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I’ve Financially Outgrown My Friends. Do I Need To Leave The Chat? · She's On The Money

0:00
Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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Speaker 1: woman and I'm here to acknowledge country. Te Glenn Young
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Speaker 1: Ganya Niana Kaka yah y and beIN ah Waka Nian
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Speaker 1: our gay In Mbini, yakarum jar Dominyagumiga, Umaga Ithawaka, nitle
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Speaker 1: Waman damind Immlan, Bumba bang gadaboma In and now in
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Speaker 1: Waka ghana on yakarum jar water Nadaa. Hello, beautiful friends,
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Speaker 1: we gather on the lands of the Aboriginal people. We
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Speaker 1: thank acknowledge and respect the Aberigin people's land that we're
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Speaker 1: gathering on today. Take pleasure in all the land and
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Speaker 1: respect all that you see. She's on the Money podcast
0:36
Speaker 1: acknowledges culture, country, community and connections, bringing you the tools,
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Speaker 1: knowledge and resources for you to thrive.
0:44
Speaker 2: She's on the Money. She's on the Money.
0:50
Speaker 3: Hello, and welcome to She's on the Money, the podcast
0:53
Speaker 3: that raises a toast to your finances. My name is
0:56
Speaker 3: Jess Ricky and joining me on the Friday Drink Couch
0:59
Speaker 3: is the fun h Hello, welcome back. You've tuned in
1:03
Speaker 3: for a special edition of Friday Drinks because Victoria's away
1:06
Speaker 3: and we've been left to our own devices. There might
1:09
Speaker 3: be a few detours, but we are definitely still here
1:12
Speaker 3: to celebrate you guys, your promotions, your savings, those marketplace fines.
1:16
Speaker 3: I've read them all and I'm sharing the best ones
1:18
Speaker 3: in my money Wins. And then Beck, of course is
1:21
Speaker 3: brace people wear best broke tips to see you through.
1:24
Speaker 3: As always, will be answering your dms and money dilemmas,
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Speaker 3: like when you might consider putting your investments on hold,
1:30
Speaker 3: or what to do when you financially outgrow your friends. Juicy, juicy, awkward,
1:35
Speaker 3: but it doesn't have to be. Some of us spend differently,
1:37
Speaker 3: So if you have a particularly spicy money dilemma, visit
1:40
Speaker 3: the shoes on the Money website and send us a voice. No,
1:42
Speaker 3: we would love to hear from you, And I mean,
1:45
Speaker 3: I don't want to promise anything. We might just have
1:47
Speaker 3: the answers you're looking for.
1:48
Speaker 4: Oh okay, we give good advice.
1:51
Speaker 3: I like to think we do our best anyway.
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Speaker 4: Yeah, well that's all, and that's all you can do.
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Speaker 5: We love a bit of recognition, We love a bit
1:59
Speaker 5: of ego boosting from time to time, we all And
2:02
Speaker 5: so I'm obviously talking about five star reviews. So we
2:04
Speaker 5: have another one, and this one comes from our wonderful
2:07
Speaker 5: listener named Layla. And before I get into it, we
2:09
Speaker 5: really do love it when you tell us what you think,
2:11
Speaker 5: so please share your ses on the Money review with
2:13
Speaker 5: us on an Apple Podcasts, Spotify socials, or in our Facebook
2:17
Speaker 5: comments wherever. Really, so this one comes from later it says, Hi,
2:21
Speaker 5: She's on the Money. I started listening to the pod
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Speaker 5: in early twenty twenty five, and I'm just running in
2:25
Speaker 5: to say thank you so so much for your incredible
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Speaker 5: tips of advice. I started listening at a point in
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Speaker 5: my life where I was finally ready to put my
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Speaker 5: future self first, and I'm very glad I did in brackets.
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Speaker 4: With your help.
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Speaker 5: Yesterday, I paid off for the last of my HEX
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Speaker 5: and I'm officially debt free for the first time since
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Speaker 5: I was about twenty. I've finally paid off a credit card,
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Speaker 5: personal loan, a car, HEX, and some unexpected medical bills.
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Speaker 5: I now have an emergency fund that can last me
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Speaker 5: an entire year. I'm contributing the maximum f HSS limit
2:55
Speaker 5: and recently started investing to have eleven hundred in shares.
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Speaker 5: The money it has been there every step of the way.
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Speaker 5: Thank you five stars today and every day. WHOA, Laila,
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Speaker 5: that is huge.
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Speaker 4: It's amazing. That's huge.
3:08
Speaker 5: It's like more than like what a lot of people
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Speaker 5: can even do in a lifetime.
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Speaker 3: You've so many things. You're like, it's like you're going
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Speaker 3: down a list and you're just going tick tick tic
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Speaker 3: tic tick, totally financially savvy Queen.
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Speaker 5: That is insane, honestly. Congratulations, it's great.
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Speaker 4: And FHSS is First Home Super Saver. Okay, well there
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Speaker 4: you go.
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Speaker 5: If you're listening and you didn't know what they was either, Laila, congratulations,
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Speaker 5: that's amazing.
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Speaker 3: Incredible, thank you for sharing. It is time for Question
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Speaker 3: of the Week, the moment where you can ask us anything,
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Speaker 3: anything at all about anything you like. And I'm genuinely
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Speaker 3: curious about this one because I'm not sure what your
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Speaker 3: answer is going to be. Okay, it came from Brook
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Speaker 3: who asks what is your favorite fast food and your
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Speaker 3: go to order?
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Speaker 4: Oh my god, I love this question. Okay, you go first,
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Speaker 4: if you.
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Speaker 3: Have one ready. I do have one already, so I'm
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Speaker 3: kind of torn. Anyone who knows me knows I love
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Speaker 3: fried chicken. Oh I do, so I feel like people
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Speaker 3: would maybe expect me to say KFC, which there is
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Speaker 3: a KFC quite close to where I leave and it's
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Speaker 3: very convenient, But I think I'm actually going to say
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Speaker 3: Guzman is my favorite. Oh my god, I love Guzman
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Speaker 3: and they do a taco that has a chicken tender
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Speaker 3: in it, so it's kind of the best of both words.
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Speaker 3: I'm getting Mexican add my fried chicken all at once.
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Speaker 4: Oh my god.
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Speaker 3: Okay, my go to is I get two or three
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Speaker 3: of the chicken tend to tacos. They're only mini tacos,
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Speaker 3: so it depends how hungry I am, and then I
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Speaker 3: do like a guacan chips to shake. I love quack.
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Speaker 3: And then if there's a big group, I also do
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Speaker 3: the fries as well, because they're also delicious and obviously
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Speaker 3: a giant glass of PEPSI max. Are they fries like
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Speaker 3: fries or they like No, they do like a seasoned fry,
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Speaker 3: like a skinny fry. Oh like a medium.
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Speaker 4: That's my gripe.
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Speaker 3: Anyway, you don't want to call it a fry.
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Speaker 5: I don't think so, because I would get excited there's
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Speaker 5: a fry coming, But it's like a fag chip.
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Speaker 3: Where's the point of like, what's the cutoff where the
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Speaker 3: chip is to fry.
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Speaker 4: That's a that's a great question, and well I shouldn't discriminate.
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Speaker 4: I shouldn't discriminate.
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Speaker 5: Fry all in all its forms it is, That's true,
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Speaker 5: And what point is it no longer a fry and
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Speaker 5: it's a chip and then hash brown, et cetera.
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Speaker 3: Anyway, I think a fry in my head, A fry
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Speaker 3: must be kind of square, so it's like a little
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Speaker 3: and square, whereas chip is like a wedge or like
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Speaker 3: a pub cut, you know, a bit wider.
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Speaker 4: Yes, yes, okay, okay, see.
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Speaker 3: What people come to the Friday episode the fry fry?
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Speaker 5: Sorry everyone, anyway, I am curious about this, but we
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Speaker 5: can talk about it off air. Now my go to
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Speaker 5: I don't have one specific takeaway order, but if I
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Speaker 5: was like thinking about my daughter Ash, then my most
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Speaker 5: recent obsession is fishfol which is really boring because it's
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Speaker 5: like not very unhealthy. I'm sure it is in its
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Speaker 5: own way. I like the meat, so salmon. I get
6:05
Speaker 5: a double salmon for protein. But usually if I'm just
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Speaker 5: like whatever, then it will be like a good cuddy
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Speaker 5: from I don't have a specific.
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Speaker 4: Indian restaurant I go to.
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Speaker 5: If anyone knows of an Indian restaurant that is not gristly,
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Speaker 5: I don't want fatty bits. I don't want any like.
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Speaker 5: I don't even want the chicken to have a hangy
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Speaker 5: chicken on it.
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Speaker 4: Do you know what I mean?
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Speaker 5: Yes, I know exactly what I want to be cut
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Speaker 5: nicely without any bits. Anyway, if you know of any
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Speaker 5: place in the world, yes, no, see, now I have
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Speaker 5: a gripe.
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Speaker 4: Okay, tell me.
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Speaker 3: I think by definition, if something is fast food, it
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Speaker 3: must have a drive through.
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Speaker 4: Okay.
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Speaker 3: See, I ignored a whole world of things I love
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Speaker 3: because I thought it's got to be fast food, Like
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Speaker 3: you've got to be able to be in the car.
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Speaker 4: Okay, yes, I see we're saying.
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Speaker 3: I guessing your local Indian restaurant isn't a drive through
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Speaker 3: options as far as I know.
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Speaker 4: No, that's which.
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Speaker 3: Oh my god, I'm so sorry. Yeah right, I'll let
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Speaker 3: it slide. It's fine. But if you were in a
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Speaker 3: car and you were driving home at three o'clock in
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Speaker 3: the morning, you're like, we just need to eat something.
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Speaker 5: Hungry jacks okay, double with cheese, and then also a storm,
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Speaker 5: a flake storm with Oreo, you have been saying you
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Speaker 5: love a storm.
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Speaker 4: I love a storm.
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Speaker 3: I feel maybe one of the only people I ever
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Speaker 3: have met who thinks Hungry Jacks is their favorite.
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Speaker 4: Yeah, shockingly same. I'm like, guys, it's so good. It
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Speaker 4: is so good. That's crazy.
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Speaker 5: We go.
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Speaker 3: Well, if you've got a pickle for us. If you
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Speaker 3: want us to be mulling over your questions relating to potato,
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Speaker 3: fast food or anything else at all, head every ashes
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Speaker 3: on the Money Facebook group, or you can send your
7:38
Speaker 3: question of the week through to us by a DM,
7:40
Speaker 3: or you can pop in the comments on Spotify if
7:42
Speaker 3: you're listening. I always love reading the comments on the Spotify.
7:44
Speaker 5: Absolutely, And if you want us to not talk as
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Speaker 5: long about your question and with your.
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Speaker 4: Question, let us know too.
7:51
Speaker 3: We try not to derailer.
7:52
Speaker 5: We try, and Jess, I'm really actually insane that I'm
7:56
Speaker 5: very excited to hear about your community Money wins.
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Speaker 3: I've got some goodies this week. Great first one is
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Speaker 3: from Courtney who said Money and Hubby Win. Our clothes
8:05
Speaker 3: dryer died and instead of shelling out seven hundred plus
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Speaker 3: dollars for a new one, Hubby got handy and diagnosed
8:10
Speaker 3: the issue with some help from the robots and YouTube
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Speaker 3: and bought a replacement part for forty five dollars and
8:15
Speaker 3: installed it himself.
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Speaker 4: Wow.
8:17
Speaker 3: Saved themselves a casual six hundred and fifty five dollars.
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Speaker 3: Oh my god, I just did that mass in my head.
8:21
Speaker 3: By the way, you're impressed by that, I'm very impressed. Next,
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Speaker 3: I've got a money loss, but a life win from Sam,
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Speaker 3: who said money loss, we got a rescue cat. His
8:31
Speaker 3: cost us over one thousand dollars in the first two
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Speaker 3: weeks thanks to vet bills and then dry cleaning bills.
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Speaker 3: While he's still figuring out the cat litter. Money win.
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Speaker 3: We had an emergency fund and could comfortably cover the bills.
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Speaker 3: Our bank accounts are empty up, but our hearts are fuller.
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Speaker 4: Oh good.
8:44
Speaker 3: She of course did pay her pet tax like all
8:46
Speaker 3: good Laura abiding citizens.
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Speaker 4: Of course, he's good. Oh love.
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Speaker 3: Oh, it looks very happy to be home.
8:52
Speaker 4: Wow. Yeah, that's a very cute cat.
8:54
Speaker 3: He's so cute. Also, Sam, it might be worth speaking
8:57
Speaker 3: to the place that you rescued him from, because when
9:01
Speaker 3: we adopted Milo, he also had some health stuff, which
9:03
Speaker 3: turns out played out long term. But the first initial
9:07
Speaker 3: stuff that happened. They covered the bills for us because
9:11
Speaker 3: it was kind of something that not was their fault,
9:14
Speaker 3: but something they've kind of should have shared with us.
9:16
Speaker 3: I yes, sure it might be worth messaging them just
9:18
Speaker 3: to see if they can help out at all.
9:19
Speaker 4: It's a really good point.
9:20
Speaker 3: Next, I've got a money win from Emily, who says
9:24
Speaker 3: I got promoted at work. Congratulations, actually exciting. Ned said,
9:29
Speaker 3: as a freelancer, I had income averaging in stated, but
9:32
Speaker 3: at some point it disappeared from my tax returns. After
9:35
Speaker 3: chasing it up with my tax agency, I managed to
9:37
Speaker 3: get it backdated for about five years, and I'm getting
9:40
Speaker 3: four thousand dollars back Oh my god. And that's going
9:43
Speaker 3: to go straight to super Great, which I think. Good
9:46
Speaker 3: on you putting it to use, not just going I'm
9:49
Speaker 3: going to buy something fun, which is probably what both
9:51
Speaker 3: of us would do. Oh yeah, well done, Ned. Next,
9:56
Speaker 3: I've got one from Belinda, who said money win. I
9:57
Speaker 3: had a clean out of the shed, sold seventy dollars
10:00
Speaker 3: of stuff that was just sitting there unused. This is
10:02
Speaker 3: your reminder. People go through your spare rooms. I promise
10:05
Speaker 3: you somewhere there's something you can sell. Absolutely And then Lastly,
10:09
Speaker 3: this week, I've got one for Imagen, who said happy
10:12
Speaker 3: money loss plaid for flights and deposit for our holiday
10:15
Speaker 3: to Vaniwachu later this year. Oh great, which I think,
10:18
Speaker 3: like it's nice to also celebrate spending the money you've
10:21
Speaker 3: saved up. Yeah, I agree, because sometimes you know, you
10:24
Speaker 3: get so you save and you're saving for something and
10:26
Speaker 3: you go, but I don't want to spend it. I
10:29
Speaker 3: know we don't need to feel shame. No, I know
10:31
Speaker 3: that feeling.
10:31
Speaker 4: Once you get there, you're like, well, was it really?
10:34
Speaker 4: I don't know.
10:35
Speaker 5: It's just like the nicest seating bankcount but yeah, experience
10:38
Speaker 5: is nicer sometimes.
10:41
Speaker 4: Okay, are you ready for some brick tips? Absolutely?
10:44
Speaker 3: I am. What have we got?
10:44
Speaker 4: Okay?
10:45
Speaker 5: So this first one comes from Jackie, who recommended promo tics,
10:49
Speaker 5: and I do feel like that feels familiar. Maybe I've
10:52
Speaker 5: mentioned it before, but when I heard it, it felt
10:55
Speaker 5: like the first time listening. So maybe it's because I
10:57
Speaker 5: didn't explain it. Probably if I have mentioned it before,
10:59
Speaker 5: so I wanted to mention it again. So Promotics is
11:03
Speaker 5: a free service providing complimentary tickets to music, comedy, theater festivals,
11:08
Speaker 5: and sporting events, with options for a thirty five dollars
11:11
Speaker 5: per year VIP membership. I'm not sure what you get
11:14
Speaker 5: in the VP membership, but I assume it's like maybe
11:16
Speaker 5: like first round tickets to things, but it's I think
11:19
Speaker 5: it's for if tickets haven't sold out for a certain
11:21
Speaker 5: let's say comedy show or something, then you might, you know,
11:24
Speaker 5: just be lucky and get yourself a free ticket. So
11:27
Speaker 5: downard promotics. I think it's amazing. And then the next
11:30
Speaker 5: one comes from my friend, who I don't know if
11:32
Speaker 5: it's morally not sound. I think my friend said that
11:40
Speaker 5: she has other friends the couple who go on marketplace
11:45
Speaker 5: and if they see something they want, they're never lowballing,
11:48
Speaker 5: but they have a price in their mind. Let's say
11:50
Speaker 5: it's like ten dollars off the asking price. One of
11:53
Speaker 5: them will go and lowball heaps obviously be declined, and
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Speaker 5: then the next a few hours later, will offer what
12:02
Speaker 5: they originally wanted to pay.
12:04
Speaker 4: If that makes sense, and it almost always works.
12:06
Speaker 3: They're trying to make the second offer look better.
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Speaker 4: Yeah, and they're not at all linked.
12:11
Speaker 5: But even in saying that maybe your lobal offer would
12:14
Speaker 5: be like, they'd be like, yeah, sure, And so there's
12:18
Speaker 5: no losing.
12:19
Speaker 3: Really here, it's such a fine line. It's a fine
12:22
Speaker 3: line because I agree. I'm like, I mean, the worst
12:24
Speaker 3: they can say is no. But then, as someone who's
12:26
Speaker 3: sold things on Facebook marketplace, like, there's nothing more annoying
12:28
Speaker 3: than when something's listed like it's worth one hundred dollars,
12:31
Speaker 3: I've listed it for thirty dollars and someone's like, will
12:33
Speaker 3: you take five?
12:35
Speaker 4: Yeah?
12:35
Speaker 3: Perhaps not due.
12:37
Speaker 5: Totally totally, So it probably is very annoying for the seller,
12:41
Speaker 5: and so they're.
12:42
Speaker 3: Clever tactic if they can't tell that you're related exactly.
12:46
Speaker 5: But I do recommend don't lobal too much, like the say,
12:48
Speaker 5: the first one can be lobal, the second one be fair,
12:52
Speaker 5: and then that's all fine. I just don't know anyway
12:56
Speaker 5: you do with that what you will, and you don't
12:57
Speaker 5: have to be partnered, and you can be friends.
12:59
Speaker 4: You can be a collie anyway. And then my one
13:01
Speaker 4: obviously this is also.
13:03
Speaker 5: Probably I don't want to say illegal, but it's like
13:08
Speaker 5: if you know someone who has a holiday house, I'm
13:11
Speaker 5: kind of thinking landlords, do your bid for the world
13:14
Speaker 5: and let people use your address for hard rubbish, Like
13:18
Speaker 5: let's say you want to book a hard rubbish and
13:21
Speaker 5: you have used your address too many times, you use
13:23
Speaker 5: a holiday house, or if you have used too many
13:26
Speaker 5: free hellow fresh boxes, use a holiday house.
13:29
Speaker 4: If you're not going to be there.
13:30
Speaker 5: And you have friends who just have one house, maybe
13:33
Speaker 5: they're renting, maybe their own, let them use your address,
13:37
Speaker 5: you know what I mean. I mean, I just know
13:40
Speaker 5: people who have done that before, and I guess it's
13:42
Speaker 5: not don't do it without asking commission. But if you
13:45
Speaker 5: happen to be in a situation where maybe you've worked
13:48
Speaker 5: very hard, maybe you have it maybe whatever in the middle,
13:51
Speaker 5: but you have this kind of like luxury, then you know,
13:55
Speaker 5: share it around. Yeah.
13:56
Speaker 3: The other person I know who has a second house
13:58
Speaker 3: is Victoria, so very catchy. I've had to schlep all
14:01
Speaker 3: my hard rubbish down there. But maybe it's send a
14:02
Speaker 3: free box or something.
14:03
Speaker 4: Yeah, oh yeah, yeah yeah, and then you just go
14:05
Speaker 4: collect it. That's free. It's groceries for the week.
14:07
Speaker 3: That's so true. So clever with you.
14:09
Speaker 4: Thank you have one.
14:11
Speaker 5: Keep it going.
14:11
Speaker 3: If you've got a broke tip that you want to
14:12
Speaker 3: share with us, please join that She's in the money
14:14
Speaker 3: Facebook group and share it on bex thread that goes
14:16
Speaker 3: up every week. We're about to take a quick break,
14:19
Speaker 3: but when we come back, we'll be unpacking this week's
14:21
Speaker 3: money dilemma about soon to be newly wet and whether
14:23
Speaker 3: they should put their investments on hold to fund their wedding.
14:26
Speaker 5: Ooh, welcome back everyone. Let's take a listen to this
14:33
Speaker 5: week's money dilemma.
14:35
Speaker 6: Hi, there, have you got a money dilemma you just
14:38
Speaker 6: can't solve That.
14:39
Speaker 4: She's on the Money team is here to help.
14:41
Speaker 6: Every week, we tackle your dilemmas, both big and small,
14:44
Speaker 6: to answer your most burning money, career and life questions.
14:48
Speaker 6: To get involved, simply head to our website and leave
14:50
Speaker 6: us a short voice recording and you might just find
14:52
Speaker 6: yourself on the show.
14:54
Speaker 4: Now, let's take a listen to this week's money dilemma.
14:59
Speaker 2: Hi, She's on the Money and I have a money dilemma.
15:02
Speaker 2: My partner and I are getting married in August.
15:04
Speaker 1: Yay.
15:05
Speaker 2: However, we are a little bit short for the wedding
15:08
Speaker 2: in terms of cash flow. We estimate will be about
15:12
Speaker 2: five thousand dollars short.
15:13
Speaker 3: At this stage.
15:15
Speaker 2: We do have a twenty thousand dollars savings fund, and
15:19
Speaker 2: we also put about one thousand dollars a month into investments.
15:24
Speaker 2: My question is, should we dip into the savings or
15:29
Speaker 2: should we stop investing for the next four to five
15:32
Speaker 2: months to pay for the wedding? Thanks?
15:34
Speaker 3: What do you think back?
15:36
Speaker 4: I think stop investing.
15:37
Speaker 5: Personally, Maybe I'm like ignorant, but I don't understand the
15:43
Speaker 5: need to spend so much on a day. I understand
15:47
Speaker 5: it's very big, important day. I totally get that, but
15:50
Speaker 5: I just think if you can cut costs. I know
15:53
Speaker 5: that that's not what your question is, that's not what
15:55
Speaker 5: you're asking us. Then that's also where my head's going.
15:59
Speaker 5: But I say stop investing. I don't think you should
16:01
Speaker 5: dip into your savings, I think personally, because that's I'm
16:04
Speaker 5: assuming they're for your like big emergencies and things like
16:07
Speaker 5: that and whatever else your money is in there for.
16:10
Speaker 5: But yeah, I would say, like pause future investments and
16:16
Speaker 5: then just put it all into this bucket.
16:19
Speaker 3: Do you know what I mean? Yeah?
16:20
Speaker 4: But yeah, I wouldn't be pulling anything out shavings personally.
16:22
Speaker 3: Yeah, do you think I think they probably can't cut
16:25
Speaker 3: costs generally speaking, when you book stuff for a when
16:28
Speaker 3: you book it really far in advance. Yeah, So it's
16:30
Speaker 3: like I'm guessing that they've booked it all in, they've
16:32
Speaker 3: signed all their contracts with their vendors, and there's the
16:35
Speaker 3: five thousand dollars shortfall, is what she's talking about. Yeah,
16:38
Speaker 3: I would be inclined to maybe split the difference personally. Again,
16:42
Speaker 3: obviously this isn't financial advice. I think that when you
16:46
Speaker 3: stop investing, it would be but five months that they'd
16:49
Speaker 3: be out of the market. Yeah, there's just the opportunity cost.
16:52
Speaker 3: I think, particularly at the moment because there is a
16:55
Speaker 3: lot of market volatility, it does, at least in the
16:58
Speaker 3: things that I'm investing in, it seems like there's been dips,
17:01
Speaker 3: which are good opportunities to buy, and if you stop
17:04
Speaker 3: investing for that five month period, potentially you miss out
17:08
Speaker 3: on that. When they've said they've got savings, I'm assuming
17:12
Speaker 3: it's not your emergency funday. If it was, I'm guessing
17:15
Speaker 3: you would have referred to it as your emergency fund.
17:17
Speaker 3: I'm assuming it's savings that you've got sitting there for
17:20
Speaker 3: maybe the honeymoon or something that you're just saving and
17:24
Speaker 3: working your way towards. You know, me, I'm risk adverse.
17:28
Speaker 3: I think I would split the difference purely because that
17:30
Speaker 3: means I can still put a little bit of money
17:32
Speaker 3: into the market still potentially take advantage to those dips,
17:35
Speaker 3: and then I only have to pull half the amount
17:37
Speaker 3: out of my savings. But also the flip side, I
17:40
Speaker 3: guess of what you were suggesting is, could you make
17:43
Speaker 3: extra money? Would be the first thing that I would
17:46
Speaker 3: actually personally look at. Can you pick up a little
17:49
Speaker 3: bit of work on air Taska? Can you sell some
17:51
Speaker 3: stuff around the house, even if it's not enough to
17:54
Speaker 3: cover the full five thousand dollars if it means that
17:57
Speaker 3: you can take less out of your savings top your
18:00
Speaker 3: savings up more quickly, Yeah, I think that also would
18:03
Speaker 3: be very advantageous. But it just depends you know on
18:07
Speaker 3: you and what your goals are. If that savings is
18:09
Speaker 3: your emergency fund, then I agree I probably would be
18:11
Speaker 3: less inclined to pull out of it. But it all
18:14
Speaker 3: depends you know on what's important to you and how
18:17
Speaker 3: much you want to have invested in what you are
18:20
Speaker 3: investing in as well. So hard to say, but I think, yeah,
18:24
Speaker 3: I would be trying to split the difference and then
18:26
Speaker 3: make it up as quickly as I could.
18:28
Speaker 4: Yeah, I didn't even think about that.
18:29
Speaker 3: Yes, split the difference all right, be honest. Have your
18:33
Speaker 3: spending habits ever gotten into the way of a friendship?
18:36
Speaker 4: Oh, I'm excited for this.
18:37
Speaker 3: If they have, then this week's d M is for
18:39
Speaker 3: you high shoes on the money team. I think I've
18:42
Speaker 3: accidentally outgrown my friends financially, and I don't know how
18:45
Speaker 3: to handle it. I've worked really hard over the last
18:48
Speaker 3: few years to get on top of my money. I've
18:50
Speaker 3: paid off debt, built savings, and I'm finally in a
18:53
Speaker 3: position where I can afford the things that I used
18:55
Speaker 3: to stress about. But my friends are still very much
18:58
Speaker 3: in their spend now deal with it later era, and
19:01
Speaker 3: it's starting to feel uncomfortable. They're constantly suggesting expensive dinners, weekends, away, festivals,
19:08
Speaker 3: and I either feel pressured to say yes or awkward
19:10
Speaker 3: saying no. I don't want to lose my friendships, but
19:13
Speaker 3: I also don't want to keep blowing my budget to
19:15
Speaker 3: keep up. How do you navigate this without things getting weird?
19:19
Speaker 3: At the start of that, I was kind of like,
19:21
Speaker 3: that's fine, But then I understand now the social prepar pressure.
19:25
Speaker 3: I think to go out and I.
19:27
Speaker 5: Think, like separate this, maybe think about like do you
19:32
Speaker 5: love your friends, do you have a history of the friends.
19:34
Speaker 5: Do you all equally like respect each other and I
19:37
Speaker 5: suppose like champion each other and things like that, Like,
19:40
Speaker 5: do you think that they would be all on board
19:44
Speaker 5: if you were like, well, I'll come with you guys,
19:46
Speaker 5: but I'm not going to spend money, and they're just like, hey,
19:48
Speaker 5: we're going to support you whatever you want to do.
19:50
Speaker 5: They might not have to change their lives and their plans,
19:53
Speaker 5: but they will at the very least not be like
19:56
Speaker 5: that's weird.
19:57
Speaker 4: Why aren't you like joining us? If you feel like
20:00
Speaker 4: that is the case, just know that, like, no matter
20:03
Speaker 4: what group of friends you're in, you hang out.
20:06
Speaker 5: And so I think that unfortunately, it's going to be
20:08
Speaker 5: kind of unavoidable to go out and do things unless
20:12
Speaker 5: you don't want to go out and do things, And
20:13
Speaker 5: that's totally fine as well. I get the sense you
20:16
Speaker 5: want to, but you want to do that in like
20:18
Speaker 5: the most cost effective way maybe, But yeah, I would
20:20
Speaker 5: just be thinking about, like the people you're surrounded by,
20:23
Speaker 5: are they the type of people that would support your
20:26
Speaker 5: decisions to not spend money. And if they are, then
20:30
Speaker 5: I think that the friendships you've built, the people that
20:32
Speaker 5: you surround yourself with, if they're good people and they're
20:35
Speaker 5: good friends. That's more important, and you can like figure
20:38
Speaker 5: out all the other stuff along the way. But spending
20:40
Speaker 5: money in a friend group is just like it's gonna happen.
20:45
Speaker 5: Even if you have the most financially savvy friends in
20:48
Speaker 5: the world, you're gonna spend money somehow because you hang out.
20:51
Speaker 5: That's what friends do. But I understand that your dilemora
20:54
Speaker 5: is that they're kind of doing that all the time.
20:56
Speaker 5: I would just be doing me and also hang out
20:59
Speaker 5: with them, but just like explaining why I'm not spending money.
21:02
Speaker 3: Yeah, I think a friend is not going to want
21:04
Speaker 3: to punish you for wanting something different. You don't have
21:07
Speaker 3: to do all the same things that your friends are doing.
21:09
Speaker 3: I think, especially in larger groups of friends, it's really
21:13
Speaker 3: normal for people to be in different phases of their life.
21:16
Speaker 3: For me, I think a lot of my friends have
21:18
Speaker 3: kids and that puts them in a very different life stage.
21:20
Speaker 3: And I agree it can sometimes be really hard to
21:23
Speaker 3: reconcile the fact that the life you're living, all the
21:25
Speaker 3: life you want to live might not line up with
21:28
Speaker 3: exactly where they're at. And that is totally okay, because
21:31
Speaker 3: everybody's on their own journey. I think you kind of
21:33
Speaker 3: have two options. One is to expand your circle. I
21:37
Speaker 3: think it is important to have people who have similar
21:41
Speaker 3: goals or can match your energy. In the same way
21:43
Speaker 3: that your friends are entitled to want to go out
21:45
Speaker 3: to expensive dinners or drinks or whatever it is that
21:49
Speaker 3: they're doing, you are also entitled to want to do
21:51
Speaker 3: more frugal things, do picnics in the park, or watch
21:54
Speaker 3: TV at home or board games night. If your existing
21:58
Speaker 3: group of friends don't want to do that, that's not
22:01
Speaker 3: where they're at. That's okay, But it might be nice
22:03
Speaker 3: for you to expand your circle to include people who
22:06
Speaker 3: are enjoying those same sorts of activities as you. It's
22:09
Speaker 3: not a bad thing, I think to make new friends,
22:12
Speaker 3: meet new people, feel supported in the journey that you're on.
22:16
Speaker 3: I do think it's important to talk to them. I
22:18
Speaker 3: think you're very right. It might just be that they
22:20
Speaker 3: haven't clocked that that's where you're at. And I also
22:23
Speaker 3: think it's important to look at yourself a little bit
22:25
Speaker 3: as well. Are you feeling pressured because they are putting
22:30
Speaker 3: the pressure on you, and you know, they say, we
22:32
Speaker 3: all want to go to dinner, and you say oh, guys, like,
22:34
Speaker 3: maybe not this week, and they go, no, you've got
22:36
Speaker 3: to come, please come, it won't be the same without you,
22:38
Speaker 3: or are you experiencing fomo because they go Okay, that's cool,
22:43
Speaker 3: no worries, and the plans proceed without you. Because I
22:46
Speaker 3: think a lot of us do really struggle with feeling
22:49
Speaker 3: like we're missing out when we're not doing the things
22:51
Speaker 3: that the people around us are. Again, I think that
22:55
Speaker 3: it's not about what they're doing, Like, they are allowed
22:57
Speaker 3: to live their life and spend their money in whatever
23:00
Speaker 3: way they would like. It's not about them needing to change.
23:03
Speaker 3: It's about you needing to feel comfortable sticking to the
23:07
Speaker 3: path that you want to set for yourself, and whether
23:09
Speaker 3: that is by expanding your circle and finding more people
23:12
Speaker 3: to do that with, or whether that is by accepting
23:14
Speaker 3: the fact that sometimes there are going to be things
23:17
Speaker 3: that you can't participate in. It's really up to you
23:20
Speaker 3: to decide, and you know, we don't know the semantics
23:22
Speaker 3: of what that looks like for you, but yeah, I
23:25
Speaker 3: think it's never a bad thing to find new friends,
23:28
Speaker 3: to meet new people, and also to be really confident
23:31
Speaker 3: in the decisions that you're making. I think absolutely talk
23:34
Speaker 3: to your friends. There's a very good chance that they
23:35
Speaker 3: haven't clocked it, especially if you used to all do
23:38
Speaker 3: those things together and you've recently gone through this financial journey.
23:41
Speaker 3: They might not realize that. When you say, oh, guys,
23:43
Speaker 3: I'm going to skip it this week, what you're actually
23:45
Speaker 3: trying to say is I want to prioritize my financial goals.
23:49
Speaker 3: Like sometimes you do just need to have a very
23:51
Speaker 3: frank conversation and they'll maybe be like, oh my god.
23:54
Speaker 4: Totally, we had no idea.
23:56
Speaker 3: You know, maybe they can start a separate group chat
23:58
Speaker 3: that you're not in so you're not constant seeing these
24:00
Speaker 3: things and feeling left out or feeling pressured to go.
24:04
Speaker 3: Not everything has to be for everyone. That's you guys, know,
24:06
Speaker 3: that's one of my favorite sayings. And so you know,
24:08
Speaker 3: maybe you dip in and out and participate in some things,
24:11
Speaker 3: and sometimes they come and do the things that you
24:12
Speaker 3: want to do, and there's a nice happy ground for everybody.
24:14
Speaker 5: Yes, absolutely imagine them being like, oh, this person doesn't
24:18
Speaker 5: want to come out with us anymore, but they don't
24:20
Speaker 5: know the reasons why.
24:21
Speaker 4: Maybe they do, but communication is key.
24:23
Speaker 3: Communication is key. We did pop the DM up on
24:26
Speaker 3: our Instagram stories if you ever want to participate in these,
24:28
Speaker 3: and asked a couple of questions. Firstly, we said, have
24:31
Speaker 3: you ever felt pressure to keep up financially with friends?
24:34
Speaker 3: Sixty eight percent of people said yes, and thirty two
24:36
Speaker 3: percent of people said no. Then we said what matters
24:40
Speaker 3: more to you, shared values or shared lifestyle. Eighty nine
24:44
Speaker 3: percent of people said shared values and eleven percent of
24:47
Speaker 3: you said shared lifestyle. I would argue there's a middle ground, yeah,
24:52
Speaker 3: like I think that you can share values and also lifestyle, yes,
24:57
Speaker 3: or a little bit of colonie, a little columb And
25:00
Speaker 3: then we said, is it okay to splurge occasionally for
25:02
Speaker 3: the sake of connection? Ninety percent of you said yes
25:06
Speaker 3: and only ten percent said no. Okay, and I think
25:08
Speaker 3: that really depends on you know where you're at with
25:10
Speaker 3: your goals. And then, of course, as always, we said,
25:12
Speaker 3: please tell us your two cents. The first person said,
25:16
Speaker 3: when I feel financial pressure, I offer up alternative ideas
25:19
Speaker 3: to catch up instead, like a picnic or happy hours
25:22
Speaker 3: at bars, things that are more affordable, which I think
25:25
Speaker 3: is great. Somebody else said real friends will understand you
25:29
Speaker 3: saying no, And I agree, But I do think It's
25:31
Speaker 3: sometimes important to give them the context, because if they
25:33
Speaker 3: don't understand where it's coming from, they can't support you
25:36
Speaker 3: in that. Somebody else said, set yourself an honest budget
25:38
Speaker 3: and let them know that you can't do the pricey
25:40
Speaker 3: things once it's been spent. Suggest low budget activities day
25:44
Speaker 3: trips to the beach, et cetera, rather than doing something expensive.
25:47
Speaker 3: Someone else said, on the flip side, you'll regret missing
25:50
Speaker 3: the experiences. Time together with the people you love is
25:54
Speaker 3: far more precious than money. That's true, that's a very
25:57
Speaker 3: good point, But you don't have to do expensive things
25:59
Speaker 3: to spend time with people. I do think. Somebody else said,
26:02
Speaker 3: look for balance. Splurge on the celebrations, but host the
26:05
Speaker 3: everyday catch ups at home. Lots of people are saying communication.
26:10
Speaker 3: Somebody else has said, pick and choose join them for
26:12
Speaker 3: one splurge a month and build it into your budget,
26:14
Speaker 3: which I think is a really good way to do it.
26:17
Speaker 3: And then somebody else has said, my friends and I
26:19
Speaker 3: have reached a good balance. We splurge on nice dinners
26:22
Speaker 3: for each person's birthday, and the rest of the time
26:25
Speaker 3: we try to cook at home. Someone else said, friends
26:28
Speaker 3: of friends if they cause you to spend money outside
26:31
Speaker 3: of your budget. They should be supporting your goals instead,
26:35
Speaker 3: which I agree with. But again I think that also
26:38
Speaker 3: your goals don't have to compromise the way that they
26:40
Speaker 3: live their lives. Yeah, do you agree with us?
26:43
Speaker 4: Yeah?
26:43
Speaker 3: I do. Somebody else has said friendships go through many
26:46
Speaker 3: different phases. Maybe she should be suggesting to activities. I
26:48
Speaker 3: think the general consensus is you need to suggest alternatives. Yeah,
26:51
Speaker 3: lots and lots of people are suggesting all different kinds
26:54
Speaker 3: of fun things. Someone I said, don't forget to also
26:57
Speaker 3: have fun. Do you want to do the stuff that
27:00
Speaker 3: they're suggesting or are you genuinely not interested? Which I
27:02
Speaker 3: think is a good point.
27:03
Speaker 4: That's a good point.
27:04
Speaker 3: Is it something that you care about and would be
27:06
Speaker 3: happy to spend on, or is it, again just that
27:08
Speaker 3: sense of fomo where you're like, oh, everyone else is
27:10
Speaker 3: going and I don't want to miss out, and yeah,
27:12
Speaker 3: I'm going to compromise myself financially to do it. The
27:14
Speaker 3: last one that I think is a good place to
27:16
Speaker 3: finish on this week is live your life for you
27:19
Speaker 3: and not for others. Gorgeous, which I think is a
27:21
Speaker 3: beautiful summary. Don't punish your friends you know they can
27:24
Speaker 3: do what they want. But also it's important to live
27:27
Speaker 3: a life that feels aligned with what you want and
27:29
Speaker 3: your goals and your dreams and all those beautiful things.
27:32
Speaker 4: Beautifully well said.
27:33
Speaker 3: Thank you so much, Thank you guys so much for
27:35
Speaker 3: joining us this week. I hope it wasn't too crazy.
27:38
Speaker 3: We brought it back around from the potato shaming.
27:40
Speaker 4: Yeah, I think we really on track after that.
27:43
Speaker 3: If you guys aren't a part of the community already,
27:45
Speaker 3: we would love for you to join us on Facebook,
27:47
Speaker 3: on Instagram. We're all over the place, sharing resources, your questions.
27:51
Speaker 3: We love communicating with you guys. We'll link everything you
27:53
Speaker 3: need down below in the show notes, and we hope
27:56
Speaker 3: you have a beautiful weekend.
27:57
Speaker 4: Bye go bye.
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