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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 1: Hello, and welcome to She's on the Money, the podcast

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Speaker 1: for millennials who want financial freedom. My name is georg King.

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Speaker 1: I'm a copywriter and journalism student with lots left alone

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Speaker 1: when it comes to finance. Luckily, as always, I'm joined

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Speaker 1: by my very own money guru and mate, Melbourne based

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Speaker 1: financial advisor are Victoria define Hell.

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Speaker 3: Hello Georgia King.

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Speaker 1: Now today on the show, we are going to be

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Speaker 1: walking through the approach to money that many people swear by,

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Speaker 1: that is making like Marie Kondo and decluttering our finances

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Speaker 1: by adopting a money minimalist method. Now, money minimalism is

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Speaker 1: all about taking the confusion out of finance and simplifying

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Speaker 1: our processes so that we can more easily achieve financial freedom,

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Speaker 1: which you guys would know is the purpose of this podcast. Now,

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Speaker 1: there are a few different techniques to becoming a money minimalist.

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Speaker 1: So on today's show, we are going to explain exactly

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Speaker 1: see what Mari condoing your finances actually looks like, and

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Speaker 1: we'll be talking through exactly how we can start applying

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Speaker 1: it to our own lives. But Victoria, let's stick to

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Speaker 1: tradition and chat through our own money wins or confessions

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Speaker 1: from the week. How'd you go?

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Speaker 3: I have a money win, unlike my confessions of previous weeks.

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Speaker 3: I'm very proud of this one, Georgia King. This week

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Speaker 3: we are in a situation where we now have mandatory

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Speaker 3: masks for everybody in Melbourne and now that is extending

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Speaker 3: to the state soon, I believe. So I have gone

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Speaker 3: ahead and instead of buying a very expensive mask online

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Speaker 3: like I was going to, I went to Cama and

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Speaker 3: I purchased a children's T shirt in a pattern that

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Speaker 3: I liked for a whole hot three dollars and I

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Speaker 3: made my own mask and it is triple layer. I

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Speaker 3: used a pattern that I found online that is government

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Speaker 3: approved and that is my money win of the week.

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Speaker 1: Very crafty there from you.

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Speaker 3: Thank you, and you know what, Georgia King. I got

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Speaker 3: more than one mask out of it as well. I

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Speaker 3: got a fair few. So it's not just me rocking

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Speaker 3: this homemade mask. It's myself and my friends.

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Speaker 1: Am I not your friends?

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Speaker 3: I mean I'll make you one as well, but given up,

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Speaker 3: I don't have a sewing machine. Yeah, and it's kind

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Speaker 3: of a bit of a sad process. But that is

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Speaker 3: not the point.

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Speaker 1: Yeah, I'm still rocking the classic surgical look.

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Speaker 3: It's gorgeous. I saw it this morning before you're recorded,

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Speaker 3: because obviously you can't record with her masks on. But

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Speaker 3: George King, have you got a money win or a

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Speaker 3: confession to share with us?

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Speaker 1: I have a money win as well. It's obscure, mine

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Speaker 1: always are. There's not much going on.

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Speaker 3: It's really creative.

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Speaker 1: I like, yeah, outside of the square. I was in

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Speaker 1: my boyfriend's car. I love him dearly, my boy Harper.

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Speaker 1: If you're listening, shout out to her. I mean his car.

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Speaker 1: It's a little bit dirty, but that's okay. It's a

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Speaker 1: boy's Yeah, he's a boy. He's young. There's stuff everywhere anyway.

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Speaker 1: I was looking for his wallet because he misplaced it,

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Speaker 1: as he does so often. So I'm looking under the

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Speaker 1: car seat and what should I find? A banana pill? Yep,

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Speaker 1: his wallet?

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Speaker 4: His wallet?

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Speaker 1: No, but my sunglasses that I lost, My ray Bans,

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Speaker 1: so are the.

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Speaker 3: Expensive ones that you complain about not having.

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Speaker 1: So I was looking to replace them, and now I

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Speaker 1: don't have to because I have them again. So it's obscure.

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Speaker 3: That's an act. No, that's an actual money we because

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Speaker 3: I think we can all relate to losing something and

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Speaker 3: then finally just conceding that it is actually lost as

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Speaker 3: opposed to misplaced and going okay, well I actually have

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Speaker 3: to replace that, and that feeling is the worst. But

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Speaker 3: then finding something that you had deemed officially lost money.

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Speaker 1: Week exactly a tiny joy in this horrendous time that

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Speaker 1: we're all living in.

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Speaker 3: Let's be I love it.

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Speaker 1: Okay, Now, let's move across to the Facebook community. They're

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Speaker 1: active as always. Have any posts about you this week?

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Speaker 3: Yes, they have, Georgia King. I have one from Leah,

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Speaker 3: who is actually a friend of mine. We went to

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Speaker 3: school Togetherliah and Leah posted in the group this week

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Speaker 3: and said where are my bargain Slash reduced shoppers at?

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Speaker 3: She purchased some vegetarian mints that is usually eighteen dollars

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Speaker 3: a packet, and for those of us who actually eat this,

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Speaker 3: veg and mints beyond meat delicious, actually a really good

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Speaker 3: substitute that irate highly. But it's eighteen dollars a packet.

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Speaker 3: She found it on sale Georgia for two dollars seventy

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Speaker 3: and I feel like I'd be bragging about that as well. Honestly,

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Speaker 3: I'd be jumping up and down and sharing it with

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Speaker 3: everybody if I only spent two dollars seventy on a

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Speaker 3: eighteen dollar packet of mints. I know that sounds really

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Speaker 3: weird to articulate, but that's a saving of fifteen dollars

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Speaker 3: thirty on one meal.

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Speaker 1: You're not wrong just to point out the mince does

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Speaker 1: look quite disgusting a little future, but I.

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Speaker 3: Guess George dies. Yeah. Okay, well it's made of like

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Speaker 3: lentils and sowetteen I think so. I promise you it's

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Speaker 3: not actual mins.

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Speaker 1: It tastes.

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Speaker 3: Let's move on. I don't think this part of my

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Speaker 3: conversation doesn't need to continue.

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Speaker 1: So mine is from Stella, who is a longtime stalker,

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Speaker 1: first time poster. Basically, she is a kombucher addict. So

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Speaker 1: komb butcher is that gorgeous?

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Speaker 4: Yeah?

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Speaker 1: I am, so it's that gorgeous. It's like soft drink,

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Speaker 1: but it's not.

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Speaker 3: There's it's fermented tea.

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Speaker 1: Okay, you're across it, thank you, so old mates. Stella

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Speaker 1: was drinking leaders of this day. I'm exaggerating. She's not.

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Speaker 1: She's drinking bottles. Yeah, okay, well it's adding up anyway,

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Speaker 1: it's expensive. So instead of continuing this habit of buying

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Speaker 1: the gorgeous kombucher, she's bought a scobie for five dollars

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Speaker 1: on Facebook marketplace, which I guess is how you make Yes,

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Speaker 1: it's like the church. Yeah yeah, So she's making her

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Speaker 1: own kom butcher at home and is saving fifty dollars

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Speaker 1: a fortnight, which equates to thirteen hundred dollars a year.

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Speaker 3: I think that's actually wild and really's mamart, Like, I

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Speaker 3: actually love that, because kombucha can be so expensive, like

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Speaker 3: six dollars a bottle sometimes if you're buying at the

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Speaker 3: convenience stall like I sometimes do. But how cool is that?

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Speaker 3: I don't even know how to make it? But I

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Speaker 3: do know that a scobie, which is for those listening

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Speaker 3: at home and they've never heard of what a scobie

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Speaker 3: is a systematic culture of bacteria and yeast. I knew

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Speaker 3: that off the top of my head. Please don't why no,

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Speaker 3: I didn't.

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Speaker 1: I just knew that.

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Speaker 3: Honestly, there are things that I do google for this podcast.

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Speaker 3: That is not one of them. That is just some

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Speaker 3: knowledge that I had sitting there are' welcare.

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Speaker 1: That's enough, com butcher Chat. Let's move across to the

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Speaker 1: main topic of today's show, money minimalism. Now, when we

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Speaker 1: talk about minimalism, generally we're chatting about it within the

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Speaker 1: context of the home. The idea is that the less

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Speaker 1: stuff that surrounds us, the more serenence then our lives

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Speaker 1: will be. Now, obviously we aren't here to talk about interiors,

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Speaker 1: although Victoria, I think you'd agree that that would be

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Speaker 1: a good time, It would be a really great topic Today. Instead,

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Speaker 1: we want to discuss the benefits of adopting this Maricondo

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Speaker 1: approach to help us declutter our finances and make our

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Speaker 1: journey to wealth creation atadia more organized and less stressful.

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Speaker 3: One. Yes, it does turn out we're a finance podcast,

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Speaker 3: not an interior design one.

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Speaker 1: Seem that way. Now, it's important to note too that

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Speaker 1: this is an a specially relevant conversation to be having

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Speaker 1: in today's climate. It's important to note too that this

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Speaker 1: is an especially relevant conversation to be having in today's climate.

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Speaker 1: We know a huge number of Australians have had their

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Speaker 1: incomes impacted by COVID, be that in job loss or

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Speaker 1: reduction of ours or salary whatever it may be. So

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Speaker 1: we're hoping that this chart will all make us feel

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Speaker 1: a little bit better about our finances, making them easier

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Speaker 1: to understand, so that we can really feel like we're

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Speaker 1: on top of our money, relieving some of that money

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Speaker 1: anxiety that I know a lot of us are feeling

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Speaker 1: at the moment. So Victoria, can you please start us

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Speaker 1: off today by chatting me through exactly what money minimalism

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Speaker 1: means to you as a financial advisor.

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Speaker 3: Georgia, I think this is a really great place to start,

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Speaker 3: and it can probably be tackled in so many different

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Speaker 3: ways by so many different people, Like this is going

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Speaker 3: to mean something different to me than it means to you,

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Speaker 3: so let's just tackle it as a really broad type

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Speaker 3: of topic. But at the end of the day, the

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Speaker 3: goal of money minimalism, in my mind, is to simplify

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Speaker 3: your finances so that you can get on top of

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Speaker 3: them and not have any of that nagging stress hanging

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Speaker 3: over your head from not quite understanding your money situation,

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Speaker 3: or as I always say, bearing your head in the

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Speaker 3: sand about your debt instead of creating a strategy to

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Speaker 3: pay it off. So this is just more about empowering

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Speaker 3: you to be on top of your finances, really cut

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Speaker 3: out the things that aren't quote sparking joy. And as

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Speaker 3: much as I love Marie Kondo, I feel like this

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Speaker 3: really does extend to finances so that we can start

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Speaker 3: talking about, you know, actually adopting those principles into our

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Speaker 3: financial health. I think it gives us a really clean

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Speaker 3: understanding of one what we're spending and what we're able

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Speaker 3: to save or invest or even just allocate to things

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Speaker 3: that are important to us right now. But it also

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Speaker 3: helps us just cut things out without feeling like we're

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Speaker 3: missing out, and that's a massive thing. We've got a

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Speaker 3: podcast coming up on Fomo, and I think that, you know,

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Speaker 3: this is actually a really good segue into fear of

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Speaker 3: missing out, because if it's not making you happy, why

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Speaker 3: are you spending your money on it? And as I

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Speaker 3: always say to you, Georgia, I'm not sure if I've

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Speaker 3: mentioned on the podcast. Maybe I have, because I'm honestly

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Speaker 3: a broken record, but I see money as energy and

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Speaker 3: like it can be channeled into different ways, and if

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Speaker 3: you're channeling your money into an area that is not

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Speaker 3: of value to you, you're essentially helping something grow that

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Speaker 3: you don't really like. So I think that if we're

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Speaker 3: in a situation where you're faced with too many banking counts, bills, debts,

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Speaker 3: all of that, etc. It follows that you may lose

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Speaker 3: track of how you're faring financially, which means that things

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Speaker 3: can actually fall through the cracks and you might miss

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Speaker 3: good opportunities to save money or just be a little

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Speaker 3: bit more savvy, especially right now when we're in a

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Speaker 3: situation where you know, a lot of us are actually

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Speaker 3: suffering pretty significantly financially. Let's just talk about the things

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Speaker 3: that we can cut out until life goes back to

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Speaker 3: being a bit normal. So the benefit, Georgia, to approaching

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Speaker 3: your finances this way is just that it makes it

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Speaker 3: simple by design. I know that money can be a

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Speaker 3: very difficult, daunting, and convoluted thing to so many people,

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Speaker 3: which is exactly why we have this podcast, so that

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Speaker 3: we can tease out the complex financial ideas and make

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Speaker 3: them accessible for even more people. So, George, all money

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Speaker 3: minimalism is, though, is making our money work for us

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Speaker 3: by essentially getting organized and getting rid of the clutter.

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Speaker 3: So that's all today is a few tips and tricks

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Speaker 3: from me as to how we can really maricondo our

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Speaker 3: finances and create some action plans to start taking offer

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Speaker 3: goals and Georgia, I really couldn't say no to the

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Speaker 3: opportunity of talking about Marie Conto.

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Speaker 1: You are a big fan of condo.

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Speaker 3: Yes I am. Have you seen my drawers? You wouldn't

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Speaker 3: have seen the drawers in my house. But like I

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Speaker 3: can fold leggings like nobody's business, I'm telling you right

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Speaker 3: now really sparks so much joy.

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Speaker 1: How do you go with the fitted sheet?

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Speaker 3: Just out of intro, I'm really good at a fitted sheet.

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Speaker 3: My mother taught me how to fold a fitted sheep perfectly.

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Speaker 3: My little sister Alex, I'm sure is exactly the same.

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Speaker 1: So money minimalism, we know a little bit about what

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Speaker 1: it is, but how can we actually be applying it

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Speaker 1: in our own lives.

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Speaker 3: So I think that there are a few steps, and

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Speaker 3: no one who's going to be surprised that I tell

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Speaker 3: you all that we want to start with reflecting on

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Speaker 3: your money story and identifying your values. So by starting

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Speaker 3: with your money story, we can really gain an understanding

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Speaker 3: of your past behaviors with money, what has informed or

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Speaker 3: influenced your decisions, and where maybe you'd like to make

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Speaker 3: some changes. This is obviously where I start with all

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Speaker 3: of my clients as well, because I say it time

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Speaker 3: and time again, because if we don't understand the why

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Speaker 3: behind our spend, we probably won't be able to make

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Speaker 3: the changes we'd like to. And I talk about Money

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Speaker 3: Stories a lot, and we have a couple of episodes

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Speaker 3: on it. So go back literally to the very start

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Speaker 3: of the podcast if you're not across them yet, so

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Speaker 3: that you can wrap your head around it. But I

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Speaker 3: think that that is probably the best place to start.

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Speaker 3: And Georgia, a twenty eighteen study found that eighty six

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Speaker 3: percent of Australians don't know how much they spend each month,

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Speaker 3: which is, by the way, that's like a really high

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Speaker 3: stat So we need to be taking a look at

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Speaker 3: our behavior and really take responsibility for our spending. I

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Speaker 3: feel like it's something that feels really daunting, really overwhelming,

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Speaker 3: but actually puts us in a position where we are

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Speaker 3: really empowered. And Georgia, when I say really empowered, I

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Speaker 3: think it's important to point out that I'm not just saying, Okay,

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Speaker 3: you're empowered to now save heaps of money, Like I

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Speaker 3: know that lots of us is struggling, and to me,

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Speaker 3: empowered is just knowing what's coming in, what power we

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Speaker 3: have to change, how we can allocate these funds so

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Speaker 3: that we can actually put ourselves in a better or

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Speaker 3: the best position we can possibly be. It's definitely not

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Speaker 3: about saying, Okay, well you'll be able to save millions

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Speaker 3: of dollars. That is not the case at all. It

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Speaker 3: is more about saying, what's coming in, How can I

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Speaker 3: feel on top of my situation when not a lot

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Speaker 3: is actually in our control at the moment. From here,

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Speaker 3: it is a good idea to map out your values

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Speaker 3: so that you can budget appropriately and realistically. And Georgia King,

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Speaker 3: we have another episode coming up very soon on budgeting

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Speaker 3: and cash flow, and Georgia, I cannot tell you how

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Speaker 3: excited I am about that topic, because, as you know,

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Speaker 3: budgeting and cashlow is my favorite thing to talk about.

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Speaker 3: But by identifying those things that we really evalue spending

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Speaker 3: our money on, be that your gym, your nails, your Netflix,

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Speaker 3: expensive cat food cough me, it makes it easier to

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Speaker 3: then rank these things that perhaps aren't as important to

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Speaker 3: you so that you can knock them off and get

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Speaker 3: rid of them from your budget without as much pain

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Speaker 3: and without feeling like you're missing out on anything. As

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Speaker 3: a part of this process, it's a really good idea

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Speaker 3: to take a step back and have a look at

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Speaker 3: the last twelve months of our spending, for example, and

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Speaker 3: see where our money went. Does what we have spent

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Speaker 3: our money on actually a line twelve values, and George

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Speaker 3: is something that I will be talking about in our

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Speaker 3: budgeting and cash flow episodes soon, so won't harp on

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Speaker 3: about it. Is actually doing what I call a bank

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Speaker 3: account audit, and a bank account audit is where you

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Speaker 3: print off the last I usually do three months, but

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Speaker 3: you can do twelve. I print it off and I

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Speaker 3: know it's really important to save paper, but honestly, this

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Speaker 3: is so much more powerful when you print it off

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Speaker 3: and have a hard copy in front of you. Print

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Speaker 3: off your last three months of bank statements or twelve months,

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Speaker 3: get two different colors of highlighters and highlight your discretionary

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Speaker 3: and you're not discretionary spending. So your essentials and your

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Speaker 3: non essentials, and just see what that divide is. And

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Speaker 3: then of your non essentials, have a look at what

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Speaker 3: you are spending your money on the most. And I'm

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Speaker 3: telling you right now that is what you value the

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Speaker 3: most at the moment. And I know a lot of

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Speaker 3: people are going to love hearing that because this is

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Speaker 3: something I do with clients, and for example, I will

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Speaker 3: sit down with you, go through it, and then I'll

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Speaker 3: talk to a client and say, okay, well, obviously you

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Speaker 3: really value smoking. They're like, no, victory, I don't at all.

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Speaker 3: I don't like it. Like, okay, well that's where a

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Speaker 3: lot of your money each week is going. They're like, no, no, no, no,

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Speaker 3: that's not a value to meet all. I'll say, okay,

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Speaker 3: but it is because that's where your money is. That's

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Speaker 3: where you're channeling your energy, that's where you're channeling your

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Speaker 3: money power. And I think that once we can work

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Speaker 3: out what that actually looks like and kind of just

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Speaker 3: have it sitting there right in front of our faces,

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Speaker 3: we are able to see what we want to change.

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Speaker 1: Well, that's the thing. There's no hiding from that, right yeah.

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Speaker 3: And it's smoking is just an example. It's not to

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Speaker 3: say that that's, you know, the thing that's going to

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Speaker 3: pop out for you, but for me, that's obviously a

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Speaker 3: very expensive habit that you know, once it's put in

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Speaker 3: front of you, like, hey, cool, so you value this?

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Speaker 3: People like no, yeah, well actually you quite clearly do

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Speaker 3: because that's where you're allocating.

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Speaker 1: Your money, and that would be similar with like coffee,

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Speaker 1: where you're spending the photos. You done that every day

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Speaker 1: and then you look at that over a year, it's like,

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Speaker 1: well I've sent thousands of bucks.

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Speaker 3: Yeah, And like, as you know, I don't mind where

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Speaker 3: your money goes. As long as you are actually really

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Speaker 3: confident with where your money is going, you feel comfortable

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Speaker 3: with it. But it's all about education, and it's all

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Speaker 3: about just knowing. I spend lots on coffee because genuinely

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Speaker 3: it is a value to me. I love it. It

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Speaker 3: is a very beautiful part of my day. I'm really

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Speaker 3: lucky to be able to do that. But I consciously

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Speaker 3: make that decision. And I want everyone to be in

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Speaker 3: a position exactly like that, where they are consciously making

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Speaker 3: decisions around their discretionary spending, as opposed to it just

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Speaker 3: being frivolous and not happening.

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Speaker 1: Okay, So we start with our money story, and we

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Speaker 1: identify our values, see where we're spending our money, and

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Speaker 1: if we want to make any changes, I'm assuming then

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Speaker 1: simplification is going to come into the MINX. I feel

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Speaker 1: like simplification and Maricondo are kind of intrinsically linked.

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Speaker 3: Yeah, in the most beautiful way. I wish I was

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Speaker 3: Marie Kondo. Honestly, she is so cool. But you're correct.

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Speaker 3: Simplification is definitely the next step, and this can actually

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Speaker 3: manifest in a few different ways. So, George, simplification is

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Speaker 3: definitely the next step, and this can manifest in a

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Speaker 3: few different ways, and we can go through a few

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Speaker 3: different things that you can do to actually start simplifying

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Speaker 3: your money journey or your money story or whatever you

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Speaker 3: would like to call it. First things first, get rid

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Speaker 3: of bank accounts. You don't need for me, having bank

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Speaker 3: accounts that are sitting dormant to the side, they just

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Speaker 3: create a lack of clarity. So it's more about keeping

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Speaker 3: a really consistent amount of bank accounts that you actually use.

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Speaker 3: So I'm not saying closed bank accounts so you're using.

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Speaker 3: But if you have an old card that you're not using,

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Speaker 3: just get rid of it. You might have fees on it,

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Speaker 3: it might be something that you are not actually you know,

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Speaker 3: going to ever use. Again. The fewer accounts, the fewer

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Speaker 3: statements you need to keep on top of the fewer

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Speaker 3: things you need to check on etcetera, etc. So just

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Speaker 3: simplify that, make that really clean. Second step is and

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Speaker 3: these will go really hand in hand with a really

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Speaker 3: solid budget Georgia when it comes to organizing your processes

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Speaker 3: and making the most out of twenty twenty, because let's

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Speaker 3: be honest, like, there's not a lot that has gone

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Speaker 3: great this year, so hopefully we can get on our

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Speaker 3: money stories together this year. Instead, make sure you're automating

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Speaker 3: as much as you can so that your bills are

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Speaker 3: direct debited without you having to think about it. So

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Speaker 3: it's not necessarily an option for absolutely everybody. Some people

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Speaker 3: want to manage it manually. I have lots of clients

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Speaker 3: and lots of friends who are like, you know what, Victoria,

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Speaker 3: I see that you direct debit things, but I just

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Speaker 3: want to go in and transfer it myself every month.

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Speaker 3: That is fine. Some people just don't have the money

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Speaker 3: in their account yet, so they want to wait until

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Speaker 3: it is. But I think automate those payments so that

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Speaker 3: you know they're coming up and you can actually allocate

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Speaker 3: for them. And if you're in a situation where you

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Speaker 3: might have the money in your account yet, don't stick

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Speaker 3: your head in the sand. It is totally fine. To

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Speaker 3: be in that situation, but do something about it. So

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Speaker 3: if you know you've got an energy bill coming up

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Speaker 3: but you can't afford it, you genuinely don't have the

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Speaker 3: money in your account, call them, let them know, either

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Speaker 3: establish a payment plan with them, or ask to defer

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Speaker 3: the payment. Don't just stick your head in the sand

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Speaker 3: and let it get some penalty fees and become something

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Speaker 3: that stops you from sleeping well at night. I think

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Speaker 3: we actually need to be on top of this and

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Speaker 3: making sure that we're not sticking our heads in the sand.

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Speaker 3: And I know that that's a really hard thing for

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Speaker 3: a lot of us, especially if we're struggling financially, But like,

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Speaker 3: you've totally got this and you're in a position where

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Speaker 3: you can just take charge. There is not one thing

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Speaker 3: that is embarrassing about being in a situation where you

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Speaker 3: can't afford something, especially right now. I think it's actually

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Speaker 3: really empowering to pick up the phone and say, hey, sorry,

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Speaker 3: that's just not going to happen for me this month.

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Speaker 3: What can we do to work together to get out

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Speaker 3: of this situation? So you're not feeling like you're overwhelmed.

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Speaker 3: But the most important thing for you is actually your

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Speaker 3: mental health and being able to sleep well at night.

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Speaker 3: And I know that that is going to sound really

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Speaker 3: lame to some people, but I genuinely think it's going

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Speaker 3: to be really, really helpful for you if you can

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Speaker 3: actually just get on top of your mental health via finance.

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Speaker 1: So give us some more simplification tips.

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Speaker 3: So, debt consolidation is something that a lot of people

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Speaker 3: don't make use of if they are in debt that

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Speaker 3: I think is really helpful. So for every loan in

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Speaker 3: your life, you receive statements and you need to pay

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Speaker 3: payments and factor those payments into your finance, and essentially,

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Speaker 3: the fewer debts you have, the fewer payments you need

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Speaker 3: to make each month. Obviously, ideal situation is to have

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Speaker 3: less debts full stop, but for a lot of us

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Speaker 3: that is not an option, especially right now. So I

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Speaker 3: think working out how you can consolidate those options if

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Speaker 3: it is available to you if you are in a

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Speaker 3: significant amount of personal debts. Sometimes it is not available

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Speaker 3: to you until you can prove that you can get

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Speaker 3: out of some of it first. But this way, you

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Speaker 3: have one larger expense each month instead of a number

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Speaker 3: of them broken up across the month, and to me

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Speaker 3: that simplification actually is far more empowering and makes you

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Speaker 3: feel like you're on top of it, and it's one

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Speaker 3: less bill payment to schedule each and every single month.

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Speaker 3: Just by combining things, I'm making sure that you are

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00:19:42,520 --> 00:19:45,359
Speaker 3: on top of it. But also, Georgia, when you do

435
00:19:45,480 --> 00:19:49,120
Speaker 3: debt consolidation, more often than not, if you're consolidating things

436
00:19:49,160 --> 00:19:52,320
Speaker 3: like credit cards and personal loans, you'll end up usually

437
00:19:52,359 --> 00:19:55,359
Speaker 3: and or not promising anything, but you'll usually end up

438
00:19:55,400 --> 00:19:58,000
Speaker 3: with a lower interest rate, so you'll end up saving

439
00:19:58,040 --> 00:19:59,520
Speaker 3: money over the long term as well.

440
00:19:59,600 --> 00:20:01,719
Speaker 1: This could be dumb question, so feel free to just

441
00:20:01,840 --> 00:20:04,119
Speaker 1: ignore me and move on. You don't know what you

442
00:20:04,200 --> 00:20:07,679
Speaker 1: Georgic them, how do we actually consolidate our debt? Can

443
00:20:07,720 --> 00:20:09,680
Speaker 1: we do that ourselves? Do we need an in buzza?

444
00:20:09,800 --> 00:20:10,760
Speaker 1: What do we doing? So?

445
00:20:10,960 --> 00:20:12,640
Speaker 3: You can go to your bank and have a chat

446
00:20:12,680 --> 00:20:15,680
Speaker 3: to them about that, But I would actually recommend going

447
00:20:15,680 --> 00:20:18,840
Speaker 3: to a broker, and most finance brokers are able to

448
00:20:18,880 --> 00:20:21,119
Speaker 3: help you out here. If not, I guarantee they'll have

449
00:20:21,160 --> 00:20:24,399
Speaker 3: a referral for someone who deals in personal finances. Have

450
00:20:24,480 --> 00:20:26,679
Speaker 3: a chat to them because they will have access to

451
00:20:26,760 --> 00:20:30,040
Speaker 3: not just one bank and one consolidation product. They'll be

452
00:20:30,080 --> 00:20:33,000
Speaker 3: able to find the right consolidation product, and I think

453
00:20:33,040 --> 00:20:35,760
Speaker 3: that that's a massive thing as well. I'm in a

454
00:20:35,800 --> 00:20:40,159
Speaker 3: situation where, you know, I don't do personal debt refinances myself,

455
00:20:40,200 --> 00:20:42,320
Speaker 3: but I have a really good partner that I refer

456
00:20:42,400 --> 00:20:45,080
Speaker 3: work to that I know he kills it. So if

457
00:20:45,080 --> 00:20:47,480
Speaker 3: you're in that situation, I'm really happy to help out

458
00:20:47,520 --> 00:20:49,959
Speaker 3: shoot an email through too. She's on the money and

459
00:20:50,040 --> 00:20:51,760
Speaker 3: we can, you know, cook you up with the right

460
00:20:51,920 --> 00:20:54,600
Speaker 3: broker who can actually put you in a really good situation.

461
00:20:54,920 --> 00:20:57,240
Speaker 3: But at the end of the day, might not actually

462
00:20:57,240 --> 00:20:59,639
Speaker 3: be accessible for everybody, but honestly, if you're in a

463
00:20:59,680 --> 00:21:02,359
Speaker 3: situation where it might, it's definitely worth looking into.

464
00:21:02,520 --> 00:21:05,919
Speaker 1: Okay, so we've had a debt consolidation, what about super consolidation.

465
00:21:06,200 --> 00:21:07,480
Speaker 1: I feel like that follows that that's going to be

466
00:21:07,520 --> 00:21:08,000
Speaker 1: the next step.

467
00:21:08,080 --> 00:21:10,160
Speaker 3: You're a smart lady. I didn't have it. I didn't

468
00:21:10,200 --> 00:21:12,080
Speaker 3: have it written down, but you're right. I think that

469
00:21:12,200 --> 00:21:15,800
Speaker 3: debt consolidation and super consolidation are both really great things

470
00:21:15,880 --> 00:21:18,040
Speaker 3: to talk about. And you guys know that I am

471
00:21:18,080 --> 00:21:20,720
Speaker 3: a massive fan of getting your superannuation in order, so

472
00:21:20,760 --> 00:21:23,520
Speaker 3: I think it's really important to put yourself in a

473
00:21:23,560 --> 00:21:27,320
Speaker 3: situation where you are consolidating the multiple super accounts that

474
00:21:27,359 --> 00:21:30,080
Speaker 3: I know lots of us still have, because I did

475
00:21:30,200 --> 00:21:33,480
Speaker 3: up until a few years ago. Because as a financial adviser,

476
00:21:33,520 --> 00:21:35,080
Speaker 3: it's always do as I say, not as I do,

477
00:21:35,280 --> 00:21:38,119
Speaker 3: quite obviously Georgia. But I worked in retail, and I

478
00:21:38,160 --> 00:21:40,439
Speaker 3: worked in hospitality, and then I worked a little bit

479
00:21:40,480 --> 00:21:42,080
Speaker 3: in office, I'd mean, and I was in this situation

480
00:21:42,119 --> 00:21:44,280
Speaker 3: where I had lots of super in lots of places.

481
00:21:44,680 --> 00:21:47,640
Speaker 3: So I think obviously consolidating your super is a really

482
00:21:47,640 --> 00:21:49,800
Speaker 3: good idea if you are looking at all of the

483
00:21:49,880 --> 00:21:52,919
Speaker 3: right factors. Make sure that you look at the Australian

484
00:21:52,920 --> 00:21:55,159
Speaker 3: Tax Officers super secret told to see if there is

485
00:21:55,240 --> 00:21:57,320
Speaker 3: any loss super as well, so that you can pop

486
00:21:57,359 --> 00:22:01,240
Speaker 3: that in it can start contributing to your retirement and asap.

487
00:22:01,720 --> 00:22:04,560
Speaker 3: But then also I think it's really important to take

488
00:22:04,560 --> 00:22:07,960
Speaker 3: into consideration insurances and not many people talk about how

489
00:22:08,000 --> 00:22:10,800
Speaker 3: important that is. But I cannot tell you how many

490
00:22:10,800 --> 00:22:14,080
Speaker 3: people I've met that you know, really proud that they've

491
00:22:14,080 --> 00:22:17,000
Speaker 3: consolidated their superann and go, oh no, you got rid

492
00:22:17,080 --> 00:22:20,000
Speaker 3: of you know that insurance that would have actually really

493
00:22:20,040 --> 00:22:22,800
Speaker 3: served you. So I won't harp on, Georgia.

494
00:22:22,840 --> 00:22:25,800
Speaker 1: What do you want to talk about next? Okay? So

495
00:22:26,200 --> 00:22:27,520
Speaker 1: I feel like this is actually what you're going to

496
00:22:27,560 --> 00:22:31,919
Speaker 1: be the most excited to talk about today. Organization and systems.

497
00:22:32,080 --> 00:22:33,600
Speaker 3: I do love some organization.

498
00:22:33,640 --> 00:22:36,239
Speaker 1: I can see lighting up over there. Stop that, So

499
00:22:36,359 --> 00:22:39,959
Speaker 1: talk me through how we can maricondo our systems to

500
00:22:39,960 --> 00:22:42,919
Speaker 1: make them work better for us, our finance, our finances. Yes, okay,

501
00:22:43,000 --> 00:22:45,160
Speaker 1: I would be very happy to spend the next twenty

502
00:22:45,160 --> 00:22:49,800
Speaker 1: minutes talking about my pantry, albeit not productive. Have a

503
00:22:49,840 --> 00:22:51,760
Speaker 1: folder where you keep all your seats, Georgia.

504
00:22:51,880 --> 00:22:54,080
Speaker 3: I don't care if it's a folder or a shoe

505
00:22:54,080 --> 00:22:56,840
Speaker 3: box or whatever you want it to be, but keep

506
00:22:56,920 --> 00:22:59,920
Speaker 3: track of everything. So one for bills, one for a CEA,

507
00:23:00,440 --> 00:23:02,640
Speaker 3: everything that you know you need to claim at tax time,

508
00:23:02,880 --> 00:23:05,520
Speaker 3: because I know that when tax time creeps up on us,

509
00:23:05,560 --> 00:23:07,520
Speaker 3: it can be in a shambles remembering how much you

510
00:23:07,560 --> 00:23:10,320
Speaker 3: spend it office works in between the workday for some

511
00:23:10,480 --> 00:23:12,520
Speaker 3: pens or whatever it is that you should be claiming.

512
00:23:13,000 --> 00:23:16,359
Speaker 3: So for me, it's keeping a folder. I really like

513
00:23:16,520 --> 00:23:20,399
Speaker 3: physical things, but more recently I've actually moved to keeping

514
00:23:20,440 --> 00:23:23,160
Speaker 3: track of it via the Ato app, where you can

515
00:23:23,240 --> 00:23:25,439
Speaker 3: just take a photo of your receipt and upload it

516
00:23:25,480 --> 00:23:28,399
Speaker 3: and make sure it's there for future reference. I also

517
00:23:28,760 --> 00:23:32,040
Speaker 3: with bills and just important documents things that I know

518
00:23:32,119 --> 00:23:34,320
Speaker 3: I need to keep. I have a folder on my

519
00:23:34,480 --> 00:23:37,760
Speaker 3: phone under albums. I don't know if everybody is as

520
00:23:37,840 --> 00:23:40,520
Speaker 3: organized as Siam with albums in their phone, but I am.

521
00:23:40,680 --> 00:23:43,480
Speaker 3: I have this folder on my phone of all of

522
00:23:43,520 --> 00:23:46,359
Speaker 3: the important documents that I need to keep for tax time,

523
00:23:46,720 --> 00:23:48,960
Speaker 3: so that when tax time comes, I actually just save

524
00:23:49,000 --> 00:23:51,239
Speaker 3: them all and email them straight to my accountant so

525
00:23:51,280 --> 00:23:53,439
Speaker 3: that they have them on the file. So for me,

526
00:23:53,920 --> 00:23:56,560
Speaker 3: just make sure that you keep your bills, your work,

527
00:23:56,680 --> 00:23:59,879
Speaker 3: your pay slips, etc. So that everything is in one place.

528
00:24:00,640 --> 00:24:02,840
Speaker 3: I've also recently read I think it was in our

529
00:24:02,840 --> 00:24:05,240
Speaker 3: Facebook group Georgia. I can't even remember where I read

530
00:24:05,280 --> 00:24:08,880
Speaker 3: it now, but somebody created an email purely for keeping

531
00:24:08,920 --> 00:24:11,960
Speaker 3: track of business expenses and would always forward information to

532
00:24:12,080 --> 00:24:13,760
Speaker 3: that email, so it was all in one place, and

533
00:24:13,800 --> 00:24:15,200
Speaker 3: I thought that was pretty smart.

534
00:24:15,680 --> 00:24:18,600
Speaker 1: So I guess to wrap the main benefit of implementing

535
00:24:18,640 --> 00:24:21,480
Speaker 1: a money minimalism is that it helps eradicate that stress

536
00:24:21,520 --> 00:24:23,399
Speaker 1: many of us feel when it comes to finance, So

537
00:24:23,400 --> 00:24:25,399
Speaker 1: it gets sort of the clatter and the anxiety that

538
00:24:25,760 --> 00:24:29,600
Speaker 1: builds up within us. Victoria, would you say that speaking

539
00:24:29,600 --> 00:24:31,840
Speaker 1: to a financial advisor, if you're ready for that step,

540
00:24:31,920 --> 00:24:33,200
Speaker 1: is a good way to get you on this journey

541
00:24:33,240 --> 00:24:34,399
Speaker 1: or do you think we could just do it on

542
00:24:34,440 --> 00:24:35,400
Speaker 1: our own, Georgia.

543
00:24:35,560 --> 00:24:38,480
Speaker 3: You know, I love a grip financial advisor, but I

544
00:24:38,600 --> 00:24:40,560
Speaker 3: do not think that it is essential for you to

545
00:24:40,600 --> 00:24:43,280
Speaker 3: talk to a financial advisor to get these things together.

546
00:24:43,600 --> 00:24:45,320
Speaker 3: I think that you have the power to do this

547
00:24:45,440 --> 00:24:48,119
Speaker 3: on your own. And actually by doing this when you

548
00:24:48,200 --> 00:24:50,840
Speaker 3: finally do see a financial advisor, if you need to

549
00:24:50,880 --> 00:24:53,400
Speaker 3: see one, it's going to put you in a position

550
00:24:53,440 --> 00:24:55,640
Speaker 3: where you are really clear on your goals, really clear

551
00:24:55,680 --> 00:24:59,480
Speaker 3: on your financial situation, and your financial advisor is absolutely

552
00:24:59,480 --> 00:25:01,919
Speaker 3: going to love that. You know how much power you've got. So,

553
00:25:02,040 --> 00:25:04,080
Speaker 3: for example, if you go to a financial advisor and

554
00:25:04,119 --> 00:25:06,040
Speaker 3: you haven't got your budget and cash flow sorted and

555
00:25:06,080 --> 00:25:08,120
Speaker 3: you don't really know what's going on, you also don't

556
00:25:08,160 --> 00:25:11,480
Speaker 3: know what you value, it's really hard to work that out.

557
00:25:11,760 --> 00:25:14,240
Speaker 3: Whereas if you've spent a while reflecting on this and

558
00:25:14,320 --> 00:25:16,119
Speaker 3: having a chat about it, and you know, doing a

559
00:25:16,119 --> 00:25:18,880
Speaker 3: budgeting tool and you know, working out what that actually

560
00:25:18,880 --> 00:25:21,440
Speaker 3: looks like for you, you are going to get far

561
00:25:21,560 --> 00:25:24,600
Speaker 3: more value out of your financial advisor because instead of

562
00:25:24,600 --> 00:25:27,320
Speaker 3: them helping with your budget, they can actually help with

563
00:25:27,400 --> 00:25:30,320
Speaker 3: bigger things and you know, talking about investment or debt

564
00:25:30,320 --> 00:25:33,399
Speaker 3: consolidation or whatever that is. So for me, no, I

565
00:25:33,520 --> 00:25:36,000
Speaker 3: don't think you need to see a financial advisor to

566
00:25:36,200 --> 00:25:40,159
Speaker 3: you know, maricondo your finances. If you're really struggling, obviously

567
00:25:40,240 --> 00:25:42,480
Speaker 3: reach out and you could do something like a budgeting

568
00:25:42,480 --> 00:25:45,280
Speaker 3: and cash flow session with a financial advisor, which I

569
00:25:45,320 --> 00:25:48,280
Speaker 3: know is a really powerful way of actually you know,

570
00:25:48,560 --> 00:25:51,639
Speaker 3: turbocharging that they can go through it and actually be like, Okay,

571
00:25:51,760 --> 00:25:53,320
Speaker 3: this is what you do, this is how you do it,

572
00:25:53,359 --> 00:25:56,240
Speaker 3: this is how it perfectly aligns to your financial situation,

573
00:25:56,480 --> 00:25:58,680
Speaker 3: which is something I do in my business. But then

574
00:25:58,760 --> 00:26:02,160
Speaker 3: also joja not to plug my own product, but I've

575
00:26:02,200 --> 00:26:04,639
Speaker 3: recently organized an online course because I feel like I

576
00:26:04,640 --> 00:26:06,520
Speaker 3: can reach more people by doing that and that will

577
00:26:06,560 --> 00:26:08,800
Speaker 3: be coming out soon, so that will be a really

578
00:26:08,880 --> 00:26:11,199
Speaker 3: good tool as well to actually get on top of

579
00:26:11,200 --> 00:26:14,760
Speaker 3: this and just really clarify your situation. Talk about money stories,

580
00:26:14,960 --> 00:26:18,159
Speaker 3: talk about budget, create a cash flow, and feel really

581
00:26:18,200 --> 00:26:21,240
Speaker 3: in control of your money story. So no, you don't

582
00:26:21,240 --> 00:26:23,959
Speaker 3: need to sell you a financial advisor, but sometimes you

583
00:26:24,000 --> 00:26:25,720
Speaker 3: do need a little bit of help along the way.

584
00:26:29,840 --> 00:26:30,000
Speaker 4: Hi.

585
00:26:30,080 --> 00:26:32,320
Speaker 1: There, you've breached the Shoes on the Money mailbox. Do

586
00:26:32,359 --> 00:26:34,000
Speaker 1: you have a money problem you want help solving. Do

587
00:26:34,040 --> 00:26:35,560
Speaker 1: you have a money to Lenna you just want to

588
00:26:35,600 --> 00:26:38,600
Speaker 1: chat about? Victoria is here to help. Every week we'll

589
00:26:38,640 --> 00:26:40,520
Speaker 1: be playing your questions to help make sense of a

590
00:26:40,560 --> 00:26:42,520
Speaker 1: money mess you may have found yourself in. Make a

591
00:26:42,560 --> 00:26:44,440
Speaker 1: quick recording on your phone and send it through to

592
00:26:44,520 --> 00:26:46,919
Speaker 1: podcasts at Shoes Onthemoney dot com dot au and you

593
00:26:47,000 --> 00:26:49,320
Speaker 1: might even find yourself on the show. But for now,

594
00:26:49,400 --> 00:26:50,680
Speaker 1: here's today's listener question.

595
00:26:51,600 --> 00:26:55,439
Speaker 2: Hey, guys, money is something I've struggled with forever. Slowly

596
00:26:55,520 --> 00:26:57,720
Speaker 2: but surely, I'm starting to get my head around things.

597
00:26:58,200 --> 00:27:00,920
Speaker 2: As a twenty seven year old with ten personal debt

598
00:27:01,160 --> 00:27:04,159
Speaker 2: and average income of fifty five K, I'm wondering what

599
00:27:04,280 --> 00:27:06,600
Speaker 2: you think the fastest way to getting your head financially

600
00:27:06,640 --> 00:27:07,800
Speaker 2: would be. Thanks?

601
00:27:08,680 --> 00:27:10,480
Speaker 1: Alrighty, Victoria, where does she start? Okay?

602
00:27:10,520 --> 00:27:13,320
Speaker 3: First things first, congrats on getting your head around things.

603
00:27:13,680 --> 00:27:15,840
Speaker 3: Ten thousand dollars worth of debt you can get out

604
00:27:15,880 --> 00:27:19,200
Speaker 3: of very speedily, but for me that is the priority.

605
00:27:19,520 --> 00:27:22,600
Speaker 3: So with an average income of fifty five thousand dollars,

606
00:27:22,640 --> 00:27:24,880
Speaker 3: she can probably get out of that debt I'd say

607
00:27:24,920 --> 00:27:28,399
Speaker 3: two years comfortably while still maintaining a lifestyle. But the

608
00:27:28,600 --> 00:27:31,640
Speaker 3: fastest way she can get her head around things would

609
00:27:31,680 --> 00:27:35,240
Speaker 3: be to focus on smashing down that debt and doing

610
00:27:35,280 --> 00:27:38,119
Speaker 3: a budget and cash flow for herself. So creating a

611
00:27:38,160 --> 00:27:40,600
Speaker 3: budget so you know where everything is and how much

612
00:27:40,640 --> 00:27:43,480
Speaker 3: you need to spend each and every single year, month, week,

613
00:27:43,680 --> 00:27:47,439
Speaker 3: literally on everything, and then working out what cash flow is.

614
00:27:47,720 --> 00:27:49,919
Speaker 3: So cash flow to me is what comes into your

615
00:27:49,920 --> 00:27:51,960
Speaker 3: bank account, what goes out of your bank account, and

616
00:27:52,000 --> 00:27:55,200
Speaker 3: what surplus or shortfall you have left to actually play

617
00:27:55,240 --> 00:27:57,520
Speaker 3: with or work out if you're going further into debt.

618
00:27:57,920 --> 00:27:59,719
Speaker 3: Is going to be the fastest way she can get

619
00:27:59,760 --> 00:28:01,520
Speaker 3: her head around things. This is going to be a

620
00:28:01,600 --> 00:28:04,800
Speaker 3: really clean and clear way of actually working out what

621
00:28:04,840 --> 00:28:07,600
Speaker 3: that means so that she can smash down that debt.

622
00:28:07,880 --> 00:28:10,040
Speaker 3: But also what I want to mention is if you're

623
00:28:10,080 --> 00:28:12,600
Speaker 3: in debt, you have so much power. I know that

624
00:28:12,640 --> 00:28:15,399
Speaker 3: sounds really lame, but if you have ten thousand dollars

625
00:28:15,400 --> 00:28:18,119
Speaker 3: worth of debt and you say, look, Victoria, ten thousand

626
00:28:18,160 --> 00:28:20,360
Speaker 3: dollars worth of debt, I really need to get out

627
00:28:20,359 --> 00:28:22,760
Speaker 3: of it. It's making me feel really down, feel really

628
00:28:22,760 --> 00:28:26,000
Speaker 3: depressed about it, makes me feel really awful. Okay, I

629
00:28:26,040 --> 00:28:28,800
Speaker 3: can understand that. Draw a line in the sand, stop

630
00:28:28,920 --> 00:28:32,000
Speaker 3: bullying yourself about this ten thousand dollars worth of debt,

631
00:28:32,200 --> 00:28:35,080
Speaker 3: and see it differently. See that debt as a tool

632
00:28:35,240 --> 00:28:38,200
Speaker 3: to get yourself into a really great financial position, because

633
00:28:38,240 --> 00:28:40,720
Speaker 3: the second you're out of debt, you have them proven

634
00:28:40,760 --> 00:28:43,920
Speaker 3: to yourself your savings capability. If you were putting two

635
00:28:44,040 --> 00:28:46,360
Speaker 3: hundred dollars a month towards your debt, that's now two

636
00:28:46,400 --> 00:28:48,880
Speaker 3: hundred dollars a month that you have to create wealth

637
00:28:48,960 --> 00:28:51,880
Speaker 3: or savings or allocate to one of your values. So

638
00:28:52,000 --> 00:28:54,640
Speaker 3: for me, this ten thousand dollars worth of debt is

639
00:28:54,720 --> 00:28:56,959
Speaker 3: kind of like the training wheels of proving that you

640
00:28:57,000 --> 00:28:59,200
Speaker 3: can save and you can invest and you can actually

641
00:28:59,280 --> 00:29:01,760
Speaker 3: get yourself out out of this position. So the second

642
00:29:01,800 --> 00:29:04,760
Speaker 3: that you are debt free, you're actually creating your wealth.

643
00:29:04,800 --> 00:29:06,880
Speaker 3: And I think that if we can reframe the way

644
00:29:06,920 --> 00:29:09,120
Speaker 3: that we look at debt and see it as you

645
00:29:09,120 --> 00:29:10,720
Speaker 3: know what, it's not a great position to be in.

646
00:29:11,000 --> 00:29:13,800
Speaker 3: Obviously it's not going to be constructive long term, but

647
00:29:13,880 --> 00:29:16,720
Speaker 3: if I use this as a tool to actually put

648
00:29:16,720 --> 00:29:19,840
Speaker 3: myself in a better position, because I'm teaching myself really

649
00:29:19,840 --> 00:29:22,960
Speaker 3: good values, really good behaviors, and I'm going to keep

650
00:29:23,000 --> 00:29:26,200
Speaker 3: those behaviors after I get out of debt, You're going

651
00:29:26,200 --> 00:29:28,040
Speaker 3: to be in a great position long term, and I

652
00:29:28,080 --> 00:29:30,280
Speaker 3: think that it will teach you a lot. So I

653
00:29:30,320 --> 00:29:33,080
Speaker 3: think people need to stop beating themselves up about being

654
00:29:33,080 --> 00:29:35,960
Speaker 3: in debt. Obviously, don't try and go into more debt,

655
00:29:36,280 --> 00:29:38,640
Speaker 3: but stop beating yourself up, because this is something that

656
00:29:38,680 --> 00:29:41,160
Speaker 3: you can use as a tool to feel really empowered

657
00:29:41,160 --> 00:29:43,280
Speaker 3: about your financial situation moving forward.

658
00:29:43,520 --> 00:29:46,479
Speaker 1: I think also just owning it is a really good step.

659
00:29:46,560 --> 00:29:48,960
Speaker 1: And you're the financial advisor here, I'm not, but I

660
00:29:48,960 --> 00:29:52,680
Speaker 1: can imagine owning that debt rather than, as you've said

661
00:29:52,760 --> 00:29:54,720
Speaker 1: multiple times on this podcast, keeping your head buried in

662
00:29:54,760 --> 00:29:57,240
Speaker 1: the sand. Will mean that you've got ten K of

663
00:29:57,280 --> 00:29:59,520
Speaker 1: personal debt, but then that's going to get worse and

664
00:29:59,520 --> 00:30:01,440
Speaker 1: worse and worse if you're not, like I've got ten K,

665
00:30:01,560 --> 00:30:04,200
Speaker 1: like own it, and then you can start getting rid

666
00:30:04,280 --> 00:30:06,320
Speaker 1: of that debt and doing your snowball thing that you're

667
00:30:06,320 --> 00:30:06,840
Speaker 1: always talking.

668
00:30:07,000 --> 00:30:10,560
Speaker 3: Absolutely absolutely, and I think that if you've got ten

669
00:30:10,600 --> 00:30:12,560
Speaker 3: thousand dollars out of debt. You know, you work out

670
00:30:12,560 --> 00:30:14,840
Speaker 3: your cash flow and you say, look, Victoria, in the

671
00:30:14,880 --> 00:30:17,880
Speaker 3: next twelve months, if I put my head down, I

672
00:30:17,960 --> 00:30:21,560
Speaker 3: can get out of it. Fantastic. Imagine the year after that,

673
00:30:21,680 --> 00:30:23,840
Speaker 3: if you put your head down again, you will have

674
00:30:23,920 --> 00:30:26,440
Speaker 3: ten thousand dollars in your savings account. That is so

675
00:30:26,640 --> 00:30:29,560
Speaker 3: cool and I think the power of seeing people going

676
00:30:29,560 --> 00:30:32,200
Speaker 3: from being in debt to having savings in their account.

677
00:30:32,440 --> 00:30:34,800
Speaker 3: It makes me so happy. I could I'm so excited.

678
00:30:34,840 --> 00:30:36,840
Speaker 1: We also see this a lot on the Facebook group

679
00:30:36,880 --> 00:30:40,200
Speaker 1: So Sweet Listener. If you're not already there, definitely add

680
00:30:40,240 --> 00:30:42,680
Speaker 1: yourself to that one to get some inslo because we

681
00:30:42,720 --> 00:30:44,560
Speaker 1: do see a lot of posts like this and it's

682
00:30:44,600 --> 00:30:45,280
Speaker 1: so incredible to.

683
00:30:45,280 --> 00:30:47,480
Speaker 3: Say exactly and once you're out of debt as well,

684
00:30:47,480 --> 00:30:49,360
Speaker 3: post it. I want to celebrate with you. I want

685
00:30:49,360 --> 00:30:52,360
Speaker 3: to talk about this stuff. Our community are so supportive

686
00:30:52,680 --> 00:30:55,160
Speaker 3: and it's one of my favorite things seeing someone posts

687
00:30:55,160 --> 00:30:56,800
Speaker 3: and say, look, i've been in debt for two years,

688
00:30:56,840 --> 00:30:58,560
Speaker 3: I'm finally out of it. Or I've been in debt

689
00:30:58,600 --> 00:31:01,280
Speaker 3: for twelve years, I'm finally out of it. Like we

690
00:31:01,320 --> 00:31:04,120
Speaker 3: are here with you to celebrate your successes. And help

691
00:31:04,200 --> 00:31:09,280
Speaker 3: you be the person you want to be. Hi.

692
00:31:09,760 --> 00:31:12,360
Speaker 5: I'm doing well, but earning less than my partner. This

693
00:31:12,520 --> 00:31:13,440
Speaker 5: is my money diary.

694
00:31:13,600 --> 00:31:16,280
Speaker 1: Okay, now for the fun stuff. What good would a

695
00:31:16,280 --> 00:31:19,240
Speaker 1: money podcast be without the perfy bits. It's time for

696
00:31:19,320 --> 00:31:21,200
Speaker 1: money diary. Let's get into it.

697
00:31:21,480 --> 00:31:23,440
Speaker 5: When I was a bit younger at UNI, I was

698
00:31:23,880 --> 00:31:26,520
Speaker 5: way more stripped with how I spent money. And that's

699
00:31:26,560 --> 00:31:29,640
Speaker 5: obviously because I was I had a casual job. Now

700
00:31:29,680 --> 00:31:33,560
Speaker 5: I'm in full time work. I let myself.

701
00:31:33,240 --> 00:31:35,160
Speaker 4: Breathe a little bit more with money.

702
00:31:35,200 --> 00:31:39,080
Speaker 5: So I think my attitude's fairly standard, not too relaxed,

703
00:31:39,320 --> 00:31:41,240
Speaker 5: but not too type either.

704
00:31:41,280 --> 00:31:43,400
Speaker 1: With money, what does she do to earn money? How

705
00:31:43,480 --> 00:31:45,800
Speaker 1: much does she earn and how much is sitting in

706
00:31:45,840 --> 00:31:47,280
Speaker 1: her bank account right now?

707
00:31:47,560 --> 00:31:50,560
Speaker 5: My job is a primary school teacher, and my annual

708
00:31:50,560 --> 00:31:54,600
Speaker 5: salary is around eighty thousand dollars and in my account

709
00:31:54,680 --> 00:31:57,840
Speaker 5: at the moment, I have roughly forty five thousand dollars.

710
00:31:58,080 --> 00:32:01,120
Speaker 1: And what exactly happens to that money after it's deposited

711
00:32:01,200 --> 00:32:02,000
Speaker 1: into her account?

712
00:32:02,240 --> 00:32:04,880
Speaker 5: It honestly depends each week what I'm doing. I have

713
00:32:05,000 --> 00:32:10,120
Speaker 5: no set plan with savings. I really like to save more,

714
00:32:10,480 --> 00:32:13,000
Speaker 5: but when my pay goes in seven hundred dollars goes

715
00:32:13,040 --> 00:32:16,240
Speaker 5: to bills and rent and food, and then thirteen roughly

716
00:32:16,280 --> 00:32:19,800
Speaker 5: thirteen hundred dollars. Half from there probably goes to long

717
00:32:19,880 --> 00:32:22,920
Speaker 5: term savings and the other half just goes to splurge.

718
00:32:22,960 --> 00:32:26,760
Speaker 5: But honestly, each week, each fortnite is really different depending

719
00:32:26,760 --> 00:32:27,280
Speaker 5: on what I'm doing.

720
00:32:27,400 --> 00:32:29,720
Speaker 1: How does she feel about investing? Does she invest? And

721
00:32:29,760 --> 00:32:29,960
Speaker 1: if so?

722
00:32:30,560 --> 00:32:34,000
Speaker 5: I know a little bit about investing, but honestly not heaves.

723
00:32:34,560 --> 00:32:38,760
Speaker 5: I do have five thousand dollars invested, not in the

724
00:32:38,800 --> 00:32:41,800
Speaker 5: share market, but in gold. I don't know if that's

725
00:32:41,800 --> 00:32:44,680
Speaker 5: in the share marker or not. My boyfriend actually runs it,

726
00:32:44,720 --> 00:32:48,000
Speaker 5: so that's probably something I need to look at myself.

727
00:32:48,080 --> 00:32:50,120
Speaker 4: I just gave him the money and he invested it

728
00:32:50,240 --> 00:32:50,560
Speaker 4: for me.

729
00:32:50,840 --> 00:32:53,800
Speaker 1: What about debts like credit cards or personal loans?

730
00:32:54,160 --> 00:32:56,040
Speaker 4: I don't I'm really lucky. I don't have any debt.

731
00:32:56,120 --> 00:32:58,160
Speaker 1: And does she have any good money habits that she's

732
00:32:58,240 --> 00:32:59,000
Speaker 1: especially proud of?

733
00:32:59,040 --> 00:32:59,080
Speaker 2: Do?

734
00:32:59,240 --> 00:33:01,800
Speaker 4: My best money would be if I have something I

735
00:33:01,800 --> 00:33:03,960
Speaker 4: want to buy. So, for example, I want to buy

736
00:33:03,960 --> 00:33:06,680
Speaker 4: a new laptop in the next two to three weeks.

737
00:33:07,360 --> 00:33:09,600
Speaker 5: I don't just buy it straight out if it's over

738
00:33:09,680 --> 00:33:12,120
Speaker 5: fifty dollars, I really think about whether I need it

739
00:33:12,240 --> 00:33:16,080
Speaker 5: or not, and I'm happy to wait one to three

740
00:33:16,120 --> 00:33:19,080
Speaker 5: months over not however long I need in order to

741
00:33:19,240 --> 00:33:19,640
Speaker 5: get it.

742
00:33:19,920 --> 00:33:22,560
Speaker 4: So, yeah, anything over fifty dollars, I'm really careful.

743
00:33:22,240 --> 00:33:24,880
Speaker 5: About thinking do I need it or can I hold

744
00:33:24,880 --> 00:33:25,840
Speaker 5: off a little bit longer?

745
00:33:26,160 --> 00:33:28,160
Speaker 1: And what about her worst money habit?

746
00:33:28,600 --> 00:33:32,400
Speaker 5: My worst money habit is if something's under fifty dollars,

747
00:33:32,480 --> 00:33:35,280
Speaker 5: I don't think about whether I'm going to buy it,

748
00:33:35,320 --> 00:33:38,200
Speaker 5: I just buy it. So what ends up happening throughout

749
00:33:38,240 --> 00:33:41,600
Speaker 5: the week is I just have little purchases all the

750
00:33:41,680 --> 00:33:44,440
Speaker 5: time that obviously add up to much more than I realized,

751
00:33:44,440 --> 00:33:46,000
Speaker 5: but I just honestly don't think about it.

752
00:33:46,520 --> 00:33:47,400
Speaker 4: My worst money habit.

753
00:33:47,680 --> 00:33:50,640
Speaker 1: So what's today's money diarist? Actually saving for? What's her

754
00:33:50,640 --> 00:33:51,400
Speaker 1: big money goal?

755
00:33:51,640 --> 00:33:54,440
Speaker 5: My biggest money goal for this year would be to

756
00:33:54,480 --> 00:33:59,040
Speaker 5: get to fifty thousand dollars. I'm on track to get there.

757
00:33:59,800 --> 00:34:02,600
Speaker 5: I really love to buy a house with my savings,

758
00:34:02,640 --> 00:34:05,480
Speaker 5: but that's more of a long term goal. I did

759
00:34:05,480 --> 00:34:09,120
Speaker 5: have a question for Victoria because I'm really I've described

760
00:34:09,160 --> 00:34:13,279
Speaker 5: myself as haphazard in saving, so I have no set

761
00:34:13,360 --> 00:34:16,640
Speaker 5: plan and I'm really not stringent with the amount I

762
00:34:16,680 --> 00:34:19,239
Speaker 5: save each fortnite because I want to buy a house.

763
00:34:19,400 --> 00:34:20,520
Speaker 4: Is it worth while going to.

764
00:34:20,920 --> 00:34:24,719
Speaker 5: A financial advisor to get sort of more of a

765
00:34:24,760 --> 00:34:28,680
Speaker 5: plan to enhance my savings and perhaps save a little

766
00:34:28,680 --> 00:34:30,960
Speaker 5: bit quicker Because at the moment, I'm just sort of

767
00:34:31,120 --> 00:34:33,520
Speaker 5: doing whatever I feel like, which I feel is okay.

768
00:34:33,560 --> 00:34:36,360
Speaker 5: But perhaps I could be better and save quicker.

769
00:34:36,560 --> 00:34:39,600
Speaker 1: So how would today's money diarist rate her own relationship

770
00:34:39,600 --> 00:34:40,040
Speaker 1: with money?

771
00:34:40,160 --> 00:34:43,640
Speaker 5: I would give myself a B in order to get

772
00:34:43,640 --> 00:34:47,200
Speaker 5: it to an A. Probably tighten up the way I

773
00:34:47,320 --> 00:34:50,160
Speaker 5: save each fortnite and have an actual plan, not just

774
00:34:50,239 --> 00:34:52,360
Speaker 5: oh I feel like putting this much in or I

775
00:34:52,400 --> 00:34:53,719
Speaker 5: don't feel like putting any in.

776
00:34:54,080 --> 00:34:56,479
Speaker 1: And finally, what does she want to learn a little

777
00:34:56,520 --> 00:34:57,000
Speaker 1: more about?

778
00:34:57,440 --> 00:35:02,360
Speaker 5: I'd like to learn more from Victoria. My partner earns

779
00:35:02,760 --> 00:35:05,360
Speaker 5: significantly more than me, and I want to know is

780
00:35:05,400 --> 00:35:08,279
Speaker 5: it worth while us putting our money together we've been

781
00:35:08,320 --> 00:35:11,560
Speaker 5: together for seven years, or could I still keep it

782
00:35:11,680 --> 00:35:14,640
Speaker 5: in my bank account and keep my finances separate to him?

783
00:35:14,640 --> 00:35:17,240
Speaker 1: Alrighty V, what did you think of today's money darist?

784
00:35:17,680 --> 00:35:21,560
Speaker 3: This is so common Georgia. I feel like everyone going

785
00:35:21,640 --> 00:35:24,279
Speaker 3: from a casual job to full time work ends up

786
00:35:24,320 --> 00:35:27,719
Speaker 3: losing track of their money somehow, although I think that

787
00:35:27,800 --> 00:35:29,840
Speaker 3: she was doing a lot better than she thought that

788
00:35:29,920 --> 00:35:33,719
Speaker 3: she was having eighty thousand dollars as a salary and

789
00:35:33,760 --> 00:35:36,279
Speaker 3: then forty five thousand dollars saved, and I think she

790
00:35:36,400 --> 00:35:38,200
Speaker 3: said off the top of my head, sorry I can't

791
00:35:38,200 --> 00:35:40,560
Speaker 3: remember exactly. I think she said it was like thirteen

792
00:35:40,680 --> 00:35:44,520
Speaker 3: hundred dollars a week in savings, which honestly is massive.

793
00:35:44,600 --> 00:35:46,880
Speaker 3: If she's in a position to be able to do that,

794
00:35:46,880 --> 00:35:49,319
Speaker 3: that is absolutely not something that a lot of us

795
00:35:49,320 --> 00:35:52,160
Speaker 3: can do. She's clearly going to meet that goal of

796
00:35:52,239 --> 00:35:56,160
Speaker 3: fifty thousand dollars saved very soon if she keeps continuing

797
00:35:56,200 --> 00:35:59,440
Speaker 3: that way, which is awesome for her. In relation to

798
00:35:59,480 --> 00:36:02,880
Speaker 3: her investment, I think it was interesting that she'd chosen gold.

799
00:36:03,360 --> 00:36:05,920
Speaker 3: Gold is not something that I specialize in. It's a

800
00:36:06,040 --> 00:36:09,840
Speaker 3: very conservative asset. GOT absolutely no issue with her doing

801
00:36:09,880 --> 00:36:12,239
Speaker 3: that if that's in line with her goals. I think

802
00:36:12,280 --> 00:36:15,319
Speaker 3: my concern came from when she said that she gave

803
00:36:15,360 --> 00:36:17,359
Speaker 3: her money to her partner and he just invested it

804
00:36:17,440 --> 00:36:20,320
Speaker 3: for her. I really want you guys to be empowered

805
00:36:20,360 --> 00:36:23,000
Speaker 3: about the decisions that you're making and the investment choices

806
00:36:23,040 --> 00:36:25,439
Speaker 3: that you're making and really be on top of these

807
00:36:25,520 --> 00:36:28,520
Speaker 3: assets because this is your future wealth, Like, you need

808
00:36:28,520 --> 00:36:31,600
Speaker 3: to actually take ownership of this and not let somebody

809
00:36:31,640 --> 00:36:34,520
Speaker 3: else manage it for you. I know that a financial

810
00:36:34,600 --> 00:36:37,200
Speaker 3: advisor would manage it for you, but a good financial

811
00:36:37,239 --> 00:36:40,120
Speaker 3: advisor would make sure that you are absolutely on top

812
00:36:40,160 --> 00:36:43,200
Speaker 3: of every single asset that you own, why you own it,

813
00:36:43,320 --> 00:36:45,920
Speaker 3: how you own it, and what it actually means for you.

814
00:36:46,440 --> 00:36:48,080
Speaker 3: So for me, I would love for her to be

815
00:36:48,200 --> 00:36:50,200
Speaker 3: a little bit more on top of the assets she

816
00:36:50,360 --> 00:36:54,640
Speaker 3: already owns. In terms of her goals and the question

817
00:36:54,760 --> 00:36:57,120
Speaker 3: that she had around whether it was worth going to

818
00:36:57,120 --> 00:37:01,160
Speaker 3: see a financial advisor. Obviously, I think a financial advisor

819
00:37:01,320 --> 00:37:04,600
Speaker 3: has heaps of value to share. But I also think

820
00:37:04,640 --> 00:37:07,040
Speaker 3: that if you are in this situation where the thing

821
00:37:07,080 --> 00:37:10,080
Speaker 3: that you want help with is saving, you actually need

822
00:37:10,120 --> 00:37:12,600
Speaker 3: to sit yourself down and have a chat about the

823
00:37:12,640 --> 00:37:15,640
Speaker 3: goals that you actually want to achieve. So she said

824
00:37:15,640 --> 00:37:17,920
Speaker 3: that she wanted to buy a house in the long term,

825
00:37:18,200 --> 00:37:20,120
Speaker 3: I think she really needs to think about, well, what

826
00:37:20,160 --> 00:37:23,640
Speaker 3: does that timeframe mean? Am I purchasing with a partner

827
00:37:23,800 --> 00:37:26,040
Speaker 3: or is it just going to be me? What does

828
00:37:26,040 --> 00:37:29,440
Speaker 3: that actually mean for me and my life and having

829
00:37:29,520 --> 00:37:32,160
Speaker 3: a goal to work towards. So she wants to purchase

830
00:37:32,239 --> 00:37:35,040
Speaker 3: a home in twelve months, really breaking that goal down

831
00:37:35,080 --> 00:37:37,680
Speaker 3: and working out how much she needs to save each

832
00:37:37,719 --> 00:37:40,680
Speaker 3: month to reach that. One of the money habits that

833
00:37:40,719 --> 00:37:43,200
Speaker 3: I really liked that she had was that she really

834
00:37:43,239 --> 00:37:46,440
Speaker 3: thinks about any purchase that she makes over fifty dollars.

835
00:37:46,719 --> 00:37:48,800
Speaker 3: I think all of us can have a think about

836
00:37:48,840 --> 00:37:51,799
Speaker 3: that as well and maybe try and implement it. But

837
00:37:51,920 --> 00:37:54,960
Speaker 3: I could totally relate with her saying that she doesn't

838
00:37:54,960 --> 00:37:59,399
Speaker 3: think about purchases under fifty dollars so common and these

839
00:37:59,400 --> 00:38:01,600
Speaker 3: are the ones that we actually really need to keep

840
00:38:01,640 --> 00:38:04,880
Speaker 3: an eye on because they add up so quickly. And

841
00:38:04,920 --> 00:38:08,720
Speaker 3: this is often what lifestyle creep contributes to. It's always

842
00:38:08,760 --> 00:38:10,920
Speaker 3: about just the small things that add up that kind

843
00:38:10,960 --> 00:38:13,560
Speaker 3: of get away from us over the long term that

844
00:38:13,640 --> 00:38:16,440
Speaker 3: mean that we aren't in as great a financial position

845
00:38:16,520 --> 00:38:19,640
Speaker 3: as we ultimately could be. In relation to her last

846
00:38:19,719 --> 00:38:22,160
Speaker 3: question that she asked about, is it worth putting money

847
00:38:22,160 --> 00:38:25,719
Speaker 3: together with my partner? Well, that's absolutely up to you.

848
00:38:25,960 --> 00:38:29,440
Speaker 3: Nobody can make that decision except for you. I know

849
00:38:29,560 --> 00:38:31,960
Speaker 3: that there are couples who have their money together that

850
00:38:32,040 --> 00:38:35,080
Speaker 3: are absolutely killing it. I know couples who are managing

851
00:38:35,080 --> 00:38:37,919
Speaker 3: their money separately and killing it as well. I don't

852
00:38:37,920 --> 00:38:40,080
Speaker 3: think that there is a right or a wrong way.

853
00:38:40,160 --> 00:38:43,360
Speaker 3: It's just how you want to manage your relationship with

854
00:38:43,400 --> 00:38:46,200
Speaker 3: money with your partner and how autonomous you want to

855
00:38:46,200 --> 00:38:48,600
Speaker 3: be if you're going to put your money together with

856
00:38:48,640 --> 00:38:51,200
Speaker 3: your partner. Though, I think it's really important to have

857
00:38:51,480 --> 00:38:54,160
Speaker 3: some really great discussions with your partner around that and

858
00:38:54,200 --> 00:38:57,560
Speaker 3: what the expectation is, and you know your spending habits

859
00:38:57,640 --> 00:39:00,160
Speaker 3: versus your partners, because I know that it can create

860
00:39:00,200 --> 00:39:02,439
Speaker 3: a lot of tension as well if you go down

861
00:39:02,480 --> 00:39:03,000
Speaker 3: that path.

862
00:39:03,200 --> 00:39:04,759
Speaker 1: And what did you think about the grade that she

863
00:39:04,800 --> 00:39:05,400
Speaker 1: gave herself?

864
00:39:05,560 --> 00:39:08,440
Speaker 3: Look, I thought that her rating of herself was actually

865
00:39:08,560 --> 00:39:11,160
Speaker 3: pretty spot on with a B. She said that she

866
00:39:11,280 --> 00:39:14,520
Speaker 3: wasn't too bad and definitely could be better. I think

867
00:39:14,560 --> 00:39:18,080
Speaker 3: she could absolutely improve really quickly though, because all of

868
00:39:18,120 --> 00:39:20,439
Speaker 3: the things that she needed to amend she was really

869
00:39:20,440 --> 00:39:23,200
Speaker 3: aware of, like how she doesn't think too much about

870
00:39:23,239 --> 00:39:25,520
Speaker 3: the purchases she makes under fifty dollars and that they

871
00:39:25,560 --> 00:39:28,080
Speaker 3: add up. She was clear that she had a goal

872
00:39:28,120 --> 00:39:30,760
Speaker 3: of fifty thousand dollars to save, but she didn't actually

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00:39:30,800 --> 00:39:32,680
Speaker 3: have a long term goal of when her house was

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00:39:32,719 --> 00:39:34,920
Speaker 3: going to be purchased, so I think that there was

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00:39:35,000 --> 00:39:37,399
Speaker 3: obviously a little bit of room for improvement. But as

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00:39:37,440 --> 00:39:39,800
Speaker 3: you know, I always think that people are too harsh

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00:39:39,840 --> 00:39:42,279
Speaker 3: on themselves because we're all just doing the best that

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00:39:42,320 --> 00:39:42,680
Speaker 3: we can.

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00:39:42,840 --> 00:39:45,960
Speaker 1: Great points from me, Victoria, but that is sadly all

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00:39:46,000 --> 00:39:48,319
Speaker 1: we have time for today. Before we do head off,

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00:39:48,400 --> 00:39:51,160
Speaker 1: let's quickly wrap the boring but important stuff. The advice

882
00:39:51,200 --> 00:39:52,920
Speaker 1: shed on she is on the money is general in

883
00:39:53,000 --> 00:39:56,440
Speaker 1: nature and does not consider your individual circumstances. She's on

884
00:39:56,520 --> 00:39:59,400
Speaker 1: the money if it's purely for educational purposes and should

885
00:39:59,400 --> 00:40:01,880
Speaker 1: not be reallyied upon to make an investment or financial

886
00:40:01,920 --> 00:40:06,600
Speaker 1: decision and stressless, we promise. Victoria Divine is an authorized

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00:40:06,680 --> 00:40:11,160
Speaker 1: representative of Australia Super Funds Management Proprietary Limited ABN three

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00:40:11,200 --> 00:40:13,760
Speaker 1: four one three two four six three two five seven

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00:40:13,800 --> 00:40:17,240
Speaker 1: AFSL three three nine one five one and as always

890
00:40:17,239 --> 00:40:19,359
Speaker 1: a big old shout out to our audio wizard Ryan

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00:40:19,440 --> 00:40:21,360
Speaker 1: John for putting together today's podcast.

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00:40:21,680 --> 00:40:23,919
Speaker 3: We would love it if you joined our Facebook group

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00:40:23,960 --> 00:40:27,200
Speaker 3: where our community shares money tips and tricks every single day,

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00:40:27,239 --> 00:40:29,880
Speaker 3: free of judgment. So She's on the Money on Facebook

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00:40:29,880 --> 00:40:31,960
Speaker 3: and join us. If Facebook's not your thing, or you

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00:40:31,960 --> 00:40:33,600
Speaker 3: want to find us on the Gram as well. We

897
00:40:33,680 --> 00:40:35,480
Speaker 3: are at She's on the Money a US.

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00:40:35,760 --> 00:40:36,719
Speaker 1: We will see you next week.

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Speaker 3: Next week, friend,