Speaker 1: Hello, my name is Santasha Nabananga Bamblet. I'm a proud
Speaker 1: or the Order Kerni Whaltbury and a waddery woman. And
Speaker 1: before we get started on She's on the Money podcast,
Speaker 1: I would like to acknowledge the traditional custodians of the
Speaker 1: land of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 2: Hello and welcome. She's on the Money. That makes personal
Speaker 2: finance fun, especially on Fridays. It's our or my or
Speaker 2: I don't know. I think everybody loves it. But it's
Speaker 2: our favorite day of the week because it's the end
Speaker 2: of the week. But also we get our beautiful team
Speaker 2: together to celebrate you the incredible She's on the Money community.
Speaker 2: Miss Grigi is here to share our favorite money wins
Speaker 2: and confessions for the week. Miss Bech Sayed is here
Speaker 2: to share some hinged andn hinged broken here and we're
Speaker 2: going to be helping to answer our money dilemma today
Speaker 2: This week unrelatable, but it's about someone who got a
Speaker 2: surprise car from their parents. Oh wow, but there are
Speaker 2: some financial strings attached of course, where the dilemma comes
Speaker 2: in and something you slit into our DMS about this week,
Speaker 2: we're talking about how to split housing costs with your
Speaker 2: partner when one of you owns the wholehouse. I feel
Speaker 2: like this will be as good a conversation to be having.
Speaker 2: But before we get there, how have your weeks been?
Speaker 2: My loves you go first? Yes, please, very exciting.
Speaker 4: If you're listening to this first thing in the morning,
Speaker 4: it happened to be in Melbourne. We are currently right
Speaker 4: now at the Australian Open, probably to do a live podcast.
Speaker 2: What do you mean probably? We are definitely at the
Speaker 2: Australian A good time. Six am. Yeah, like we're not up.
Speaker 4: I'm not there am definitely, But if you're around twelve
Speaker 4: pm at the top court, awake for us. Give us
Speaker 4: a squeeze. We're so excited, so cool.
Speaker 2: Actually no, I'm really not just to watch the tennis.
Speaker 2: This is probably not what the Australian Open want me
Speaker 2: to say, because like we should be saying, go to
Speaker 2: the Australian Open. Just watch the tennis, that's what it's
Speaker 2: all about. But like they have that top court, like
Speaker 2: it's all about the ground pass, Like there are installations
Speaker 2: and activities like Mecca is there, Like they always have
Speaker 2: a beautiful apparel sprits stand. Like it's about the vibes. Yeah,
Speaker 2: so you get to watch the tennis obviously elite, but
Speaker 2: also the installations, the music, there's always like it's festival vibes,
Speaker 2: your festival Melbourne. I adore it. It is so fun.
Speaker 2: But like, also, guys, we're doing a live podcast in
Speaker 2: the Australian.
Speaker 1: I'm sick.
Speaker 2: I'm sick, I'm sick. So fun, but Beck, that's what
Speaker 2: Jess is excited about. Are you excited about anything this week?
Speaker 2: I can't say the same thing.
Speaker 4: For letting me go first.
Speaker 2: Damn well that's all I had.
Speaker 5: No, I'm just kidding. I am actually today is it
Speaker 5: is confusing to say this because we're right now maybe sleeping,
Speaker 5: maybe the Australian Open, but also today is also my
Speaker 5: move in day because I finally prefer it rental.
Speaker 2: My friend, goodness, I'm going to ask you about this offline.
Speaker 2: I know you your actually answer on the podcast the
Speaker 2: dress and stuff like, do not give that information away.
Speaker 2: That's so fair.
Speaker 5: We had been flying for like a long time and
Speaker 5: it's just like hectic. We went to a few open
Speaker 5: like what open home for inspections, Open for inspections, thank you, Yeah,
Speaker 5: because I open homes a first selling house and we
Speaker 5: were renting. But we went to a few and it
Speaker 5: was like a concert in these houses. It was like
Speaker 5: packed with people, and I was like, we're never ever
Speaker 5: ever moving getting back together. We were applying as a couple,
Speaker 5: so I think that's still relevant that update updates.
Speaker 2: But we you're living, we're living with your partner.
Speaker 5: Now no, my friend's partner, but we're pretending that we're
Speaker 5: a couple.
Speaker 2: I missed a step.
Speaker 4: I know.
Speaker 5: Sorry, I didn't know it was. I just wanted to
Speaker 5: give to justify you.
Speaker 2: Are pretending to be in a relationship with We thought that, yeah,
Speaker 2: just because we thought they would work on it. Turns
Speaker 2: out it did.
Speaker 5: But the house we applied for straight because that would
Speaker 5: be even funnier it would be.
Speaker 2: But no, it's actually also a girl. So I love
Speaker 2: that you didn't have to go too far.
Speaker 5: I was, yeah, I was worried about like, oh my god, bo,
Speaker 5: it's a homophobic but no one else applied for this house,
Speaker 5: so that's what we got because it's very ugly. But
Speaker 5: I'm very excited and that's.
Speaker 6: What I'm excited for.
Speaker 2: What you make it.
Speaker 4: You make it exactly, And he's so much stressed that
Speaker 4: it must be a big relief.
Speaker 2: Oh my god.
Speaker 5: It's sometimes to be like other searches over you guys,
Speaker 5: such as oh can you help moving.
Speaker 6: After the AO? They are so sweet. I think I'm
Speaker 6: just going to do it.
Speaker 5: I think I'm going to do it tomorrow. Yeah, instead
Speaker 5: going to do this.
Speaker 2: But whatever sore we go, you'll be too tired. We
Speaker 2: would have had a few soda waters. Yeah exactly.
Speaker 5: I'll be well and truly so hydrated by them.
Speaker 2: Exactly exactly. All right, let's move on. But before we
Speaker 2: get there, I'm carrying on what we picked up last year.
Speaker 2: I'm going to read you guys a five star review
Speaker 2: that someone has left us. Can't wait. So they user
Speaker 2: name is I love Chaers East. I get it, I
Speaker 2: get it, I get it. They said, I absolutely love
Speaker 2: this podcast. I love money Darries and listening to all
Speaker 2: their different stories from listeners Friday episodes are so fun
Speaker 2: listening to the girls. Love the dynamic of the three
Speaker 2: of you together. I'm a in quotation marks elder millennial
Speaker 2: and have learned so much about investing and my husband
Speaker 2: and I both have a Chazy's account and love comparing together.
Speaker 2: Well done, ladies, empowering other women with skills and knowledge.
Speaker 2: Who runs the world? Girls incredible? Use a name like
Speaker 2: I'm going to send that screenshot to the CHAS team
Speaker 2: and be like, guys, I get it. I mean the
Speaker 2: passion for like you've started picking up on your passion
Speaker 2: for chairs.
Speaker 5: That's all I think about.
Speaker 2: I feel like you're always like there. I invested a
Speaker 2: little bit more today and I'm like, yeah, cool in
Speaker 2: what You're like the same thing.
Speaker 5: I'm like cool, But okay, that's great.
Speaker 2: Consistent.
Speaker 5: I check it like three times a day. I don't
Speaker 5: know why it's like the same number every time, but yeah,
Speaker 5: I love Cheza to whoever you, I get it.
Speaker 2: Relatable content. All right, let's move on because we have
Speaker 2: a whole heap of money whens and confessions from the community.
Speaker 2: Just take it away.
Speaker 4: I'm going to start off this week with one from Justine,
Speaker 4: who said she bought a pair of Christmas earrings for
Speaker 4: this coming Christmas. They were marked down to like for
Speaker 4: like five Christmas old dread. This is this week's thread.
Speaker 4: It was six dollars marked down to fifty cents, and
Speaker 4: then she used her daughter's friend's staff discount shut down
Speaker 4: to forty cents.
Speaker 2: It's long's this stuff discount on a fifty cent paper
Speaker 2: as well?
Speaker 4: Someone went to me and said it's peak broke tips
Speaker 4: using a staff discount on a fifty cent transaction. I agree,
Speaker 4: every bit counts so true.
Speaker 2: That ten cents in probably ten years is it going
Speaker 2: to be worth like, I don't know a dollar money,
Speaker 2: We never know. Well, chances right now actually compounding interest
Speaker 2: is probably only you to be worth twenty cents point.
Speaker 2: Well done, Justine.
Speaker 4: Next, I've got a money in from Ida who said,
Speaker 4: if you live in Perth over the school holidays, public
Speaker 4: transport and the associated parking for public transport is free.
Speaker 2: Oh oh, she's actually really cool.
Speaker 4: Yeah, she's saving herself as a tidy thirty dollars a week,
Speaker 4: which I thought was both for anyone over in wa Hey.
Speaker 2: That's nice, like obviously a little money win, but also
Speaker 2: some free cash flow for mom and dad to spend
Speaker 2: some money on the school holidays.
Speaker 4: So it's genius, never going to go astray. Next, I've
Speaker 4: got a money win from Avin and I did have
Speaker 4: to look up how to say your name, but I
Speaker 4: think we got it right.
Speaker 6: It's a bit of a story.
Speaker 2: To bear with.
Speaker 4: Me Avin said that they had bought Quantus vouchers for
Speaker 4: Christmas pre COVID. Obviously COVID happened, had.
Speaker 7: To cancel them.
Speaker 4: They were to voucher fast forward. It's now been a
Speaker 4: couple of years. They used the voucher to book refundable
Speaker 4: flights to travel from Sydney to Perth. Unfortunately they had
Speaker 4: to cancel and Quantus told them that they couldn't refund
Speaker 4: or even reissue the vouchert because it was over three
Speaker 4: years old.
Speaker 2: No, that's not how it works. We're going straight down
Speaker 2: to consumer refests.
Speaker 4: Not even an issue because apparently the day she was
Speaker 4: going to fly, Quantus called her and said we're overbooked.
Speaker 6: Will you take a refund?
Speaker 4: And Avin was like, oh, I must, but she got
Speaker 4: a cash back.
Speaker 6: She got a cash back.
Speaker 4: I hope you asked them for like the compensation you
Speaker 4: get for canceled flights as well. You didn't send an
Speaker 4: email girl go hard or go home, But I always
Speaker 4: hooked that whole. That's a great story, really good story
Speaker 4: from start to finish. There you go.
Speaker 2: So we learned a new Irish name. Can you actually
Speaker 2: spell that out? Because absolutely so? Like her name's Aven's beautiful?
Speaker 2: How do you spell aven?
Speaker 4: Imagine my face, you guys, when I pull up my
Speaker 4: money win and I realize this is the name that
Speaker 4: I have to pronounce A O, I, B H E A.
Speaker 2: Double N, which I get it. It's an Irish name,
Speaker 2: like it's like nive and that's spelling. They don't make
Speaker 2: a lot of sense. They're beautiful names when you say
Speaker 2: them verbally, but like, I am going to literally ruin
Speaker 2: your name if I have to say it the way
Speaker 2: it's spelled. So weally it turns out another beautiful Irish name.
Speaker 5: We listened to a long, long, long start of video
Speaker 5: and then finally make sure that we were doing You
Speaker 5: had to make sure that's so true and know that's
Speaker 5: so true.
Speaker 2: I didn't want to massacre a name like that's rude.
Speaker 2: How many people say her name wrong?
Speaker 4: She says, you still did in nailor. I'm going to
Speaker 4: be a little bit upset. We really tried call me
Speaker 4: next time. Got a money win from Emily, who said
Speaker 4: she bought a cricket maker secondhand and it was still
Speaker 4: under warranty. She bought it for one hundred and fifty dollars.
Speaker 4: She's been saving for months and now she has heaps
Speaker 4: of money leftover.
Speaker 2: Oh that's some money win. You love your cricket.
Speaker 4: I love my cricket, and now you've got lots of
Speaker 4: money to put towards extra craft supplies, which I think.
Speaker 2: I told my mom that you had a cricket, and
Speaker 2: she bought herself a cricket.
Speaker 4: Did she?
Speaker 6: Oy?
Speaker 2: What are you using a cricket for? Are you talk
Speaker 2: about cricket the sport? No?
Speaker 1: No?
Speaker 2: Oh sorry, it's like a vinyl It's like a vinyl cutter.
Speaker 6: This is weird.
Speaker 2: Sorry. It's like a vinyl cutter. So you can like
Speaker 2: put pieces of like sticky vinyl in and make your
Speaker 2: own stickers and stuff. Oh that's cool.
Speaker 4: A lot of people use them for like wedding diys
Speaker 4: or party d I wise you.
Speaker 2: Know, so yeah, like vinyl cutting. But then also you
Speaker 2: could like replaced the blade with a pen and it
Speaker 2: will like draw on your things or like Yeah, it's
Speaker 2: very cool. I haven't cut wood like.
Speaker 6: It's a very thin wood like.
Speaker 4: Yeah, it's like a little crafty thing.
Speaker 5: For the sake of this episode, I'm gonna pretend I know,
Speaker 5: but I'm.
Speaker 2: Absolutely gonna have to google, like not pitch or anything.
Speaker 2: I show you another YouTube video.
Speaker 5: Yeah, we play the school day longer, the better longer
Speaker 5: it takes together.
Speaker 4: Lastly, this week, I've got a money in from Cindy
Speaker 4: and had a little bit of a journey but a
Speaker 4: great ending. She said she had a small diamond fall
Speaker 4: off of her wedding band a few months ago. She
Speaker 4: luckily she was able to save the stone and had
Speaker 4: it repaired by a jeweler. Unfortunately, it fell off again
Speaker 4: a couple of weeks later, and this time she didn't notice,
Speaker 4: so the stone was gone. She hesitated to go back
Speaker 4: to the jewelry shop to let them know what had happened,
Speaker 4: but eventually got up the courage went in and turns
Speaker 4: out the staff were actually very apologetic assured her that
Speaker 4: they will repair it and probably replace the lost stone
Speaker 4: free of charge. So she's gonna go in later this
Speaker 4: week to confirm.
Speaker 2: The girls just but sorry as they should.
Speaker 4: Yeah, well, yeah, truly they didn't go very well.
Speaker 2: Yeah, like that would be really annoying and often jewelry,
Speaker 2: especially if you're spending money on getting it repaired, I'm
Speaker 2: assuming has some level of sentimental value, like yeah, you're
Speaker 2: fixing it, but like, yeah, I.
Speaker 5: Would, I don't want to be losing it because.
Speaker 2: Yeah, exactly exactly. Well, those were fun and also I
Speaker 2: feel like Beck and I jumped on it really quick
Speaker 2: and we're like, Beck, I want to know what are
Speaker 2: your broke tips of the way, Yes, let me bring
Speaker 2: them up for you guys.
Speaker 5: So this first one comes from Live, who says, apparently.
Speaker 2: Your friend Live, you's been getting your friends to do
Speaker 2: your work for you. Again always honestly exactly.
Speaker 5: This is from a different friend Live and also someone
Speaker 5: haven't met yet, someone who's a listeners just a friend
Speaker 5: and friend exactly. Live says delete and redownload the MACS
Speaker 5: app for unlimited tool lattes.
Speaker 6: Oh my god, that's such.
Speaker 2: A how does that happen? My mind was blown. I
Speaker 2: haven't tried it yet because we're going to try it.
Speaker 5: Because I'm into French press at the moment, but I
Speaker 5: would like.
Speaker 6: To try the French press.
Speaker 2: Yes, I'm actually percolated girl now sounds very.
Speaker 5: I don't put anyone talking to me or looking at anyone.
Speaker 2: I'm I currently have a hyperfixation on a mont Blanc
Speaker 2: coffee cream. Yes, so it is a cold brew coffee
Speaker 2: at the bottom, it has a sugar syrup that has
Speaker 2: elient orange in it in the coffee. No, no, it works.
Speaker 2: It's giving Terrries chocolate orange. Okay, okay, and everybody loves
Speaker 2: the Terry's chocolate orange. Are you joking? I do love
Speaker 2: orange orange chocolate too.
Speaker 5: Sorry, but I'm with you. I'm still hearing you.
Speaker 2: I do not. I'm sure you could forgo the orange
Speaker 2: from you could forego the purpose is orange like it
Speaker 2: is orange.
Speaker 4: Sorry.
Speaker 2: Well, in that case, my husband was like, why would
Speaker 2: you want to mix orange juice with coffee? Are you in?
Speaker 6: I completely agree.
Speaker 2: Then they top it with like a cold foam, so
Speaker 2: it's like a cream mixed with orange, and then there's
Speaker 2: nutmeg and orange rind on the top, and it like,
Speaker 2: maybe I'm not telling.
Speaker 8: It that sound orange sounds delicious. While a maca is
Speaker 8: latte may not be mont Blanc, that's true. Constant free lattes.
Speaker 2: Soft, It's just that LTEs Jessica. Sorry, yeah, maybe we'll
Speaker 2: try one day, all right, We're gonna try it because
Speaker 2: I love a Macco's coffee. Yeah, this is so so good.
Speaker 2: That is such a great I feel like I'm not
Speaker 2: a very good Melbourne coffee snob though, and people always
Speaker 2: ask me because just you don't drink coffee, but you
Speaker 2: do drink coffee. But like, I love a seven eleven
Speaker 2: coffee same like, and that's not a sponsored conversation. I
Speaker 2: also love a Maca's coffee. Do you know what I love?
Speaker 2: I love consistency. I didn't love it when neither of
Speaker 2: them offered like oat milkn like my preferences, because I
Speaker 2: was like, oh, like, I don't really like drinking cow's
Speaker 2: milk because it makes me feel icky. So like that's
Speaker 2: the reason I was turned off it. But a seven
Speaker 2: eleven coffee, yes, you know how hard they would have
Speaker 2: thought about, like the blend, the coffee beans, the actual
Speaker 2: machines they put in store so that you always get
Speaker 2: a consistent experience.
Speaker 5: Totally, and they do soy milk now they do?
Speaker 2: Oh yeah, yeah they do. I feel like I want
Speaker 2: to take credit for that. I think you can't think,
Speaker 2: but I'm there every day. I was there this morning, Like,
Speaker 2: I'm mixed and you are a protein girly, right, you
Speaker 2: know the rope Bees. Oh yeah, I love those. Yeah.
Speaker 2: So Rogeb's is a protein smoothie. So you go into
Speaker 2: seven eleven. This is my hack of the week. Apologies,
Speaker 2: this is a new segment. You go into seven eleven
Speaker 2: and you get the iced coffee cup, so it's a
Speaker 2: cup of ice. You put a double espresso in the
Speaker 2: bottom of that, and then you pour the rope Bees
Speaker 2: over the top, and then you have a thirty gram
Speaker 2: protein coffee.
Speaker 5: Wow, oh my god, Victoria, I have I'm a genius.
Speaker 2: You can say that. You can say it. It's okay,
Speaker 2: everybody else is. I'm literally going to do that as
Speaker 2: soon as we finished. Yeah, and like it doesn't fit
Speaker 2: the whole thing. So you think you have a little
Speaker 2: bit of the roge Bees, but like vanilla, roage Bees
Speaker 2: tastes like melted ice cream. So I'm not mad. I'm
Speaker 2: going to drink that, get rid of the bottle. Then
Speaker 2: I'm having my coffee and it's a protein coffee and live.
Speaker 5: Luff feeling as well. That's a whole meal.
Speaker 2: That is a whole meal for a couple of bucks
Speaker 2: exactly money may thank you, sorry, thank you for no,
Speaker 2: don't ever go for my ted protein talk.
Speaker 5: So this one comes from Savannah. I love the wording
Speaker 5: of this, so I'm just going to use it and
Speaker 5: I'm so sorry that if it's disgusting for anyone else.
Speaker 2: But where the carcass from? Your wise chicken? This good
Speaker 2: chicken soup material, which I totally.
Speaker 5: Agree with because you know, you get your roast chicken
Speaker 5: and that's the word for it.
Speaker 6: Yeah, it's the word for it. Give me a little shiver.
Speaker 2: Yeah, have you not seen my Instagram stories on the
Speaker 2: whole chicken thing? So you buy a chicken, Yeah, if
Speaker 2: you do it, at the end of the day, it
Speaker 2: might be fifty percent off money in you can take
Speaker 2: all of the chicken off that and you can make
Speaker 2: the chicken salad mix and you can have that in
Speaker 2: sandwiches for the week. You're then going to make chicken
Speaker 2: stock with the carcasse. You are right, that is a
Speaker 2: great broke tip. You are going to put, like, honestly
Speaker 2: so easy. You're going to take jess with the carcass,
Speaker 2: but you're gonna like just chuck a carrot and onion
Speaker 2: some celery. What Honestly, if you've got vegetables that are
Speaker 2: dying in the bottom of your fridge, those all go
Speaker 2: in too. Dead stock, maybe some ginger, maybe some garlic.
Speaker 2: You're going to put that on the stove on low
Speaker 2: overnight or in like a slow cooker. Yeah, it's just
Speaker 2: it's just how you roll. We did not make that
Speaker 2: recommendation anyway. You're going to cook it for a long
Speaker 2: period of time so that you then pour off the stock.
Speaker 2: Then you're going to pour some pasta into the stock
Speaker 2: that is left over. So like you've taken your chicken
Speaker 2: stock off, save that for later, chicken soup for dinner. Okay,
Speaker 2: three meals, one chicken, fifty percent off of money.
Speaker 5: When I don't acknowledge the car veedetarians of the vegans,
Speaker 5: because I used to be vegetarian, I'm not anymore. And
Speaker 5: that's like, you know, I can't like always that's my
Speaker 5: claim to face, like, oh, I used to be vegetarians.
Speaker 2: I used to be vegan. Yeah, that's truextra pregnant and
Speaker 2: all I did. Also, that's it's a public service announcement
Speaker 2: because sometimes I post things on my Instagram story like
Speaker 2: the rogue beest this morning, I posted that I had
Speaker 2: made like a protein coffee and someone replied, aren't you vegan? Right,
Speaker 2: you would not be wrong if that was two years ago.
Speaker 2: But I got pregnant and then all I did was
Speaker 2: crave red meat. Yeah yeah, yeah yeah, And for a
Speaker 2: long time I was like not not just then what happened.
Speaker 4: We went through the steak fritz phase and it was delightful.
Speaker 2: I wanted to do was eat steak and chips, and
Speaker 2: we did that every day for a week when I
Speaker 2: was pregnant. It probably is why I put on more
Speaker 2: than thirty kilos during my pregnancy, pure mustard, no regret.
Speaker 5: Absolutely absolutely, And then my broke tip. Yes, so this
Speaker 5: is just a suggestion because they don't have any proof
Speaker 5: that it works.
Speaker 2: But when I was fantastic stuff. But I do have
Speaker 2: proof that people can be interested. Anyway.
Speaker 5: The point is when we were looking for rentals, and
Speaker 5: when I have historically looked for rentals, I would go
Speaker 5: on real estate dot Com and sort from oldest to
Speaker 5: newest and be like actually very smart, yes, And then
Speaker 5: I would see, like, you know, some places obviously ugly,
Speaker 5: and I think when you're like me, or if you're
Speaker 5: like desperate, you don't actually care how ugly it is because.
Speaker 2: You just yeah, you wouldn't know. I didn't even know
Speaker 2: you could saw oldest totally.
Speaker 5: It's like no one's these have been up here for ages,
Speaker 5: no one's renting them. And then when you go to
Speaker 5: for just ay that's it. When you got to apply,
Speaker 5: you put it actually like the the box where it
Speaker 5: has the rent and that's not blacked out. You can
Speaker 5: actually put in there what you would look like to pay.
Speaker 5: And then I have had times when I was looking
Speaker 5: for rentals by myself where I and this is pre
Speaker 5: rental crisis. This is like a few years ago, I
Speaker 5: put ten dolls less and the real Tota agent would
Speaker 5: call me every time and be like, oh, yeah, no worries,
Speaker 5: I'll see if the landlord is okay with this. I
Speaker 5: ended up getting a share house, so I don't know
Speaker 5: that they would have gone through with That's just a
Speaker 5: good tip anyway, I just try.
Speaker 4: It, especially if it's an It wouldn't work if you're
Speaker 4: applying for as you were saying, like a property that
Speaker 4: heaps of people applying for, But if you're picking old
Speaker 4: ones that have been on the market for weeks and
Speaker 4: weeks and they just want to get a tenant in Yes,
Speaker 4: you might get lucky.
Speaker 6: You might get lucky.
Speaker 2: Don't get that's it the week. That's actually a really
Speaker 2: good tip because I feel like in the new year,
Speaker 2: people are starting to think about, oh my gosh, like
Speaker 2: I do want to move this year, so we're all
Speaker 2: thinking like should we shouldn't we? Like, that's a great tip.
Speaker 2: I love that. All right, let's go to a really
Speaker 2: quick break because I am chomping at the bit to
Speaker 2: get to the part where we get to talk about
Speaker 2: how to split housing costs with your partner if one
Speaker 2: of you owns the house entirely. But then we also
Speaker 2: are going to be answering a money dilemma that's going
Speaker 2: to come first about someone who got gifted a car
Speaker 2: from their parents as a surprise, but then it came
Speaker 2: with a whole heap of financial strings attached. And I
Speaker 2: just think that's going to be juicy.
Speaker 5: So don't go anywhere. Welcome back, everybody. Let's take a
Speaker 5: listen to this week's money dilemma.
Speaker 2: Hi, there, have you got a money dilemma you just
Speaker 2: can't solve that. She's on the Money Team is here
Speaker 2: to help. Every week we tackle your dilemmas both big
Speaker 2: and small to answer your most burning money, career and
Speaker 2: life questions. To get involved, simply head to our website
Speaker 2: and leave us a short voice recording and you might
Speaker 2: just find yourself on the show. Now, let's take a
Speaker 2: listen to this week's money dilemma.
Speaker 7: Hi, she's on the money team. When I was seventeen,
Speaker 7: my parents surprised me with a car. I knew they
Speaker 7: weren't going to contribute financially to the car, but I
Speaker 7: was still extremely grateful for the surprise. My understanding was
Speaker 7: they purchased the car with their savings and I would
Speaker 7: pay them back. Prior to this, my budget was never discussed.
Speaker 7: The car ended up costing twenty one K. I had
Speaker 7: two hundred dollars in my savings at the time and
Speaker 7: personally wouldn't have chosen a car worth that much. I'm
Speaker 7: now twenty two, and I paid the car off mid
Speaker 7: last year, but still contributed money afterwards into my parents'
Speaker 7: account as it was for savings. I ended up saving
Speaker 7: an extra ten K to contribute to my house deposit,
Speaker 7: putting me on track to purchase my first home this year. However,
Speaker 7: I've only just found out that my dad had actually
Speaker 7: gotten a loan out in his name to pay for
Speaker 7: the car. He didn't tell me, and now I owe
Speaker 7: ten k in interest from the loan he took out.
Speaker 7: My dad doesn't seem to think it's a big deal
Speaker 7: and gets really annoyed and dismissive when I try to
Speaker 7: speak to him about it, which extremely frustrates me. A
Speaker 7: loan is a big deal and that should have been
Speaker 7: my decision to make. I also would have made more
Speaker 7: of an effort to pay my car off quicker to
Speaker 7: save more on the interest. There's a side of me
Speaker 7: that feels like I shouldn't have to pay it, even
Speaker 7: though I'm obviously going to. I love my dad to bits,
Speaker 7: but he's put me in a really annoying situation. He's
Speaker 7: also sent me back ten kay on my house deposit.
Speaker 7: I would love your thoughts on this. Thank you.
Speaker 2: Oh my gosh, honey, I am so sorry.
Speaker 6: That's crazy.
Speaker 2: That is a lot that is not no. When I
Speaker 2: saw the topic, I was like, Oh, this will be interesting.
Speaker 2: A surprise car. We don't listen to the voicemail until
Speaker 2: we're on the show. Our producer does and obviously knows
Speaker 2: that it's going to be a good one, but like
Speaker 2: to get our authentic reactions, I don't answer no one
Speaker 2: on the show here's it. Until then I think we're
Speaker 2: all a bit like.
Speaker 5: What Yeah, I think we're all kind of like speechless.
Speaker 4: It just makes no sense that like, no, none of
Speaker 4: Like she just kept saying things and I was like.
Speaker 2: What, wait, it gets more, it gets worse. Oh my gosh,
Speaker 2: that is honestly heartbreaking because it's obviously a challenging situation
Speaker 2: for you. I am a bit shocked that he took
Speaker 2: out alone to do that and then surprise like I
Speaker 2: don't know, I'm trying to see it from their point
Speaker 2: of view and put myself in their shoes, and they
Speaker 2: probably really wanted to surprise you with a car, but
Speaker 2: that's not how you do that.
Speaker 4: Not not discussing what the spend will be, not letting
Speaker 4: you know that there's injured, Like, there's just so many
Speaker 4: things that I go, how.
Speaker 2: Did this eventuately?
Speaker 6: How did that make it?
Speaker 4: Because I agree, like I'm sure that they probably were
Speaker 4: like really excited to give you a I'm assuming at
Speaker 4: that price point, probably a relatively new car, the big
Speaker 4: bar on it for whatever. I'd be like, oh my gosh,
Speaker 4: here you go like you can pay us back over time,
Speaker 4: but like not factoring in the conversations around how much
Speaker 4: and you know how long you've got to pay it
Speaker 4: off on that sort of thing is It's just mind boggling.
Speaker 5: But it will also just give you a shout out
Speaker 5: because it sounds like even though.
Speaker 2: She sounds so kind, right, she sounds kind.
Speaker 5: But also the fact that you were able to still
Speaker 5: save on top of that, like that would financially cripple me.
Speaker 5: I'll be like, that's it for me, and I'm out,
Speaker 5: and I'm never all my hopes and dreams of like
Speaker 5: maybe owning an apartment one day, I'm like, I'm not
Speaker 5: going to worry about that for the rest of my
Speaker 5: life because I am financially cripple. That's stressful, right, that's stressful.
Speaker 5: I couldn't like you've had the choice taken, not your
Speaker 5: choice exactly exactly, and to be able to still save
Speaker 5: on top of that is really really impressive. Absolutely, I
Speaker 5: want to completely one hundred percent valid feelings.
Speaker 2: Because your feelings are very that I get, I'll stress enough,
Speaker 2: very very valid. I think this is coming from a
Speaker 2: place of your dad having a lack of financial literacy
Speaker 2: because making that decision doesn't come from someone who fully
Speaker 2: comprehends how loans work and how that situation would eventuate.
Speaker 2: And I obviously want to be able to see the
Speaker 2: best in everybody. So I'm assuming that he thought this
Speaker 2: was a really good idea for you, Like maybe he
Speaker 2: thought you couldn't get the loan in your own name
Speaker 2: and you were going to pay back the loan anyway,
Speaker 2: and he didn't understand how the interest was going to
Speaker 2: work on it, so it would cost more. And now
Speaker 2: he's finally worked it out. Maybe he's feeling and I'm
Speaker 2: not justifying this, but maybe he's feeling a bit embarrassed
Speaker 2: and he's like, no, no, no, is your loan the whole
Speaker 2: time because he can't afford to pay that. But at
Speaker 2: the end of the day, I feel like this is
Speaker 2: obviously a financial issue, but also a relationship issue, and
Speaker 2: he's quite evasive of having that conversation. So is there
Speaker 2: a way that you can, like, I don't know what
Speaker 2: your ideal outcome is, so maybe sitting down and going, Okay,
Speaker 2: the ideal outcome is my dad takes over that ten
Speaker 2: thousand dollars of debt, or the ideal outcome is I
Speaker 2: feel comfortable paying that or working out what your situation is.
Speaker 2: And then maybe instead of trying to approach your dad
Speaker 2: and being like, hey dad, can we talk about XYZ,
Speaker 2: saying hey, maybe in a text, hey I want to
Speaker 2: sit down and have a conversation about this when works
Speaker 2: because I want to go through all the semantics and
Speaker 2: just really nut out what this means and why this
Speaker 2: happened and how it worked. Because sometimes when a conversation
Speaker 2: like this comes up, money is hard to talk about.
Speaker 2: We need to give people warning that we want to
Speaker 2: talk about it. It's like if you've been listening to
Speaker 2: this podcast for ages and you're like, Oh, I can
Speaker 2: talk about money. This is so good, and then you
Speaker 2: go to your partner who hasn't been listening to the
Speaker 2: podcast and isn't ready, and then you're confused because you're like, hey,
Speaker 2: just do you want to talk about this? And they're
Speaker 2: like oh what no, and they get defensive and you're like,
Speaker 2: wait what. It's just because they may we are not
Speaker 2: ready for the conversation. I'm not saying that that makes
Speaker 2: it better, but sometimes we need to give people warning
Speaker 2: to have these conversations. The other option I would explore
Speaker 2: is maybe having a written conversation that also gives you
Speaker 2: a lot of time to ponder your responses and maybe
Speaker 2: take the emotion out of it and just like jot
Speaker 2: down how you're feeling and what that means, and like go, hey, Dad,
Speaker 2: I'd love you to have a read of this and
Speaker 2: respond like if that's something that could work. But I
Speaker 2: wish I could be like, this is what you do.
Speaker 2: But I don't think there's a right or wrong answer here.
Speaker 2: At the end of the day, there should have been
Speaker 2: a lot more communication about this situation, and now we're
Speaker 2: in a pickle. What do you do? Back you said
Speaker 2: you'd just be ruined and you bury your head in
Speaker 2: the sand.
Speaker 5: Yeah, I would, But it is tricky because I feel
Speaker 5: like if it's like a relationship, like a yeah, like
Speaker 5: a parent and child, and you obviously don't want to
Speaker 5: like throw that away.
Speaker 2: Oh, if a friend did that, we're done. But like
Speaker 2: it sounds like you have a good relationship with your dad,
Speaker 2: so it's not if a friend did that.
Speaker 5: I think that would maybe be easier in a way
Speaker 5: because it's like you're not throwing away the friendship, but
Speaker 5: it's like you're obviously friends for a reason. You're obviously
Speaker 5: friends because you have you share the same values and
Speaker 5: stuff like that, and you probably could I know, it
Speaker 5: sounds weird. You could probably get through to a friend easier,
Speaker 5: like I'd be like, hey, like this, like let's let's
Speaker 5: have a chat.
Speaker 2: I don't want to know this friendship you know you'd be.
Speaker 5: But when it's a parent, it's like there's a completely
Speaker 5: different upbringing and dynamic and and maybe like your parents
Speaker 5: of the older generation might not fully understand the financial
Speaker 5: pressure of today's world, so there's a lot of differences.
Speaker 5: But where whereas if it's like a friend or someone
Speaker 5: like your age or around your age, you can kind
Speaker 5: of explain that a little bit better. I think that personally,
Speaker 5: I would just I wouldn't want to build a resentment.
Speaker 5: I would feel like I would start feeling quite resentful, Like,
Speaker 5: oh my god, you literally have changed, whether no matter
Speaker 5: how small or big, You've changed the trajectory of my
Speaker 5: life in a way that I didn't ask too. Yeah,
Speaker 5: I didn't want. And I'm like trying to get on
Speaker 5: top of things. And this is just like this thing
Speaker 5: that I'm I am grateful for, but I also have
Speaker 5: to be grateful for has kind of ruined a few
Speaker 5: things about the way I saw my life going, and
Speaker 5: no matter how big or small whatever, So it's like
Speaker 5: it is a tricky one. I would say, I know,
Speaker 5: we always like communic, communicate, but yes, I think saying
Speaker 5: maybe your parents or your dad doesn't know it is
Speaker 5: so deep for you, and maybe you've just got to
Speaker 5: make it that deep, just be like on a human level.
Speaker 5: I really want to talk about this because it is
Speaker 5: actually affecting the way I communicate with you, affecting the
Speaker 5: way I feel about seeing you. It's affecting all these things.
Speaker 5: And I want to have a really good, strong relationship.
Speaker 5: I want to maintain that, and I want you to
Speaker 5: hear me and just make like, make it deep, make
Speaker 5: it emotional.
Speaker 2: And that's a really good take back. I really like it.
Speaker 2: I feel like that's probably the best take good I've
Speaker 2: heard on this table. We haven't heard just this like true.
Speaker 2: It might be better that.
Speaker 4: I completely agree about approaching it from like an empathetic
Speaker 4: human side. I don't know if this is because I
Speaker 4: haven't had a.
Speaker 2: Car Loan the math isn't mathing to me, or it
Speaker 2: can math in that situation.
Speaker 4: Be alone at fifty percent interest.
Speaker 2: Not fifty percent. He could have got like a payday
Speaker 2: loan for the sick, could have been a really high
Speaker 2: interest loan. It might not have been through like a
Speaker 2: Tier one banking or lending partner. I'm going to make
Speaker 2: some grand assumptions about the lack of financial literacy in
Speaker 2: this situation and say that we were taken with it,
Speaker 2: Like I was actually having this conversation the other day,
Speaker 2: and I did some maths on my phone, completely separate,
Speaker 2: but I think it will provide a bit of context
Speaker 2: here that you may or may not be interested in.
Speaker 2: So the other day, and this is just to talk
Speaker 2: about I guess how a lack of financial literacy or
Speaker 2: just like not getting it ends up ultimately impacting you
Speaker 2: significantly financially. So the other day I was posting about
Speaker 2: a company called before Pay, and this is their ad.
Speaker 2: I'm just showing the girls. It says, repay only one
Speaker 2: hundred and five dollars for every one hundred dollars you borrow, simple, right,
Speaker 2: And then the ad goes on to say no interest,
Speaker 2: no late fees. Like that sounds pretty good rights from me, right,
Speaker 2: So you're implying yeah, so they're implying flat five dollar
Speaker 2: loan fee, like if you're in a situation where you
Speaker 2: need to access cash fast, or like get like your
Speaker 2: pay today. I think that a lot of people would
Speaker 2: find that really attractive and appealing. But if you go
Speaker 2: and assume that that is five percent interest, you would
Speaker 2: be incorrect because the example they have used is not
Speaker 2: an annual interest rate, so they haven't annualized that. They've
Speaker 2: just said, hey, if you borrowed one hundred dollars and
Speaker 2: you paid it back within the month, it's a five
Speaker 2: dollars fee, and that's great. But if you calculated an
Speaker 2: effective annual rate, which is essentially taking that payment, dividing
Speaker 2: it doing some maths. I can share with you guys
Speaker 2: the maths if you want, or you can just google
Speaker 2: effective annual rate formula and it will come up. But
Speaker 2: when I did it, it actually comes out as an
Speaker 2: effective annual rate of eighty one point six four percent
Speaker 2: when it is viewed as interest. So even though beyond
Speaker 2: pace fee is like a fixed amount of five dollars,
Speaker 2: they are misleading you because if you extrapolate that out
Speaker 2: to the entire year, it becomes an effective annual interest
Speaker 2: rate of eighty one point six four percent, and the
Speaker 2: rate kind of shows you that the cost of borrowing
Speaker 2: over a short period of time is similar to a
Speaker 2: pay loan and like short term credit. But then you
Speaker 2: compare it to like I guess stand loans and credit
Speaker 2: cards and the interest is so much higher, which is
Speaker 2: why some of the people using this c the fees
Speaker 2: as comparable taigh interest loans, or they are really comfortable
Speaker 2: with it because they're like, oh, it was only five
Speaker 2: dollars and they signed up to it, but then they
Speaker 2: had it for a longer period of time and it
Speaker 2: became an exorbitant amount of money.
Speaker 5: Oh, so is that five dollars added every single So
Speaker 5: it's more about taking that five dollars and extrapolating it
Speaker 5: over the year so as an effective annual interest rate.
Speaker 2: So if it is five percent, they would have just
Speaker 2: said it's five percent because that's a good loan, like
Speaker 2: a five percent personal loan. You don't get that personal
Speaker 2: loan start at like fifteen percent. Credit cards go up
Speaker 2: to twenty four percent here in Australia. So like they're
Speaker 2: advertising something that feels a lot sexier, feels a lot
Speaker 2: more obtainable. It's only five bucks back, it's not five
Speaker 2: dollars it's not five percent, because if it was five percent,
Speaker 2: I would be lining up borrowing money for five percent
Speaker 2: and investing it in the share market, which on average
Speaker 2: returns nine point two percent each and every single year
Speaker 2: over the last thirty years and making bank. That is
Speaker 2: not how that is working, because I'm telling you right now,
Speaker 2: if that's how it worked, people with wealth and financial
Speaker 2: literacy would abuse that system to make themselves even wealthier. Well,
Speaker 2: but they are not, because that's not how it works. Okay,
Speaker 2: So that kind of shows Jess that, like you're like, oh,
Speaker 2: that math isn't mathing. They could have gotten caught up
Speaker 2: in a bowing system or a scheme that made a
Speaker 2: lot of sense, and they're like, oh, it's only an
Speaker 2: annual fee of like three hundred andety five dollars, like
Speaker 2: that's so fine. I can pay that. Then my daughter
Speaker 2: is going to get this loan and it will be fine.
Speaker 2: But they haven't looked into the terms and conditions and
Speaker 2: how that actually works. So if you do the maths,
Speaker 2: sometimes it doesn't work out, and you have to triple
Speaker 2: check the maths because you're like, that can't be eighty one.
Speaker 2: It can't be an effective annual interest rate of eight.
Speaker 4: It is, yeah, I would say, and maybe it's the
Speaker 4: skeptic in me, but if you are now effectively responsible
Speaker 4: for this loan, I'd be asking to look at the
Speaker 4: documents because it is a little I don't want to
Speaker 4: be the person that like, it's your dad and I
Speaker 4: know that you want to trust him and love him.
Speaker 4: But at the same time, it's a little bit suspicious
Speaker 4: to me that you're like, Wow, I've saved ten thousand
Speaker 4: dollars and that is exactly the amount of money that
Speaker 4: he owes on the interro.
Speaker 2: Maybe I'm a no, you might show me. Yeah, I
Speaker 2: did not even think it. Maybe Jess is the one
Speaker 2: with a whole brain cell and then you and I
Speaker 2: either share between.
Speaker 4: Us, maybe we are while that's yeah, I just think
Speaker 4: that and the way that you go about it, I
Speaker 4: would still very much echo what you say, go about
Speaker 4: it with kindness, but I think like you are very
Speaker 4: much well within your rights if you are responsible effectively
Speaker 4: for this loan. Yeah, to say, hey, like I'd really
Speaker 4: like to look over the paperwork and understand how it
Speaker 4: all worked, and like, you know, just you know, find
Speaker 4: a way. Obviously, don't accuse anybody, but if you.
Speaker 2: Could also, like just to add on to that, you
Speaker 2: could also then call the lending facility and be like, hey,
Speaker 2: I'm in this bit of a pickle situation. Didn't realize
Speaker 2: what can we do? And if you actually have the
Speaker 2: ten thousand dollars, this is like a money hack. I
Speaker 2: suppose if you owed, like let's say you have a
Speaker 2: credit card just of fifteen thousand dollars and you had
Speaker 2: ten grand cash sitting in your bank account, you can
Speaker 2: call them and be like, hey, I can get rid
Speaker 2: of this entire debt today. I've got ten grand for you,
Speaker 2: but you have to wipe the slate clean get rid
Speaker 2: of that. I'm not saying they will every time, but
Speaker 2: more often than not, a company is willing to take
Speaker 2: a really big sum of money as a lump sum
Speaker 2: payment and wipe off a bit of it because the
Speaker 2: likelihood of them getting the entire amount is very low
Speaker 2: and they love that so like I have seen lots
Speaker 2: of people in our community renegotiated and not saying you'll
Speaker 2: get five grand off, but I've seen people who have said, oh,
Speaker 2: if I did this ten thousand dollar credit card, if
Speaker 2: maxed it out, can I pay it all out for
Speaker 2: eight grand today anyway, and they've said yes, So maybe
Speaker 2: even if that is the case, and like, let's pretend
Speaker 2: that your dad's story is absolutely legitimate and you do
Speaker 2: have ten grand doing, maybe you could negotiate it down
Speaker 2: a bit and just see what you can get back.
Speaker 2: Because if you don't ask, you don't get that's so true.
Speaker 2: That's a good way to ask your dad so that
Speaker 2: he doesn't think that you're thinking dodgy.
Speaker 4: Up him totally. But yeah, that's kind of my take
Speaker 4: on it. Should we get into the DM for the week,
Speaker 4: I'm so ready he is our DM of the week.
Speaker 4: Heysha's on the money. I need some help because I'm
Speaker 4: so confused right now. My partner recently moved in with me,
Speaker 4: and since I own the house, the mortgages, or one
Speaker 4: hundred percent of my name, I'm trying to figure out
Speaker 4: what's fair for them to contribute. I want to be fair,
Speaker 4: but I'm worried about creating a weird landlord tenant vibe
Speaker 4: in our relationship. At the same time, I don't want
Speaker 4: to end up carrying all the costs alone, because anyone
Speaker 4: figured out a balance that works. How do I navigate
Speaker 4: this without overthinking or feeling guilty, Please help a girl out.
Speaker 4: I want to make Jess to it because like that's
Speaker 4: her plan. Yeah, I think the just one should be
Speaker 4: a big dog and own her own had. Yeah, twenty
Speaker 4: five is going to be the everyone twenty twenty arrived baby.
Speaker 4: So the way that I would plan on doing it
Speaker 4: because a similar situation, I would be buying the house
Speaker 4: one hundred pcent by myself. My partner would be living
Speaker 4: with me. I would kind of treat it like a
Speaker 4: rent situation, wherein he would pay market value rent and
Speaker 4: I would be responsible for the upkeep, so you know,
Speaker 4: your rates and things like that. I don't foresee that
Speaker 4: being an issue because I mean, and it's going to
Speaker 4: it's so personal to your relationship, right, But he's not
Speaker 4: in a position to buy a house and I am.
Speaker 4: And that's kind of the meat in the middle point
Speaker 4: of making both of us happy. The one thing I
Speaker 4: would say is if you are looking to split the expenses,
Speaker 4: which is what our listener wrote in and said she
Speaker 4: doesn't want to carry all of those things herself. Be
Speaker 4: aware and again not to sound like the really skeptical
Speaker 4: doom and gloom person.
Speaker 2: But that's kind of us, Like that's our label. Yeah,
Speaker 2: we are skeptics at our core totally.
Speaker 4: I would say, just be aware that you are then
Speaker 4: impacting I guess the divisibility of the asset should anything
Speaker 4: go wrong, God forbid. But I am very much of
Speaker 4: the opinion and the reason that I personally want to
Speaker 4: structure you know, when I do buy house. So the
Speaker 4: reason I want to structure it that way is because
Speaker 4: the most important thing to me personally is ensuring that
Speaker 4: my asset that I worked really hard to be able
Speaker 4: to buy is protected. It's protected and remains my asset.
Speaker 4: So once your partner and I'm not a lawyer, let
Speaker 4: me preface this, aren't you.
Speaker 6: Yeah, I would definitely chat for you.
Speaker 2: Sure not. The last time I checked on your resume.
Speaker 6: May have fluffed that one a little bit.
Speaker 4: So you know, maybe talk to someone about what the options.
Speaker 2: Are finding financial agreement.
Speaker 4: Correct, Like, once you start co contributing to things, should
Speaker 4: anything go wrong down the line, there is grounds for
Speaker 4: an argument that they contributed and maybe entitled to a
Speaker 4: portion of the probaby. So it's just something to keep
Speaker 4: in mind. I know obviously, like we all love our
Speaker 4: partners and we don't ever think that anything's going to
Speaker 4: go wrong. And you know, maybe if you share all
Speaker 4: of your finances, this may be a less relevant conversation
Speaker 4: to you, but it's something that I want you to
Speaker 4: consider because you know, knowing that you've worked so hard
Speaker 4: and bought your house all by yourself, it's true proud
Speaker 4: of you, and it's just something I want you to
Speaker 4: keep in mind. Yeah, the way I would structure it
Speaker 4: would be kind of to be tenant landlord, not officially obviously, Beau,
Speaker 4: I don't want to be paying that money on tax,
Speaker 4: but you know, I think that it shouldn't have to
Speaker 4: impact your relationship.
Speaker 2: And the way that I.
Speaker 4: Would keep it from doing so would be kind of
Speaker 4: just going okay, like you pay market value, look at
Speaker 4: houses that are around you. Like if we were to
Speaker 4: render house somewhere else, what would your half of that
Speaker 4: rent be. That's what you're contributing to pay it off.
Speaker 4: And I would hope that you guys, if you're in
Speaker 4: a long term relationship and you're living together, can have
Speaker 4: a good conversation about that, and if someone is feeling
Speaker 4: a bit weird about something, you can chat it through
Speaker 4: and come to a resolution. Like two full grown adults
Speaker 4: in an ideal world, we all ride right, perfect.
Speaker 2: Twelve, you know, but you're not wrong, Jess. And to
Speaker 2: be like again a little bit of a skeptic. Fifty
Speaker 2: of marriages and in divorce in Australia, that does scary
Speaker 2: just the other in death. So I'm not sure questions.
Speaker 2: I know right up with that, I feel like no
Speaker 2: one gets married or like into a long term relationship
Speaker 2: being like, do you know what, let's set ourselves up
Speaker 2: financially so that if you leave me or if I
Speaker 2: leave you, we're financially screwed. Does that sound good? Let's
Speaker 2: do that? Like no one does that, but I feel like, yeah,
Speaker 2: it's very personal. That is good advice, Jess Beck. What
Speaker 2: would you do if you were moving in with your Jess?
Speaker 5: Yeah, I mean well, I when I lived with my
Speaker 5: best friend, she was like not really working much, she
Speaker 5: had an injury, and I was working. So we did
Speaker 5: like an equity thing where it's like she I think
Speaker 5: I paid like two thirds and she paid one third,
Speaker 5: and that did that felt right? So I feel like
Speaker 5: I would just carry those exact same things into that
Speaker 5: dynamic if I lived in with Jess, or I moved
Speaker 5: in with a future partner or whoever, like it would
Speaker 5: be very much. The same would be like if we're
Speaker 5: making drastically different amounts, we would kind of like calculate that.
Speaker 5: But I think when it comes to like, and this
Speaker 5: is what I was going to ask you, Jess, like
Speaker 5: furniture and food and utilities, if all that is split
Speaker 5: down the middle, you're saying that they could.
Speaker 2: Talking about so like if they're paying rates.
Speaker 4: Yeah, so when you own a house, there's a number
Speaker 4: of other feat So you have your annual rates that
Speaker 4: you pay.
Speaker 2: Okay, that's kind of utilities. No, No, so rates are
Speaker 2: like council rates, land tax. You have to pay that
Speaker 2: you've never had to pay back because as a renter
Speaker 2: you don't even see that because legally, your landlord just
Speaker 2: pays his like my assume it's a mail because live
Speaker 2: love laugh. They pay that and legally they have to,
Speaker 2: they can't pass that on to you. So these are
Speaker 2: things that if you were like trying to get your
Speaker 2: partner to split, they'd be like, well, I've been paying
Speaker 2: for the maintenance and upkeep of this property, not just
Speaker 2: for rent.
Speaker 4: Oh if your air conditioner broke, for example, yeah, and
Speaker 4: you split that, you would go, well, they've contributed to
Speaker 4: the up whereas furniture, someone can take take that rosary
Speaker 4: bills and stuff that's totally sick and make.
Speaker 5: Them by the really big I think even without that knowledge,
Speaker 5: it would just be like for me, I would automatically
Speaker 5: be paying for anything that a landlord would pay for,
Speaker 5: like yeah, you know your maintenance, Yeah, yes, yes, yes,
Speaker 5: So that's like almost like a default for me. But
Speaker 5: when it comes like rent and contributing to the inside
Speaker 5: of the house, that would all be split down the middle.
Speaker 5: But then the rent would probably be like, yeah, an
Speaker 5: equity kind of situation.
Speaker 2: Is that my using with them? Yeah, that's that's good.
Speaker 2: I feel like if I were to do it, I
Speaker 2: would actually take my partner completely out of the situation
Speaker 2: and pretend he didn't exist for a hot second to
Speaker 2: live my best single life. No, I would I would
Speaker 2: sit down and go, Okay, cool, so I've bought a house.
Speaker 2: This is my house. I'm going to pretend that there's
Speaker 2: a spare their dream I'm renting out. What would I
Speaker 2: do in that situation and go down your route Jess
Speaker 2: and be like, well, what would fair market rent be
Speaker 2: for a beddreom in my house? Okay, maybe it's like
Speaker 2: three hundred dollars. Okay, no way's it's three hundred dollars
Speaker 2: a week. If I got a housemate to live in
Speaker 2: my house, how would I do bills?
Speaker 4: Oh?
Speaker 2: Well, because we you know, maybe leave in a body corporate.
Speaker 2: I have to pay all the water, but like they
Speaker 2: can split the rest of it. Or okay, well, I'd
Speaker 2: never pass on rates because my housemate would never have
Speaker 2: to pay rates. I would probably just go what's the
Speaker 2: housemate rule? If that makes sense, even if you are
Speaker 2: sharing it, and then all of the fluff can happen
Speaker 2: on top of that. I Am going to take it
Speaker 2: one step further though, and like maybe have a little
Speaker 2: rental agreement with my partner, even if it's one that
Speaker 2: I've just emailed to them and been like, hey, here's
Speaker 2: the rental agreement. This is how much you have to
Speaker 2: pay me per month. This is how much should be
Speaker 2: direct debited into my account, just to get everything sorted
Speaker 2: and make it really easy and clean, and just in
Speaker 2: that email, like it's not an official rental agreement, but
Speaker 2: maybe you could do that if you're crazy like me.
Speaker 4: Does that then have tax implications if you're officially.
Speaker 2: I mean technically, if you are receiving rent. You should
Speaker 2: be paying rental income full stop. End of story. That
Speaker 2: is all I will comment on that. But if it
Speaker 2: was me, I would want to pay portrayal. I'm not
Speaker 2: submitting this to the government. I'm not sharing it with
Speaker 2: the tax man. I am putting it into our inboxes
Speaker 2: so that if ever one day we split up, I
Speaker 2: can be like, oh, actually, Jess, here's our rental agreement.
Speaker 2: You don't own half my house. To remember when it
Speaker 2: literally said, because I own the whole house, and we'll
Speaker 2: continue to own the whole house. Like that stuff, even
Speaker 2: though it's not super official, will stick and carry weight
Speaker 2: because you emailed it, it was timestamped, it's official. Does
Speaker 2: that make sense? Will tax come after you? And be like, okay,
Speaker 2: well now that I mean, yes, I'm probably not. Like
Speaker 2: I feel like if your partner was going for half
Speaker 2: your house, you'd be very happy to pay tax on
Speaker 2: the rent come you received. So that's the route I'd
Speaker 2: be going down and just documenting everything like oh, we'll
Speaker 2: split all utilities and we'll split groceries. But like, that's
Speaker 2: also just a good idea in general to have this
Speaker 2: finance conversation when you're moving in here to someone like
Speaker 2: understand if I'm moving in, we do you bet? Like
Speaker 2: what's the expectations? Like olive oil eggy exorbitant right now?
Speaker 2: Like are we splitting that? Do you use olive oil?
Speaker 2: Like are you going to use mine? Like, let's have
Speaker 2: the conversation so nothing awkward happens, because Jess, I remember
Speaker 2: you talking about your old housemate to just used all
Speaker 2: your condiments.
Speaker 4: Yeah, yeah, all my laundry powder.
Speaker 2: Yeah yeah, And I know that because it's so emotional
Speaker 2: she just told me before. But like, we'll have these
Speaker 2: conversations before we move in, So that's what I would
Speaker 2: be doing. And yeah, the community had a lot to
Speaker 2: say they did. So we asked the community, obviously, we
Speaker 2: want to know your two cents. We said, how would
Speaker 2: you work out costs in this situation? Twenty four percent
Speaker 2: said fifty percent.
Speaker 4: Of the mortgage They pay fifty percent of them, Yeah,
Speaker 4: which I feel like that makes sense if you are
Speaker 4: fully combining finances. I would, just, like I said before,
Speaker 4: be aware that in that case, the house is not
Speaker 4: solely your asset any longer.
Speaker 2: But people don't often know that, right, Like they go, oh, well,
Speaker 2: it costs me one thousand dollars a week to live here,
Speaker 2: so it has to cost you five hundred Like, yeah,
Speaker 2: that sure might not be market rates for what that
Speaker 2: room's going for, so you need to be careful. Forty
Speaker 2: two percent said market value rent, and then thirty four
Speaker 2: percent of you said, I would actually base it on.
Speaker 4: Income, lovely, a little bit of everything in that.
Speaker 2: Little bit of everything. Then we said what about costs
Speaker 2: like repairs and maintenance, So twenty four percent of you said,
Speaker 2: the owner is going to pay for everything, thirty one
Speaker 2: percent of you said, split everything evenly, and then forty
Speaker 2: five percent of you said, owner pays for repairs, and
Speaker 2: then you share upkeep, which I think is fair.
Speaker 5: Yes, yes, yes, up keep, up keep, upkeep.
Speaker 2: I see. So yeah, Like if there's gardening costs, I
Speaker 2: understand you would pay that as a renter, so yes,
Speaker 2: that's you could do gardening yourself.
Speaker 6: Yeah.
Speaker 2: Anyway, we then said to the community, all right, we
Speaker 2: want to know your two cents and you gave us
Speaker 2: your peace of mind. So first person said, instead of
Speaker 2: sharing the mortgage, the partner could pay for all the
Speaker 2: groceries and the utilities.
Speaker 4: Another great option.
Speaker 7: Yep.
Speaker 2: I feel like that's good because then you don't have
Speaker 2: that conversation about that income sitch. Someone else said, a
Speaker 2: binding financial agreement to protect yourself from him making a
Speaker 2: claim on your asset. Yes, someone else said exactly. I
Speaker 2: mean I would never suggest a binding financial agreement someone else.
Speaker 2: It would be b FA across my forehead. Someone else said,
Speaker 2: unless he has an equity share, maintenance and repairs have
Speaker 2: to sit with the owner. Another person said, be careful
Speaker 2: on ownership of de facto, though I'd make it clear
Speaker 2: in writing before moving in. And that's where I really
Speaker 2: like the idea of an email. Maybe this is just
Speaker 2: me being a business owner and having dealt with lawyers previously.
Speaker 2: Lawyers love an email because it is time stamped. You
Speaker 2: can't fake an email, like to be able to go
Speaker 2: into someone's account and be like, oh well, actually, on
Speaker 2: the twenty first of November, I sent you XYZ and
Speaker 2: you replied this, And that's a clear example of you
Speaker 2: understanding the situation and agreeing to it. Like, I'm not
Speaker 2: saying that that will forever be legal, but like it's
Speaker 2: a really good starting point and it doesn't cost you
Speaker 2: anything to send an email. Someone else said, register them
Speaker 2: as a tenant in case you break.
Speaker 5: Up, fairy.
Speaker 2: Another person said, I charged my partner enough to cover bills,
Speaker 2: which was one hundred dollars a week, and then we
Speaker 2: got a section twenty one prenup. Oh yeah, yeah, yeah,
Speaker 2: so this person must be from America. Someone else said,
Speaker 2: if you enter in this is a two partera. Someone said,
Speaker 2: too harder. So if you enter into a mortgage by yourself,
Speaker 2: surely you were prepared to pay for it all yourself.
Speaker 2: I'd feel weird if my partner expected me to pay
Speaker 2: to repair their house that they picked out without me
Speaker 2: and will sell and profit on without me. I actually
Speaker 2: I thought I didn't think of yeah, but you're gonna
Speaker 2: sell the air conditioner, bro, and I'm not going to
Speaker 2: see a dollar from that air conditioner.
Speaker 4: It really comes back to like your view on finances,
Speaker 4: because there's some people who are like, very what's mine
Speaker 4: is yours? Like, if you're in there all in half half,
Speaker 4: that wouldn't be.
Speaker 5: It means, if you're buying two bedroom because you have
Speaker 5: another person that you assume you're gonna live with forever, then.
Speaker 4: That's different kids or something like that.
Speaker 2: Yeah, But if you get.
Speaker 5: Yourself a one bedroom that you've chosen for yourself, then
Speaker 5: maybe that's different.
Speaker 2: Actually I didn't think about that.
Speaker 5: I don't know.
Speaker 2: I don't know. I'm obviously in a different situation. I'm married,
Speaker 2: I have a kid, Like, my circumstances are different. But
Speaker 2: like I can I pretend to be Jess for a
Speaker 2: hot second, please look at me. I'm still pretty. But
Speaker 2: if I'm pretending to be Jess hypothetically, like, you have
Speaker 2: a good income, you can pay a mortgage. But it,
Speaker 2: like I would say, it's a stretch. You've got your
Speaker 2: partner living with you, so that's going to take some
Speaker 2: pressure off because they're contributing financially. But if you broke up.
Speaker 2: In my head when I was purchasing that property, I'd
Speaker 2: probably be thinking, okay, cool, Like I'm purchasing it, my
Speaker 2: partner's going to move in, leave love love, like we're
Speaker 2: going I live happily forever. But I'd low key want
Speaker 2: to have a separate bedroom in that house. So if
Speaker 2: my partner ever moved out, I could rent it out
Speaker 2: and I could have a little bit more financial freedom,
Speaker 2: because I like, I'm assuming that the entire mortgage on
Speaker 2: its own would be financially restrictive. Can you afford it? Yes,
Speaker 2: I know you can afford it, but affording it and
Speaker 2: affording your life style of different things. So often when
Speaker 2: I talk to and you guys know, I own a
Speaker 2: mortgage broken company. I literally have these conversations all the time.
Speaker 2: Often if I'm talking to especially women, because obviously I'm
Speaker 2: passionate about this, about purchasing their first home, and they're like, oh,
Speaker 2: it's a one bedroom, my partner's moving in with me.
Speaker 2: I do ask, would that if they moved out financially
Speaker 2: restrict you, Like, what would that look like? And sometimes
Speaker 2: they say, oh, I hadn't thought about that. I would
Speaker 2: have to move out and rent it out. And like
Speaker 2: maybe they're happy with that solution, but if you're not
Speaker 2: happy with that solution, sometimes you do have to think
Speaker 2: about Okay, cool, Like I'm buying a three bedroom house
Speaker 2: because I don't want housemates, but like, if something happens,
Speaker 2: I could get some housemates and financially I wouldn't be crippled. Yeah, Like,
Speaker 2: I'm not saying that's your ideal outcome, Jess, but like
Speaker 2: having it in the back of your head that you
Speaker 2: could create a level of financial security to me is important.
Speaker 5: Hope for the best, but prepare for the worst absolutely
Speaker 5: fantastic sentiment.
Speaker 2: And then I have a last one. You guys are
Speaker 2: going to be very surprised by this person said, get
Speaker 2: a BFA in place. So yeah, anyway, I don't have
Speaker 2: any thoughts or feelings. I believe so face it has
Speaker 2: been really good. I loved this episode. Do you know
Speaker 2: what I love though? The fact that we are at
Speaker 2: the Australian Open today.
Speaker 8: Hi, if you're here, plea, please please please.
Speaker 2: I don't want to see any of those messages that
Speaker 2: we sometimes get after events where you're like, oh my gosh,
Speaker 2: I saw you, but I was too scared to come up,
Speaker 2: Like no, we're more scared of you than you are
Speaker 2: of us. Please come say hi, y, please come and
Speaker 2: say hello. We are going to have the best day anyway.
Speaker 2: That is it from us. Have a good weekend. We
Speaker 2: will see you brighton early on Monday. For a money
Speaker 2: diaryes by Guys by the advice shared on She's on
Speaker 2: the Money is general in nature and does not consider
Speaker 2: your individual circumstances. She's on the Money exists purely for
Speaker 2: educational purposes and should not be relied upon to make
Speaker 2: an investment or financial decision. If you do choose to
Speaker 2: buy a financial product, read the pds TMD and obtain
Speaker 2: appropriate financial advice tailored towards your needs. Victoria Divine and
Speaker 2: She's on the Money are authorized representatives of money. Sirper
Speaker 2: Pty Ltd ABN three two one is six four nine
Speaker 2: two seven seven zero eight a f s L four
Speaker 2: five one two eight nine