Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yor
Speaker 1: the Order Kerni Whaltbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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 to She's on the Money the podcast
Speaker 2: Let's you be pervy about other people's money habits educational
Speaker 2: purposes of course. Welcome back to another one of our
Speaker 2: Money Diaries episodes where I get the absolute pleasure of
Speaker 2: sitting down and having a chat with one of our
Speaker 2: She's on the Money community members all about their journey.
Speaker 4: Now.
Speaker 2: This week I got an email and it sounded exactly
Speaker 2: like this, Dear Victoria and She's on the Money. I
Speaker 2: am a recovered shopperholic. I used to have over five
Speaker 2: thousand dollars in debt, payday loans and by now pay
Speaker 2: later apps. Even though I had nice things, I felt
Speaker 2: so depressed because I actually had no money. I was
Speaker 2: afraid to tell my partner when we were still freshly
Speaker 2: dating because he works in financial advice. Last year, I
Speaker 2: made the decisions to get my finances right. I paid
Speaker 2: back all my debt and I actually now have fifteen
Speaker 2: thousand dollars saved towards a home deposit.
Speaker 5: What the hell, that's so good? Thank you, congrats. Oh
Speaker 5: my gosh.
Speaker 2: I totally feel that I didn't tell my new partner
Speaker 2: because I is embarrassed. I mean, it doesn't help that
Speaker 2: he was a financial advisor, but I did the same thing,
Speaker 2: Like I still had debt when I met my husband
Speaker 2: and I was up, doesn't exist, can't talk about it,
Speaker 2: don't know what you're talking about.
Speaker 4: No, that was exactly how I felt.
Speaker 5: And did you end up telling your partner?
Speaker 4: Yeah, So we had been dating for a couple months
Speaker 4: and we went and grabbed lunch at a cafe and
Speaker 4: him being in finance, he hits me with her so
Speaker 4: what's your financial stitch?
Speaker 5: Like, oh god, did you just leave? Did you run out?
Speaker 2: Of the restaurant, never to be seen again, because like
Speaker 2: that would have been my worst nightmare.
Speaker 4: I thought about it, honestly, like a big sire in
Speaker 4: my brain. I was like, oh God, I knew that
Speaker 4: this was coming.
Speaker 2: I knew, yeah, this day was surely to come. I
Speaker 2: have been busted.
Speaker 4: I was so afraid to tell him, Look, your girl's
Speaker 4: got a shopping problem and I spend way too much
Speaker 4: money and I've got myself in this debt situation.
Speaker 5: But I did what did you say? Did you say
Speaker 5: something like that?
Speaker 6: I said to him, Look, from being on, it's really bad.
Speaker 4: I like to buy lots of things and I don't
Speaker 4: know how to fix it.
Speaker 2: That's really vulnerable though, Like that's really and I won't
Speaker 2: say a make or break it's totally a make or
Speaker 2: break situation though, Like because he could have been like, well,
Speaker 2: I'm not interested in this, or he could have shown up.
Speaker 4: I wouldn't have been surprised if he had said, can't
Speaker 4: do it, like that's it for me. But he was
Speaker 4: actually really really understanding about the situation, and he actually
Speaker 4: said to me, look, I've been in similar situations myself
Speaker 4: where I didn't have a lot of money. He didn't
Speaker 4: have a shopping problem, but he used the paid a
Speaker 4: loans to get by. And then I remember just asking him,
Speaker 4: were like, how did you get yourself out of it?
Speaker 4: Because I was sitting there with this man who works
Speaker 4: in finance. He's got amazing financial literacy, it seems.
Speaker 5: Like, and that would have been really overwhelming, so scary.
Speaker 2: Yeah.
Speaker 4: I was like, well, what's changed, Like how did you
Speaker 4: turn an leave? And he basically just talked me through
Speaker 4: what he did and I tried to apply the same
Speaker 4: thing in my life and it really worked.
Speaker 5: Oh my god, I love that.
Speaker 2: And he like instead of you know, you being judged,
Speaker 2: he actually was like, all right, so this is what
Speaker 2: I did and this is how I did it, and
Speaker 2: I'm going to help you too.
Speaker 5: Oh what an icon?
Speaker 6: Yeah exactly.
Speaker 4: He actually kind of got like the finance side of him.
Speaker 4: He got a bit excited about it, like almost like oh,
Speaker 4: I can help you, Like.
Speaker 5: I've got a game, there's a plan here.
Speaker 6: Yeah. It was really cute.
Speaker 2: I love that. I love that so much Money direst.
Speaker 2: Before we get any further into the show, I need
Speaker 2: to ask if I asked you to give your money
Speaker 2: Habits a grade, what would you grade them from A
Speaker 2: through to F.
Speaker 4: Oh okay, if you had asked me this like a
Speaker 4: yeogo would have been an F for sure, I'd say probably.
Speaker 4: Now we're leaning more towards the B plus, so we've
Speaker 4: gone up quite a few grades.
Speaker 2: Oh, I love this, you definitely have. Now let's take
Speaker 2: a step back. I want to know, can you tell
Speaker 2: me a bit more about your money story?
Speaker 6: Yeah, of course.
Speaker 4: So my money story is an interesting one and it's
Speaker 4: something that explains a lot about who I am today.
Speaker 4: My family moved here to Australia when I was twelve,
Speaker 4: and that was for more career opportunities because we were
Speaker 4: living in New Zealand at this time in a small
Speaker 4: town and weren't doing very well financially. But of course
Speaker 4: the cost to upmove a whole family to a different
Speaker 4: country is huge, so when we moved, my family struggled
Speaker 4: quite a lot financially, and there were times so my
Speaker 4: dad was in and out of work.
Speaker 6: So I kind of learned to.
Speaker 4: Live life like that, and I was always aware about finances.
Speaker 4: I was aware about if we were going to lose
Speaker 4: our home and things like that, like it was always
Speaker 4: very talked about. But that meant that when I grew
Speaker 4: up into an adult and I had my own life
Speaker 4: and meant that I had to learn how to spend
Speaker 4: that in a way. And I thought, well, you know,
Speaker 4: I've grown up where money was scarce and I didn't
Speaker 4: always have like the brand new things, the nicest things.
Speaker 4: So I wanted to buy it all. I wanted everything.
Speaker 2: Yeah, you wanted to treat yourself, I did.
Speaker 4: And I lived in a real treat yourself mentality. But
Speaker 4: it was spending way above my means. And I think
Speaker 4: that's just because that was a world that I hadn't
Speaker 4: lived before and it was new and exciting.
Speaker 2: I totally understand that and resonate with that. I feel
Speaker 2: like I even went through that, like that's I guess what,
Speaker 2: because I've shared before that I got into astronomical amounts
Speaker 2: of personal debt and it was so hard to get
Speaker 2: out of. But like you kind of do, go, oh, well,
Speaker 2: I never had it before, and now I'm an adult.
Speaker 2: I can treat myself and I can make my own
Speaker 2: decisions and I'm going to do this and I am
Speaker 2: going to do that. Talk to me a bit more
Speaker 2: about that, Like, was there ever a point where you
Speaker 2: were like, oh, this is a bit much or like
Speaker 2: where was the tipping point? Because when you wrote in
Speaker 2: you said I used to have over five thousand when
Speaker 2: it was at one thousand, were you like this is
Speaker 2: bad or were you like, oh, it doesn't matter, Like
Speaker 2: at what point did you go, oh, this probably isn't great.
Speaker 4: I always thought it was bad, Like I always knew.
Speaker 4: I had people telling me it was bad too, and
Speaker 4: I was like, get off my case, like.
Speaker 6: It's none of your business.
Speaker 4: That kind of thing, like that was my mentality when
Speaker 4: I was pretty young, like eighteen nineteen, was like, don't
Speaker 4: talk to.
Speaker 6: Me about it. I don't care.
Speaker 4: And then interestingly enough, like during COVID, I had a
Speaker 4: housemate and she was really cool and I had like
Speaker 4: a bit of a breakdown about money because I was like,
Speaker 4: I don't know where all my money's going. I get
Speaker 4: paid and it's gone seconds later, and she was like
Speaker 4: you should listen to she's on the money.
Speaker 5: What an I can?
Speaker 2: And then I'm like, Hi, it's me.
Speaker 4: At the time, I was like, no, I can't be
Speaker 4: doing that. That's not going to fix my problem.
Speaker 2: And you know what, it's so funny because as someone
Speaker 2: who went through literally what you're talking about, if you
Speaker 2: had recommended to finance this podcast, I would be like
Speaker 2: getting the bin.
Speaker 5: Ye absolutely not. I'm not listening to that crap.
Speaker 2: Like I'm not having some preachy girl who thinks she's
Speaker 2: better than everybody else tell me how to run my money.
Speaker 2: And now I'm like the girl telling you how to
Speaker 2: run your money.
Speaker 5: Sorry about that. How the tables do turn?
Speaker 6: Yeah, So that's how I felt.
Speaker 4: And then a few years later, I was like, oh
Speaker 4: my god, I'm having another breakdown because it's the same thing.
Speaker 6: It's been like this.
Speaker 4: For a couple of years now, like I'm getting paid,
Speaker 4: the money's done, and then I take another like payday
Speaker 4: loan again, and then it's just a cycle. And I
Speaker 4: felt so trapped and I was like, oh my god,
Speaker 4: I can't.
Speaker 6: I can't do this anymore.
Speaker 4: That was when I hit the five K point. I
Speaker 4: was like, this is absolutely ridiculous.
Speaker 2: Five K feels like a significant number as well. It's
Speaker 2: not four and a half grand, it's five thousand dollars.
Speaker 4: It was five And I had written it down in
Speaker 4: the back of my plan. I've written down how much
Speaker 4: I was in and I've broken it down, and I
Speaker 4: was looking at it like this is scary.
Speaker 6: This is bad.
Speaker 4: I think the beginning of the point where it was
Speaker 4: like time to change was that when we sat down
Speaker 4: at lunch, my partner and I, and he was like, well,
Speaker 4: I've got a plan, and I.
Speaker 2: Was like okay, oh, thank god.
Speaker 4: And it was almost like this big like sense of relief,
Speaker 4: like a big breath that I could take because there
Speaker 4: was a plan and there was someone that knew how
Speaker 4: to get me out of this, whereas up until then
Speaker 4: I'd just been ignoring everyone because I didn't think that
Speaker 4: anyone could help me.
Speaker 6: I thought it was beyond help.
Speaker 2: Really, yeah, totally. And so talk me through what then
Speaker 2: that looked like, because like your partner said, look, I've
Speaker 2: got a plan for you. What was the plan? How
Speaker 2: did the plan work? Was it big and did it
Speaker 2: involve balloons and champagne or was it slow and steady
Speaker 2: or like, how did that work?
Speaker 4: We took a slow and steady approach to it. It
Speaker 4: was basically because I was feeling like I was stuck
Speaker 4: in this cycle and I'd have no money when i'd
Speaker 4: paid everything back. He said, just do fifty dollars less
Speaker 4: each week, like pay it all back and then the
Speaker 4: next time you need to draw out like a payday
Speaker 4: loan fifty dollars less. And I did that significantly over
Speaker 4: all of my over each pay cycle, and eventually it
Speaker 4: didn't feel like, oh my god, all my money's gone.
Speaker 4: It felt like, okay, only a little bit's gone. And
Speaker 4: eventually got to the point where that was all paid off,
Speaker 4: and I sort.
Speaker 6: Of attacked it in chunks.
Speaker 4: So I did like the payday loans as one sort
Speaker 4: of thing, and I did the shopping.
Speaker 6: Loans as another thing.
Speaker 4: And it took me about a year to get through
Speaker 4: all of it, but felt real good sense of relief
Speaker 4: when it was all done. That's when we cracked the champagne.
Speaker 5: Yeah good, I love that.
Speaker 2: Could we talk a little bit more about getting into debt,
Speaker 2: because like, there is no way if I sat you
Speaker 2: down when you were younger and said, hey, babe, so
Speaker 2: I've got this plan. I'm going to get you into
Speaker 2: five grand of debts and you're going to feel crippled
Speaker 2: by it. Deal, and you go, yeah, deal, Yeah, Like
Speaker 2: that's not how it happens, right, Like you wouldn't have
Speaker 2: ever applied for a payday loan or a line of
Speaker 2: credit with the intention of being in bad debt. It
Speaker 2: was always like blinkers on. We're looking at the grand prize,
Speaker 2: which is clothes or shoes or something.
Speaker 5: What were you buying?
Speaker 2: Like, was it really expensive items? Was it you know,
Speaker 2: things that are just adding up here and there, Like
Speaker 2: I kind of also want to know, like what have
Speaker 2: you got to show for it today?
Speaker 4: To begin with, it was you know a few expensive
Speaker 4: buy items, you know, things that cost a couple hundred dollars,
Speaker 4: so shoes, clothes, outfits for festival, festival tickets, like that
Speaker 4: kind of stuff. Towards the end, if I'm being really honest,
Speaker 4: it got to the point where it was I'm using
Speaker 4: after pay to get a cold S voucher or a
Speaker 4: Wooly S voucher to get my groceries.
Speaker 2: Yeah, because you were just like spending so much paying
Speaker 2: back debt or not sure where your cash is going it.
Speaker 2: That was the option, and that was like an.
Speaker 6: All time low.
Speaker 4: And I remember being in the shops and I overheard
Speaker 4: a conversation and it with someone saying like they worked
Speaker 4: at the grocery store and they were like picking fun
Speaker 4: of someone who asked, oh, do you take after.
Speaker 2: Pay literally getting the bin literally get in the bin.
Speaker 4: I literally take out these after pays on gift cards
Speaker 4: to get my groceries, and I was like, oh my god,
Speaker 4: I've become the person they're making fun of.
Speaker 2: See, you never know who's listening. You never know, and
Speaker 2: that's awful, Like you never want to feel that way,
Speaker 2: and nor do you ever want to make somebody else
Speaker 2: feel that way.
Speaker 4: No, God, No, that was like a huge wakeup call
Speaker 4: for me. It was no longer. I was still buying
Speaker 4: nice things and stuff, but it was no longer just
Speaker 4: a tool to buy nice things. It was trickled throughout
Speaker 4: my life. I feel like all of my friends were
Speaker 4: so used to it as well, Like they'd be like, oh,
Speaker 4: there's a festival coming up, you don't have money, just
Speaker 4: have to pay it.
Speaker 6: It's fine. It's like so normal. And that was conversation
Speaker 6: that was around me.
Speaker 2: Yeah, and then everybody else is doing it, and then
Speaker 2: you don't want to miss out, so you still do it.
Speaker 2: And I think that that is such a good example
Speaker 2: of I say often on the podcast like personal loans
Speaker 2: are a slippery slope, and it's because of exactly that.
Speaker 2: It's not like, oh yeah, I got access to a
Speaker 2: personal loan and then I was able to buy some
Speaker 2: shoes and then I just kept buying shoes that you did,
Speaker 2: but at what cost, at the cost of then not
Speaker 2: being able to afford groceries, and we're now putting groceries
Speaker 2: on debt, and then that becomes a vicious cycle because
Speaker 2: if you can't get on top of that, you are
Speaker 2: then paying debt on debt on debt on debt on debt,
Speaker 2: and that feels like trash because you don't feel like
Speaker 2: you can get out of that cycle because the way
Speaker 2: that you're getting out of that cycle is going, Okay, cool,
Speaker 2: well I'm not going to buy clothes or shoes or whatever. Cool,
Speaker 2: you've probably banned yourself from that. But I also don't
Speaker 2: have cash for groceries, so I'm going to get that.
Speaker 2: But then next month, I'm paying back last month's groceries.
Speaker 2: So how am I paying this month's groceries? Because then
Speaker 2: it just spirals.
Speaker 4: That's exactly how it went, and it was kind of scary,
Speaker 4: to be honest.
Speaker 2: It's terrifying, like and at the time it's not just terrifying,
Speaker 2: it feels really embarrassing. It does, and it's not it's
Speaker 2: absolutely not. You don't want to talk about it with
Speaker 2: your friends, like because like just have to pay it.
Speaker 2: It's fine, because that's the only conversation we'll ever have
Speaker 2: about your debt. I'm never going to bring up a
Speaker 2: breakfast or hey babe, like, have you paid back your
Speaker 2: after pay? No one's going to ask you that, Hey,
Speaker 2: are you struggling with crippling debt? No one's going to
Speaker 2: ask that. They'll just say, just have to pay it,
Speaker 2: it's fine.
Speaker 4: That's why it was so interesting when we got to
Speaker 4: the point where I was at lunch with my partner
Speaker 4: and he just asked me, and I was like, well.
Speaker 2: Oh yeah, US finance people are built different. I will
Speaker 2: just be like, so, who what do you reckon about
Speaker 2: the mortgage rates?
Speaker 4: Oh?
Speaker 5: What do you pay per month on your mortgage?
Speaker 1: Oh? This?
Speaker 5: Oh me too, Like we are crazy, we have no shame.
Speaker 6: That is your branch conversation.
Speaker 2: Yeah, Like I'm so grateful for it, but like, you
Speaker 2: are so right. You said something before and I didn't
Speaker 2: want to interrupt, but you said something along the lines
Speaker 2: of like I was just spending way beyond my means,
Speaker 2: and like that's literally all it means. Like it's not
Speaker 2: a reflection of you not being good with money. It's
Speaker 2: not reflection of anything other than you actually just spent
Speaker 2: more than you earned, full stop, end of story. Like
Speaker 2: that's the whole story, Like you just spent more money
Speaker 2: than you earned, and we can actually fix that. So
Speaker 2: now you're out of debt. You popped some champagne, Am
Speaker 2: I right?
Speaker 6: Yes, of course.
Speaker 4: So it became like we had a bit of a
Speaker 4: celebration when I made that final zip pay payment.
Speaker 6: It felt huge.
Speaker 2: I love this man, by the way, the fact that
Speaker 2: he's celebrating with you, and I.
Speaker 4: Can't absolutely like I got a good one.
Speaker 2: I love this And so you've gone from being in
Speaker 2: bad debt to now having fifteen grand safe for a
Speaker 2: house deposit.
Speaker 5: How the hell did you do that?
Speaker 4: To be honest, I still think that sometimes I'm like,
Speaker 4: how have I managed that? But it was a case
Speaker 4: of basically growing my financial literacy and learning that there
Speaker 4: are more than one way is to say, so I
Speaker 4: want myself out of debt. And then I was like, okay, great,
Speaker 4: Like I've got all this extra money, but I don't
Speaker 4: want to just spend it.
Speaker 6: I want to save it.
Speaker 4: And so we sat down and I learned about things
Speaker 4: like the first home super saver.
Speaker 2: Yay, I'm so proud of you.
Speaker 4: Like that week I went to the payroll at my workhouse,
Speaker 4: I need you to set up like salary sacrificing to
Speaker 4: my super and I've been increasing it like so just
Speaker 4: like finding different ways to save and things that mean
Speaker 4: that I can't touch it for shopping, like you know, it's.
Speaker 6: Out of mind.
Speaker 4: And I've learned to spend the money that I do
Speaker 4: get and keep that aside.
Speaker 2: Yeah, And I feel like I want to talk a
Speaker 2: little bit more about the shopping side of things, because
Speaker 2: it's not just oh, I wanted stuff, full stop, end
Speaker 2: of story. Often and I'm going to ask you what
Speaker 2: your experience was like. But often when people say, look,
Speaker 2: I'm a recovering or a recovered shopaholic, there's a lot
Speaker 2: more going on there just wanting some stuff because we
Speaker 2: want stuff, But more often than not, people are chasing
Speaker 2: that dopamine high like it is the only thing you
Speaker 2: think about. It's the only thing, Like you've got something,
Speaker 2: you have a package in the mail, and you're thinking
Speaker 2: about when you're going to get the next package and
Speaker 2: what else you're going to order. You live it, you
Speaker 2: breathe it, like it's all you're thinking about when you
Speaker 2: go to bed. Talk to me about that side of
Speaker 2: the shopping spiral. Was that how you were feeling or
Speaker 2: was it literally like IRV, I just spent more than
Speaker 2: I earned? Or are you chasing dopamine? Like what did
Speaker 2: that look like?
Speaker 4: No, it was like an addiction, Like I was always
Speaker 4: buying something new, and it was like you said, when
Speaker 4: you wait for the package, you know, you're so excited,
Speaker 4: you're tracking it every moment, like you're getting these emails
Speaker 4: in your inbox of all these new sales and stuff,
Speaker 4: and like, to me, that mindset still hasn't disappeared, if
Speaker 4: I'm honest, like, I still get that.
Speaker 2: It doesn't. I'm sorry to ruin that for you.
Speaker 6: It's not going to go away.
Speaker 5: We just have to reframe it and work out how
Speaker 5: channel that.
Speaker 4: Yeah, so, like I find myself off for now. Instead,
Speaker 4: I'll just start a big online cut and I won't
Speaker 4: buy anything. I'll just add everything that I think's cute,
Speaker 4: And then often a couple days later, I'll look at
Speaker 4: that cut and you're like, I don't even really like that.
Speaker 2: Yeah, that's fair. That's a humbling experience, isn't it. You're like, Oh,
Speaker 2: that could have easily ended up in my wardrobe without
Speaker 2: further consultation.
Speaker 6: Yeah, exactly.
Speaker 4: So like that side of things doesn't change, and I
Speaker 4: still often feel it, But it's about having the impulse
Speaker 4: control to like hit the purchase button or not.
Speaker 2: And is there a particular time or a particular experience
Speaker 2: that you go through where that's stronger than any other time?
Speaker 6: Just before bed nighttime?
Speaker 4: It's like when you're scrolling and you see things on
Speaker 4: Instagram or you see things on TikTok and you're like, oh,
Speaker 4: that would be cute, and then you open your online
Speaker 4: shopping and it's like it's a whole spiral in the
Speaker 4: evening because you've done your day of work and want
Speaker 4: to like unlined and shop.
Speaker 2: Yeah that's so fair. I so get it. I need
Speaker 2: to know more about you, though, So I want to know,
Speaker 2: now what do you do for work? How much money
Speaker 2: are you earning?
Speaker 4: Alrighty, so, I am a facilities and asset coordinator for
Speaker 4: a clinical research company and I earn eighty thousand dollars
Speaker 4: a year.
Speaker 2: Talk to me, what is the facilities an asset manager?
Speaker 2: I'm so sorry, am I am? I completely out of
Speaker 2: the loop.
Speaker 4: I also didn't know what that was until like a
Speaker 4: year ago. So basically we look after buildings, the maintenance,
Speaker 4: and then we organize all of that and anything inside them,
Speaker 4: so medical equipment, making sure that's alsoviced and up to date.
Speaker 6: Oh cool, Yeah, that's what I do.
Speaker 5: Well, that's kind of fun. And you enjoy what you do.
Speaker 4: Yeah, I love it. It's great, gives me, gives me
Speaker 4: stuff to do.
Speaker 5: And is that eighty K including or plus super?
Speaker 6: Oh yeah plus super?
Speaker 4: Sorry?
Speaker 5: Oh, very sexy. So now talk to me.
Speaker 2: You obviously had the big money goal of getting out
Speaker 2: of debt and you killed it, and then in your
Speaker 2: submission in you said, I also now have fifteen thousand
Speaker 2: dollars to go towards a home deposit. Talk to me
Speaker 2: about that. What's that looking like? Is that your big
Speaker 2: money goal at the moment? Like, how far have we
Speaker 2: got to go? Tell me all the stories about all
Speaker 2: the goals.
Speaker 6: Okay, so we are actually very close.
Speaker 4: So this is a finance goal between myself and my
Speaker 4: partner together on joint income, which is very exciting. Our
Speaker 4: goal is seventy K and we are on track to
Speaker 4: be there by November December this year.
Speaker 5: No, you're not that soon.
Speaker 6: Yeah, I know, it's very exciting.
Speaker 2: And then what's the plan is that, like a twenty
Speaker 2: percent deposit? Is that ten percent? Like, what are we
Speaker 2: doing once we hit the seventy grand?
Speaker 4: Okay, so seventy grand is just under ten percent for
Speaker 4: what we're looking at, and we're going to cop the
Speaker 4: LMI basically just because here in Perth, like the housing
Speaker 4: market has started to rapidly grow, so we want to
Speaker 4: get in there as soon as we can, because if
Speaker 4: we waited and saved until we had ten twenty percent,
Speaker 4: that'd be no chance of getting into a home.
Speaker 5: Now, how'd you learn that?
Speaker 2: Because that's something that I talk about on the daily
Speaker 2: right because I own a mortgage broking business. Did you
Speaker 2: speak to a mortgage broker? Is your partner just really
Speaker 2: financially savvy and knew like how to do the maths
Speaker 2: and work out what LMI might look like and what
Speaker 2: would that look like? Like, where'd you get this information?
Speaker 2: My love?
Speaker 6: My dad is a mortgage broker.
Speaker 2: Oh winn a winner. I was like, where are you
Speaker 2: getting this? Because a mortgage broker has clearly how to
Speaker 2: chat with you about the importance of LMI and whether
Speaker 2: we pay it or don't pay it. Because some people
Speaker 2: are so avoidant of it, but it can mean sometimes
Speaker 2: you can get into property quicker. And like I just
Speaker 2: finished recording another money diary, because I don't think it's
Speaker 2: a secret that I sometimes do a couple in a
Speaker 2: day this money. Diris bought her house for three hundred
Speaker 2: and seventy five thousand dollars during COVID and is now
Speaker 2: worth nine hundred and fifty thousand dollars. And if she
Speaker 2: had waited until she had the twenty percent deposit, do
Speaker 2: you think she would have got that? No?
Speaker 6: No, that's the thing.
Speaker 2: And I'm not saying that all property grows like that.
Speaker 2: That's absolutely not the case. But it's just it's so
Speaker 2: important to understand what risk actually means and is that
Speaker 2: risk of LMI worth taking on?
Speaker 6: Yeah, exactly.
Speaker 4: So we've just decided that with where we are, it's
Speaker 4: we don't mind taking that on. It'll fast track our
Speaker 4: process into getting into a home, which is the major goal.
Speaker 2: I'm obsessed.
Speaker 5: I love that for you.
Speaker 2: And then you've got like an area that you're going
Speaker 2: to go shopping and have a look at, and you
Speaker 2: kind of got an idea of what you guys want
Speaker 2: to buy.
Speaker 5: Is that right?
Speaker 4: Yeah, So we've been having a look like my guilty
Speaker 4: pleasure is looking at the housing market on almost a
Speaker 4: daily daily space.
Speaker 2: I'm not even shopping for a house right now, and
Speaker 2: I have the real estate and domain notifications popping up
Speaker 2: on my phone on the daily. I regret nothing.
Speaker 6: It's like, Okay, this is what you're working towards. This
Speaker 6: could be.
Speaker 2: Yours, like, and I love checking the sold section and
Speaker 2: I'm like, oh, I would not have paid that. You
Speaker 2: don't have six million dollars. You were never even close.
Speaker 6: Yeah, exactly.
Speaker 4: So we've got an area, like it's sort of an
Speaker 4: area in mind that's close to his family and my family,
Speaker 4: and we're looking at a fullway two.
Speaker 5: This is so cute. Oh, I love it. And then
Speaker 5: the goal is to buy a home.
Speaker 2: Have you thought about goals after that or have we
Speaker 2: just got like our heads down, bums up and we're
Speaker 2: just getting that done and we can talk later, or
Speaker 2: are there other things happening along the sides.
Speaker 4: So right now it's hustle house of hustle house is
Speaker 4: the goal, But we have discussed like what our goals
Speaker 4: are like after we've obtained the house, because we're actually
Speaker 4: saving so much now, but even with the mortgage, like
Speaker 4: our cash flow will increase when we have our house,
Speaker 4: so you know, we want to do a little bit
Speaker 4: of travel. Is we have put that off while we've
Speaker 4: been on this savings journey as well. And I just
Speaker 4: got engaged. Actually a couple of weeks.
Speaker 5: I spot that on your finger and was going to us.
Speaker 2: Because I was like, boyfriend, show me that ring, show
Speaker 2: me show me yesure, Oh my god, that is so cute.
Speaker 6: Thank you.
Speaker 2: It was his NaN's no, what was it?
Speaker 6: It was? And I think that's so sweet.
Speaker 5: Nan had good taste.
Speaker 6: I know. I'm so thankful.
Speaker 5: We'll be for real. And that cut what's it called?
Speaker 5: Is it a market diamond?
Speaker 4: Yeah?
Speaker 5: Yeah, that is very on trend at the moment it is.
Speaker 5: I'm like, oh, thank you, Nan, and.
Speaker 2: It's said gorgeously thank you. So the plan for all
Speaker 2: wedding what does that look like?
Speaker 4: So we're giving ourselves a couple of years until we
Speaker 4: get married. So twenty twenty seven is the goal, because
Speaker 4: otherwise it's just going to be too difficult to save
Speaker 4: that amount because weddings are expensive, and even if you
Speaker 4: don't want to go crazy wild with it, they just are.
Speaker 6: They just are expensive.
Speaker 2: I like that you seem to have your head screwed
Speaker 2: on about this as well, because you can just get
Speaker 2: so swept up in like, but I just got engaged
Speaker 2: and I really want to get married, but you have
Speaker 2: so much time ahead of you, and like that would
Speaker 2: just put unnecessary financial pressure on you, exactly.
Speaker 4: So we're just focusing on getting into the house and
Speaker 4: then the wedding will come like in due time after that.
Speaker 2: Oh I love this sea. She met him in debt
Speaker 2: and now they're getting married.
Speaker 4: I know it's crazy, and I wouldn't dream of getting
Speaker 4: in any debt on a wedding.
Speaker 2: No, no, no, no no. I feel like you're not able
Speaker 2: to marry into a financial advisors family and get into
Speaker 2: debt on the wedding. Like that's just not going to happen.
Speaker 2: I don't think even if you wanted to try it,
Speaker 2: your partner would be like absolutely.
Speaker 6: Not, absolutely not. No no.
Speaker 2: Yeah, yeah, So I feel like he's going to keep
Speaker 2: you kind of on the straight and narrow too, I think, so, yeah,
Speaker 2: I love that. So let's go to a really quick
Speaker 2: break on the flip side. I want to talk about investing.
Speaker 2: I want to talk about debt a little bit more.
Speaker 2: And you're good and bad money habitat you guys don't
Speaker 2: go anywhere. All right, muddy diarist, We are back and
Speaker 2: you've just gotten engaged to a financial advisor. Let's talk investments.
Speaker 2: Are these conversations that happen around your household? Or is
Speaker 2: it all just about saving for a property like talk
Speaker 2: to me?
Speaker 6: Okay.
Speaker 4: So I had no clue of investments prior to but
Speaker 4: I have since then learnt a lot. So I now
Speaker 4: invest in a couple of things. I use the raised
Speaker 4: roundups tool yep, love, and I only started that recently,
Speaker 4: and that's sitting at a couple hundred dollars now, So
Speaker 4: that's a really good little one there. I don't even
Speaker 4: notice comes out of my account really. And then the
Speaker 4: other one that I am invested in is a high
Speaker 4: growth index fund with Vanguard.
Speaker 2: Yep love, who told you to get that?
Speaker 4: That was also my partner, He suggested it.
Speaker 2: So this man is setting you up for future financial success,
Speaker 2: with or without him an icon, I think so.
Speaker 4: Like, I'm just so thankful for the education because it's
Speaker 4: not something that the average person knows about, and I
Speaker 4: am the average person when it comes to finance. I
Speaker 4: had no clue that there's this whole other world of
Speaker 4: investing of ways to save. I mean, like my savings
Speaker 4: right now are sitting in an investment portfolio, so that
Speaker 4: will grow, and that's just really exciting to look at
Speaker 4: it and go, Wow, I did that.
Speaker 2: It's just so gratifying, going this is not who I
Speaker 2: thought i'd ever become, and I'm really proud of who
Speaker 2: she is now. Like, isn't it cool to just step
Speaker 2: back and be like, holy moly, Like I didn't think
Speaker 2: i'd be.
Speaker 4: Here bigtime, Like I had no idea that I was
Speaker 4: going to be somebody who actually had savings.
Speaker 2: That's sexy. That is very sexy. I love that money. Diarist,
Speaker 2: talk to me about debt. Now, do you think you'd
Speaker 2: ever go back into debt?
Speaker 4: I don't think you would ever go back into shopping
Speaker 4: debt or anything like that. I do still have a
Speaker 4: car loan that i'm paying off, so unfortunately I'm not
Speaker 4: fully debt free. But that one's a bit of a
Speaker 4: large one that is going to take a bit of time.
Speaker 6: I've got a year left on that one.
Speaker 2: Oh okay, that's not too long. You'll be out of
Speaker 2: it before you get married, yeah, which is exciting.
Speaker 4: So there's that, and then like I've just started journey,
Speaker 4: so a hex step may creep up on me as well.
Speaker 2: But that's education. That's very different to a debt for shopping.
Speaker 6: I think. So.
Speaker 2: I love that, So talk to me a bit more.
Speaker 5: I reckon.
Speaker 2: You've developed a number of good money habits over the
Speaker 2: last few months. What do you think your best money
Speaker 2: habit is.
Speaker 4: I would say that my best money habit is probably
Speaker 4: the fact that when I get paid now, the first
Speaker 4: thing that happens is my money goes into my investments,
Speaker 4: into my savings. That happens before anything else.
Speaker 6: It's like highly proitize.
Speaker 4: Now.
Speaker 2: I love that. And do you still have any bad
Speaker 2: money habits? If so, what are they? Please spill?
Speaker 4: Oh, book, I'm work in an office, so I buy
Speaker 4: a lot of coffees. The way that I've managed that, though,
Speaker 4: is that I can sorry package and meal an entertainment card.
Speaker 4: Oh smart, So I use that as like my coffee
Speaker 4: and lunches allowance.
Speaker 5: Yeah, oh how good.
Speaker 2: At least you're being smart with it, because, like I
Speaker 2: think for some of us, we're like, I shouldn't do
Speaker 2: this at all, and then every week we're still doing it.
Speaker 2: At least you're being smart with it.
Speaker 4: Yeah, and then I don't want that guilt of like
Speaker 4: feeling bad for going to get a coffee and stuff,
Speaker 4: because it is also quite like a social thing and
Speaker 4: it helps when it comes to work and the people
Speaker 4: that you work with. So I wanted to be able
Speaker 4: to go get my coffee and it not feel like
Speaker 4: I'm being bad.
Speaker 6: Yeah.
Speaker 2: No, I love that, and I love that it's like
Speaker 2: kind of built into your budget that way, and it
Speaker 2: just makes sense money. Diarist, talk me through a little
Speaker 2: bit more about this B plus. So at the start
Speaker 2: of episode you were like, I reckon, I'm a B
Speaker 2: plus And like, girl, you have come so far. You
Speaker 2: said twelve months ago you would have been an F
Speaker 2: and now you think you'll be a B plus. But like,
Speaker 2: what do you think? Like, I feel like you're well
Speaker 2: on the way, Like you've got this house, deposit savings,
Speaker 2: You've got shit together, basically, Like what would it take
Speaker 2: for you to say.
Speaker 5: V I'm an A? Like what do we have to change?
Speaker 4: I think I'm just afraid to give myself an A
Speaker 4: in case I fall back into like I'll.
Speaker 5: Give you an A if that's it, I'm going to
Speaker 5: give you the A.
Speaker 2: I think you're doing so well, like you have changed
Speaker 2: so much, all your habits is so good. I'm like,
Speaker 2: I don't want to argue with her because like she's
Speaker 2: had a really good growth.
Speaker 5: Over the last two months.
Speaker 2: If you're saying it's just because you don't want to
Speaker 2: give yourself an A girl, girl, you are an A
Speaker 2: and you need to give it to yourself.
Speaker 6: Thank you.
Speaker 4: I just just in case I like fall into like
Speaker 4: a bad habit, I don't want to like disappoint myself.
Speaker 2: For you can fall into a bad habit. We can
Speaker 2: go backwards, but then we can go forwards again. We
Speaker 2: can go back and forwards. Like there's no perfect Like
Speaker 2: I don't know if people pay heaps and heaps of
Speaker 2: attention to the grades on the show, but for me,
Speaker 2: it's a lot about personal growth. It's not so much
Speaker 2: about grading because like there's no real criteria, right, Like
Speaker 2: I go, how do you feel about it? And you go,
Speaker 2: I reckon, I'm a B plus they go, great, tell
Speaker 2: me about it. And then we get through this show,
Speaker 2: and then we get to the end of it. And
Speaker 2: more often than not, you know, we've had some people
Speaker 2: who are genuinely pretty on the money with their money
Speaker 2: habits and their grade. But then we get people like
Speaker 2: you consistently who we're women, and we consistently undervalue ourselves
Speaker 2: and go, oh, well, just be a little bit behigh,
Speaker 2: like I wouldn't be in a I wouldn't want to
Speaker 2: give myself an A. And we reframe it and you
Speaker 2: go hold on probably being a little bit critical or
Speaker 2: a little bit harsh because it's it's not a set. Instead,
Speaker 2: there's no criteria, like there's no shees on the money
Speaker 2: criteria and they never will be of how to create
Speaker 2: an A. But it's how you see yourself. And I
Speaker 2: think it's just give yourself the credit, babe, like you
Speaker 2: deserve too, like pop more champagne more often.
Speaker 6: Thank you, thank you.
Speaker 5: I love it.
Speaker 2: Oh my goodness. I wish I had more time to
Speaker 2: chat with you because I think that we'd get on
Speaker 2: so well in real life, but unfortunately we are running
Speaker 2: out of time. So thank you so much for sharing
Speaker 2: your money. I'm obsessed, like I just know that other
Speaker 2: people are going to listen to this and go, oh
Speaker 2: my goodness, I getting so relate to this shopping habit
Speaker 2: or even our conversation about spiraling out of control. And
Speaker 2: then we're buying grocery vouchers, like it happens, it can
Speaker 2: happen to the best of us. And I think that
Speaker 2: you are so articulate and come across as so intelligent
Speaker 2: that it's like, can literally happen to anyone.
Speaker 5: Guys, like, it's.
Speaker 2: A slippery slope. And when I say that it's not,
Speaker 2: Oh yeah, it's a slippery slope, you'll end up buying
Speaker 2: heaps of shoes. That's not it at all. No, And
Speaker 2: so I think this has been a really beautiful story
Speaker 2: to like share that with people and then also share that,
Speaker 2: like so many things I've gotten out of this, you
Speaker 2: can get into a relationship and be in debt and
Speaker 2: it be fine. How many times have we like thought, oh, no,
Speaker 2: I can't do that.
Speaker 5: I shouldn't be dating. I'm in personal debt.
Speaker 2: Commute here i am, and I'm married to the husband
Speaker 2: that I met on Tinder while in debt. Yeah. I
Speaker 2: just feel like I have learned a lot from you,
Speaker 2: and I'm really grateful for it. So money, DRIs, thank you,
Speaker 2: and I just know that the community is going to
Speaker 2: be as obsessed as I am.
Speaker 6: Thank you so much.
Speaker 4: It's been so nice to be able to share my story.
Speaker 5: Oh I'm so grateful. Thank you.
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