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 through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: 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 4: Hello, and welcome to She's on Them the podcast for
Speaker 4: millennials who want financial freedom. Today is Friday, my Friends,
Speaker 4: which means it is time to sit back with the
Speaker 4: girls with a bevy in hand and unpack our favorite
Speaker 4: moments from the week, and of course, as always, to
Speaker 4: celebrate you how beautiful She's on the Money community. As always,
Speaker 4: we're going to be sharing our favorite money wins or
Speaker 4: Georgia King Wilbey. They will be chiming in intermittently. We'll
Speaker 4: discuss what's making news in the finance world and we're
Speaker 4: going to be helping to answer a very juicy money question,
Speaker 4: which this week is about a sneaky shopping addiction my
Speaker 4: friends relatable. But first it's time to recap the week
Speaker 4: that was Miss Jessegorid. She talked to us what happened
Speaker 4: on this week's money diary.
Speaker 5: This week's diarist was really interesting because she works in
Speaker 5: the sex industry, and she spoke to us a little
Speaker 5: bit about growing up and she lived in public housing
Speaker 5: and then she became a single mom and went through
Speaker 5: some challenges in terms of her finances that then she
Speaker 5: was able to mitigate at a relatively young age by
Speaker 5: entering the sex work industry. The thing that I found
Speaker 5: really interesting about that was talking to her about what
Speaker 5: it's like balancing her work with being a mum of
Speaker 5: two kids, because obviously, in your head, do you go
Speaker 5: those are two things that would be kind of tricky
Speaker 5: to navigate, particularly because they're a little bit younger, And
Speaker 5: so it was really cool she was super open with
Speaker 5: us about what that looks like and how her lifestyle
Speaker 5: roles and how it was something that she kind of
Speaker 5: found and made work for her and what she wanted
Speaker 5: to do.
Speaker 4: I think the thing that really threw me the most
Speaker 4: about that episode is just how blacklisted sex workers are
Speaker 4: from you know, financial products and actually being able to
Speaker 4: have clean, clear bank accounts and use payment terminals and
Speaker 4: stuff like that, because they're seen as being really risky industries.
Speaker 4: And that just makes no sense to me, because at
Speaker 4: the end of the day, it's legal work here in Australia.
Speaker 4: Why wouldn't it be supported in the same way that
Speaker 4: I can go out and start, you know, a quote
Speaker 4: consulting business and generate whatever amount of money I want
Speaker 4: to put through that consulting business and in voice clients.
Speaker 4: Like arguable, I would have thought it was important to
Speaker 4: have that because it would keep them safer, right, like,
Speaker 4: less dealing with cash, more pre payment available, Like at
Speaker 4: this point, it just seems like that's a really fickle
Speaker 4: way to work.
Speaker 5: Someone dm US actually this week and said that, and
Speaker 5: I don't know that this makes it right, but they
Speaker 5: said it's often because the industry is linked closely to
Speaker 5: money laundering, and yeah, which I found super toper interesting.
Speaker 5: So thank you for damn House and sharing that. But
Speaker 5: I mean, ultimately to me, that says that they just
Speaker 5: need more regulation in that space, not necessarily being like
Speaker 5: you don't deserve payment terminals.
Speaker 4: Yeah, exactly, And as someone who does have a lot
Speaker 4: of sex worker clients, like they're making honest money, like
Speaker 4: they're paying tax, they have their incomes, they have their investments.
Speaker 4: Some of them are making absolute pain cause you've heard
Speaker 4: on this podcast before. But it just it baffles me
Speaker 4: that people like that, who you know, are technically earning
Speaker 4: an income, paying a lot of tax and contributing to society,
Speaker 4: they are just put in this basket of like, no,
Speaker 4: you can't have that because of the type of.
Speaker 2: Work you do.
Speaker 4: Yeah, but I'd argue that we need to do that
Speaker 4: coal mines and stuff. But that's not my circus, not
Speaker 4: my monkey. Georgia King, Hello, what happened on our Wednesday
Speaker 4: deep Dive?
Speaker 6: On Wednesday? It was our travel Saving Hacks episode, Ladies.
Speaker 6: It was a lot of fun picking your brain, Vikidi,
Speaker 6: because obviously the two of you very recently came back
Speaker 6: from Europe. You had so many hot tips.
Speaker 4: And we had we did nobody. But she was on
Speaker 4: the top and I was on the bottom.
Speaker 2: I'm not just top and tail. No, we did not.
Speaker 2: We're not that cheap. Like we cheap, but we're not
Speaker 2: that cheap.
Speaker 4: But turns out Jess outed me on Instagram this week
Speaker 4: as well, because it turns out she knew when I
Speaker 4: was awake in the bunk bed because I can't keep still,
Speaker 4: so I'd just like slip around, didn't wait everybody was away.
Speaker 5: Was like being on a ride, like I was on
Speaker 5: the top, like holding on.
Speaker 2: That is not true.
Speaker 4: But here I am thinking like, oh my gosh, I've
Speaker 4: woken up earlier because I'm usually the first one awake, right,
Speaker 4: Like I'm that annoying friend that's like, hey.
Speaker 5: Good morning, thirty.
Speaker 2: What are you doing? Do you want to go out
Speaker 2: for coffee?
Speaker 4: And Jess would be like, go away, I'm not talking
Speaker 4: to you until it's at least eight o'clock and we've
Speaker 4: all gone out for coffee. But I'd be like, what
Speaker 4: are you doing? But I thought I was so good.
Speaker 4: I was like getting up in the morning thing quote
Speaker 4: really quiet and reading my book. And Jess is like, no,
Speaker 4: your long, deep size told me that you wanted to
Speaker 4: be out of it. I'm like, yeah, I did, though, Yeah, yeah,
Speaker 4: I did want to be out of.
Speaker 6: How good's traveling with you mates in Lusty?
Speaker 5: But we did.
Speaker 6: We learned many hot tips like sharing bunk beds. You
Speaker 6: told us that fun story about you and a wedding
Speaker 6: dress on public transport, Let's go with it. So, yeah,
Speaker 6: there was plenty of fun packed in there and lots
Speaker 6: of hot tips, so hopefully everyone got some ideas out
Speaker 6: of it.
Speaker 4: Be more chill than I am if you're going to
Speaker 4: share a room with friends, though, apparently would noise them
Speaker 4: or something. All right, George, let's move on from that.
Speaker 4: Is time to hear some of our budget direct money wins.
Speaker 4: What have you got to put on the table for
Speaker 4: us this week?
Speaker 6: Some pearlers as always, Girl is the first one comes
Speaker 6: from erin eight hundred dollar money. When I took my
Speaker 6: grandma to Bingo on Saturday and we walked out with
Speaker 6: a jackpot win.
Speaker 2: Yes quick, I went to Bingo recently.
Speaker 4: That's hard, Like I can't keep up and find the numbers,
Speaker 4: and like I was like having my finger on one
Speaker 4: number while finding the next one, Like it just it.
Speaker 2: Was a lot.
Speaker 5: How good is that?
Speaker 2: Well?
Speaker 4: I didn't realize how like quick they move. I'm like, sir,
Speaker 4: I'm not ready, not for next number.
Speaker 6: The next one. It comes from Michelle. And this is
Speaker 6: kind of a PSA. It's a really smart idea money whin.
Speaker 6: I got rid of the tap and go function on
Speaker 6: my phone. Now I have to physically carry my wallet
Speaker 6: and remove my card to pay, which means there's an
Speaker 6: extra few seconds to make sure I'm happy with my
Speaker 6: purchase decision before I make it.
Speaker 5: How clever is.
Speaker 2: That wouldn't work for me. I'd still tap my cup.
Speaker 2: Why are you laughing?
Speaker 5: I forget my wallet on the reading. Yeah.
Speaker 4: Not only does she just not bring her wallet places,
Speaker 4: she just leaves it places as well.
Speaker 1: Good.
Speaker 4: So, like that's kind of helpful because like her phone
Speaker 4: is actually an extension of her arm. At this point,
Speaker 4: we know that won't go missing. But I don't think
Speaker 4: that would work for me, because like a card's just
Speaker 4: as convenient.
Speaker 5: I mean maybe if you need the physical reminder, like
Speaker 5: getting out of wallet is more symbolic than your phone,
Speaker 5: which for a lot of people, not just me, it's
Speaker 5: always in your hands.
Speaker 4: The thing that I found curbed my spending was actually
Speaker 4: using my phone to tap on things. When I use
Speaker 4: upbank and it tells you what your updated like total is.
Speaker 2: In that account.
Speaker 4: Yeah, I laugh that So it's like, oh, you spend
Speaker 4: five dollars, now you have four dollars left in your account, Victoria,
Speaker 4: It'd make me super aware of how much I had
Speaker 4: and what I was doing with my my weekly funds right,
Speaker 4: So to me that was helpful. I think the card
Speaker 4: actually gives me less visibility, and I hate seeing what
Speaker 4: my account's going down to, so I'm much less likely
Speaker 4: to tap Yeah.
Speaker 6: Later on in the show, we are going to be
Speaker 6: helping a person who's sent in a money to Lemma
Speaker 6: all about being a shopaholic, so I'm sure we'll have
Speaker 6: some more tips then.
Speaker 2: So what else you're gonna bring to the table, GQ.
Speaker 6: The next wind comes from Jess money Win. When I
Speaker 6: get paid on Wednesday, I'll finally be able to close
Speaker 6: my up to pay account. I didn't realize how little
Speaker 6: control I had over my money from being so very
Speaker 6: reliant on after pay Zippay is almost finished two. I'm
Speaker 6: so excited to be in control again. The next week
Speaker 6: it comes from Katie money Win. I just started shopping
Speaker 6: at Aldi based on the podcast recommendation, and I am
Speaker 6: saving it so much on almond milk and regular milk
Speaker 6: for my daughter. They do not have La Muele Rose
Speaker 6: in the US, though, Oh waking really we need to
Speaker 6: advocate for that.
Speaker 4: Audi, We're not going to work with you till you
Speaker 4: actually get that in store, because that's a travesty. Speaking
Speaker 4: of wine from Audi though, remember we did that collab
Speaker 4: with Unspoken Wines and they sent me some really nice
Speaker 4: red wines and we're like, yeah, cool.
Speaker 2: We'll do this.
Speaker 4: You shot some beautiful content for it. They sent me
Speaker 4: a box of six. That six is now gone. I
Speaker 4: now buy that pretty religiously from Audi because I would say,
Speaker 4: that's stephen my favorite wine.
Speaker 2: Thirteen bucks a bottle. What a money win.
Speaker 5: That's pretty good.
Speaker 4: Honestly, I would pay for that at the Wine by
Speaker 4: if I saw that on the list, I'd be like, yeah,
Speaker 4: well and no, I'm going to enjoy it. Yeah, very
Speaker 4: happy with that. But Audi, pick up your game. Get
Speaker 4: into the US. That is an untapped market. Some free
Speaker 4: business advice.
Speaker 6: From Feeding The next thing guys comes from Shellini money Win.
Speaker 6: For the first time ever, our bank accounts feel so lush.
Speaker 6: There's stuff.
Speaker 2: Rush is a very cute word from saying now.
Speaker 6: We used to struggle to keep any money saved and
Speaker 6: it just disappeared. But through doing all the hard mindset
Speaker 6: work and practical budgeting this past year, we now have
Speaker 6: thirty five thousand dollars in our savings and a few
Speaker 6: thousand in other buckets.
Speaker 5: That's lush.
Speaker 6: Seeing that money is actually a bit triggering, So I
Speaker 6: do need to be careful. We don't self sabotage.
Speaker 2: Yeah, that's important.
Speaker 4: That's actually something we don't talk enough about when it
Speaker 4: comes to financial goals. Maybe we can chuck that on
Speaker 4: the list of things we talk about, because I am
Speaker 4: very guilty of self sabotage in general, ask Jess. But
Speaker 4: when it comes to finances, I feel sometimes I get
Speaker 4: so close to a goal and then I'll do something
Speaker 4: that it's in the way of that goal, and you
Speaker 4: don't mean to do it, but you're also arguably just
Speaker 4: really worried about what it means when you achieve that
Speaker 4: thing and you're just not ready for it. That has big,
Speaker 4: deep dive energy. Yeah, I think, so let's do it.
Speaker 4: Jess is going to put it on the list for us. Perfect,
Speaker 4: all right.
Speaker 6: The next win comes from Bernadette, a money mindset win.
Speaker 6: This was the first year I haven't immediately spent my
Speaker 6: tax return on something I didn't need. I put it
Speaker 6: into my savings account instead.
Speaker 2: How good's that?
Speaker 5: That?
Speaker 2: Is the best thing I've ever heard.
Speaker 6: Right, the final win of the day. It comes from
Speaker 6: Caitlin and it is wholesome. Money lost but life win.
Speaker 6: I used to live five minutes away from work, which
Speaker 6: was great for my fuel, but it meant only getting
Speaker 6: five minute increments of the Shees on the Money podcast.
Speaker 6: In Now I live fifteen minutes away from work, which
Speaker 6: for me means more Shees on the Money podcast time.
Speaker 6: Sure there's more money spent on fuel, but hey, now
Speaker 6: there's more time being able to learn and absorb money
Speaker 6: information from thee.
Speaker 2: That is wholesome.
Speaker 6: That's my safe But I'm Caitlyn.
Speaker 4: Is it that there some people around Australia that have
Speaker 4: us in their ears when they're going to work.
Speaker 6: If you're going to work, I hope you have the best.
Speaker 2: Before we get to a break. Usually we throw to
Speaker 2: a break here.
Speaker 4: I actually have a money win for the community that
Speaker 4: I tried to share with my family, and my sister
Speaker 4: was like, yo, Udi knew, But I don't think everybody knows.
Speaker 4: So if you uady knew, then that's fine. You're two
Speaker 4: steps ahead of me. But last year you might have
Speaker 4: heard of the two hundred and fifty dollars Power Saving Bonus,
Speaker 4: and that's where if you had that concession card or
Speaker 4: you had some kind of sentlink entitlement, you could upload
Speaker 4: one of your energy bills and get two hundred and
Speaker 4: fifty bucks towards it, which is a money win. It's
Speaker 4: not even credit, it's actual cash that they deposit in
Speaker 4: your account. Right, so that was a money win last year.
Speaker 4: Guess what they've brought it back, but no criteria this time.
Speaker 2: All you have to be doing is be a bill payer.
Speaker 2: So Jesse, have you already done it?
Speaker 5: Done it? Cash is in my bank account.
Speaker 2: Gene is two.
Speaker 4: Hundred and fifty dollars rules that if you haven't gone
Speaker 4: and submitted your energy bill to the Power Saving Bonus,
Speaker 4: which is a payment scheme for I'm sorry if I've
Speaker 4: hyped you up, and then I'm going to tell you
Speaker 4: it's Victorian households only, but it exists to help ease
Speaker 4: the cost of living pressures and encourage you guys to
Speaker 4: compare energy offers and save money, which I think is
Speaker 4: a massive money win.
Speaker 2: But George, you know my little sister.
Speaker 4: Alex quite well certainly needs to live with her, so
Speaker 4: we all know she can be a bit of a pest.
Speaker 4: I sent it to my family group chat, being like,
Speaker 4: I'm gonna help my sister out. I'm gonna get my
Speaker 4: parents another two hundred and fifty dollar rules. I'm going
Speaker 4: to be the favorite child this week. Sure, send it
Speaker 4: to group chat and Dad's like, yeah, great, no race,
Speaker 4: thanks so much, And my sister replies like, I already
Speaker 4: did it.
Speaker 2: Thanks for sharing with everybody else. We need selfish little
Speaker 2: girl little sisters. They're a different breedge.
Speaker 5: So it's been great celebrating some of your budget Direct.
Speaker 4: Money wins and some of our own and one that
Speaker 4: is going to absolutely benefit you. So go and submit
Speaker 4: your energy bills asap. Budget Direct winner of can Stars
Speaker 4: Insurer of the Year Award twenty twenty two. Budget Direct
Speaker 4: Insurance Solved. Now we're going to go to a quick break,
Speaker 4: but stick around because after this we're going to talk
Speaker 4: a little bit about the merger of Sun Corp and
Speaker 4: A and Z and we're going to be answering a
Speaker 4: money dilemma all about someone who has a sneaky little
Speaker 4: shopping addiction.
Speaker 2: Don't go anywhere, all righty guys.
Speaker 5: There has been lots of chatter on the internet this
Speaker 5: week because, as you said before, vd A and Z
Speaker 5: has agreed to buy sun Corps banking business for four
Speaker 5: point nine billion dollars. If you don't want that is
Speaker 5: more delarues than I could ever comprehend. But lots of
Speaker 5: people talking about it for different reasons, and I know
Speaker 5: you have your own thoughts on this fee. My immediate
Speaker 5: question is why would they do this because to me,
Speaker 5: I mean, you're a bank, they're a bank. It doesn't
Speaker 5: make much sense for me for them to acquire them
Speaker 5: outside of the fact that they want more customers. But
Speaker 5: ultimately that seems like a terrible thing for consumers.
Speaker 2: I mean for the bank.
Speaker 4: It's a growth strategy, right, Like, there are a few
Speaker 4: ways that you can grow as a business. Firstly, there
Speaker 4: are lots of ways, but like, let's call it very simple. First,
Speaker 4: there's or gatacre growth where you know, word of mouth happens,
Speaker 4: or you do some advertising and you get some new customers,
Speaker 4: and that usually is a bit of a long slog,
Speaker 4: right Like, you know, your community slowly grows and you
Speaker 4: get more and more customers over time. The second way
Speaker 4: you can grow is by acquisition, which is purchasing another
Speaker 4: business and rolling them in and therefore you get not
Speaker 4: only the customers, which would be the biggest draw card,
Speaker 4: but you also get the staff and the team that
Speaker 4: looks after that because one of the things you know es.
Speaker 4: I think you'd lose your mind if I turned around
Speaker 4: and said I bought another business to roll into shees
Speaker 4: on the money, because I keep doing that in Zella
Speaker 4: and it's already making you lose your mind. But in
Speaker 4: She's on the money, if I did that, we just
Speaker 4: don't have the capacity to look after more things, right,
Speaker 4: Like we don't have enough staff. So the benefit of
Speaker 4: acquiring a whole other business is you don't just get
Speaker 4: the customers, but you get the talent looks after the customers, right.
Speaker 4: But my question is how many of those talent are
Speaker 4: going to be negatively impacted? Because when you look at it,
Speaker 4: Sun Corp has thirteen thous staff across Australia. However, are
Speaker 4: you really going to need another thirteen thousand staff? Like
Speaker 4: A and ZED would already have a marketing department. A
Speaker 4: and ZED would already have a procurement department, Like do
Speaker 4: you need.
Speaker 2: Two of this? Do you need two CEOs? Do you
Speaker 2: need two cmos? Like how does that work? Over time?
Speaker 5: If two businesses roll together and let's say mass layoffs happen,
Speaker 5: which seems pretty probable. Is that a redundancy or is.
Speaker 4: That yeah, they would be made redundant, which is essentially
Speaker 4: like saying, hey, Georgia, like, we no longer have a
Speaker 4: place in the business for your role.
Speaker 2: It's not needed.
Speaker 4: And what happens in that circumstance, especially in a bigger company,
Speaker 4: is they do their restructure first, which means they organize
Speaker 4: their organizational chart, but they don't allocate individuals to that.
Speaker 4: They say, okay, cool, let's, you know, in a perfect world,
Speaker 4: map out what this business looks like. And they might
Speaker 4: look at the accounting department and go, okay, we need
Speaker 4: a head, we need this, many accountants, we need this,
Speaker 4: many admin staff, we need all of this to do
Speaker 4: this amount of workload. Then they go and look at
Speaker 4: the talent that they have, and they will allocate talent
Speaker 4: to that organizational chart. So they might go, oh, g King,
Speaker 4: you're a really good head of accounting, so we're going
Speaker 4: to pop you tentatively in that role, and then we
Speaker 4: are going to you know, fill out all the roles.
Speaker 4: And if they have double ups, they might make people
Speaker 4: apply for it and go oh Ge and Jess like
Speaker 4: you both might be able to do that. How about
Speaker 4: you both apply for this and we'll go through a
Speaker 4: round of interviews and see who makes it. The person
Speaker 4: who makes it keeps the job. The other person gets
Speaker 4: made redundant, which.
Speaker 5: Is as terrifying.
Speaker 6: I just like it.
Speaker 4: Yeah, for a lot of people, redundancy is terrifying, especially
Speaker 4: going into a recession, like we're headed into a period
Speaker 4: of time where securing employment is not going to be
Speaker 4: very easy. But I'm sure that there are actually a
Speaker 4: fair few people. It's unclepool and year redundancy.
Speaker 2: I've been here for ten plus years.
Speaker 4: I'm going to make bank because you know, not to
Speaker 4: make this a good thing, because I actually don't believe
Speaker 4: it's a good thing. And I'll get into it in
Speaker 4: a hot second. Out Why, However, when you get made redundant,
Speaker 4: your redundancy is applicable for the amount of time that
Speaker 4: you will with the business at your current rate of pay.
Speaker 4: So say you came in as a graduate and then
Speaker 4: you've worked your way up to you know, having one
Speaker 4: hundred thousand dollar income and you're now really well off.
Speaker 4: That one hundred thousand dollar income would apply to your
Speaker 4: redundancy package, not what you earned as a graduate. You
Speaker 4: might have earned thirty eight thousand or forty five thousand
Speaker 4: as a graduate and you might go, oh, I didn't
Speaker 4: earn much back then. The benefit for most redundancies is
Speaker 4: that one hundred grand, if you've worked for ten years
Speaker 4: at that company, is actually going to look like a
Speaker 4: pretty healthy payout. So there might be some people at
Speaker 4: Suncorp if this is going to happen, that are like George.
Speaker 4: They're like, I want Jess to get it. Jess, you
Speaker 4: can have the job. I want the payout and I'll
Speaker 4: go find a new job because I'm ready to move
Speaker 4: on and I'd love the extra, you know, one hundred
Speaker 4: grand in my bank account. Yeah?
Speaker 7: Right?
Speaker 6: So is this be linked to the recession?
Speaker 1: Like?
Speaker 6: Are we going to see more business is doing this?
Speaker 6: Why is this important for us? Understand?
Speaker 4: Look, it's not from my perspective at this point in time,
Speaker 4: with the information that I have available to me, it's
Speaker 4: not linked to the recession. I think that A and
Speaker 4: Z is looking at it as a really good growth
Speaker 4: strategy to get into Queensland. Suncorp is a predominantly Queensland business.
Speaker 4: Down here in Melbourne, you guys might have heard of it,
Speaker 4: but you probably definitely don't bank with them because it's
Speaker 4: not as accessible as it is in Queensland.
Speaker 2: Oras.
Speaker 4: In Queensland, that's the market that a in Z doesn't
Speaker 4: have as many branches. This enables them to access all
Speaker 4: of those customers. And Queensland is actually the fastest growing
Speaker 4: economy at the moment in Australia, which is kind of cool,
Speaker 4: due to trade and development and you know, Brisbane is
Speaker 4: really picking up. Whereas historically we used to always talk
Speaker 4: about the business centers of Australia being Sydney and then Melbourne.
Speaker 4: Queensland is really starting to give us all a bit
Speaker 4: of a run for our money with how much growth
Speaker 4: and economic stability they're being afforded. So I think it's
Speaker 4: a good thing when you look at it from you know,
Speaker 4: a bird's eye view and go okay, cool, Like ain
Speaker 4: ZED is a big bank. They might want to grow
Speaker 4: and have this growth strategy that they're trying to implement,
Speaker 4: and one way to do it, as we said before,
Speaker 4: is acquisition. And so they've looked at a similar business
Speaker 4: and going all right, well they're another bank, they're smaller
Speaker 4: than us. We would get access to a demographic that
Speaker 4: we don't currently have access to them. It might feel
Speaker 4: like a no brainer and they go, all right, no problems,
Speaker 4: let's progress this deal. However, sun Corb and ain Z
Speaker 4: have a bit of a history, from my perspective, of
Speaker 4: always putting profit before people. So do we actually want
Speaker 4: these two banks to come together which results in less
Speaker 4: competition in the marketplace when it comes to things like
Speaker 4: home loans and with inflation and home loan prices going up,
Speaker 4: do we really want less options? And is that actually
Speaker 4: putting consumers first as you alluded to before.
Speaker 5: Jess, Yeah, that's kind of what I was gonna say,
Speaker 5: is to me, I can see why, like you said,
Speaker 5: as a business growth strategy, great for them, but for
Speaker 5: the everyday person, it seems like this isn't the first
Speaker 5: bank acquisition that's happened over the last few years. It
Speaker 5: really feels like all of the little guys are being
Speaker 5: swallowed up by the big four. And ultimately, does that
Speaker 5: mean that we're not really going to have as much
Speaker 5: competition in the market as we need and it's going
Speaker 5: to become a little bit of not quite a monopoly
Speaker 5: because there's more than one. But if A and Z
Speaker 5: are in Suncorp and Suncorp continues to trade, but it's
Speaker 5: a subsidiary of A and Z. Does that mean that
Speaker 5: really the deal that you're going at Suncorp is not
Speaker 5: going to be that different from the deal that you
Speaker 5: get at A and Z even though they exist in
Speaker 5: the same space.
Speaker 2: Look, it's hard to say.
Speaker 4: I think going into you know, the economic period that
Speaker 4: we're about to experience, more competition is always better, so
Speaker 4: it puts consumers first. However, often and you see this,
Speaker 4: like let's use the example of when NAB quired U Bank, right,
Speaker 4: they actually operate relatively independently. I mean they have crossover
Speaker 4: in teams internally, and like that all makes sense because
Speaker 4: why I have double ups. However, they do have different offerings, right,
Speaker 4: Like when you look at their mortgage products, like U
Speaker 4: Bank has a more simplistic mortgage product with a lower
Speaker 4: interest rate. Usually don't quote me on that in this
Speaker 4: current market. I haven't looked at the moment, but they
Speaker 4: usually have a lower interest rate. And that's because there's
Speaker 4: less bells and whistles on their mortgage products, right, so
Speaker 4: they don't have access to things like offsets at this
Speaker 4: point in time. I know they're working on it and
Speaker 4: they will build that up and you know, have that
Speaker 4: as an offering. But often they do like having the
Speaker 4: two different products because they attract two different markets. Right
Speaker 4: Like Jess, you might be going for the lowest interest
Speaker 4: rate and you don't care about the bells and whistles,
Speaker 4: and then I might be going for a different product,
Speaker 4: and my priority is an interest rate, because to be honest,
Speaker 4: my priority when I got my mortgage was an interest rate.
Speaker 4: It was having as many offset accounts as possible so
Speaker 4: I could make my money work really hard for me.
Speaker 4: So we might all have different priorities. And I think
Speaker 4: that from a business perspective, it can be quite smart
Speaker 4: having two competing products that you know, stay relatively independent.
Speaker 4: But is that truly competition if they're owned by the
Speaker 4: same big dog. Like I like the idea of more
Speaker 4: flexibility and more opportunity in the marketplace, especially when it
Speaker 4: comes to being able to refinance home loans and banking
Speaker 4: and whatever you want to do at this point in time,
Speaker 4: going into a pretty tumultuous time like it just makes sense.
Speaker 6: So you mentioned earlier V that there's likely to be
Speaker 6: big redundancies in this whole piece.
Speaker 2: What happens there. Well.
Speaker 4: I think it's interesting because the CEO of A and Z,
Speaker 4: Shane Elliot, has come out and said, guys, don't worry,
Speaker 4: We're not going to have any net job losses over
Speaker 4: the next three years, because he's trying to make people
Speaker 4: feel really comfortable, like, don't worry ge with this merger,
Speaker 4: like we're not going to make you lose your job.
Speaker 4: But to me, that just says that you're sitting ducks
Speaker 4: for three years, and after those three years, that really
Speaker 4: means that there's basically no future for thousands of people
Speaker 4: who are currently working in Queensland. After that three years,
Speaker 4: it's up. So from my perspective, I think it's probably
Speaker 4: a good time for people to be a little bit critical. Like,
Speaker 4: as I said before I googled it, thirteen thousand stuff, like,
Speaker 4: that's a lot of stuff to in three years. Potentially, let's,
Speaker 4: you know, extrapolate this out and be a little bit
Speaker 4: dramatic because sometimes have to be dramatic to find an
Speaker 4: outcome that puts you, guys in the best possible position.
Speaker 4: But what happens in three years if thirteen thousand people
Speaker 4: lose their jobs at one bank and they all have
Speaker 4: banking experience where are they going? What types of jobs
Speaker 4: are you going to work in? Because arguably, you know,
Speaker 4: I use marketing as an example because I feel like
Speaker 4: I talk to marketing companies all the time. But what
Speaker 4: if you have experience in marketing, great, no problems, You
Speaker 4: can probably move into a similar role at another bank
Speaker 4: or another corporate. Your experience might be quite transferable. What
Speaker 4: if you're a private banker, What if you're a broker,
Speaker 4: What if you have specific bank experience that doesn't easily
Speaker 4: translate to another industry, what's going to happen? There's going
Speaker 4: to be a heap of competition for all these other
Speaker 4: jobs and a whole heap of people who can't get jobs.
Speaker 4: So I think that makes me feel a little bit
Speaker 4: icky and makes me go, all right, Well, I know
Speaker 4: he said three years, and that's nice of him, But
Speaker 4: that also means that we've got a timelineer three years
Speaker 4: to work out where you want to be and whether
Speaker 4: your role is still going to exist. For a lot
Speaker 4: of people, that would be really, really stressful and you know,
Speaker 4: making some grand assumptions. Often in banking you have a
Speaker 4: higher tenure, so people are more likely to stick around,
Speaker 4: you know, I know, millennials have an average tenure these
Speaker 4: days of about eighteen months in a role. However, in
Speaker 4: banking that's closer to five years. Like you usually stick
Speaker 4: in a job five years, if not ten, if not twenty,
Speaker 4: like you often see people who have career jobs at banks,
Speaker 4: and you know, again making a grand assumption. In Queensland,
Speaker 4: that could be even more true because there's less job opportunities,
Speaker 4: or there were less job opportunities, you know, ten twenty
Speaker 4: years ago, So maybe people have stuck that out. What
Speaker 4: are they going to do about their roles? What are
Speaker 4: we going to do about the branches, you know in
Speaker 4: more remote locations that then are completely redundant. What are
Speaker 4: those people doing? So I think it makes me, makes
Speaker 4: me a little bit stressed, and it doesn't make me
Speaker 4: so excited about it, Like I just think it's bad
Speaker 4: for jobs, it's bad for competition. I don't think it's
Speaker 4: a good thing in the long term, and it just
Speaker 4: ma makes me wonder, like what's going on. But the
Speaker 4: Treasurer Jim Chalmers has actually come out and said that
Speaker 4: he is going to call on the A Triple C
Speaker 4: to reject the deal because he just thinks it's such
Speaker 4: a bad thing that it shouldn't go through and A
Speaker 4: and Z should not be able to incorporate with Suncorp
Speaker 4: because he thinks it puts consumers in that bad of
Speaker 4: a position. So it's not just me going hey, I
Speaker 4: don't think this is right, like just from what I've
Speaker 4: been reading and how I see it, Like our literal treasurer,
Speaker 4: he's turning around and going, nah, a triple C put
Speaker 4: a stop to this.
Speaker 2: I don't think it's kosher.
Speaker 5: How big of a deal is that? Like how often
Speaker 5: would the treasure step in and make a comment like that?
Speaker 4: That's pretty big because as much as both of those
Speaker 4: companies so A and Z and SUNCRT Bank are both
Speaker 4: listed companies on the ASX, Like how often does the
Speaker 4: Australian Treasurer get involved in business dealings?
Speaker 2: Like how does that work?
Speaker 4: Like what if Lareol wanted to acquire another makeup business
Speaker 4: and you were like, oh, they do they test on animals?
Speaker 4: Like are you going to turn around and have the
Speaker 4: Treasurer stop that? Like obviously he's assuming that there will
Speaker 4: be some pretty big economic impacts if that does happen.
Speaker 2: Otherwise why would he try and bar It'd.
Speaker 5: Be interesting to see if the age will see responds
Speaker 5: and if they do put a stop totter, if they
Speaker 5: put limitations on it or what that ends up looking like.
Speaker 4: I think it'll be an interesting one to follow. And
Speaker 4: I'm glad you brought it up for today because I
Speaker 4: think a lot of people in our community would be like, beh,
Speaker 4: I don't care about understanding like this an z Suncorp.
Speaker 5: Thing.
Speaker 4: It doesn't make sense, but when you get into the
Speaker 4: nitty gritty of it, you're like, wow, this could really
Speaker 4: impact our community, Like this could really impact a lot
Speaker 4: of jobs in Queensland. It could really impact a lot
Speaker 4: of people our age. And I just think it's so
Speaker 4: important to discuss these topics in a way that doesn't
Speaker 4: feel as formal as when I read it on the
Speaker 4: Financial Review right, like just you're not gonna go be
Speaker 4: like oh, I can't wait to read about this, Like
Speaker 4: it just sounds like a bland topic until we start
Speaker 4: breaking it down and going, well, George, this is what
Speaker 4: it means and this is how it works.
Speaker 6: Good chat, ladies, little bland. Not gonna lie about it.
Speaker 2: Do you know what's not planned?
Speaker 6: Money dilemmas? Let's have a listen, Hi, bet, have you
Speaker 6: got a money dilemma you just can't solve. The Shees
Speaker 6: on the Money team is here to help. Every week,
Speaker 6: we tackle your dilemmas, both big and small, to answer
Speaker 6: your most burning money, career and life questions. To get involved,
Speaker 6: simply head to our website and leave us a quick
Speaker 6: voice recording and you may just find yourself on the show. Now,
Speaker 6: let's take a listen to today's money dilemma.
Speaker 7: Hi guys, So my name is Erin and I am
Speaker 7: definitely a shopaholic. I have always been really bad with
Speaker 7: my money in that I get very tempted with clothing
Speaker 7: and I really like buying clothes and using things like
Speaker 7: after pay. I was just wondering what would be your
Speaker 7: biggest tip to help me stop this addiction of online
Speaker 7: shopping and using after pay, because I feel like it's
Speaker 7: getting a little bit silly and I don't want to
Speaker 7: be in debt for the rest of my life.
Speaker 5: I would say, firstly, if it is like, if it's
Speaker 5: genuinely the point where it's impacting your life super significantly,
Speaker 5: cool eference the National Debt Help Line. Of course, they're
Speaker 5: a free service. They have really great financial counselors. They
Speaker 5: have people who will be able to help you sort
Speaker 5: things out. But more broadly, I feel like we've all
Speaker 5: probably got some good little, some little tips for you
Speaker 5: if you are having trouble raining your spending in I
Speaker 5: would say something that I see people doing actually in
Speaker 5: the Facebook group a lot when you do use these
Speaker 5: buy and now pay later services, is adding up your
Speaker 5: lifetime amount. I think you might actually be able to key.
Speaker 5: You might not actually see it in the app somewhere,
Speaker 5: depending on what platform you use. But the reason that
Speaker 5: these platforms are so addictive is because you don't really
Speaker 5: fully feel the impact of what you're spending. And sometimes
Speaker 5: we need a little bit of a kick up the
Speaker 5: tush to get us going in the right direction, and
Speaker 5: seeing that you've spent ten thousand dollars over the course
Speaker 5: of two years would arguably do.
Speaker 6: That for you in my opinion one hundred percent. I
Speaker 6: would add to that and say, unfollowing brands on social
Speaker 6: media and influencers who influence you would be a really
Speaker 6: good idea. If you can't see it, you don't want it.
Speaker 6: Subscribing to marketing emails, all of that, just see she's
Speaker 6: on the money, always exactly that that email. But also
Speaker 6: I would say, actually, dedicating money in your budget. Set
Speaker 6: up a budget and understand your cash flow if you
Speaker 6: don't already, and then dedicate money in your spending to
Speaker 6: put towards frivolous spends or shopping or whatever it may be,
Speaker 6: so then you don't feel that guilt and even like,
Speaker 6: so you don't restrict yourself and then end up binging
Speaker 6: or whatever it may be. I feel like that could
Speaker 6: be a really good idea too.
Speaker 5: In my actual budget, I have an allocation for both
Speaker 5: clothing and beauty because I like to break my spending down,
Speaker 5: as we've discussed, into thirteen different saviors accounts, but.
Speaker 2: Like thirteen, I could not keep that.
Speaker 4: So I have my food, fuel, and Fun account and
Speaker 4: that is it, and we function on a daily basis
Speaker 4: from that, and then I have like my savings account.
Speaker 2: Holy moly, thirteen, I'd be.
Speaker 4: Like I could not go and pull money out of
Speaker 4: my beauty account to spend.
Speaker 2: I'd be useless.
Speaker 5: My overall spending system is the She's on the money
Speaker 5: budget and cash flow system, which is where those four
Speaker 5: bank accounts come in. If you haven't checked out, we'll
Speaker 5: have a link in the show notes. Because it is
Speaker 5: incredible if I do say so myself, but for me,
Speaker 5: because I am a really visual person, breaking those accounts
Speaker 5: down into actual categories and going, okay, I'm not comfortable
Speaker 5: spending more than X amount of dollars a month on
Speaker 5: clothing because anything more than that feels ridiculous for me.
Speaker 5: So actually breaking the budget down incrementally beyond those four
Speaker 5: accounts into what I do allow I guess myself to
Speaker 5: spend really made me super accountable, and that's something that
Speaker 5: I have found has worked really well.
Speaker 4: But take your advice. You've saved for a house, so
Speaker 4: I think that's pretty sure, all right, both have saved
Speaker 4: for houses. Basically, I'm very impressed. I think from my
Speaker 4: side of the table, i'd really be going back, and
Speaker 4: you guys are going to have seen this advice counting
Speaker 4: a mile off, but I'd go back to your values
Speaker 4: and your goals. Like often during the times when I'm
Speaker 4: spending the most and being really frivolous and not really
Speaker 4: planning my spending, and maybe historically when I was spending
Speaker 4: beyond my means, it was because I didn't have really
Speaker 4: clear goals and values or understand where I wanted to go.
Speaker 4: In fact, I would say that during those periods, of time,
Speaker 4: I really didn't know what I wanted out a life either,
Speaker 4: Like I didn't know what I wanted to do with
Speaker 4: my career. I didn't know what I wanted to do
Speaker 4: with my relationships or my jobs. Like literally everything I
Speaker 4: was a bit like bear about. And so spending was
Speaker 4: that one thing that made me feel really good. And
Speaker 4: often when you are a bit of an overspender, there's
Speaker 4: usually a reason for it, because spending gives you dopamine,
Speaker 4: and dopamine makes you feel really good, and it gives
Speaker 4: you that instant burst of excitement and award essentially, so
Speaker 4: it might be replacing something else that's going on. So
Speaker 4: I'd have to sit down and be like, well, why
Speaker 4: do I feel like I need to do this, because
Speaker 4: obviously you've articulated that it's not a good idea and
Speaker 4: it's a bit silly and you don't want to be
Speaker 4: doing it for you personally.
Speaker 2: So I'd be really.
Speaker 4: Sitting down and going, well, when am I spending the most?
Speaker 4: Is it when I'm feeling a little bit bad? Is
Speaker 4: it when I'm having a bad day at work? Is
Speaker 4: it me because I'm anxious in the evening, so I'm
Speaker 4: jumping on the iconic and buying some stuff to distract myself,
Speaker 4: like let's learn a little bit more about ourselves and
Speaker 4: our personal circumstances to kind of like hopefully read into
Speaker 4: the why, because there's always a why. It's not just like, oh,
Speaker 4: it just happens, Like it doesn't just happen. There's a
Speaker 4: reason behind everything. Then I would really want to be
Speaker 4: clear on my goals, and my financial goals would be
Speaker 4: obviously front of mind and setting goals and going like
Speaker 4: all right, well, I want to save or I want
Speaker 4: to invest or I want to pay off my debt,
Speaker 4: and this is how I'm going to do it. But
Speaker 4: from someone who is incredibly impulsive. The other thing I
Speaker 4: would say is automated. I am so good at my
Speaker 4: budget and cash flow on a day to day basis,
Speaker 4: and I think a lot of people look at me
Speaker 4: and go wow, like she's so good at money like
Speaker 4: I am, because it's automated, like I have ADHD. If
Speaker 4: things aren't automated, it's not happening. Like if it's in
Speaker 4: my account and it's within my reach, I am going
Speaker 4: to spend it because I don't think about the other
Speaker 4: incidental things that might exist. Like last month, I completely
Speaker 4: forgot that my income protection was due. And it's okay,
Speaker 4: like I have budgeted for it, it's in my cash flow,
Speaker 4: like I've got the money pulled aside because I've automated it.
Speaker 4: But I got that bill and I was like, Oh,
Speaker 4: where'd that come from? Didn't see that coming. That's wild,
Speaker 4: And had I not automated my process, I would have
Speaker 4: felt like that was a really big hit. So I
Speaker 4: think it's important to just really make a system that
Speaker 4: works for you, and you know, just thirteen accounts works.
Speaker 4: I couldn't keep track of that. That would drive me insane.
Speaker 4: I just need to know. And that's why I was
Speaker 4: talking about earlier about my up bank card. I love
Speaker 4: to know instant feedback what amount of money is left
Speaker 4: in my account so I can make decisions on it.
Speaker 4: And then I really like having a structure where every
Speaker 4: other goal is being attended to before I get to
Speaker 4: that cash that I'm allowed to spend, so regardless of
Speaker 4: whether that's you know, one hundred dollars or three dollars
Speaker 4: for a coffee, Like I think that we need to
Speaker 4: be really clear with ourselves about our goals and our
Speaker 4: values and not hush like I don't want to go
Speaker 4: all right, Well, Jesse, you've only got fifty bucks for groceries,
Speaker 4: like you might go v. That's not aligned to my goals.
Speaker 4: It's not about being restrictive. It's about understanding it. I
Speaker 4: think once you understand it, you'll feel far more in control.
Speaker 4: So that would be my advice.
Speaker 5: I love that before we were up the episode, I
Speaker 5: have something exciting to share with you, Victoria that you
Speaker 5: don't know about. Oh, can you close your eyes for
Speaker 5: one second? Yeah, let me give me, give me a second. Yeah,
Speaker 5: George is not either. I'm the only one who knows
Speaker 5: what is it? Just way, I'm not telling you. It's
Speaker 5: a surprise, is it? Well, obviously, Well everybody else knows
Speaker 5: except me. I have a surprise everybody. It's a surprise
Speaker 5: for everyone I have in my hot little hands. Yeah, yes,
Speaker 5: something you've been wanting to see. Open your eyes, give
Speaker 5: me that. That's a good reaction, right for everyone playing
Speaker 5: your home. I just handed her the first my second book, well,
Speaker 5: the first copy of the second book. And it's not
Speaker 5: even officially the final thing.
Speaker 2: No, it doesn't have the gold on it.
Speaker 5: Yeah, but it's the very first look that we've had
Speaker 5: at what it actually looks like in imperson. Do you
Speaker 5: love it?
Speaker 2: I love it.
Speaker 5: I did also bring for effect the first book, so
Speaker 5: you could put are you joking? They look stunning? If
Speaker 5: I do say so, how does everybody feel?
Speaker 1: Oh?
Speaker 2: It feels so weird. It feels so weird? Are you joking?
Speaker 5: Isn't she beautiful? We had a lot of there has
Speaker 5: been you guys, so much back and forth on getting
Speaker 5: this cover right, because I think the first time you
Speaker 5: have a book, the world is your oyster, really, but
Speaker 5: then when you have a second book, you go, well,
Speaker 5: I wanted to work with the first book, but I
Speaker 5: want it to have its own personality. So we have
Speaker 5: spent a lot of childs on this. I know a
Speaker 5: guy who knows a guy.
Speaker 2: I haven't even been able to sign off on this pot.
Speaker 5: Oh my god, this is sick. So if you have
Speaker 5: missed the memo, if you're not in our Facebook group
Speaker 5: of following us on Instagram. The second book, Investing with
Speaker 5: Cheese on the Money, is coming out this September, which
Speaker 5: is much sooner than twenty correct, and it is available
Speaker 5: for pre order. We had a massive outpouring of support
Speaker 5: because it went on sale on Amazon Prime Day. Definitely
Speaker 5: check if it is still It was forty two percent
Speaker 5: off and the day we're recording this that deal is
Speaker 5: still available, so check if it is when this episode
Speaker 5: goes up. But I don't think you guys realize how
Speaker 5: much pre orders help us out, because if there is
Speaker 5: interest and excitement around the book, that is what gives
Speaker 5: us opportunities to do things like bookchores or to do
Speaker 5: things like media because we, I guess we have to
Speaker 5: kind of prove ourselves that people are interested. And so
Speaker 5: when you sign up and pre order the book, you're
Speaker 5: not just supporting us by doing that, but you're also
Speaker 5: enabling us to hopefully get out to see you and
Speaker 5: hug you in person, come to a city near you,
Speaker 5: or you know, for Victoria to get on TV and
Speaker 5: be able to spread her message of financial literacy even further.
Speaker 5: So thank you so much.
Speaker 4: It's wild to think that you guys pushed it to
Speaker 4: number one on Amazon, and I think you guys, yeah,
Speaker 4: as Jessa saying, you just don't realize how much that means,
Speaker 4: like for the success of a book, right, because it's
Speaker 4: already given me the opportunity going to Sydney to talk
Speaker 4: at the Dimix conference, and like that'll be super fun
Speaker 4: to be able to talk to actual booksellers about my
Speaker 4: book writing process. And we're already talking to a few
Speaker 4: people about potential events. And originally when we launched the
Speaker 4: first book, obviously the first book, they've got to see
Speaker 4: how you go, but we weren't able to have an
Speaker 4: event and it wasn't something that was on the cards
Speaker 4: because COVID and then we really wanted to and it
Speaker 4: just never eventuated. But now we're talking about potentially having
Speaker 4: events in Melbourne, Sydney and Brisbane and that would be
Speaker 4: just so special to think that that would happen. And
Speaker 4: it only happens if you have good pre sales because
Speaker 4: otherwise they look at it and go, well, you know,
Speaker 4: how are we going to know that people will turn
Speaker 4: up to these events for this book if the book
Speaker 4: isn't even preselling. So it's just it's honestly so special
Speaker 4: and to know you guys support us in that way,
Speaker 4: like it's wild to think that you're willing to buy
Speaker 4: book you can't even.
Speaker 2: See the chapters of. Yeah, like it's so special.
Speaker 5: And if you can't pre order, because we have had
Speaker 5: a few people message and say, oh my gosh, I
Speaker 5: want to support you, but it's just not in budget
Speaker 5: right now, girl, we get it. You can support us
Speaker 5: in so many other ways, sharing the book to your stories,
Speaker 5: sharing She's on the Money in general, to your stories,
Speaker 5: or with your friends and family. Libraries as well do
Speaker 5: this thing where you can essentially request an upcoming title.
Speaker 5: So if you want to borrow She's on the Money
Speaker 5: from your local library, get in touch, send them an
Speaker 5: email and say, hey, I really want this book. Do
Speaker 5: you have a plan to bring it in? Some libraries
Speaker 5: have a pre order, it's not really an order, but
Speaker 5: you can pre put yourself on a list to borrow.
Speaker 2: It as well. Yeah, it's so cool.
Speaker 5: Every little step like that really counts. And for our
Speaker 5: little business to be able to be having the impact
Speaker 5: that we're having, it's all thanks to you, guys, and we're.
Speaker 4: Just so haf All right, well, I think that is
Speaker 4: a very special place to leave it.
Speaker 2: Thank you so much for surprising me with that, Jess.
Speaker 2: That is so flipping cool. But unfortunately that is all
Speaker 2: we have time for today.
Speaker 4: So miss Georgia King, could you please put down the
Speaker 4: second book and wrap the boring.
Speaker 6: But important stuff? Absolutely I can already. Guys, Please remember
Speaker 6: that The advice shared on She's on the Money is
Speaker 6: general in nature and does not consider your individual circumstances.
Speaker 6: She's on the Money exists purely for educational purposes and
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Speaker 6: a financial decision. And we promise Victoria divine and She's
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Speaker 2: See you next week, guys, fie