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MONEY DIARIES: The Savvy Saver · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerney Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
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Speaker 1: today and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 2: Hello, and welcome to She's on the Money the podcast
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Speaker 2: are millennials who want financial freedom. Welcome back to another
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Speaker 2: one of our money diaries where I get the absolute
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Speaker 2: pleasure of sitting down with one of our Shees on
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Speaker 2: the Money community members to learn all about their money story.
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Speaker 2: Let's jump into it, because this week I got a
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Speaker 2: message and it sounded exactly like this. Hi, Victoria, I
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Speaker 2: love your podcast. I have been a long term listener
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Speaker 2: for a few years and thought my story may encourage
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Speaker 2: someone to keep going with their financial goals. I'm now
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Speaker 2: twenty seven. With some savvy savings and investments, my partner
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Speaker 2: and I have been able to purchase a one point
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Speaker 2: three million dollar property in Sydney at the age of
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Speaker 2: twenty six with no financial help from family or friends.
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Speaker 2: We've been in the property for almost a year and
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Speaker 2: we couldn't be happier. I'd love to share how we
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Speaker 2: did it with the community and encourage anyone who has
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Speaker 2: a similar dream on their journey. Oh, money diarists, you're
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Speaker 2: just coming straight in being a baller, Okay, no worries,
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Speaker 2: Welcome to the show.
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Speaker 3: Hi, thanks for having me.
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Speaker 2: Oh, I'm so excited about this for you. Congrats on
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Speaker 2: the purchase by the away.
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Speaker 3: Yeah, we're very happy.
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Speaker 2: Oh my gosh, I love it. All right, let's start
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Speaker 2: as we always do money dives. I want to know
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Speaker 2: what grade would you give your money habits on a
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Speaker 2: scale from A through to F if I asked you
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Speaker 2: to give them a grade?
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Speaker 3: Ooh, I think I would give myself a bit of
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Speaker 3: a generous aimnus.
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Speaker 2: All right, that seems very good. I can't wait to
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Speaker 2: learn more. My favorite question of all time, can you
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Speaker 2: please tell me a little bit more about your money story?
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Speaker 3: My partner and I. We've been together for about five years,
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Speaker 3: and essentially when we got together, we basically had the
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Speaker 3: dream of owning a family home that had a big,
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Speaker 3: beautiful backyard. My partner, he's from the country, so that's
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Speaker 3: what he always grew up with, and we always wanted
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Speaker 3: to have a dog, essentially, and so when we met
2:43
Speaker 3: each other, the saving stream was on. We basically tried
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Speaker 3: to save up as much as possible, and we first
2:49
Speaker 3: started out, we lived with a family member. We slept
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Speaker 3: on a king single for about a year.
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Speaker 2: Oh my gosh, together together.
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Speaker 3: Don't recommend No, I.
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Speaker 2: Can't see how that would be a recommended option.
3:00
Speaker 3: But it was just basically, we did a lot to
3:03
Speaker 3: say basically, you do what you got to do exactly,
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Speaker 3: and it was just the best option for us at
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Speaker 3: the time. From there, I cracked it and we moved
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Speaker 3: out into a rental during COVID, and from there we
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Speaker 3: were able to purchase our first property, which was a villa.
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Speaker 3: Now I would love to say that it was all
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Speaker 3: savvy savings, but it definitely wasn't. My partner, he actually
3:23
Speaker 3: took one for the team. We basically have family members
3:27
Speaker 3: that work for banking and they basically told us that
3:30
Speaker 3: if you work for the bank and as long as
3:32
Speaker 3: you have been with the bank for one month, you
3:35
Speaker 3: could pay a ten percent deposit on a property and
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Speaker 3: you don't have to pay ALAMAI. Yeah, my partner at
3:41
Speaker 3: the time, he was working casually and so he needed
3:44
Speaker 3: full time income anyway, and so he sold his soul
3:48
Speaker 3: to work for a call center at one of the
3:50
Speaker 3: big banks.
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Speaker 2: I don't know if that's selling his soul or being
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Speaker 2: a genius.
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Speaker 3: He's a genius. But he absolutely hated it.
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Speaker 2: So he did definitely take one for the tea. Then
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Speaker 2: if it was a role he wasn't passionate about.
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Speaker 3: Definitely, I mean no hate, Like some people do love
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Speaker 3: that role. I have friends who love that role. But
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Speaker 3: for him, it just wasn't a good fit.
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Speaker 2: Yeah, fair, And he.
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Speaker 3: Basically did that for about five months and then left. However,
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Speaker 3: we bought a property almost exactly a month after he started,
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Speaker 3: and then from there we were in the property for
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Speaker 3: about a year where we made the very scary decision
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Speaker 3: do we stay in this property or do we take
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Speaker 3: the gamble to sell it. It was pretty much right
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Speaker 3: at the turn of where the Russian Ukraine War was
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Speaker 3: announced and it was when we had that awful weather,
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Speaker 3: and so there was starting to be those feelers of
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Speaker 3: that interest rates are going to rise, property prices are
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Speaker 3: going to crash, and we just thought, let's sell now,
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Speaker 3: make the profit and then buy a property almost straight away,
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Speaker 3: our dream property, and put that down is a deposit,
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Speaker 3: our profit, and that's essentially how we did it.
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Speaker 2: Oh my gosh, you're going to have to tell me though,
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Speaker 2: like we need the pervy details. You can't say we
4:57
Speaker 2: bought a villa, then we sold it. Now we have
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Speaker 2: a dream property. Like this is sheese on the money.
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Speaker 2: So how much did you pay for your villa? What
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Speaker 2: did you sell it for?
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Speaker 3: So for the villa, we bought a two bedroom, one
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Speaker 3: bathroom villa in a reasonably nice suburb, and then we
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Speaker 3: bought that for about eight hundred and we put a
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Speaker 3: eighty thousand dollars deposit, so ten percent exactly. We basically
5:15
Speaker 3: changed up the floors, we ripped out carpet, just put
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Speaker 3: down those laminate fallboards, painted the place, and then sold
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Speaker 3: it a year later, I think it was thirteen months
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Speaker 3: later for a million and fifty.
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Speaker 2: Oh my gosh, you're a queen.
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Speaker 3: Yeah, so that was actually a record for the suburb,
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Speaker 3: for the villa. We were just lucky.
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Speaker 2: No, no, no, you worked for that. That's not just lucky.
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Speaker 2: You bought a villa, You slipped a villa. You saw
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Speaker 2: the potential, Like, I don't know what about that was luck?
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Speaker 2: My friend.
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Speaker 3: Thanks. I must admit it was very scary, very daunting.
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Speaker 3: But the mindset we had was that, yes, the villa's
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Speaker 3: going up in value, but a house will got greater
5:54
Speaker 3: in value. And so for us it was the case
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Speaker 3: of we moved out a few suburbs to basically buy
6:00
Speaker 3: the house. Yeah, so we would never have been able
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Speaker 3: to buy a house in the suburbs we had the villerins,
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Speaker 3: so we just moved out that little bit further and
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Speaker 3: for us, it's just ticked every box and we couldn't
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Speaker 3: be happier.
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Speaker 2: Oh my gosh. So you flipped it and then you
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Speaker 2: mentioned before thirteen months. Now I know why you said
6:15
Speaker 2: thirteen months, But why is thirteen months important when selling
6:18
Speaker 2: a house.
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Speaker 3: Well, because you have to be in the house for
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Speaker 3: at least a year so that you don't have to
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Speaker 3: pay capital gainstacks, because it's not clue an investment.
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Speaker 2: The second you said thirteen months, I was like, This
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Speaker 2: woman is savvy. She is all over it. Like the
6:31
Speaker 2: factor that you even knew to get your partner into
6:33
Speaker 2: a job where you were working for a bank so
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Speaker 2: that you could do the ten percent deposit with no LMI.
6:38
Speaker 2: I was like, these guys have their brains switched on.
6:41
Speaker 2: No wonder out the gate. You're like a minus easy.
6:44
Speaker 2: There's only a very small amount of room to grow.
6:46
Speaker 2: I love this. I'm so pervy on it. So tell
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Speaker 2: me about buying a one point three million dollar property.
6:52
Speaker 2: What type of deposit did you then have for the property?
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Speaker 2: And like, how do you feel about it now? Given
6:58
Speaker 2: interest rate rises?
7:00
Speaker 3: So we were actually incredibly lucky. So the bank that
7:03
Speaker 3: we are with with our mortgage, we basically were able
7:06
Speaker 3: to port our loan from the past property. So basically
7:10
Speaker 3: we had about half of our mortgage is fixed and
7:13
Speaker 3: so that is fixed that a two percent interest rate
7:15
Speaker 3: until twenty twenty five.
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Speaker 2: Literally get wrecked.
7:18
Speaker 3: Yeah, because we were able to jo for that across
7:20
Speaker 3: and so not many banks do it, but the bank
7:22
Speaker 3: wherewith does, So it was very lucky for us. So
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Speaker 3: I feel really good because when we bought our property,
7:28
Speaker 3: it was literally about six months later from when we
7:31
Speaker 3: sold our property, and so things had turned a little bit.
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Speaker 3: It was just after the peak in property prices in Sydney,
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Speaker 3: and essentially we just had the mindset of, all right,
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Speaker 3: we got twenty percent deposit. We either do it now
7:44
Speaker 3: or we wait and see what happens. I just had
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Speaker 3: a gut feeling that Sydney prices never really stay down
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Speaker 3: for long.
7:52
Speaker 2: No, they don't.
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Speaker 3: And I knew immigration was going to open again. I
7:56
Speaker 3: knew things were going to happen, and so I'm very
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Speaker 3: lucky that my partner said go for it. I trust you,
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Speaker 3: and we just found the right property and it all
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Speaker 3: basically just fell into place.
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Speaker 2: Oh my gosh, I love this so much. And now
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Speaker 2: you're in more than a million dollars worth of debt.
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Speaker 2: Tell me what that feels like.
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Speaker 3: Yeah, it's a million and fifty. Honestly, it is scary. However,
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Speaker 3: I think we came at it with a very good
8:18
Speaker 3: mindset where we budgeted very well, knowing what each of
8:21
Speaker 3: our salaries are, and we basically planned for worst case scenario.
8:25
Speaker 3: Ye great, So I work in sales where a lot
8:27
Speaker 3: of my income is commission, and so we didn't count
8:30
Speaker 3: any of that commission when buying the property. And we
8:34
Speaker 3: ensured that we had quite a significant buffer per month
8:39
Speaker 3: to put straight into savings for things like car regio
8:42
Speaker 3: or council rates or something like that. We made sure
8:46
Speaker 3: we had a certain amount of money to buffer all
8:48
Speaker 3: of that, including Christmas presents, birthdays. You don't know what
8:52
Speaker 3: could come?
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Speaker 1: Ye?
8:53
Speaker 2: Great, I feel like that is, you know, a perfect
8:55
Speaker 2: time to ask my next question, because you said we
8:58
Speaker 2: really thought about our salaries. Tell me what those salaries are,
9:01
Speaker 2: how much do you earn? And what is your job?
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Speaker 3: So as a whole, my partner here is on about
9:07
Speaker 3: just under seventy And for myself it does fluctuate again
9:12
Speaker 3: because I work in sales, and I work in sales
9:14
Speaker 3: in the health industry, and so last year I took
9:17
Speaker 3: home about one hundred and sixty.
9:19
Speaker 2: Oh my gosh, how did you get into sales in
9:21
Speaker 2: the health industry? And tell me a bit more about
9:23
Speaker 2: the actual breakdown of your role because obviously some of
9:26
Speaker 2: that is going to be made up of commission.
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Speaker 3: Yes, So I got into it basically straight out of UNI.
9:33
Speaker 3: I didn't know what I wanted to do, So I
9:34
Speaker 3: actually got into one of the lower pharmaceutical sales. Hated
9:38
Speaker 3: it left that eighty months later and just got really
9:41
Speaker 3: lucky with this role that came up. But it just
9:43
Speaker 3: seemed to be the perfect fit for me, and ever since,
9:45
Speaker 3: there's just been climbing as demand for the job. It's
9:48
Speaker 3: great because I'll never lose a job because everyone needs health, right.
9:51
Speaker 2: I love that smart woman.
9:53
Speaker 3: And so if we break down my salary, it's about
9:56
Speaker 3: one hundred and seven, which is my base, and then
10:00
Speaker 3: I get a fifteen K car allowance, and then the
10:02
Speaker 3: remainder is commission where if you hit one hundred percent
10:06
Speaker 3: of target per quarter you get about ten thousand.
10:09
Speaker 2: That is very exciting. I feel like that would motivate
10:12
Speaker 2: me a lot. Do you find yourself, especially working in sales,
10:15
Speaker 2: really motivated by that big goal, like every quarter being
10:18
Speaker 2: like if I do this and I, you know, really
10:20
Speaker 2: slogged it at work, I'm going to smash it. Or
10:22
Speaker 2: you maybe not as motivated by that.
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Speaker 3: My personality, I'm very goal orientated, So sales was the
10:27
Speaker 3: perfect role for me. I love having something to work towards,
10:30
Speaker 3: and essentially, again even in my personal life, that's how
10:33
Speaker 3: we are where we are now. It's because I have
10:35
Speaker 3: a goal and essentially I like to budget and work
10:37
Speaker 3: out the parameters to achieve it. So I find it motivating.
10:41
Speaker 2: I love it all right, Well, tell me a bit
10:42
Speaker 2: more about your big money goals. You've got the house,
10:45
Speaker 2: you've bought the dream house, you're in a million dollars
10:47
Speaker 2: worth of debt. What are your other goals and what
10:49
Speaker 2: are we working towards at the moment.
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Speaker 3: So there's a few things I'm working towards, but probably
10:54
Speaker 3: one of the big things I'm working towards is a wedding.
10:57
Speaker 3: My partner and I would love to get married at
10:59
Speaker 3: the next few year, but also we're trying to get
11:02
Speaker 3: ourselves set up for kids. Yeah, childcare is incredibly expensive.
11:06
Speaker 3: Maternity leave is also quite expensive, and so we want
11:08
Speaker 3: to make sure we have a big enough buffer that
11:10
Speaker 3: we're not in financial strains when that time comes.
11:14
Speaker 2: I adore this. I have a question, Are you engaged
11:17
Speaker 2: at the moment?
11:19
Speaker 3: No?
11:19
Speaker 2: No, no, no, not a bad question. I was talking
11:21
Speaker 2: about marriage with my partner and we moved in together
11:24
Speaker 2: and we bought a house way before we got married.
11:27
Speaker 2: And I always find it an interesting conversation because the
11:30
Speaker 2: other day I was talking to a girlfriend and she
11:32
Speaker 2: was like, Oh, I wish I was getting married soon.
11:34
Speaker 2: And I was like, oh, like, do you talk about it?
11:36
Speaker 2: And she's like, no, I'd never mention it. I don't
11:38
Speaker 2: want him to think that I'm putting any pressure on.
11:40
Speaker 2: And I was like, I don't think I put pressure on.
11:42
Speaker 2: But also I was quite clear, like if we buy
11:44
Speaker 2: a house, I do want to get married, I do
11:46
Speaker 2: want to have kids. These are my goals. What time
11:48
Speaker 2: frame are you thinking? Like what works for you? How
11:51
Speaker 2: have you had these conversations with your partner?
11:54
Speaker 3: And oh, we're exactly the same. Yeah, we have a house.
11:57
Speaker 3: So it's all about honest communication, openness. We talk about
11:59
Speaker 3: it quite a lot. And for us, even though we
12:02
Speaker 3: want to get married right now, financially, we know it's
12:04
Speaker 3: not the right time and so it doesn't change anything marriage.
12:08
Speaker 3: We're committed to each other. And again, we've got a house,
12:10
Speaker 3: we've got a dog, we've got it all. So for us,
12:13
Speaker 3: it's just when we're financially ready, that's when we'll do it.
12:16
Speaker 2: I love that conversation. I also want to ask a
12:19
Speaker 2: really perfect question because you mentioned that your partner earns
12:22
Speaker 2: just under seventy grand but you're in like one sixty.
12:25
Speaker 2: Who's paying for the ring?
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Speaker 3: We have a joint account. We've each got our own
12:30
Speaker 3: accounts and we each put a specific amount of money
12:32
Speaker 3: into that account per month. So we've had the discussion
12:36
Speaker 3: that when it does come time, the money is just
12:38
Speaker 3: going to come from the joint account. Of what's going
12:40
Speaker 3: to be the surprise is when he asks me, not
12:43
Speaker 3: the fact that we're getting engaged.
12:44
Speaker 2: Yeah, no, I love this. Also, like nice for him
12:47
Speaker 2: to have a sure thing like yea, he knows you're
12:50
Speaker 2: going to say yes, Like surely that will make you nervous.
12:52
Speaker 2: I was talking to my now husband about that, and
12:54
Speaker 2: I was like, why were you so nervous when you proposed?
12:57
Speaker 2: Like you knew that I was going to say yeah,
13:00
Speaker 2: Like you knew this is what I wanted. And he
13:03
Speaker 2: was just like I don't even know, Like what if
13:05
Speaker 2: you changed your mind?
13:06
Speaker 3: But what happens if you don't like the ring? I
13:08
Speaker 3: think that's the biggest nerdiness.
13:10
Speaker 2: To be honest, I didn't even care. I was just
13:12
Speaker 2: so happy to get a ring, and now I love
13:14
Speaker 2: my ring. But I just couldn't care less. Like I
13:17
Speaker 2: remember a couple of friends chatting to me and being like, well,
13:19
Speaker 2: if I don't get this ring, like I won't be happy.
13:21
Speaker 2: I was like, May I would have a tinfoil ring
13:23
Speaker 2: and I would be so happy with that, Like it
13:26
Speaker 2: really did not worry me.
13:28
Speaker 3: Do you know what that makes me think of? What
13:30
Speaker 3: Taylor Swift paper rings?
13:31
Speaker 1: Oh?
13:31
Speaker 2: Yeah, no, I would have taken a paper ring.
13:33
Speaker 1: Easy.
13:33
Speaker 3: Easy.
13:34
Speaker 2: I've already asked for a necklace with his initials to
13:37
Speaker 2: go around my neck because I'm swifty at heart. But
13:40
Speaker 2: that is okay, even if he says that's really lame.
13:43
Speaker 2: Who even does that you're in your thirties. I'm like,
13:45
Speaker 2: it's not the point. It's not point, it's not the point.
13:49
Speaker 2: Talk to me a little bit more about I guess
13:52
Speaker 2: weddings and planning that. Obviously, you seem from my perspective
13:56
Speaker 2: to really be across the finances in your life. Have
14:00
Speaker 2: you discussed what type of wedding and what type of
14:02
Speaker 2: budget you'd be looking at?
14:04
Speaker 3: Yeah, definitely, so each to their own. My partner and
14:07
Speaker 3: I we don't think there's great value in having a
14:11
Speaker 3: very expensive wedding because it's one day of your life.
14:14
Speaker 3: And so for us, my parents have offered to give
14:18
Speaker 3: us finances for a portion of the wedding.
14:20
Speaker 2: Oh how nice.
14:21
Speaker 3: We don't want to really put up more than about
14:23
Speaker 3: ten thousand, Oh my god, and then my parents will
14:25
Speaker 3: put up about thirty and for us, that's plenty for
14:29
Speaker 3: a wedding.
14:29
Speaker 2: Oh my gosh, that's so much money.
14:31
Speaker 3: Yes, but technically that's less than the average.
14:34
Speaker 4: Yeah.
14:35
Speaker 2: I remember having these conversations prior to getting engaged. We
14:39
Speaker 2: would talk about what a wedding would cost, what type
14:41
Speaker 2: of wedding my partner wanted versus me, and I would
14:45
Speaker 2: have honestly been very happy. All I cared about was
14:48
Speaker 2: good food. So I was like, I don't care if
14:50
Speaker 2: we go to a registry and then we go to
14:52
Speaker 2: a beautiful restaurant and have like a very fancy dinner
14:56
Speaker 2: with like our favorite friends, like call it ten or
14:58
Speaker 2: fifteen of them. Like, that's, in my head, the most
15:01
Speaker 2: romantic wedding ever. But my husband is a member of
15:04
Speaker 2: a soccer club and has been since he was tiny. Obviously,
15:08
Speaker 2: that was never going to fit the brief that I had.
15:11
Speaker 2: So we compromised and had good food in a really
15:13
Speaker 2: big wedding, which was not a compromise. It was a
15:16
Speaker 2: very very large financial outlay, but I don't regret it.
15:19
Speaker 2: It was one of those things where we had those
15:21
Speaker 2: open conversations at the beginning, and I think my partner
15:24
Speaker 2: came to the realization. He was like, holy moley, Like,
15:27
Speaker 2: I have met a woman that does not want a
15:29
Speaker 2: massive wedding, and well, it's funny you say that you're
15:32
Speaker 2: the oppice, are you.
15:33
Speaker 3: I would love to Elope hire a photographer because that's
15:36
Speaker 3: what's important to me, is just photos, because that's how
15:38
Speaker 3: you're going to remember it in so many years. But
15:41
Speaker 3: he wants a big party. We both thought, well, let's compromise.
15:45
Speaker 3: Let's just do the big party. Why not, Like you
15:46
Speaker 3: only get married once, but we want to do it
15:48
Speaker 3: country style, so we want it to be super relaxed,
15:51
Speaker 3: good music, and just everyone just get drunk.
15:54
Speaker 2: Yep. Great, ten out of ten. Everyone at that wedding
15:57
Speaker 2: is going to have a brilliant time. I can't wait
15:59
Speaker 2: to hear about it. All right, let's go to a
16:01
Speaker 2: quick break and we'll get back into the money questions
16:03
Speaker 2: right after this. All right, money diarist, We are back,
16:11
Speaker 2: and I am adoring the conversation that we are having.
16:14
Speaker 2: But I want to know, do you have any investments?
16:16
Speaker 2: If so, what are they? If not, do you have
16:18
Speaker 2: plans to invest?
16:20
Speaker 1: Yeah?
16:20
Speaker 3: So when it comes to investments together. My partner and
16:23
Speaker 3: I we have about ten thousand in stocks and that's
16:26
Speaker 3: about it. And then, super, how.
16:28
Speaker 2: Did you decide where to invest your ten thousand dollars
16:31
Speaker 2: in shares?
16:32
Speaker 3: So very honestly, I don't have an interest in the
16:35
Speaker 3: stock market, That's fair. I left it to my partner.
16:38
Speaker 3: Whatever he wanted to invest in or what he felt
16:40
Speaker 3: passionate about, I just let him do it, and I
16:43
Speaker 3: trusted him.
16:43
Speaker 2: Love that for you, all right? I want to know
16:45
Speaker 2: now we know about your one million and fifty thousand
16:49
Speaker 2: dollars mortgage, bud, do you have any other debts? If so,
16:52
Speaker 2: what are they.
16:53
Speaker 3: The only other debt we have is my partner's hexted
16:56
Speaker 3: and that's about twenty five thousand.
16:57
Speaker 2: Do you have a plan to smash that out? Or
16:59
Speaker 2: are we leaving that as is in just ticking away
17:02
Speaker 2: or is there a plan in place at all?
17:03
Speaker 3: We have a plan in place. This financial year, right
17:06
Speaker 3: before they added the interest to it, we smashed out
17:08
Speaker 3: about ten thousand, and so we're going to basically keep
17:12
Speaker 3: smashing out hopefully roughly that same amount each year until
17:15
Speaker 3: it's gone.
17:15
Speaker 2: Do you have a spreadsheet? Do you track all this?
17:17
Speaker 2: I feel like it'd be the sexies spreadsheet I've seen
17:19
Speaker 2: in my life.
17:19
Speaker 3: I like nothing, Absolutely no.
17:23
Speaker 2: I'm going to fix that. I will give you my
17:24
Speaker 2: budgeting a cash flow master class, and you can go
17:27
Speaker 2: and do that, and I feel like you'll be even
17:28
Speaker 2: more in control. Maybe that's what it's going to take
17:30
Speaker 2: you from an as twinter a plus. But I want
17:33
Speaker 2: to know now because I feel like you've got a
17:35
Speaker 2: number of them. What is your best money habit?
17:37
Speaker 3: Best money habit budgeting? As soon as money comes into account.
17:40
Speaker 2: But you don't even track it, what are you doing?
17:42
Speaker 2: How do you budget without a spreadsheet?
17:44
Speaker 3: I'm so confused all in my head. We figure it out,
17:46
Speaker 3: like we sit down together, we write everything up and
17:49
Speaker 3: basically we go from there. So we have a certain
17:51
Speaker 3: amount of accounts. You know, money for the groceries goes
17:54
Speaker 3: into X, Y and Z, money for et cetera. Bills
17:57
Speaker 3: goes into X, Y and Z, and we don't then
17:58
Speaker 3: don't touch our savings and we've got the offset, so
18:01
Speaker 3: any additional money just goes straight there.
18:03
Speaker 2: I love that. So how do you split expenses between
18:06
Speaker 2: you and your partner? Given you have different incomes?
18:09
Speaker 3: So for us income it doesn't matter. So we basically
18:12
Speaker 3: split based on what we earn. So because I earn
18:15
Speaker 3: a significantly more, I pay more and I'm more than
18:18
Speaker 3: happy to do that because he pays for things and
18:20
Speaker 3: other ways.
18:21
Speaker 2: I love this because obviously, if you've listened to my
18:24
Speaker 2: podcasts and know the show and very much about percentage
18:27
Speaker 2: based equity in a relationship, because obviously there's going to
18:30
Speaker 2: be a very significant difference between someone earning about seventy
18:33
Speaker 2: grand and someone earning about one hundred and sixty thousand dollars.
18:37
Speaker 2: You're going to have so much more financial freedom than
18:39
Speaker 2: he does to make decisions and go on holidays and
18:41
Speaker 2: you even just eat out or grab an extra coffee.
18:44
Speaker 2: How did this conversation come up when you got together?
18:48
Speaker 2: And was there ever any friction around that or was
18:50
Speaker 2: it just always a like, yep, we'll just split it
18:52
Speaker 2: via percentage, Like how did you have this chat?
18:55
Speaker 3: I guess for us, my partner and I basically when
18:57
Speaker 3: we got together, probably about a year and time we
19:00
Speaker 3: just knew we'd be together long term. It was very organic.
19:03
Speaker 3: I'm a very upfront person, so I'll just say it
19:05
Speaker 3: and I'll just wear my heart in my sleeve, and
19:07
Speaker 3: my partner He's incredibly supportive, and he loves the fact
19:10
Speaker 3: that I earned so much. He's like, you're a girl boss.
19:12
Speaker 3: I love it.
19:12
Speaker 2: I would too. It's actually epic.
19:15
Speaker 3: And so for us, it was just a case of
19:17
Speaker 3: all right, what do we both feel comfortable with and
19:19
Speaker 3: what do we both agree is fair, and that's how
19:22
Speaker 3: we did it.
19:22
Speaker 2: I love that you got to have that open, honest conversation.
19:26
Speaker 2: I don't want to stereotype here, but I feel like
19:28
Speaker 2: often men cannot be that comfortable with having a conversation
19:33
Speaker 2: when the female is the breadwinner, because obviously they could
19:37
Speaker 2: feel inferior. They shouldn't because it's got absolutely nothing to
19:40
Speaker 2: do with that and money doesn't define you. But I
19:42
Speaker 2: just think that that conversation is interesting to ask questions
19:45
Speaker 2: about because sometimes it comes up that it was harder
19:48
Speaker 2: they had to get over something. But I love that
19:49
Speaker 2: he was just like, yeah, straight out the gate, that's sweet.
19:51
Speaker 3: Yeah, he's incredibly supportive.
19:53
Speaker 2: You mentioned earlier in the episode that you know, you've
19:56
Speaker 2: got a house and you've got a dog, But the
19:58
Speaker 2: reality is you can only say that because you've got
20:00
Speaker 2: a dog like two days ago. Right, So this snoring
20:04
Speaker 2: that maybe people could hear in the background. Who's that.
20:08
Speaker 3: Yeah, so this is our new little puppy, a new
20:10
Speaker 3: addition to the family.
20:11
Speaker 2: And she's just napping on your lap and I get
20:14
Speaker 2: to see her. It's so sweet. But if anybody hears
20:17
Speaker 2: any little puppy snores, that's where they're coming from, because
20:20
Speaker 2: we don't want to put her in another room. Money, darist,
20:24
Speaker 2: I have another question for you. I want to know.
20:26
Speaker 2: We did what your best money habit was, which was budgeting,
20:29
Speaker 2: But what's your worst money habit.
20:31
Speaker 3: I think it's, you know, a two started coin. I
20:32
Speaker 3: think the worst money habit I have is that sometimes
20:35
Speaker 3: I can budget too much, and so I don't let
20:37
Speaker 3: myself just enjoy things sometimes. So for instance, like I'll
20:41
Speaker 3: go out to a club or something with some friends
20:44
Speaker 3: and my partner, and in my head, I've got a
20:46
Speaker 3: budget of I'm only spending this amount, and so then
20:48
Speaker 3: I don't let myself have an extra drink here and there.
20:50
Speaker 3: And this is where my partner comes in and he's
20:52
Speaker 3: very much like, Babe, it's gonna be okay, Like we're fine.
20:55
Speaker 2: You can have another drink, we can stay out another hour.
20:58
Speaker 2: You're having a really good time going exactly the worst.
21:01
Speaker 3: So budgeting for me, it's great I do it, but
21:04
Speaker 3: it can also be my own worst enemy.
21:05
Speaker 2: All right, money dirist. At the start of this episode,
21:08
Speaker 2: you said I'm an A mins. Can you talk me
21:10
Speaker 2: through why you think you're an A minus? And then
21:13
Speaker 2: if after our conversation, would you change it or would
21:15
Speaker 2: you keep it as is?
21:16
Speaker 3: Yeah? So the reason why I said a minus is because, yes,
21:19
Speaker 3: we've accomplished so much, but you know, we still do
21:22
Speaker 3: have a significant amount of debt. There's still things we're
21:24
Speaker 3: working to achieve, and there's always things to learn. You know,
21:27
Speaker 3: I don't know everything. There's definitely things I would like
21:29
Speaker 3: to learn regarding you know, tax back, more about investing
21:32
Speaker 3: in shares for myself. But also one thing that I
21:35
Speaker 3: really really want to get in to start doing and
21:37
Speaker 3: making it a better habit is starting to salary sacrifice
21:40
Speaker 3: for my super It's not something I've done in the past,
21:43
Speaker 3: even though everyone says I need to. And so that's
21:46
Speaker 3: why I would give myself an A minus. Is that
21:48
Speaker 3: yet I feel like I've done so well, but there's
21:50
Speaker 3: still more I could be doing.
21:51
Speaker 2: I couldn't agree with you more Like, as much as
21:53
Speaker 2: you're saying there's more I'm like, you're killing it. Like
21:56
Speaker 2: you have such a good income, you've got to create
21:57
Speaker 2: such good financial security long term. You've got a puppy,
22:01
Speaker 2: You've bought your dream house, Like, oh my gosh, I'm
22:03
Speaker 2: just so excited about it. I wish we had so
22:05
Speaker 2: much more time to chat, but unfortunately that is all
22:08
Speaker 2: we had time for today, Money Diarist, it has been
22:10
Speaker 2: an absolute pleasure. Thank you so much for sharing so
22:13
Speaker 2: much of yourself and your story for us to learn
22:15
Speaker 2: from here today. I love it no ways.
22:17
Speaker 3: Thank you.
22:24
Speaker 2: The advice shared on She's on the Money is general
22:26
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22:30
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22:34
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