Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we
Speaker 2: get started on She's on the Money podcast, I would
Speaker 2: like to acknowledge the traditional custodians of the land of
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
Speaker 2: the elders, the ancestors and the next generation coming through
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
Speaker 2: the storytelling of you to make a difference for today
Speaker 2: and lasting impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 4: Hello, and welcome to She's on the the podcast for
Speaker 4: millennials who want financial freedom. My name is Becksided and
Speaker 4: today on the show and on the eve of end
Speaker 4: of Financial Year, we are doing a finance health check
Speaker 4: with Victoria.
Speaker 1: Divide on the eve of eo f y. Oh my god,
Speaker 1: is there a better birthday? They like, there anything more
Speaker 1: exciting than EO fy.
Speaker 4: I'm so excited.
Speaker 1: And if you guys don't agree, well that makes a
Speaker 1: lot of sense. Its sense is actually kind of lame
Speaker 1: and it can be very daunting for same, but like,
Speaker 1: let us have our moment, like we're allowed to get
Speaker 1: excited about the content that ignites our fires.
Speaker 4: I just think it's so funny that you're born on EO.
Speaker 1: FY, that my dad was an accountant. Your future was
Speaker 1: written for It was written in the stars, it was
Speaker 1: written in Excel code.
Speaker 4: It really was.
Speaker 1: Do you want to talk about EO F Y? I
Speaker 1: feel like, please, now is a good time to do
Speaker 1: a little mid year finance health check, new financial Year,
Speaker 1: new Yu. I feel like we're going to embrace that
Speaker 1: every single year, Like why not have every six months
Speaker 1: the winter new year, New you vibe, Because I feel
Speaker 1: like by six months into the years, so many of
Speaker 1: us have like fallen off the bandwagon, and we just
Speaker 1: we need a little help. We're the stepping stool that's
Speaker 1: going to help you get back on the horse. Yeah,
Speaker 1: I really we need to help you. So most people
Speaker 1: they create their goals and look at their forward planning
Speaker 1: like January in line with a fresh new year, but
Speaker 1: like we don't review them enough, so we do fall
Speaker 1: off that little horse.
Speaker 4: Yeah, we should do an ins and outs list.
Speaker 1: We should. In July one, twenty twenty four, an out
Speaker 1: I did that a couple of years ago and it
Speaker 1: went really well. So maybe that's good content are you're
Speaker 1: a content creator.
Speaker 4: Beck, You wouldn't think so, but I might have it
Speaker 4: in my bone.
Speaker 1: You might have it in your bones. You're the next
Speaker 1: big thing on TikTok Huricans.
Speaker 2: Yeah.
Speaker 1: I mean you're really funny, so it makes sense. You're
Speaker 1: really funny, and I feel like everyone who meets you
Speaker 1: just wants to be your friend. That is so sweet
Speaker 1: thinking it's not even sweet, Like I'm not even being nice.
Speaker 1: It's just a fact. Payd but co. But back onto
Speaker 1: the show. I really like to use the end of
Speaker 1: financial year to review my goals, make sure I'm on track,
Speaker 1: if not reset. Some new ones also review the goals
Speaker 1: that I set, because some of the goals I set,
Speaker 1: I don't even want that anymore. Beck, Yeah, I changed
Speaker 1: my mind.
Speaker 4: You grow a lot in six months.
Speaker 1: Yeah, Like I'm a different woman than I was six
Speaker 1: months ago. And I want to give myself like a
Speaker 1: financial midpoint check up. And we're going to look at
Speaker 1: this like midpoint check up, like we're servicing our car right,
Speaker 1: Like it's vital to keep yourself on the road for
Speaker 1: financial security. And when the little warning light comes on.
Speaker 1: It doesn't mean we're completely off the road. It just
Speaker 1: means you need to top up your oil. Right now,
Speaker 1: we're just topping up our oil totally.
Speaker 4: We're just giving ourselves some attention, giving ourselves a little checky.
Speaker 1: We deserve so much attention, so it just makes sense.
Speaker 4: And after the break we are going to talk about
Speaker 4: mindset and goals. But now we'll run through a list
Speaker 4: of practical things that you should be checking in on.
Speaker 1: Yeah, well that's very me, isn't it? To make a list?
Speaker 1: Very made it in Excel. But I've got a list
Speaker 1: ready for you of all the things to do. But
Speaker 1: my is that I recommend you make this exercise as
Speaker 1: sexy as possible. Beck, So maybe you'd like set yourself
Speaker 1: up a little date night and get takeaway? Yeah, do
Speaker 1: all the things make you feel good?
Speaker 4: Maybe a red wine?
Speaker 1: Yeah, a little red wine. That's very me at the moment.
Speaker 4: Yeah, a milky foot maybe?
Speaker 1: What's a milky Oh I'm ill? Or do you know what?
Speaker 1: The first time I ever did a milky foot, I
Speaker 1: took it off and I was like, well, this did nothing,
Speaker 1: and so I just assumed it did nothing. Yeah, two
Speaker 1: days later I'm like, well, that didn't work. Three days later,
Speaker 1: I'm about to go to a friend's wedding, Like you know,
Speaker 1: I'd put on my trainers, I'd gone for really nice
Speaker 1: walk that morning, and then I was like, I'll come
Speaker 1: back or do my hair and on my makeup. We'll
Speaker 1: be a bit this wedding. By three, like, oh good,
Speaker 1: take off my trainers and half my foot was stuck
Speaker 1: to my sock and I had to change my entire
Speaker 1: dress because the shoes that I was gonna wear were
Speaker 1: really strappy and if you've used a milky foot, you
Speaker 1: know what your foot looks like. I had to like
Speaker 1: go full floor length dress and like more of a
Speaker 1: close toe shoe because I was like this my skin sock,
Speaker 1: get the dogs out today, H cannot.
Speaker 4: So do be careful.
Speaker 1: If you do, be careful if you're going to do
Speaker 1: a milky foot on your finance date night, But if
Speaker 1: you want to, you do you boo. I was traumatized
Speaker 1: from one though.
Speaker 4: I haven't tried it yet, but I will. I feel
Speaker 4: my gosh in honor of eof Y, I'm gonna try
Speaker 4: a milky foot.
Speaker 1: Okay, well that makes a lot of sense. And if
Speaker 1: anyone's on social media, and like trying to draw the
Speaker 1: conclusion or the connection between milky foot and finance. Don't worry,
Speaker 1: there is one.
Speaker 4: There is one.
Speaker 1: There is one. But let's go back to my list
Speaker 1: because I feel like that's a little bit more expected
Speaker 1: on this podcast. So first things first, I feel like
Speaker 1: you're going to see this coming, but we want to
Speaker 1: review your spending patterns. Costs have gone up across the board,
Speaker 1: and believe me, you guys have been noticing it. You're
Speaker 1: in my DMS telling me all of the ridiculous things.
Speaker 1: In fact, I had a conversation with Glenn James from
Speaker 1: the This is Money podcast the other day and he
Speaker 1: was reviewing his book, which, by the way, his book
Speaker 1: is very good. You should definitely go and purchase it.
Speaker 1: But he was reviewing his book and he had to
Speaker 1: update that a coffee costs you five dollars because you're right, Oh,
Speaker 1: I probably should update that to like seven dollars.
Speaker 4: That same.
Speaker 1: That's so gross, but it's so true, right, Yeah, But
Speaker 1: costs have gone up everywhere, and I'm a really big
Speaker 1: fan of automation, but you should go through your last
Speaker 1: three months of bank statements and just see where you're
Speaker 1: spending money. We're not going to judge ourselves. We're not
Speaker 1: going to crucify ourselves for the decisions that we made
Speaker 1: in the past, because like, Beck, where does that get
Speaker 1: us nowhere? Literally nowhere? So we're just going to look.
Speaker 1: We're going to be insightful and we're going to see,
Speaker 1: you know, am I actually spending in line with my values?
Speaker 1: Or are my values a little bit different to what
Speaker 1: I keep saying they are. Like we talked about this
Speaker 1: a little while ago back and you were like, I
Speaker 1: just really need to save and I was like, okay,
Speaker 1: well let's look at your spending. And when you did,
Speaker 1: you were like, turns out, I just really like hanging
Speaker 1: out with my friends. And I was like, I get
Speaker 1: that totally. I want to know have you had a budget?
Speaker 1: If so, are you actually sticking to it? And if not,
Speaker 1: is it because it's an unrealistic budget. Too many times
Speaker 1: I think we're too aspirational with our budgets, and like,
Speaker 1: you know, I want to be aspirational, but we need
Speaker 1: to be more realistic than aspirational. We need to sit
Speaker 1: down and be like, Beck, I know that you only
Speaker 1: wanted to spend you know, X amount on this, but
Speaker 1: you actually really enjoy it and therefore if we take
Speaker 1: it off you you're going to feel like you're missing out.
Speaker 2: Yeah.
Speaker 1: True, And we need to balance it with your lifestyle.
Speaker 1: So like, I'm never going to be one of those
Speaker 1: financial independence retire early girlies, yeah, because that's just not
Speaker 1: going to work for me, because like, I am not
Speaker 1: good at delayed gratification. If that's you like all hail,
Speaker 1: like you win, I lose. But I think that we
Speaker 1: need to make budgets that are actually realistic. So even
Speaker 1: if you have a really aggressive savings goal, if you're
Speaker 1: checking in today and it's six months into the year
Speaker 1: and you're like, well, I haven't met it. Instead of
Speaker 1: going all right, well, I'll just get back on the
Speaker 1: bandwagon and you know, aggressively save for the next six months,
Speaker 1: ask yourself, is that actually realistic? Or should I change
Speaker 1: my goal or my time frame? Like should I be going,
Speaker 1: you know what, saving ten gra by the end of
Speaker 1: the year. I just know I'm not going to achieve it.
Speaker 1: So I think the best thing here is to either
Speaker 1: push the timeframe out on that goal or change it.
Speaker 1: I mean, if you really want to knuckle down, I've
Speaker 1: got you. I want to back you to the hill.
Speaker 1: But I also don't want you to get to the
Speaker 1: end of the year and go, oh my gosh, Beck,
Speaker 1: I'm so bad at money, Like I set this money
Speaker 1: goal and I didn't achieve it. When the reality was
Speaker 1: it's not you being bad with money, it's you going, oh,
Speaker 1: I want to do too much, but I also want
Speaker 1: to leave my life. Yeah, does that make sense exactly.
Speaker 1: We don't need to set ourselves up for failure. Let's
Speaker 1: not do that, because the easiest way to be really
Speaker 1: disheartened with money and think that you're bad at it
Speaker 1: when you're not is to set goals that are unrealistic
Speaker 1: for your lifestyle totally.
Speaker 4: Like if your goal is like ten thousand but you
Speaker 4: only save two, imagine your goal was to save a
Speaker 4: thousand instead of ten thousand. You'd be stoked with yourself.
Speaker 1: Exactly, and then it kind of like plays into the momentum,
Speaker 1: Like if you set a goal back of saving your
Speaker 1: one thousand dollars, you'd be like, oh my gosh, I
Speaker 1: did it. I'm going to move on to the next
Speaker 1: goal and maybe make it a little bit bigger. But
Speaker 1: I think sometimes and this isn't meant to be disheartening,
Speaker 1: sometimes we bite off more than we can chew, and
Speaker 1: then when we can't chew it, we're surprised and we're like,
Speaker 1: oh my gosh, I'm so bad at money. Like my friends,
Speaker 1: you're not bad at money. We're just not setting goals
Speaker 1: that are realistic for our lifestyles. And like, it would
Speaker 1: be so nice to have ten grand, Yes, so nice,
Speaker 1: Like I want ten grand. And if I said to you, Beck,
Speaker 1: do you want to be able to you'd be like,
Speaker 1: oh yeah, Like who doesn't want that? But we also
Speaker 1: need to be realistic because we don't want to make
Speaker 1: ourselves feel like trash along the way. Yes, like you
Speaker 1: don't deserve that. Nobody deserves that. So let's just make
Speaker 1: sure we're setting enough into our budget aside for groceries
Speaker 1: and petrol bills and rent and your discretionary spending. We're
Speaker 1: still trying to take account of our goals and what
Speaker 1: we're working towards, because at the moment, it's really hard
Speaker 1: I find for people to be balancing life costs and
Speaker 1: your goals. Like you might have life costs and you
Speaker 1: didn't get a pay rise this year, and then you've
Speaker 1: got these goals, but because everything else is costing so much, more.
Speaker 1: You're not adjusting your grocery budget and you're just going
Speaker 1: well when I achieving my goals like I was able
Speaker 1: to last year, Like sometimes we need to like just
Speaker 1: move the goalposts a little bit and actually review it
Speaker 1: and go Beck. I know that you only you know,
Speaker 1: hypothetically want to spend one hundred dollars a week on groceries,
Speaker 1: and I know you keep working towards that, but every
Speaker 1: week you're going over it. It's not because you're spending
Speaker 1: too much on groceries, it's just cause groceries are more expensive.
Speaker 1: We actually now need a budget one hundred and thirty
Speaker 1: dollars for groceries. Like that's going to take the pressure
Speaker 1: off significantly, right. You know, groceries aren't the be all,
Speaker 1: end all, They're not the thing that's going to save
Speaker 1: you when it comes to saving money, but it's a
Speaker 1: good example. Right. The other thing when it comes to
Speaker 1: bills is have you recently done like a service comparison
Speaker 1: with your provider. So in Victoria we have the VIC
Speaker 1: Energy Saver compare and we will be getting those rebates
Speaker 1: on the first of July, which is very very soon
Speaker 1: and very very sexy. So make sure you're with the
Speaker 1: right supplier so that you get a rebate, but you're
Speaker 1: also saving some money along the way. I also really
Speaker 1: like to have look at my plans for the next
Speaker 1: six months, so make sure that I'm setting enough aside
Speaker 1: for that. Like, yeah, Beck, are we going to Meredith? Yes,
Speaker 1: you know, like we got that plan. Because if you're like, oh,
Speaker 1: that's like two or three months off, I don't have
Speaker 1: to worry about that. How quick does two or three
Speaker 1: months come up? And I say, Meredith, not to like
Speaker 1: throw you under the bus, but it's a really good example,
Speaker 1: Like you had committed to that so long ago. You're
Speaker 1: really excited about it. But I bet if I asked you,
Speaker 1: you just feel like it crept up real quick and
Speaker 1: you're like, oh my god, I feel out of control now,
Speaker 1: like I don't have enough.
Speaker 4: For this exactly. I thought I would be a bit
Speaker 4: different this here, but now I'm like, oh wait, that's
Speaker 4: actually coming up, and I haven't prepared for it, but
Speaker 4: I will any place.
Speaker 1: You and I we sit down and do our budgets.
Speaker 1: At some point, I keep saying that you and I
Speaker 1: are going to do this, and then we don't find time.
Speaker 1: So wine's on me, Okay, and you don't even drink
Speaker 1: that much wine. But the spicy water is on me.
Speaker 4: Thank you so much.
Speaker 1: Yeah, I'll buy you the bubbly water. What a tree,
Speaker 1: I don't worry. I've got more where that came from. Also,
Speaker 1: once I've reviewed everything that I've just mentioned, I'm then
Speaker 1: going to set up all of my direct debits so
Speaker 1: that they orderically help me align with the updated plan
Speaker 1: that I've got. So like again, Meredith is a good example,
Speaker 1: I think because you were so genuinely disappointed. You were like, oh,
Speaker 1: this sucks, like I hate this. But if we had
Speaker 1: set up a direct debit, it's kind of out of sight,
Speaker 1: out of mind, and then that money's over to the
Speaker 1: side for that goal at the point in time that
Speaker 1: you require it, right, So then it's just set and
Speaker 1: forget for another six months. Yeah, yeah, yeah, I love
Speaker 1: that and I think it works really well. And so
Speaker 1: many times people will say to me, but I really
Speaker 1: want to be in control of my money, and I go,
Speaker 1: you can be in control of your money with direct debits.
Speaker 1: Just always check in on them and make sure that
Speaker 1: they aren't, you know, direct debiting for things that you
Speaker 1: shouldn't be direct debiting for or like you've got your
Speaker 1: Netflix account direct debiting, but you haven't been using it.
Speaker 1: That's when we need to get rid of it. You
Speaker 1: don't need to necessarily log into your bank every month
Speaker 1: and make that manual transaction, even though you think that
Speaker 1: that might make you quote better at money. If you're
Speaker 1: not actually going to log in and make the transfer
Speaker 1: every single month, you only do it when you remember, sure,
Speaker 1: because sometimes out of sight, out of mind totally.
Speaker 4: And it kind of feels like when you like see
Speaker 4: a ten dollar Netflix subscription fee come out of your
Speaker 4: regular account, it's like, oh, I've just spent ten dollars,
Speaker 4: But then when it comes out of the dedicated Netflix account,
Speaker 4: it's like, huh that's free money.
Speaker 1: Yeah, there, it's planned money. I was meant to spend that.
Speaker 1: So that leads into point two, which I've just touched on,
Speaker 1: which is like review your subscriptions and point schemes. So
Speaker 1: are you paying for apps that you don't use or
Speaker 1: don't need? So do you know that on your phone?
Speaker 1: Beck you can go and you hit settings and then
Speaker 1: you hit your name at the top, and then you
Speaker 1: hit subscriptions and it will tell you all of the
Speaker 1: subscriptions that you currently have and what you're paying for
Speaker 1: and when it expires, So whenever I download like a
Speaker 1: free trial for something or I've got you know, at
Speaker 1: the moment, Sorry, dueling go, I love you, I follow
Speaker 1: you on TikTok. But that's expiring on the sixth of
Speaker 1: June for me. But that's expiring because I canceled my
Speaker 1: subscription on purpose, so it didn't automatically renew. And then
Speaker 1: if I decide but wait, I'm still using my duo lingo,
Speaker 1: I can then pay for that subscription at that point
Speaker 1: in time by choice instead of having it direct evident. Yes,
Speaker 1: so now is the time to go through those subscriptions
Speaker 1: and basically cancel them all so that you can make
Speaker 1: those payments by choice, because it'll come up like let's
Speaker 1: say I'm looking at mine right now, beck, and I
Speaker 1: can see that my Binge account is going to renew
Speaker 1: automatically on the thirtieth of May. Sorry, Binge love you. Still,
Speaker 1: I'm going to cancel it literally right now, because if
Speaker 1: I'm not using it and I go to log in,
Speaker 1: I can repay for it. Then yes, but it might
Speaker 1: be a little bit of a practice in do you
Speaker 1: actually use this?
Speaker 4: Yeah, kind of like you're twenty four hour thing. Yeah,
Speaker 4: but it's with Binge when you go to log in
Speaker 4: you haven't paid for it, and you're like, I don't
Speaker 4: really need it, yes.
Speaker 1: And it's like that check at that time because like
Speaker 1: I don't know about you, like and this is so
Speaker 1: off track. But sometimes I'm like flicking around, I'm like, oh,
Speaker 1: Netflix is boring, Like I can't find anything I want
Speaker 1: to watch, even though there's like thousands of hours of
Speaker 1: good content on there. So I'm like, oh, just for
Speaker 1: covid a Binge, Yeah, I'll have a check of what's
Speaker 1: on there. Maybe I'll find something that piques my interest.
Speaker 1: Like if I flicked over and I hadn't paid for
Speaker 1: that subscription and it said, you know, you need to
Speaker 1: update your payment details, I'd be like, yeah, I'm just
Speaker 1: gonna go back and find something on Netflix. Oh yeah thanks, though,
Speaker 1: whereas Binge, like I might re download it later. If
Speaker 1: I'm like, oh, there's a specific series I really want
Speaker 1: to watch and it's available on binch, like go do it.
Speaker 1: Then I know that that sounds lame, but like that's
Speaker 1: the conversation we need to have because from little things,
Speaker 1: big things really do grow, like and it sounds lame,
Speaker 1: but like, I know my mentality and then if I
Speaker 1: know you're very similar, so surely it works for other
Speaker 1: people as well.
Speaker 4: Right, Oh yeah, and it's not just binge if you're
Speaker 4: doing it for multiple things, like it really all adds
Speaker 4: up exactly.
Speaker 1: And then what's your gym membership doing for you? I
Speaker 1: know you love your gym membership. I do, but if
Speaker 1: I was paying for a gym membership, that would be
Speaker 1: money literally being flushed down the drain. Right, So we
Speaker 1: need to be a little bit real with ourselves. Are
Speaker 1: you using it or nah? Yeah? Like if you're not
Speaker 1: using it, maybe you cancel it and then when you
Speaker 1: get your motivation back, then you can gift it back
Speaker 1: to yourself. Yeah, because like what's the worst You go
Speaker 1: without it for a couple of months and then decide
Speaker 1: you're back into it. You didn't pay for it for
Speaker 1: a couple of months. Money win. Do you have some
Speaker 1: points that are going to expire? If so, can we
Speaker 1: spend them on something or can you email the company
Speaker 1: and ask them to extend your expiry date on those points? Like,
Speaker 1: we don't want to miss out on anything. And then
Speaker 1: what are your points or cash back balances and can
Speaker 1: you use these to save on expenses that are coming up.
Speaker 1: It's like, I've got a few dollars sitting in my
Speaker 1: shop back account. Still, could I cash that out and
Speaker 1: allocate it towards something or cash that out and throw
Speaker 1: it straight in my savings towards the goal that maybe
Speaker 1: I haven't met yet.
Speaker 4: I didn't realize you could cash it out. I think
Speaker 4: you use it.
Speaker 1: No, you can cash it out. Cash back, like literally
Speaker 1: on shop back is real dollar use.
Speaker 4: That's exciting.
Speaker 1: Yeah, but it's like not like fake money where you
Speaker 1: just like put it towards something else. Sure, like beck,
Speaker 1: you can put it in your bank account. Once we
Speaker 1: finish up here, you're going to be running oh yeah,
Speaker 1: all right. So number three, if you are in the
Speaker 1: privileged position of having purchased property, we're going to look
Speaker 1: at our home loan and insurances and make sure that
Speaker 1: everything is up to date. Irrespective of whether you own
Speaker 1: a home or not, you need to be reviewing your
Speaker 1: insurances and making sure that your will is up to date.
Speaker 1: But the first Tuesday of every month has been like
Speaker 1: a bit of a dread day for many because of
Speaker 1: the RBA interest rate hikes. Right, you probably haven't noticed.
Speaker 1: It's tuesdays. I have, but as a finance girlie, I
Speaker 1: am on my phone at about eleven am on a Tuesday, like,
Speaker 1: what's going on? Sure, what are you going to give us?
Speaker 1: It's been pretty good this year. I mean they haven't
Speaker 1: dropped it significantly, which would be a sleigh, but like
Speaker 1: they haven't been throwing update after update on us to
Speaker 1: increase it. But the media point is another really good
Speaker 1: prompt to ask your broker or your bank for a
Speaker 1: discount on the home loan and the investment property loan
Speaker 1: interest rates that you might have. Like also, if you
Speaker 1: don't ask, you don't get like, if you have a mortgage,
Speaker 1: you're gonna save some money If they say yes, is
Speaker 1: that not worth being like, hey, can you review this totally?
Speaker 4: What's the worst I can say?
Speaker 1: I'm like, no, Like I've heard about a million times
Speaker 1: totally that's fine. So ask the question because it could
Speaker 1: save you hundreds, if not thousands of dollars. And what
Speaker 1: do your insurances look like? Right? Do you have the
Speaker 1: right cover for your life insurance all of your personal insurances?
Speaker 1: If not, go talk to Phil Thompson at Sky Wealth.
Speaker 1: I'm gonna put his name and his contact details in
Speaker 1: the show notes, because I don't know about you, Beck,
Speaker 1: but I'm wildly passionate about personal insurances and the protection
Speaker 1: that they give you. Also, some of your insurances tax deductible.
Speaker 1: There you go, money win, huh. I mean not all
Speaker 1: of them, but like talk to them about that, because
Speaker 1: it's nice to know that you can claim something at
Speaker 1: tax time. But then I also want you to make
Speaker 1: sure that your house, in your car insurance and stuff
Speaker 1: is all up to date and relevant. Like if you're
Speaker 1: having an invoice come in from your car insurance company,
Speaker 1: being like Beck, it's time to renew, and you're not
Speaker 1: calling them up and saying, give me a better deal,
Speaker 1: doing yourself a disservice, because nine times out of ten
Speaker 1: they do give you a better deal. They're just hoping
Speaker 1: that you'll pay that amount because you know you sent
Speaker 1: the invoice.
Speaker 4: Yeah.
Speaker 1: True, we always ask. And then is your will up
Speaker 1: to date? A bit lame, a bit boring, a bit morbid,
Speaker 1: but like it needs to be up to date because
Speaker 1: circumstances can change really quickly, and God forbid, something happens
Speaker 1: and your wishes aren't reflected in your will. Obviously you're
Speaker 1: not going to be around, so like you won't notice,
Speaker 1: but your family will, and like it can be a
Speaker 1: monster of a task to deal with someone who doesn't
Speaker 1: have a will. So your will is a very very
Speaker 1: good idea.
Speaker 4: Okay, that's good to know. And I imagine you should
Speaker 4: just sit any.
Speaker 1: Age, irrespective of your age, I think everyone should have
Speaker 1: a will.
Speaker 4: Okay, that's good to know.
Speaker 1: Also, what makes you feel like you go shit together? Yeah,
Speaker 1: that's true. If you just want to feel like you
Speaker 1: got your financial shit together this year, that's a really good,
Speaker 1: like big ticket item that you could.
Speaker 4: Do if you want to feel like an adult. And
Speaker 4: I think I do want to feel an.
Speaker 1: You want to feel like an adult? I think so
Speaker 1: we'll have a will soon and I like it. What
Speaker 1: do you want to know about superannuation?
Speaker 2: Beck?
Speaker 1: It's now before.
Speaker 4: Okay, what do I want to know about super? Can
Speaker 4: you do anything about it?
Speaker 1: Yeah? You can. I mean what we want to do
Speaker 1: is just review our super so log into our account
Speaker 1: and check if your employer has been making the right contributions. Okay,
Speaker 1: like just make sure that you're dotting all your eyes
Speaker 1: and crossing all your teas. Even if you do trust
Speaker 1: your employer, because sometimes it can get away from them.
Speaker 1: Maybe somehow they have the wrong details. Maybe they are
Speaker 1: just not paying it because they're a little bit cheeky.
Speaker 1: So we want to do a check and don't forget.
Speaker 1: Guess what, we get a pay rise inside of our
Speaker 1: super Oh you on the first of July, it goes
Speaker 1: from eleven percent to eleven point five percent because we're
Speaker 1: on the way to twelve. So next year we are
Speaker 1: going to get twelve percent in supernuation. And we need
Speaker 1: to make sure that we understand our salary package. So
Speaker 1: I know you're applying for jobs and looking around at
Speaker 1: the moment. Yes, And when we talk about salary, they
Speaker 1: could say it's salary plus super or it's a package
Speaker 1: of all of it included. So if your employer pays
Speaker 1: you salary plus super, that's a money win because they
Speaker 1: won't take that additional point five percent out of your
Speaker 1: take home pay to pay it into super because the
Speaker 1: contract they have with you is plus superannuation and that
Speaker 1: would be at the rate that the government has outlined
Speaker 1: SUPER to be at. But if you have a salary package,
Speaker 1: and I think this is really sneaky and employers shouldn't
Speaker 1: do this, but they're probably going to do this. They
Speaker 1: might go, all right, well, Beck, you've got a salary package.
Speaker 1: I'm just going to shift that point five percent from
Speaker 1: your income over to SUPER. And I would be having
Speaker 1: a conversation now with your employer about what their plans are.
Speaker 1: If you're not sure, ye, So send a nice message
Speaker 1: to HR and be like, hey, I'm assuming that you
Speaker 1: will be increasing my SUPER and not decreasing my take
Speaker 1: home pay. What does this mean? Can I negotiate that
Speaker 1: and see what that means? Because I don't want people
Speaker 1: to be in a worse position because you're investing for
Speaker 1: your future, like future, you gonna thank you for that one,
Speaker 1: I promise.
Speaker 4: Of course. Speaking of investments, fee, Yes, what's up next?
Speaker 1: Al Right, it's investments. Because you're reading my lifet my shoulder.
Speaker 1: You're a dirty dog, all right, So we want to
Speaker 1: review our investments. So it's a good time to check
Speaker 1: in with your investments and adjust any ongoing contributions. So
Speaker 1: the goal for investments is obviously going to be very
Speaker 1: different for everybody, and it kind of segues in from
Speaker 1: superannuation because as we know, most of us do have superannuations.
Speaker 1: So we are already investors and is your money, so
Speaker 1: you have to take care of it, Beck, like if
Speaker 1: you're not logging in Like, Beck again, I love you dearly,
Speaker 1: but I know you aren't the best savor in the world. Yes,
Speaker 1: so are you currently saving eleven percent of your income?
Speaker 2: No?
Speaker 1: We know you're not, and that's okay, that's so fine.
Speaker 1: But you are inside Super. And if you were saving
Speaker 1: eleven percent outside Super, I'm sure you'd be checking and
Speaker 1: making sure it was a high interest savings account and
Speaker 1: like doing the best thing for it. But we don't
Speaker 1: do that inside Super. Blows my mind. You need to
Speaker 1: care about it. They're the rules, it's your money, it's
Speaker 1: your choice. You have complete control over it. Look at it.
Speaker 1: Just log in one time. It'll put you in a
Speaker 1: better financial position, I promise. But you're going to review
Speaker 1: all of your other investments. And because your goals are different,
Speaker 1: you might want to do a number of different things.
Speaker 1: But you might want to consider whether you can increase
Speaker 1: your ongoing contributions or we're in the middle of the
Speaker 1: cost of living crisis, BAC, do you need to decrease
Speaker 1: them for a short period of time so that you
Speaker 1: can feel a little bit more financially stable, Right, that's
Speaker 1: actually a fine thing to do. Like I'm giving you
Speaker 1: permission to decrease how much you are investing if it
Speaker 1: takes the financial pressure off at home, if it means
Speaker 1: that you're not so stressed about the groceries, Like, just
Speaker 1: do it. Do it for this short period of time.
Speaker 1: I know it's still a priority to you, but it's
Speaker 1: going to impact the rest of your finances and your
Speaker 1: mental health. Into me, that's really important.
Speaker 4: Oh absolutely, it's number one.
Speaker 1: Life's about balance and sometimes it's a little bit off
Speaker 1: balance and you can't work as aggressively towards your goals.
Speaker 1: And that's okay, it's okay, you're allowed. That's all right.
Speaker 1: Next six, Yes, you're not going to see this one coming. Oh,
Speaker 1: review your privacy. Privacy use the start of the new
Speaker 1: financial year to enhance your online security and safeguard your
Speaker 1: personal information. I know that that should not be something
Speaker 1: that you hear on shees on the money, But the
Speaker 1: world is getting wild and there are so many scams
Speaker 1: out there, and it's probably been a while since you
Speaker 1: change your password back, like stop updating your password does
Speaker 1: the same word with different numbers? How did you know?
Speaker 1: I just know, I just know do you know the
Speaker 1: most common passwords still is one, two, three, four, five, six?
Speaker 1: Really wild? Well, well, well, if I I ever had
Speaker 1: an original thought in my life, but I want you
Speaker 1: to consider changing your passwords and updating that. Consider updating
Speaker 1: them and enabling that two step verification for your online accounts,
Speaker 1: and think about whether you need a password manager. So
Speaker 1: I have one, in my opinion, the answer is absolutely yes,
Speaker 1: but think about whether you need one or not. I
Speaker 1: have two step verification on my phone and I feel
Speaker 1: like that makes me feel really safe even just to
Speaker 1: like log into my Instagram and my Facebook. We're not
Speaker 1: even talking about bank security at this point, because so
Speaker 1: many of my friends recently, like I keep seeing them
Speaker 1: be hacked and like, you know, random stuff going up
Speaker 1: on their Instagram story about bitcoin, and like it's so common,
Speaker 1: Like just safeguard yourself. We're cleaning our little financial house. Yes,
Speaker 1: and if you can be hacked, it can impact you financially.
Speaker 1: So we're just noted down for that, you.
Speaker 4: Know, or maybe your coach has made you forty seven
Speaker 4: thousand dollars in bitcoin. If that's the case.
Speaker 1: In which case, please carry on posting it. It's not
Speaker 1: a hack, babe, call me.
Speaker 4: Yeah, seriously, I think you would have a conniption if
Speaker 4: you saw restored my passwords. But oh, my Goshy's story
Speaker 4: of another time.
Speaker 1: Side note. I went to my parents' house the other
Speaker 1: day and thankfully this is not a thing anymore, and
Speaker 1: I saw all these random words sprinted out on a
Speaker 1: piece of paper on their kitchen Bench's good, dad, what's that?
Speaker 1: He's Oh, it's just still my passwords? Good in the
Speaker 1: communal space, worries well for it's like, oh, I just
Speaker 1: didn't want to forget the.
Speaker 4: Well, no one else will either.
Speaker 1: No one else is going to forget that either. Anyway.
Speaker 1: Moving on, clean up your filing cabinet. I don't know
Speaker 1: if you ever have one. Clean up your shoe box
Speaker 1: or that draw at the bottom of the cutlery draw Like,
Speaker 1: clean up that bottom drawer where all the receipts and
Speaker 1: bits and bobs end up going. Because according to the
Speaker 1: ATO or the Australian Taxation Office, you should keep financial
Speaker 1: records for five years, so you can't technically throw them out.
Speaker 1: But like, let's just have a storage box or a
Speaker 1: nice container and keep them all together, because they're everywhere
Speaker 1: and I'm just making it easy for financial you next year, Like,
Speaker 1: it's going to be much easier, I promise, But shred
Speaker 1: paperwork that is older than five years, and then file
Speaker 1: everything else, so bills invoices, bank statements, and then remember
Speaker 1: that any filing system you implement should be quickly and
Speaker 1: easily maintained so that you're motivated to keep your records
Speaker 1: in order. So I take lots of photos. You guys
Speaker 1: probably already.
Speaker 4: Know I started doing that.
Speaker 1: Actually, yeah, I think it's a good way of doing it.
Speaker 1: And then I just put it into a folder on
Speaker 1: my phone, yes, and then I know where they are.
Speaker 1: And then also I know that I said, you know,
Speaker 1: shred financial paperwork that's older than five years. Sometimes the
Speaker 1: bank still sends me like paper bank statements, and like,
Speaker 1: I know that that's easily accessible on my internet banking.
Speaker 1: So I just read those two like, just don't carry
Speaker 1: things you don't need. But also, if in doubt, just
Speaker 1: put it to the side, put it into your filing
Speaker 1: cabinet if you have one.
Speaker 4: If in doubt, print it out.
Speaker 1: No, don't print it out. That's so bad for the environment,
Speaker 1: that's bad for you. Right right, you're canceled. Let's go
Speaker 1: to a really quick break on the flip side, we're
Speaker 1: going to be talking about reevaluating your goals and money mindset,
Speaker 1: which I think is honestly going to be the best
Speaker 1: part of this show. So thanks for sticking around.
Speaker 3: Us far.
Speaker 4: Welcome back everyone. So we're talking about our media financial
Speaker 4: health check. Now let's talk about money mindset and goals.
Speaker 4: What should we be doing this time of YEARV.
Speaker 1: All right, So I've given you a list of like
Speaker 1: checkpoint things that I think you should be doing, But
Speaker 1: one of the most important things I think is re
Speaker 1: evaluating your goals and your money mindset. So we touched
Speaker 1: on this before, Like maybe your goals have changed, maybe
Speaker 1: you're not working towards it as aggressively, and we need
Speaker 1: to do a little bit of inner work and go
Speaker 1: weoll Beck, you said that you wanted this, but do
Speaker 1: you really want this? Like is something else more important?
Speaker 1: And that's okay if it is. But we just need
Speaker 1: to be honest with ourselves. And I think that being
Speaker 1: honest with ourselves is the best way to be moving forward.
Speaker 1: You don't have to tell anyone else, Like you don't
Speaker 1: have to say, oh, I don't care about this anymore.
Speaker 1: Like we're not having these deep conversations with anyone other
Speaker 1: than ourselves, like do your goals still serve you? Are
Speaker 1: you still excited about working towards them? Like you know,
Speaker 1: you might have had a holiday planned and you're so
Speaker 1: excited about it, Beck, and you're like yeah, yeah, and
Speaker 1: then all of a sudden you're like, I just don't
Speaker 1: care anymore, Like I just I don't want to go anymore.
Speaker 1: So you like follow through on the motions of it,
Speaker 1: and you might still go on the holiday, but you're like, well,
Speaker 1: I could have gone without, and I like much would
Speaker 1: have preferred to save for a house. Yeah, And like
Speaker 1: that's not saying that you have to do that, but
Speaker 1: you might have like rediscovered a different goal or discovered
Speaker 1: something that you want to invest your money in, and
Speaker 1: it's okay to change, you can cancel. Do you need
Speaker 1: help from a professional is also a really good question here,
Speaker 1: because sometimes we're in a bit over our heads. Do
Speaker 1: you have debt that is completely getting in the way
Speaker 1: of your money mindset? Is it something that you need
Speaker 1: to call our friends at the National Debt Helpline and
Speaker 1: just go all right, well what am I doing? Like
Speaker 1: I feel stuck in the mud here? How can you
Speaker 1: help me. I promise they are the kindest people in
Speaker 1: the entire world. They are used to helping people, and
Speaker 1: I know that this is not what they want me
Speaker 1: to do in terms of their branding and marketing. But
Speaker 1: they're not paying for this show. But Becky, if you called,
Speaker 1: I can guarantee they've seen people in worse situations, right,
Speaker 1: So it's not that bad. They're not going to pick
Speaker 1: up the phone and be like, Wow, that's embarrassing. Like
Speaker 1: they're going to go, oh, babe, that's easy. Let's work
Speaker 1: through this together, and you'll be like, oh my gosh,
Speaker 1: I feel so much lighter, Like I feel like I
Speaker 1: can do this now. Like sometimes just reaching out and
Speaker 1: getting a little bit of a helping hand is a
Speaker 1: really good idea. But the other thing I want to
Speaker 1: talk about is the key to achieving any goal is
Speaker 1: to be really smart about it. Hover I know, right,
Speaker 1: smart goal methodology, But I'm not going to talk about
Speaker 1: the smart goals. And I don't talk about the SotM
Speaker 1: goals because our podcast goals, so obviously being specific is important.
Speaker 1: We need to be really clear and define our goals.
Speaker 1: The next is optimistic, So we want to be optimistic
Speaker 1: because if we're not excited about a goal, why are
Speaker 1: we working towards it? We also need to be optimistic
Speaker 1: because we want to back ourselves. Like, Beck, if you
Speaker 1: don't believe you can do it, why are we here?
Speaker 1: Are we being optimistic? Is this goal reasonable? Is this
Speaker 1: goal something that you can actually achieve? Like do you
Speaker 1: think you're on the right pathway? Have you worked backwards
Speaker 1: and been like, all right, well, if I want to
Speaker 1: save ten thousand dollars this year, let's break it down
Speaker 1: into the smallest possible. That's twenty seven dollars and fifty
Speaker 1: cents a day.
Speaker 4: That does not seem like a lot.
Speaker 1: Actually no, but twenty seven dollars and fifty cents a day?
Speaker 1: Can you achieve that? And you go, well, maybe I can. Like,
Speaker 1: if you break down on a big goal into very small, manageable,
Speaker 1: bite sized pieces, it seems a lot easier, right Like
Speaker 1: if I said to you, Beck, let's be really aggressive
Speaker 1: and save twenty seven dollars fifty every single day, you
Speaker 1: might go, well, that's achievable, whereas if I said, Beck,
Speaker 1: save ten grand, you'd be like, but be on me,
Speaker 1: not having absolutely not no thank you. But also the
Speaker 1: goal might feel overwhelming just because it's so big. Yeah,
Speaker 1: So I think it's important to understand and be optimistic
Speaker 1: about what you can achieve and find a way to
Speaker 1: be optimistic about it. Because, like beck, if I said,
Speaker 1: are you optimistic about saving ten grand, You'd be like, no, way, no,
Speaker 1: not keen. But if I said, do you reckon? You
Speaker 1: could do twenty seven dollars fifty a day? Go, I reckon,
Speaker 1: I could do that.
Speaker 4: I reckon I could do fifteen dollars every half a.
Speaker 1: Day, fifteen dollars every half.
Speaker 4: Day out of the day, end of the day, fifteen buck.
Speaker 1: But isn't it wild how much they add up? Yeah,
Speaker 1: it's actually really confronting. Right, we should do a whole
Speaker 1: podcast episode on like five dollars a day on the
Speaker 1: way to wealth or something like, and how that's they're
Speaker 1: gonna die? Yeah, let's talk about that later. Like might
Speaker 1: not be five dollars, It might be like a bit
Speaker 1: more than that. You know, whatever you can do. Maybe
Speaker 1: we can do lots of different ones, like what two
Speaker 1: dollars a day would get you?
Speaker 4: Yes?
Speaker 1: How good? Anyway? Moving on? The next is t so timely?
Speaker 1: We want to set a time that you want to
Speaker 1: achieve this goal? Is it a fair time, like, cause,
Speaker 1: if I say it, Beck, you need to save this
Speaker 1: ten grand by tomorrow, that's not going to work. Like,
Speaker 1: but if we've broken it down into small enough goals
Speaker 1: and we have the time, it'll be achievable. And then
Speaker 1: the last one is measurable. So we need to ensure
Speaker 1: that it is measurable so that we know when we've
Speaker 1: hit that goal. So if your goal is I want
Speaker 1: you save more money, that's not specific enough. That's not measurable, Like,
Speaker 1: I don't know if you've been able to save within
Speaker 1: your capacity or not. I don't know if you've actually achieved. Like,
Speaker 1: at what point do we start celebrating, Like how do
Speaker 1: we pop the cork on a bottle of champagne? If
Speaker 1: you set the goal I wanted to save and I
Speaker 1: keep using ten thousand dollars, which is probably a really
Speaker 1: rude number at this point in time because we're in
Speaker 1: the com middle of a cost of living crisis, Beck,
Speaker 1: And then you might go v stop saying ten grand.
Speaker 1: That's so overwhelming.
Speaker 4: I don't think where were gonna get there.
Speaker 1: It's just an example, right, like, and it's not meant
Speaker 1: to be. And you know what I was at a
Speaker 1: speaking presentation the other day and someone put their hand
Speaker 1: up at the end of my presentation and they were like, Vie,
Speaker 1: how much, Like should I be saving in percentage? Like
Speaker 1: you never talk about percentages? And I was like, yeah,
Speaker 1: and I'm glad you bring this up because I will
Speaker 1: never talk about you need to be saving in terms
Speaker 1: of percentages. Because Beck, if I turned around to you
Speaker 1: and said you need to be saving ten percent of
Speaker 1: your income. I mean, we talk about this eleven and
Speaker 1: eleven and a half percent when it comes to suberunuation,
Speaker 1: but that's because it's government mandated and we don't actually
Speaker 1: have any control over it. Right. But if I said
Speaker 1: to you, Beck, you need to save ten percent of your
Speaker 1: income if you were earning four hundred thousand dollars, which
Speaker 1: is astronomical amounts of money, is that reasonable.
Speaker 4: I guess it depends on your circumstances.
Speaker 1: Yeah, But like four hundred thousand dollars save ten percent, Beck,
Speaker 1: I'd like, oh, can't you save more? Beck? Like if
Speaker 1: I sat you down and did your budget in cash flow,
Speaker 1: like we're not talking about you know, your mortgage repayments
Speaker 1: and stuff, but if you're on an income a four
Speaker 1: hundred grand and you're saving not ten percent, I'd be like, well,
Speaker 1: where's that money going? Like you've got a lot of it.
Speaker 1: We need to just get our stuff together now, Like
Speaker 1: I would actually expect someone on four hundred thousand dollars
Speaker 1: as an ex financial advisor, you're saving more than that guarantee, Like,
Speaker 1: that's just how it works, right, unless you are blowing
Speaker 1: it all on hookers and coke, which, to be honest,
Speaker 1: as an ex financial advisor, I have seen, but I'd
Speaker 1: probably have a little bit like I have high expectations
Speaker 1: for you on that salary. Right, But if we flip
Speaker 1: it and you are a mum and you are single,
Speaker 1: and you are earning forty thousand dollars, is it fair
Speaker 1: to then say you need to be saving ten percent
Speaker 1: of your income? Right? No, you can't do that. In fact,
Speaker 1: if you're in that season of your life and you're
Speaker 1: not able to save a dollar, I get it, Like,
Speaker 1: I fully go will that makes sense? Of course, you
Speaker 1: can't save a dollar because you're in that season of
Speaker 1: life where you're putting food on the table for your kids,
Speaker 1: you have a low income, and it would be bloody hard.
Speaker 1: I'm not going to come out and say all right, Well,
Speaker 1: you need on average to be you know, saving this
Speaker 1: percentage and investing this percentage, and this percentage goes to
Speaker 1: your fun things like that just skews it in a
Speaker 1: way that you're setting unrealistic expectations for what you can
Speaker 1: achieve and what's there. Like if you're in a season
Speaker 1: of life where you can't save a dollar slave queen, Like,
Speaker 1: at least you have a budget and you know that
Speaker 1: that's your current situation. It's not going to be your
Speaker 1: situation forever exactly, and that's okay, and we'll work towards it.
Speaker 1: But if you're comparing this percentage system and going, well, V,
Speaker 1: I'd really like to have a goal, and it's like
Speaker 1: I want to save ten percent of my income and
Speaker 1: you're on four hundred grand. By make it higher, ye,
Speaker 1: Like I expect a bit more from you. Sure, But
Speaker 1: if you're in a season of your life where your
Speaker 1: income is equal to your output, yeah, I get it absolutely,
Speaker 1: And I think we need to touch on it there too,
Speaker 1: because it needs to be measurable when it comes to
Speaker 1: goal setting. But that's so that you know when you're
Speaker 1: achieving a goal and whether it's achievable for you, because
Speaker 1: if we go through this methodology and you go sot
Speaker 1: M and you go you know specific, and then you've
Speaker 1: gone optimistic, and then it's time bound and then you
Speaker 1: look at measurable you go, well, I could set that goal,
Speaker 1: but I'm probably not going to be able to achieve
Speaker 1: it in that time frame because right now money's tough.
Speaker 4: Exactly.
Speaker 1: Well, that's okay, big kind to yourself, like give yourself
Speaker 1: a little bit of slack, Like you don't deserve to
Speaker 1: be treated like trash by yourself. Yeah, Like ill, no,
Speaker 1: we're talking to ourselves like we are our best friends now.
Speaker 4: Beck mm, that's great. That's a great like.
Speaker 1: If you would say it to me, you can say
Speaker 1: it to you, But if you wouldn't say it to me,
Speaker 1: then you can't say that to you.
Speaker 4: It's a great rule to live by.
Speaker 1: I think it's a very good rule.
Speaker 4: Now, just shifting is a little bit because I'm hoping
Speaker 4: I'm getting a tax refund this year and I'm thinking
Speaker 4: about like what I should spend it on or like
Speaker 4: you know, and I think it's the wrong mindset obviously,
Speaker 4: but I'm like, already, I know what am I spending
Speaker 4: it on?
Speaker 1: Yeah? I know you Instead of what am I saving?
Speaker 1: And that's okay, We're all different, right, Like, and I
Speaker 1: think it's best to actually sit down and go all right,
Speaker 1: So when I get a tax refund, I'm not going
Speaker 1: to make a decision immediately because I think we get
Speaker 1: a little bit spendy. Like you see the money and
Speaker 1: you're like, let's go, let's go, baby, like, lock it away,
Speaker 1: lock it away for a week while we make a decision.
Speaker 1: That is the best decision for you in your personal situation,
Speaker 1: because there's no right answer, right, you could have a
Speaker 1: thousand Let's pretend you get one thousand dollars back from
Speaker 1: the ATO, right, that would be nice, And you have
Speaker 1: a thousand dollars zip pay Maybe you want to pay
Speaker 1: that off, yeah, Or maybe you owe your mum money,
Speaker 1: maybe that's more of a priority. Or maybe you're going
Speaker 1: on a holiday and you want to put it there.
Speaker 1: Maybe you have an emergency fund and you want to
Speaker 1: top that up or put it in your offset account
Speaker 1: to offset your mortgage. Like, there are so many different
Speaker 1: things that you could do with it, And I don't
Speaker 1: have the answer back, Like I wish I could be like,
Speaker 1: all right, so the best thing to do is to X, well,
Speaker 1: that's the best thing in my mind for me and
Speaker 1: my personal situation. But everyone has like all these different
Speaker 1: moving parts, and like, again, let's go back to the
Speaker 1: mum example that I had before. Let's say you've got
Speaker 1: a mum earning forty grand Beck. She has two kids
Speaker 1: and she's putting them through school. Money's really bloody tight,
Speaker 1: and she has one thousand dollars come in. If I said,
Speaker 1: use that to pay off your debt, like cool, that's
Speaker 1: really good advice, Like it's solid, there's nothing bad about it. Ye,
Speaker 1: But she's had a really shitty year. Beck, Maybe she
Speaker 1: needs to spend one hundred dollars to take the kids
Speaker 1: out go the movies, like finally take a little bit
Speaker 1: of steam off. She still got nine hundred dollars. Put
Speaker 1: that in your bank account. I know you've got a
Speaker 1: really big zip pay. But maybe what she wants to
Speaker 1: do is not pay off her zip pay, but have
Speaker 1: an emergency fund so that she feels comfy. So she's
Speaker 1: spoiled her kids a little bit. They've taken the steam
Speaker 1: off together. They're really excited about that. She has some
Speaker 1: cash in her bank and she still has that debt.
Speaker 1: But like life just feels a little bit lighter. Yeah,
Speaker 1: do you think that that is for her maybe a
Speaker 1: better decision than paying off that debt in its entirety,
Speaker 1: it sounds like it. But at the same time, is
Speaker 1: that right for everybody? No, and I can't make that decision.
Speaker 1: That's not my advice, that's you know you. And this
Speaker 1: is why we set goals. This is why we keep budgets,
Speaker 1: This is why we dive deep into our situation so
Speaker 1: that we can go, Okay, well this looks like this
Speaker 1: and this, but money is inherently emotional, so I can't
Speaker 1: just go, oh, well, technically the best thing would be
Speaker 1: to pay off your debt, makes sense, But like if
Speaker 1: you're telling me that having an emergency fund is going
Speaker 1: to take that pressure off, and I genuinely believe that
Speaker 1: everyone that has a debt needs an emergency fund, irrespective
Speaker 1: of whether the debt's paid off or not, because that
Speaker 1: emergency fund means you're not going to go into further debt,
Speaker 1: like something else comes up. Well, you're not whacking it
Speaker 1: on your aft to pay, are you, Like you're actually
Speaker 1: paying for it with cash. And you know what that
Speaker 1: does creates this cycle of going, oh my god, I
Speaker 1: paid for it in cat Yeah, I've got some debt
Speaker 1: over there, but like I've paid for that and I
Speaker 1: did that, and historically I had to lean on my
Speaker 1: credit card for that. Like that is queen behavior. That
Speaker 1: is putting future you first, because you're starting to build
Speaker 1: up your confidence when it comes to money. Exactly, how
Speaker 1: about future goals? All right, so we're going to sit
Speaker 1: down and we're going to decide what you want to
Speaker 1: each in the next year. Now, from my perspective, is
Speaker 1: the perfect time to be taking stock of where you're
Speaker 1: at financially. Perhaps you'd like to start paying off that
Speaker 1: debt we're just talking about back, or maybe you're commencing
Speaker 1: a new savings plan because you just really want a
Speaker 1: new family car. Maybe you want to buy a house,
Speaker 1: Maybe you want to go on a family holiday. Like,
Speaker 1: I don't know where your goals are. I support all
Speaker 1: of them, but the main thing is to be really decisive,
Speaker 1: so we can't just be wishy washy with our goals.
Speaker 1: My favorite thing in this entire world is an emergency fund,
Speaker 1: and I think that everyone needs one, So, like you know,
Speaker 1: my advice is to start there because I think that
Speaker 1: that gives you financial freedom immediately, Like don't get me wrong.
Speaker 1: You can't quit your job just because you've got an
Speaker 1: emergency fund. But if you know that you've got five
Speaker 1: hundred dollars or one thousand dollars or some people have
Speaker 1: like twenty thousand dollars emergency funds, if you knew that
Speaker 1: was sitting there, life just feels a little bit more cushy.
Speaker 1: Life feels easy. That's like the first step towards creating
Speaker 1: financial freedom is this kind of like emergency fund, which
Speaker 1: I think is the gateway drug of financial freedom and
Speaker 1: being in good financial standing. Like it gives you that
Speaker 1: taste of like, oh I can do this for myself.
Speaker 1: That's slay. I think that's slay.
Speaker 4: Yeah, yeah, yeah, I feel like this is my year
Speaker 4: for that.
Speaker 1: I think it is too. I feel good things for you.
Speaker 1: Bet you think so? Oh no, I know so, I know.
Speaker 4: So Now, Vid you have any final words?
Speaker 1: Yeah, I think we're nearly done. We're nearly done for
Speaker 1: it threatening with me. Do you have any final words? Yes?
Speaker 1: I do. So. I would love everyone to just do
Speaker 1: one thing to educate yourself or making some money outside
Speaker 1: of your job, so like out of your nine to
Speaker 1: five Monday to Friday, or like outside of it, Like
Speaker 1: what can you do, whether it is like signing up
Speaker 1: for an investment newsletter or like reading a book or
Speaker 1: you are you know, learning something about investing as accumulating knowledge,
Speaker 1: it takes time, you know, just gonna like automatically be
Speaker 1: able to create money outside of that, but like maybe
Speaker 1: Google investing in chairs or watch your money show or
Speaker 1: like listen to more podcasts or you know, knowledge just
Speaker 1: at your fingertips and it is free days, which is wild,
Speaker 1: Like you can literally listen to every single one of
Speaker 1: my books for free if you have a Spotify membership,
Speaker 1: Like that's a money win. Yes, Like I know my
Speaker 1: books are pretty cheap. It came out nowadays, but like
Speaker 1: free or cheap, like I still want to go with free.
Speaker 1: I get it. And I wrote those books not so
Speaker 1: I could make money, because lord knows, you do not
Speaker 1: publish books in Australia to make bank, Like that is
Speaker 1: not how it works, sadly, back, I did it because
Speaker 1: I want you to be in a better position. So
Speaker 1: I want you to absorb more content because if that
Speaker 1: means that you're learning about selling things on Facebook marketplace,
Speaker 1: or just like decluttering your house, or you're talking about
Speaker 1: like you know, taking up shifts on uber or like
Speaker 1: you know, investing so that the money that your money
Speaker 1: has made starts making money. Like I just want you
Speaker 1: to be in a better position, so you've got multiple
Speaker 1: sources of income. Everyone deserves that. That's very sexy to me.
Speaker 1: So do one thing that educates yourself about making money
Speaker 1: outside of your job. That's great. That's what we're going
Speaker 1: to do. Great advice, power, knowledge is power. We love
Speaker 1: this for us anyway. I think that that's a good
Speaker 1: enough rand about putting yourself first this coming financial year.
Speaker 1: And that's a really good little media finance health check, Hurrican.
Speaker 1: I love you did all that slake way.
Speaker 4: If you've made it here, you're a little bit ahead
Speaker 4: of a lot ahead thirty minutes ago, a lot ahead.
Speaker 1: I love this for us. All right, Well, we will
Speaker 1: see you on Friday, guys for a little bit of
Speaker 1: a catch up on the week that was. Had the
Speaker 1: best remainder of the week. We love you byes.
Speaker 5: The advice shared on She's on the Money is generally
Speaker 5: nature and does not consider your individual circumstances. She's on
Speaker 5: the Money exists purely for educational purposes and should not
Speaker 5: be relied upon to make an investment or financial decision.
Speaker 5: If you do choose to buy a financial product, read
Speaker 5: the PDS TMD and obtain appropriate financial advice tailored towards
Speaker 5: your needs. Victoria Divine and She's on the Money are
Speaker 5: authorized representatives of money. Sirper Pty Ltd ABN three P
Speaker 5: two one six four nine two seven seven zero eight
Speaker 5: a f s L four five one two eight nine