, like
Speaker 3: we can only say it so many times. First person said,
Speaker 3: being together, my partner's actually matured. We split on income percentage,
Speaker 3: and his fun money is just his someone else said,
Speaker 3: are you confusing our goals with your goals? Do you
Speaker 3: even want the same things in life?
Speaker 5: Which again is like a bigger conversation around you know,
Speaker 5: it's okay to have different goals.
Speaker 3: Located to different people.
Speaker 5: I think you need to be, but if you're going
Speaker 5: two different places, sometimes that doesn't always work.
Speaker 3: Yeah, someone else said, you need to sit him down
Speaker 3: and talk about a shared budget even though you don't
Speaker 3: have shared savings, it's important to be on the same page,
Speaker 3: which I think is true. Like, even before I shared
Speaker 3: money with Steve, we had sat down and talked about
Speaker 3: budgeting and talked about where we were allocating our income,
Speaker 3: Like I knew what his budget looked like, even though
Speaker 3: I didn't have access or didn't spend any of his money.
Speaker 3: And we didn't even have a shared account because we
Speaker 3: didn't need one at that point. And I think you
Speaker 3: were like this too, just where we didn't need a
Speaker 3: shared account for rent or anything, because we just told
Speaker 3: our rental company, oh, I do fifty, he does fifty,
Speaker 3: and then it would just get taken out of our
Speaker 3: respective bank accounts each month. Yeah, when we.
Speaker 5: Moved in together, we have a shared account for like
Speaker 5: groceries and stuff, but everything else we pretty much keep separate.
Speaker 3: It's our own money. Yeah, See, everyone's different. We didn't
Speaker 3: do that. I would do groceries and stuff and then
Speaker 3: he would pay for fixed bills and like it would
Speaker 3: kind of all come out in the wash. It's just again,
Speaker 3: if one of you.
Speaker 5: Was, like if me or my I don't know, one
Speaker 5: of us was happy in one of it wasn't, then
Speaker 5: you go, oh god, nightmare right, Oh yeah.
Speaker 3: Exactly, it's a problem. And thankfully we've always been on
Speaker 3: the same page. But there's been people I've dated, like
Speaker 3: prior to being married and obviously, but like that, I've
Speaker 3: been on very different pages with and even operated with
Speaker 3: them differently. Like I was in a relationship before Steve
Speaker 3: for a very long time, even that situation was completely different. Again,
Speaker 3: so it's not even just like that's how Victoria operates.
Speaker 3: It's like every relationship is different.
Speaker 1: Yeah.
Speaker 3: Someone else said, we have two children and a mortgage
Speaker 3: and just contribute an equal amount of shared expenses. My
Speaker 3: husband and I have been together for eight years and
Speaker 3: we still don't share money because I think he spends
Speaker 3: too much. It works really well for us, and there's
Speaker 3: no guilt and then I can actually buy what I
Speaker 3: want and set goals that are.
Speaker 4: Just for me.
Speaker 1: That's good.
Speaker 3: I kind of like that definitely, But you need to
Speaker 3: sit down and go, okay, cool, because if you're not
Speaker 3: living together and they are kind of just like spending money,
Speaker 3: willy nilly, yeah, not really different story to you, a
Speaker 3: different story. But if you're living together and you're like, well,
Speaker 3: these are our goals, this is what we're achieving anyway.
Speaker 3: Another person said, I don't actually think this is an
Speaker 3: issue if they can afford their lifestyle and can meet
Speaker 3: their savings goals at fair point. Another person said, I
Speaker 3: really think that you need to be spending on a budget.
Speaker 3: Anything falling outside of this and they want to do
Speaker 3: with you, they have to front the upfront cost. And
Speaker 3: then this one's like maybe stroking my ego a little bit.
Speaker 3: And this is where I'm going to end it. They said,
Speaker 3: until I found your podcast, I was the highest spender,
Speaker 3: and I was the one who had my head in
Speaker 3: the sand, had no idea that it was even a problem.
Speaker 3: Financial education changed that for me.
Speaker 4: Gorgeous.
Speaker 3: Maybe say to your partner, I get a podcast you love,
Speaker 3: solve all your problems, and you know what, if they
Speaker 3: don't love it, you can still stay. Do not worry?
Speaker 3: All right, well, my friends, when it comes to money chats,
Speaker 3: I don't think that there is any time like the present,
Speaker 3: and I'm afraid that's all we have time for today.
Speaker 3: If you've enjoyed today's episode, please rate us wherever you
Speaker 3: get your podcasts. It does the algorithm thing. I don't
Speaker 3: know what the algorithm thing is, but I've heard it
Speaker 3: is good for the algorithm thing, and the algorithm thing
Speaker 3: means that more people and more ears get to listen
Speaker 3: to us. Or you can read us the old fashioned way,
Speaker 3: which is by telling your friends. So thank you for
Speaker 3: joining us on your morning commutes, maybe your desk lunch
Speaker 3: or your hot girl book. And we will see you
Speaker 3: bright and early on Monday morning for our money diary.
Speaker 3: We appreciate you, We love you. Have best weekend, guys. Bye, bye, guys. Bye.
Speaker 6: The advice shared on She's on the Money is general
Speaker 6: in nature and does not consider your individual circumstances. She's
Speaker 6: on the Money exists purely for educational purposes and should
Speaker 6: not be relied upon to make an investment or financial decision.
Speaker 3: If you do choose to buy a financial product.
Speaker 6: Read the PDS TMD, and obtain appropriate financial.
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