1 00:00:00,200 --> 00:00:16,560 Speaker 1: She's on the Money, She's on the Money. 2 00:00:19,079 --> 00:00:22,800 Speaker 2: Hello, and welcome to a very jolly edition of She's 3 00:00:22,840 --> 00:00:26,040 Speaker 2: on the Money, the podcast for millennials who want financial freedom. 4 00:00:26,520 --> 00:00:29,479 Speaker 2: Today's episode is proudly brought to you by Shopback, a 5 00:00:29,560 --> 00:00:33,199 Speaker 2: cashback forwards program that has already been wildly popular with 6 00:00:33,240 --> 00:00:35,960 Speaker 2: the Shees on the Money community. But more on that later. 7 00:00:36,400 --> 00:00:39,879 Speaker 2: Just like season one, our wonderful financial expert and my 8 00:00:39,960 --> 00:00:43,879 Speaker 2: friend Victoria Devine will be answering all of our financial cues. 9 00:00:44,240 --> 00:00:46,879 Speaker 2: But as I once off, today's EP will have a 10 00:00:46,920 --> 00:00:49,920 Speaker 2: little bit of a Christmasy twist before we dive into 11 00:00:49,920 --> 00:00:52,920 Speaker 2: the main chat. You're probably wondering, who on earth the 12 00:00:53,000 --> 00:00:56,680 Speaker 2: stranger in your ears is. Well, my name is Georgia King, 13 00:00:57,040 --> 00:00:59,480 Speaker 2: your new co host for season two. I'm a writer 14 00:00:59,640 --> 00:01:03,200 Speaker 2: and TV production assistant with lots to learn about money 15 00:01:03,720 --> 00:01:06,280 Speaker 2: and look. I'm also a huge fan of the pod. 16 00:01:06,440 --> 00:01:10,479 Speaker 2: Victoria Divine, Hello, Hello, how are you very well? 17 00:01:10,520 --> 00:01:11,080 Speaker 3: My friends? 18 00:01:11,080 --> 00:01:11,560 Speaker 2: How are you? 19 00:01:12,080 --> 00:01:15,400 Speaker 4: I am good, So excited to be back behind a microphone. 20 00:01:15,480 --> 00:01:17,880 Speaker 2: It's been it's been a while since we've been in 21 00:01:17,920 --> 00:01:21,520 Speaker 2: the ears of our listeners, and they've been absolutely busting 22 00:01:21,600 --> 00:01:22,399 Speaker 2: for season two. 23 00:01:22,720 --> 00:01:25,040 Speaker 4: I know I haven't heard the end of it yet, 24 00:01:25,400 --> 00:01:27,480 Speaker 4: which is obviously a really good sign. 25 00:01:27,520 --> 00:01:31,479 Speaker 2: Absolutely so, Victoria. I know today is just a once 26 00:01:31,480 --> 00:01:34,600 Speaker 2: off festive chat, but how would you feel about giving 27 00:01:34,640 --> 00:01:37,040 Speaker 2: the listeners and me a little bit of insight, a 28 00:01:37,040 --> 00:01:39,039 Speaker 2: little bit of a teaser as to what's to come 29 00:01:39,080 --> 00:01:39,680 Speaker 2: for season two? 30 00:01:39,880 --> 00:01:40,080 Speaker 5: Ah? 31 00:01:40,120 --> 00:01:43,480 Speaker 4: Where to begin? So without giving too much away, I 32 00:01:43,600 --> 00:01:45,800 Speaker 4: can tell you that we have a lot in store 33 00:01:45,840 --> 00:01:48,440 Speaker 4: and we will be back at the beginning of January. 34 00:01:48,920 --> 00:01:51,360 Speaker 4: I've obviously been working really hard to make sure that 35 00:01:51,360 --> 00:01:54,360 Speaker 4: the topics are ones that you guys all want to hear, So, 36 00:01:54,440 --> 00:01:58,400 Speaker 4: without giving too much away, think all things super babies 37 00:01:58,800 --> 00:01:59,800 Speaker 4: and a whole lot. 38 00:01:59,640 --> 00:02:03,600 Speaker 3: More on I'm absorbed already, I'm at it. 39 00:02:05,560 --> 00:02:08,760 Speaker 2: Today on the show, we're talking all things Christmas spending, 40 00:02:09,240 --> 00:02:11,959 Speaker 2: from how much we're spending and what others are forking 41 00:02:11,960 --> 00:02:14,560 Speaker 2: out during this period to why we actually feel the 42 00:02:14,600 --> 00:02:17,760 Speaker 2: need to. But before we get there, as always, it's 43 00:02:17,800 --> 00:02:19,760 Speaker 2: time to share a money win or a money confession 44 00:02:19,840 --> 00:02:20,320 Speaker 2: from the week. 45 00:02:20,440 --> 00:02:20,880 Speaker 3: This is my. 46 00:02:20,880 --> 00:02:23,760 Speaker 2: First episode as co hosts, so I'll go first. If 47 00:02:23,760 --> 00:02:25,440 Speaker 2: that's take it away, let's do it. 48 00:02:25,440 --> 00:02:25,959 Speaker 4: I'm ready. 49 00:02:26,960 --> 00:02:31,160 Speaker 2: So mine is a money win. I recently moved houses 50 00:02:31,680 --> 00:02:34,120 Speaker 2: which I was spending a stupid amount of money and 51 00:02:34,160 --> 00:02:36,640 Speaker 2: now I'm not. I'm saving fifty dollars a week on 52 00:02:36,680 --> 00:02:41,440 Speaker 2: my new place, which math's quick wizardry. It's about two thousand, 53 00:02:41,680 --> 00:02:43,919 Speaker 2: eight hundred dollars a year that I'm a year. 54 00:02:44,280 --> 00:02:45,079 Speaker 3: Yeah, that's epic. 55 00:02:45,160 --> 00:02:46,919 Speaker 4: That's pretty much a whole holiday. 56 00:02:47,040 --> 00:02:47,200 Speaker 1: Yep. 57 00:02:47,320 --> 00:02:49,600 Speaker 4: Yeah, and you're still in this similar area. 58 00:02:49,639 --> 00:02:51,520 Speaker 2: Same area. It's actually the street behind. 59 00:02:51,680 --> 00:02:52,960 Speaker 3: So oh impressive. 60 00:02:53,120 --> 00:02:55,200 Speaker 2: It's a win. Tell me, tell me what you've been 61 00:02:55,280 --> 00:02:55,440 Speaker 2: up to. 62 00:02:55,520 --> 00:02:58,520 Speaker 4: Yeah, so sorry, this one's a good one, and I'm 63 00:02:58,639 --> 00:03:01,160 Speaker 4: very proud. And I was very excited to know that 64 00:03:01,240 --> 00:03:03,200 Speaker 4: I was recording the podcast today with you because I 65 00:03:03,240 --> 00:03:05,720 Speaker 4: knew I could share it. So on the weekend, one 66 00:03:05,760 --> 00:03:08,840 Speaker 4: of my best friends had her engagement party, and I 67 00:03:09,000 --> 00:03:12,200 Speaker 4: was tasked with the job of creating the engagement cake, 68 00:03:12,400 --> 00:03:14,800 Speaker 4: which sounds like a lot of pressure because it totally is. 69 00:03:15,200 --> 00:03:17,760 Speaker 4: But also I'm pretty time poor at the moment, so 70 00:03:17,840 --> 00:03:19,800 Speaker 4: I was doing a lot of googling and trying to 71 00:03:19,840 --> 00:03:24,000 Speaker 4: find an engagement cake online and realized very quickly that 72 00:03:24,040 --> 00:03:26,200 Speaker 4: the good ones were upwards of two hundred and fifty 73 00:03:26,240 --> 00:03:29,560 Speaker 4: dollars so expensive, insanity. I'm not spending that on a 74 00:03:29,639 --> 00:03:33,320 Speaker 4: cake anyway, given I was soo time poor, it wasn't 75 00:03:33,320 --> 00:03:36,119 Speaker 4: going to be possible to bake and frost and organize 76 00:03:36,120 --> 00:03:38,880 Speaker 4: and decorate a cake. So I did a bit of 77 00:03:38,880 --> 00:03:42,360 Speaker 4: a cake hack and went to Cole's and purchased four 78 00:03:42,400 --> 00:03:47,240 Speaker 4: of their four dollar uniced mud cakes. Heaven filled them 79 00:03:47,360 --> 00:03:50,760 Speaker 4: full of cream and jam and iced them with butter cream. 80 00:03:50,880 --> 00:03:53,160 Speaker 4: And I'm telling you right now that cake cost me 81 00:03:53,280 --> 00:03:56,200 Speaker 4: less than thirty five dollars in total because I also 82 00:03:56,280 --> 00:03:58,800 Speaker 4: decorated it with some beautiful peonies I got as a 83 00:03:58,800 --> 00:04:01,920 Speaker 4: gift last week. Is that not the best money I've 84 00:04:01,920 --> 00:04:02,320 Speaker 4: ever heard? 85 00:04:02,360 --> 00:04:04,960 Speaker 2: That's a very spectacular money win. And it tasted delicious, 86 00:04:05,000 --> 00:04:06,280 Speaker 2: presumably it. 87 00:04:06,160 --> 00:04:08,840 Speaker 4: Did, And everybody kept asking where the cake was from, 88 00:04:09,240 --> 00:04:11,760 Speaker 4: so I didn't really want to tell them it was Calls, 89 00:04:11,800 --> 00:04:14,120 Speaker 4: but it totally was, so get. 90 00:04:14,040 --> 00:04:17,080 Speaker 2: On it own that that is truly delicious and amazing. 91 00:04:17,360 --> 00:04:20,120 Speaker 2: Before we rip into today's show, should we stick to 92 00:04:20,120 --> 00:04:22,760 Speaker 2: tradition and read out a couple of amazing money wins 93 00:04:22,800 --> 00:04:24,719 Speaker 2: from the Shoes on the Money Facebook community. 94 00:04:24,760 --> 00:04:27,000 Speaker 4: Absolutely we should. This is one of my favorite parts 95 00:04:27,040 --> 00:04:29,840 Speaker 4: of the podcast. So today I've got a money win 96 00:04:29,880 --> 00:04:33,240 Speaker 4: from Matilda and Matilda says that Christmas is one of 97 00:04:33,320 --> 00:04:35,600 Speaker 4: the periods of the year where she spends most of 98 00:04:35,600 --> 00:04:38,880 Speaker 4: her money like many other people, and a few years 99 00:04:38,880 --> 00:04:41,920 Speaker 4: ago she started saving all of her Christmas cards from 100 00:04:41,960 --> 00:04:44,560 Speaker 4: people that had gifted them to her, and now she's 101 00:04:44,560 --> 00:04:46,719 Speaker 4: cutting them up and making cute little gift tags on 102 00:04:46,800 --> 00:04:49,000 Speaker 4: them to put on all of her presents for this year. 103 00:04:49,120 --> 00:04:51,400 Speaker 4: So it's not only a bit of a saving, but 104 00:04:51,560 --> 00:04:54,320 Speaker 4: over the years it's been adding up for her. Also, 105 00:04:54,560 --> 00:04:58,280 Speaker 4: great way of recycling money, savvy and environmentally friendly. 106 00:04:58,480 --> 00:04:59,160 Speaker 3: I love it. 107 00:04:59,279 --> 00:05:01,680 Speaker 4: Yeah, that's Oh what have you got for me? 108 00:05:01,880 --> 00:05:02,159 Speaker 3: Okay? 109 00:05:02,200 --> 00:05:04,880 Speaker 2: So mine is from Krla, who has written that she 110 00:05:05,120 --> 00:05:08,440 Speaker 2: just saved over one hundred dollars buying Christmas gifts online 111 00:05:08,560 --> 00:05:12,560 Speaker 2: by strategically using discount codes. She also placed four separate 112 00:05:12,640 --> 00:05:14,640 Speaker 2: orders from the same website and didn't have to pay 113 00:05:14,640 --> 00:05:17,280 Speaker 2: any shipping on any of them. Impressive, man, not good 114 00:05:17,320 --> 00:05:20,039 Speaker 2: on Yakla. It's very savvy and I'm definitely gonna steal that. 115 00:05:20,400 --> 00:05:21,120 Speaker 4: I really like it. 116 00:05:21,400 --> 00:05:24,760 Speaker 2: Yeah, it's a good one. Alrighty, let's get in to 117 00:05:24,880 --> 00:05:28,080 Speaker 2: the main part of the show. So, Victoria, Christmas is 118 00:05:28,120 --> 00:05:30,600 Speaker 2: a massive time of year. Not only is it a 119 00:05:30,680 --> 00:05:34,320 Speaker 2: huge financial hurdle, but it's also often a mental one too. 120 00:05:34,440 --> 00:05:38,120 Speaker 2: Australians are tipped to spend over fifty two billion dollars 121 00:05:38,160 --> 00:05:41,080 Speaker 2: across retail stores during the Christmas trading period this year. 122 00:05:41,560 --> 00:05:44,240 Speaker 2: That is an increase of two point six percent from 123 00:05:44,320 --> 00:05:48,279 Speaker 2: last year, even though a recent survey from IG said 124 00:05:48,279 --> 00:05:53,200 Speaker 2: an estimated ten million unwanted gifts were received last Christmas. Victoria, 125 00:05:53,240 --> 00:05:55,200 Speaker 2: why do you think we feel the need to spend 126 00:05:55,240 --> 00:05:57,200 Speaker 2: more and more? Why is there so much pressure at 127 00:05:57,240 --> 00:05:57,839 Speaker 2: this time of year? 128 00:05:58,200 --> 00:06:02,159 Speaker 4: It's crazy. I know the Christmas period that you're referring 129 00:06:02,200 --> 00:06:05,400 Speaker 4: to in that research is actually only December as well, 130 00:06:05,720 --> 00:06:08,360 Speaker 4: so that is not even accounting for all of those 131 00:06:08,400 --> 00:06:11,840 Speaker 4: of us, not including me, who have been more prepared 132 00:06:11,839 --> 00:06:14,479 Speaker 4: and brought gifts earlier. So this time of year is 133 00:06:14,520 --> 00:06:16,680 Speaker 4: meant to be a really happy period of the year, 134 00:06:16,720 --> 00:06:20,120 Speaker 4: full of relaxation and celebration, but for so many people 135 00:06:20,160 --> 00:06:22,200 Speaker 4: it's such a stressful period of the year. 136 00:06:22,920 --> 00:06:23,120 Speaker 3: Now. 137 00:06:23,160 --> 00:06:26,080 Speaker 4: I don't know exactly why there's so much pressure now, 138 00:06:26,360 --> 00:06:29,400 Speaker 4: but what I do know for sure is the Instagram culture, 139 00:06:29,680 --> 00:06:33,680 Speaker 4: online photos and the pressure to make everything look polished 140 00:06:34,160 --> 00:06:36,080 Speaker 4: seems to be putting us in a position where we 141 00:06:36,160 --> 00:06:39,359 Speaker 4: all want to be keeping up with the Joneses. I 142 00:06:39,360 --> 00:06:42,920 Speaker 4: think there's a massive expectation that we keep up our appearances, 143 00:06:43,160 --> 00:06:47,679 Speaker 4: and this often means setting really unrealistic expectations for gifts 144 00:06:47,720 --> 00:06:50,600 Speaker 4: for people. So whether that's an expectation that you really 145 00:06:50,640 --> 00:06:53,320 Speaker 4: want to impress someone or an expectation that you set 146 00:06:53,320 --> 00:06:56,359 Speaker 4: for yourself by purchasing an expensive or out of your 147 00:06:56,440 --> 00:06:59,479 Speaker 4: range gift before, I think we're in a position where 148 00:06:59,800 --> 00:07:03,560 Speaker 4: as a culture, we show our love to people through things, 149 00:07:04,040 --> 00:07:06,520 Speaker 4: not actions, and we really need to think about how 150 00:07:06,520 --> 00:07:07,200 Speaker 4: we can flip that. 151 00:07:07,400 --> 00:07:09,560 Speaker 2: Yeah, I totally relate to that, and it happens to 152 00:07:09,560 --> 00:07:10,720 Speaker 2: me every Christmas. 153 00:07:10,880 --> 00:07:13,480 Speaker 4: Same I do it all the time. So as an 154 00:07:13,520 --> 00:07:16,080 Speaker 4: example of this, I actually purchase Christmas presents for my 155 00:07:16,160 --> 00:07:19,400 Speaker 4: sister each year, and I know that she loves everything 156 00:07:19,440 --> 00:07:23,320 Speaker 4: and anything from Mecca, so when I am organizing what 157 00:07:23,400 --> 00:07:26,280 Speaker 4: I purchase her, I'm often a creature of convenience rather 158 00:07:26,320 --> 00:07:29,200 Speaker 4: than planning when it comes to gifts. As much as 159 00:07:29,240 --> 00:07:32,480 Speaker 4: I absolutely love giving gifts each and every year, I 160 00:07:32,600 --> 00:07:34,880 Speaker 4: also often leave it to the last minute, so I 161 00:07:34,920 --> 00:07:37,560 Speaker 4: find myself going into Mecca and purchasing gifts that I 162 00:07:37,600 --> 00:07:40,200 Speaker 4: think she would love instead of putting in the research 163 00:07:40,240 --> 00:07:43,160 Speaker 4: that I know I should be putting in to organizing 164 00:07:43,160 --> 00:07:46,600 Speaker 4: a present that is thoughtful and within budget. And I 165 00:07:46,680 --> 00:07:48,520 Speaker 4: know that this is probably putting a lot of pressure 166 00:07:48,560 --> 00:07:51,120 Speaker 4: on her as well, because when you think about it, 167 00:07:51,160 --> 00:07:53,560 Speaker 4: she's knowing that I'm spending a fair bit because we 168 00:07:53,600 --> 00:07:56,360 Speaker 4: all know what products in Mecca can cost and how 169 00:07:56,360 --> 00:07:58,920 Speaker 4: it adds up so quickly. And then I think that 170 00:07:58,960 --> 00:08:02,080 Speaker 4: there's an unnecessary level of pressure that she assumes is 171 00:08:02,160 --> 00:08:05,200 Speaker 4: there because she wants to keep up with what I've 172 00:08:05,240 --> 00:08:08,160 Speaker 4: purchased her, when in reality, she's often a lot more 173 00:08:08,240 --> 00:08:11,280 Speaker 4: thoughtful than I am and purchases gifts that are really meaningful, 174 00:08:11,560 --> 00:08:13,640 Speaker 4: and to me that actually means a lot more than 175 00:08:13,680 --> 00:08:16,160 Speaker 4: me going into Mecca and purchasing my sister gifts that 176 00:08:16,240 --> 00:08:17,320 Speaker 4: I just think she will like. 177 00:08:17,480 --> 00:08:17,720 Speaker 3: Yeah. 178 00:08:17,760 --> 00:08:20,960 Speaker 2: Absolutely, I have a kind of similar psych around it. 179 00:08:21,000 --> 00:08:24,480 Speaker 2: I guess with my brothers, for example, I always spend 180 00:08:24,720 --> 00:08:27,880 Speaker 2: the same amount of money, even if I've spotted something 181 00:08:27,880 --> 00:08:30,200 Speaker 2: that they'll love and it's on sale, I'll still feel 182 00:08:30,200 --> 00:08:32,640 Speaker 2: guilty about only spending fifty dollars, so I'll, you know, 183 00:08:32,720 --> 00:08:35,079 Speaker 2: throw in some socks or we're. 184 00:08:34,920 --> 00:08:35,920 Speaker 4: All guilty of that. 185 00:08:36,120 --> 00:08:37,040 Speaker 3: Yeah, it's I don't know. 186 00:08:37,160 --> 00:08:40,080 Speaker 2: It's a weird thing that I've gotten into and it's doing. 187 00:08:40,200 --> 00:08:42,520 Speaker 4: It's like it turns your money w of you know, 188 00:08:42,600 --> 00:08:44,520 Speaker 4: spending less on a gift that you thought would be 189 00:08:44,559 --> 00:08:47,120 Speaker 4: more into a money fail because you make up the 190 00:08:47,160 --> 00:08:48,960 Speaker 4: amount exactly alrighty. 191 00:08:49,080 --> 00:08:51,720 Speaker 2: So it seems there's an attitude out there that we 192 00:08:51,800 --> 00:08:54,160 Speaker 2: should be spending money on impressive gifts at this time 193 00:08:54,200 --> 00:08:56,320 Speaker 2: of the year. Why do you think that is, Like, 194 00:08:56,600 --> 00:08:59,640 Speaker 2: is it actually reasonable for the average working Australian to 195 00:08:59,640 --> 00:09:02,520 Speaker 2: be purchase in gifts for every man and every dog? 196 00:09:03,320 --> 00:09:05,200 Speaker 3: Maybe we should be buying dogs's. 197 00:09:04,840 --> 00:09:07,720 Speaker 4: Gifts turn out of teen heaven. I think it's a 198 00:09:07,760 --> 00:09:11,640 Speaker 4: really interesting question actually, because we all have this expectation 199 00:09:11,760 --> 00:09:15,120 Speaker 4: that everybody gives gifts at Christmas, and everybody puts themselves 200 00:09:15,160 --> 00:09:17,480 Speaker 4: in this position where if I give a gift to you, 201 00:09:17,559 --> 00:09:19,400 Speaker 4: maybe you'll feel the pressure to give one to me. 202 00:09:19,600 --> 00:09:22,160 Speaker 4: But we never really had this conversation about whether that 203 00:09:22,280 --> 00:09:24,559 Speaker 4: was something we wanted to be doing. And I find 204 00:09:24,640 --> 00:09:27,040 Speaker 4: this sometimes with friends where they turn up with a 205 00:09:27,080 --> 00:09:29,600 Speaker 4: gift for me and I'm like, oh, that's you know, beautiful, 206 00:09:29,640 --> 00:09:31,760 Speaker 4: and thank you so much, but then you feel a 207 00:09:31,760 --> 00:09:34,520 Speaker 4: little bit awkward. Because they've given you a gift and 208 00:09:34,640 --> 00:09:36,160 Speaker 4: maybe you feel a little bit like. 209 00:09:36,160 --> 00:09:38,320 Speaker 3: You weren't thoughtful enough to think of one for them. 210 00:09:38,520 --> 00:09:42,920 Speaker 4: So I think it's also about setting expectations around gift giving, Like, 211 00:09:43,040 --> 00:09:45,680 Speaker 4: is there something you guys could do to make sure 212 00:09:45,720 --> 00:09:48,320 Speaker 4: that you're not overspending or even as a friends group, 213 00:09:48,360 --> 00:09:51,679 Speaker 4: could you organize a KK and just buy one gift 214 00:09:51,760 --> 00:09:54,559 Speaker 4: for one person and you know, exchange those when you're 215 00:09:54,559 --> 00:09:57,440 Speaker 4: going to do Christmas drinks together and really set that 216 00:09:57,559 --> 00:09:59,960 Speaker 4: expectation so that maybe you're spending a little bit more 217 00:10:00,120 --> 00:10:03,559 Speaker 4: or on one gift for one person, but overall you're 218 00:10:03,600 --> 00:10:06,200 Speaker 4: spending a whole heap lesson someone's getting a gift that's 219 00:10:06,240 --> 00:10:09,120 Speaker 4: more valuable or meaningful to them because you only had 220 00:10:09,120 --> 00:10:10,760 Speaker 4: to put all of your time and thought into the 221 00:10:10,800 --> 00:10:13,680 Speaker 4: gift for one person exactly, instead of thinking about gifts 222 00:10:13,880 --> 00:10:15,000 Speaker 4: for fifteen. Yeah. 223 00:10:15,120 --> 00:10:18,080 Speaker 2: No, that is so true and something I definitely need 224 00:10:18,120 --> 00:10:20,200 Speaker 2: to do with my own friends. Sorry, girls, we're going 225 00:10:20,240 --> 00:10:21,160 Speaker 2: to be having a chat this. 226 00:10:21,200 --> 00:10:23,160 Speaker 4: Year already, Victoria. 227 00:10:23,280 --> 00:10:25,679 Speaker 2: What are some of the most obvious mistakes people are 228 00:10:25,720 --> 00:10:28,319 Speaker 2: making during this time and are there any mistakes you've 229 00:10:28,360 --> 00:10:30,280 Speaker 2: seen millennials making in particular? 230 00:10:30,520 --> 00:10:32,679 Speaker 4: So I think the number one here is going to 231 00:10:32,720 --> 00:10:35,880 Speaker 4: come as no surprise. It's that they don't have a 232 00:10:35,920 --> 00:10:38,400 Speaker 4: budget written down. So it's one thing to have a 233 00:10:38,400 --> 00:10:41,160 Speaker 4: budget in your head of what you're expecting it to cost, 234 00:10:41,400 --> 00:10:43,800 Speaker 4: but it's another to list down all of the things 235 00:10:43,840 --> 00:10:47,480 Speaker 4: that you have to purchase, whether that's entertainment costs, whether 236 00:10:47,559 --> 00:10:51,080 Speaker 4: that is food, whether that is gifts, Like have you 237 00:10:51,160 --> 00:10:54,280 Speaker 4: actually budgeted for those additional boxes of favorites that you 238 00:10:54,360 --> 00:10:56,840 Speaker 4: wanted to purchase on the way to a Christmas drinks? 239 00:10:57,320 --> 00:10:59,640 Speaker 4: So I think it's important to have your budget written 240 00:10:59,679 --> 00:11:02,199 Speaker 4: down and actually make a list of all the people 241 00:11:02,280 --> 00:11:05,559 Speaker 4: you want to purchase for with an associated budget. Beside it, 242 00:11:05,720 --> 00:11:08,680 Speaker 4: I think another mistake that we are all making, not 243 00:11:08,800 --> 00:11:12,720 Speaker 4: just millennials, everybody is using credit cards during the Christmas period. 244 00:11:13,080 --> 00:11:16,080 Speaker 4: We get so reliant on credit that we end up 245 00:11:16,120 --> 00:11:19,280 Speaker 4: putting ourselves in a position where we're overspending, because, as 246 00:11:19,320 --> 00:11:21,560 Speaker 4: you would know from listening to the podcast last season, 247 00:11:22,000 --> 00:11:25,360 Speaker 4: we spend on average twelve to twenty two percent more 248 00:11:25,559 --> 00:11:30,080 Speaker 4: just because we are using credit. So maybe another tip 249 00:11:30,120 --> 00:11:32,800 Speaker 4: there is budget, but also put all of that money 250 00:11:32,800 --> 00:11:35,280 Speaker 4: that you've budgeted onto a debit card to spend or 251 00:11:35,400 --> 00:11:38,040 Speaker 4: better yet, take it out in cash and spend it 252 00:11:38,080 --> 00:11:41,360 Speaker 4: that way, because it is so much easier to tap 253 00:11:41,400 --> 00:11:43,959 Speaker 4: away than it is to part with a cold, hard fifty. 254 00:11:44,080 --> 00:11:48,720 Speaker 2: That is so true. I completely agree with that. I 255 00:11:48,760 --> 00:11:50,640 Speaker 2: know when I have cash, I do not want to 256 00:11:50,640 --> 00:11:52,800 Speaker 2: spend it, and it lasts so much longer then. 257 00:11:52,840 --> 00:11:55,520 Speaker 4: It is so true, and I think I think my 258 00:11:55,679 --> 00:11:58,600 Speaker 4: last tip there is actually that we don't listen. And 259 00:11:58,679 --> 00:12:00,840 Speaker 4: I know that's probably a little bit of a strange one, 260 00:12:01,280 --> 00:12:03,760 Speaker 4: but this year I've made a conscious effort to keep 261 00:12:03,800 --> 00:12:06,800 Speaker 4: on my phone a notes section, and whenever a family 262 00:12:06,840 --> 00:12:10,000 Speaker 4: member or a friend mentioned something that they like, I've 263 00:12:10,000 --> 00:12:12,880 Speaker 4: been writing that down as a suggestion for me. And 264 00:12:12,920 --> 00:12:15,800 Speaker 4: whilst I haven't done my Christmas shopping just yet, I 265 00:12:15,880 --> 00:12:18,200 Speaker 4: actually know it's going to come in handy because I 266 00:12:18,240 --> 00:12:20,480 Speaker 4: already have in my head the exact things I want 267 00:12:20,480 --> 00:12:23,720 Speaker 4: to be purchasing for my friends and family because they've 268 00:12:23,760 --> 00:12:26,520 Speaker 4: been dropping hints accidentally whole year. 269 00:12:26,800 --> 00:12:27,000 Speaker 2: Yeah. 270 00:12:27,160 --> 00:12:30,200 Speaker 4: So I think being prepared for the entire year is 271 00:12:30,240 --> 00:12:32,400 Speaker 4: something that we could all be better at. And it's 272 00:12:32,440 --> 00:12:34,240 Speaker 4: really nice to be able to say, oh, but in 273 00:12:34,320 --> 00:12:36,720 Speaker 4: June you mentioned you wanted this, and that becomes a 274 00:12:36,760 --> 00:12:37,720 Speaker 4: really thoughtful gift. 275 00:12:37,720 --> 00:12:39,520 Speaker 2: Okay, now that is a really good tip and I 276 00:12:39,520 --> 00:12:41,000 Speaker 2: will absolutely be stealing it. 277 00:12:41,280 --> 00:12:41,920 Speaker 3: We welcome. 278 00:12:42,040 --> 00:12:42,400 Speaker 4: Thank you. 279 00:12:43,080 --> 00:12:45,400 Speaker 2: Now you mentioned planning what we are going to spend 280 00:12:45,559 --> 00:12:48,640 Speaker 2: is really important, but how far in advance should we 281 00:12:48,679 --> 00:12:50,439 Speaker 2: actually be preparing for Christmas? 282 00:12:50,480 --> 00:12:53,560 Speaker 4: So that's a really good question, thank you, And right now, 283 00:12:53,679 --> 00:12:56,960 Speaker 4: because we're posting this podcast in December, we're all probably 284 00:12:56,960 --> 00:12:59,360 Speaker 4: a little bit late, but I think it should start 285 00:12:59,400 --> 00:13:02,400 Speaker 4: in January when you are doing your yearly budget. Okay, 286 00:13:02,880 --> 00:13:06,040 Speaker 4: Christmas spending often creeps up on you, with the average 287 00:13:06,040 --> 00:13:10,280 Speaker 4: Australian spending five hundred and seventy three dollars at Christmas 288 00:13:10,360 --> 00:13:11,439 Speaker 4: time just on gifts. 289 00:13:11,840 --> 00:13:12,800 Speaker 3: That's not including the. 290 00:13:12,800 --> 00:13:15,840 Speaker 4: Additional Christmas drinks or nights out with your friends. That 291 00:13:16,000 --> 00:13:18,520 Speaker 4: is just purely on presence. So I think that this 292 00:13:18,559 --> 00:13:20,400 Speaker 4: should be a part of our budget because not all 293 00:13:20,440 --> 00:13:22,920 Speaker 4: of us have five hundred and seventy three dollars just 294 00:13:23,000 --> 00:13:25,520 Speaker 4: lying around to spend on gifts. 295 00:13:25,880 --> 00:13:28,000 Speaker 2: Absolutely no, yeah, I know, I don't. 296 00:13:28,120 --> 00:13:30,160 Speaker 4: So planning is really important. Make it a part of 297 00:13:30,160 --> 00:13:32,600 Speaker 4: your budget so each and every single month you're accounting 298 00:13:32,640 --> 00:13:34,600 Speaker 4: for it. But then it goes back to if you're 299 00:13:34,640 --> 00:13:37,440 Speaker 4: thinking about it, always, you're probably going to find ways 300 00:13:37,480 --> 00:13:39,760 Speaker 4: to be savvy. If you know Christmas is coming up, 301 00:13:39,840 --> 00:13:42,559 Speaker 4: maybe you're purchasing things in October because you know it's 302 00:13:42,600 --> 00:13:44,960 Speaker 4: coming around and you've already been listening down all the 303 00:13:45,000 --> 00:13:47,280 Speaker 4: things your friends want, and you are so excited to 304 00:13:47,320 --> 00:13:49,040 Speaker 4: give your friend the thing she really wants and you 305 00:13:49,120 --> 00:13:51,439 Speaker 4: got it on sale, so it's technically a money win. 306 00:13:51,600 --> 00:13:55,640 Speaker 2: Yeah, okay, so we need to get organized. In your opinion, 307 00:13:55,720 --> 00:13:57,800 Speaker 2: would you say it's worth setting a budget for each 308 00:13:57,840 --> 00:14:00,720 Speaker 2: person or having more of an overarching Christmas budget? 309 00:14:00,840 --> 00:14:02,160 Speaker 4: Am I allowed to say both? 310 00:14:02,280 --> 00:14:02,400 Speaker 5: Oh? 311 00:14:02,920 --> 00:14:03,600 Speaker 2: I think you're allowed. 312 00:14:03,720 --> 00:14:05,400 Speaker 3: I allow it. Thank you. 313 00:14:05,480 --> 00:14:07,719 Speaker 4: So I think it's really important to not only have 314 00:14:07,840 --> 00:14:10,240 Speaker 4: an overall Christmas budget because then we know how much 315 00:14:10,320 --> 00:14:12,560 Speaker 4: to put away each and every single week or month 316 00:14:13,000 --> 00:14:15,280 Speaker 4: so that we can achieve that goal without going into debt. 317 00:14:15,800 --> 00:14:18,520 Speaker 4: But I think it's also worthy of sitting down and 318 00:14:18,640 --> 00:14:21,200 Speaker 4: listing out all the people that we're buying for and 319 00:14:21,240 --> 00:14:24,760 Speaker 4: how much we want to spend, because often we'll say, okay, 320 00:14:24,760 --> 00:14:27,400 Speaker 4: well I want to spend five hundred dollars on Christmas presents, 321 00:14:27,960 --> 00:14:30,040 Speaker 4: and then we blow the budget because we spent one 322 00:14:30,080 --> 00:14:32,200 Speaker 4: hundred and fifty dollars on one person, and now we 323 00:14:32,240 --> 00:14:34,760 Speaker 4: don't have much to share between the other five people 324 00:14:34,800 --> 00:14:37,920 Speaker 4: you said you wanted to purchase for. So I think 325 00:14:37,920 --> 00:14:40,040 Speaker 4: it's important to list down all the people that you're 326 00:14:40,080 --> 00:14:43,560 Speaker 4: purchasing for and your relevant budget, tallying that and then 327 00:14:43,640 --> 00:14:46,160 Speaker 4: seeing if that's actually in line with your goals. Maybe 328 00:14:46,200 --> 00:14:48,000 Speaker 4: you need to go through and cut ten dollars off 329 00:14:48,040 --> 00:14:51,120 Speaker 4: every single person so that you're still buying gifts, but 330 00:14:51,240 --> 00:14:53,480 Speaker 4: you're also making sure that it's in line with your 331 00:14:53,480 --> 00:14:54,440 Speaker 4: budget and your values. 332 00:14:54,520 --> 00:14:57,480 Speaker 2: Okay, so this is all great victoria, but my goodness, 333 00:14:57,560 --> 00:15:00,240 Speaker 2: there is a lot to be taking into consideration, and 334 00:15:00,400 --> 00:15:02,680 Speaker 2: if I'm being honest, it's starting to sound a little 335 00:15:02,680 --> 00:15:05,800 Speaker 2: bit stressful. I've read something recently that said Christmas is 336 00:15:05,840 --> 00:15:08,800 Speaker 2: considered as one of the six most stressful life events, 337 00:15:08,800 --> 00:15:12,320 Speaker 2: along with divorce, moving house, and changing jobs, which is. 338 00:15:12,320 --> 00:15:14,320 Speaker 4: Ridiculous, right, absolutely it is. 339 00:15:14,520 --> 00:15:17,920 Speaker 2: Another survey reported that eighty six percent of people found 340 00:15:18,000 --> 00:15:20,960 Speaker 2: buying presents to be really difficult, and sixty five percent 341 00:15:21,000 --> 00:15:23,320 Speaker 2: reported Christmas as a stressful experience. 342 00:15:23,800 --> 00:15:24,440 Speaker 4: This feels like. 343 00:15:24,400 --> 00:15:26,120 Speaker 2: Something that we do not talk about enough. 344 00:15:26,200 --> 00:15:27,080 Speaker 3: Why do you think that is? 345 00:15:27,360 --> 00:15:30,240 Speaker 4: You are absolutely right, we do not talk about these 346 00:15:30,280 --> 00:15:33,640 Speaker 4: things enough. It seems that Christmas often comes with really 347 00:15:33,680 --> 00:15:38,440 Speaker 4: high expectations of people having perfect, happy families, enjoying luxurious 348 00:15:38,480 --> 00:15:42,880 Speaker 4: celebrations and gifts. We all know that picture of the 349 00:15:42,960 --> 00:15:46,560 Speaker 4: family setting around the Christmas tree on Christmas morning opening presents. 350 00:15:47,000 --> 00:15:48,960 Speaker 4: It's just not something that we are all able to 351 00:15:49,000 --> 00:15:52,360 Speaker 4: live up to. These ideals don't actually apply to everybody, 352 00:15:52,720 --> 00:15:56,400 Speaker 4: and in today's society, it's actually the minority of people 353 00:15:56,480 --> 00:16:00,360 Speaker 4: that are celebrating Christmas in that way. So for those 354 00:16:00,400 --> 00:16:02,680 Speaker 4: of us who might have lost a loved one, Christmas 355 00:16:02,720 --> 00:16:05,480 Speaker 4: can actually intensify those feelings of grief and loss. And 356 00:16:05,560 --> 00:16:08,240 Speaker 4: some people who are going through a period of time 357 00:16:08,280 --> 00:16:11,360 Speaker 4: where they might be depressed or feeling lonely, Christmas can 358 00:16:11,440 --> 00:16:14,040 Speaker 4: only intensify those feelings and often leaves them in a 359 00:16:14,040 --> 00:16:17,960 Speaker 4: position where they're feeling even more isolated because they feel 360 00:16:18,000 --> 00:16:20,760 Speaker 4: as though everybody around them is celebrating with family and 361 00:16:20,800 --> 00:16:23,880 Speaker 4: friends that they might not have. I also think it's 362 00:16:23,920 --> 00:16:28,240 Speaker 4: worth mentioning that sometimes just because someone is marked as family, 363 00:16:28,320 --> 00:16:31,480 Speaker 4: it doesn't mean you get along. So having a split 364 00:16:31,520 --> 00:16:35,440 Speaker 4: family or some unresolved conflict in your family may contribute 365 00:16:35,440 --> 00:16:39,280 Speaker 4: to additional Christmas anxiety. Which you absolutely do not need, 366 00:16:39,880 --> 00:16:42,680 Speaker 4: and family and relationship problems can be a massive trigger 367 00:16:42,720 --> 00:16:45,240 Speaker 4: at Christmas time. While there's not a whole heap of 368 00:16:45,280 --> 00:16:48,360 Speaker 4: advice that we can give here because with finance experts 369 00:16:48,640 --> 00:16:52,000 Speaker 4: not relationship experts, I think it's really important for us 370 00:16:52,000 --> 00:16:54,400 Speaker 4: to just be really mindful at this time of year 371 00:16:54,720 --> 00:16:57,320 Speaker 4: that not everybody is actually in the same financial or 372 00:16:57,360 --> 00:17:01,160 Speaker 4: emotional position as each other. Whilst we don't talk about 373 00:17:01,160 --> 00:17:03,640 Speaker 4: this a lot, and we probably should talk about it more, 374 00:17:03,840 --> 00:17:06,000 Speaker 4: it's just a really good reminder for us to all 375 00:17:06,000 --> 00:17:07,720 Speaker 4: be a little bit kinder to one another. 376 00:17:07,920 --> 00:17:09,639 Speaker 2: Well said Victoria. I completely agree. 377 00:17:10,160 --> 00:17:13,040 Speaker 4: So speaking of budgeting, it probably makes sense that we 378 00:17:13,119 --> 00:17:16,200 Speaker 4: introduce everyone to today's sponsor, shop Back. 379 00:17:16,400 --> 00:17:19,719 Speaker 2: Yes, Victoria, very exciting to have shot Back on board, 380 00:17:20,160 --> 00:17:22,960 Speaker 2: especially because they have been so very popular in our 381 00:17:23,040 --> 00:17:26,200 Speaker 2: Facebook community. Victoria, can you please tell the listeners who 382 00:17:26,240 --> 00:17:28,720 Speaker 2: aren't across the many benefits of shot back exactly what 383 00:17:28,760 --> 00:17:29,679 Speaker 2: it is and how it works. 384 00:17:29,840 --> 00:17:32,840 Speaker 4: So, shot Back is a cash back platform where you 385 00:17:32,920 --> 00:17:35,919 Speaker 4: get actual cash back into your bank account or PayPal 386 00:17:36,000 --> 00:17:39,920 Speaker 4: account simply by shopping through their platform. Can you actually 387 00:17:39,960 --> 00:17:42,960 Speaker 4: believe that you get sometimes up to thirty percent of 388 00:17:43,000 --> 00:17:44,080 Speaker 4: your purchase price back. 389 00:17:44,359 --> 00:17:45,120 Speaker 3: That is amazing. 390 00:17:45,359 --> 00:17:48,440 Speaker 4: It's actually crazy how many brands they have on board already, Georgia. 391 00:17:48,600 --> 00:17:50,560 Speaker 4: I couldn't believe it when I logged in to see 392 00:17:50,560 --> 00:17:53,720 Speaker 4: how many brands that actually recently added to the website. 393 00:17:54,160 --> 00:17:56,400 Speaker 2: Talk me through and Amaya and Woolies are on there. 394 00:17:56,920 --> 00:17:57,840 Speaker 4: Have you been using it? 395 00:17:58,320 --> 00:18:00,880 Speaker 2: I have used it. I've recently gotten nine percent back 396 00:18:00,920 --> 00:18:03,480 Speaker 2: on my Maya purchase little Chrissy present for Papa. 397 00:18:03,840 --> 00:18:04,720 Speaker 3: Oh, what do you buy? 398 00:18:05,240 --> 00:18:05,480 Speaker 5: Can't? 399 00:18:05,520 --> 00:18:06,160 Speaker 3: Can't give it away? 400 00:18:06,200 --> 00:18:07,119 Speaker 2: He'll be listening. Love it? 401 00:18:07,280 --> 00:18:07,560 Speaker 5: I know. 402 00:18:08,040 --> 00:18:09,879 Speaker 4: Well, if any of you are like me and you 403 00:18:09,960 --> 00:18:13,000 Speaker 4: haven't actually started doing your Christmas shopping yet, or you 404 00:18:13,040 --> 00:18:16,080 Speaker 4: haven't gotten onto the shop back bandwagon yet, we're actually 405 00:18:16,119 --> 00:18:18,840 Speaker 4: really lucky that Shopback has hooked us up with a 406 00:18:18,880 --> 00:18:21,800 Speaker 4: ten dollar welcome bonus for all She's on the Money listeners. 407 00:18:22,240 --> 00:18:25,359 Speaker 4: So to claim it, head to shopback dot com, dot au, 408 00:18:25,720 --> 00:18:29,719 Speaker 4: forward slash s TM. It's completely free to sign up 409 00:18:29,760 --> 00:18:31,680 Speaker 4: and I will make sure that all of the details 410 00:18:31,680 --> 00:18:34,080 Speaker 4: are in our show notes for you to jump on board. 411 00:18:34,320 --> 00:18:36,280 Speaker 2: Merry Christmas, indeed. 412 00:18:35,960 --> 00:18:37,359 Speaker 4: Happy savings. Guys. 413 00:18:41,400 --> 00:18:44,040 Speaker 2: Hi, there, you've reached the Shes on the Money mailbox. 414 00:18:44,240 --> 00:18:46,240 Speaker 2: Do you have a money problem you want help solving. 415 00:18:46,480 --> 00:18:48,119 Speaker 2: Do you have a money dilemma you just want to 416 00:18:48,160 --> 00:18:51,600 Speaker 2: chat about. Victoria is here to help. Every week, we'll 417 00:18:51,640 --> 00:18:53,800 Speaker 2: be playing your questions to help makes sense of a 418 00:18:53,840 --> 00:18:56,119 Speaker 2: money mess you may have found yourself in. Make a 419 00:18:56,160 --> 00:18:58,440 Speaker 2: quick recording on your phone and send it to podcast 420 00:18:58,520 --> 00:19:00,800 Speaker 2: at shoes onthemoney dot com dot com. You and you 421 00:19:00,880 --> 00:19:05,920 Speaker 2: might find yourself on the show. But for now, here's Maddie. 422 00:19:09,480 --> 00:19:11,080 Speaker 5: Hi, guys, this is a bit of a weird one. 423 00:19:11,160 --> 00:19:12,680 Speaker 5: I've been with my boyfriend for about two and a 424 00:19:12,760 --> 00:19:15,040 Speaker 5: half months now, and with Christmas around the corner, I'm 425 00:19:15,080 --> 00:19:17,760 Speaker 5: not really sure what to do. I'd like to get 426 00:19:17,800 --> 00:19:19,639 Speaker 5: him something nice, but I also don't want to go 427 00:19:19,720 --> 00:19:21,760 Speaker 5: overboard and spend too much. But I also don't want 428 00:19:21,800 --> 00:19:24,439 Speaker 5: to look like a cheapskate. I'm also not sure like 429 00:19:24,600 --> 00:19:27,720 Speaker 5: what he's going to be getting me. So has anyone 430 00:19:27,760 --> 00:19:29,280 Speaker 5: been this situation? What do I do? 431 00:19:29,840 --> 00:19:30,679 Speaker 2: What are the rules here? 432 00:19:30,760 --> 00:19:31,200 Speaker 3: Victoria? 433 00:19:31,359 --> 00:19:33,800 Speaker 4: I actually don't know. I'm not sure how much help 434 00:19:33,840 --> 00:19:37,200 Speaker 4: I can be, but I do think the number one 435 00:19:37,240 --> 00:19:39,760 Speaker 4: thing here is just talking about it. Like if you're 436 00:19:39,800 --> 00:19:42,560 Speaker 4: in a new relationship and it's a solid relationship, talking 437 00:19:42,560 --> 00:19:46,119 Speaker 4: about things shouldn't hurt it, but I would be bringing 438 00:19:46,119 --> 00:19:48,200 Speaker 4: it up because it's one of those things that it's 439 00:19:48,280 --> 00:19:51,359 Speaker 4: nice to set the expectation up front. Often in a 440 00:19:51,400 --> 00:19:53,840 Speaker 4: new relationship, we put ourselves in a position where we 441 00:19:53,920 --> 00:19:56,680 Speaker 4: really want to impress the other person and obviously look 442 00:19:56,720 --> 00:20:00,560 Speaker 4: after them. But does that set unrealistic expectations for the 443 00:20:00,640 --> 00:20:01,200 Speaker 4: years to come? 444 00:20:01,400 --> 00:20:03,600 Speaker 2: Yeah, I completely agree with you. I think it's all 445 00:20:03,600 --> 00:20:05,840 Speaker 2: about honesty. If he's a good guy, he's not going 446 00:20:05,960 --> 00:20:08,080 Speaker 2: to argue about the amount of money that you spent 447 00:20:08,200 --> 00:20:11,800 Speaker 2: on his gift. Have the chat, establish kind of the 448 00:20:11,840 --> 00:20:14,440 Speaker 2: budget that you'll be working towards, and then go from there. 449 00:20:14,720 --> 00:20:17,719 Speaker 4: Yeah, or just do what you feel comfortable with. I 450 00:20:17,720 --> 00:20:21,240 Speaker 4: don't think that financial aspects should come into gift giving 451 00:20:21,600 --> 00:20:24,119 Speaker 4: to as much of an extent as it currently is. 452 00:20:24,480 --> 00:20:26,760 Speaker 4: We should be placing ourselves in a position where it's like, 453 00:20:26,760 --> 00:20:29,000 Speaker 4: all right, I am giving this person a gift because 454 00:20:29,160 --> 00:20:31,800 Speaker 4: I want them to feel thought about and I want 455 00:20:31,840 --> 00:20:34,320 Speaker 4: them to feel good. It actually doesn't matter how much 456 00:20:34,320 --> 00:20:37,120 Speaker 4: money I spend on them. Is this actually relevant gift 457 00:20:37,119 --> 00:20:37,440 Speaker 4: for them? 458 00:20:37,480 --> 00:20:37,560 Speaker 5: Like? 459 00:20:37,560 --> 00:20:39,560 Speaker 4: How can I make them feel the most special? And 460 00:20:39,600 --> 00:20:42,200 Speaker 4: often that does not mean that you have to spend 461 00:20:42,240 --> 00:20:47,080 Speaker 4: hundreds of dollars. I think it's the thought that counts. 462 00:20:51,400 --> 00:20:54,200 Speaker 2: Okay, now for the fun stuff. What good would a 463 00:20:54,240 --> 00:20:57,200 Speaker 2: money podcast be without the pervy stuff. Now it's time 464 00:20:57,280 --> 00:21:03,600 Speaker 2: for our money diary. Let's do this. Today's money diary 465 00:21:03,720 --> 00:21:05,679 Speaker 2: is from a twenty five year old gym manager who 466 00:21:05,760 --> 00:21:07,879 Speaker 2: says she's pretty good at managing her money. 467 00:21:08,160 --> 00:21:11,560 Speaker 6: I'd have to say that I'm fairly confident with money. 468 00:21:11,640 --> 00:21:15,640 Speaker 6: I've always, you know, tried really hard to make sure 469 00:21:15,720 --> 00:21:18,440 Speaker 6: I always have enough and I can always cover everything, 470 00:21:18,520 --> 00:21:21,719 Speaker 6: and I'm not sort of left short. I think that 471 00:21:21,760 --> 00:21:24,679 Speaker 6: comes from just wanting that security of knowing that I 472 00:21:24,680 --> 00:21:25,440 Speaker 6: always have it. 473 00:21:26,240 --> 00:21:28,600 Speaker 3: So yeah, i'd say, all right. 474 00:21:28,880 --> 00:21:31,560 Speaker 2: Okay, let's get into the juicy stuff. How much does 475 00:21:31,600 --> 00:21:33,359 Speaker 2: she earn and how much she is sitting in her 476 00:21:33,400 --> 00:21:34,440 Speaker 2: bank account right now? 477 00:21:34,640 --> 00:21:39,200 Speaker 6: So I currently earn sixty five thousand a year and 478 00:21:39,640 --> 00:21:43,360 Speaker 6: I have twenty thousand in my bank account, which I'm 479 00:21:43,400 --> 00:21:47,199 Speaker 6: pretty proud of. But I work, like I said before, 480 00:21:47,240 --> 00:21:50,600 Speaker 6: I work pretty hard for it, and I really focus 481 00:21:50,640 --> 00:21:51,159 Speaker 6: on saving. 482 00:21:51,680 --> 00:21:53,800 Speaker 3: So yeah, I'm pretty proud of that. 483 00:21:54,680 --> 00:21:57,760 Speaker 2: And what exactly happens to that money after it's deposited 484 00:21:57,800 --> 00:21:58,640 Speaker 2: into her account? 485 00:21:58,840 --> 00:22:02,359 Speaker 6: Okay, So when the money comes into my account, it 486 00:22:02,440 --> 00:22:05,320 Speaker 6: comes into sort of my main account, and then what 487 00:22:05,359 --> 00:22:08,120 Speaker 6: I do is I quickly transfer as much out as 488 00:22:08,160 --> 00:22:12,000 Speaker 6: I can. So I transfer money out to my savings accounts. 489 00:22:12,800 --> 00:22:14,200 Speaker 3: In my main account. 490 00:22:14,280 --> 00:22:16,479 Speaker 6: What's coming out of that is pretty much just like 491 00:22:16,520 --> 00:22:20,360 Speaker 6: my bills and my regular sort of fixed payments, I suppose, 492 00:22:21,000 --> 00:22:23,600 Speaker 6: and then I transfer money for my spending account, and 493 00:22:23,640 --> 00:22:24,720 Speaker 6: I try really hard to. 494 00:22:25,000 --> 00:22:26,840 Speaker 3: Stick to that spending amount. 495 00:22:27,280 --> 00:22:30,600 Speaker 6: Obviously, sometimes I have to dip back in to savings 496 00:22:30,640 --> 00:22:33,040 Speaker 6: for whatever reason, but yeah, I try to sort of 497 00:22:33,160 --> 00:22:34,160 Speaker 6: just keep to my spending. 498 00:22:34,400 --> 00:22:37,800 Speaker 2: Okay. Then, so how does our gine manager feel about investing? 499 00:22:38,040 --> 00:22:39,920 Speaker 2: Does she invest? And if so how? 500 00:22:40,200 --> 00:22:40,440 Speaker 4: Okay? 501 00:22:40,560 --> 00:22:45,040 Speaker 6: Yeah, so I do currently invest. I was investing with 502 00:22:45,240 --> 00:22:48,920 Speaker 6: Rays previously, and I was just using it for the 503 00:22:49,040 --> 00:22:52,400 Speaker 6: round up feature and adding a little bit more sort 504 00:22:52,440 --> 00:22:56,320 Speaker 6: of every pay. But I've actually recently been to see 505 00:22:56,320 --> 00:22:59,520 Speaker 6: a financial advisor and we're going to be moving that 506 00:22:59,600 --> 00:23:03,960 Speaker 6: money into sort of some sort of investment portfolio with them. 507 00:23:04,040 --> 00:23:05,199 Speaker 3: Yeah, so I'm excited about that. 508 00:23:05,359 --> 00:23:09,040 Speaker 2: What about debts like credit cards and personal loans, No, 509 00:23:09,520 --> 00:23:10,720 Speaker 2: I don't not yet. 510 00:23:11,640 --> 00:23:14,439 Speaker 6: I mean I will have debt in the future. But 511 00:23:14,640 --> 00:23:16,720 Speaker 6: when I think about debt. I think about that being 512 00:23:17,720 --> 00:23:22,560 Speaker 6: maybe for a house or an investment property, not any 513 00:23:22,600 --> 00:23:25,080 Speaker 6: other sort of debt like credit cards or anything like that. 514 00:23:25,119 --> 00:23:27,480 Speaker 6: I'm actually terrified of them. 515 00:23:27,760 --> 00:23:29,600 Speaker 3: I just I never want to have to have one. 516 00:23:30,960 --> 00:23:33,320 Speaker 6: I just I think about, you know, when I was 517 00:23:33,320 --> 00:23:36,400 Speaker 6: a kid and money being a little bit not sort of. 518 00:23:37,240 --> 00:23:39,639 Speaker 6: It wasn't ever really that bad, but it was a 519 00:23:39,640 --> 00:23:42,240 Speaker 6: little bit stressful in a sense that you know, Dad 520 00:23:42,560 --> 00:23:44,280 Speaker 6: would have never had a credit card, and he was 521 00:23:44,359 --> 00:23:47,080 Speaker 6: so against having credit cards and would always just have cash. 522 00:23:47,680 --> 00:23:49,600 Speaker 6: So it's kind of scared me a little bit, but 523 00:23:49,640 --> 00:23:51,760 Speaker 6: probably in a good way because I don't actually have 524 00:23:51,800 --> 00:23:52,679 Speaker 6: any credit cards. 525 00:23:52,840 --> 00:23:56,480 Speaker 2: So what's today's money diarist actually saving for and what's 526 00:23:56,480 --> 00:23:57,320 Speaker 2: her big money goal? 527 00:23:57,520 --> 00:24:01,720 Speaker 6: Well, right now, essentially I'm doing is I'm I'm kind 528 00:24:01,720 --> 00:24:03,640 Speaker 6: of looking out into my future and I really want 529 00:24:03,680 --> 00:24:08,640 Speaker 6: to create financial freedom for myself. I'm fiercely independent when 530 00:24:08,640 --> 00:24:10,639 Speaker 6: it comes to money. I never want to have to 531 00:24:10,680 --> 00:24:15,000 Speaker 6: be reliant on anyone. So I find from everything that 532 00:24:15,040 --> 00:24:17,960 Speaker 6: I understand about investing, the earlier that you start, the 533 00:24:18,000 --> 00:24:18,639 Speaker 6: easier it's. 534 00:24:18,480 --> 00:24:19,160 Speaker 3: Going to be later. 535 00:24:19,600 --> 00:24:21,959 Speaker 6: So my plan is that I invest as much as 536 00:24:22,000 --> 00:24:26,640 Speaker 6: I can now and hopefully sort of by ideally sort 537 00:24:26,640 --> 00:24:29,080 Speaker 6: of you know, when I'm in my fifties that it 538 00:24:29,400 --> 00:24:32,520 Speaker 6: potentially will be more comfortable, you know. I just I 539 00:24:32,560 --> 00:24:34,320 Speaker 6: want to make sure that I set myself up, and 540 00:24:34,359 --> 00:24:36,480 Speaker 6: I feel like this is the best way to do that. 541 00:24:37,000 --> 00:24:40,200 Speaker 2: Does al financially savvy gym manager have any good money 542 00:24:40,200 --> 00:24:41,840 Speaker 2: habits that she's especially proud of. 543 00:24:42,160 --> 00:24:46,280 Speaker 6: I think that what I'm most proud of is that 544 00:24:46,320 --> 00:24:52,320 Speaker 6: I prioritize savings and I'm prioritizing investing as well. I'm 545 00:24:52,320 --> 00:24:55,040 Speaker 6: not sure that there's maybe too many others my age 546 00:24:55,040 --> 00:25:00,400 Speaker 6: who are, you know, prioritizing that maybe as much, but yeah, 547 00:25:00,440 --> 00:25:01,879 Speaker 6: so for me, I'm quite proud of that. And I 548 00:25:01,960 --> 00:25:04,320 Speaker 6: think that that's a good habit that I've gotten into 549 00:25:05,000 --> 00:25:07,720 Speaker 6: early on, which has maybe made it easier for me 550 00:25:07,800 --> 00:25:10,679 Speaker 6: to do that now rather than sort of being a 551 00:25:10,720 --> 00:25:13,359 Speaker 6: massive spender and then having to try and you know, 552 00:25:13,560 --> 00:25:15,600 Speaker 6: curb all of those spending habits. 553 00:25:16,160 --> 00:25:18,280 Speaker 3: So I'd say that's probably what I'm most proud of. 554 00:25:18,440 --> 00:25:20,320 Speaker 2: And what about her worst money habit? 555 00:25:20,440 --> 00:25:21,600 Speaker 3: My worst money habit? 556 00:25:22,240 --> 00:25:26,600 Speaker 6: I think I can so, you know, I said my 557 00:25:26,640 --> 00:25:28,879 Speaker 6: best money habit was sort of saving and investing, but 558 00:25:29,440 --> 00:25:32,560 Speaker 6: that maybe could also lead to my worst which is 559 00:25:32,600 --> 00:25:34,520 Speaker 6: like I tend to feel a little bit guilty when 560 00:25:34,560 --> 00:25:37,760 Speaker 6: I spend money because I think, well, you know, should 561 00:25:37,800 --> 00:25:40,280 Speaker 6: I should I be spending that? Shouldn't I be saving it? 562 00:25:41,640 --> 00:25:45,320 Speaker 6: But I do work hard and I am doing relatively well, 563 00:25:45,359 --> 00:25:47,880 Speaker 6: I think, so I would like to at some point 564 00:25:47,880 --> 00:25:51,680 Speaker 6: in time not feel bad about spending money. So maybe 565 00:25:51,720 --> 00:25:55,200 Speaker 6: just yeah, giving myself permission a little bit to not 566 00:25:55,400 --> 00:25:58,040 Speaker 6: like go crazy, but not feel bad about, you know, 567 00:25:58,119 --> 00:26:00,440 Speaker 6: buying a top or anything like that. 568 00:26:00,720 --> 00:26:03,359 Speaker 2: And what about budgeting at Christmas time? How does that 569 00:26:03,440 --> 00:26:04,800 Speaker 2: money diarist manage. 570 00:26:04,560 --> 00:26:10,000 Speaker 6: That extensive time of the year. So my family is 571 00:26:10,280 --> 00:26:13,880 Speaker 6: I've actually sort of got kind of three families because 572 00:26:13,880 --> 00:26:17,200 Speaker 6: I've got my partner's family and his family is quite big, 573 00:26:17,960 --> 00:26:20,879 Speaker 6: and then I've got my mom's side and my dad's 574 00:26:20,880 --> 00:26:24,080 Speaker 6: side as well. So what we actually do across all 575 00:26:24,080 --> 00:26:26,919 Speaker 6: the families actually is we do KK. So instead of 576 00:26:26,960 --> 00:26:30,080 Speaker 6: having to buy sort of one small gift for everyone, 577 00:26:30,800 --> 00:26:33,520 Speaker 6: we actually get to buy sort of one good gift 578 00:26:33,560 --> 00:26:35,639 Speaker 6: I suppose for each kind of family. 579 00:26:35,920 --> 00:26:38,360 Speaker 3: So that really helps and as makes my. 580 00:26:38,359 --> 00:26:41,040 Speaker 6: List a lot shorter, which is helpful, and it just 581 00:26:41,040 --> 00:26:43,760 Speaker 6: means you get to spend so a KK limit is 582 00:26:43,760 --> 00:26:47,240 Speaker 6: about fifty dollars, so one fifty for like across the 583 00:26:47,320 --> 00:26:49,880 Speaker 6: three families. And then my partner and I we don't 584 00:26:49,920 --> 00:26:53,720 Speaker 6: kind of go crazy we're spending on each other. And 585 00:26:53,760 --> 00:26:55,520 Speaker 6: then I've got my niece and my nephew, who I 586 00:26:55,600 --> 00:26:59,679 Speaker 6: always like to buy something nice for. So but again, like, 587 00:27:00,000 --> 00:27:02,720 Speaker 6: I'm pretty anal when it comes to saving, so I 588 00:27:02,760 --> 00:27:05,399 Speaker 6: already have that money aside ready to go, so it 589 00:27:05,920 --> 00:27:07,080 Speaker 6: doesn't need to be stressful. 590 00:27:07,520 --> 00:27:10,600 Speaker 2: So how would today's money diarist rate her own relationship 591 00:27:10,600 --> 00:27:11,040 Speaker 2: with money? 592 00:27:11,080 --> 00:27:13,800 Speaker 6: If I was gonna give myself a rating, Look, I 593 00:27:13,800 --> 00:27:17,399 Speaker 6: guess I'd probably have to give myself an A. I 594 00:27:17,520 --> 00:27:20,320 Speaker 6: do think that I am pretty good with money, and 595 00:27:20,400 --> 00:27:23,040 Speaker 6: I do think that I'm off to a relatively good start, 596 00:27:24,119 --> 00:27:26,560 Speaker 6: but obviously there's always room for improvement, so I'd like 597 00:27:26,600 --> 00:27:27,520 Speaker 6: to be a plus. 598 00:27:28,080 --> 00:27:30,760 Speaker 2: What an incredibly impressive twenty five year old. 599 00:27:30,920 --> 00:27:33,440 Speaker 4: My god, Victoria, I wish I was that good at 600 00:27:33,440 --> 00:27:35,440 Speaker 4: money When I was twenty five years old. I wasn't 601 00:27:35,440 --> 00:27:38,040 Speaker 4: that bad, but I definitely didn't have twenty thousand dollars 602 00:27:38,040 --> 00:27:38,640 Speaker 4: in savings. 603 00:27:38,720 --> 00:27:40,920 Speaker 2: That's insane. I am twenty five and I'm just a 604 00:27:40,920 --> 00:27:43,480 Speaker 2: little bit stressed out now, But I'm happy for. 605 00:27:43,400 --> 00:27:47,680 Speaker 4: Her, and are you on track to beat our gym manager? 606 00:27:48,720 --> 00:27:49,040 Speaker 5: Look? 607 00:27:49,359 --> 00:27:53,480 Speaker 2: No, but hey, with your help, maybe slowly, but sure. 608 00:27:53,920 --> 00:27:56,440 Speaker 4: I've absolutely loved that she said that she was using 609 00:27:56,560 --> 00:27:59,000 Speaker 4: Raise and then went and spoke to a financial advisor 610 00:27:59,200 --> 00:28:02,480 Speaker 4: about setting up a portfolio that worked for her. Investment 611 00:28:02,480 --> 00:28:05,280 Speaker 4: platforms like Raise can be really cool tools to use 612 00:28:05,359 --> 00:28:08,480 Speaker 4: so that you can start investing without having to commit 613 00:28:08,560 --> 00:28:11,520 Speaker 4: to a full investment portfolio while you learn about the 614 00:28:11,520 --> 00:28:14,160 Speaker 4: markets and you learn what's going on, and you know 615 00:28:14,240 --> 00:28:17,200 Speaker 4: how much you can contribute each month. So I'm really 616 00:28:17,280 --> 00:28:19,240 Speaker 4: excited to hear that she reached out to a financial 617 00:28:19,280 --> 00:28:23,280 Speaker 4: advisor to have that conversation after she's been trialing it herself. 618 00:28:23,520 --> 00:28:26,040 Speaker 2: Very very sensible. I also thought it was interesting that 619 00:28:26,080 --> 00:28:28,040 Speaker 2: she said she feels that guilt even though she is 620 00:28:28,080 --> 00:28:30,240 Speaker 2: so good with money, Like that makes me feel even 621 00:28:30,280 --> 00:28:32,200 Speaker 2: more guilty, like she should be so proud and treat 622 00:28:32,200 --> 00:28:33,240 Speaker 2: herself every now and then. 623 00:28:33,359 --> 00:28:35,280 Speaker 4: I think so too. I think it's important to not 624 00:28:35,359 --> 00:28:37,720 Speaker 4: have too much of a treat yourself mentality, But I 625 00:28:37,800 --> 00:28:41,240 Speaker 4: also wouldn't want someone to feel guilty around spending, especially 626 00:28:41,240 --> 00:28:44,320 Speaker 4: on themselves, and that's where I think we should or 627 00:28:44,360 --> 00:28:48,440 Speaker 4: she could potentially build into her budget a fund or 628 00:28:48,480 --> 00:28:50,680 Speaker 4: an amount of money that she can guilt free spend 629 00:28:50,760 --> 00:28:53,080 Speaker 4: on herself, because it sounds like she's really good at 630 00:28:53,080 --> 00:28:56,080 Speaker 4: budgeting and managing her money. But I'm going to assume 631 00:28:56,200 --> 00:28:58,760 Speaker 4: that she doesn't ever put money aside for herself to 632 00:28:58,800 --> 00:29:01,800 Speaker 4: spend on herself. So maybe that's something she could do 633 00:29:02,080 --> 00:29:04,600 Speaker 4: to put herself in a position where she feels empowered 634 00:29:04,640 --> 00:29:06,240 Speaker 4: to our money and not so guilty. 635 00:29:06,360 --> 00:29:08,840 Speaker 2: That is really a really good point, And I feel 636 00:29:08,880 --> 00:29:10,800 Speaker 2: like in my life I need to start budgeting for 637 00:29:10,800 --> 00:29:11,600 Speaker 2: the fun stuff as well. 638 00:29:11,680 --> 00:29:12,240 Speaker 4: Good idea. 639 00:29:12,400 --> 00:29:15,120 Speaker 2: Alrighty, that's all we have time for today, But just 640 00:29:15,120 --> 00:29:17,680 Speaker 2: before we head off on our Christmas breaks, let's quickly 641 00:29:17,760 --> 00:29:20,960 Speaker 2: wrap the boring but important stuff. The advice shared on 642 00:29:21,040 --> 00:29:23,160 Speaker 2: She's on the Money is general in nature and does 643 00:29:23,280 --> 00:29:26,719 Speaker 2: not consider your individual circumstances. She's on the Money exists 644 00:29:26,760 --> 00:29:30,000 Speaker 2: purely for educational purposes only and should not be relied 645 00:29:30,040 --> 00:29:33,280 Speaker 2: upon to make an investment or financial decision. Oh and yes, 646 00:29:33,400 --> 00:29:37,160 Speaker 2: don't worry, we promise. Victoria Devine is an authorized representative 647 00:29:37,240 --> 00:29:42,600 Speaker 2: of Consultant Financial Advisors Proprietary Limited ABN six five six 648 00:29:42,760 --> 00:29:46,000 Speaker 2: three seven three nine nine to five afsl two three 649 00:29:46,160 --> 00:29:47,280 Speaker 2: zero three two three. 650 00:29:47,320 --> 00:29:50,000 Speaker 4: We would absolutely love it if you joined our Facebook group, 651 00:29:50,120 --> 00:29:53,480 Speaker 4: where our community shares money tips and tricks every single day, 652 00:29:53,600 --> 00:29:56,520 Speaker 4: free of judgment. Just search She's on the Money on 653 00:29:56,560 --> 00:29:59,320 Speaker 4: Facebook and join us. If Facebook's not your thing, though, 654 00:29:59,360 --> 00:30:01,480 Speaker 4: you can find us on Instagram. We're at She's on 655 00:30:01,520 --> 00:30:01,840 Speaker 4: the Money. 656 00:30:01,960 --> 00:30:04,360 Speaker 2: A U S alright, We'll see you guys next season. 657 00:30:04,600 --> 00:30:06,320 Speaker 4: Merry Christmasry Christmas.