Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money. She's on
Speaker 2: the Money. Hello, and welcome to She's on the mo
Speaker 2: the podcast for millennials who want financial freedom. Today is Friday,
Speaker 2: my friends, which means it is time to get our
Speaker 2: little team together and celebrate you the incredible She's on
Speaker 2: the Money community. Today, we're going to be sharing our
Speaker 2: favorite money wins. We're going to be helping to answer
Speaker 2: a juicy money dilemma, which this week is all about
Speaker 2: how to put money aside for your children. And we're
Speaker 2: going to be unpacking something that you guys slid into
Speaker 2: our DMS about, which is who should be paying for contraception? Beck,
Speaker 2: how's your week been so far?
Speaker 3: So good?
Speaker 2: It's because we've been talking about the spicy topic of
Speaker 2: contraception and who should pay for it, right, Yeah, it's
Speaker 2: going to get real heated. I think I'm kind of scared. Actually,
Speaker 2: are you? Actually no, you're not, absolutely not.
Speaker 3: Its goad of us, the ones.
Speaker 2: Yeah, yeah, yes, you're terrifying.
Speaker 3: We're all going to get canceled. Be heroes.
Speaker 2: You know what Beck's going to say. Beck's going to
Speaker 2: be like, be a same sex relationship. You don't have
Speaker 2: to have contraception, that's the question.
Speaker 4: I'm not even gay, you know, not even I don't
Speaker 4: want to pay for contraception, does anybody?
Speaker 2: Okay, so you just date women for that?
Speaker 1: Yeah?
Speaker 2: I love that.
Speaker 3: And you know much money I've saved dollars so far? Zero?
Speaker 4: You saved nothing, saved nothing. But you know, we'll go
Speaker 4: back in time. I would have probably saved all of
Speaker 4: that money.
Speaker 2: You should have just started younger. Honestly, I want to
Speaker 2: say to all the kids these days, because it is.
Speaker 3: A choice, and I should have chosen to do that earlier.
Speaker 2: Yeah. Absolutely, absolutely, All right, let's move on because I
Speaker 2: feel like that is a very very steep, very slippery slow.
Speaker 2: That's true, Jess. Let's move over to your side of
Speaker 2: the table. How has your week been. It's been good.
Speaker 3: It's been warm and sunny, which I love. Been enjoying it.
Speaker 3: A little hot in the studio today.
Speaker 2: But maybe she had The air condition is broken in
Speaker 2: the studio today, So if we get a little bit delirious, guys,
Speaker 2: it's because it's thirty degrees outside and the air con
Speaker 2: is broken and Lucy keeps making farts. Yeah, I didn't
Speaker 2: want to say no, no, not Jess. We've been really
Speaker 2: excited this week because what did we do this week?
Speaker 3: We announced that two of our four international women's events
Speaker 3: have sold out.
Speaker 2: I cannot believe it, Like that's literally hundreds of people
Speaker 2: coming to hang out with us. And we announced late
Speaker 2: last week. I believe it was the gift bags.
Speaker 3: Yes, worth over three hundred dollars.
Speaker 2: It's wild and there are so many good things in it.
Speaker 2: I know we name dropped it last week, but I'm
Speaker 2: actually just so excited, and I keeped this is so bad.
Speaker 2: You guys are going to be so mad at me,
Speaker 2: or Rashee in particular is going to be mad at me.
Speaker 2: Who's in charge of our events. I keep promising gift
Speaker 2: bags to my friends that aren't tum me, so yeah,
Speaker 2: sorry about that.
Speaker 3: So we've sold out Melbourne and Perth. There are still
Speaker 3: very very few tickets left I believe in Brisbane and
Speaker 3: Sydney at time of recording. At the time of recording,
Speaker 3: so if you want to grab your tickets, head to
Speaker 3: the shoes on the money website. I don't know by
Speaker 3: the time this goes live if they even will be
Speaker 3: any left, because I really will.
Speaker 2: Link in the show notes anyway, and you can either
Speaker 2: buy tickets or you can see what you missed out
Speaker 2: on because you won't quick enough.
Speaker 3: Yeah. Sorry, but we're so pummed. We can't wait to
Speaker 3: see you guys. It's only two weeks away. I am
Speaker 3: literally so excited. Let's move on, though, Let's talk about
Speaker 3: our community money wins. Jesse, you've round up the best
Speaker 3: ones of the week. What have you got for us?
Speaker 3: Let's start with one I have from sus who said
Speaker 3: money Win. Someone just down the road for me owns
Speaker 3: a coffee cut and was giving away arm and milk
Speaker 3: as he was changing brands, and I got a whole
Speaker 3: box for free.
Speaker 2: I'm a milk spano.
Speaker 3: Yeah, alternative milk shall set you back.
Speaker 2: Also, I'm a milk taste like dirt, so it should
Speaker 2: be it's gonna have milk, almond milk specifically, or as
Speaker 2: I like to call it, dirt water.
Speaker 3: Oh my goodness, people are gonna come for us my
Speaker 3: dirty nut water. My next win. It comes from Indiana
Speaker 3: who said money win. Shopping for groceries online this week
Speaker 3: really helped me to stay within my budget and having
Speaker 3: my flat eyes app open to track things that I
Speaker 3: could get money off or gain extra points for while
Speaker 3: I was shopping insured that I made the most of it.
Speaker 3: I feel like that's really smart because you are not
Speaker 3: getting sucked into that thing of like shopping when you're hungry.
Speaker 2: I do that all the time too, and I always
Speaker 2: lie to myself and say it'll be fine. It's not fine, victory.
Speaker 2: You didn't need two loads of bread just in past.
Speaker 2: It's just not what you needed just in case. What
Speaker 2: I wonder You know how sometimes you run out of
Speaker 2: the loaf of bread and you're like, oh, I wish
Speaker 2: I had a back up, And then I've recently been
Speaker 2: mining two loaves and putting.
Speaker 3: One in the freezer.
Speaker 2: Actually, all right, pretty smart. I am quite intelligent. Yeah,
Speaker 2: but you know what I don't buy when I'm grocery shopping.
Speaker 2: I'm in milk. That's fair, yeah, because it's dirty nut water.
Speaker 4: I don't even want to say everything I needed, which
Speaker 4: is me. I go in with a list and come
Speaker 4: out with gum and chocolate.
Speaker 2: Do you go in with a list? I feel like
Speaker 2: you'd be a planner.
Speaker 4: Oh that's nice. It's nice to know that I look
Speaker 4: like a planner, but you're not. Not really like I
Speaker 4: go in with a rough idea and I always come
Speaker 4: out with not what I need. You know, you let
Speaker 4: the grocery store tell you what you mean exactly. That's
Speaker 4: why I think that shopping online would be better, because
Speaker 4: you don't get trapped, you don't get sucked in by
Speaker 4: the pretty good exactly.
Speaker 3: My next money in this week comes from Jesse, who
Speaker 3: said money when I've almost completed a no spend a
Speaker 3: fortnight where I've only bought the essential food, petrol bills,
Speaker 3: et cetera, as I'm trying to not let lifestyle creep happen,
Speaker 3: and the money I've saved is going straight into my
Speaker 3: emergency fund.
Speaker 2: Oh, I love that. Amazing and I feel like that's
Speaker 2: something that we could easily commit to, Like, Haybeck, can
Speaker 2: you maybe do two weeks of not spending? I feel
Speaker 2: like that's more achievable than in how people have like
Speaker 2: no spend months. Yeah, I feel like, to me, that's
Speaker 2: just a little bit too much, whereas I'd prefer to
Speaker 2: be like, all right, maybe for the next two months
Speaker 2: or three months, I'll just do like a week each
Speaker 2: month of no spend, or two weeks each month of
Speaker 2: no spend, because I don't feel like it's as restrictive
Speaker 2: and that could actually put you in a position of
Speaker 2: power and control.
Speaker 3: I feel like that's a good one, one hundred percent.
Speaker 3: My next money win is from Sky who said money
Speaker 3: when asked for a price match on dog food at
Speaker 3: the pet store and save myself forty eight dollars, happy pooch,
Speaker 3: happy bank account.
Speaker 2: Oh my gosh, Actually that's so good. Ice matching is
Speaker 2: underrated and I forget about it all the time. So
Speaker 2: this is my dog food story. Are you ready?
Speaker 3: Yes?
Speaker 2: The other day I walked into the pet store that
Speaker 2: is at the supermarket, which is like the one across
Speaker 2: which is like it's more expensive, but I was under
Speaker 2: a time Crunch and I with my husband Steve, and
Speaker 2: I said to him as we went in, I was like, oh,
Speaker 2: don't bother, Like that's way more expensive than you know
Speaker 2: pep bun, which is where we usually go, and the
Speaker 2: woman across the counter heard me. I was mortified because
Speaker 2: obviously I didn't think anyone was listening to a conversation
Speaker 2: I was having with Stas. But she was like, we
Speaker 2: can just price match it. What do you usually pay?
Speaker 2: And I was like wait what I completely forgot, But
Speaker 2: like she stepped up and was like, oh, we can
Speaker 2: just price match it. And I just looked it up
Speaker 2: on pep bun and she price matched it And now
Speaker 2: I love her.
Speaker 3: Yeah, saved us off the run around. How goods that?
Speaker 2: Yeah? I was very impressed. But also what a legend
Speaker 2: for like speaking, she didn't have to do that. I mean,
Speaker 2: she's still got the sales, so maybe she wins, but
Speaker 2: I feel like that was really kind. I love that
Speaker 2: for you.
Speaker 3: Next Morning in this week is from Lucy, who said
Speaker 3: I set up auto invest in Chasy's. It's a win
Speaker 3: because I don't have to think about it and I
Speaker 3: feel like it's a great way to get started in
Speaker 3: the app and We spoke about this really recently. We
Speaker 3: were talking about it. I believe in the episode right
Speaker 3: or was in the ad roll I can't remember, but about.
Speaker 2: Oh, I feel like they mesh into one like we
Speaker 2: do these Cheersy's ads, but like I talk about Chaersias
Speaker 2: all the time. So which was which we don't know?
Speaker 2: We don't know, but we do know. You should use
Speaker 2: the codes OTM for a free tender is when you
Speaker 2: find out, oh.
Speaker 3: God, she's good.
Speaker 2: That was smooth.
Speaker 3: But water investing is so clever because the dollar cost
Speaker 3: averaging that you can get out of that, but also
Speaker 3: just taking that mental load off, which I know via
Speaker 3: someone with ADHD you're such a big fan of.
Speaker 2: It's not automated in my life. It's not going to happen. Yeah,
Speaker 2: I'm not going to happen. I'm optimistic about it, but
Speaker 2: it won't happen.
Speaker 3: I love that. Well done, Lucy. Last money whin that
Speaker 3: I have for this week is a cute one from
Speaker 3: Jasmine who said money win. I used flowers from my
Speaker 3: garden that my future hubby planted for me from seeds
Speaker 3: instead of buying some for my bridal shower. Coincidence that
Speaker 3: they bloomed in time and save me a trip to
Speaker 3: the florist.
Speaker 4: That's actually really side, really good. What is it like,
Speaker 4: hundreds of dollars? So excusive.
Speaker 2: I don't really want to talk about how much flowers
Speaker 2: costed in my wedding because I'm actually traumatized from it,
Speaker 2: Like I do feel like I have PTSD. I don't
Speaker 2: regret any of it. I don't regret one flower that
Speaker 2: I purchased, but I will not be sharing it because
Speaker 2: I am I'm ashamed of what I did.
Speaker 3: Well for future reference anybody getting married. I was going
Speaker 3: to say, a future reference for you, and I'm like, well,
Speaker 3: you're already married. That's not helpful, ahaha.
Speaker 2: Hopefully my wedding.
Speaker 3: Yeah, plant the flowers yourself. I feel like that's such
Speaker 3: a cute idea.
Speaker 2: I actually think that's really wholesome. All right, let's go
Speaker 2: to a really quick break because I want to dive
Speaker 2: straight into the money dilemma that we have straight after
Speaker 2: the break about whether or not you should put money
Speaker 2: aside for your kids. And we're going to be discussing
Speaker 2: the topic of who should be paying for contraception or
Speaker 2: Jess and I are going to discuss that X's gonna
Speaker 2: laugh from the sidelines or don't go anywhere. Welcome back, everybody.
Speaker 3: This week's money dilemma is for the parents out there,
Speaker 3: or the parents to be potentially. I'm excited to hear
Speaker 3: about it.
Speaker 2: Hi, there, have you got a money dilemma you just
Speaker 2: can't solve? The Sheese on the Money Team is here
Speaker 2: to help. Every week, we tackle your dilemmas, both big
Speaker 2: and small, to answer your most burning money, career and
Speaker 2: life questions. To get involved, simply head to our website
Speaker 2: and leave us a short voice recording and you might
Speaker 2: just find yourself on the show. Now, let's take a
Speaker 2: listen to this week's money dilemma.
Speaker 5: Hi Victoria, my name's Caitlin. I'm thirty three years old
Speaker 5: and pregnant with my first baby. My husband and I
Speaker 5: would love to give babe head start in life and
Speaker 5: hand over some savings. We're looking at putting away maybe
Speaker 5: twenty dollars a week into a bank account and handing
Speaker 5: this over it when they turn eighteen, but we're not
Speaker 5: sure if this is the smartest move or if we
Speaker 5: should be investing in long term shares instead. Any advice
Speaker 5: would be greatly appreciated.
Speaker 3: Thank you, Congratulations Calen. That is so exciting.
Speaker 2: It is literally the best thing ever. I am obsessed
Speaker 2: with babies, so I'm very excited about this. But I
Speaker 2: also think it's a really relevant question because it's really
Speaker 2: about not necessarily the baby at question, but more than time,
Speaker 2: you've got to invest. So your baby's not going to
Speaker 2: be buying a car next week, Jess. They're probably going
Speaker 2: to want to wait until they're about eighteen. So let's
Speaker 2: use the timeframe of about twenty years as an example. Baitlyn,
Speaker 2: you said that you were thinking of just putting twenty
Speaker 2: dollars away each and every single week for your baby,
Speaker 2: which is really really exciting. If you do that over
Speaker 2: a period of twenty years, which is what I've just
Speaker 2: decided to work on, those regular deposits are worth thirty
Speaker 2: one thousand, two hundred dollars. That's pretty good, not too shabby.
Speaker 2: But there's a very big difference between investing and saving.
Speaker 2: And while there's a lot to take into consideration, like
Speaker 2: making sure that it adheres to your risk profile and
Speaker 2: it makes sense tax wise, we'll get into that in
Speaker 2: a hot second, I do think it's worthy of considering
Speaker 2: because if you're like, well, we're just going to save.
Speaker 2: Of course, your kid's going to be grateful to have
Speaker 2: thirty thousand dollars, But if you decided to invest instead
Speaker 2: of saving over the same period of time, instead of
Speaker 2: having thirty one thousand, two hundred dollars at an average
Speaker 2: return of about seven and a half percent, which you
Speaker 2: guys know I prefer to use. We know that the
Speaker 2: Australian share market over the last twenty years has done
Speaker 2: about nine percent, so that's quite conservative. At seven and
Speaker 2: a half percent, instead of thirty one thousand dollars, you're
Speaker 2: looking at one hundred and sixteen nine hundred and sixty
Speaker 2: seven dollars if we use swishy, if we use a
Speaker 2: really basic compound interest calculator. Now, obviously, if you're putting
Speaker 2: it in a savings account today, it's not going to
Speaker 2: look that sexy because term deposits aren't really a thing.
Speaker 2: There's no such thing at this point in time. Actually,
Speaker 2: i'll correct myself. There there is such thing as a
Speaker 2: quote high yield savings account these days, but it's really
Speaker 2: not that high yield. You're probably getting maximum of one percent,
Speaker 2: and on that one percent, you need to pay your
Speaker 2: marginal tax rate. So if your tax is at thirty
Speaker 2: seven percent or thirty seven and a half percent, you're
Speaker 2: losing thirty seven and a half cents for every dollar
Speaker 2: that you make in that because it is an income
Speaker 2: generating asset, right, and we pay tax on the money
Speaker 2: that we earn. And I think that's what people forget
Speaker 2: when they're like, oh, but it's earning one percent there, Yeah,
Speaker 2: you're paying tax on that. And in addition to that,
Speaker 2: we've got inflation, which we know is crazy right now,
Speaker 2: and so to be a really negative nelly if you
Speaker 2: saved instead of invested at this point in time, with
Speaker 2: inflation and how the world is working, you're actually going
Speaker 2: to go backwards in terms of what that dollar is worth.
Speaker 2: They always say a dollar is worth more today than
Speaker 2: it is tomorrow, which means there's a lot more power
Speaker 2: in today than just like leaving it somewhere until tomorrow
Speaker 2: to make a decision. So I think we really need
Speaker 2: to contextualize that. So investing is something I would consider
Speaker 2: because of the timeframe you have, and the longer timeframe
Speaker 2: that you have, the more power you've got when it
Speaker 2: comes to risk, right, because the more time you're investing for,
Speaker 2: the less risk you're taking on and we know that
Speaker 2: over a thirty year period in the Australian share market,
Speaker 2: if you stay invested for that long, there has not
Speaker 2: been an investor who's been exposed to the market for
Speaker 2: that period of time who has lost money. People who
Speaker 2: lose money during that period of time are the ones
Speaker 2: who get out or don't understand the share market or
Speaker 2: pull it out at a time that might not make
Speaker 2: financial sense. And I think we need to look at
Speaker 2: the bigger picture, right, So am I suggesting investing over saving? No,
Speaker 2: because that would be really irresponsible of me. But what
Speaker 2: I am doing is kind of saying, this is what
Speaker 2: option A looks like, this is what option BE looks like.
Speaker 2: But then, guys, the question often comes up around tax, right,
Speaker 2: because let's just play Devil's advocate for a hot second.
Speaker 2: If you have the cash to be putting money away
Speaker 2: each and every single week for your child or for
Speaker 2: a future child, I'm going to take a stab in
Speaker 2: the dark and say you're not on the lowest marginal
Speaker 2: tax rate, like you're not in that position, because if
Speaker 2: you are in that position in this current economy, I
Speaker 2: genuinely believe that you'd be pinching pennies a little bit
Speaker 2: more so we're going to assume that you have a
Speaker 2: higher tax bracket if not well done, because that's epic
Speaker 2: it fits into your budget. But if you're paying a
Speaker 2: higher marginal tax rate, you might start thinking, well, how
Speaker 2: do I make it a tax effective vehicle? Because obviously,
Speaker 2: if you have a higher marginal tax bracket, and let's
Speaker 2: just pretend it's thirty seven and a half percent, because
Speaker 2: that's the most average at this point in time, it's
Speaker 2: a lot of money to be quote losing, right, and
Speaker 2: it's not actually lost. We're paying tax for a very
Speaker 2: good reason, and we only pay tax on money we earn.
Speaker 2: So that's kind of sexy. But a lot of people
Speaker 2: will go, oh, if I have a daughter or I
Speaker 2: have a son, I want it to be in their name,
Speaker 2: and that can sometimes be really detrimental because if your
Speaker 2: child earns more than four hundred and seventeen dollars in
Speaker 2: one financial year, they'll actually be taxed at sixty six percent,
Speaker 2: which is way higher than any marginal tax rate for
Speaker 2: an adult here in Australia. And the reason they do
Speaker 2: that is not to shoot children in the feet, but
Speaker 2: it's actually to make sure that the wealthy people aren't
Speaker 2: using their kids as tax free vehicles to distribute income
Speaker 2: to and then get it out around about the way
Speaker 2: does that make sense? Because that used to happen and
Speaker 2: this is like kind of a block to make sure
Speaker 2: that that doesn't happen. So, if your child earns between
Speaker 2: four hundred and seventeen dollars and thirteen hundred and seven dollars,
Speaker 2: they'll be taxed at sixty six percent of excess over
Speaker 2: four hundred and sixteen dollars, And if they earn over
Speaker 2: thirteen hundred and seven dollars, they then get taxed at
Speaker 2: forty five percent of the entire amount of eligible income,
Speaker 2: which is a lot of money, right, And when it
Speaker 2: comes down to doing the maths, you go, oh, well,
Speaker 2: does that actually tax wise make sense to have it
Speaker 2: in my kids name, even though it sounds really nice.
Speaker 2: And that's where a conversation around the structure that you
Speaker 2: invest in comes up, and something that we haven't spoken
Speaker 2: a lot about on the podcast, but I think we
Speaker 2: should do a whole episode on is actually an investment bond.
Speaker 2: An investment bond is actually a tax effective solution for
Speaker 2: people in similar situations, and there are lots of different
Speaker 2: companies that do this. Again, it's a financial product, so
Speaker 2: you do need to make sure that it makes sense
Speaker 2: for you and it fits into your life, and maybe
Speaker 2: even talk to a financial advisor about setting it up.
Speaker 2: But essentially, an investment bond is designed to provide tax
Speaker 2: effective investment solutions and can actually help you give financial
Speaker 2: security to your children at a lower marginal tax rate
Speaker 2: that doesn't impact you each and every single year. And
Speaker 2: often an investment bond can be seen as something that's
Speaker 2: quite set and forget because to get that tax effective structure,
Speaker 2: you actually have to lock the money in for a
Speaker 2: minimum of ten years. Usually, so instead of having your
Speaker 2: thirty seven and a half percent tax rate, a cap
Speaker 2: of thirty percent on average is a place applied to an
Speaker 2: investment bond, which is obviously lower tax, and that bond
Speaker 2: can be allocated towards anything that you like for your child.
Speaker 2: So it could mean that once they turn eighteen, it
Speaker 2: goes to them, once they turn thirty, it could go
Speaker 2: to them. You could say is this for education? You
Speaker 2: could say this is for a future car or a
Speaker 2: future house. It could be literally anything. But the thing
Speaker 2: that a lot of financial advisors like with investment bonds
Speaker 2: is that they're super flexible, so obviously it can change
Speaker 2: the terms their tax effective and they still provide a
Speaker 2: really good range of investment opportunities and investment options within that.
Speaker 2: So I think it's one of those things that a
Speaker 2: lot of people don't know about. And if you've not
Speaker 2: heard of it and you're like, oh, I'm really interested
Speaker 2: in what other options exist for kids, maybe an investment
Speaker 2: bond is something that you could do a bit more
Speaker 2: research on.
Speaker 3: Sounds incredible and if you are more info. We did
Speaker 3: also do a full episode called setting Up Investments for Kids.
Speaker 3: It was a little while ago, but it's a really
Speaker 3: solid episode where you touched on it too, touch on
Speaker 3: investment bonds and a few other structures and bits and
Speaker 3: pieces there. So if you're wanting to know more, if
Speaker 3: you're wanting to set your kids up, that one, I listen.
Speaker 2: Sexy, very sexy question. But let's move on to something
Speaker 2: less sexy. Let's talk about contraception. I feel like it's
Speaker 2: a spicier topic than investing for kids and one that
Speaker 2: I think Jess and I are on the same page about.
Speaker 2: But I'd love to get your take on it back.
Speaker 3: So you don't invest in your contraception, you're going to
Speaker 3: have to be setting up investments for your dying.
Speaker 2: Its good point. Good point. Maybe maybe if you're like,
Speaker 2: I'm not paying for contraception, you need the first part
Speaker 2: of this episode for act. We are people of the people.
Speaker 2: We're just here to help you. But here's the community
Speaker 2: dilemma we got on our DMS this week. So it said, hey, girls,
Speaker 2: got a little bit of a tricky one. I've been
Speaker 2: single for quite a few years now, but now I
Speaker 2: have a partner and we've been together for around seven months.
Speaker 2: The time has come up for my ROD to be
Speaker 2: changed over. So I'm assuming she means contraceptive ROD to
Speaker 2: be changed over, and I'm thinking of asking my partner
Speaker 2: to contribute to the cost, especially now since not that
Speaker 2: many clinics of bog billing. What once used to cost
Speaker 2: me thirty dollars for the implant now costs me two
Speaker 2: hundred and forty dollars including the insertion. I do get
Speaker 2: some back off media care, but it's not enough to
Speaker 2: cover the whole expense. Am I being unreasonable and expecting
Speaker 2: him to foot some of the bill? Thanks? Guys?
Speaker 3: Interesting? How long does it do? They wonder how long
Speaker 3: a rod life. I've never used that three year deception,
Speaker 3: so I had over three years is not the worst.
Speaker 2: Yeah, I had one way back when. And contraception is
Speaker 2: so interesting, right, Like I went crazy, like I lost
Speaker 2: my mind on the rock, lost it like I was
Speaker 2: actually probably committable, and so we had to take it out.
Speaker 2: Not for me, if it is for you, really convenient solution,
Speaker 2: but that's a lot of money, especially upfront, especially upfront,
Speaker 2: and there's lots of more permanent contraception solutions, right, and
Speaker 2: they can be more expensive. And I'm super honest and
Speaker 2: open about having these conversations because I think the best
Speaker 2: way we can sometimes learn is through conversation and actually
Speaker 2: going wow, like, oh that's what Victoria had, or that's
Speaker 2: what Jes did, or that's what somebody else did. Because
Speaker 2: I've got so many friends who have just gone through
Speaker 2: the rods like every three years, they just get it
Speaker 2: changed out and it really works well for them. That
Speaker 2: did not work for me at all. But I also
Speaker 2: couldn't have the pill because I was getting migraines, which
Speaker 2: was really frustrating, and I ended up with the marina.
Speaker 2: But I was in the fortunate position where the Marina
Speaker 2: that I got I had private health insurance, so that
Speaker 2: could cover that cost because I had to be put
Speaker 2: to sleep because I hadn't had a baby before. So
Speaker 2: it's an interesting and fickle position, but I do genuinely
Speaker 2: believe contraceptions are shared cost. Like, at the end of
Speaker 2: the day, it's a cost of being in a relationship,
Speaker 2: and that should be from my perspective, split Jess, have
Speaker 2: you ever had this conversation with a partner.
Speaker 3: No, I've always paid the cost. I think the way
Speaker 3: that I felt about it was it's something that I
Speaker 3: liked being not that it wouldn't be in my hands
Speaker 3: if someone else was paying for it, but it's just
Speaker 3: been something that I've always been happy enough to pay.
Speaker 3: Using the contraceptive pill is thankfully, for me, at least,
Speaker 3: very affordable. I mean, I guess you could look at
Speaker 3: it the other way, like, if you're using a form
Speaker 3: of male contraception like condoms, would you be splitting that cost?
Speaker 3: And if so, I feel like that's a good way
Speaker 3: to open up that conversation with your partner and kind
Speaker 3: of say, well, would we just chat condoms in the
Speaker 3: grocery basket and split the cost between us?
Speaker 1: Yes?
Speaker 3: Great, maybe we should be having the same kind of
Speaker 3: perspective on a female form of contraception. It just depends
Speaker 3: on your situation. I think, like absolutely, if that's you know,
Speaker 3: if it's a big upfront cost and you're stressing about it,
Speaker 3: it's well worth having the conversation because I think that
Speaker 3: the contraception is for the benefit of both of you, presumably,
Speaker 3: like you're not trying to have a baby right now,
Speaker 3: so you both want that to be in place, and
Speaker 3: I think that merits are split cost. It's just not
Speaker 3: the way that I've personally done it.
Speaker 2: Yeah, I feel like, again, this is probably me just
Speaker 2: reading into it a little bit, but I feel like
Speaker 2: when I was single, contraception was my cost. It was
Speaker 2: me protecting me and making sure that I as an
Speaker 2: individual was okay. Then once I was in a serious,
Speaker 2: long term relationship, contraception was a conscious choice that my
Speaker 2: partner and I made. And when that changed from me
Speaker 2: protecting me and making decisions only for me because I
Speaker 2: was single and I had chosen to be on contraception,
Speaker 2: I did not want to have a child at that
Speaker 2: point point. Once there's another person in the mix and
Speaker 2: they're a part of the decision making process, I genuinely
Speaker 2: believe that's their cost. Like you can't just say, oh,
Speaker 2: my boyfriend of one month or I've been sleeping with
Speaker 2: this guy, he should pay for my pill. I feel
Speaker 2: like once it's a joint decision that you stay on contraception,
Speaker 2: then absolutely it's a joint cost. But it's a fickle
Speaker 2: one as well. And I think a lot of financial
Speaker 2: privilege plays into this, because you know, Jess, I know
Speaker 2: that you're similar to me in that paying for the pill.
Speaker 2: Historically I was like, oh, it's thirty bucks a month,
Speaker 2: I can afford that on my salary. You didn't really
Speaker 2: think about it, and to be honest, it was just
Speaker 2: easier to pay for it because you had to go
Speaker 2: to the doctor. You just had to go past the
Speaker 2: chemist and pick it up, like your partner wasn't there
Speaker 2: to split the bill, like you didn't even let's just
Speaker 2: not have the conversation, I'll pay for it, Whereas if
Speaker 2: you're in more of a financially constrictive situation, you might
Speaker 2: go far out. That's a lot of money and we
Speaker 2: really need to think about this and split the cost.
Speaker 2: And I think that that becomes a far harder conversation
Speaker 2: to have because you're already carrying a bit of the
Speaker 2: burden of like, oh, I want to be paying for this,
Speaker 2: but it's a lot, right, especially as you get further
Speaker 2: down the track and you know, again financially privileged, I
Speaker 2: could afford this, and it was okay. But after I
Speaker 2: got told no, sorry, Victoria, you can't be on the pill.
Speaker 2: You're gonna have to find an alternative contraceptive method that
Speaker 2: got really expensive really quickly, Like the idea of a marina.
Speaker 2: I was like, oh, far out, that's like one of
Speaker 2: the only options I have left. I was like, oh,
Speaker 2: that's got five years on it. There was like a
Speaker 2: copper coil option and that was ten years. But I
Speaker 2: was like, these are really long term solutions. And I
Speaker 2: was in my mid twenties. I was like, oh, I
Speaker 2: don't know, all really expensive and a privilege to access.
Speaker 2: But I also think that, you know, at that point
Speaker 2: in time, I remember having the conversation and my partner
Speaker 2: actually offered to pay for it. He was like, oh,
Speaker 2: I can pay for that, Like that shouldn't be on you.
Speaker 2: But I also am basically in a relationship with a
Speaker 2: staunch feminist and I love that. So it was so good.
Speaker 4: Yeah, as you guys know, I don't have heaps of
Speaker 4: experience or any experience with any contraception.
Speaker 2: Ever, your body must be thanking you seriously, lucky lady.
Speaker 4: You know, like I just feel like, and I know
Speaker 4: this isn't a question of should women have to have contraception,
Speaker 4: That's not what.
Speaker 2: It's not the conversation. No, if you have chosen to
Speaker 2: be on it.
Speaker 4: Yeah, if you've chosen to be on it. God, it
Speaker 4: sounds like a does like hectic things to a woman's body.
Speaker 3: It is crazy the way that like the perception is
Speaker 3: that one thing will work for everyone. Because I had
Speaker 3: a similar experience to you, I mean through four different
Speaker 3: types of pill before one that didn't make me feel
Speaker 3: like I was going insane.
Speaker 4: And like the surgery to get something in plant like
Speaker 4: he you like, that just seems so hectic, And yeah,
Speaker 4: that absolutely should be if you're in a long term relationship,
Speaker 4: a shared cost. But I also just think that so
Speaker 4: like bulk billing now is not a thing really and
Speaker 4: you have to spend spence just getting.
Speaker 2: A lot more sparse. I think post COVID doctors are
Speaker 2: you know, back to seeing people in person, and it's
Speaker 2: just more expensive now and I was talking to a
Speaker 2: friend literally the other day about her rod and she
Speaker 2: was saying, oh, and exactly the same situation as our
Speaker 2: our listener has said, Oh used to be like thirty bucks.
Speaker 2: And I remember when I got my rod. I just
Speaker 2: went to a bog billing doctor. They give you a prescription,
Speaker 2: you go down to the chemist, you pick up the
Speaker 2: rod under your prescription, go back for another bulk billing
Speaker 2: session and they'll insert it. And I was basically out
Speaker 2: of pocket. I think like twenty eight bucks. Wow, And
Speaker 2: that's for three years of contraception, So like that's a
Speaker 2: good deal if it works out for you.
Speaker 3: Yeah.
Speaker 2: And then I remember the same thing happened with my
Speaker 2: first Marina. I went to a fertility clinic in East
Speaker 2: Melbourne actually, which I really recommend. Really liked them. They
Speaker 2: were some of the kindest humans. They gave me a prescription,
Speaker 2: I went down, I picked it up, I came back
Speaker 2: and we literally went into like a surgery to get
Speaker 2: it done. And I think I was out like one
Speaker 2: hundred and fifty seven dollars for the first one. Then
Speaker 2: skip five years later and I was getting it changed.
Speaker 2: It was up near seven hundred dollars to get it
Speaker 2: changed because obviously it wasn't both built in the same way,
Speaker 2: and things change, and like that's okay, but that's a
Speaker 2: very big difference from you know, one hundred and fifty
Speaker 2: eight dollars. I think that's what it was. And I
Speaker 2: can probably get the we'll put it on Instagram at
Speaker 2: some point when I can find it. But for five
Speaker 2: years of contraception, that's pretty good.
Speaker 3: Yeah.
Speaker 2: Yeah, but again another privilege to be able to pay that.
Speaker 4: Out right, I guess, like back to my point, like
Speaker 4: I'm I think that if both parties want the same thing,
Speaker 4: then both parties share that cost. But obviously it's not
Speaker 4: purely for you know, avoiding pregnancy. It's like, you know,
Speaker 4: making sure you don't get an STI or a sexually
Speaker 4: transmitted infection disease, you know, that kind of thing. So
Speaker 4: that's also a thing that both parties should be concerned about.
Speaker 4: And I guess we started this thinking we'd all have
Speaker 4: different views, but I think it's the same. I think
Speaker 4: they should be split if both parties want the same thing,
Speaker 4: if it's both.
Speaker 2: There, yeah, And I feel like that's true. I feel
Speaker 2: like Jess and I are probably falling down the root
Speaker 2: of contraception literally when it comes to fertility, because as
Speaker 2: females in long term relationships, you kind of go, all right, well,
Speaker 2: the pill is quote the easy option, right, you just
Speaker 2: take the pill. You don't have to worry so much. Yes,
Speaker 2: condoms exist, Yes, that is something that we could do.
Speaker 2: There's lots of different methods that people rely on, but
Speaker 2: I think that we fall into that because that's the
Speaker 2: one that is, from my perspective, is usually one hundred
Speaker 2: percent in the female's control, if that makes sense. Like
Speaker 2: I have to go to the doctor and I have
Speaker 2: to get a script for me, Like my husband can't
Speaker 2: go to the doctor and be like, oh, like you know,
Speaker 2: I'm just trying to sort out contraception my wife and I,
Speaker 2: you know, want to be on the pill. He can't
Speaker 2: do that for me. So I feel like I default
Speaker 2: to assuming it's that because both Steve or I could
Speaker 2: go on my condoms if we wanted to or needed to.
Speaker 2: And again, I think it falls back to my original
Speaker 2: view of if I am in a situation where I
Speaker 2: am single and I was sexually active, I would see
Speaker 2: that cost as an individual cost. I would expect and
Speaker 2: I would hope that women who are you know sexually
Speaker 2: active and single have protection with them and don't just
Speaker 2: rely on the pill, and they are looking after themselves
Speaker 2: and being smart about those things because you can't rely
Speaker 2: on somebody else to bring it to the table because
Speaker 2: you don't know them well enough yet. Yeah, but you're
Speaker 2: right further down into the situation, if the chosen contraception
Speaker 2: method is a condom, then that should be a shared
Speaker 2: cost too. I think I just lean further on stuff
Speaker 2: that comes via prescription because it's just harder to get
Speaker 2: and it really falls down to being the burden of
Speaker 2: the woman in the relationship. All the person who has
Speaker 2: ovaries right be known.
Speaker 3: I would be so thrilled to have to split the
Speaker 3: cost of a male contraceptive with my partner, Like I
Speaker 3: would love to put him on a pill. He can
Speaker 3: be crazy for a little bit and I'll after that. Yeah,
Speaker 3: it's just not.
Speaker 2: Been I feel like it's going to be an option soon.
Speaker 2: There's been a few things in the media about it.
Speaker 3: Do you remember like a few years ago they were like, oh,
Speaker 3: we're so close, but the male contraception got put on
Speaker 3: hold because they had a lot of really severe reactions
Speaker 3: like nau, they mood swings, and I was like, yes,
Speaker 3: so like regular side effects.
Speaker 2: Literally, I feel like women, no, no, we can't get
Speaker 2: into this because there's a whole conversation. There's a whole
Speaker 2: conversation to be had about women and pain and all
Speaker 2: of that. But cutting off, I think we're on the
Speaker 2: same page. If you're going to be sexually active, be
Speaker 2: smart about it, yes, full stop, end of story. Yeah,
Speaker 2: we are just smart. Do what you want, be smart about.
Speaker 4: It, and share those costs, and share those costs, save
Speaker 4: your sexual puns.
Speaker 2: And don't feel bad if you're going to bring that
Speaker 2: conversation up. Was guaranteed. If I had the confidence that
Speaker 2: I had today, when I was twenty two, twenty three
Speaker 2: and single, I'd be like, oh, yeah, can we split contraception?
Speaker 2: And they might say no. I'd be like, oh, okay,
Speaker 2: well so you're ready for a baby?
Speaker 3: Yeah, so you're ready. I feel like them saying no
Speaker 3: to splitting the cost red flag, red FLA red flag,
Speaker 3: red flag, And you know what, that's a really good
Speaker 3: red flag because we'll get it done really early and
Speaker 3: I can yet you out of my.
Speaker 2: Life, so see you by And you know what, that's
Speaker 2: probably a good place to wrap the episode too. Because
Speaker 2: I feel like jess Beck and I are going to
Speaker 2: go get a drink and probably get a lot more
Speaker 2: heated about this on this Friday afternoon. So have a
Speaker 2: really good week, guys, have the best weekend. We love
Speaker 2: you and.
Speaker 3: We'll see you next week. Bye bye bye.
Speaker 2: The advice shared on Cheese on the Money is general
Speaker 2: in nature and does not consider your individual circumstances. She's
Speaker 2: on the Money exists purely for educational purposes and should
Speaker 2: not be relied upon to make an investment or financial decision.
Speaker 2: If you do choose to buy a financial product, read
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