Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money.
Speaker 3: She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: for millennials who want financial freedom. Today, my friends, is Friday,
Speaker 4: which means it is time to celebrate you the incredible
Speaker 4: She's on the Money community. Today, I am going to
Speaker 4: be sharing our community's favorite money wins because miss Jess
Speaker 4: Ricci she's living her life in Tokyo. Kind of rude,
Speaker 4: but that's okay. Beck, You've got a number of really
Speaker 4: good broke tips for us this week, which I am
Speaker 4: excited about. Yes, we are going to be helping to
Speaker 4: answer a juicy Money Dilemma, which this week is all
Speaker 4: about managing various accounts. We're going to be unpacking something
Speaker 4: that you slid into our DMS about which this week
Speaker 4: we're chatting about a partner who doesn't prioritize savings at all.
Speaker 4: And we're going to introduce our miss and Elissa to
Speaker 4: the show. She's our podcast producer and all round like
Speaker 4: Queen of the she's on the money Unisphere whatever we
Speaker 4: call it, Queen the Queen, she's the Queen.
Speaker 5: Am you?
Speaker 2: I'm here to keep you in line on air and
Speaker 2: in check. True.
Speaker 4: She was very confused for having like, let's have her
Speaker 4: on this show. You were like, ah, are you sure?
Speaker 5: I have nothing else to offer but my verbal support
Speaker 5: of both of you on air.
Speaker 2: Lovely to join you ladies Friday Friday.
Speaker 6: I'm so excited that you're here.
Speaker 5: I woud also like to clarify that Miss Jayrek is
Speaker 5: over in Japan, in Tokyo, trying to win Miss Sake
Speaker 5: twenty twenty three.
Speaker 6: I think that she should, Yeah, she should wash his there,
Speaker 6: she may as well.
Speaker 2: Try, and she's gonna she should.
Speaker 4: She should, that would be I don't think she's going
Speaker 4: to come back I'm really hope she does. We need her.
Speaker 4: Hope she does really need her.
Speaker 6: If she doesn't, then you will stay here forever. And
Speaker 6: you seem stoked about that, so well, let's go with that.
Speaker 4: As always, we start the show by asking you guys,
Speaker 4: how your weeks were? Miss Beck's I head, what have
Speaker 4: you been up to this week?
Speaker 6: Whatever been up to? Honestly, like, I have been kind
Speaker 6: of bedridden because I've been sore. It's about that time
Speaker 6: of the month. Not to get you know, to TMI,
Speaker 6: but it's helpful, so I haven't done.
Speaker 4: Anything to talk about it because yeah, it's kind of
Speaker 4: crippling sometimes.
Speaker 6: Kind of crippling. So I've let myself have a really
Speaker 6: relaxed week.
Speaker 4: Good you deserve it.
Speaker 6: Thank you so much. And you and you.
Speaker 4: No, miss an Lisa, how was your week?
Speaker 5: What did you doook me from the constant, steady delight
Speaker 5: of beautiful sunshine that we had.
Speaker 2: In Melbourne last week?
Speaker 4: What is that about?
Speaker 5: I don't know.
Speaker 2: It's weird, but it's fabulous.
Speaker 5: But also thanks for getting me on because I'm going
Speaker 5: overseas this Sunday for.
Speaker 2: Two months and I won't see it, so.
Speaker 5: I'm frantically packing frantically working, frantically doing everything, and wondering
Speaker 5: why on if I got myself into this.
Speaker 4: No, I think it's going to be brilliant. And Lisa,
Speaker 4: can you tell our community exactly why you're leaving she's
Speaker 4: on the money for two months, because that kind of
Speaker 4: seems a bit rude, doesn't it be? You're letting me
Speaker 4: be No, that's not it at all. What are you
Speaker 4: doing in the United States of America?
Speaker 5: I'm playing some music over there, so I'm very excited.
Speaker 4: No, no, no, that wasn't good enough, was it, Beck? Could
Speaker 4: you please just tell us what you're actually doing over there?
Speaker 2: My band is going on tour.
Speaker 4: Your band is going on to Your band was to
Speaker 4: go on tour in America?
Speaker 2: So I'm playing.
Speaker 4: So you have a band, a big dog band.
Speaker 5: Oh, not a big dog band, a little dog band.
Speaker 5: My band is Lithario. It's a punk band. I'm sure
Speaker 5: many she's on the money listeners. We enjoy the kind
Speaker 5: of an arcic, feminist punk.
Speaker 2: We are.
Speaker 4: I don't think our team could be any different. Honestly,
Speaker 4: I know jessic Ricci and I share one brain cell
Speaker 4: between the two of us, but like the rest of
Speaker 4: the team, exactly real rogue collection of friends, exactly.
Speaker 5: Bit of a punk Tato Swift is what I try
Speaker 5: to I'm there channel, is that what they call it.
Speaker 4: I am one hundred percent there for anything that you
Speaker 4: relate to Taylor Swift. So I'm in. I keep saying
Speaker 4: to the team we have to go to one of
Speaker 4: Analisa's live events, and the rest of the team, like Victoria,
Speaker 4: you'll get kicked out. You do not look like you
Speaker 4: go there. But I'm going to go anywhere.
Speaker 5: God, audience and all sorts of wile come and please
Speaker 5: do come along. I will make sure that they crowdsurfe
Speaker 5: you to the front when to do so.
Speaker 4: I cannot wait for a pregnant person.
Speaker 2: Yes, thank you for letting me go. Wait, I am
Speaker 2: simply delighted.
Speaker 5: And I won't imagine high five you while you're at
Speaker 5: fin Con.
Speaker 4: I know we're actually really just dropping on the road
Speaker 4: because Beck we're actually in the US. So we take
Speaker 4: off mid October to go to New York for a
Speaker 4: week with the team. We have a whole heap of
Speaker 4: really exciting interviews coming up with some New York talent.
Speaker 4: We're also going to iHeart Studios there. We're going to
Speaker 4: go visit the Penguins studios, and I'm doing a couple
Speaker 4: of lack five with literacy presentations sadly not. Ye, that's
Speaker 4: what I was thinking to just the books, the book publisher, publisher.
Speaker 6: Ye, at least the Penguin reception.
Speaker 4: How about I check and report back king Yeah, underrated. Anyway,
Speaker 4: We're going to New York and then we're going to
Speaker 4: New Orleans, New Orleans.
Speaker 2: New Orleans, New Orleans.
Speaker 4: J Orleans for a finance conference at which both Jess
Speaker 4: and I are speaking separately. Which big dog energy Energy?
Speaker 4: So one of us is on literal who are with
Speaker 4: our bounds? The others are going to a finance conference.
Speaker 4: Guess we too.
Speaker 5: We'll have a round table when we get back to
Speaker 5: report back our findings.
Speaker 4: I love it. I'm excited.
Speaker 2: What a week? What a week?
Speaker 4: What an absolute week? All right, Well, let's dive straight in.
Speaker 4: I am going to hopefully do the community money Wins
Speaker 4: Justice and I have a little rap to share with you, guys.
Speaker 4: Are you ready? You like an actual rap, A little
Speaker 4: wrap of like the list of Oh no, I knew
Speaker 4: Jesuita to be here for this episode. I knew bringing
Speaker 4: the two of you on together was a bad idea. No, No,
Speaker 4: I have a rap of my favorite money wins from
Speaker 4: our community. Money wins thread got you from the start
Speaker 4: of the week, So let me start. We have a
Speaker 4: money win from Jackie, which I thought was really wholesome.
Speaker 4: Jackie said, my eight year old son had a stall
Speaker 4: on our front lawn selling all of his unwanted things.
Speaker 4: He made over three hundred dollars. He then spent one
Speaker 4: hundred dollars on himself and put two hundred dollars into savings.
Speaker 4: Eight years old. What a little legend.
Speaker 5: You know, why, because people can't say no to cute
Speaker 5: little kids when they're selling stuff out the front of
Speaker 5: their house.
Speaker 2: Why shake you down for money and you're like to
Speaker 2: take it off?
Speaker 4: That's very true. Like have you ever walked past the
Speaker 4: lemonades and run by a five year old? No, because
Speaker 4: that's illegal.
Speaker 6: It's illegal.
Speaker 4: It's illegal, all right. The next comes from Madeleine, and
Speaker 4: this is just one of my favorite money wins ever.
Speaker 4: She says, I paid off my credit card and I
Speaker 4: closed the account this week. How good is that? And
Speaker 4: you just know it's good because so many people from
Speaker 4: our community have replied to that.
Speaker 2: With like love.
Speaker 4: This is such a great feeling, what a huge relief,
Speaker 4: and like there's more than a hundred likes on that
Speaker 4: post as well. I love how when we have our
Speaker 4: money ins, you guys all jump in and celebrate each other.
Speaker 4: It's my favorite thing ever someone else. So we've got imagen,
Speaker 4: Imogen said. Last year I won this She's on the
Speaker 4: Money Christmas giveaway. Guys, we will have another one, don't worry,
Speaker 4: she said, And I want a thousand dollar jet Star voucher.
Speaker 4: I recently used part of it to take my plane
Speaker 4: obsessed toddler to the Cold Coast for her birthday, and
Speaker 4: on her very first plane ride, she had the best time.
Speaker 4: And he's constantly asking to go again, and he's pointing
Speaker 4: out whether she can see quote our plane or a
Speaker 4: different plane in the sky every day. I often tell
Speaker 4: people that She's on the money has changed my life.
Speaker 4: But this is really something that would have been well
Speaker 4: out of budget for us and never would have happened.
Speaker 6: That's right.
Speaker 4: Someone under that said what's their SotM, And someone was like,
Speaker 4: she's on the money during the group, and I just
Speaker 4: thought that was really funny to keep to keep us
Speaker 4: a little bit humble. At the same time. Ellen says,
Speaker 4: I had my eyes on a desk from my Kia,
Speaker 4: which was four hundred and thirty dollars including delivery. I
Speaker 4: just found the same desk or marketplace with a small
Speaker 4: scratch for fifty bucks, and I've picked it up on Saturday.
Speaker 2: We love it. Yeah, sick.
Speaker 4: Isn't that so good?
Speaker 6: That's great?
Speaker 1: All right?
Speaker 3: I got two more.
Speaker 4: I've got two more my friends Catherine, She says, I
Speaker 4: just invested my first ten thousand dollars outside of granuation
Speaker 4: and maybe doubling it soon due to a trauma insurance payout.
Speaker 4: It's not the most ideal situation to be in at
Speaker 4: the age of twenty one. I mean, the process of
Speaker 4: the AMS diagnosis after a whole bunch of upheaval with
Speaker 4: my life. But I'm determined to not let it impact
Speaker 4: my goal and i want to live the life I've
Speaker 4: always dreamed of. Oh isn't that so wholesome? I'm just like,
Speaker 4: get a queen. Absolutely. And then my last one is
Speaker 4: this is from Lysette, and I just thought this never
Speaker 4: happens in real life. Lisette says, after a really long
Speaker 4: time of religiously doing that's life puzzles in the magazine
Speaker 4: every week. No, I had a good win one my.
Speaker 3: God, cross word.
Speaker 2: We need a bell to ring.
Speaker 4: I'm just like, you're doing your crossword, you're having a
Speaker 4: good weekend or you know, a little afternoon with your kappa.
Speaker 4: But you didn't think that.
Speaker 2: A little bit of a tim tam, a cup of tea.
Speaker 1: I know.
Speaker 4: I'm sorry if that's not what you're doing. And you're
Speaker 4: like Victoria, I'm like on my way to my corporate
Speaker 4: high flight job.
Speaker 2: Many blanks or something.
Speaker 4: Yeah, you will be now, yeah, now because you can
Speaker 4: afford them. But those are my community money wins of
Speaker 4: the week. Wow, oh my god, ten grand for doing across.
Speaker 6: I used to do those. So I'm going to get actually,
Speaker 6: I'm gonna get back on them, get back on them.
Speaker 2: Purse.
Speaker 4: Turns out people in our community win them.
Speaker 6: You can win also really quickly, back to the lemonade
Speaker 6: standing when we said it's illegal, which I wanted to
Speaker 6: de clasify not selling lemonade illegal, walking past lettas illegal
Speaker 6: just in case, because my brain went to that and
Speaker 6: I was like, maybe someone else is doing as a producer.
Speaker 5: I should have picked you up on that, shouldn't I?
Speaker 5: Oh no, I mean I'm instrolled in the conversation.
Speaker 4: I mean right now, all right, speaking of wins, I
Speaker 4: feel like a lot of people in our community have
Speaker 4: recently been having wins because they're actually implementing your bex
Speaker 4: broke tips.
Speaker 3: Do you think so?
Speaker 2: Yeah? I am.
Speaker 4: I'm even getting messages now because people are like, they
Speaker 4: I need this DM to get to Beck, but I
Speaker 4: don't have Instagram. Here it is, and I'm like, I've
Speaker 4: got you. I'll screenshot it, I'll text it to her.
Speaker 4: Let's get it done for our kIPS. Have you got
Speaker 4: to share with us this week?
Speaker 6: Okay, So the first one comes from Abs who says, hey, Beck,
Speaker 6: I have a brick tip for you. Every now and then,
Speaker 6: I get my lushes done for free by What she
Speaker 6: does is she does is by modeling for a lash
Speaker 6: tech who teaches classes. So she goes to get her
Speaker 6: lashes unfree by someone who is supervised by professional. Same
Speaker 6: thing as hairdressing. She gets a haircut by a hairdressing apprentice,
Speaker 6: also supervised vive professional does a cut in color free
Speaker 6: or very cheap at least I know.
Speaker 5: We have an episode on girl Math, well, girl Math
Speaker 5: and Investing coming up in the not too distant future.
Speaker 5: I'm getting absolutely sexist. I am getting money lost for
Speaker 5: me getting my lashes redone before I go away. I
Speaker 5: can't afford to not because then I'm wasting money on makeup.
Speaker 4: Right, You're right, it's right. I don't have to. So
Speaker 4: I've been getting my lashes done since I found out
Speaker 4: I was pregnant because I feel like a sack of potatoes.
Speaker 4: Like if you put a pair of lashes on a
Speaker 4: sack of potatoes, the potatoes become pretty.
Speaker 2: So this is potato Head is a hot Have you
Speaker 2: seen hot?
Speaker 6: She was my childhood crush.
Speaker 2: Yeah, yeah, who wouldn't.
Speaker 6: I was obviously talking about this potato Head too.
Speaker 4: I love it, So I have been justifying it because
Speaker 4: I'm like, well, these lashes are going to help me
Speaker 4: feel like a human being. But if you deserve your lashes,
Speaker 4: I gotta get a lashes Otherwise I feel like a
Speaker 4: little bald bandicoot. That's not an option.
Speaker 5: Okay, but all right, but I get them done by
Speaker 5: the Apprentice too.
Speaker 1: Yeah.
Speaker 5: And I think I paid fifty dollars for my last ones. Yes,
Speaker 5: and they're money, the expensive ones.
Speaker 6: I got a full body wax once for free. Full
Speaker 6: body That's terrifying. It was an experience.
Speaker 4: You're like to take everything from the eyebrows down.
Speaker 2: Wait, I don't even have it.
Speaker 4: But you didn't say that coming I was bad.
Speaker 2: I saw.
Speaker 4: Pray tell all right, definitely off, Mike.
Speaker 6: I'm gonna all right.
Speaker 4: We can talk about this later over actual Friday. But
Speaker 4: till then I need your other bex broke tip and
Speaker 4: then I want to hear yours.
Speaker 6: Okay. The sext one is from Marina, who says that
Speaker 6: they buy a bag or two frozen dumplings and cook
Speaker 6: them up at home. A bag lasts a few weeks
Speaker 6: and it is a delicious treat that still lets them
Speaker 6: feel like they're having a fancy dinner. Ten out of
Speaker 6: ten recommend actually sounds really good.
Speaker 2: Tiny food makes you feel fancy.
Speaker 4: Things that are like oknake yeah, oh yeah, we do
Speaker 4: know how to say all but.
Speaker 6: That's not yet mini oreos.
Speaker 4: Okay, that's a different train, but it's true. And I
Speaker 4: feel like every second week or so, dumplings that coals
Speaker 4: or woolies are on sale, and like, I don't think
Speaker 4: anyone should be buying their frozen items full price the cycle.
Speaker 4: You just know they're gonna be on sale. And if
Speaker 4: a bag of frozen dumplings is fourteen bucks. Absolutely, not
Speaker 4: like I'm gonna wait until it's seven, thank you. Absolutely.
Speaker 6: And also, you know, like frozen spring rolls and get
Speaker 6: a big box of like two hundred and fifty for
Speaker 6: like six dollars.
Speaker 4: Where are you getting two hundred and fifty spring rolls? Maybe?
Speaker 4: All right, well, what's your actual broke tip? Because that
Speaker 4: was a trash one.
Speaker 6: Okay, My actual broke tip for this week is probably
Speaker 6: also a little bit of trash, but useful for people
Speaker 6: like myself in times of need. So there have been
Speaker 6: times where I've gone to the fridge and gotten out
Speaker 6: a little thing of butter. There's no butter left, you know,
Speaker 6: when you have to like really dig into the corners
Speaker 6: and I just.
Speaker 4: Put it in the microwave and then I pour it
Speaker 4: all over.
Speaker 6: Maybe it's a great idea, or like, you know, I've
Speaker 6: used vegetable oil and stuff like things that aren't you know,
Speaker 6: it's I.
Speaker 4: Would prefer no butter.
Speaker 6: Sometimes when you need you use literally anything mayonnaise anyway,
Speaker 6: enough of that. But I saw this. I think it
Speaker 6: was a TikTok of this person who was doubling or
Speaker 6: even tripling the amount of butter they had by literally
Speaker 6: just whipping it, maybe adding a little bit of milk
Speaker 6: and whipping it. And so if you like, if you
Speaker 6: feel like you need a little bit of butter to
Speaker 6: last you a long time, or you just literally can't
Speaker 6: afford butter for the week or whatever, Bougie too, you
Speaker 6: whip the butter. If you literally can't afford like a
Speaker 6: handheld electric one, you just whatever you need, like, get
Speaker 6: some get a fork, get a whisk, whatever, and that
Speaker 6: will help elongate or prolong Is.
Speaker 4: That the right stretches it?
Speaker 6: It stretches it. Some people cannot afford these things.
Speaker 4: No, but like butter's expensive. Butter is really expensive, and
Speaker 4: Bougie whipped butter. Kids would love that totally hundred. I
Speaker 4: love that. That is a very good tip back.
Speaker 6: Thank you all right very much.
Speaker 4: Let's go to a really quick break. But after the break,
Speaker 4: we're going to be talking about our money dilemma. We've
Speaker 4: got someone who wants to talk about how to manage
Speaker 4: various different accounts, and then we are going to be
Speaker 4: unpacking something you slid into our dams about which this
Speaker 4: week is all about a partner who doesn't prayer hire savings,
Speaker 4: don't go anywhere. Guys. All right, we are back my friends.
Speaker 4: Let's have a listen to this week's money dilemma. Hi, there,
Speaker 4: have you got a money dilemma you just can't solve that.
Speaker 4: She's on the Money Team is here to help. Every
Speaker 4: week we tackle your dilemmas, both big and small, to
Speaker 4: answer your most burning money, career and life questions. To
Speaker 4: get involved, simply head to our website and leave us
Speaker 4: a short voice recording and you might just find yourself
Speaker 4: on the show. Now, let's take a listen to this
Speaker 4: week's money dilemma. Hi, She's on the Money Team.
Speaker 7: I recently read your chapter on cash flow, and I'm
Speaker 7: intending on opening another savings account now. I currently have
Speaker 7: a short term savings account, and I also have a
Speaker 7: savings account which I don't make contributions to, which my
Speaker 7: parents have been contributing to since I was born, which
Speaker 7: I'm very grateful for. Should I open my new savings
Speaker 7: account with the intention of it being my emergency fund
Speaker 7: or long term savings I don't know whether the account
Speaker 7: which I don't make contributions to should be considered my
Speaker 7: emergency fund or long term savings account, or am I
Speaker 7: just overthinking this, thank you.
Speaker 4: I think everyone is good at overthinking it. But Annalisa,
Speaker 4: I'm just going.
Speaker 2: To jump right in here. V.
Speaker 4: Yeah, you're fresh to the table.
Speaker 2: I've highly qualified to answer this question. Yeah.
Speaker 5: Well, she has her own band as reading from the
Speaker 5: book of Victoria Devine, I can say, straight up, if
Speaker 5: you have any consumert you pay that off first.
Speaker 2: But what's the most important thing, your emergency fund fund.
Speaker 2: Get that emergency fund going, honey.
Speaker 4: So we don't even need me like that. Producer just
Speaker 4: knows me like the back of her hand.
Speaker 2: She's like Victoria, or that would be terrify.
Speaker 4: I'm being kind of great because I mean, I do
Speaker 4: last work.
Speaker 5: From and it's it's to get your emergency fund going
Speaker 5: if you can. And that's not the first thing you
Speaker 5: should do, of course, pay off anything debt.
Speaker 2: But it sounds un fortunately this.
Speaker 4: If you're not in any consumer debt, you are correct.
Speaker 4: The next step would be really focusing on an emergency
Speaker 4: fund as the like kind of next hygiene box to tick.
Speaker 4: But it's interesting because I don't think you gave us
Speaker 4: enough context for me to be able to appropriately go, oh,
Speaker 4: well this that the other. So let's pretend you've got
Speaker 4: your short term savings account. For me, I wouldn't be
Speaker 4: looking at short term savings account as something to rely
Speaker 4: on because obviously it might be for your next holiday, analysa,
Speaker 4: or it might be for you know, you to get
Speaker 4: your car serviced or something.
Speaker 2: So she means my short term it's like.
Speaker 4: Usually it's all those things that you have to up. Yeah,
Speaker 4: it's those things that you have to save for that
Speaker 4: you will spend the money on in less than twelve
Speaker 4: months usually, So short term savings is anywhere between. I
Speaker 4: would say twelve to twenty four months. Anything above and
Speaker 4: beyond that I would look at as more longer term savings.
Speaker 4: You mentioned that you have a savings account that your
Speaker 4: parents will contributing to. That's fantastic, But how much is
Speaker 4: in that?
Speaker 1: So?
Speaker 4: Is that amount enough for an emergency fund? So pretend
Speaker 4: you have no Pretend you don't have any of those accounts,
Speaker 4: because at the moment I can tell they're overwhelming you.
Speaker 4: You're like, where should I be? What should I do?
Speaker 4: How much do you want in an emergency fund if
Speaker 4: you've got one? So what does that look like? For
Speaker 4: most people in our community, they want at least three
Speaker 4: months worth of their expenses. So we're not talking three
Speaker 4: months worth of expenses and savings and all your investments.
Speaker 4: We're just like, all right, Beck, if sh one t
Speaker 4: hit the fan tomorrow, how much would it cost you
Speaker 4: for three months to just put food on the table,
Speaker 4: pay your rent, and pay your bills and be okay?
Speaker 4: What would that look like? And you might go, oh, V,
Speaker 4: that's like five thousand dollars, and I go okay, no worries.
Speaker 4: That might then become your goal for an emergency fund.
Speaker 4: There's no right or wrong when it comes to emergency funds.
Speaker 4: Because you might go, V, I see your logic, but
Speaker 4: I'm an anxious girl. We and I need ten thousand dollars.
Speaker 4: There might be no rhyme or reason to that. That's
Speaker 4: just a number that's in your head that makes you
Speaker 4: feel comfortable. You do you I don't care. You might
Speaker 4: also go I don't care about an emergency fund. I
Speaker 4: see you're logic, and I raise you my logic, which
Speaker 4: is only five hundred dollars in that account, at which
Speaker 4: point I go, that's fine as long as it's a confident,
Speaker 4: educated decision where you know that you know our community
Speaker 4: usually have three months, but you've got some reason as
Speaker 4: to why you're comfortable with that. Again, there's no right
Speaker 4: or wrong, there's just guidance where I think everybody always
Speaker 4: wants a number, right, Like, every time I talk to
Speaker 4: someone about how much should I be saving, they're always
Speaker 4: saying what percentage of my income should I be saving?
Speaker 4: And I go, I can't tell you that because if
Speaker 4: I said ten percent back, that's wildly inaccurate for a
Speaker 4: single mum who's on an income of forty thousand dollars,
Speaker 4: but definitely not enough. If you're a radio podcast producer
Speaker 4: on four hundred thousand dollars, you know, Sorry, which ones.
Speaker 2: Are ver that much? Hey, I'd like to meet that person?
Speaker 4: No, but do you know what I mean? These things
Speaker 4: don't make sense for everybody, so we need to make
Speaker 4: sure that they make sense for our circumstances. So pretend
Speaker 4: your short term savings aren't there, because you've obviously got
Speaker 4: that pre allocated. You then need your emergency fund. Whether
Speaker 4: your emergency fund is that at that your parents have
Speaker 4: set aside for you or not, it's going to depend
Speaker 4: on whether you would be willing to get rid of
Speaker 4: those funds if an emergency arose. So, if your parents
Speaker 4: have been saving for a really long time, But the
Speaker 4: intention of that was maybe to be a house to
Speaker 4: bosit sure or something like that. That's not your emergency fund,
Speaker 4: my friend. But if you got into, you know, a
Speaker 4: little bit of a bingle. No one was hurt, but
Speaker 4: you ran into the back of something a little bit
Speaker 4: of a prang, would you be happy spending that money
Speaker 4: on fixing your cut. If the answer is no, we
Speaker 4: need to not look at that as your emergency savings
Speaker 4: or your emergency fund. So a long term savings account fantastic,
Speaker 4: But what are our long term goals? So before you
Speaker 4: said you had just finished my chapter on cashlow, thank you,
Speaker 4: you would know that I recommend having at least three
Speaker 4: savings accounts or a short term, a long term, and
Speaker 4: an emergency. Do that however you wish. I don't think
Speaker 4: that there is a right or a wrong, but what
Speaker 4: I'm hearing is that amount, especially in the tone that
Speaker 4: you said, oh, my parents have been saving it for
Speaker 4: a really long time time, I'm going to make the
Speaker 4: grand assumption that's probably not your emergency fund because the
Speaker 4: intention of those funds was probably not to get you
Speaker 4: out of that little bingal that you help with your car.
Speaker 4: It's probably for longer term goal setting. It might be
Speaker 4: for a fusure, wedding or a holiday or something life changing.
Speaker 4: Whereas you might need to work up your emergency fund
Speaker 4: and have that segregated out. So have a think about
Speaker 4: what the money wants to go towards, because sometimes money
Speaker 4: does have emotional attachment, right like your parents save for
Speaker 4: a really long time. You might not want to blow
Speaker 4: that because you run a red light and have to
Speaker 4: do a really expensive spedding fund.
Speaker 2: You know, wise words me very well.
Speaker 4: It's coming to my tech talk guys. All right, let's
Speaker 4: move on because we have this week a community.
Speaker 5: DN speaking of savings, speaking of savings and spendings, isn't it.
Speaker 4: Posted this on the stories the other day. You guys
Speaker 4: were spicy to say the least. All right, so here's
Speaker 4: the DM. Hey ladies, would love to hear your advice.
Speaker 4: My boyfriend and I have been together for a few
Speaker 4: months now and things are going so well. Congrats Quen Nice.
Speaker 4: I feel so happy being with him and I haven't
Speaker 4: had a connection like this in a long time. But
Speaker 4: the only thing is we got onto the very fun
Speaker 4: topic of finances the other day and I found out
Speaker 4: he only has three thousand dollars in savings. I'm not sure,
Speaker 4: but is this a red flag to you? We are
Speaker 4: both in our mid thirties and I have solid savings
Speaker 4: and an investment portfolio. Now, obviously the relationship is new,
Speaker 4: but at the same time, at the age of thirty six,
Speaker 4: I'm thinking about the future and I want to settle
Speaker 4: down and have a family one day. It's not something
Speaker 4: i'm judging him on, and it's not like I need
Speaker 4: my partner to have heaps of money, but it does
Speaker 4: feel slightly concerning that he doesn't have any financial goals
Speaker 4: at this age. Do you think I'm overthinking it and
Speaker 4: I should stop worrying about it, or do you think
Speaker 4: it's a serious word flag and I should really reconsider
Speaker 4: this relationship. Please help. She's on the money.
Speaker 2: Good heavens girl, you need to cool your jets. WHOA,
Speaker 2: I'm just going to jump straight.
Speaker 4: In there, living crisis, Karen.
Speaker 2: Only three thousand dollars, that's so much money.
Speaker 6: Also, someone who saves at all probably has some financial
Speaker 6: goals saving it.
Speaker 5: Jumps straight to has no financial goals.
Speaker 6: That is a brutal That is me with zero savings
Speaker 6: listening to that was like, okay, I don't think she
Speaker 6: would ever take me.
Speaker 4: And but when I started dating my husband, I was
Speaker 4: in significant personal debt. So walking red flat.
Speaker 5: And mid like, I don't know, I think that's something. Okay,
Speaker 5: it sounds like we're all on the same side of
Speaker 5: the table.
Speaker 4: Yes, we're on his side. We're like getting king.
Speaker 2: Yeah, I bet he's a sweet prince.
Speaker 4: Well, yeah, you think he's a sweet prince. And now
Speaker 4: you're looking out of his bank.
Speaker 5: Accounts months like, Okay, my mum gave me a very
Speaker 5: good piece of advice.
Speaker 6: Okay, that was.
Speaker 4: Is this going to rock my relationship?
Speaker 5: Got it?
Speaker 4: Going back?
Speaker 2: I think you did well.
Speaker 5: No new partner, new job, new house, new friends, four months,
Speaker 5: don't make any opinions up until at least four months
Speaker 5: in So how many months are we talking? Firstly, yes
Speaker 5: it's going well.
Speaker 2: If it's not going well in that time, she said three.
Speaker 2: We're not quite at the four months mark.
Speaker 4: So would she say three?
Speaker 5: Wait, even though she said a few, I think a couple,
Speaker 5: a few she said a few, okay, very general.
Speaker 4: In my head, a few months is definitely three.
Speaker 5: Okay, yeah, because a couple, you say, a couple of two,
Speaker 5: A few is three yeah, wait, another few right, reckon?
Speaker 4: I think I think we need to know more about
Speaker 4: winning story. We are background. What would your thoughts on
Speaker 4: this be.
Speaker 6: Are you saying, wait a few months before, Well, I just.
Speaker 5: Think she's like peaking really really quickly and worrying and worrying. Firstly,
Speaker 5: I think three thousand dollars is perfectly fine, but it
Speaker 5: also it depends like what does this person do? Do
Speaker 5: they earn hundreds of thousands of dollars a year and
Speaker 5: aren't capable of saving anything? Are they unemployed and they
Speaker 5: have three thousand dollars? What's anyway? We need a lot,
Speaker 5: We need so much more information.
Speaker 6: So I guess, like, obviously it depends on if you
Speaker 6: have joint financial goals. That might make it tricky. If
Speaker 6: someone's like I actually am probably not going to say,
Speaker 6: or I actually don't have the same financial goal as you,
Speaker 6: but like, yeah, it's been three months, wait a little longer.
Speaker 6: Let's say hypothetically it's been years and they're both trying
Speaker 6: to say for a house or something.
Speaker 2: I don't know.
Speaker 6: I mean, like, I guess it makes it tricky, but
Speaker 6: it's I wouldn't call it a red flag. I would
Speaker 6: be like you know, just maybe if you in a
Speaker 6: few years time decide to have the same financial goal
Speaker 6: and only one party is putting in the effort, then
Speaker 6: just like I don't know, put in this amount, the
Speaker 6: other person puts in their amount when you go to
Speaker 6: buy a house or buy a car or whatever. And
Speaker 6: then if you ever sell it, you get yours back,
Speaker 6: they get theirs back. You don't split everything in the middle.
Speaker 6: You don't have to split everything in the middle. You
Speaker 6: know what I mean, doesn't really be equity. Yes, so
Speaker 6: I don't know.
Speaker 4: I think, don't worry, beg things, just don't worry, story,
Speaker 4: just talk.
Speaker 2: I think.
Speaker 5: I think to summarize me, put a bookmark in that page,
Speaker 5: in that part of the chapter, and you revisit that
Speaker 5: a little bit further down the line, because I think
Speaker 5: it's a bit soon to.
Speaker 6: Be yes, you know, highlight it.
Speaker 4: I like that you know he has three thousand dollars
Speaker 4: in savings, because that, to me is a reflection that
Speaker 4: you've had some conversations about money, which is very positive,
Speaker 4: especially at that point in a relationship, like early on,
Speaker 4: like you kind of like bury your heads in the sand.
Speaker 4: As I said before, when I got with my now husband,
Speaker 4: I was in significant personal debt and I hit it
Speaker 4: for a really long time. I didn't like lie about it,
Speaker 4: but I just didn't tell him. And then when I
Speaker 4: did tell him, he was kind of like a red flag.
Speaker 4: But weally love. So this is a bit deep, and
Speaker 4: you're like, haha, sucker, don't do what I did, Like
Speaker 4: do what I say, not as I do. Like Anyway,
Speaker 4: I just think it's such a hard situation to be
Speaker 4: in because you don't know enough about the money story
Speaker 4: and where that's come from, Like, you know, has he
Speaker 4: just been a party boy? Like has he just been
Speaker 4: living his best life? Did he just beend thirty dollars
Speaker 4: the year before going and having this euro trip of
Speaker 4: dreams and had saved up for that, and you know,
Speaker 4: had gone I'm single, I'm going to live my best life.
Speaker 4: And then he's met you the love of his life,
Speaker 4: and his priorities are going to shift. I'm not trying
Speaker 4: to romanticize it. Nobody needs to have the same life goals.
Speaker 4: But I remember I was in personal debt and I
Speaker 4: have my head in the sand until I met my husband,
Speaker 4: and I was like, oh, I really need to get
Speaker 4: my stuff together, Like I really want to build a
Speaker 4: life with this person. I really want to share these
Speaker 4: financial goals and buy a house and all of that.
Speaker 4: But up until that point I was kind of like, bere,
Speaker 4: I just do what I want. I'm a single lady.
Speaker 4: I don't even care, and like, I just think that
Speaker 4: that's valid. Also, we're in the middle of a cost
Speaker 4: of living crisis. Like three grand is a lot of
Speaker 4: money to have in the bank, and if you look
Speaker 4: at what the average Australian can do, the average Australian
Speaker 4: cannot access five hundred dollars in an emergency. He's above
Speaker 4: and beyond that.
Speaker 6: Get a king, get it.
Speaker 4: Like that's so good, that's financial security. Maybe that's his
Speaker 4: emergency fund totally. Maybe he's working his way up in
Speaker 4: a Korea where he, you know, actually has been really
Speaker 4: really poorly paid. I don't know, you haven't told me.
Speaker 4: Maybe he's been a med student for the last seven
Speaker 4: years and has lived off twenty thousand dollars a year,
Speaker 4: and all of a sudden, he's gonna, you know, go
Speaker 4: do his training as an anethetist and be on half
Speaker 4: a million dollars a year in the next ten years total.
Speaker 4: Like you don't know that you haven't given me that context,
Speaker 4: So I think it's important to sit down not necessarily
Speaker 4: judge how much he has, but more those money habits,
Speaker 4: Like is this because you know he's been on a
Speaker 4: drug ram page and he has a co co addiction?
Speaker 4: You don't know? But do you know what I mean?
Speaker 4: There's so many different things that come into this and
Speaker 4: I don't think it's our place to judge, nor do
Speaker 4: I think it is your place to judge. But if
Speaker 4: you see a future with this person talking about, well,
Speaker 4: what does saving together look like in the future, Probably
Speaker 4: not three months in let's be honest, Like to me,
Speaker 4: if you were getting a shared account at three months,
Speaker 4: I'd be like baybread flats. But just having these conversations,
Speaker 4: do you want to plan holidays together? If so, what
Speaker 4: does contributing to those holidays together look like? If you
Speaker 4: want to you know, let's pretend it's a year down
Speaker 4: the track and you're like, oh, we really want to
Speaker 4: get married and have a baby and all of this
Speaker 4: other stuff. What does that type of contribution look like?
Speaker 4: Because they're all different, right, Like, you know, he might
Speaker 4: not have had financial goals until he found meaning in
Speaker 4: his life, and you might be that meaning I don't
Speaker 4: want to be too dramatic, but like, you just don't
Speaker 4: know what you don't know because this dude literally had
Speaker 4: no financial literacy like I was when I was younger,
Speaker 4: got himself into a mountain of debt, just gotten out
Speaker 4: of it. And that's the first three grand he's saved.
Speaker 4: And he's so ridiculously proud of that because he has
Speaker 4: gone from being in massive amounts of consumer debt having
Speaker 4: three grand in the bank. Are you now downplaying it
Speaker 4: because you're like, oh.
Speaker 2: It's not much.
Speaker 4: Is that a red flag?
Speaker 1: No?
Speaker 4: Look at what he's done. Sure, does that make sense?
Speaker 1: I don't know.
Speaker 4: I just think it's way.
Speaker 2: Too early too for our community. Judge.
Speaker 5: It's like, we've got to not spend too long on this.
Speaker 5: But I just thought of something that could throw a
Speaker 5: little bit of it. And I'm interested in your perspective
Speaker 5: on this. A little bit of a devil's advocate here.
Speaker 5: Oh okay, If this is so triggering her and she's
Speaker 5: peaking this much this quick, maybe he's not the right
Speaker 5: one for her, right and it's not actually about him,
Speaker 5: it's about her. Maybe she's really insecure, Like it sounds
Speaker 5: to me like she's very frantic and very anxious about
Speaker 5: this stuff.
Speaker 2: So actually, also, maybe.
Speaker 5: Babe, if you're red flagging at this point, then you
Speaker 5: shouldn't try to change him.
Speaker 4: Yeah, Like, do you know what, It's easier to change
Speaker 4: the man than his financial priorities. I'm telling you that
Speaker 4: right now, I just switch out the man. Yeah, you'll
Speaker 4: be right. That's probably terrible advice, but it's really easier
Speaker 4: to change the man change a man. I see what
Speaker 4: you're saying, Like, you can't change somebody, So just maybe.
Speaker 2: This person needs like a someone on Shark Tank. Yeah, whoever,
Speaker 2: those people are.
Speaker 4: All right, let's ask the community. Yes, I was surprised
Speaker 4: by this. Forty eight percent of you thought that was
Speaker 4: a red flag. Oh no, all right, and then asked
Speaker 4: do you think money matters more in a relationship the
Speaker 4: older you are? Eighty two percent of you said yes.
Speaker 6: Well.
Speaker 4: Do you think you need to have similar money values
Speaker 4: and goals for a relationship to work?
Speaker 2: Yes?
Speaker 4: Yeah, correct. Eighty eight percent of you said yeah, Okay, Well,
Speaker 4: we said if this were you, what would you do?
Speaker 4: So two percent of you said we'd consider ending in
Speaker 4: the relationship. I'm happy with that. Eighty eight percent of
Speaker 4: you said I'd talk to them about my concerns. Communication
Speaker 4: is friends, and ten percent of you said just stop
Speaker 4: overthinking it and go and enjoy your relationship.
Speaker 5: I think we're part of the ten percent.
Speaker 4: I would talk to them about it. I wouldn't bring up, hey,
Speaker 4: I'm concerned that you only have X. I would literally
Speaker 4: just be like, hey, how'd you grow up around money? Like,
Speaker 4: let's have these money compact.
Speaker 2: A psychological deep dip right now.
Speaker 4: But my poor husband, I'm always like, so, how do
Speaker 4: you feel about that? And he's like, yeah, good, and
Speaker 4: I'm like, that's not good enough. Excuse what are you
Speaker 4: going to say?
Speaker 1: Now? Yeah?
Speaker 4: Did you just deep dive in tell you're feeling right now?
Speaker 4: Why do you think you were so defensive when you said, yeah, fine, yeah, sure,
Speaker 4: fair en not lucky? All right? So then we said
Speaker 4: what are your two cents? With love to hear let
Speaker 4: me read out some of the responses I've obviously summarized.
Speaker 4: If you and one of you said, the amount isn't
Speaker 4: a red flag? The lack of goals is? I get that,
Speaker 4: But also, how do you know he doesn't have any goals?
Speaker 6: We know that's how do you know?
Speaker 4: Because you're wondering whether three thousand dollars is a red flag.
Speaker 4: But you haven't asked what that three grand.
Speaker 6: Is for, yes, or where it came from, how you
Speaker 6: got here?
Speaker 4: Someone said, do you know that he doesn't have any
Speaker 4: other money or investments somewhere else? Or is there a
Speaker 4: genuinely good reason for this amount?
Speaker 6: M M?
Speaker 4: Has he potentially gambled in his life? Is something that
Speaker 4: someone else has ansked? Definitely speak to him because financial
Speaker 4: security is important in a relationship, and it's clearly important
Speaker 4: to you. Someone said, there could be a lot more
Speaker 4: going on behind the scenes. You need to ask. Someone
Speaker 4: else said, Paul, your head in three grands a lot
Speaker 4: of money. I'm like, yeah, that's absolutely correct. Someone else said,
Speaker 4: my marriage has ended recently for this reason. Oh, but
Speaker 4: it's true. Like communication is key if you're not on
Speaker 4: the same page as your partner, Like finances are so
Speaker 4: deeply intertwined. Like if you're not on the same page
Speaker 4: financially as your partner, you're just going to feel as
Speaker 4: though you're going in completely different directions. If one of
Speaker 4: you wants to do this big life goal thing and
Speaker 4: the other doesn't, like at some point, that's going to
Speaker 4: feel like a very big spanner in the works. Yeah, Like,
Speaker 4: and it doesn't matter what it is. It might be
Speaker 4: a holiday, it might be buying a house, it might
Speaker 4: be buying a dog. But these things get in the
Speaker 4: way of having a successful relationship. Someone else has said, look,
Speaker 4: three grands still shows some ability to save. I think
Speaker 4: it's way better than finding out he has debt that
Speaker 4: he hasn't told you about. Sure, couldn't agree more. Someone said,
Speaker 4: how much money would you have expected him to have?
Speaker 4: What would have made you happy?
Speaker 6: That's a good question.
Speaker 4: It's a bit of a perfect question that I didn't
Speaker 4: even ask. Girl was like, well, what were you expect right, Like,
Speaker 4: what if you saw five grand? Would that be okay?
Speaker 4: Were you expecting fifty thousand? We were expecting half a
Speaker 4: million dollars?
Speaker 5: Like yeah, I love that one about debt too. It's like,
Speaker 5: what if he has ten grand, but he's got like,
Speaker 5: you know, thousands of dollars worth of debt, many thousands
Speaker 5: of dollars?
Speaker 2: Is that better because it's like totally, he's got one.
Speaker 4: Hundred percent, one hundred percent. Obviously there were hundreds of
Speaker 4: other responses here, but this one I will leave you
Speaker 4: with It was I think it's really important that you
Speaker 4: sit down and talk about your money stories. He has
Speaker 4: a life that he lived before you, and it might
Speaker 4: be beautiful to share that.
Speaker 6: Lovely, I love that such as she's I love our
Speaker 6: community so.
Speaker 4: Much because I'm always like, yes, that's exactly what I
Speaker 4: would have said.
Speaker 6: Totally. We're all on our own journey and.
Speaker 4: We're all on the same page.
Speaker 2: It seems. Communication is key.
Speaker 6: Communication is can communication ess and anyway.
Speaker 4: Fluffy stuff, all of that fluffy stuff, all right, Unfortunately, guys,
Speaker 4: I do think that is all we have time for today.
Speaker 4: So we hope you have the best Friday. Anna Lisa,
Speaker 4: thank you for joining us on the show, and have
Speaker 4: the best time when touring the United States with your
Speaker 4: actual real life.
Speaker 2: The right back at you, Victoria Devine.
Speaker 4: Imagine invited to the US to tour like it wasn't
Speaker 4: even that you decided to do that. You were invited
Speaker 4: to tour the United.
Speaker 5: Is actually stopping about it, and you're invited to speak.
Speaker 5: So I cannot wait to hear about the best from
Speaker 5: fin Con. I'm hopefully we're going to get some of
Speaker 5: it on the show.
Speaker 4: Yeah, of it on the show. You'll definitely get some
Speaker 4: of it on the show. I'm obviously excited about that
Speaker 4: because I cannot wait to talk about financial literacy. But
Speaker 4: it's Friday, we have to go. Do you have the
Speaker 4: best weekend and we'll see you bright early for a
Speaker 4: money Daria on Monday.
Speaker 2: Bye bye bye.
Speaker 4: The advice shared on She's on the Money is generally
Speaker 4: nature and does not consider your individual circumstances. She's on
Speaker 4: the Money exists purely for educational purposes and should not
Speaker 4: be relied upon to make an investment or financial decision.
Speaker 4: If you do choose to buy a financial product, read
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards
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