1 00:00:00,200 --> 00:00:02,040 Speaker 1: She's on the Money. 2 00:00:02,160 --> 00:00:16,320 Speaker 2: She's on the Money. 3 00:00:19,800 --> 00:00:22,240 Speaker 3: Hello and welcome to She's on the Money, the podcast 4 00:00:22,280 --> 00:00:24,239 Speaker 3: for millennials who want to financial freedom. 5 00:00:24,480 --> 00:00:26,160 Speaker 1: I'm Anabaalie, one of your co hosts. 6 00:00:26,200 --> 00:00:28,520 Speaker 3: I'm a law student and a millennial who desperately wants 7 00:00:28,560 --> 00:00:30,960 Speaker 3: to get better at all things money. To do that, 8 00:00:31,120 --> 00:00:33,560 Speaker 3: every week, I sit down with my friend and money expert, 9 00:00:33,640 --> 00:00:34,599 Speaker 3: Victoria Divine. 10 00:00:34,760 --> 00:00:36,400 Speaker 1: That's you, Victoria, Good money. 11 00:00:36,920 --> 00:00:39,120 Speaker 3: As always, It's been a great week for so many 12 00:00:39,120 --> 00:00:41,040 Speaker 3: of our Shoes on the Money community members, with so 13 00:00:41,120 --> 00:00:43,440 Speaker 3: many coming into the space to share their money wins. 14 00:00:43,920 --> 00:00:46,000 Speaker 3: So let's share our favorites from the week, shall we? 15 00:00:46,159 --> 00:00:47,000 Speaker 1: What have you got for me? 16 00:00:47,200 --> 00:00:49,760 Speaker 4: All right? So I have one from Matilda. She says, 17 00:00:49,960 --> 00:00:53,360 Speaker 4: massive money win. Thanks to my sister Jessica's immense help 18 00:00:53,440 --> 00:00:57,920 Speaker 4: and nifty spreadsheet work, woman, I've gotten my boss to 19 00:00:58,000 --> 00:01:01,040 Speaker 4: finally back pay me what they owe. I'd been paid 20 00:01:01,080 --> 00:01:03,400 Speaker 4: eighteen dollars an hour as a twenty year old casual 21 00:01:03,440 --> 00:01:05,360 Speaker 4: for the last two and a bit months, and they 22 00:01:05,360 --> 00:01:09,639 Speaker 4: weren't paying any super no penalty rates either. But tonight 23 00:01:09,680 --> 00:01:12,120 Speaker 4: I'm gonna get a nice fourteen hundred dollars boost to 24 00:01:12,160 --> 00:01:14,800 Speaker 4: my bank account. Five hundred dollars added to my super 25 00:01:14,959 --> 00:01:18,840 Speaker 4: and a forty five percent pay rise. Moving on, How 26 00:01:18,880 --> 00:01:19,560 Speaker 4: good is that? 27 00:01:19,720 --> 00:01:21,680 Speaker 3: I love watching your eyes light up when someone's just 28 00:01:21,760 --> 00:01:24,479 Speaker 3: spread cheet It's a bit creepy, isn't it. There are 29 00:01:24,520 --> 00:01:26,440 Speaker 3: like certain words that's just like you're like, oh, yes, 30 00:01:26,440 --> 00:01:27,119 Speaker 3: that's the word I love. 31 00:01:27,240 --> 00:01:29,400 Speaker 4: Like it's really bad. So if we went out last 32 00:01:29,400 --> 00:01:32,280 Speaker 4: week with my dad, and my dad's an accountant, and 33 00:01:32,319 --> 00:01:35,800 Speaker 4: we full on got into this conversation about spreadsheets, and 34 00:01:35,840 --> 00:01:37,880 Speaker 4: my sister leant over the table and was like, guys, 35 00:01:37,880 --> 00:01:38,520 Speaker 4: cut it out. 36 00:01:38,600 --> 00:01:40,360 Speaker 1: We're not all financial advisors. 37 00:01:40,400 --> 00:01:43,360 Speaker 4: And no, I'm sorry, but I'm also not sorry at all. 38 00:01:43,400 --> 00:01:44,960 Speaker 4: He taught me some really cool stuff. 39 00:01:45,600 --> 00:01:47,640 Speaker 3: I've got one from Kate this week who said, when 40 00:01:47,640 --> 00:01:50,400 Speaker 3: after pay reaches thirty dollars and you invested. 41 00:01:49,960 --> 00:01:53,160 Speaker 1: Three k in it at three dollars, who money win? 42 00:01:53,440 --> 00:01:56,240 Speaker 4: Check her out. I think that's a really impressive one 43 00:01:56,280 --> 00:01:58,440 Speaker 4: and something that actually got a lot of traction in 44 00:01:58,480 --> 00:02:01,120 Speaker 4: the group. But I think we need to actually remember 45 00:02:01,240 --> 00:02:04,200 Speaker 4: that just because one person made a lot of money 46 00:02:04,240 --> 00:02:07,520 Speaker 4: on a particular share because they invested early, that does 47 00:02:07,600 --> 00:02:09,840 Speaker 4: not mean that it is a good share to invest in. 48 00:02:09,919 --> 00:02:12,480 Speaker 4: Moving forward. It could have already peaked. It might not 49 00:02:12,520 --> 00:02:14,919 Speaker 4: be the right share for you at this point. She's 50 00:02:15,000 --> 00:02:17,280 Speaker 4: just got a really good example of getting onto a 51 00:02:17,280 --> 00:02:20,160 Speaker 4: good thing really early, and that's why investment can be 52 00:02:20,200 --> 00:02:22,120 Speaker 4: really cool, sometimes. 53 00:02:21,520 --> 00:02:22,840 Speaker 1: So cool, Victoria. 54 00:02:22,880 --> 00:02:25,480 Speaker 3: Today on the show, we're talking about weddings, but before 55 00:02:25,520 --> 00:02:27,200 Speaker 3: we get there, as always, it's time to share a 56 00:02:27,240 --> 00:02:29,240 Speaker 3: money win or a money confession from the week. 57 00:02:29,440 --> 00:02:30,480 Speaker 1: How did you go this week? 58 00:02:30,520 --> 00:02:32,680 Speaker 4: All right, Annabelle, I have a confession for you this 59 00:02:32,720 --> 00:02:34,840 Speaker 4: way tell me. I know. I feel like I had 60 00:02:34,840 --> 00:02:37,400 Speaker 4: a couple of good runs with my money wis. But 61 00:02:37,639 --> 00:02:41,760 Speaker 4: this week I purchased something online and was really excited 62 00:02:41,800 --> 00:02:43,760 Speaker 4: to do so, had been planning to for a while, 63 00:02:43,800 --> 00:02:45,959 Speaker 4: and I waited for a discount code to come out 64 00:02:46,000 --> 00:02:48,560 Speaker 4: so I could purchase it. And I was all gung 65 00:02:48,600 --> 00:02:51,519 Speaker 4: ho on my phone trying to get the purchase done 66 00:02:51,600 --> 00:02:54,480 Speaker 4: before running onto something else that I forgot to apply 67 00:02:54,560 --> 00:03:01,000 Speaker 4: the discount code, Victoria, so I haven't yet. I emailed 68 00:03:01,040 --> 00:03:02,919 Speaker 4: them to see if they could, you know, apply it 69 00:03:03,080 --> 00:03:05,720 Speaker 4: post because they did give it to me directly, so 70 00:03:05,800 --> 00:03:07,800 Speaker 4: I feel like they would be happy with that. But 71 00:03:07,919 --> 00:03:10,120 Speaker 4: I was also a little bit embarrassed to email them, 72 00:03:10,240 --> 00:03:12,560 Speaker 4: especially after I waited for so long to get the code, 73 00:03:12,760 --> 00:03:15,640 Speaker 4: So maybe that can be my actually for the week 74 00:03:16,000 --> 00:03:19,520 Speaker 4: to email and fifty Oh yes you need to chase them. 75 00:03:19,639 --> 00:03:21,960 Speaker 4: Yeah yeah, I think so tell me you've got a 76 00:03:22,000 --> 00:03:23,200 Speaker 4: money when Adabell come. 77 00:03:23,280 --> 00:03:23,600 Speaker 3: I do. 78 00:03:23,760 --> 00:03:25,960 Speaker 1: I will save this segment, Victoria focus. 79 00:03:26,280 --> 00:03:27,839 Speaker 4: I'm so grateful to have you. 80 00:03:28,200 --> 00:03:30,959 Speaker 3: So my friend's mum was throwing out a bunch of 81 00:03:31,000 --> 00:03:33,359 Speaker 3: stuff and she was gonna throw out her sewing machine. 82 00:03:34,400 --> 00:03:37,320 Speaker 3: Why I'll take that. And so I've been this past week. 83 00:03:37,360 --> 00:03:41,560 Speaker 3: I've been like altering my clothes. I'llbeit maybe not so successfully, 84 00:03:41,560 --> 00:03:44,680 Speaker 3: but I've been like taking up clothes. I changed an 85 00:03:44,720 --> 00:03:47,720 Speaker 3: old pair of jeans into shorts. Oh, so you're impressive 86 00:03:47,800 --> 00:03:50,040 Speaker 3: getting ready for summer. Are you sure you don't want 87 00:03:50,040 --> 00:03:51,800 Speaker 3: to go into being a tailor? Like I've had a 88 00:03:51,800 --> 00:03:54,120 Speaker 3: few things that need fixing. I'll start like a tailor 89 00:03:54,120 --> 00:03:57,640 Speaker 3: in company one day. Maybe now, Victoria, let's talk about 90 00:03:57,760 --> 00:04:01,040 Speaker 3: the average cost of a wedding. Right Magazine found the 91 00:04:01,080 --> 00:04:04,760 Speaker 3: average Australian wedding costs sixty four hundred and eighty two dollars, 92 00:04:04,960 --> 00:04:07,400 Speaker 3: while Wedded Wonderland put the average cost of a wedding 93 00:04:07,400 --> 00:04:09,400 Speaker 3: at fifty three thousand, one hundred and. 94 00:04:09,280 --> 00:04:10,040 Speaker 4: Sixty eight dollars. 95 00:04:10,320 --> 00:04:12,440 Speaker 3: Then we have Asik, who a few years ago said 96 00:04:12,440 --> 00:04:15,120 Speaker 3: the average cost of an Aussie wedding sat around thirty 97 00:04:15,160 --> 00:04:16,200 Speaker 3: five thousand dollars. 98 00:04:16,640 --> 00:04:19,080 Speaker 1: Victoria, Why are these numbers so different? 99 00:04:19,320 --> 00:04:21,200 Speaker 4: I think these numbers are so different because of where 100 00:04:21,240 --> 00:04:24,200 Speaker 4: they're pulling data from. So Wedded Wonderland might have pulled 101 00:04:24,200 --> 00:04:27,280 Speaker 4: their data from their database and might have sent out 102 00:04:27,320 --> 00:04:29,880 Speaker 4: a survey, whereas Acik, I think, is probably going to 103 00:04:29,920 --> 00:04:32,680 Speaker 4: have a more realistic number because they would have the 104 00:04:32,800 --> 00:04:35,960 Speaker 4: data that's collected in the census every couple of years. 105 00:04:36,440 --> 00:04:40,240 Speaker 4: So even saying that thirty five thousand dollars is a 106 00:04:40,279 --> 00:04:43,240 Speaker 4: lot of money to be spending on a wedding, And 107 00:04:43,360 --> 00:04:45,440 Speaker 4: to be honest, I don't know a lot of people, 108 00:04:45,440 --> 00:04:48,320 Speaker 4: and that might be my privilege speaking. I don't know 109 00:04:48,360 --> 00:04:50,440 Speaker 4: a lot of people who have only spent thirty five 110 00:04:50,440 --> 00:04:53,279 Speaker 4: thousand dollars. I have, I guess a friendship circle, and 111 00:04:53,320 --> 00:04:55,560 Speaker 4: I live in a space where a lot of people 112 00:04:55,600 --> 00:04:57,599 Speaker 4: are spending a lot more than that, and it honestly 113 00:04:57,640 --> 00:05:00,400 Speaker 4: baffles me, especially as someone who's not in aged and 114 00:05:00,440 --> 00:05:03,560 Speaker 4: not planning on getting married anytime soon. I'm in this 115 00:05:03,600 --> 00:05:04,279 Speaker 4: position where. 116 00:05:04,160 --> 00:05:06,159 Speaker 5: I'm like, whoa, that's a massive cost. 117 00:05:06,400 --> 00:05:07,960 Speaker 3: I was reading all those numbers and I was like 118 00:05:08,000 --> 00:05:11,240 Speaker 3: they sound just as big, Like they all sound completely 119 00:05:11,360 --> 00:05:13,119 Speaker 3: out of my range. 120 00:05:13,360 --> 00:05:16,120 Speaker 4: It's crazy and to think that a lot of people 121 00:05:16,200 --> 00:05:18,560 Speaker 4: spend money on weddings. And this is the one thing 122 00:05:18,600 --> 00:05:21,320 Speaker 4: that gets me. They spend so much money on weddings 123 00:05:21,520 --> 00:05:24,080 Speaker 4: to then go into a marriage in debt and that 124 00:05:24,160 --> 00:05:25,279 Speaker 4: baffles me. Yeah. 125 00:05:25,360 --> 00:05:28,320 Speaker 3: So, Sydney Morning Herald and Age money An editor Caitlin 126 00:05:28,360 --> 00:05:31,560 Speaker 3: Fitzimmons said, these are surveys done by bridal magazines and 127 00:05:31,600 --> 00:05:34,000 Speaker 3: wedding planners. They have a vested interest in giving you 128 00:05:34,080 --> 00:05:36,600 Speaker 3: a high number and trying to normalize spending a lot 129 00:05:36,640 --> 00:05:38,960 Speaker 3: of money on your wedding. What do you think about that? 130 00:05:39,000 --> 00:05:39,320 Speaker 3: All right? 131 00:05:39,360 --> 00:05:41,200 Speaker 4: Well, I feel like maybe had I known you were 132 00:05:41,200 --> 00:05:43,320 Speaker 4: going to say that second, I would have changed what 133 00:05:43,400 --> 00:05:46,320 Speaker 4: I said before. But absolutely so. I think that they 134 00:05:46,360 --> 00:05:48,760 Speaker 4: want to normalize spending a lot of money on your wedding, 135 00:05:48,960 --> 00:05:51,320 Speaker 4: which makes a lot of sense because the wedding industry 136 00:05:51,400 --> 00:05:55,000 Speaker 4: is incredibly lucrative. You look at how much weddings cost, 137 00:05:55,080 --> 00:05:57,680 Speaker 4: and as much as I've got no intention of getting 138 00:05:57,680 --> 00:06:01,039 Speaker 4: married soon, my best friend Steph actually just got engaged, 139 00:06:01,120 --> 00:06:04,360 Speaker 4: which is really exciting. I know, right, like everybody posting 140 00:06:04,400 --> 00:06:06,839 Speaker 4: the group your tips for Barley weddings because I know 141 00:06:06,920 --> 00:06:10,359 Speaker 4: that's where we'll go. But she just got engaged, and 142 00:06:10,400 --> 00:06:12,839 Speaker 4: we've started looking at wedding venues and how much that's 143 00:06:12,839 --> 00:06:14,719 Speaker 4: gonna cost her and what that's going to look like. 144 00:06:15,120 --> 00:06:18,960 Speaker 4: But it is so much more expensive than I even anticipated, 145 00:06:19,400 --> 00:06:22,600 Speaker 4: and looking up quoting tools and wedding budget blogs and 146 00:06:22,680 --> 00:06:25,200 Speaker 4: things really blows it out of proportion. Like I did 147 00:06:25,240 --> 00:06:27,240 Speaker 4: not know someone could spend that much on cake. 148 00:06:27,560 --> 00:06:30,000 Speaker 3: Oh, cakes are so expensive. My sister's getting married to 149 00:06:30,040 --> 00:06:32,239 Speaker 3: and we've been we're gonna go cake testing, cake testing. 150 00:06:32,320 --> 00:06:33,040 Speaker 4: Oh can I come? 151 00:06:33,400 --> 00:06:36,680 Speaker 1: Oh yeah, probably, yes, please, so excited. But they're so expensive. 152 00:06:37,040 --> 00:06:38,719 Speaker 4: It's crazy, incredibly expensive. 153 00:06:38,800 --> 00:06:41,240 Speaker 3: That's all despite the actual cost of getting married. Having 154 00:06:41,279 --> 00:06:44,160 Speaker 3: an authorized celebrant and the right paperwork costs a maximum 155 00:06:44,200 --> 00:06:47,000 Speaker 3: of about four hundred dollars in Australia. In some states 156 00:06:47,040 --> 00:06:48,960 Speaker 3: like Tazzy, you only need to pay fifty dollars to 157 00:06:49,000 --> 00:06:51,640 Speaker 3: be officially married. So why is it the Australians are 158 00:06:51,640 --> 00:06:54,560 Speaker 3: spending tens of thousands of dollars on one single day. 159 00:06:55,080 --> 00:06:59,800 Speaker 4: I think that goes back to the way Australians and 160 00:07:00,120 --> 00:07:03,120 Speaker 4: potentially other people in other parts of the world view 161 00:07:03,160 --> 00:07:05,839 Speaker 4: weddings like it is your one day, like we as 162 00:07:05,880 --> 00:07:09,600 Speaker 4: little girls had bride Barbie. Growing up, people would always 163 00:07:09,640 --> 00:07:11,360 Speaker 4: talk about, you know, the man of your dreams, the 164 00:07:11,360 --> 00:07:13,720 Speaker 4: person you would marry, what type of wedding you would want, 165 00:07:13,760 --> 00:07:16,920 Speaker 4: Like I remember when I was sixteen, girls talking about 166 00:07:16,920 --> 00:07:18,920 Speaker 4: the type of wedding they want, And I remember there 167 00:07:18,960 --> 00:07:21,800 Speaker 4: was a full argument in my high school over two 168 00:07:21,880 --> 00:07:23,800 Speaker 4: girls who liked the same dress, like. 169 00:07:23,880 --> 00:07:25,040 Speaker 1: Are you kidding mine? 170 00:07:25,200 --> 00:07:27,320 Speaker 4: Yeah, but like we didn't even have fun is at 171 00:07:27,360 --> 00:07:28,600 Speaker 4: that period of our. 172 00:07:28,440 --> 00:07:30,360 Speaker 5: Life you were sixteen exactly? 173 00:07:30,840 --> 00:07:33,000 Speaker 4: Potentially I'm getting a little bit confused because we also 174 00:07:33,000 --> 00:07:35,040 Speaker 4: had our debutant ball at the same period of time, 175 00:07:35,240 --> 00:07:39,360 Speaker 4: But even that was an expensive cost that I found 176 00:07:39,480 --> 00:07:41,840 Speaker 4: quite ridiculous at the time. So I think that we 177 00:07:41,920 --> 00:07:44,200 Speaker 4: tend to spend so much money on weddings because one, 178 00:07:45,080 --> 00:07:48,200 Speaker 4: we feel like it's expected of us. But two, in 179 00:07:48,240 --> 00:07:51,560 Speaker 4: our culture, we see it as a good start to 180 00:07:51,560 --> 00:07:54,400 Speaker 4: a married life. So to have a big, beautiful wedding 181 00:07:54,560 --> 00:07:57,440 Speaker 4: is a reflection of hopefully the type of marriage we 182 00:07:57,560 --> 00:08:00,160 Speaker 4: will have. But I think the reality here is one 183 00:08:00,240 --> 00:08:03,640 Speaker 4: in two marriages don't actually last, and in twenty nineteen 184 00:08:03,680 --> 00:08:07,360 Speaker 4: that figure is only creeping up. So the question really is, now, 185 00:08:07,520 --> 00:08:09,720 Speaker 4: why are we spending so much money on something that 186 00:08:09,800 --> 00:08:13,640 Speaker 4: could be a potentially bad investment, like putting my financial 187 00:08:13,680 --> 00:08:16,880 Speaker 4: advisor hat on. If I said, hey, invest sixty five 188 00:08:16,920 --> 00:08:18,880 Speaker 4: thousand dollars, there's a one in two chance of you 189 00:08:19,000 --> 00:08:21,360 Speaker 4: losing the whole thing, how would you feel you. 190 00:08:21,280 --> 00:08:22,360 Speaker 1: Don't want to have to regret that? 191 00:08:22,680 --> 00:08:25,480 Speaker 3: No, do you think that there's a performative aspect of 192 00:08:25,720 --> 00:08:27,880 Speaker 3: weddings in that we want them to be like the 193 00:08:27,920 --> 00:08:30,880 Speaker 3: weddings we see on Pinterest boards and on our Instagram feeds. 194 00:08:31,200 --> 00:08:32,800 Speaker 3: That means that we're splashing more cash on them. 195 00:08:32,880 --> 00:08:35,080 Speaker 4: I think that comes back to Instagram culture as well, 196 00:08:35,280 --> 00:08:38,400 Speaker 4: and people setting up unrealistic expectations for what a wedding 197 00:08:38,440 --> 00:08:41,360 Speaker 4: looks like. So recently we've had some really great threads 198 00:08:41,440 --> 00:08:44,280 Speaker 4: in the Facebook group about weddings and about how much 199 00:08:44,280 --> 00:08:47,920 Speaker 4: they're costing people, and so many people had so many 200 00:08:47,920 --> 00:08:51,000 Speaker 4: good ideas, one on saving money, but two on potentially 201 00:08:51,080 --> 00:08:54,880 Speaker 4: just downgrading the entire wedding. A lot of people were saying, hey, 202 00:08:55,000 --> 00:08:57,080 Speaker 4: I got married twenty years ago. We went to the 203 00:08:57,120 --> 00:08:59,000 Speaker 4: registry and then we had a party with our friends 204 00:08:59,040 --> 00:09:00,920 Speaker 4: and it was honestly the best stay of our lives. 205 00:09:01,120 --> 00:09:03,559 Speaker 4: And I think we need to work out why we're 206 00:09:03,600 --> 00:09:06,760 Speaker 4: having a wedding and what feelings we're trying to elicit here. 207 00:09:07,440 --> 00:09:09,680 Speaker 4: Is this actually in line with our values? So I 208 00:09:09,960 --> 00:09:12,800 Speaker 4: genuinely have no issue with you telling me you want 209 00:09:12,840 --> 00:09:15,000 Speaker 4: to spend a large sum of money on a wedding 210 00:09:15,280 --> 00:09:17,680 Speaker 4: if that is what your goals and your values and 211 00:09:17,720 --> 00:09:20,880 Speaker 4: your aspirations are, and if you tell me look above 212 00:09:20,880 --> 00:09:25,120 Speaker 4: and beyond absolutely everything else, Victoria, this is what I want, fantastic. 213 00:09:25,200 --> 00:09:27,760 Speaker 4: I would be more than happy to help you organize that. 214 00:09:28,200 --> 00:09:31,080 Speaker 4: But I think if it's not in line with your values, 215 00:09:31,320 --> 00:09:34,240 Speaker 4: or you're in a position where you're doing things because 216 00:09:34,240 --> 00:09:36,360 Speaker 4: you feel like you have to, or it comes back 217 00:09:36,400 --> 00:09:39,080 Speaker 4: to that performative aspect of weddings, like are you just 218 00:09:39,120 --> 00:09:41,880 Speaker 4: doing it because you think you have to? You don't 219 00:09:41,880 --> 00:09:43,760 Speaker 4: owe anybody anything, And I think this has been the 220 00:09:43,760 --> 00:09:46,400 Speaker 4: theme of the last two podcasts, But you do not 221 00:09:46,520 --> 00:09:49,800 Speaker 4: owe anybody anything. You don't have to do anything specifically, 222 00:09:49,840 --> 00:09:53,800 Speaker 4: even if a pinterest wedding looks incredibly beautiful, just because 223 00:09:54,000 --> 00:09:56,600 Speaker 4: that looks beautiful, and you like, it doesn't mean you 224 00:09:56,640 --> 00:09:59,160 Speaker 4: actually have to have all of those elements in your 225 00:09:59,160 --> 00:09:59,600 Speaker 4: big day. 226 00:10:00,040 --> 00:10:02,400 Speaker 3: My sister's currently planning her wedding and we had this 227 00:10:02,480 --> 00:10:05,040 Speaker 3: big debarcle about the chairs you wanted at the ceremony, 228 00:10:05,040 --> 00:10:06,880 Speaker 3: and she was comparing these true chairs that were virtually 229 00:10:07,000 --> 00:10:09,199 Speaker 3: saying but she was like, this one's more like photogenic 230 00:10:09,240 --> 00:10:11,800 Speaker 3: and more aesthetically pleasing. And I kept coming back to 231 00:10:11,840 --> 00:10:13,839 Speaker 3: the same question, is it gonna matter like a people 232 00:10:13,960 --> 00:10:16,240 Speaker 3: still gonna have a good time regardless of the chair 233 00:10:16,280 --> 00:10:17,520 Speaker 3: you pig And. 234 00:10:17,960 --> 00:10:20,319 Speaker 1: That's interesting, the cheaper chair. 235 00:10:20,280 --> 00:10:23,160 Speaker 4: That's really interesting, And I think that that's really common, 236 00:10:23,320 --> 00:10:26,840 Speaker 4: Like you see so many brides getting wedding planners to 237 00:10:27,000 --> 00:10:29,760 Speaker 4: outsource it, but then you also see people getting really 238 00:10:29,760 --> 00:10:32,640 Speaker 4: bogged down in the details. And something that I've always 239 00:10:32,679 --> 00:10:35,800 Speaker 4: stuck to, albeit I haven't ever gotten married. People don't 240 00:10:35,800 --> 00:10:38,880 Speaker 4: remember the table or the napkin you chose, or the 241 00:10:38,920 --> 00:10:41,280 Speaker 4: type of BOMBONII you put on the table for them 242 00:10:41,280 --> 00:10:44,480 Speaker 4: to take home. People actually remember how you made them feel. 243 00:10:44,720 --> 00:10:46,800 Speaker 4: And I think that that's the most important part of 244 00:10:46,840 --> 00:10:49,280 Speaker 4: the wedding. So if you're getting bogged down in which 245 00:10:49,280 --> 00:10:51,680 Speaker 4: type of chairs, the most photogenic, Like, are you going 246 00:10:51,760 --> 00:10:54,200 Speaker 4: to be looking at pictures of the chairs twenty years 247 00:10:54,200 --> 00:10:55,480 Speaker 4: from now, or are you going to be looking at 248 00:10:55,480 --> 00:10:57,400 Speaker 4: pictures of your friends in the great time they had? 249 00:10:57,520 --> 00:10:58,200 Speaker 1: Exactly So. 250 00:10:58,280 --> 00:11:00,880 Speaker 3: The irony here is that, according to the economist, those 251 00:11:00,920 --> 00:11:03,040 Speaker 3: who have a wedding above their means more likely to 252 00:11:03,080 --> 00:11:06,160 Speaker 3: get divorced. A study published in twenty fifteen by two 253 00:11:06,160 --> 00:11:09,000 Speaker 3: economists at Emory University found that among couples of the 254 00:11:09,040 --> 00:11:12,040 Speaker 3: same income, education, and race, those who had married on 255 00:11:12,080 --> 00:11:14,800 Speaker 3: a higher budget were more likely to get divorced, citing 256 00:11:14,800 --> 00:11:17,480 Speaker 3: money problems as one of their key reasons for splitting. 257 00:11:17,920 --> 00:11:18,800 Speaker 1: What do you think about that. 258 00:11:18,960 --> 00:11:21,760 Speaker 4: I cannot say that I'm surprised to hear that. I 259 00:11:21,800 --> 00:11:25,160 Speaker 4: think it's something that is actually a reflection of people 260 00:11:25,200 --> 00:11:28,080 Speaker 4: not having open, honest conversations about their money story at 261 00:11:28,080 --> 00:11:31,320 Speaker 4: the beginning of their relationship, but then also not working 262 00:11:31,360 --> 00:11:34,080 Speaker 4: towards shared money goals that are increasing their wealth and 263 00:11:34,160 --> 00:11:37,040 Speaker 4: financial security over the long term. So, if you're putting 264 00:11:37,040 --> 00:11:40,320 Speaker 4: yourself in a financial position where you are starting a 265 00:11:40,360 --> 00:11:44,439 Speaker 4: relationship under financial stress, of course it's going to be stressful. 266 00:11:44,480 --> 00:11:46,600 Speaker 4: Of Course it's going to be hard. I think you 267 00:11:46,679 --> 00:11:48,880 Speaker 4: need to be on the same page moving forward and 268 00:11:49,000 --> 00:11:51,880 Speaker 4: talk about things like, Hey, what do we actually want 269 00:11:51,920 --> 00:11:53,880 Speaker 4: to achieve, what types of schools will we want to 270 00:11:53,920 --> 00:11:56,320 Speaker 4: send the children that we potentially want to have, how 271 00:11:56,360 --> 00:11:58,760 Speaker 4: much will it cost us, what type of home do 272 00:11:58,840 --> 00:12:02,640 Speaker 4: we want? And is a home deposit something that we 273 00:12:02,679 --> 00:12:04,840 Speaker 4: should be working towards instead of a wedding. 274 00:12:04,960 --> 00:12:06,720 Speaker 3: So is there a rule of thumb you'd recommend for 275 00:12:06,760 --> 00:12:09,240 Speaker 3: a wedding budget? When you hear of couples spending one 276 00:12:09,280 --> 00:12:11,319 Speaker 3: hundred thousand dollars on their weddings, do you WinCE a 277 00:12:11,360 --> 00:12:11,719 Speaker 3: little bit? 278 00:12:11,920 --> 00:12:12,120 Speaker 6: Yes? 279 00:12:12,240 --> 00:12:13,080 Speaker 1: Yeah, I do too. 280 00:12:13,520 --> 00:12:16,480 Speaker 4: It hurts me a little bit inside, not because of 281 00:12:16,520 --> 00:12:19,080 Speaker 4: how much they're spending on something that they value, but 282 00:12:19,200 --> 00:12:20,959 Speaker 4: because they're spending one hundred thousand. 283 00:12:20,679 --> 00:12:22,760 Speaker 5: Dollars and I know the power of that over time. 284 00:12:23,760 --> 00:12:25,920 Speaker 4: So I think it's really important to remember that we 285 00:12:25,960 --> 00:12:28,440 Speaker 4: all have our values, we all have things that we 286 00:12:28,520 --> 00:12:31,600 Speaker 4: want to achieve, things that are important to us. I 287 00:12:31,640 --> 00:12:33,400 Speaker 4: think at the start of your wedding journey, if you're 288 00:12:33,400 --> 00:12:35,320 Speaker 4: planning one with your partner, sit down and have a 289 00:12:35,360 --> 00:12:38,200 Speaker 4: really good conversation about what this actually looks like. And 290 00:12:38,280 --> 00:12:40,360 Speaker 4: when you do set a budget, set a budget that 291 00:12:40,400 --> 00:12:43,360 Speaker 4: you are sticking to and make sure that you outline 292 00:12:43,400 --> 00:12:46,120 Speaker 4: what that budget actually looks like. It's one thing to say, hey, 293 00:12:46,240 --> 00:12:48,480 Speaker 4: I would love my wedding to be one hundred thousand dollars, 294 00:12:49,200 --> 00:12:51,040 Speaker 4: but what does that actually mean? How much of that 295 00:12:51,120 --> 00:12:52,600 Speaker 4: is going on the venue, how much of that is 296 00:12:52,640 --> 00:12:55,239 Speaker 4: going on extra cating, how much is it going on alcohol? 297 00:12:55,440 --> 00:12:57,200 Speaker 4: What are you spending on your dress? What are the 298 00:12:57,240 --> 00:12:59,360 Speaker 4: groom's shoes going to look like? Think you need to 299 00:12:59,360 --> 00:13:03,640 Speaker 4: get into really minute detail when planning a wedding because 300 00:13:03,679 --> 00:13:05,840 Speaker 4: too many times do I hear people say, oh, we 301 00:13:05,880 --> 00:13:08,760 Speaker 4: went only ten thousand dollars over as if going over 302 00:13:08,840 --> 00:13:11,480 Speaker 4: budget on a wedding is a really normal thing to happen, 303 00:13:12,040 --> 00:13:13,679 Speaker 4: and that's something that we should do with all of 304 00:13:13,720 --> 00:13:16,720 Speaker 4: our budgets. Like get into the minute detail and work 305 00:13:16,760 --> 00:13:19,480 Speaker 4: out what's of value to you, Like if flowers are 306 00:13:19,520 --> 00:13:21,920 Speaker 4: a massive value to you, spend a lot on them 307 00:13:21,960 --> 00:13:24,400 Speaker 4: because that's what's going to make you happy, but work 308 00:13:24,400 --> 00:13:27,280 Speaker 4: out a way to save in other parts of the wedding. 309 00:13:27,600 --> 00:13:30,880 Speaker 4: So one hundred thousand dollars, I actually could not care 310 00:13:30,960 --> 00:13:33,640 Speaker 4: less how much people are spending on their weddings as 311 00:13:33,720 --> 00:13:36,560 Speaker 4: long as they're not going into debt to do them, 312 00:13:36,760 --> 00:13:39,360 Speaker 4: and as long as they are spending in relation to 313 00:13:39,360 --> 00:13:39,959 Speaker 4: their values. 314 00:13:40,120 --> 00:13:41,800 Speaker 3: And even though one hundred thousand dollars seems like a 315 00:13:41,840 --> 00:13:44,240 Speaker 3: lot of money, I feel like it's very easy to 316 00:13:44,280 --> 00:13:46,679 Speaker 3: spend that amount in the wedding industry or to accidentally 317 00:13:46,720 --> 00:13:49,560 Speaker 3: like splash that amount of money on like the smallest thing. 318 00:13:49,880 --> 00:13:53,600 Speaker 4: Oh absolutely, And I think that we'd be naive to say, 319 00:13:53,720 --> 00:13:55,640 Speaker 4: oh no, that's so much money. You can do a 320 00:13:55,679 --> 00:13:59,120 Speaker 4: wedding for far far less. Like we live and are 321 00:13:59,200 --> 00:14:01,920 Speaker 4: very lucky to live in the heart of the Melbourne CBD, 322 00:14:02,320 --> 00:14:05,320 Speaker 4: So everything that we spend money on is going to 323 00:14:05,360 --> 00:14:08,439 Speaker 4: be a little bit inflated, it's going to be overpriced. 324 00:14:08,800 --> 00:14:11,040 Speaker 4: So I think it's about thinking about whether that is 325 00:14:11,200 --> 00:14:14,040 Speaker 4: aligned to our values too. So say I've got friends 326 00:14:14,120 --> 00:14:16,200 Speaker 4: trying to plan weddings in the CBD right now, and 327 00:14:16,240 --> 00:14:18,400 Speaker 4: I've got friends that have gotten married over the last 328 00:14:18,400 --> 00:14:20,800 Speaker 4: couple of years in the CBD and their weddings are 329 00:14:20,800 --> 00:14:24,120 Speaker 4: probably close to that. So it is not uncommon, but 330 00:14:24,240 --> 00:14:27,320 Speaker 4: I think it's also unreasonable to expect. 331 00:14:27,000 --> 00:14:28,880 Speaker 3: What kind of advice do you have for brides who 332 00:14:28,920 --> 00:14:31,400 Speaker 3: are currently planning their big day? How can they enjoy 333 00:14:31,440 --> 00:14:33,600 Speaker 3: their weddings without obliterating their savings. 334 00:14:33,640 --> 00:14:34,720 Speaker 1: At the same time, have. 335 00:14:34,800 --> 00:14:36,760 Speaker 4: A think about the budget that you would like to 336 00:14:36,840 --> 00:14:39,760 Speaker 4: set for your wedding, and then have another think about 337 00:14:39,800 --> 00:14:42,120 Speaker 4: how long it's going to take you to save for 338 00:14:42,160 --> 00:14:44,520 Speaker 4: that goal. So, if you would like your wedding in 339 00:14:44,560 --> 00:14:47,800 Speaker 4: twelve months, but you're only able to save thirty thousand 340 00:14:47,800 --> 00:14:50,200 Speaker 4: dollars within that period of time, I wish I could 341 00:14:50,200 --> 00:14:53,280 Speaker 4: save thirty thousand dollars in twelve months. But if you're 342 00:14:53,360 --> 00:14:56,040 Speaker 4: wanting to spend thirty thousand dollars on that wedding, is 343 00:14:56,080 --> 00:14:58,440 Speaker 4: that the right budget for you? Can you actually achieve that? 344 00:14:58,520 --> 00:15:00,680 Speaker 4: If you want a sixty thousand dollars wedding, maybe you 345 00:15:00,760 --> 00:15:02,400 Speaker 4: actually need to have a really good think about your 346 00:15:02,400 --> 00:15:06,280 Speaker 4: time frames and increase that. I think that people are 347 00:15:06,320 --> 00:15:09,320 Speaker 4: too often willing to get into debt for a wedding 348 00:15:09,520 --> 00:15:12,440 Speaker 4: because they see it as a really big life milestone, 349 00:15:12,680 --> 00:15:14,960 Speaker 4: when in actual fact, that person, if they are the 350 00:15:15,040 --> 00:15:17,360 Speaker 4: right person for you, is going to be there in 351 00:15:17,400 --> 00:15:19,880 Speaker 4: twelve months, whether you get married right now or you 352 00:15:19,920 --> 00:15:22,600 Speaker 4: get married twelve months from now. 353 00:15:26,920 --> 00:15:27,080 Speaker 6: Hi. 354 00:15:27,160 --> 00:15:29,520 Speaker 3: There, you've called the Shees on the money hotline. Do 355 00:15:29,560 --> 00:15:31,800 Speaker 3: you have a money problem? You want help solving. Do 356 00:15:31,840 --> 00:15:33,760 Speaker 3: you have a money dilemma you just want to chat about. 357 00:15:34,040 --> 00:15:35,480 Speaker 1: Victoria is here to help. 358 00:15:35,800 --> 00:15:38,120 Speaker 3: Each week, we'll be playing your hotline questions to help 359 00:15:38,160 --> 00:15:39,880 Speaker 3: make sense of the money mess you may have found 360 00:15:39,880 --> 00:15:42,360 Speaker 3: yourself in. Give us a call on four three, five, 361 00:15:42,560 --> 00:15:45,080 Speaker 3: two nine three double eighty six, and you might find 362 00:15:45,080 --> 00:15:56,720 Speaker 3: yourself on the show. So this listener question was actually 363 00:15:56,760 --> 00:15:59,600 Speaker 3: sent through to our text line. She said, my friend 364 00:15:59,600 --> 00:16:01,560 Speaker 3: has asked me to be her bridesmaid, and I'm finding 365 00:16:01,560 --> 00:16:03,760 Speaker 3: the cost of being involved in her wedding is blowing 366 00:16:03,800 --> 00:16:06,680 Speaker 3: out beyond my budget. She's decided to do a location 367 00:16:06,760 --> 00:16:09,000 Speaker 3: wedding in Barren Bay, and I'm really stressed about how 368 00:16:09,000 --> 00:16:11,640 Speaker 3: this will impact my savings. Am I allowed to tell 369 00:16:11,640 --> 00:16:13,360 Speaker 3: her how stressed I am when she wants it to 370 00:16:13,400 --> 00:16:14,920 Speaker 3: be so special? Can she? 371 00:16:15,040 --> 00:16:18,480 Speaker 4: Victoria, I absolutely think it is worth sharing with a 372 00:16:18,520 --> 00:16:21,400 Speaker 4: friend how stressed you are, because if I were to 373 00:16:21,400 --> 00:16:23,400 Speaker 4: get married, I would not want to be putting my 374 00:16:23,440 --> 00:16:26,360 Speaker 4: friends in a situation that they are uncomfortable with. So 375 00:16:26,560 --> 00:16:29,480 Speaker 4: by sharing how stressed you are, it's not you saying 376 00:16:29,520 --> 00:16:32,400 Speaker 4: I need you to fund this. It's more saying, hey, 377 00:16:32,680 --> 00:16:34,920 Speaker 4: this is something that I didn't have it in my budget. 378 00:16:34,960 --> 00:16:38,000 Speaker 4: How you know, maybe you can muld together some ideas 379 00:16:38,000 --> 00:16:41,160 Speaker 4: on how you both can work together to reduce how 380 00:16:41,240 --> 00:16:42,800 Speaker 4: much that's going to cost you. You know, if you 381 00:16:42,840 --> 00:16:44,640 Speaker 4: need to wear silver shoes for the wedding, maybe you 382 00:16:44,680 --> 00:16:47,000 Speaker 4: have silver shoes at home that the bride would very 383 00:16:47,000 --> 00:16:50,400 Speaker 4: happily have you wear. I think it's worth sharing that 384 00:16:50,480 --> 00:16:53,680 Speaker 4: with them because weddings are getting really expensive, like I'm 385 00:16:53,720 --> 00:16:56,400 Speaker 4: seeing that even personally over the last couple of months. 386 00:16:56,440 --> 00:16:58,560 Speaker 4: I have a few weddings coming up where I Am 387 00:16:58,640 --> 00:17:01,560 Speaker 4: going to be a bride'smaid. But then on top of that, 388 00:17:01,600 --> 00:17:04,600 Speaker 4: you've got things like the hen's party, and often they 389 00:17:04,640 --> 00:17:07,080 Speaker 4: are three or four hundred dollars for the weekend because 390 00:17:07,440 --> 00:17:10,240 Speaker 4: my friends would like to go away. Then you're looking 391 00:17:10,240 --> 00:17:12,760 Speaker 4: at the dress, the shoes, the hair. All of those 392 00:17:12,800 --> 00:17:15,480 Speaker 4: things add up, and I think a bride would be 393 00:17:15,480 --> 00:17:19,680 Speaker 4: incredibly naive to think that they don't because they've obviously 394 00:17:19,760 --> 00:17:22,280 Speaker 4: realized that by asking you to pay for them, it 395 00:17:22,400 --> 00:17:23,680 Speaker 4: wasn't within their budget. 396 00:17:24,040 --> 00:17:26,600 Speaker 3: The average cost of being a bridesmaid between the dress, 397 00:17:26,760 --> 00:17:30,320 Speaker 3: access freese, bridal parties, and wedding gives is fifteen hundred dollars. 398 00:17:30,560 --> 00:17:32,480 Speaker 3: That's a pretty big investment, isn't it? 399 00:17:32,560 --> 00:17:32,960 Speaker 1: Is it an. 400 00:17:32,880 --> 00:17:35,879 Speaker 4: Investment or is it just I think it's not an investment. 401 00:17:36,480 --> 00:17:38,560 Speaker 4: I would not call it an investment. I would call 402 00:17:38,600 --> 00:17:41,439 Speaker 4: it spending. So it's something that does have to go 403 00:17:41,480 --> 00:17:44,320 Speaker 4: into your budget. And I will say it once again, 404 00:17:45,119 --> 00:17:47,239 Speaker 4: saving for things that you want to have in your 405 00:17:47,240 --> 00:17:50,639 Speaker 4: budget takes compromise. So if being a bridesmaid is something 406 00:17:50,680 --> 00:17:53,119 Speaker 4: you would like to do, you need to really have 407 00:17:53,160 --> 00:17:54,560 Speaker 4: a look at the rest of your budget and work 408 00:17:54,600 --> 00:17:56,280 Speaker 4: out what you're going to cut back for that period 409 00:17:56,320 --> 00:17:58,280 Speaker 4: of time. It might mean that you need to cut 410 00:17:58,280 --> 00:18:00,840 Speaker 4: back your holiday budget a little bit or spend less 411 00:18:00,880 --> 00:18:03,960 Speaker 4: on a particular thing just because you want to allocate 412 00:18:04,000 --> 00:18:06,800 Speaker 4: those funds somewhere else. So it's absolutely doable. But again, 413 00:18:06,840 --> 00:18:08,879 Speaker 4: it has to be in line with your values. And 414 00:18:08,960 --> 00:18:11,159 Speaker 4: I actually know a couple of people who have said no, 415 00:18:11,320 --> 00:18:14,520 Speaker 4: thank you to being a bridesmaid because the financial investment 416 00:18:14,640 --> 00:18:15,800 Speaker 4: was just too much for them. 417 00:18:16,080 --> 00:18:17,399 Speaker 3: If they don't want to say no, though, are the 418 00:18:17,480 --> 00:18:19,640 Speaker 3: other ways to limit the amount of spending when you're 419 00:18:19,640 --> 00:18:20,680 Speaker 3: agree to be a bridesmaid? 420 00:18:21,000 --> 00:18:23,800 Speaker 4: I think it's about having an open, honest conversation with 421 00:18:23,920 --> 00:18:26,679 Speaker 4: the bride and saying, hey, cool, what are you actually 422 00:18:26,680 --> 00:18:30,080 Speaker 4: expecting this to cost me? Is that reasonable? Is that logical? 423 00:18:30,320 --> 00:18:33,080 Speaker 4: In a world where we are more likely to have 424 00:18:33,240 --> 00:18:35,359 Speaker 4: our weddings at the same time as our friends because 425 00:18:35,400 --> 00:18:37,840 Speaker 4: our friends are similar ages to us, it could be 426 00:18:37,920 --> 00:18:41,080 Speaker 4: really unreasonable to expect that every single year you have 427 00:18:41,119 --> 00:18:44,040 Speaker 4: a fifteen hundred dollar bill to participate in a wedding. 428 00:18:44,240 --> 00:18:47,000 Speaker 4: And whilst that is usually short lived because it will 429 00:18:47,000 --> 00:18:49,399 Speaker 4: only happen for you know, four or five years, it 430 00:18:49,480 --> 00:18:52,119 Speaker 4: is still a massive cost and it is still impacting 431 00:18:52,119 --> 00:18:55,080 Speaker 4: you financially. So having an open on this conversation with 432 00:18:55,119 --> 00:18:58,000 Speaker 4: the bride is imperative to you making sure that this 433 00:18:58,040 --> 00:19:00,160 Speaker 4: doesn't impact you negatively over the long. 434 00:19:00,960 --> 00:19:02,240 Speaker 1: So here's anitty gritty question. 435 00:19:02,440 --> 00:19:05,119 Speaker 3: If the cost of being involved is so high, do 436 00:19:05,160 --> 00:19:07,359 Speaker 3: you think she's exempt from buying a wedding present for 437 00:19:07,400 --> 00:19:07,920 Speaker 3: the bride? 438 00:19:08,080 --> 00:19:10,680 Speaker 4: This is such a tricky question because again it's such 439 00:19:10,680 --> 00:19:13,679 Speaker 4: a personal thing. I think if you would still like 440 00:19:13,760 --> 00:19:16,360 Speaker 4: to purchase the bride a gift, even though you've made 441 00:19:16,400 --> 00:19:19,480 Speaker 4: another investment in their wedding, you are absolutely more than 442 00:19:19,520 --> 00:19:22,280 Speaker 4: welcome to. But potentially it's not a gift that is 443 00:19:22,320 --> 00:19:24,480 Speaker 4: worth a lot of money. Yeah, it could potentially be 444 00:19:24,600 --> 00:19:27,480 Speaker 4: something more sentimental or a box you've put together full 445 00:19:27,520 --> 00:19:30,040 Speaker 4: of all of your favorite things. I'm not sure what 446 00:19:30,040 --> 00:19:32,440 Speaker 4: that looks like for you, and again, it is such 447 00:19:32,520 --> 00:19:35,320 Speaker 4: a personal question. I don't think that there should ever 448 00:19:35,359 --> 00:19:38,520 Speaker 4: be any expectation though, of a gift when you have 449 00:19:38,560 --> 00:19:40,000 Speaker 4: already contributed so much. 450 00:19:40,040 --> 00:19:42,000 Speaker 3: And who knows, maybe the bride will suggest that anyway, 451 00:19:42,000 --> 00:19:43,920 Speaker 3: if you're having that open discussion with her, maybe she'll 452 00:19:43,960 --> 00:19:45,359 Speaker 3: just be like, you don't have to buy. 453 00:19:45,240 --> 00:19:48,640 Speaker 4: Me anything, absolutely, And I hope that these open, honest conversations, 454 00:19:48,680 --> 00:19:51,399 Speaker 4: if brides are listening to this, maybe put them in 455 00:19:51,440 --> 00:19:53,800 Speaker 4: a position then where they go fantastic. I've been thinking 456 00:19:53,840 --> 00:19:56,199 Speaker 4: so much about my own experience and my own budget 457 00:19:56,200 --> 00:19:58,719 Speaker 4: for the wedding, I didn't even think about my bride's maids. 458 00:19:58,960 --> 00:20:01,000 Speaker 4: And maybe as a bride, you could take that step 459 00:20:01,040 --> 00:20:03,600 Speaker 4: and have a chat with your bridesmaids about what that's 460 00:20:03,640 --> 00:20:05,880 Speaker 4: actually going to cost them. And I think the same 461 00:20:05,920 --> 00:20:08,439 Speaker 4: goes for grooms men as well, because suits and ties 462 00:20:08,480 --> 00:20:12,320 Speaker 4: and brand new patent leather shoes are really expensive. So 463 00:20:12,400 --> 00:20:14,560 Speaker 4: I think that to take a step back from the 464 00:20:14,600 --> 00:20:17,600 Speaker 4: wedding being your wedding for a second and realizing how 465 00:20:17,640 --> 00:20:21,119 Speaker 4: am I actually going to impact other people whilst facilitating this, 466 00:20:21,760 --> 00:20:25,720 Speaker 4: especially if you're having a destination wedding, is really important. 467 00:20:28,160 --> 00:20:30,840 Speaker 3: And now it's time for my favorite segment, the money 468 00:20:30,880 --> 00:20:31,560 Speaker 3: diary segment. 469 00:20:31,840 --> 00:20:38,320 Speaker 1: Let's go. Today's money Diary is from twenty one and considered. 470 00:20:38,600 --> 00:20:39,679 Speaker 7: I am always thinking. 471 00:20:39,720 --> 00:20:43,280 Speaker 6: I'm very prone to overthinking and stressing a little bit, 472 00:20:43,760 --> 00:20:45,639 Speaker 6: but money has definitely been a source. 473 00:20:45,640 --> 00:20:48,320 Speaker 7: Fore I'm like, no, I need to know what I'm doing, so. 474 00:20:48,320 --> 00:20:50,640 Speaker 6: I make sure that I think about all the ways 475 00:20:50,640 --> 00:20:52,640 Speaker 6: that it can impact what I'm doing and then sort 476 00:20:52,680 --> 00:20:55,159 Speaker 6: of make the decision based on how it's going to 477 00:20:55,160 --> 00:20:57,800 Speaker 6: impact me down the road or try to. So I'm 478 00:20:57,840 --> 00:21:01,120 Speaker 6: the eldest of five and grubbiness, so like, there's not 479 00:21:01,160 --> 00:21:04,320 Speaker 6: a lot of job opportunities there, but I've been working 480 00:21:04,359 --> 00:21:06,680 Speaker 6: since I was twelve because there's not a lot of 481 00:21:06,720 --> 00:21:09,320 Speaker 6: opportunities for older people, but they need people who can 482 00:21:09,440 --> 00:21:11,560 Speaker 6: work for not a lot of money. It's not it's 483 00:21:11,600 --> 00:21:14,400 Speaker 6: like pretty easy to be dodgy. So yeah, I've sort 484 00:21:14,400 --> 00:21:16,560 Speaker 6: of had like probably ten jobs and only twenty one, 485 00:21:16,680 --> 00:21:20,480 Speaker 6: so lots of jobs. But my mum is a school 486 00:21:20,520 --> 00:21:22,480 Speaker 6: principal and my dad's sort of just like a labor, 487 00:21:22,520 --> 00:21:28,240 Speaker 6: a handyman kind of guy, and their experience with money, 488 00:21:27,840 --> 00:21:30,560 Speaker 6: They've definitely given us an amazing life. Like, I'm so 489 00:21:30,600 --> 00:21:33,440 Speaker 6: grateful to my parents, but they had like a lot 490 00:21:33,480 --> 00:21:36,480 Speaker 6: of credit card debt and lots of fights about money 491 00:21:36,480 --> 00:21:39,119 Speaker 6: and they're divorced now, but like it was very much 492 00:21:39,160 --> 00:21:41,800 Speaker 6: a sticking point for something that was to be concerned about, 493 00:21:41,800 --> 00:21:43,800 Speaker 6: and I didn't want that for myself. It's like no 494 00:21:43,920 --> 00:21:48,000 Speaker 6: credit cards, no credit where I can help it at all, 495 00:21:48,119 --> 00:21:50,560 Speaker 6: Like trying to avoid that situation entirely. 496 00:21:50,640 --> 00:21:52,600 Speaker 3: We know twenty one considered is the kind of empowered 497 00:21:52,640 --> 00:21:54,959 Speaker 3: woman who knows where she wants to go. So how 498 00:21:55,040 --> 00:21:57,360 Speaker 3: much does she earn and how much has she got saved? 499 00:21:57,440 --> 00:21:57,560 Speaker 7: Oh? 500 00:21:57,600 --> 00:22:00,320 Speaker 6: I just did my tax was like thirty five thousand. Yeah, 501 00:22:00,400 --> 00:22:03,479 Speaker 6: So I'm studying full time doing primary teaching. My savings 502 00:22:03,480 --> 00:22:07,119 Speaker 6: account at the moment is actually pretty drained because I 503 00:22:07,200 --> 00:22:10,080 Speaker 6: have had a lot of job changeovers this year, not 504 00:22:10,680 --> 00:22:15,080 Speaker 6: of my own volition. So I was working at a 505 00:22:15,080 --> 00:22:17,239 Speaker 6: cupcake shop, which I loved for three years, and then 506 00:22:17,280 --> 00:22:19,359 Speaker 6: decided to leave to get a new job and I 507 00:22:19,400 --> 00:22:22,840 Speaker 6: wanted to try some new things, and then I ended 508 00:22:22,920 --> 00:22:26,119 Speaker 6: up starting nannying and that just sort of went south 509 00:22:26,160 --> 00:22:27,520 Speaker 6: really quickly, and I had to get out of that. 510 00:22:27,640 --> 00:22:29,840 Speaker 6: It was a little bit hostile, so I got out 511 00:22:29,880 --> 00:22:32,600 Speaker 6: of that as quick as I could and just send 512 00:22:32,640 --> 00:22:34,960 Speaker 6: like one hundred resumes out trying to find a job. 513 00:22:35,080 --> 00:22:38,560 Speaker 6: So I ended up having periods of not being working 514 00:22:39,040 --> 00:22:42,040 Speaker 6: for like three weeks but twice, and that really hit 515 00:22:42,080 --> 00:22:44,200 Speaker 6: my savings. So right now I only have about thirteen 516 00:22:44,280 --> 00:22:46,679 Speaker 6: hundred dollars, but I've got all my deals paid, so 517 00:22:46,920 --> 00:22:48,119 Speaker 6: I'm not too stressed about that. 518 00:22:48,240 --> 00:22:50,119 Speaker 3: So we know how twenty one and considered gets paid, 519 00:22:50,160 --> 00:22:52,600 Speaker 3: but what exactly happens to that money after it's deposited 520 00:22:52,600 --> 00:22:53,360 Speaker 3: into her account. 521 00:22:53,520 --> 00:22:57,040 Speaker 6: I've recently changed it so at my school working before 522 00:22:57,040 --> 00:22:58,920 Speaker 6: school and after school care and I get thirty dollars 523 00:22:58,960 --> 00:23:02,040 Speaker 6: an hour there as a kai, I work in retail 524 00:23:02,080 --> 00:23:04,440 Speaker 6: and get twenty six dollars an hour there, and that's 525 00:23:04,480 --> 00:23:06,399 Speaker 6: casual as well, and I've only just started, so my 526 00:23:06,440 --> 00:23:09,840 Speaker 6: hours are fluctuating a lot. And then I've just started 527 00:23:09,840 --> 00:23:11,879 Speaker 6: work as a life assistant, which is part time, and 528 00:23:11,920 --> 00:23:14,080 Speaker 6: I get twenty two dollars an hour there. So it 529 00:23:14,080 --> 00:23:16,359 Speaker 6: all comes into one of the big big four banks, 530 00:23:16,400 --> 00:23:19,359 Speaker 6: which I closed. All my other sub accounts off recently, 531 00:23:19,880 --> 00:23:23,560 Speaker 6: and so then I transfer into IG for Spending because 532 00:23:23,560 --> 00:23:25,600 Speaker 6: it's got low fees and I can structure it. 533 00:23:25,560 --> 00:23:27,359 Speaker 7: How I want within the app. 534 00:23:27,600 --> 00:23:30,240 Speaker 6: And then I transform my savings to up banking because 535 00:23:30,240 --> 00:23:33,400 Speaker 6: it's got cute little emojis and savings skulls and stuff. 536 00:23:33,640 --> 00:23:35,800 Speaker 7: So I've got it sort of separated. 537 00:23:35,920 --> 00:23:38,400 Speaker 6: And then IG's linked to my phone and I watch 538 00:23:38,440 --> 00:23:40,679 Speaker 6: for Apple Pay because I found that I was spending 539 00:23:40,680 --> 00:23:44,360 Speaker 6: pretty readily on just like frivolous stuff, especially food, when 540 00:23:44,359 --> 00:23:46,639 Speaker 6: I had all of my money there, so I changed 541 00:23:46,680 --> 00:23:48,640 Speaker 6: it over and now I feel like I'm a little 542 00:23:48,680 --> 00:23:51,000 Speaker 6: bit more in control. So I have rent which is 543 00:23:51,040 --> 00:23:53,320 Speaker 6: five hundred and thirty dollars a month, and I share 544 00:23:53,320 --> 00:23:53,840 Speaker 6: house with. 545 00:23:54,080 --> 00:23:55,720 Speaker 7: Four other people, so I've got like a big house. 546 00:23:55,760 --> 00:23:57,879 Speaker 6: It's really nice. My best friend, my boyfriend, my brother 547 00:23:57,920 --> 00:23:59,840 Speaker 6: and his best friend. So it was like very much 548 00:23:59,880 --> 00:24:02,200 Speaker 6: like current, it's really nice. I have my friend bill, 549 00:24:02,240 --> 00:24:05,680 Speaker 6: which is about eighty dollars a month. I have contents 550 00:24:05,720 --> 00:24:08,480 Speaker 6: insurance with just sixty six dollars a month, electricity and 551 00:24:08,520 --> 00:24:11,479 Speaker 6: gas which is probably about one hundred and fifty dollars 552 00:24:11,600 --> 00:24:14,200 Speaker 6: a month all together. But we've just moved, so that's 553 00:24:14,200 --> 00:24:16,959 Speaker 6: still sort of I'm getting my head around exactly how 554 00:24:17,000 --> 00:24:19,640 Speaker 6: much comes. Oh, I have gym, which is thirty dollars 555 00:24:19,640 --> 00:24:23,760 Speaker 6: a fortnite. I have Internet is thirty dollars a month each. 556 00:24:24,359 --> 00:24:25,879 Speaker 6: I'm in charge of all the money at home, so 557 00:24:25,920 --> 00:24:28,000 Speaker 6: I have to like contact everyone and be like, Hey. 558 00:24:27,880 --> 00:24:29,560 Speaker 7: Send me this money, send me this money, send me 559 00:24:29,600 --> 00:24:30,080 Speaker 7: this money. 560 00:24:30,320 --> 00:24:32,480 Speaker 1: How does twenty onden considered go with investing? 561 00:24:32,520 --> 00:24:34,760 Speaker 6: Though I don't invest yet, But at the start of 562 00:24:34,760 --> 00:24:36,359 Speaker 6: the year, I sat down and made like a really 563 00:24:36,359 --> 00:24:38,159 Speaker 6: detailed goals list of what I wanted to do in 564 00:24:38,160 --> 00:24:41,600 Speaker 6: twenty nineteen, and I had money goals, like specifically, and 565 00:24:41,640 --> 00:24:43,399 Speaker 6: one of them wants to invest five thousand dollars in 566 00:24:43,440 --> 00:24:45,240 Speaker 6: the share market. But I haven't actually been able to 567 00:24:45,280 --> 00:24:49,120 Speaker 6: do that yet because of all of the unexpected life stuff. 568 00:24:49,320 --> 00:24:51,560 Speaker 6: So I've restructured my goals and I would like to 569 00:24:51,600 --> 00:24:52,760 Speaker 6: have one thousand dollars in by the. 570 00:24:52,800 --> 00:24:53,359 Speaker 7: End of this year. 571 00:24:53,560 --> 00:24:54,760 Speaker 1: And what about her debts. 572 00:24:54,880 --> 00:24:55,480 Speaker 5: I do have a. 573 00:24:55,440 --> 00:24:57,400 Speaker 6: Hextet and by the time I graduated, it'll be about 574 00:24:57,440 --> 00:25:00,520 Speaker 6: fifty thousand dollars because I'm doing teaching, which four years, 575 00:25:00,560 --> 00:25:03,520 Speaker 6: and I did psychology for a year and then had 576 00:25:03,600 --> 00:25:05,880 Speaker 6: a semester where I didn't end up completing ex had 577 00:25:05,920 --> 00:25:09,520 Speaker 6: back surgery, so got HEX for that one. And then 578 00:25:09,840 --> 00:25:12,119 Speaker 6: I owe my dad eight hundred dollars, which I know 579 00:25:12,240 --> 00:25:14,040 Speaker 6: is like privileged to be out of Barron money from 580 00:25:14,040 --> 00:25:17,359 Speaker 6: her parents. But I did a six week placement this year. 581 00:25:17,480 --> 00:25:19,560 Speaker 6: With teaching, you have to do four weeks of placement 582 00:25:19,600 --> 00:25:23,400 Speaker 6: per year, and it's unpaid full time work and when 583 00:25:23,680 --> 00:25:25,600 Speaker 6: cywork at a school, so I couldn't do both at 584 00:25:25,640 --> 00:25:28,000 Speaker 6: the same time. So lots of people have no work 585 00:25:28,040 --> 00:25:30,680 Speaker 6: at all for four weeks unless they have weekend jobs 586 00:25:30,720 --> 00:25:32,760 Speaker 6: in which you're going from working full time to doing 587 00:25:32,760 --> 00:25:35,960 Speaker 6: additional hours. So it really sucks, and you spend all 588 00:25:36,000 --> 00:25:38,520 Speaker 6: of your money, and then you have to be most 589 00:25:38,520 --> 00:25:40,600 Speaker 6: of the time spending money on resources as well to 590 00:25:40,680 --> 00:25:44,080 Speaker 6: use at the school and gifts for your placement mentors 591 00:25:44,080 --> 00:25:46,359 Speaker 6: and gifts for your class, and it's just such a 592 00:25:46,440 --> 00:25:49,280 Speaker 6: drain financially, and I think it's definitely something that a 593 00:25:49,359 --> 00:25:52,640 Speaker 6: lot of different degrees need to think about because there's 594 00:25:52,680 --> 00:25:54,520 Speaker 6: so many like even health people have to go on 595 00:25:54,560 --> 00:25:56,240 Speaker 6: like six weeks on paid placement or eight weeks. 596 00:25:56,280 --> 00:25:59,760 Speaker 7: It's ridiculous. So, yeah, that always strains my money. 597 00:26:00,000 --> 00:26:02,400 Speaker 6: Something I have to be really considered of, Like every April, 598 00:26:02,520 --> 00:26:04,359 Speaker 6: I know I won't earn any money because I'll just 599 00:26:04,359 --> 00:26:06,080 Speaker 6: be on placement the whole time. I owned my dad 600 00:26:06,080 --> 00:26:08,920 Speaker 6: eight hundred dollars for regro and he loaned me four 601 00:26:08,960 --> 00:26:11,399 Speaker 6: hundred dollars because it was after placement and I just 602 00:26:11,440 --> 00:26:13,000 Speaker 6: about to start a new job, so I had a 603 00:26:13,000 --> 00:26:14,919 Speaker 6: time where I wasn't working at all and had just 604 00:26:15,160 --> 00:26:19,040 Speaker 6: not earned money for six weeks. I owed the government 605 00:26:19,119 --> 00:26:22,680 Speaker 6: two thousand dollars because I clicked a wrong box when 606 00:26:22,680 --> 00:26:26,640 Speaker 6: I started my second job and got tax ree threshold 607 00:26:26,640 --> 00:26:29,760 Speaker 6: for two jobs. So I just did my tax and 608 00:26:29,840 --> 00:26:31,560 Speaker 6: I was really scared about it and actually didn't do 609 00:26:31,560 --> 00:26:33,119 Speaker 6: it till I was listening to ches on the Money 610 00:26:33,160 --> 00:26:34,800 Speaker 6: and someone called in saying it and I was like, 611 00:26:34,800 --> 00:26:36,760 Speaker 6: oh my god, Okay, I need to do it. So 612 00:26:37,240 --> 00:26:39,000 Speaker 6: I finally did it all and I owned the two 613 00:26:39,080 --> 00:26:41,840 Speaker 6: thousand dollars. But I'm going on a payment plan for that, 614 00:26:41,960 --> 00:26:43,560 Speaker 6: and so I'm not stressed about it at all. 615 00:26:43,560 --> 00:26:44,920 Speaker 7: It's like ninety dollars a fortnight. 616 00:26:44,960 --> 00:26:48,600 Speaker 6: It's totally achievable, and it's like ninety dollars in interest 617 00:26:48,640 --> 00:26:50,720 Speaker 6: over a year, so I'm more than happy to pay it, 618 00:26:50,840 --> 00:26:52,919 Speaker 6: and it's not actually going to be noticeable because I 619 00:26:53,200 --> 00:26:56,280 Speaker 6: just finished paying, like literally today, a fifteen hundred dollars 620 00:26:56,320 --> 00:26:58,560 Speaker 6: send a linked debt because I got sent a link 621 00:26:59,000 --> 00:27:01,040 Speaker 6: when I wasn't working as much when I first moved 622 00:27:01,080 --> 00:27:03,600 Speaker 6: out of home and they overpaid me, so I had 623 00:27:03,600 --> 00:27:06,160 Speaker 6: to pay them back fifteen hundred dollars. So I did 624 00:27:06,160 --> 00:27:08,200 Speaker 6: that over a year as well, because that had no interest. 625 00:27:08,400 --> 00:27:10,479 Speaker 6: So that was seventy five dollars fortnights. This is just 626 00:27:10,480 --> 00:27:11,520 Speaker 6: fifteen dollars extra. 627 00:27:11,720 --> 00:27:14,119 Speaker 3: So does twenty one and considered have any good money habits, 628 00:27:14,119 --> 00:27:15,119 Speaker 3: She's especially proud of. 629 00:27:15,440 --> 00:27:18,480 Speaker 6: My best money habit is that I'm organized. I always 630 00:27:18,480 --> 00:27:20,240 Speaker 6: know what's happening. I know when my deals with you, 631 00:27:20,520 --> 00:27:22,840 Speaker 6: I know when I know how much I'm earning. I 632 00:27:22,880 --> 00:27:25,320 Speaker 6: know what I'm doing now I understand a lot more 633 00:27:25,320 --> 00:27:29,480 Speaker 6: about like the paperwork involved with working. So I've definitely 634 00:27:29,560 --> 00:27:31,800 Speaker 6: learned a lot. But yeah, i'd say I know what 635 00:27:31,840 --> 00:27:32,720 Speaker 6: I'm doing, which I. 636 00:27:32,640 --> 00:27:33,359 Speaker 7: Think is a strength. 637 00:27:33,480 --> 00:27:35,080 Speaker 1: And what about her worst money habit? 638 00:27:35,680 --> 00:27:37,639 Speaker 7: Food? Food is so bad. 639 00:27:37,800 --> 00:27:40,399 Speaker 6: I spend so much money on groceries, and like I 640 00:27:40,400 --> 00:27:41,800 Speaker 6: will be like, oh, I'm going to meal plan and 641 00:27:41,800 --> 00:27:44,080 Speaker 6: then i won't like what the what I've decided to 642 00:27:44,119 --> 00:27:46,960 Speaker 6: meal plan, or I'll be really tired after work and 643 00:27:47,080 --> 00:27:48,240 Speaker 6: be like, oh, let's just get ubery. 644 00:27:48,280 --> 00:27:52,000 Speaker 7: It's like, spend so much money on food, so much money? 645 00:27:52,280 --> 00:27:55,120 Speaker 3: So what's twenty one and considered actually saving for what's 646 00:27:55,119 --> 00:27:56,160 Speaker 3: her big money goal? 647 00:27:56,720 --> 00:27:59,359 Speaker 6: My big savings goal at the moment is just twenty 648 00:27:59,480 --> 00:28:02,080 Speaker 6: twenty general because it's going to be a huge year. 649 00:28:02,320 --> 00:28:04,000 Speaker 6: So my best friend who've lived with for four years 650 00:28:04,119 --> 00:28:06,399 Speaker 6: is moving in Indonesia for the year and I've promised 651 00:28:06,440 --> 00:28:09,199 Speaker 6: her visit at least once, if not twice ideally, so 652 00:28:09,640 --> 00:28:11,680 Speaker 6: flights to Bali are pretty cheaped, so hopefully I'll be 653 00:28:11,720 --> 00:28:13,360 Speaker 6: able to manage that. But I have to go during 654 00:28:13,359 --> 00:28:17,000 Speaker 6: school holidays because of work. And one of my friends 655 00:28:17,040 --> 00:28:19,440 Speaker 6: is getting married in June in Queensland and has asked 656 00:28:19,440 --> 00:28:22,120 Speaker 6: me to be a bridesmaid, so that is an expensive 657 00:28:22,119 --> 00:28:24,800 Speaker 6: process as well as a bridesmaid. The only thing I 658 00:28:24,880 --> 00:28:26,680 Speaker 6: really have to pay for is my dreads, which is 659 00:28:26,680 --> 00:28:29,080 Speaker 6: about three hundred dollars because we're buying through White run 660 00:28:29,160 --> 00:28:33,880 Speaker 6: Away and got a discount. And I have to pay 661 00:28:33,920 --> 00:28:36,479 Speaker 6: for flights and accommodation, but the bride is paying for 662 00:28:36,600 --> 00:28:39,040 Speaker 6: hair and makeup and most of the other stuff. And 663 00:28:39,040 --> 00:28:41,200 Speaker 6: then I think the other bridesmaids and I are going 664 00:28:41,240 --> 00:28:43,040 Speaker 6: to organize the hen's party, so I'm not sure how 665 00:28:43,120 --> 00:28:43,680 Speaker 6: much that'll be. 666 00:28:43,960 --> 00:28:46,480 Speaker 3: So how would today's money DIRESTI rate her own relationship 667 00:28:46,480 --> 00:28:49,080 Speaker 3: with money? If we forced her to give herself a grade. 668 00:28:48,960 --> 00:28:51,240 Speaker 6: I think I give myself a C. The one thing 669 00:28:51,240 --> 00:28:53,960 Speaker 6: I could really do better. I say that I'm organized, 670 00:28:53,960 --> 00:28:55,680 Speaker 6: but I also lead things to the last minute because 671 00:28:55,680 --> 00:28:58,120 Speaker 6: I'm a procrastinator. So I know that my bills will 672 00:28:58,160 --> 00:28:59,800 Speaker 6: do on the twenty second, but I won't pay them 673 00:28:59,800 --> 00:29:03,680 Speaker 6: till twenty second. It's just like a stupid habit. And 674 00:29:03,920 --> 00:29:06,400 Speaker 6: definitely my debt's just sort of being I guess a 675 00:29:06,400 --> 00:29:08,840 Speaker 6: little bit uneducated on what I meant to do. I 676 00:29:08,880 --> 00:29:13,400 Speaker 6: think was a weakness, but I think overall, I'm pretty strong. 677 00:29:13,440 --> 00:29:15,400 Speaker 6: I know what i'm doing, I know how much I'm earning, 678 00:29:15,560 --> 00:29:17,280 Speaker 6: I know where it's going and what I'm going to 679 00:29:17,280 --> 00:29:19,240 Speaker 6: do with it. So yeah, I think see maybe a 680 00:29:19,320 --> 00:29:22,560 Speaker 6: C plus if I'm feeling generous. 681 00:29:22,640 --> 00:29:26,400 Speaker 3: Victoria, I've been watching you enthusiastically write down notes this 682 00:29:26,440 --> 00:29:26,800 Speaker 3: whole time. 683 00:29:26,840 --> 00:29:27,600 Speaker 1: Do you have thoughts? 684 00:29:27,800 --> 00:29:29,480 Speaker 4: I have a lot of notes, and I think it's 685 00:29:29,520 --> 00:29:30,880 Speaker 4: just because I have a lot to say on this. 686 00:29:31,080 --> 00:29:33,520 Speaker 4: I think she's doing really well for her age and 687 00:29:33,560 --> 00:29:36,280 Speaker 4: for her stage, and for the situation she's been in 688 00:29:36,440 --> 00:29:39,760 Speaker 4: especially recently, she's doing really well. I think it comes 689 00:29:39,800 --> 00:29:41,920 Speaker 4: back to why we have a rainy day fund and 690 00:29:41,960 --> 00:29:44,600 Speaker 4: why we have savings. The fact that she could say, look, 691 00:29:44,960 --> 00:29:47,000 Speaker 4: I had a couple of job changeovers and it wasn't 692 00:29:47,040 --> 00:29:48,720 Speaker 4: my fault, but I was able to pay for things 693 00:29:48,760 --> 00:29:51,160 Speaker 4: out of my savings account. And whilst you know, she 694 00:29:51,240 --> 00:29:54,200 Speaker 4: said she only has thirteen hundred dollars still in savings. 695 00:29:54,360 --> 00:29:57,960 Speaker 4: That's a fantastic number still, but on periods of non employment, 696 00:29:58,000 --> 00:30:00,120 Speaker 4: that's where things like this kick in. Like we're all 697 00:30:00,120 --> 00:30:02,719 Speaker 4: on different journeys. We're not just saving so that we 698 00:30:02,760 --> 00:30:04,360 Speaker 4: can keep all of our money in a bank. A 699 00:30:04,440 --> 00:30:06,760 Speaker 4: rainy day fund is actually for a rainy day, and 700 00:30:06,800 --> 00:30:09,080 Speaker 4: a rainy day is when you're not employed. So I 701 00:30:09,080 --> 00:30:11,560 Speaker 4: think it's important to acknowledge that, you know, having that 702 00:30:11,640 --> 00:30:14,600 Speaker 4: fund has been what's kept her on her feet during 703 00:30:14,600 --> 00:30:16,800 Speaker 4: that period of time, and for that, I think she's 704 00:30:16,880 --> 00:30:20,040 Speaker 4: pretty lucky that past her has planned for future her, 705 00:30:20,080 --> 00:30:22,400 Speaker 4: which is really nice. I think there are a couple 706 00:30:22,400 --> 00:30:24,200 Speaker 4: of things, and there were mainly notes that I took. 707 00:30:24,320 --> 00:30:27,080 Speaker 4: So the first thing I took a note on was 708 00:30:27,320 --> 00:30:30,720 Speaker 4: how excited I was that she had checked her tax 709 00:30:30,760 --> 00:30:33,720 Speaker 4: free threshold and checked her scent Link debts and realized 710 00:30:33,760 --> 00:30:36,200 Speaker 4: that there are things that she needed to change. I 711 00:30:36,200 --> 00:30:37,920 Speaker 4: think we can all take something from that, and we 712 00:30:37,960 --> 00:30:40,920 Speaker 4: can all check our tax details for our employment and 713 00:30:40,960 --> 00:30:44,040 Speaker 4: make sure that we haven't checked the wrong tax free 714 00:30:44,080 --> 00:30:46,880 Speaker 4: threshold box. I think we can also if we have 715 00:30:47,000 --> 00:30:49,280 Speaker 4: had sent Link, just check in on that and make 716 00:30:49,320 --> 00:30:51,400 Speaker 4: sure that we don't have any debts. And while we're 717 00:30:51,400 --> 00:30:53,920 Speaker 4: at it, guys, check your super make sure that you 718 00:30:54,080 --> 00:30:58,040 Speaker 4: have one account and not many fritted across the entire universe, 719 00:30:58,400 --> 00:30:59,960 Speaker 4: and make sure they're all up and run. 720 00:31:00,560 --> 00:31:02,960 Speaker 5: So I also really loved that she said she was 721 00:31:03,040 --> 00:31:03,840 Speaker 5: using up bank. 722 00:31:04,240 --> 00:31:06,640 Speaker 4: So I've recently got to know what upbank is about, 723 00:31:06,880 --> 00:31:08,080 Speaker 4: and they're really cool. 724 00:31:08,440 --> 00:31:10,920 Speaker 1: So I've seen it in the Facebook group. 725 00:31:11,040 --> 00:31:12,760 Speaker 4: Yeah, so the Facebook group is going nuts, and so 726 00:31:12,840 --> 00:31:16,360 Speaker 4: I did some research on what upbank was and I 727 00:31:16,440 --> 00:31:18,400 Speaker 4: really like it. A lot of the group has been 728 00:31:18,440 --> 00:31:21,239 Speaker 4: talking about ing and the thing I like about up 729 00:31:21,280 --> 00:31:23,600 Speaker 4: bank is you actually get two point five percent on 730 00:31:23,680 --> 00:31:26,360 Speaker 4: all of your savings accounts, whereas in the ing bank 731 00:31:26,360 --> 00:31:28,960 Speaker 4: you actually only get it on one savings account, and 732 00:31:29,000 --> 00:31:31,240 Speaker 4: I think people who were a little bit cloudy about 733 00:31:31,400 --> 00:31:33,680 Speaker 4: the other accounts that you get interest on, So like, 734 00:31:33,720 --> 00:31:36,800 Speaker 4: any interest is good interest, so that's a bonus. I 735 00:31:36,920 --> 00:31:39,240 Speaker 4: also really liked that she said that she was good 736 00:31:39,320 --> 00:31:41,120 Speaker 4: at chasing people up for money. 737 00:31:41,360 --> 00:31:42,240 Speaker 1: That's very important. 738 00:31:42,320 --> 00:31:44,440 Speaker 4: Yeah, So I think that that's important because I am 739 00:31:44,560 --> 00:31:47,040 Speaker 4: very guilty of not chasing people up when they owe 740 00:31:47,040 --> 00:31:50,000 Speaker 4: me things. But I also think she could implement a 741 00:31:50,040 --> 00:31:52,160 Speaker 4: system like using an app like split Wise. 742 00:31:52,360 --> 00:31:52,880 Speaker 1: I love it. 743 00:31:53,000 --> 00:31:53,880 Speaker 4: I love split Wise. 744 00:31:54,000 --> 00:31:56,560 Speaker 1: Traveling with split wiics is amazing when you're with friends, Yes. 745 00:31:56,400 --> 00:31:58,720 Speaker 4: And if you've got a share house, it's fantastic to 746 00:31:58,760 --> 00:32:00,080 Speaker 4: just pop on there that you were the one I 747 00:32:00,080 --> 00:32:03,240 Speaker 4: bought the toilet paper, so that next time someone buys paper, 748 00:32:03,280 --> 00:32:06,040 Speaker 4: towel or wind x, it just gets taken off that 749 00:32:06,120 --> 00:32:08,200 Speaker 4: and there's no you owe me this, you owe me that. 750 00:32:08,360 --> 00:32:10,800 Speaker 4: It's just a clean and tally and you no longer 751 00:32:10,840 --> 00:32:13,920 Speaker 4: have to have those conversations about small things. Whilst I 752 00:32:13,960 --> 00:32:16,960 Speaker 4: love that she's having these money conversations, I think it's 753 00:32:17,000 --> 00:32:20,400 Speaker 4: also nice to sometimes save ourselves from having really small, 754 00:32:20,480 --> 00:32:23,240 Speaker 4: mundane money conversations where you owe me three dollars and 755 00:32:23,320 --> 00:32:24,040 Speaker 4: I owe you for. 756 00:32:24,360 --> 00:32:25,120 Speaker 1: Yeah, exactly. 757 00:32:25,560 --> 00:32:28,040 Speaker 3: And that is all for today, guys. And also it's 758 00:32:28,040 --> 00:32:29,800 Speaker 3: a wrap for season one of She's on the Money. 759 00:32:29,880 --> 00:32:31,600 Speaker 4: I cannot believe it, Annabelle, what. 760 00:32:31,600 --> 00:32:34,360 Speaker 1: If we doe so much? It's gone so quickly? 761 00:32:34,400 --> 00:32:34,600 Speaker 4: Though? 762 00:32:34,640 --> 00:32:36,000 Speaker 1: Do you have a favorite episode? I do. 763 00:32:36,080 --> 00:32:38,240 Speaker 4: I think it's still number one. I think I still 764 00:32:38,280 --> 00:32:39,760 Speaker 4: am in love with Money Stories. 765 00:32:40,440 --> 00:32:41,960 Speaker 1: It really I think. 766 00:32:41,800 --> 00:32:44,280 Speaker 4: That that's the one that has I think had the 767 00:32:44,280 --> 00:32:46,720 Speaker 4: most impact on people's lives. It is the one that 768 00:32:46,760 --> 00:32:49,200 Speaker 4: I get the most positive feedback about, and I think 769 00:32:49,200 --> 00:32:51,920 Speaker 4: it's the one that we can all start from. I 770 00:32:52,000 --> 00:32:55,440 Speaker 4: absolutely love everything that Money Stories has to share with people, 771 00:32:55,480 --> 00:32:57,400 Speaker 4: and I think that other people do too, and that 772 00:32:57,440 --> 00:33:01,000 Speaker 4: makes me really really happy. I actually believe that twelve 773 00:33:01,000 --> 00:33:03,080 Speaker 4: weeks has flown by so quickly. 774 00:33:03,680 --> 00:33:06,800 Speaker 3: I love how Money Stories have come back. It's been 775 00:33:06,840 --> 00:33:09,480 Speaker 3: like a recurring feature in every episode. I never knew 776 00:33:09,480 --> 00:33:10,360 Speaker 3: that was so important. 777 00:33:10,480 --> 00:33:12,320 Speaker 4: Everything that we have done has come back to a 778 00:33:12,400 --> 00:33:15,840 Speaker 4: Money Story, and that's because we are ingrained that way. 779 00:33:16,080 --> 00:33:18,160 Speaker 4: We need to know where we started from so that 780 00:33:18,200 --> 00:33:20,360 Speaker 4: we know where we're going and if we don't know 781 00:33:20,400 --> 00:33:22,960 Speaker 4: where that start point is, it is really really hard 782 00:33:22,960 --> 00:33:25,720 Speaker 4: to make changes. And I think that us acknowledging our 783 00:33:25,800 --> 00:33:28,400 Speaker 4: stories and the journey that we've been on has been 784 00:33:28,480 --> 00:33:31,880 Speaker 4: why She's on the Money has impacted so many people's 785 00:33:31,880 --> 00:33:34,920 Speaker 4: lives so quickly and in a way that I never 786 00:33:34,920 --> 00:33:35,480 Speaker 4: saw coming. 787 00:33:35,560 --> 00:33:37,600 Speaker 3: We'll be back, but in the meantime, please keep in 788 00:33:37,640 --> 00:33:40,520 Speaker 3: touch with us via the Facebook group. It's growing every day. 789 00:33:40,640 --> 00:33:41,440 Speaker 3: How many are we at. 790 00:33:41,360 --> 00:33:44,560 Speaker 4: No, I think we're at nearly twenty people in this group, 791 00:33:44,600 --> 00:33:47,520 Speaker 4: which is crazy, and I'm so excited to have such 792 00:33:47,560 --> 00:33:51,720 Speaker 4: an engaged and supportive community that literally helps each other grow. 793 00:33:52,200 --> 00:33:53,760 Speaker 4: It's incredible, so incredible. 794 00:33:54,520 --> 00:33:57,440 Speaker 3: So just before we head off, as always, let's quickly 795 00:33:57,440 --> 00:34:00,160 Speaker 3: wrap the boring but important stuff. The advice shared on 796 00:34:00,160 --> 00:34:01,880 Speaker 3: She's in the Money is general in nature and does 797 00:34:01,920 --> 00:34:05,400 Speaker 3: not consider your individual circumstances. She's on the Money exists 798 00:34:05,400 --> 00:34:07,920 Speaker 3: purely for educational purposes only and should not be relied 799 00:34:07,960 --> 00:34:10,879 Speaker 3: upon to make an investment or a financial decision, and 800 00:34:10,960 --> 00:34:14,239 Speaker 3: of course we promise. Victoria Divine is an authorized representative 801 00:34:14,280 --> 00:34:18,480 Speaker 3: of Consultant Financial Advisors Proprietary Limited ABN sixty five double 802 00:34:18,640 --> 00:34:21,839 Speaker 3: six three seven three double nine five afsl two three 803 00:34:21,920 --> 00:34:25,120 Speaker 3: oh three two three. I have said that twelve times. 804 00:34:24,920 --> 00:34:29,120 Speaker 4: And you've gotten better and better every single time. So, 805 00:34:29,239 --> 00:34:32,000 Speaker 4: as I mentioned before, our Facebook group is growing and 806 00:34:32,040 --> 00:34:34,280 Speaker 4: I would so love for you to join us there. 807 00:34:34,440 --> 00:34:37,600 Speaker 4: We share weekly money tips and tricks free of judgment. 808 00:34:37,840 --> 00:34:40,440 Speaker 4: Search She's on the Money on Facebook and join us. 809 00:34:40,560 --> 00:34:42,600 Speaker 4: If Facebook's not your thing, you can also keep in 810 00:34:42,640 --> 00:34:45,880 Speaker 4: touch with us on Instagram where She's on the Money aus. 811 00:34:46,320 --> 00:34:48,520 Speaker 3: This podcast has been a production of Shameless Media on 812 00:34:48,560 --> 00:34:49,760 Speaker 3: behalf of She's on the Money. 813 00:34:50,280 --> 00:34:52,560 Speaker 1: Thanks for joining us, guys, see you soon.