Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury 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.
Speaker 4: She's on the Money.
Speaker 5: Hello, and welcome to She's on the Money, the podcast
Speaker 5: for millennials who want financial freedom.
Speaker 2: Welcome back to.
Speaker 5: Another one of our money diaries where I get the
Speaker 5: opportunity to talk to one of our incredible She's on
Speaker 5: the Money community members all about their journey. Let's jump
Speaker 5: straight into it, because this week I got a message
Speaker 5: and it went like this.
Speaker 2: HI ve growing up.
Speaker 5: In a barefoot investor household and studying commerce, so I
Speaker 5: always thought I had a good grip on my finances.
Speaker 5: But after a bad and manipulative relationship I was left
Speaker 5: with nothing in my bank account. After a year of
Speaker 5: living on my own, I was still struggling, so I
Speaker 5: decided to move back in with my parents. And I'm
Speaker 5: feeling so many emotions. I would love to share my
Speaker 5: experience of letting go of my ego and starting again.
Speaker 5: Money Diarist, I'm really excited for this one. I think
Speaker 5: this is going to be an epic money diary, I hope.
Speaker 3: So I'm excited to be here.
Speaker 2: Welcome to the show. Oh my gosh, I'm excited to
Speaker 2: have you.
Speaker 3: Thank you.
Speaker 2: All right, let's dive straight into it.
Speaker 5: The first question I always ask is moneyt If I
Speaker 5: forced you to give your money habits a grade from
Speaker 5: A through to F, what would you give your money habits.
Speaker 3: I'm gonna say it's a solid B, a.
Speaker 5: Solid be all right, let's learn a little bit more
Speaker 5: about it with my favorite question of all time, money Diarist,
Speaker 5: Can you tell me a little bit more about your
Speaker 5: money story?
Speaker 3: Sure? So, it probably would be beneficial to start from
Speaker 3: the start studying. Yep, may as well.
Speaker 6: Growing up, I was always really independent. I always had
Speaker 6: a job, and I always had money coming through my
Speaker 6: bank account.
Speaker 3: So I guess like.
Speaker 6: My attitude towards money was really relaxed because I always
Speaker 6: knew my bills were going to get paid. I was
Speaker 6: gonna have another paycheck comes through in the next fortnight.
Speaker 6: I felt pretty secure and pretty laid back about everything,
Speaker 6: and as well, like, yeah, in the environment I grew
Speaker 6: up and I was super privileged. I had parents who
Speaker 6: were really into the barefoot investor that changed their life.
Speaker 6: I have a dad for an accountant, so like he
Speaker 6: is a spreadsheet.
Speaker 2: King, so's mine. I feel like same literally same.
Speaker 6: Yeah, and it's like every single holiday or every single
Speaker 6: expense is meticulously planned with a spreadsheet.
Speaker 3: So yeah.
Speaker 6: No, I definitely had a wealth of resources around me.
Speaker 6: And I even did a degree in commerce as well.
Speaker 2: Ooh that's sexy.
Speaker 3: Yeah yeah, economics and finance is my seeing.
Speaker 2: Who just drops that?
Speaker 5: Oh yeah, I also just did a degree in economics, No.
Speaker 3: Biggie, and I work in a bank, so.
Speaker 5: You're surrounded by money and then when you're bored, you're like,
Speaker 5: oh my gosh, when I'm not surrounded by money, I'm
Speaker 5: going to listen to a money podcast.
Speaker 3: Right' I love that you Yeah. Yeah.
Speaker 6: No, So growing up and even now, like I just
Speaker 6: have such a wealth of resources around me. And I
Speaker 6: know I'm very privileged in that respect to have that,
Speaker 6: but I always was so laid back with my finances
Speaker 6: and budgeting. I didn't really do much, if that makes sense.
Speaker 2: It just worked.
Speaker 5: Is that because your parents were good at being barefoot
Speaker 5: investor followers.
Speaker 2: Or like, how did that come to fruition?
Speaker 5: Was that something that they had done since you can remember,
Speaker 5: or did they introduce that a little bit later in life?
Speaker 2: Like what did that look like?
Speaker 6: I mean, I won't go too far into their money story,
Speaker 6: but it really changed their world, Like.
Speaker 3: From when I was younger.
Speaker 6: I didn't really know too much about it, but I
Speaker 6: definitely saw that tool change their mindset growing up. So
Speaker 6: I saw this development and change in them over the years.
Speaker 3: And yeah, I guess.
Speaker 6: After seeing that, you know, I thought I was exactly
Speaker 6: the same and that I didn't really need to do
Speaker 6: any kind of budgeting or build up a spreadsheet or
Speaker 6: anything like that. I didn't think that that was necessary
Speaker 6: because I had all these resources.
Speaker 5: And that kind of makes sense because once you have
Speaker 5: been taught like a structure, and you have a solid
Speaker 5: framework and you kind of work towards that and that's
Speaker 5: just kind of your default which it's not for many, Right,
Speaker 5: if that's your default, you're kind of like, well, why
Speaker 5: would I do a budget because I already have a
Speaker 5: really good handle of what's coming in and what's going out,
Speaker 5: because that's just how I work. Like it's uncommon, it's
Speaker 5: very sexy, my friend, But it's one of those things
Speaker 5: where you're like, I don't know why I need a budget,
Speaker 5: and then other people who might be a mountains amounts
Speaker 5: of debt go what do you mean you don't know
Speaker 5: if you need a budget or not.
Speaker 2: Of course you need.
Speaker 5: A budget, but it's all these different experiences where, yeah,
Speaker 5: I find it really cool that you grew up with
Speaker 5: the barefoot method because it is such a tried and
Speaker 5: true method of just going, okay, well this amount goes here,
Speaker 5: and this amount goes there, and you don't have to
Speaker 5: meticulously track it each and every single day or even
Speaker 5: each month, but it can just work.
Speaker 2: Is that still how you work when it comes to money?
Speaker 3: Definitely not.
Speaker 6: I'm definitely in a discovery phase, i'd say, of what
Speaker 6: works and what doesn't and actually being open to different
Speaker 6: resources to try to figure out what am I like
Speaker 6: working towards and how can I get there? With something
Speaker 6: that works for how I operate.
Speaker 3: I guess.
Speaker 5: Yeah, Now, this is a really pointed question, because please
Speaker 5: don't get me wrong, I actually really like the Barefoot method,
Speaker 5: but I find it was written for a demographic of
Speaker 5: people that are not you. Yeah, you look young and
Speaker 5: quite early in your journey, and I feel like the
Speaker 5: Barefoot method was really written for people who potentially are
Speaker 5: already parents, who have the goal of owning their own
Speaker 5: home and paying it off before retirement and retiring comfortably,
Speaker 5: maybe with a pension, because obviously that's part of the
Speaker 5: Barefoot journey. If you can get that, then that is
Speaker 5: kind of helpful. But I find from my experience within
Speaker 5: the Sheese on the Money community, those buckets and the
Speaker 5: percentages just don't work for our community in the same
Speaker 5: way that they might work for a different generation, Which
Speaker 5: doesn't mean they're wrong, It just means we might want
Speaker 5: different things. Is that where you're finding I guess things
Speaker 5: starting to come to a grinding holt or like, what's
Speaker 5: prompting you to want different resources?
Speaker 3: Yeah?
Speaker 6: I mean I tried this method or my version of
Speaker 6: this method, because I had a bit of an ego,
Speaker 6: so I kind of half did it, and it just
Speaker 6: wasn't working. I wasn't seeing results for me. And then
Speaker 6: I went through a pretty rough relationship where I just
Speaker 6: used all my buckets because I thought that, you know,
Speaker 6: if there's still money coming through the door, I can
Speaker 6: just replenish the bucket, if that makes sense, Like next fortnight,
Speaker 6: I'll just you know, cover what I took out of
Speaker 6: that bucket and it'll all be okay.
Speaker 5: And how did that end up impacting your decision to
Speaker 5: move back in? Financially things weren't going well. Can you
Speaker 5: tell me a bit more about that? And I guess
Speaker 5: how that plays into your money story.
Speaker 3: Yeah, of course.
Speaker 6: So when I left that relationship, I moved into an
Speaker 6: apartment on my own, and I thought, okay, great, finally
Speaker 6: I'm not tied to that anymore. I can save I
Speaker 6: can have full autonomy of my money. And you know,
Speaker 6: I lived there for a year and I just found
Speaker 6: out very quickly that I was spending a lot of
Speaker 6: money to kind of instantly satisfy myself and that instant gratification,
Speaker 6: and that I actually wasn't saving very much at all,
Speaker 6: in fact, very little. And I was looking at the
Speaker 6: rent prices and like I could afford one hundred and
Speaker 6: fifty dollars extra than what I was paying before.
Speaker 3: But should I like?
Speaker 6: That was the question, and so yeah, I had to
Speaker 6: chat with my parents and just decided that it'd be
Speaker 6: best if I, you know, move back home, have have
Speaker 6: a bit of time to settle and really reevaluate what I.
Speaker 3: Want to do, what are my goals? Those big questions.
Speaker 2: I love that.
Speaker 5: Can you tell me a little bit more about what
Speaker 5: you do for work and how much money you earn?
Speaker 5: I know you dropped just before. I work in a bank,
Speaker 5: but I'm going to need more than that bad of course.
Speaker 3: Of course.
Speaker 6: So I'm a credit risk analyst for a bank and
Speaker 6: I earn about eighty two thousand plus a bonus once
Speaker 6: a year, and that's depending on performance.
Speaker 2: Ooh, how good's that? What does a bonus often look like?
Speaker 5: Is that like a thousand dollars or is it you know,
Speaker 5: more than that, or is it like fifty bucks and
Speaker 5: a gift card?
Speaker 2: And you know, because they're different levels, my friend.
Speaker 6: Fair fair, I'd say it's between one thousand to ten
Speaker 6: thousand pre tax before ooh, very.
Speaker 5: Nass, just depending on performance of the company and your
Speaker 5: performance and stuff like that.
Speaker 3: Yeah, yeah, exactly right.
Speaker 2: How fun?
Speaker 1: All right?
Speaker 5: I want to Obviously you've moved back in with your
Speaker 5: parents to like re establish your goals and work out
Speaker 5: what you're actually going to do and what is important
Speaker 5: to you.
Speaker 2: But do you have a big money goal? If so,
Speaker 2: what is it? What are we working towards?
Speaker 6: Yeah, so probably in the short term paying for dental
Speaker 6: work that's expensive, so saving up for a lot of
Speaker 6: dental work that I've wanted to get done for ages
Speaker 6: and doing a bit of travel as well. But long term,
Speaker 6: we're still in the discovery phase of what I want
Speaker 6: to achieve.
Speaker 3: So watch this space.
Speaker 5: I love that dental work is honestly so expensive. Like
Speaker 5: I feel like people look at me and they go, Victoria,
Speaker 5: you wouldn't have needed significant dental work, but I did,
Speaker 5: and it cost literally tens of.
Speaker 2: Thousands of dollars.
Speaker 5: And I'm still looking in the mirror being like kind
Speaker 5: of same though, I don't know where we're going with this.
Speaker 2: It's so expensive.
Speaker 5: Is this something that's going to cost you two or
Speaker 5: ten or twenty grand? What are we saving up for here?
Speaker 3: I'm estimating around seven at the moment.
Speaker 6: Yeah, it's so expensive, and I don't know how much
Speaker 6: I'm going to get back on from like private health cover,
Speaker 6: but yeah, saving for that, it.
Speaker 5: All adds up. All right, I've got heaps of questions.
Speaker 5: Let's go to a really quick break and on the
Speaker 5: flip side. I want to know about your investments. I
Speaker 5: want to know about debt. I want to know about
Speaker 5: best and worse money habits. Guys don't go anywhere. All right,
Speaker 5: money Diarist, we are back, and I am really enjoying this.
Speaker 5: I feel like I can really connect with you. Because
Speaker 5: the second you said I have an accountant as a
Speaker 5: dad and he's obsessed with spreadsheets. I was like, yeah, babe, same, same,
Speaker 5: Like if anything happens in my life, my dad's like,
Speaker 5: oh yeah, we can make a spreadsheet for that. That's
Speaker 5: no worries, Like, we can work it out. I talk
Speaker 5: about my house hindos, He's like, oh, can I see
Speaker 5: a spreadsheet for that. I talk about, you know, potentially
Speaker 5: having babies. He's like, are you tracking all of that? Yeah,
Speaker 5: of course, I am.
Speaker 2: Don't worry, Dad, don't worry. I've got you.
Speaker 5: So I want to know about invest If you grew
Speaker 5: up in the Barefoot investor household, you would know that.
Speaker 5: Scottie Pape loves a bit of an index fund. Are
Speaker 5: you investing, If so, what in If not, what are
Speaker 5: your thoughts.
Speaker 6: I'm actually not currently investing at the moment, and it's
Speaker 6: probably for a reason that not many people would experience.
Speaker 6: With my job were actually considered privileged in terms of information.
Speaker 6: So if anyone doesn't really know what that means, it
Speaker 6: means that the information that I get to hear is
Speaker 6: quite influential in terms of the stock market. So anything
Speaker 6: that I invest in, if I invest in something a
Speaker 6: bit sus it could be considered inside trading, which is
Speaker 6: very bad. So the reason I haven't invested yet is
Speaker 6: because all of my investments would be tracked and I'd
Speaker 6: actually have to get approval from HAH before I do anything.
Speaker 6: So it's like another barrier for investing. It's not because
Speaker 6: I I don't want to, it's just because I don't
Speaker 6: want to go through that process.
Speaker 2: That's absolutely fair.
Speaker 5: I have had a couple of friends in that situation
Speaker 5: and I found that their favorite way of I won't
Speaker 5: say getting out of it, but just circumventing how complex
Speaker 5: that can be is going with an ETF or a
Speaker 5: managed fund or something where it's kind of the decision
Speaker 5: making process is out of your hands. It's not you
Speaker 5: going and buying individual shares. But if you want to
Speaker 5: have a coffee and a chat later and you want
Speaker 5: to tell me all of the top secreted information that
Speaker 5: you have, I'm so down for that. And I promise
Speaker 5: I'll cross my fingers and put them under the table now.
Speaker 5: I won't do anything with the information.
Speaker 6: It might be the last coffee I have, Victoria.
Speaker 5: I mean, maybe worth it for me. I kid, I kid,
Speaker 5: I want to know about debt. Now, tell me are
Speaker 5: you in debt? If so, what for?
Speaker 2: And if not? Have you been in debt before?
Speaker 1: Ah?
Speaker 6: Yeah, I did have a car loan which I paid
Speaker 6: off about a year ago, so that was seven grand.
Speaker 3: I was really happy when I did that. Such an accomplishment.
Speaker 2: It feels good. Hey, the second you get rid of it,
Speaker 2: you're like, yes.
Speaker 3: And I can finally appreciate my car.
Speaker 5: Yeah. It doesn't feel like a debt when you get
Speaker 5: into it and you're like not feeling as though, oh
Speaker 5: this is lauding over me.
Speaker 3: Yeah yeah.
Speaker 6: But other than that, I just have my hex debt remaining,
Speaker 6: which is thirty two grand.
Speaker 5: And is this because you grew up in a household
Speaker 5: where debt was not something that you took on or
Speaker 5: is this just you know it never came up or
Speaker 5: I want to know a bit more about I guess
Speaker 5: the decision making process because, as you said before, you
Speaker 5: were like, oh, I have you're acknowledging I have so
Speaker 5: many resources and I'm really privileged, and I feel like
Speaker 5: that's an epic position to be in. But I also
Speaker 5: have a sneaky feeling that means you knew about.
Speaker 2: Debt before it could get you.
Speaker 3: Yeah.
Speaker 6: I mean I feel okay about debt, but in the
Speaker 6: right way. I know that if I had a credit card,
Speaker 6: I would spend all that money. I just know that
Speaker 6: about myself now. And I've seen others in my circle
Speaker 6: of influence who've you know, had access to debt, and
Speaker 6: really it just not end well for them. So I'm
Speaker 6: a little bit apprehensive when it comes to loans now.
Speaker 6: I really consider every option before going down the debt route,
Speaker 6: just because I've seen how bad it can get with
Speaker 6: some of my friends.
Speaker 2: Yeah, it's crazy, all right.
Speaker 5: I want to know, because I feel like you've given
Speaker 5: some pretty good money habits thus far. What do you
Speaker 5: think your best money habit is?
Speaker 3: Oh, Yeah. My best money habit is I don't do cash.
Speaker 2: You don't do cash.
Speaker 3: I don't do cash.
Speaker 6: And what happens is if I'm say, I shouted my
Speaker 6: mate of coffee and she hands me a five dollar
Speaker 6: note as you know payment, I won't use that five
Speaker 6: dollar note. I'll just put it in a little piggybank
Speaker 6: that I have at home, and I'll just cover the
Speaker 6: cost of that coffee.
Speaker 5: And then what do you do with the money in
Speaker 5: a piggybank? Though, I need to know, there's so many questions,
Speaker 5: they're not answered.
Speaker 3: It's just an im agency fun. It's just I let
Speaker 3: it sit there. If it gets to about five hundred dollars,
Speaker 3: I'll put it in the bank.
Speaker 2: Oh how good.
Speaker 3: Yeah?
Speaker 2: And how often does that happen?
Speaker 5: Like how often are you collecting cash that you refuse
Speaker 5: to spend?
Speaker 3: I'd say like probably once a month.
Speaker 6: I mean it comes and goes like Christmas time, when
Speaker 6: I have, say cash from the grandparents.
Speaker 2: Yeah, that adds up quickly.
Speaker 3: Yeah, exactly.
Speaker 6: Or if I'm selling something on marketplace, you'll get handed
Speaker 6: cash and yeah, I just I don't use it and
Speaker 6: I'll cover the cost.
Speaker 2: I love that.
Speaker 5: I wish you could teach me that as a habit.
Speaker 5: I have this massive toxic trait where if someone hands
Speaker 5: me cash, I'm like, that's free money, that's free money.
Speaker 5: I don't have it, and if I spend it, my
Speaker 5: bank account does not go down. Twenty dollars on fish bowl. Yep,
Speaker 5: that's fine, it was free, that's absolutely fine. I'm shouting
Speaker 5: everybody coffees. Yeah, if I have cash, I will literally
Speaker 5: waste it. So if you give me cash, it's like
Speaker 5: the most toxic thing ever. I would never work well
Speaker 5: on those envelope systems that people have because I'd be like, well,
Speaker 5: now I've just got a heap of envelopes full of
Speaker 5: free money. I'm just going to spend it. Useless, absolutely useless.
Speaker 5: That's my toxic trait.
Speaker 2: But I need to know yours. What is your worst money?
Speaker 2: Have it, my friend?
Speaker 6: My toxic trait is definitely that instant gratification spending. Like
Speaker 6: I get so excited if I find one pair of pants,
Speaker 6: I have to buy three. It says a fifty percent
Speaker 6: off sale. I have to spend four hundred dollars. It's bad,
Speaker 6: but I'm getting better, and I at least can identify
Speaker 6: that it's bad spending, and now I'm slowly trying to
Speaker 6: reduce that.
Speaker 2: I feel like I can really relate to you.
Speaker 5: If there is something that I love, like you said before,
Speaker 5: a pair of pants and they come in other colors,
Speaker 5: I'll convince myself I need them even if I don't
Speaker 5: wear those colors. Oh yeah, I'll be like, these are
Speaker 5: the best pants in the entire world. Do you know
Speaker 5: what They'll be better in beije.
Speaker 2: It's stunning. Oh my gosh, I love that so much.
Speaker 5: I feel like I have learned a heap about you
Speaker 5: and what you've gone through, and I kind of love
Speaker 5: that you grew.
Speaker 2: Up as a barefoot, invested kid.
Speaker 5: But you're also like, I still am not sure what
Speaker 5: it is going on when it comes to money.
Speaker 2: I want to know.
Speaker 5: Now. At the start of this, you told me that
Speaker 5: you were a bee. You said I rate my money
Speaker 5: habits a B. But then I feel like you've just
Speaker 5: got this epic amount of self reflection and you've been
Speaker 5: able to put you know, you said you had an ego.
Speaker 2: I have not picked up on that at all.
Speaker 5: Maybe I think you're just deciding that you've got an ego,
Speaker 5: because if anyone in this conversation has an ego, Baby,
Speaker 5: it's me sorry, and there's not enough room in this
Speaker 5: conversation for both of us to have one. But I
Speaker 5: feel like you've just gone through so many good money
Speaker 5: habits and talking about debt and having only had your
Speaker 5: car loan but paying that off, and this massive decision
Speaker 5: to move back in with your parents, because even though
Speaker 5: that can be a massive struggle, it's obviously, you know,
Speaker 5: a step backwards to go two, three, five, ken steps forwards.
Speaker 2: In the future.
Speaker 5: And even though you're not super clear on what your
Speaker 5: big money goal is right now, I feel like whatever
Speaker 5: it is is going to be so much more achievable
Speaker 5: now because of the past work that you've done. Do
Speaker 5: you think, now having had this conversation, that you're a
Speaker 5: B when it comes to money?
Speaker 3: I think maybe a B plus. I think you have
Speaker 3: inflated my ego, even if you're not picking up on it.
Speaker 3: Thank you very much. You're welcome.
Speaker 2: You're welcome here ordering it.
Speaker 3: Queen supporting queens. Thank you. Yeah, I think maybe a
Speaker 3: B plus.
Speaker 6: Like I said, I still I'm in a very discovery
Speaker 6: phase of what I'm trying to achieve, and at least
Speaker 6: now that I have the breathing space to figure that out.
Speaker 6: The grade will go up. I definitely believe the grade
Speaker 6: will go up in the foreseeable future.
Speaker 5: What steps do you think you would have to take
Speaker 5: to get to an A plus?
Speaker 2: What would that actually look like?
Speaker 5: Is that more around goal setting or is that more
Speaker 5: around I guess, actual financial change.
Speaker 6: Yeah, I definitely want to unlearn my spending behaviors because
Speaker 6: right now it's still very much that instant gratification. So
Speaker 6: I'm in the process of unlearning that and learning to
Speaker 6: not get at that excitement of purchasing things and getting
Speaker 6: really excited for two seconds. So that definitely, and also
Speaker 6: having a long term savings goal. I have some short
Speaker 6: term ones, but having like smart long term goals.
Speaker 5: Love all right, oh my gosh, Unfortunately that is all
Speaker 5: we have time for today, but money, Diarist. It has
Speaker 5: been an absolute pleasure getting to know you and learn
Speaker 5: a little bit more about your story. I feel like
Speaker 5: it might give some other people a lot of permission
Speaker 5: to maybe make similar decisions that put themselves in the
Speaker 5: best possible financial position, even if it means putting your
Speaker 5: ego aside for a moment. Yeah, definitely, thank you so
Speaker 5: much for coming on.
Speaker 3: Thanks Victoria.
Speaker 7: The advice shared on She's on the Money is generally
Speaker 7: nature and does not consider your individual circumstances. She's on
Speaker 7: the Money exists purely for educational purposes and should not
Speaker 7: be relied upon to make an investment or financial disease.
Speaker 7: If you do choose to buy a financial product, read
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Speaker 2: Advice tailored towards your needs.
Speaker 7: Victoria, Divine and Sheese on the Money are authorized representatives
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