Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
Speaker 2: Order Kernye Whoalbury and a waddery woman. And before we
Speaker 2: get started on She's on the Money podcast, I would
Speaker 2: like to acknowledge the traditional custodians of the land of
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
Speaker 2: the elders, the ancestors and the next generation coming through
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
Speaker 2: the storytelling of you to make a difference for today
Speaker 2: and lasting impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money, 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.
Speaker 1: Welcome back to another one of our.
Speaker 4: Very special money diaries where we get to talk with
Speaker 4: one of our beautiful She's on the Money community members
Speaker 4: all about their money story. Let's jump in because this
Speaker 4: week I got a message and it went like this,
Speaker 4: Hi V, I'm a single mum, a teacher. I'm renting
Speaker 4: my house out on Airbnb whilst I've moved back in
Speaker 4: with my parents and I have made an extra forty
Speaker 4: one thousand dollars in twelve months from being on Airbnb
Speaker 4: money diarist.
Speaker 1: Forty one grands, basically someone's whole salary. What the heck?
Speaker 5: Yeah, it's ver pretty amazing. And I actually got the
Speaker 5: idea from one of your podcasts.
Speaker 4: I'm going to hit up Airbnb for a sponsorship. I'm
Speaker 4: going to be like, hi, mbab, it's me. I'm basically
Speaker 4: funding your entire business at this point.
Speaker 1: Yeah.
Speaker 5: I think it was Georgia or Jess that just said
Speaker 5: that one of their brothers was doing it on the weekend. Yeah,
Speaker 5: and I just going, oh, that's actually a great idea.
Speaker 5: I'll give that a go and see.
Speaker 4: Oh my gosh, So how did that go with you?
Speaker 4: I guess having to move back in with your parents
Speaker 4: and stuff like.
Speaker 5: It wasn't ideal. We built our house over like during COVID,
Speaker 5: and we were only in it for six months before
Speaker 5: we separated, which was unfortunate, but it was a bit hectic.
Speaker 5: I had decided to do the airbnb literally just before
Speaker 5: I moved back home with mum and dad, and I
Speaker 5: had my first booking ready to go, and he hadn't
Speaker 5: moved his stuff out just yet, so it was literally awkward.
Speaker 5: He moved out one day and then the booking was
Speaker 5: the very next day, and it was like mayhem. It
Speaker 5: was like an episode of the Block where they're getting
Speaker 5: all their life stuff Freddy. Yeah, so my parents even
Speaker 5: helped me with that. His mum helped me as well.
Speaker 1: Oh my gosh, a door.
Speaker 4: All right, I want to know before we get further
Speaker 4: into it, because I've got so many questions. I feel
Speaker 4: like you've just given us so many like tipbits and
Speaker 4: like things that I'm like, are the spoilers?
Speaker 1: I think they are? But money dos?
Speaker 4: What grade would you give your money habits if I
Speaker 4: asked you to grade them from A through to F.
Speaker 5: I was talking with my partner about this last night,
Speaker 5: and I think it being minus.
Speaker 4: All right, well let's learn more about it. My favorite
Speaker 4: question in the entire universe, money diarist. Can you tell
Speaker 4: me a little bit more about your money story?
Speaker 5: Yeah? So, growing up, it's very middle class family. My
Speaker 5: parents were divorced when I was nine months old, but
Speaker 5: my stepdad was in the picture from like two and
Speaker 5: we never wanted for anything, so we you know, did
Speaker 5: music lessons, did dance class, but money wasn't really talked
Speaker 5: about at all. So when I was eighteen. My mum
Speaker 5: recommended I got a credit card because then you'd get
Speaker 5: a good credit score, even though that's not what we
Speaker 5: do in a tire as I was learned.
Speaker 1: That's fine. She was doing the best she could with
Speaker 1: the resources and knowledge she had.
Speaker 5: Yep, financial literacy. Interesting. Yeah, but I was lucky that
Speaker 5: I didn't actually splurge too much. I paid it off
Speaker 5: every month. I had like a four grand loan towards
Speaker 5: my car, and yeah, I paid it off consistently. So
Speaker 5: my money story, yes, that's pretty much it. I think
Speaker 5: I've always been a really good saver. So I ended
Speaker 5: up saving like one hundred grand towards my first house.
Speaker 1: No you didn't.
Speaker 5: Yeah, I've built twice. I was with my first boyfriend
Speaker 5: for like nine years, so we built out in the
Speaker 5: Racklyn area anyway, like we'd separated, and I got a
Speaker 5: settlement out of that, and then I ended up paying
Speaker 5: my hegsteat off with it because I wanted to be
Speaker 5: debt free. Reconnected with my high school sweetheart ten years later,
Speaker 5: we got back together and got married, had our little munchkin.
Speaker 1: No you didn't, that's so sweet.
Speaker 4: Yeah, I know you have a bam beanie together, we too,
Speaker 4: but then it's ended.
Speaker 1: So what that was a roller coaster.
Speaker 5: It was crazy, right, He ended up cheating and leaving
Speaker 5: me for a twenty three year old, so it was
Speaker 5: like I.
Speaker 1: Got to work out in the long term really nicely
Speaker 1: for him.
Speaker 5: Yeah, but I mean I'd realive it every day just
Speaker 5: to have her.
Speaker 4: So yeah, no, one hundred percent, Like, yeah, straight in
Speaker 4: the bin with that, man, I love it.
Speaker 1: Or tell me a bit more. You mentioned you.
Speaker 4: Got a credit card at eighteen and a four thousand
Speaker 4: dollar loan for a car, and I feel like these
Speaker 4: are things that in people's money stories can send you
Speaker 4: one of two ways, and it sounds like it sent
Speaker 4: you down the route of just being a really good saver.
Speaker 4: And you were like, I have these financial responsibilities, I'm
Speaker 4: going to pay them off, and you know, I've got
Speaker 4: a credit card and going to pay that off monthly.
Speaker 4: Whereas some people go down that route, get a credit card,
Speaker 4: end up in mass amounts of debt. They might get
Speaker 4: a car loan of four grand and then four grand
Speaker 4: turns into eight grand, and like things compound, Where did
Speaker 4: you learn to save? Because being able to save on
Speaker 4: a teacher's salary one hundred thousand dollars is body impressive,
Speaker 4: but I also really want to learn from that.
Speaker 5: Yeah, I read The Barefoot Investor a while back, but
Speaker 5: I think I've just been saving before then anyway, Like
Speaker 5: I knew we're going to buy a block of land
Speaker 5: and then we'd be paying in installments when you're building,
Speaker 5: so I just wanted to have a buffer. I'd like
Speaker 5: to say I'm as good at saving right now, but
Speaker 5: it's changed a little bit with everything. Yeah, I don't
Speaker 5: actually know where I got it from, to be honest,
Speaker 5: because it wasn't spoken about. I think I just decided
Speaker 5: to do it, and I saw that he, my partner
Speaker 5: at the time, wasn't saving at all, so I made
Speaker 5: sounds wrong if I save made But I got him
Speaker 5: to contribute as well, so we were saving for it together.
Speaker 5: And even though at at one hundred grand it was
Speaker 5: probably like seventy thousand of it was mine, at least
Speaker 5: I got him to save.
Speaker 1: Yeah along the way, that's so good. I love that.
Speaker 4: Now you've just mentioned in I guess the start of
Speaker 4: your money story that you had your first partner, you
Speaker 4: were with them for nine years, and then you got
Speaker 4: with your high school sweetheart, which took me on an
Speaker 4: absolute roller coaster, had a baby. But how did you
Speaker 4: come out of both of those relationships financially stable?
Speaker 5: So with the first one, we were engaged, we hadn't
Speaker 5: lived together before, and I would not recommend that again,
Speaker 5: but I just felt like it was a bit of
Speaker 5: a controlling relationship, and I decided to end it, and
Speaker 5: we decided that he would buy me out of the house.
Speaker 5: So we kept negotiating back and forth, and yeah, I
Speaker 5: walked away from it fairly well, it was still a loss,
Speaker 5: but to walk away with seventy seven grand at the
Speaker 5: end of it.
Speaker 4: Okay, so it's kind of clean, but also probably not
Speaker 4: taking into consideration too much else.
Speaker 5: Yes, exactly. And then I've paid off the thirty grand
Speaker 5: left owing on my hex debt. I'd always been contributing,
Speaker 5: like the voluntary contribution, Yeah, the contributions along the way,
Speaker 5: so it wasn't too high. And then when I reconnected
Speaker 5: with my high school sweetheart, we ended up going to
Speaker 5: America and traveling a bit. We had separate accounts, so
Speaker 5: that was all separate, but he put his on a
Speaker 5: credit card and I didn't put.
Speaker 1: Mine on a credit card. That's okay.
Speaker 5: Yeah, And there were a few flags along the way.
Speaker 5: So I found out, probably about I want to say,
Speaker 5: twelve months in, that he had sixty grand worth of debt,
Speaker 5: which I feel like now I would be saying that
Speaker 5: at the very start of a relationship, like communicating upfront
Speaker 5: about finances. So we decided that I would pay our
Speaker 5: rent when we moved in together. I'd pay the rent,
Speaker 5: I'd pay the utilities, and he just worked on paying
Speaker 5: down the debt.
Speaker 1: Okay, do you know what.
Speaker 4: I think that a lot of people will go, what
Speaker 4: the hell were you doing? Money, diarist, But if you're
Speaker 4: reconnecting with somebody and you're like, I see future with
Speaker 4: this person, you obviously trusted them enough to have an
Speaker 4: actual child with them. I'm assuming that when that decision
Speaker 4: was made, it was because you were going to be
Speaker 4: life partners, not because you were going to, you know,
Speaker 4: just let this man freeload off you, right exactly.
Speaker 1: Yeah, So what happened next We.
Speaker 5: Rented two separate places together, and then we ended up
Speaker 5: deciding when my daughter was three months old, that we
Speaker 5: would move back in with my parents because building and
Speaker 5: paying rent was just going to be an absolute fortune yep.
Speaker 5: Because the block of land was also quite expensive.
Speaker 4: Yep.
Speaker 5: And then COVID happened and the building process slowed down,
Speaker 5: so instead of being there for one year, we were
Speaker 5: there for three. It was very trying, but we both
Speaker 5: had jobs where he could leave the house. I think
Speaker 5: he probably would have ventured a lot sooner if he
Speaker 5: wasn't able to leave the house.
Speaker 1: Yep.
Speaker 5: Fair being with the endless. Yeah, but I get on
Speaker 5: with my parents really well, and it's great having a
Speaker 5: support network takes a village. Yeah, and then we moved
Speaker 5: into our place in November twenty twenty two, and then
Speaker 5: we were in here for about six months, and Yeah,
Speaker 5: it got to like May, and she said that he
Speaker 5: wanted a divorce and there was no talking about it.
Speaker 5: I go into a marriage believing that you tried to
Speaker 5: make it work, like you might go to therapy or
Speaker 5: like you hash it out. So I was a bit
Speaker 5: taken aback by that.
Speaker 4: Obviously, did you know the whole circumstance, like as to
Speaker 4: why he was no okay? So that would have taken
Speaker 4: you even more by I guess chance you would have
Speaker 4: been like, well, what the hell, like, can't we work
Speaker 4: on this?
Speaker 1: And he in the backgrounds like, no, I have a
Speaker 1: new family.
Speaker 5: Prest too much. It was like total blindsight.
Speaker 1: Oh my gosh, I'm so sorry, my whole heart.
Speaker 5: Oh oh look, I'm so happy now.
Speaker 4: Oh yeah he's out, he's canceled. We don't care about
Speaker 4: this man, No, absolutely not. How did you then find
Speaker 4: out somebody else was involved?
Speaker 5: So it was fun. There are a few different things.
Speaker 5: So he actually brought her up to me because we
Speaker 5: were cohabitating still. Yeah, for I think it was like
Speaker 5: two months after Yeah, because the first reason he'd given
Speaker 5: was just that he was finding himself. He hadn't felt
Speaker 5: like himself since he was twelve. I was like, okay,
Speaker 5: that's news to me. He'd had depression, but he hadn't
Speaker 5: medicated for it, and he just started taking these tablets
Speaker 5: and said, you know what, I've started taking the tablets
Speaker 5: and now I feel nothing for you. I was like, wow, okay,
Speaker 5: well how about we go back to the doctor and.
Speaker 1: We talked to our doctor because that's not normal, right.
Speaker 5: Yeah, let's not give up on a marriage. Yeah. And
Speaker 5: then a couple of weeks later he mentioned her and okay,
Speaker 5: that sounds really soon, and yeah, it wasn't great. He
Speaker 5: was basically going to her house on the weekends, and
Speaker 5: then because his car was broken, he was parking her
Speaker 5: car out the front of her house because she had
Speaker 5: two vehicles so he could use one of hers, and
Speaker 5: I was just like, you need to leave this house,
Speaker 5: like this is toxic. We were really good in front
Speaker 5: of our daughter, like yeah, there was no swearing, carrying
Speaker 5: on or anything, but it hurt a lot. Like every
Speaker 5: time to see her car out the front of our house,
Speaker 5: I was like, how is this happening? It was really surreal.
Speaker 1: That's wild. What a douchebag.
Speaker 4: Yeah, I'm so glad you're out of that circumstance. You
Speaker 4: deserve so much better. But it blows my mind, like
Speaker 4: the male audacity, like I've supported you, like I've gotten
Speaker 4: you out of debt, Like he's probably still in debt.
Speaker 1: Let's be honest, because I know he is.
Speaker 4: Yeah, there you go exactly, Like do you know what,
Speaker 4: He's one of the few people that deserves it. Yeah,
Speaker 4: my monkey is all right, tell me a little bit
Speaker 4: more about you, less about him. I want to know
Speaker 4: what do you do for work? How much money do
Speaker 4: you earn? Yeah?
Speaker 5: So I am a Grade five teacher and I earned
Speaker 5: just under one hundred and fourteen K a year, including super.
Speaker 1: Oh that's good.
Speaker 5: Yeah, I've been teaching for ten years, so yeap deserved.
Speaker 5: And I started renting out the house on Airbnb. So
Speaker 5: I've made about thirty five k on Airbnb and then
Speaker 5: the rest of the other four grand was made up
Speaker 5: from booking dot Com, which I decided to also do.
Speaker 1: Yeah, go hard to go home. I love you.
Speaker 5: Yeah, that's it.
Speaker 1: Tell me a bit about that.
Speaker 4: Though, because I'm interested in just understanding how airbnb works,
Speaker 4: because I feel like in the media at the moment,
Speaker 4: especially over the last few weeks, and I know you're
Speaker 4: in Victoria, but we've been talking a lot about this
Speaker 4: introduction of the seven and a half percent airbnb tax.
Speaker 1: What are your takes on that? How does that all work?
Speaker 5: It definitely makes an impact. Like already I'm paying tax
Speaker 5: for the first time this year. Normally you get tax back.
Speaker 5: That's not chance for me at all. This here and
Speaker 5: having that extra seven point five percent with it come in,
Speaker 5: it's probably not looking viable to keep going with it.
Speaker 5: To be honest, I would rather either sell the house
Speaker 5: or rent it out permanently because it is like having
Speaker 5: two jobs, Like because I clean up myself.
Speaker 4: Yeah, there you go package. So I want to ask
Speaker 4: a bit more about it. Because this Airbnb tax of
Speaker 4: seven and a half percent is being introduced in the
Speaker 4: hopes that it will free up more long term rentals
Speaker 4: from short term rentals. What does that actually look like
Speaker 4: for you? Would this mean that you can afford to
Speaker 4: rent it out to people at a reasonable amount or
Speaker 4: you know you mentioned before. I think I might have
Speaker 4: to sell it like that defeats the purpose from my perspective.
Speaker 5: I have a high mortgage. I would rather be able
Speaker 5: to save a lot more, and I know that I
Speaker 5: won't be able to meet the mortgage with just the
Speaker 5: rental income. That's not going to happen.
Speaker 1: No, absolutely not.
Speaker 5: Yeah, exactly, So I think it's a bit tricky. Obviously,
Speaker 5: you can't time the market. So I will either rent
Speaker 5: it out for twelve fourteen months and then see what
Speaker 5: the market's like, maybe rented out for another year, or
Speaker 5: I'll try and list it. I haven't decided yet, but
Speaker 5: I'm going to make the final call, probably December or January.
Speaker 4: Yeah, that's fair. Anyway, let's move on from that. I
Speaker 4: feel like that's really exciting. You've bought a house, like
Speaker 4: you still own a house, but what's your big money goal?
Speaker 4: What are you currently working towards?
Speaker 5: Big money goal at the moment is to actually get
Speaker 5: my mortgage to start with a seven, not an eight.
Speaker 1: Yep, that feels nice. That will take some pressure off.
Speaker 5: Well, I'm very close to doing that now it's sitting
Speaker 5: at eight hundred and six. But then you obviously get
Speaker 5: the mortgage interest payments and then it's like, oh and
Speaker 5: now we're back to eight ten. Yeah, but that's one
Speaker 5: of my big money goals. And then next would be
Speaker 5: investing more. I've started to, but I want to get
Speaker 5: into it a lot more than I am and do
Speaker 5: it consistently.
Speaker 1: What would that look like?
Speaker 5: So at the moment, I have some automatic payments set up,
Speaker 5: I don't have them for investing. So my treats to
Speaker 5: myself when our financial agreement was all done was two
Speaker 5: bioshares in my own name.
Speaker 1: So I did that, Koween. How did you buy those?
Speaker 5: I did it through IBKR, it's interactive brokers.
Speaker 1: Yeah.
Speaker 5: I got onto them through my brother, who's obsessed with
Speaker 5: Tesla and investing and things like that.
Speaker 1: Helpful person to have in your life.
Speaker 5: Yeah, he's good with economics and everything. So I went
Speaker 5: to him for advice on that one. And also I
Speaker 5: don't know, like the last twelve months has been a
Speaker 5: roller coaster and.
Speaker 1: Actually understandably so.
Speaker 5: Yeah, paying the lawyer fees which actually went as higher
Speaker 5: compared to other stories I've heard, yeah, recently. But getting
Speaker 5: the house in my name was a very stressful event.
Speaker 5: I was very lucky my dad actually helped me with that.
Speaker 5: So my ex and I came to an agreement. He
Speaker 5: wanted one hundred grand to get out of the property,
Speaker 5: and I obviously didn't have a fare hundred grand in
Speaker 5: my back pockets. So my dad gifted me fifty grand,
Speaker 5: which I know is total privileged.
Speaker 1: Yeah, but also like I'm so glad you had access
Speaker 1: to that.
Speaker 5: Yeah, And the other fifty grand was made up of
Speaker 5: basically he never has to pay child support ever. Again,
Speaker 5: like we looked at wages and I know, like the
Speaker 5: assessments changed constantly, but him owning his own small business,
Speaker 5: it was going to be hard to chase him up
Speaker 5: for payments regardless.
Speaker 4: I'm just being judgy because I don't like what he's
Speaker 4: done to you, Like, sorry, your money, darst.
Speaker 1: We're basically best. He's now dirty. I hate him. He's
Speaker 1: cut he's done. No, you don't deserve this.
Speaker 5: Yeah, And basically I got the house put in my
Speaker 5: name a week before interest rates went up, and it
Speaker 5: was the timing was insane, like I wouldn't have been
Speaker 5: able to get across the line.
Speaker 4: No, absolutely not like it got in. But also it
Speaker 4: felt like a kick in the darts. But you also
Speaker 4: wouldn't have got it put into your name if it
Speaker 4: hadn't happened at that point in time.
Speaker 1: The world is a funny place to live.
Speaker 5: Yeah, it was ents.
Speaker 1: Oh my gosh.
Speaker 4: All right, well let's go to a really quick break
Speaker 4: because on the flip side, I actually want to ask
Speaker 4: you a few more questions about IBK and how you're
Speaker 4: investing and what the future of that looks like. Don't
Speaker 4: go anywhere, guys. All right, money diarist, we are back,
Speaker 4: and I want to talk more about investments less about
Speaker 4: your Dogyx. Although I feel like it's interesting when we
Speaker 4: have these conversations, especially because it's so fresh, like it's
Speaker 4: so part of your money conversation and your money story,
Speaker 4: and I really want to, you know, even ask more
Speaker 4: about this child support stuff you mentioned before.
Speaker 1: But let's go with investments. First.
Speaker 4: You mentioned you're investing with IBKR. What amount did you invest?
Speaker 4: What's the plan there? You mentioned you don't have anything automated, Like,
Speaker 4: at what point will you do that? Because it sounds
Speaker 4: like you're probably doing absolutely fine, but given the Airbnb
Speaker 4: tax and your tax is coming up soon and interest rates,
Speaker 4: I'm assuming like money isn't the easiest thing in the
Speaker 4: entire world right now, and it's a bit of a
Speaker 4: juggling act.
Speaker 5: One hundred percent. Yeah, and I feel like I knew
Speaker 5: that i'd be paying tax, but at the same time,
Speaker 5: I don't think I put enough away, And so at
Speaker 5: the moment, I'm actually using one of your money hacks,
Speaker 5: the ten K save up one oh adore to make
Speaker 5: sure I've got that sitting there. Four taps.
Speaker 4: I need to rebrand them so they're even fancier for
Speaker 4: your fridge as they're great.
Speaker 5: So the first thing I wanted to do was literally
Speaker 5: specifically by Tesla shares. So I have four of those,
Speaker 5: and I have four shares in AMD as well. So
Speaker 5: at the moment, it's sitting at two point five k
Speaker 5: in investments. I used to look at it every single day.
Speaker 5: Right now I don't listening to the podcast. I'm just
Speaker 5: like no, let it sit there. It's fine. It's not
Speaker 5: a loss unless you've sold for a loss. Yeah, but
Speaker 5: I think I would like to automate it so that
Speaker 5: pretty much every pay cycle some of it's going into
Speaker 5: that platform, so that I can invest it straight away.
Speaker 5: And I want to diversify it more and look into ETFs.
Speaker 5: That would be a goal.
Speaker 4: Now you mentioned you're invested in AMD. Is that on
Speaker 4: the Australian Stock Exchange or is that an American stock exchange?
Speaker 5: Americansges?
Speaker 4: Okay, So tell me what AMD is because here in
Speaker 4: Australia AMD is Arrow Minerals and I'm very confused as
Speaker 4: to why you would buy Arrow Minerals and Tesla, Like
Speaker 4: those ethics aren't ethicching for me right now? I was like, no,
Speaker 4: that doesn't make sense, Like that story doesn't check out.
Speaker 4: I'm pretty sure AMD is something else.
Speaker 5: No, AMD is different. My brother got me into it.
Speaker 5: He'd already made like twenty k and AMD shays and
Speaker 5: that helped him to put a deposit on his first property.
Speaker 5: I don't actually know much about them. It's like microchips,
Speaker 5: like computer chips and things.
Speaker 4: Yeah, yeah, yeah, I've looked it up. It's advanced micro
Speaker 4: devices and they do a lot of quote cutting edge
Speaker 4: AI data centers, business computing solutions, and gaming with AMD processes.
Speaker 5: Yes, that's it.
Speaker 1: That's why I love that, and I love that.
Speaker 4: I guess you've got someone in on that that's probably
Speaker 4: done all of the research into flow and you're like,
Speaker 4: you know what, I would just ride this wave with you.
Speaker 1: I trust you. This makes sense.
Speaker 5: Yeah, the amount of spreadsheets my brother has is crazy.
Speaker 1: I've probably got along with him.
Speaker 4: He sounds like a good boy if he likes spreadsheets
Speaker 4: ten out of ten. I want to talk about debt.
Speaker 4: You mentioned before that your mortgage starts with an eighth trite.
Speaker 4: Now you drop to the number like eight ten, you
Speaker 4: want to get it down to seven hundred. But can
Speaker 4: you give me a little bit more info? One, do
Speaker 4: you have any other debts?
Speaker 1: But two? What's your house worth?
Speaker 5: Like?
Speaker 4: When did you purchase it? All of the nitty gritty
Speaker 4: so we can understand where it's standing.
Speaker 5: Yeah, so at the moment it's valued at one point two.
Speaker 1: Oh nice for some Yeah.
Speaker 5: I think realistically it's more like one to one point one.
Speaker 5: But it's nice because, yeah, then you've got the equity
Speaker 5: if you need it. But yeah, at the moment, it's
Speaker 5: eight hundred and six owing on it, So my mortgage
Speaker 5: is about four and a half a month, which is
Speaker 5: a lot.
Speaker 4: Yes, that is a lot, but I mean you're sitting
Speaker 4: on what nearly four hundred thousand dollars worth of equity,
Speaker 4: so that is nice.
Speaker 5: Yeah, not too shabby.
Speaker 1: How does fitting that mortgage repayment into your salary go?
Speaker 1: Is it tied?
Speaker 4: Is it something that you're like, yep, that works? Like
Speaker 4: what's that looking like at the moment?
Speaker 5: Yeah, it's not tight, but it's it's not as good
Speaker 5: as it was last year based on all the rate increases.
Speaker 5: So I pay fortnightly. I get paid fortnightly as well,
Speaker 5: so it just comes out then I don't see it,
Speaker 5: and I'm left with about nine hundred the next day
Speaker 5: after my mortgage comes out. Yeah, and then obviously I'm
Speaker 5: also paying the bills for the house, and I contribute
Speaker 5: a third towards bills at my parents' house, so there's
Speaker 5: always bills coming in.
Speaker 4: Yeah.
Speaker 1: Do you have any other personal debt?
Speaker 5: No? None.
Speaker 4: Before the break you said, hey, I let my ex
Speaker 4: partner Douche canoe boy, have you know the fifty grand?
Speaker 4: And now he doesn't have to pay child support. How's
Speaker 4: that playing into effect? Like is that good financial decision?
Speaker 4: Is it a bad financial decision? Like is it something
Speaker 4: that you're like, I don't care. I just want to
Speaker 4: get rid of him. But what does that look like?
Speaker 5: Basically, while she's at kindy still, he will contribute a
Speaker 5: third of her kindy costs, So he contributes about two
Speaker 5: hundred dollars a month for those That's nice.
Speaker 4: I didn't realize children were so cheap, Like, I'm having
Speaker 4: one soon. If it's only going to cost me what
Speaker 4: like six hundred dollars a month and money win, Like,
Speaker 4: that's a good deal.
Speaker 1: She goes like.
Speaker 5: Three days a week and we've got family that help
Speaker 5: on other days, which is great. And when you've got
Speaker 5: the government childcare subsidy as well, it cuts it down.
Speaker 5: So but then once she starts school next to you,
Speaker 5: that will stop. And basically we just agreed that, like
Speaker 5: if there's huge medical costs or anything like the excursions
Speaker 5: or camps, we will go fifty to fifty yep. But
Speaker 5: besides that, Yeah, he doesn't have to pay any child's port.
Speaker 5: I got the house.
Speaker 4: At the end of the day, I'm not You're like,
Speaker 4: I am actually the winner here because there's a cheeky
Speaker 4: nearly four hundred thousand dollars worth of equity in there,
Speaker 4: and that cost you one hundred grand, So like that's
Speaker 4: a money win. Is that also because he earns a
Speaker 4: different amount like you said earlier in the episode, you're
Speaker 4: one hundred and fourteen k including souper, Is he earning
Speaker 4: a similar amount or less or what does that look
Speaker 4: like to make that make sense.
Speaker 5: I don't know what his finances look like now, Like
Speaker 5: I do get the assessment but comes back, but I
Speaker 5: don't know how accurate that assessment actually is because he's
Speaker 5: not one to do his taxes right on time or anything.
Speaker 1: Yeah tooke, I love this.
Speaker 4: Yeah, turn out of ten red flag, red flag, crimson flag.
Speaker 1: There's multiple of them.
Speaker 4: I thought it meant that there was a party, so
Speaker 4: I was interested.
Speaker 1: So many flags, so much fun.
Speaker 5: Yeah, he was earning about ninety K when we were together,
Speaker 5: and then he gave his job in wanted to work
Speaker 5: full time, be his own boss, so that went right
Speaker 5: down to forty grand straight away. And it was going
Speaker 5: to be very tight, like I think I heard from
Speaker 5: child support, and it was going to be basically sixty
Speaker 5: dollars a week.
Speaker 1: Yeah, okay, not worth it. I'll take the house, thank you.
Speaker 1: Yeah exactly.
Speaker 5: I was like, you're kidding, And that ended up literally
Speaker 5: just being shy of fifty grand until she's eighteen.
Speaker 1: Yeah, okay, that's fair.
Speaker 4: And when it comes to I guess actual childcare, do
Speaker 4: you have her fifty to fifty or is that more
Speaker 4: your primary care giver?
Speaker 5: Because of that, I am the primary care giver.
Speaker 1: I'm not surprised to his credit.
Speaker 5: I think he's actually been a better father since the separation.
Speaker 1: Yeah, because there's like not that many lies that you're
Speaker 1: hiding now, sir.
Speaker 5: Yeah, that was like the hardest part. When he said
Speaker 5: he wanted a divorce. I was like, I can't see
Speaker 5: my child fifty fifty No. Absolutely, then, yeah, especially when
Speaker 5: like I know that I did like ninety five percent.
Speaker 1: Of the work with her exactly.
Speaker 5: He was totally fine to sign off on seventy five
Speaker 5: percent for me and twenty five for him, And that
Speaker 5: was when we were doing all the finances in the settlement.
Speaker 5: And then he's wanted more time with her, yep, and
Speaker 5: I don't want to keep her from him. We balance
Speaker 5: it pretty good. He has her three nights one week,
Speaker 5: two nights.
Speaker 1: The following week. Okay, that seems like a good balance.
Speaker 4: And to be honest, as a single mum, it might
Speaker 4: be nice as much as we love our kids and
Speaker 4: want them around all the time, like just having a
Speaker 4: bit of breathing room might be a nice thing, right, Yeah.
Speaker 5: It's true. My partner and I like, he's also got
Speaker 5: a child, so we can match up the weekend.
Speaker 1: It's weesome. Tell me, I want to be pervy. You've
Speaker 1: got a new partner.
Speaker 5: Yeah, it's still fairly new. We're five months in.
Speaker 4: Yeah, but if you've got kids, I feel like people
Speaker 4: with kids take things more seriously because they're like, I'm
Speaker 4: not going to get kids involved unless this woman's legit.
Speaker 1: So that's a good thing.
Speaker 5: Yeah, just met her.
Speaker 1: Oh, I'm so excited for you. All right.
Speaker 4: I want to know, let's keep on with the episode.
Speaker 4: I keep getting railroaded.
Speaker 1: I want to know, what is your best money habit, best.
Speaker 5: Money to have it? I would say using shot back
Speaker 5: has saved me about four hundred and fifty dollars.
Speaker 1: Four hundred and fifty bucks.
Speaker 5: Yeah, like buying a mattress, and like the extra would
Speaker 5: go from shot back and you're just like, Wow, Like
Speaker 5: being purchases money has really helped. Yeah, but even like
Speaker 5: the small ones as well, Like if I'm shopping at
Speaker 5: the iconic the.
Speaker 4: Dress I'm wearing today, I got so much cash back
Speaker 4: on money in it was basically free.
Speaker 5: And you should buy the voucher and then also get
Speaker 5: shot back as well.
Speaker 1: See, you're a genius.
Speaker 5: I only last it from you.
Speaker 1: That's why I'm calling your a genius. I'm like, who
Speaker 1: would come up with that idea?
Speaker 5: Wow?
Speaker 1: Crazy exactly.
Speaker 5: I also use like the seven eleven fuel.
Speaker 4: App as Oh my gosh, I'm obsessed with the seven
Speaker 4: eleven fuel app.
Speaker 1: Do you like fuel lock or are you.
Speaker 4: Looking at like the sandwich prices, because like the other
Speaker 4: day they sent me a notification they were like, all
Speaker 4: our sandwiches are four dollars for the week, and I
Speaker 4: was like, excuse me, that's such a good deal. So
Speaker 4: I had seven eleven sandwiches for an entire week for lunch.
Speaker 1: I'm not mad.
Speaker 5: Mine's just for the fuel lock at the moment, but
Speaker 5: that's a good saving there with the sandwiches.
Speaker 4: How often do you check your fuel lock? Are you
Speaker 4: like rechecking it seeing if there's anywhere cheaper?
Speaker 5: Well, yeah, I have been, but I tend to lock
Speaker 5: it in like probably like a Tuesday or Wednesday, and.
Speaker 1: That's when the fuel's the best price.
Speaker 5: Yes, exactly. And then some areas are just always cheaper
Speaker 5: than others, So I'll lock it in when I'm at
Speaker 5: home compared to my partner's place because it's just cheaper
Speaker 5: out my way.
Speaker 2: Yeah.
Speaker 4: For those of you who don't know what we're talking about,
Speaker 4: like when you go on the app, it only shows
Speaker 4: you the five seven eleven's closest to you. So like
Speaker 4: when my husband's driving and we're driving through different locations,
Speaker 4: I like to get to see if it changes and
Speaker 4: I'm like, oh, got that one. Like it's like the
Speaker 4: adult version of you remember the Pokemon game.
Speaker 1: Yeah, it's like that, but better.
Speaker 4: You would save actual money, and you look, that's crazy exactly.
Speaker 5: Like that show was like two dollars thirty last week
Speaker 5: and I got it for a dollar eighty nine.
Speaker 4: I'm like money, wait behavior, And it's not even the
Speaker 4: money win. It's like that sense of grandeur that you get.
Speaker 4: You're like I am so good, Like I'm basically a genius.
Speaker 5: That's great.
Speaker 1: I adore it.
Speaker 4: I do want to bring the mood down though, what's
Speaker 4: your worst money habit?
Speaker 5: Worst when I have it with the I think budgeting.
Speaker 5: So even though my brother's great with spreadsheets, I'm not.
Speaker 5: So I think being consistent with a budget. And it
Speaker 5: also makes it a bit tricky because like when you've
Speaker 5: got Airbnb and booking dot com, it's like getting paid
Speaker 5: multiple times in a week or.
Speaker 1: It's hard to track.
Speaker 5: Hey, yeah, well I've got like a separate bank account
Speaker 5: just for the AIRBNBA.
Speaker 4: I was going to say, do you have separate banking
Speaker 4: Please tell me you do to be track of it.
Speaker 5: Good queen, Yep, I'll end up not being consistent enough.
Speaker 5: I use up bank and so I have different savers.
Speaker 5: But I just feel like I need to set up
Speaker 5: more automatic payments. But because it's so variable with how
Speaker 5: much money comes in each week with the Airbnb, yeah,
Speaker 5: sometimes consistent.
Speaker 1: Yeah yeah no.
Speaker 4: And you said before that you get paid fortnightly, so
Speaker 4: you're dealing with that on a relatively short timeframe. So
Speaker 4: I'm assuming that, like projecting is something that you don't
Speaker 4: do a lot of.
Speaker 5: Yeah.
Speaker 4: No, So like if Rederick comes up, do you find
Speaker 4: yourself in a bit of a mad scramble being like
Speaker 4: Oh my gosh, red Ro's up.
Speaker 1: But I feel like I paid this last week.
Speaker 5: I'm not so bad with that.
Speaker 1: Oh that's me. Yeah, two thousand percent me.
Speaker 5: No, I do it, like, yeah, the four installments are
Speaker 5: year yeah.
Speaker 1: Smart for the REGI.
Speaker 5: Yeah, so it's not too much of a shock. I
Speaker 5: know it's going to be in October, so I know
Speaker 5: it's coming, and I'm starting to get my emergency fund up.
Speaker 5: I need that to be better. That would be something
Speaker 5: to work on.
Speaker 4: See, I need to learn from you because I bought
Speaker 4: my car back in like twenty ten. It was November,
Speaker 4: just before Christmas, and I paid my REGRO at that
Speaker 4: point in time and my insurance and now for the
Speaker 4: last ten plus years I have been screwed every single
Speaker 4: November with getting my REDRO. I'm in full because I'm like, oh,
Speaker 4: I don't want to break it up, like I may
Speaker 4: as well just pay it. And then straight after I've
Speaker 4: paid it, they're like, oh, by the way, your insurance
Speaker 4: has gone up because your car really sucks and you
Speaker 4: need a new one. But I haven't let go of it.
Speaker 4: So I get REGI and insurance in the same month,
Speaker 4: and I mean I do cash flow it don't worry guys, Like,
Speaker 4: I'm not that bad, but it still hurts.
Speaker 1: Like even if I've got the money, I don't want
Speaker 1: to give you the money, you know.
Speaker 5: Yeah, definitely, Like my car insurance is due at the
Speaker 5: same time as my house insurance.
Speaker 1: Yeah, isn't it a joke.
Speaker 4: It's almost like you set everything up and like did
Speaker 4: like this financial health check and like cleanse and then
Speaker 4: all of a sudden, this one month just becomes financial
Speaker 4: get screwed month.
Speaker 1: Yeah, Like that's what it feels like. Let's be honest.
Speaker 4: Yeah, what do you think you could do to be
Speaker 4: better at budgeting? Like is it about forecasting? Is it
Speaker 4: planning or what would that look like?
Speaker 5: Yeah? I think it is like I know that the
Speaker 5: big ones that are coming up, Like I know my
Speaker 5: rates that you're in February, and I pay them annually
Speaker 5: because I'd rather just do one big hit even though
Speaker 5: you hit No.
Speaker 1: I totally get it.
Speaker 5: Yeah, but also yeah, like budgeting, I was doing the
Speaker 5: Glenn James spreadsheet, but I just feel like I haven't
Speaker 5: gone back to it, and I need to do that.
Speaker 1: I love Glenn James, He's one of my best friends.
Speaker 1: Let's be honest.
Speaker 4: I think If you're in the She's on the Money community,
Speaker 4: you know that Glenn James runs my Millennial Money, which
Speaker 4: should be my biggest competitor, but he's basically one of
Speaker 4: my greatest friends.
Speaker 1: But I'm going to one up him.
Speaker 4: I'm going to gift you my Budget and cash Flow
Speaker 4: master Class because it's more automated than Glenn's.
Speaker 5: I'm secretly hoping you would.
Speaker 1: I really I love this. Do you know what it worked?
Speaker 5: You got me and manifested it.
Speaker 1: So I love this.
Speaker 4: I'm going to gift you the Money master Class because
Speaker 4: I feel like it will take it to the next
Speaker 4: level and like help you project. But it also tells
Speaker 4: you where to put things in different accounts without you
Speaker 4: having to like redo it yourself. Like all you have
Speaker 4: to do is tell me what your expenses are and
Speaker 4: then it will spit out like a beautiful pie chart
Speaker 4: and be like, well, this is how you're spending. This
Speaker 4: is what it looks like. Also, these are the accounts
Speaker 4: you need to put that money into. And it's got
Speaker 4: like separate incomes, so you could put your Airbnb income
Speaker 4: and like change that and see what each month looks
Speaker 4: like or each fortnite looks like. Because you can change
Speaker 4: it all, but I think that that will change it.
Speaker 4: I love that you manifested it, and you're like, I
Speaker 4: really want it, I really want it.
Speaker 1: No, adore it.
Speaker 4: Let's also give the community a little bonus while I'm here.
Speaker 1: I will set up a code.
Speaker 4: It will be POD fifty and it will give you
Speaker 4: fifty bucks off the money masterclass, so you can do
Speaker 4: it alongside our money diarists. I feel like that's a
Speaker 4: good one. I'm glad you manifested that, but I adore you,
Speaker 4: Glenn James. But I also spent nine months building a
Speaker 4: spreadsheet that would just do the work for my community
Speaker 4: instead of them having to do it.
Speaker 1: And I think that's the hardest part, right.
Speaker 4: Like we can all sit down and write out our
Speaker 4: budgets and that's very sexy, but then we put it
Speaker 4: to the side and don't think about it, like I
Speaker 4: need you to tell me how much do I need
Speaker 4: to transfer every single week or every single fortnight to
Speaker 4: that account or I automate that and then it'll work
Speaker 4: for you and then all you have to do is
Speaker 4: maybe like check in once a month, then go oh well,
Speaker 4: actually airbnbing come looked different or it looked the same
Speaker 4: or it looked less like I feel like that will
Speaker 4: potentially work a bit better for you also because you're
Speaker 4: really busy.
Speaker 5: Yes, I am, Oh for sure.
Speaker 1: I love this. I feel like I'm so inspired by
Speaker 1: your story.
Speaker 4: Like I'm so sorry that your ex was a douche canoe,
Speaker 4: but that's okay. I feel like you've moved on and
Speaker 4: it sounds like you're really happy in this new relationship
Speaker 4: and that makes my whole heart so happy. But it
Speaker 4: sounds like you've achieved for a lot and you're young,
Speaker 4: and that is crazy to me. So I want to know,
Speaker 4: now that we've had a chat, what grade would you
Speaker 4: give your money habits? Would it still be a B minus?
Speaker 4: Would you change it? If not, that's okay, But how
Speaker 4: would we get to an A plus?
Speaker 5: I think, yeah, B minus to a bee maybe a B.
Speaker 5: I think what I want to do going forward to
Speaker 5: get to that A would be definitely diversifying more and
Speaker 5: getting more into investing. And also I want to start
Speaker 5: contributing water super Yeah, my soup is pretty healthy at
Speaker 5: the moment, is at one hundred and four khih very
Speaker 5: pretty good for my age. Yeah, but I only had
Speaker 5: six months off with my daughter, so yeah, actually contributing
Speaker 5: extra towards that great. Yeah, I don't want to be
Speaker 5: teaching when i'm sixty.
Speaker 1: I love that.
Speaker 4: I feel like that it's a really good plan. But
Speaker 4: I also need to remind you, Money Diarist, you are
Speaker 4: a single mum. You are killing it, but you're also
Speaker 4: a single mom, so take the pressure off. We don't
Speaker 4: need to be doing everything at once, like even the
Speaker 4: fact that you are a homeowner and you've got a
Speaker 4: really nice amount of equity. I'm just I'm so excited
Speaker 4: for your future because it's going to be good, and
Speaker 4: I promise the path that you're on, you're not going
Speaker 4: to be teaching a sixty, so or be fine.
Speaker 1: You will live your dreams.
Speaker 4: But unfortunately, Money Direst, this is we have time for today.
Speaker 4: It's all we could fit into our half an hour
Speaker 4: organized slot. It has been a pleasure getting to know you,
Speaker 4: and thank you so much for being so generous with
Speaker 4: your story and sharing so much. I know that our
Speaker 4: community loves learning and loves getting to know our diarists,
Speaker 4: so I really appreciate it.
Speaker 5: Thanks so much for having me.
Speaker 3: The advice shared on She's on the Money is general
Speaker 3: in nature and does not consider your individual circumstances. She's
Speaker 3: on the Money exists purely for educational purposes and should
Speaker 3: not be relied upon to make an investment or financial decision.
Speaker 3: If you do choose to buy a financial product, read
Speaker 3: the PDS TMD and obtain appropriate financial advice.
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