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

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

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Speaker 2: for millennials who want financial freedom. Welcome back to another

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Speaker 2: one of our Friday Drinks episodes where we celebrate the

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Speaker 2: money wins from our She's on the Money community. As

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Speaker 2: you all know, there are a million and one great

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Speaker 2: money wins and confessions shed each and every single week

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Speaker 2: in our community. And this week, George, jess and I

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Speaker 2: have been a very big part of our time, albeit

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Speaker 2: we should have been working, chatting about what you guys

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Speaker 2: have been up to. So this week we are celebrating

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Speaker 2: you as always. But before we jump straight into your

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Speaker 2: wins and confessions, let's quickly wrap the week. Jessica Rich

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Speaker 2: what happened on this week's Money Diary?

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Speaker 3: So this week's diarist had not one, but two open

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Speaker 3: heart surgeries, which that's a lot of open heart surgery,

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Speaker 3: if I'm being honest, which is terrifying to think about.

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Speaker 3: She's obviously had huge amounts of medical bills and she's

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Speaker 3: still studying at UNI as well, which blows my mind

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Speaker 3: that you can be popping in for a casual open

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Speaker 3: heart surgery, coming back to prep for your exams, like,

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Speaker 3: oh my gosh, insane, it.

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Speaker 2: Was actually a ride, Like that entire episode was so cool,

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Speaker 2: and the fact that she just was like so blaste

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Speaker 2: about it. I remember walking away from that episode being like,

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Speaker 2: I just wish I could take a leaf out of

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Speaker 2: her book and have her mentality. But it was just

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Speaker 2: a really good episode. Like obviously I'm a bit biased

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Speaker 2: because it is my podcast, but genuinely, it was an

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Speaker 2: epic episode. And the thing that I've really liked this

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Speaker 2: week as well is how many people and I didn't

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Speaker 2: realize this was a thing, obviously because I've never been

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Speaker 2: in that situation, but how many dms I've got this

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Speaker 2: week from people being like, wow, that was me. I

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Speaker 2: had congenital heart disease when I was born and I

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Speaker 2: had open heart surgery. Like that made me feel really

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Speaker 2: seen or I really resonated with that, or oh my gosh, yeah,

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Speaker 2: there are so many, you know, financial things that go

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Speaker 2: on with that. I just didn't even know that that

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Speaker 2: was a community that exists. And now I've connected up

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Speaker 2: a heap of you, which is really cool.

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Speaker 3: Oh my gosh, Yes, it was so incredible to Yah

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Speaker 3: And yeah, like you said, a whole group of people

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Speaker 3: that I think for me, when you think about major,

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Speaker 3: major surgery, I'm always like, oh, it's the minority of people.

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Speaker 3: The chances of that happening are so low. But actually

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Speaker 3: this diary, speaking to the direct and all of those

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Speaker 3: people made me realize that that's not the case. So

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Speaker 3: many people are having major surgery, which just goes to

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Speaker 3: show I know we talk about it all the time,

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Speaker 3: but insurance, insurance, insurance, and also just thinking about those

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Speaker 3: people who are in those situations because it's much more

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Speaker 3: common than you think. And if you're like me and

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Speaker 3: you're blessed enough to not be super conscious of it,

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Speaker 3: consider yourself very lucky.

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Speaker 4: Yeah.

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Speaker 2: And something that I've found really interesting about that, and

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Speaker 2: obviously I'm just not as educated as I could be

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Speaker 2: in this space, which you know means I've just got

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Speaker 2: a little bit more learning to do, is that often

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Speaker 2: this happens and a lot of parents know that their

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Speaker 2: baby is going to be born and need surgery asap.

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Speaker 2: Like some people in my dams were like, yep, I

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Speaker 2: had surgery when I was thirty five hours old, or

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Speaker 2: someone else was like, oh, I had my first surgery

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Speaker 2: when I was fifty hours old. Like this isn't something

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Speaker 2: that you know, you get to two or three and

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Speaker 2: you discover like, these are new borns having to have

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Speaker 2: this surgery like that just seems so crazy to me,

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Speaker 2: and also a time where we need to support people

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Speaker 2: going through this because obviously, financially, you need to pay

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Speaker 2: for the surgery, whether that is in the private or

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Speaker 2: the public system. I have recently learned as well that

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Speaker 2: even when you are in private health, it doesn't mean

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Speaker 2: that your doctor is going to cover you. So I've

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Speaker 2: recently had a couple of family members in hospital having

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Speaker 2: to have pretty major surgeries. They're okay, by the way,

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Speaker 2: but going through that, I didn't realize that some surgeons

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Speaker 2: are covered and some aren't. And you know, we're in

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Speaker 2: a situation recently where it's like do you want the

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Speaker 2: best surgeon, yes, obviously, but do you want out of pocket?

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Speaker 2: Like what? I didn't realize that even though this person

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Speaker 2: had been paying the highest health insurance premiums, there'd still

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Speaker 2: be eleven and a half thousand dollars out of pocket.

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Speaker 2: That's great surgery that we just went in assuming would be,

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Speaker 2: you know, covered it, and it's not an elective surgery

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Speaker 2: like this was a necessary back surgery. It wasn't anything sexy,

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Speaker 2: like an eleven and a half thousand dollars out of boobs

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Speaker 2: like Unfortunately that wasn't the case. But I was just

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Speaker 2: really shook that even at that level, we can be

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Speaker 2: so financially impacted even though we had insurance. So that's

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Speaker 2: probably a space that we need to talk more about.

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Speaker 2: And to be honest, if you're listening to that and going, yes,

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Speaker 2: oh my god, slide into my DMS, I want your

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Speaker 2: money diary, Like, I want to share more of this

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Speaker 2: stuff more often, but enough. On Monday's episode, Georgia King,

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Speaker 2: what did we speak about on Wednesday VD?

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Speaker 5: On Wednesday we discussed renting to buy schemes? Obviously I

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Speaker 5: didn't have a great amount of knowledge going into that episode,

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Speaker 5: but I learned a lot, which we love. What was

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Speaker 5: your main takeaway?

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Speaker 2: I am just so critical of everything that isn't stock standard.

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Speaker 2: And the reason I am is because there's so much

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Speaker 2: room for error and so much room for things not

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Speaker 2: to add up or make sense or you guys to

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Speaker 2: be taken advantage of. So I think, for me, yeah,

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Speaker 2: I'm sure that there are a lot of rent to buy.

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Speaker 2: I think the word schemes probably not the right word.

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Speaker 2: It throws some MLM vibes.

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Speaker 5: I feel it has negative connotations. For sure, it does have.

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Speaker 2: A few, But from my perspective, it's all about educating yourself,

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Speaker 2: knowing exactly what you're getting into and seeing what that

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Speaker 2: actually looks like. So in theory, I think it sounds

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Speaker 2: really cool, Like the idea that someone could rent a

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Speaker 2: home and then own it later without having to come

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Speaker 2: up with the massive deposit, which is such a big hurdle,

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Speaker 2: especially for us millennial sounds like a dream. But often

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Speaker 2: when it is too good to be true, it often is.

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Speaker 2: So from my perspective, I would just I just feel

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Speaker 2: like they throw really big red flags because at the

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Speaker 2: same time as going yeah, like in theory, it sounds

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Speaker 2: really good. I'm also of the opinion that we'd be

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Speaker 2: having more conversations about the positive sides of these things

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Speaker 2: if they were working really well for young people, Like,

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Speaker 2: if this is true and it is something that actually

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Speaker 2: works really well, why isn't it more in the media,

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Speaker 2: Why aren't we, you know, facilitating more of these Why

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Speaker 2: aren't people you know bragging about it? Whereas in our dms,

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Speaker 2: I've got a lot of people being like Oh my gosh,

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Speaker 2: b I just use the first home super Sava scheme

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Speaker 2: to get into my first property. You're like, awesome, that's

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Speaker 2: a scheme that works. Or have you seen the Victorian

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Speaker 2: home buyers fun to come up? What do you think?

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Speaker 3: Like?

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Speaker 2: Those things, from my perspective, are a little bit more

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Speaker 2: quote legitimate, whereas this rent to buy stuff is often

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Speaker 2: from private companies who arguably want to make a whole

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Speaker 2: heap of money and it might not be putting you

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Speaker 2: in the best possible position. So that's where I sit

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Speaker 2: on that. Still really apprehensive, but I don't think it's

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Speaker 2: the worst thing ever. And at the end of the day,

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Speaker 2: if getting into property is exactly what you want, I'd

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Speaker 2: be having a hot look at whether you can facilitate

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Speaker 2: that or not and whether it's a good idea. But again,

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Speaker 2: talk to you broker, talk to somebody who actually has

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Speaker 2: an idea.

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Speaker 5: One, do your research, don't just go into it willy nilly.

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Speaker 5: That was kind of one of the main takeaways as well.

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Speaker 5: V should we get into money wins and confessions from

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Speaker 5: the week that was that where we're.

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Speaker 2: At, we absolutely should. But George, it's my last week

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Speaker 2: doing the money wins because we agreed before that you

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Speaker 2: get to do the moving forward, so like, this better

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Speaker 2: be the best ever Money Wins segment you've ever heard

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Speaker 2: pressures on. So first things first, jess from our community,

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Speaker 2: not our jest, but this is totally something Jessica RICHI

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Speaker 2: would do. She said, I went to my first ever

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Speaker 2: crop swap yesterday, which I'd never even heard of. But

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Speaker 2: she was able to spot some plants, seed links, and

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Speaker 2: a whole heap of cuttings, and she scored some free

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Speaker 2: cake and soup and some different seedlings and even some

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Speaker 2: marshmallows and hot chocolate powder. Like how cute is that?

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Speaker 2: Does she live in a country town? I don't know

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Speaker 2: where she lives. I can't say I looked into that.

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Speaker 2: But she also posted a picture of the seedlings and

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Speaker 2: stuff that she'd taken so that she could share, and

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Speaker 2: I just, oh, my gosh, that just feels so wholesome

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Speaker 2: and like something we should all be doing, like.

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Speaker 3: Super thrifty as well, because I'm assuming that if you're

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Speaker 3: taking something like seedlings or cuttings, you're using something you

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Speaker 3: already have and it's free for you to generate, and

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Speaker 3: then you're trading it for things, which means you're also

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Speaker 3: getting them for free, which what a corn is.

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Speaker 2: We've got another one from Emmy, and I loved this

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Speaker 2: one because she said she got a promotion to duty manager,

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Speaker 2: which came along with a nice little pay rise. Congratulations Emmy.

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Speaker 2: That is genuinely so exciting. And there was another one

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Speaker 2: from Milana, which I genuinely think we should all be

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Speaker 2: doing this. But Alana said got an email well that

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Speaker 2: my car insurance was going to go up from eight

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Speaker 2: hundred and fifty dollars to twelve hundred dollars. So I

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Speaker 2: did some searching and I found a policy where it's

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Speaker 2: now only seven hundred and forty eight dollars. Not only

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Speaker 2: is that a saving, but she wasn't copped with the increase.

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Speaker 5: Huge well done.

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Speaker 2: I feel like the three or four minutes it would

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Speaker 2: take for you to do a quick Google and see

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Speaker 2: what's going on, that's worth a lot of money. In

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Speaker 2: this case, it was worth like three hundred and fifty dollars.

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Speaker 3: Amazing as someone whose car insurance is coming.

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Speaker 2: Up, I know literally me like, I got my car

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Speaker 2: insurance recently and I was like, oh, I know, I

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Speaker 2: need to research it. But it's one of those tasks

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Speaker 2: that you just put off in saying that maybe I

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Speaker 2: should do it, because I should walk the walk as

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Speaker 2: well as talk the talk. You know, Courtney has a

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Speaker 2: money win. She said, I'm moving into state, so I'm

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Speaker 2: going through my house room by room and selling anything

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Speaker 2: that hasn't been used in the last year. This includes

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Speaker 2: baby items, furniture, gym equipment, et cetera. So far, she's

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Speaker 2: sold four and a half grand worth of stuff on

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Speaker 2: Facebook Marketplace, and she's putting that cash towards the move.

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Speaker 2: How good is that? Less stuff to pack as well? Genius?

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Speaker 2: She's saving her self time and money. And I remember

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Speaker 2: reading recent research, not sponsored, just interesting from Gummetry, and

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Speaker 2: that research said that most people have about five and

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Speaker 2: a half grand of stuff that they're not using that

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Speaker 2: they could sell around their house. How good is that?

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Speaker 5: That's a lot of I can't think of anything in

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Speaker 5: my house that I could sell.

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Speaker 3: But it's like the accumulation, like you're probably selling things

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Speaker 3: for twenty to fifty dollars as right, I got a

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Speaker 3: little bit five hours than big ticket, but those things

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Speaker 3: add up when you sell a couple little bits here

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Speaker 3: and there. All right, we have our last one and

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Speaker 3: this is from our friend Jill. I know Jill's been

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Speaker 3: in the community for a very long time. And then

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Speaker 3: also after this money when I'm going to share my

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Speaker 3: own money win with you guys because I think.

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Speaker 2: It's a goodie. But Jill said, I had I think

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Speaker 2: my biggest four days in the thirteen years that she's

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Speaker 2: been working in the sex industry, and she made a

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Speaker 2: net profit of five and fifty dollars in a total

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Speaker 2: of four days.

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Speaker 5: Are you kidding?

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Speaker 2: Yeah, I'm not even kidding. Jill has been in our

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Speaker 2: community for so long, so I'm so excited that she's

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Speaker 2: had such a big win. But she said, all of

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Speaker 2: these is going into my savings for my Africa trip,

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Speaker 2: my short term savings. I'm going to be paying some

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Speaker 2: rent in advance, and I'm going to be buying a

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Speaker 2: few more shares. So just in a nutshell, she thinks

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Speaker 2: she's nailed it.

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Speaker 5: Jill, where are you going?

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Speaker 3: I've been to Africa like three or four times, obviously

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Speaker 3: these different countries in Africa, so maybe not the same

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Speaker 3: place as you, but Africa like as a corscious beautiful,

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Speaker 3: so beautiful.

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Speaker 2: It's gorgeous. And I'm really happy for her because I

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Speaker 2: know she's been in our community a fairwhile and posted

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Speaker 2: a lot of questions. You know when you just start

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Speaker 2: to see common names pop up, Jess, like when you

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Speaker 2: do community management, You're like, you're around here at fair bit.

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Speaker 2: I like you, you are good people.

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Speaker 3: I secretly pretend that you're my friends. When I recognize

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Speaker 3: your name.

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Speaker 2: Yeah, you're like, oh, Jill, we BFFs. Anyway, next thing

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Speaker 2: I was going to share, which is just sneaking in

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Speaker 2: my own money win. I didn't put it in the

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Speaker 2: thread though, but if you guys follow me on Instagram,

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Speaker 2: you would have seen me make it over the weekend.

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Speaker 2: So for the last eleven years, I have had an

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Speaker 2: Ikea Calyx unit that I have been using as a

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Speaker 2: TV unit because one time this isn't even like me

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Speaker 2: purchasing it. One time I found it in hard rubbish,

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Speaker 2: and then it became my entertainment unit.

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Speaker 3: I think that's how everyone acquired a Calyx, like the

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Speaker 3: old faithful that's handed down. I feel like, you don't

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Speaker 3: buy them, they just become acquiet anyway. So for eleven

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Speaker 3: years it has operated in some way, shape or form

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Speaker 3: in a house that I have had.

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Speaker 2: In the last house I had, there was like a

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Speaker 2: built in entertainment unit, so we used that we looked

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Speaker 2: a lot classier than what we actually were. But when

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Speaker 2: we moved, we didn't have an entertainment unit, so we

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Speaker 2: went back to using my trusty Calyx. And this weekend, guys,

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Speaker 2: I became an adult. I bought a proper entertainment unit.

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Speaker 2: But in true Victoria divine style, I bought it Facebook Marketplace,

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Speaker 2: and you'll be very happy to know I only paid

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Speaker 2: about twenty percent of the recommended retail price. And Jess

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Speaker 2: I already sent you a photo. You probably agree. It

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Speaker 2: doesn't look cheap. She's cute, she looks pretty, she's very classy,

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Speaker 2: she's black. She's definitely an upgrade. And now I feel

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Speaker 2: like I've got my life together. Guys like I have

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Speaker 2: an entertainment unit. So when I take photos of my

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Speaker 2: Uber eats or TV shows that I'm watching, I'm going

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Speaker 2: to look like a real person.

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Speaker 5: Hey, v, I think something else has happened recently that

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Speaker 5: might make you a bit of an adult as well.

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Speaker 2: I have no idea.

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Speaker 5: Maybe that was the money whin that you were going

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Speaker 5: to be sure.

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Speaker 2: I don't think that's a money win. That's not going

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Speaker 2: to be going to be a money It's absolutely not

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Speaker 2: going to be a money win. But for those of

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Speaker 2: you who don't follow me on Instagram, I got engaged.

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Speaker 2: It's really fun and I'm really excited, and you know,

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Speaker 2: everybody always asks the story, and it happened at home,

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Speaker 2: surrounded by my pets, so I could not have been happier.

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Speaker 2: But no, George, I'm sorry, it's definitely not going to

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Speaker 2: be a money win. I have started thinking about wedding

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Speaker 2: stuff because if not organized, I'm not anybody. So I've

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Speaker 2: already started to do a little bit of research and

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Speaker 2: get in contact with some people because as if, I

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Speaker 2: haven't been waiting for this to happen for like at

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Speaker 2: least three years. But the one thing I'll say is

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Speaker 2: we have obviously done episodes on weddings. My gosh, I

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Speaker 2: did not realize when you start reaching out to your

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Speaker 2: own vendors just how expensive that process is going to be.

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Speaker 2: So you best believe there is going to be wedding budgets,

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Speaker 2: there's going to be wedding spreadsheets, there's going to be

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Speaker 2: wedding checklists. Like if I make it, I will share it,

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Speaker 2: give the people what they it's what I want to

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Speaker 2: George do you have a dress in mind?

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Speaker 5: Fee, I feel like.

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Speaker 2: Dress, Like, I'm not that far down the image of

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Speaker 2: a dress.

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Speaker 5: No, but like, do you know the style?

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Speaker 2: Yes?

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Speaker 5: White?

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Speaker 2: Yea ideally?

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Speaker 5: Yeah?

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Speaker 2: Good ye, Like a white dress is probably what I'm.

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Speaker 3: Going to wed.

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Speaker 2: No, I'm not that far down the process I have

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Speaker 2: since it pretty much on Instagram. But no, we're not

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Speaker 2: We're not there yet. Keep us thst it. I actually

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Speaker 2: don't know any of the semantics. People are always asking though,

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Speaker 2: They're like, have you picked a date? I'm like, how

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Speaker 2: would I have picked a date? I literally got engaged

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Speaker 2: like pretty much yesterday. Well so, as much as I

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Speaker 2: have started contacting people, I am far less organized than

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Speaker 2: I wish I was. But at the same time, like,

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Speaker 2: who expects someone to know the day after they get engaged,

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Speaker 2: when they're getting married what they're going to wear, Like Georgia,

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Speaker 2: come off it.

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Speaker 5: If I had to guess of anyone in the world, though,

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Speaker 5: it would be you Dole that would be that organized,

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Speaker 5: or maybe jay Rikover Yeah, actually Jessica would do a

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Speaker 5: much better job.

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Speaker 2: But let's stop talking about weddings because that's arguably pretty boring,

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Speaker 2: and let's go to a break and then I have

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Speaker 2: a fun article to share with you guys. All right,

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Speaker 2: jumping back into it, how do you guys feel about

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Speaker 2: going out for dinner?

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Speaker 5: Big fan?

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Speaker 2: Ten out of ten fan?

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Speaker 1: I like that.

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Speaker 2: Well, I have a money win, or a potential money win.

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Speaker 2: Apologies for everybody who's not in the state of Victoria,

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Speaker 2: because it doesn't apply for you. Actually it might if

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Speaker 2: you want to travel to Victoria, You're more than welcome

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Speaker 2: to come travel down here and use this scheme. The

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Speaker 2: borders are open. The borders are open, which is very exciting.

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Speaker 2: But recently the state government and this isn't sponsored by

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Speaker 2: the way, I'm just really excited about food. The State

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Speaker 2: government and the Melbourne City Council announced that they are

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Speaker 2: redoing the Melbourne Money Scheme, which was a scheme to

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Speaker 2: offer two hundred thousand rebates to people who go out

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Speaker 2: for dinner in the Melbourne CBD. It's not even just dinner,

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Speaker 2: it's like for restaurants, cafes and bars just during that

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Speaker 2: period of time. And it's happened in the city before.

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Speaker 2: So it happened over the Queen's Birthday long weekend and

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Speaker 2: it actually generated forty million dollars in revenue for the

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Speaker 2: hospitality venues that were participating during June and July. So

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Speaker 2: I feel like that is a pretty good money win

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Speaker 2: for hospitality. But the money win here is if you

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Speaker 2: go out and you use this scheme and to meet

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Speaker 2: your receipts and do all the admin that they obviously

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Speaker 2: need you to do to qualify for it, you can

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Speaker 2: get thirty percent of your bill back.

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Speaker 5: Amazing. Let's do some quick maths. I went out with harps. Yep,

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Speaker 5: we might spend say one hundred and fifty, yeah, one

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Speaker 5: hundred and twenty. I was going to say one hundred

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Speaker 5: and fifteen.

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Speaker 2: Fifty because in my head that works a bit better mathematically,

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Speaker 2: but thank you.

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Speaker 5: I was actually wait to go with like one hundred

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Speaker 5: because that's very easy. Now that is pretty good. Yeah, okay,

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Speaker 5: so one hundred and fifty dollars together and we get

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Speaker 5: thirty percent back on that bill. Not eat, you're going

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Speaker 5: to get about fifty bucks back, George, Okay, good maths.

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Speaker 4: Mat that was.

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Speaker 2: Actually thirty three three three percent. But we're not gonna

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Speaker 2: like I can't do different maths in my head right

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Speaker 2: now on the fly, Like I need a little bit

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Speaker 2: more preparation. But for anyone listening, that's a pretty good

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Speaker 2: money win and to be on a grave honeyway. It

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Speaker 2: started on Wednesday, and I'll be going out tonight Friday

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Speaker 2: night to make use of this because I just feel

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Speaker 2: like it would be rude not to agreed.

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Speaker 5: Agreed? So where where do you go about finding this

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Speaker 5: little money win v So you.

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Speaker 2: Might have to do a little bit of research to

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Speaker 2: make sure that your restaurant or cafe or bar actually

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Speaker 2: is participating. But the easiest thing to do is one,

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Speaker 2: go to our show notes. We'll put a link. But two,

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Speaker 2: you can just google Melbourne money rebate and I'm sure

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Speaker 2: it will come up again. This isn't sponsored. I'm just

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Speaker 2: really excited about it, and I missed out last time.

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Speaker 2: I heard about it after people had already done it,

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Speaker 2: and I was like, oh so now I don't get

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Speaker 2: to use this policy. But thirty percent off the bill,

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Speaker 2: that's pretty good. That's like if you, Jess and I

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Speaker 2: went out for dinner. That's like one free. That's pretty good. Exactly,

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Speaker 2: not bad.

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Speaker 5: I was thinking about it.

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Speaker 2: Not great maths, but like close enough.

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Speaker 5: Shoddy being the free.

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Speaker 2: All right, enough about food. I'm really excited, but you

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Speaker 2: will catch me out in the Melbourne, CBD this evening, Jess,

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Speaker 2: what have you got when it comes to listener questions

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Speaker 2: this week?

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Speaker 3: I have a super relevant listener question this week because

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Speaker 3: we're all coming out of lockdown and borders opening and

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Speaker 3: it's really exciting.

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Speaker 5: I nearly died.

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Speaker 3: I spat out my water when I was listening to this,

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Speaker 3: so I can't wait see if you guys do the same.

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Speaker 4: Hey, team, I was wondering if anyone had any top

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Speaker 4: tips to keep in mind when trying to budget and

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Speaker 4: forecast for what might happen in the future, in the

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Speaker 4: next week or the next month, when it's been really

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Speaker 4: tricky to know what's happening tomorrow or just around the corner.

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Speaker 4: Anything that can help with altering cash flows and budgets

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Speaker 4: to kind of help with the constant change of restrictions, etc.

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Speaker 4: And changes that have been happening. Love to hear them. Also,

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Speaker 4: I heard that you get extra points if you do

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Speaker 4: an accent, so I thought i'd give you the best

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Speaker 4: of both worlds. This is me just trying it out,

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Speaker 4: so I hope you enjoy.

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Speaker 2: Thanks. It's gonna learn you were wrong, Jess. Her accent

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Speaker 2: was arguably very authentic. Is that what we'll call it. Yeah,

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Speaker 2: I think I reckon, I'm not authentic top notch. I

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Speaker 2: really liked it. And do you know what I'm really

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Speaker 2: liking that people are still sending us voice memos, like

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Speaker 2: ten out of ten we should at the end will

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Speaker 2: wrap and let you know exactly how to send a

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Speaker 2: voice memo because they literally make our day. Like, if

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Speaker 2: you send a voice memo, we will play it to

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Speaker 2: everybody in the office. Is that a return only if

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Speaker 2: you use an accent, sense will probably get you on

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Speaker 2: the show in all honesty. Also sending cupcakes, flowers, etc.

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Speaker 2: You can find out dates on the websipe. But let's

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Speaker 2: answer the actual question. No, I will not be doing

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Speaker 2: this in an accent. I do apologize in advance, but

437
00:20:18,960 --> 00:20:22,119
Speaker 2: it would be arguably incredibly embarrassing for me to do that,

438
00:20:22,440 --> 00:20:24,240
Speaker 2: more embarrassing than most of the stuff I say on

439
00:20:24,280 --> 00:20:27,840
Speaker 2: this podcast. But budgeting when we are going through a

440
00:20:27,840 --> 00:20:31,680
Speaker 2: tumultuous time can be a little bit fickle. It's one

441
00:20:31,680 --> 00:20:34,080
Speaker 2: of those things where you feel like everything's up in

442
00:20:34,119 --> 00:20:37,600
Speaker 2: the air, but at the same time there's actually a

443
00:20:37,640 --> 00:20:40,760
Speaker 2: lot of certainty. So I know that that's not what

444
00:20:40,800 --> 00:20:43,520
Speaker 2: you wanted me to say. But at the same time,

445
00:20:43,560 --> 00:20:46,040
Speaker 2: we actually need to sit down and do our budget

446
00:20:46,119 --> 00:20:49,239
Speaker 2: and understand what cash flow means, because if you've got

447
00:20:49,280 --> 00:20:52,119
Speaker 2: a varying income, or things are popping up, or you

448
00:20:52,200 --> 00:20:54,520
Speaker 2: know that maybe you're going to have to go into isolation,

449
00:20:55,160 --> 00:20:57,919
Speaker 2: or there's something that you're just not too sure about.

450
00:20:58,160 --> 00:21:00,520
Speaker 2: What we can be sure about is our rent, what

451
00:21:00,640 --> 00:21:03,400
Speaker 2: on average we are spending on food, what we have

452
00:21:03,480 --> 00:21:06,479
Speaker 2: to spend on transport, If we have any medications or

453
00:21:06,520 --> 00:21:10,640
Speaker 2: things that we can't change, what are those underlying costs

454
00:21:10,920 --> 00:21:14,640
Speaker 2: that are set that we can't really change. So there

455
00:21:14,680 --> 00:21:17,840
Speaker 2: are variable costs. Obviously, Jess, you look very cute in

456
00:21:17,880 --> 00:21:21,639
Speaker 2: your new dress at recording today, but that's a variable cost.

457
00:21:21,680 --> 00:21:23,880
Speaker 2: And I know that if the proverbial hit the fan,

458
00:21:24,080 --> 00:21:25,800
Speaker 2: that would be one of the first things in your

459
00:21:25,800 --> 00:21:28,400
Speaker 2: budget to go because you go, okay, cool. I can't

460
00:21:28,440 --> 00:21:31,800
Speaker 2: afford that. That's not something that is essential at the moment.

461
00:21:32,000 --> 00:21:34,720
Speaker 2: When it comes to budgeting, it's really important to understand

462
00:21:34,760 --> 00:21:37,879
Speaker 2: what your base expenses are. And we've discussed this George

463
00:21:37,920 --> 00:21:41,639
Speaker 2: before on the variable income episode, which is actually really

464
00:21:41,680 --> 00:21:45,760
Speaker 2: relevant for everybody, even if you don't have a variable income,

465
00:21:45,960 --> 00:21:49,520
Speaker 2: because it really talks through understanding the basics of what

466
00:21:49,640 --> 00:21:52,920
Speaker 2: budgeting and cashflow mean. And I think that there's still

467
00:21:52,960 --> 00:21:55,440
Speaker 2: this massive stigma that when you say, oh, I've got

468
00:21:55,440 --> 00:21:57,800
Speaker 2: a good budget, like people like, oh my gosh, she

469
00:21:57,920 --> 00:22:00,960
Speaker 2: must be so stingy or she must, you know, really

470
00:22:01,000 --> 00:22:03,960
Speaker 2: not spend that much on things, when in reality, a

471
00:22:04,040 --> 00:22:07,399
Speaker 2: budget should just teach you where your money's going. It

472
00:22:07,400 --> 00:22:10,639
Speaker 2: shouldn't be about restricting. It's not actually about going, okay, George,

473
00:22:10,640 --> 00:22:13,560
Speaker 2: you only have thirty dollars this week for groceries. It's

474
00:22:13,600 --> 00:22:16,480
Speaker 2: actually saying, George, what do you spend on groceries each

475
00:22:16,520 --> 00:22:18,760
Speaker 2: and every single week? Do you actually know that answer?

476
00:22:19,000 --> 00:22:20,960
Speaker 2: Because what we want to do is make sure we're

477
00:22:21,000 --> 00:22:25,160
Speaker 2: super educated on our budgets and what we're actually spending,

478
00:22:25,359 --> 00:22:27,240
Speaker 2: because you might go, oh V, I've got no clue

479
00:22:27,280 --> 00:22:29,720
Speaker 2: what I spend on food. I go okay, But that's

480
00:22:29,760 --> 00:22:32,280
Speaker 2: a really powerful thing for you to learn, because you

481
00:22:32,359 --> 00:22:35,320
Speaker 2: might not be comfortable with that. You might go, oh V,

482
00:22:35,359 --> 00:22:37,760
Speaker 2: actually I spend fifty bucks a week. Or we might

483
00:22:37,840 --> 00:22:40,399
Speaker 2: find that you've been a little bit cheeky recently and

484
00:22:40,440 --> 00:22:42,800
Speaker 2: you're going out most nights for a drink or you know,

485
00:22:42,840 --> 00:22:45,320
Speaker 2: to meet friends for dinner. And it means that you're

486
00:22:45,440 --> 00:22:48,840
Speaker 2: spending a heap on food and entertainment, which we're not

487
00:22:48,880 --> 00:22:50,800
Speaker 2: saying is a bad thing, we just need to be

488
00:22:50,840 --> 00:22:53,719
Speaker 2: super aware of. So when it comes to understanding our

489
00:22:53,760 --> 00:22:57,080
Speaker 2: money during a period of uncertainty, it's actually about really

490
00:22:57,119 --> 00:23:01,560
Speaker 2: prioritizing our budget and understanding what costs we can't vary.

491
00:23:01,880 --> 00:23:05,800
Speaker 2: But then also during times that aren't too tumultuous, really

492
00:23:05,800 --> 00:23:09,239
Speaker 2: prioritize building up an emergency fund so that we have

493
00:23:09,359 --> 00:23:11,399
Speaker 2: some cash that we can land on. And that's going

494
00:23:11,440 --> 00:23:14,200
Speaker 2: to look different to everybody. Some people would be more

495
00:23:14,200 --> 00:23:16,960
Speaker 2: comfortable with three months, some people would be more comfortable

496
00:23:17,000 --> 00:23:19,760
Speaker 2: with six months worth of expenses. I have a client

497
00:23:19,800 --> 00:23:22,199
Speaker 2: that has three years worth of her expenses in her

498
00:23:22,200 --> 00:23:25,520
Speaker 2: emergency fund. There's literally no right or wrong way to

499
00:23:25,560 --> 00:23:28,040
Speaker 2: go about it. It's all about what are you going

500
00:23:28,080 --> 00:23:31,520
Speaker 2: to feel more comfortable with. And an emergency fund is

501
00:23:31,560 --> 00:23:35,240
Speaker 2: going to really vary based on your life stage. So

502
00:23:35,280 --> 00:23:37,680
Speaker 2: if you're eighteen and you still live at home, an

503
00:23:37,680 --> 00:23:40,919
Speaker 2: emergency fund is probably not going to be thousands and

504
00:23:40,960 --> 00:23:43,440
Speaker 2: thousands of dollars. Might be a couple of hundred dollars

505
00:23:43,480 --> 00:23:45,719
Speaker 2: that you've got stashed to the side if anything comes up,

506
00:23:45,800 --> 00:23:48,480
Speaker 2: or a birthday present you forgot to buy, that might

507
00:23:48,560 --> 00:23:50,840
Speaker 2: be your priority. Once you've moved out and you're in

508
00:23:50,840 --> 00:23:53,760
Speaker 2: a sharehouse, maybe you need a couple of months rent

509
00:23:53,800 --> 00:23:56,360
Speaker 2: and you know, some really bare bones food in your

510
00:23:56,359 --> 00:24:00,680
Speaker 2: emergency budget. That's going to be different. Again, but in comparison,

511
00:24:01,040 --> 00:24:03,800
Speaker 2: if you're married, have two kids and three pets, and

512
00:24:03,880 --> 00:24:07,520
Speaker 2: you have a whole heap of financial responsibilities, maybe your

513
00:24:07,560 --> 00:24:11,240
Speaker 2: emergency fund is a lot more bulky. So there's actually

514
00:24:11,280 --> 00:24:13,920
Speaker 2: not a one size fits all approach when it comes

515
00:24:13,920 --> 00:24:16,640
Speaker 2: to emergency funds. You've actually just got to sit down

516
00:24:16,640 --> 00:24:19,159
Speaker 2: and go, Okay, if I wasn't able to work, or

517
00:24:19,200 --> 00:24:21,360
Speaker 2: if I wasn't able to generate an income, or if

518
00:24:21,400 --> 00:24:25,480
Speaker 2: something happened, how much money would I feel comfortable with

519
00:24:25,560 --> 00:24:28,320
Speaker 2: in my emergency account. And that's actually going to be

520
00:24:28,359 --> 00:24:30,879
Speaker 2: really dependent on what your costs are, which means you

521
00:24:30,960 --> 00:24:33,560
Speaker 2: have to understand your budget. So if you don't understand

522
00:24:33,600 --> 00:24:36,040
Speaker 2: your budget, maybe your costs are three grand a month,

523
00:24:36,280 --> 00:24:38,600
Speaker 2: you might go, oh, I need fifty thousand dollars in

524
00:24:38,600 --> 00:24:41,720
Speaker 2: an emergency fund. Oh my gosh. In reality, you might

525
00:24:41,720 --> 00:24:45,240
Speaker 2: have said, oh, actually I just need three months. That's

526
00:24:45,280 --> 00:24:47,679
Speaker 2: a lot different to fifty grand. So I think we

527
00:24:47,760 --> 00:24:50,239
Speaker 2: need to be really realistic about what we're doing, but

528
00:24:50,320 --> 00:24:55,600
Speaker 2: also understand the semantics of our own situations and not go, hey, Jes,

529
00:24:55,720 --> 00:24:58,680
Speaker 2: what's in your emergency fund? Maybe I should have the same,

530
00:24:58,960 --> 00:25:01,960
Speaker 2: because that's going to be really personal. But also, I

531
00:25:01,960 --> 00:25:04,359
Speaker 2: don't know a situation. I don't know your expenses, I

532
00:25:04,359 --> 00:25:06,480
Speaker 2: don't know what's going on in your life. I need

533
00:25:06,520 --> 00:25:10,479
Speaker 2: to understand me to actually create an emergency fund that works.

534
00:25:10,680 --> 00:25:14,240
Speaker 5: I'm curious to know, gals, how you've both gone post

535
00:25:14,800 --> 00:25:19,240
Speaker 5: lockdown in re entering into a normal in quotation marks

536
00:25:19,520 --> 00:25:23,080
Speaker 5: style of living. How have you guys noticed your spending changing.

537
00:25:23,480 --> 00:25:24,399
Speaker 5: Have you got it under control?

538
00:25:25,160 --> 00:25:28,800
Speaker 2: That's probably a really bad question for both Jess and

539
00:25:29,080 --> 00:25:32,840
Speaker 2: I because really, yeah, neither of us have really gone out.

540
00:25:33,200 --> 00:25:37,199
Speaker 2: I believe my first dinner was with two girlfriends and

541
00:25:37,240 --> 00:25:39,960
Speaker 2: it was very COVID friendly, COVID safe. I was a

542
00:25:39,960 --> 00:25:44,560
Speaker 2: bit apprehensive, But I'm not really going out. I've got

543
00:25:44,560 --> 00:25:47,399
Speaker 2: dinner for Friday night, which will be really fun, but again,

544
00:25:47,440 --> 00:25:49,520
Speaker 2: that's just my partner and I going on a date

545
00:25:49,560 --> 00:25:52,280
Speaker 2: and seeing the Christmas Festival lights and you know, having

546
00:25:52,280 --> 00:25:55,040
Speaker 2: a little bit of a peruse around the city. But

547
00:25:55,200 --> 00:25:59,320
Speaker 2: I think from my perspective, I'm a little bit more apprehensive,

548
00:25:59,400 --> 00:26:01,800
Speaker 2: you could say. I mean, I'm not distrustful, like I'm

549
00:26:01,800 --> 00:26:04,320
Speaker 2: fully vaxed, but I just I'm of the opinion I

550
00:26:04,359 --> 00:26:08,240
Speaker 2: don't need to be exposing myself unnecessarily. So yeah, that's

551
00:26:08,280 --> 00:26:10,240
Speaker 2: where I see it. But I know that a lot

552
00:26:10,280 --> 00:26:13,159
Speaker 2: of people have gone crazy spending and they've you know,

553
00:26:13,280 --> 00:26:15,359
Speaker 2: really backflipped and gone, oh my gosh, like we can

554
00:26:15,400 --> 00:26:16,679
Speaker 2: finally get out, so we should.

555
00:26:17,000 --> 00:26:20,320
Speaker 3: I'm feeling the same. I like almost everyone in our office,

556
00:26:20,400 --> 00:26:22,000
Speaker 3: I have someone close to me who falls into the

557
00:26:22,080 --> 00:26:25,960
Speaker 3: high risk category. I am also fully veaxed. However, it

558
00:26:26,080 --> 00:26:29,120
Speaker 3: adds a layer of stress, and to be honest, I

559
00:26:29,160 --> 00:26:32,520
Speaker 3: was already feeling quite anxious about being out and about.

560
00:26:33,320 --> 00:26:35,720
Speaker 3: But that being said, even though I'm not I'm not

561
00:26:35,760 --> 00:26:37,600
Speaker 3: going down to the pub. I haven't been out for dinner.

562
00:26:38,240 --> 00:26:42,200
Speaker 3: Even without that, we have plans with Christmas for the family,

563
00:26:42,240 --> 00:26:42,920
Speaker 3: for example.

564
00:26:43,119 --> 00:26:43,879
Speaker 2: That's so exciting.

565
00:26:43,960 --> 00:26:45,840
Speaker 3: Yeah, which I'm so excited to be able to see them,

566
00:26:45,880 --> 00:26:49,000
Speaker 3: some of them I haven't seen since July. But I'm

567
00:26:49,000 --> 00:26:51,560
Speaker 3: going okay, great, I'm gonna need a dress, I need presents,

568
00:26:51,560 --> 00:26:53,840
Speaker 3: for the kids. You know, am I going to want

569
00:26:53,840 --> 00:26:54,600
Speaker 3: to bake something?

570
00:26:54,680 --> 00:26:54,880
Speaker 5: Oh?

571
00:26:54,880 --> 00:26:57,000
Speaker 3: Should I also get a present for like someone's uncle.

572
00:26:57,560 --> 00:27:01,200
Speaker 3: I'm already it's a hypothetic right now. I haven't even

573
00:27:01,280 --> 00:27:04,480
Speaker 3: gone anywhere, and I'm going, Okay, money, money, money, money, Yeah,

574
00:27:04,680 --> 00:27:06,720
Speaker 3: like making it rain on this one thing.

575
00:27:06,720 --> 00:27:08,040
Speaker 2: It's crazy, isn't it.

576
00:27:08,040 --> 00:27:11,280
Speaker 3: It's pretty wild to think about the fact that while

577
00:27:11,480 --> 00:27:14,000
Speaker 3: I personally definitely was online shopping a bit more than

578
00:27:14,040 --> 00:27:17,280
Speaker 3: I normally would in Lockdown, there was still a huge

579
00:27:17,280 --> 00:27:21,439
Speaker 3: amount of money being saved on events, dinners, clothing, and

580
00:27:21,480 --> 00:27:23,399
Speaker 3: it kind of just makes me go wow, like maybe

581
00:27:23,400 --> 00:27:26,639
Speaker 3: I was spending unnecessarily a whole lot before.

582
00:27:27,600 --> 00:27:31,520
Speaker 2: Oh, I know, I absolutely was spending unnecessarily before. Gee,

583
00:27:31,560 --> 00:27:33,359
Speaker 2: what about you? Do you think that your spending has

584
00:27:33,440 --> 00:27:36,200
Speaker 2: changed in anyway? You're a bit more of a social

585
00:27:36,240 --> 00:27:38,040
Speaker 2: butterfly than Jess and or A combined.

586
00:27:38,080 --> 00:27:41,280
Speaker 5: I's going to say, unlike you little angels, I've been

587
00:27:41,520 --> 00:27:45,560
Speaker 5: hungover for the last four weeks, which has taken a

588
00:27:45,560 --> 00:27:47,280
Speaker 5: toll on the bank account. I'll tell you that much

589
00:27:47,280 --> 00:27:51,639
Speaker 5: for free, but I mean for free. Well, I wasn't

590
00:27:51,680 --> 00:27:54,360
Speaker 5: too bad during lockdown. There were a few moments where

591
00:27:54,359 --> 00:27:56,480
Speaker 5: I was like, oh, a little spend here and there

592
00:27:56,520 --> 00:27:59,919
Speaker 5: to make myself feel better. But you just really noticed

593
00:28:00,040 --> 00:28:02,520
Speaker 5: the price of a pint when you're at the pub.

594
00:28:02,560 --> 00:28:05,800
Speaker 5: It's the same as buying a six pack, So you

595
00:28:05,920 --> 00:28:07,520
Speaker 5: really noticed the wasted money.

596
00:28:08,080 --> 00:28:11,600
Speaker 2: Yeah, and we've got so used to paying for six packs.

597
00:28:13,240 --> 00:28:15,280
Speaker 2: You know, we're drinking at home because we had no

598
00:28:15,359 --> 00:28:16,720
Speaker 2: other choice.

599
00:28:15,960 --> 00:28:18,240
Speaker 5: Was a much more affordable option.

600
00:28:18,359 --> 00:28:20,920
Speaker 2: I feel like that would really impact me as well

601
00:28:20,920 --> 00:28:24,680
Speaker 2: going out, because historically I didn't really drink at home.

602
00:28:24,760 --> 00:28:27,480
Speaker 2: It wasn't something that I did because you know, if

603
00:28:27,520 --> 00:28:29,400
Speaker 2: I wanted to drink, i'd go out on a Friday

604
00:28:29,480 --> 00:28:32,200
Speaker 2: night or you know, go out for a wine at

605
00:28:32,200 --> 00:28:36,000
Speaker 2: the wine bar on a Saturday. But over COVID, we

606
00:28:36,119 --> 00:28:38,920
Speaker 2: definitely bought a few bottles of red wine and some

607
00:28:39,040 --> 00:28:40,600
Speaker 2: drinks to have, and then when I got sick of

608
00:28:40,600 --> 00:28:43,120
Speaker 2: red wine, I picked something different. But I was like, oh,

609
00:28:43,120 --> 00:28:45,560
Speaker 2: it's just so much cheaper to just have it at home.

610
00:28:45,600 --> 00:28:46,160
Speaker 2: Who would have.

611
00:28:46,120 --> 00:28:50,960
Speaker 5: Thought, Yeah, So no, it's been interesting to like notice,

612
00:28:51,120 --> 00:28:53,880
Speaker 5: and it's kind of sad. I forgot how expensive life

613
00:28:53,920 --> 00:28:58,080
Speaker 5: is across the board. But hey, it's a small price

614
00:28:58,120 --> 00:28:59,720
Speaker 5: to pay for freedom, isn't it.

615
00:29:00,200 --> 00:29:02,680
Speaker 2: Look it's not too bad. But I think it's also

616
00:29:03,120 --> 00:29:05,880
Speaker 2: important to point out here as well that, you know,

617
00:29:06,000 --> 00:29:07,720
Speaker 2: Jess and I have just said that we're still a

618
00:29:07,760 --> 00:29:10,400
Speaker 2: bit anxious about going out, even though we know that

619
00:29:10,480 --> 00:29:13,719
Speaker 2: the COVID safe protocols exist. We're just a bit like, oh, like,

620
00:29:13,840 --> 00:29:15,880
Speaker 2: maybe we're not ready to go out. And I think

621
00:29:15,920 --> 00:29:18,120
Speaker 2: that it's also important to point out that that's all right,

622
00:29:18,280 --> 00:29:19,640
Speaker 2: Like if you're not ready to go out or you

623
00:29:19,640 --> 00:29:22,000
Speaker 2: don't want to do anything. I know, earlier in this podcast,

624
00:29:22,040 --> 00:29:24,320
Speaker 2: the City of Melbourne like is trying to promote getting

625
00:29:24,400 --> 00:29:27,000
Speaker 2: us back into restaurants, and I'm obviously going out this

626
00:29:27,040 --> 00:29:29,680
Speaker 2: evening and I'm really excited about it. But you know,

627
00:29:29,800 --> 00:29:32,160
Speaker 2: if you're still a bit cautious or a little bit anxious,

628
00:29:32,360 --> 00:29:35,880
Speaker 2: that's actually really normal because we're feeling exactly the same,

629
00:29:36,040 --> 00:29:37,640
Speaker 2: but not George, because George is a party.

630
00:29:37,800 --> 00:29:39,960
Speaker 5: You know, there's still a little bit of that in

631
00:29:40,040 --> 00:29:42,080
Speaker 5: there for sure, But I'm just pushing through it with

632
00:29:42,080 --> 00:29:42,480
Speaker 5: the boost.

633
00:29:43,280 --> 00:29:46,040
Speaker 2: I love it. I love that for you. But anyway

634
00:29:46,120 --> 00:29:48,080
Speaker 2: you manage it is the right way to manage it.

635
00:29:48,120 --> 00:29:50,080
Speaker 2: I think doesn't matter who you are or what you're

636
00:29:50,160 --> 00:29:52,600
Speaker 2: up to, as long as you feel comfortable do that,

637
00:29:52,760 --> 00:29:55,600
Speaker 2: my friends. So with that, guys, I think that's all

638
00:29:55,680 --> 00:29:58,400
Speaker 2: we have time for today. I arguably have to get

639
00:29:58,440 --> 00:30:02,120
Speaker 2: ready for dinner. Ate that like we didn't record.

640
00:30:03,800 --> 00:30:04,760
Speaker 5: That. I'm loving it.

641
00:30:04,880 --> 00:30:07,400
Speaker 2: I feel really sneaky saying that. But you know what

642
00:30:07,440 --> 00:30:09,360
Speaker 2: I mean. I'm going out for dinner tonight. Because this

643
00:30:09,440 --> 00:30:13,160
Speaker 2: is coming out on Friday, we definitely pre record Friday episodes.

644
00:30:13,160 --> 00:30:15,800
Speaker 2: We're not up at four am to record so it

645
00:30:15,800 --> 00:30:18,400
Speaker 2: can go live at five am. I do apologize to

646
00:30:18,400 --> 00:30:21,280
Speaker 2: disappoint you, guys, but as always, that is all we

647
00:30:21,360 --> 00:30:23,800
Speaker 2: have time for today. So just before we head off,

648
00:30:23,840 --> 00:30:27,440
Speaker 2: we'd like to acknowledge and pay respect to Australia's Aboriginal

649
00:30:27,480 --> 00:30:31,520
Speaker 2: and Torrestory islander peoples, the traditional custodians of the lands,

650
00:30:31,560 --> 00:30:35,040
Speaker 2: the waterways and the skies all across Australia. We thank

651
00:30:35,080 --> 00:30:37,120
Speaker 2: you for sharing at the caring for the land on

652
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Speaker 2: which we are able to learn. We pay our respects

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Speaker 2: to elders past and present, and we share our friendship

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Speaker 2: and our kindness.

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Speaker 5: And remember, guys, that the advice shared on She's on

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Speaker 5: the Money is general in nature and does not consider

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Speaker 5: your individual circumstances. She's on the Money, exists purely for

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Speaker 5: educational purposes and should not be relied upon to make

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Speaker 5: an investment or a financial decision, and we promise. Victoria

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Speaker 5: Devine is an authorized representative of Australia Pacific Funds Management

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Speaker 5: Proprietary Limited a b N three four one three two

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Speaker 5: four six three AT two five seven AFS L three

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Speaker 5: three nine one five one. See you next week, guys,