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All I want for Christmas is... A BONUS EPISODE · She's On The Money

• 0:00
  Speaker 1: She's on the Money, She's on the Money.
• 0:19
  Speaker 2: Hello, and welcome to a very jolly edition of She's
• 0:22
  Speaker 2: on the Money, the podcast for millennials who want financial freedom.
• 0:26
  Speaker 2: Today's episode is proudly brought to you by Shopback, a
• 0:29
  Speaker 2: cashback forwards program that has already been wildly popular with
• 0:33
  Speaker 2: the Shees on the Money community. But more on that later.
• 0:36
  Speaker 2: Just like season one, our wonderful financial expert and my
• 0:39
  Speaker 2: friend Victoria Devine will be answering all of our financial cues.
• 0:44
  Speaker 2: But as I once off, today's EP will have a
• 0:46
  Speaker 2: little bit of a Christmasy twist before we dive into
• 0:49
  Speaker 2: the main chat. You're probably wondering, who on earth the
• 0:53
  Speaker 2: stranger in your ears is. Well, my name is Georgia King,
• 0:57
  Speaker 2: your new co host for season two. I'm a writer
• 0:59
  Speaker 2: and TV production assistant with lots to learn about money
• 1:03
  Speaker 2: and look. I'm also a huge fan of the pod.
• 1:06
  Speaker 2: Victoria Divine, Hello, Hello, how are you very well?
• 1:10
  Speaker 3: My friends?
• 1:11
  Speaker 2: How are you?
• 1:12
  Speaker 4: I am good, So excited to be back behind a microphone.
• 1:15
  Speaker 2: It's been it's been a while since we've been in
• 1:17
  Speaker 2: the ears of our listeners, and they've been absolutely busting
• 1:21
  Speaker 2: for season two.
• 1:22
  Speaker 4: I know I haven't heard the end of it yet,
• 1:25
  Speaker 4: which is obviously a really good sign.
• 1:27
  Speaker 2: Absolutely so, Victoria. I know today is just a once
• 1:31
  Speaker 2: off festive chat, but how would you feel about giving
• 1:34
  Speaker 2: the listeners and me a little bit of insight, a
• 1:37
  Speaker 2: little bit of a teaser as to what's to come
• 1:39
  Speaker 2: for season two?
• 1:39
  Speaker 5: Ah?
• 1:40
  Speaker 4: Where to begin? So without giving too much away, I
• 1:43
  Speaker 4: can tell you that we have a lot in store
• 1:45
  Speaker 4: and we will be back at the beginning of January.
• 1:48
  Speaker 4: I've obviously been working really hard to make sure that
• 1:51
  Speaker 4: the topics are ones that you guys all want to hear, So,
• 1:54
  Speaker 4: without giving too much away, think all things super babies
• 1:58
  Speaker 4: and a whole lot.
• 1:59
  Speaker 3: More on I'm absorbed already, I'm at it.
• 2:05
  Speaker 2: Today on the show, we're talking all things Christmas spending,
• 2:09
  Speaker 2: from how much we're spending and what others are forking
• 2:11
  Speaker 2: out during this period to why we actually feel the
• 2:14
  Speaker 2: need to. But before we get there, as always, it's
• 2:17
  Speaker 2: time to share a money win or a money confession
• 2:19
  Speaker 2: from the week.
• 2:20
  Speaker 3: This is my.
• 2:20
  Speaker 2: First episode as co hosts, so I'll go first. If
• 2:23
  Speaker 2: that's take it away, let's do it.
• 2:25
  Speaker 4: I'm ready.
• 2:26
  Speaker 2: So mine is a money win. I recently moved houses
• 2:31
  Speaker 2: which I was spending a stupid amount of money and
• 2:34
  Speaker 2: now I'm not. I'm saving fifty dollars a week on
• 2:36
  Speaker 2: my new place, which math's quick wizardry. It's about two thousand,
• 2:41
  Speaker 2: eight hundred dollars a year that I'm a year.
• 2:44
  Speaker 3: Yeah, that's epic.
• 2:45
  Speaker 4: That's pretty much a whole holiday.
• 2:47
  Speaker 1: Yep.
• 2:47
  Speaker 4: Yeah, and you're still in this similar area.
• 2:49
  Speaker 2: Same area. It's actually the street behind.
• 2:51
  Speaker 3: So oh impressive.
• 2:53
  Speaker 2: It's a win. Tell me, tell me what you've been
• 2:55
  Speaker 2: up to.
• 2:55
  Speaker 4: Yeah, so sorry, this one's a good one, and I'm
• 2:58
  Speaker 4: very proud. And I was very excited to know that
• 3:01
  Speaker 4: I was recording the podcast today with you because I
• 3:03
  Speaker 4: knew I could share it. So on the weekend, one
• 3:05
  Speaker 4: of my best friends had her engagement party, and I
• 3:09
  Speaker 4: was tasked with the job of creating the engagement cake,
• 3:12
  Speaker 4: which sounds like a lot of pressure because it totally is.
• 3:15
  Speaker 4: But also I'm pretty time poor at the moment, so
• 3:17
  Speaker 4: I was doing a lot of googling and trying to
• 3:19
  Speaker 4: find an engagement cake online and realized very quickly that
• 3:24
  Speaker 4: the good ones were upwards of two hundred and fifty
• 3:26
  Speaker 4: dollars so expensive, insanity. I'm not spending that on a
• 3:29
  Speaker 4: cake anyway, given I was soo time poor, it wasn't
• 3:33
  Speaker 4: going to be possible to bake and frost and organize
• 3:36
  Speaker 4: and decorate a cake. So I did a bit of
• 3:38
  Speaker 4: a cake hack and went to Cole's and purchased four
• 3:42
  Speaker 4: of their four dollar uniced mud cakes. Heaven filled them
• 3:47
  Speaker 4: full of cream and jam and iced them with butter cream.
• 3:50
  Speaker 4: And I'm telling you right now that cake cost me
• 3:53
  Speaker 4: less than thirty five dollars in total because I also
• 3:56
  Speaker 4: decorated it with some beautiful peonies I got as a
• 3:58
  Speaker 4: gift last week. Is that not the best money I've
• 4:01
  Speaker 4: ever heard?
• 4:02
  Speaker 2: That's a very spectacular money win. And it tasted delicious,
• 4:05
  Speaker 2: presumably it.
• 4:06
  Speaker 4: Did, And everybody kept asking where the cake was from,
• 4:09
  Speaker 4: so I didn't really want to tell them it was Calls,
• 4:11
  Speaker 4: but it totally was, so get.
• 4:14
  Speaker 2: On it own that that is truly delicious and amazing.
• 4:17
  Speaker 2: Before we rip into today's show, should we stick to
• 4:20
  Speaker 2: tradition and read out a couple of amazing money wins
• 4:22
  Speaker 2: from the Shoes on the Money Facebook community.
• 4:24
  Speaker 4: Absolutely we should. This is one of my favorite parts
• 4:27
  Speaker 4: of the podcast. So today I've got a money win
• 4:29
  Speaker 4: from Matilda and Matilda says that Christmas is one of
• 4:33
  Speaker 4: the periods of the year where she spends most of
• 4:35
  Speaker 4: her money like many other people, and a few years
• 4:38
  Speaker 4: ago she started saving all of her Christmas cards from
• 4:41
  Speaker 4: people that had gifted them to her, and now she's
• 4:44
  Speaker 4: cutting them up and making cute little gift tags on
• 4:46
  Speaker 4: them to put on all of her presents for this year.
• 4:49
  Speaker 4: So it's not only a bit of a saving, but
• 4:51
  Speaker 4: over the years it's been adding up for her. Also,
• 4:54
  Speaker 4: great way of recycling money, savvy and environmentally friendly.
• 4:58
  Speaker 3: I love it.
• 4:59
  Speaker 4: Yeah, that's Oh what have you got for me?
• 5:01
  Speaker 3: Okay?
• 5:02
  Speaker 2: So mine is from Krla, who has written that she
• 5:05
  Speaker 2: just saved over one hundred dollars buying Christmas gifts online
• 5:08
  Speaker 2: by strategically using discount codes. She also placed four separate
• 5:12
  Speaker 2: orders from the same website and didn't have to pay
• 5:14
  Speaker 2: any shipping on any of them. Impressive, man, not good
• 5:17
  Speaker 2: on Yakla. It's very savvy and I'm definitely gonna steal that.
• 5:20
  Speaker 4: I really like it.
• 5:21
  Speaker 2: Yeah, it's a good one. Alrighty, let's get in to
• 5:24
  Speaker 2: the main part of the show. So, Victoria, Christmas is
• 5:28
  Speaker 2: a massive time of year. Not only is it a
• 5:30
  Speaker 2: huge financial hurdle, but it's also often a mental one too.
• 5:34
  Speaker 2: Australians are tipped to spend over fifty two billion dollars
• 5:38
  Speaker 2: across retail stores during the Christmas trading period this year.
• 5:41
  Speaker 2: That is an increase of two point six percent from
• 5:44
  Speaker 2: last year, even though a recent survey from IG said
• 5:48
  Speaker 2: an estimated ten million unwanted gifts were received last Christmas. Victoria,
• 5:53
  Speaker 2: why do you think we feel the need to spend
• 5:55
  Speaker 2: more and more? Why is there so much pressure at
• 5:57
  Speaker 2: this time of year?
• 5:58
  Speaker 4: It's crazy. I know the Christmas period that you're referring
• 6:02
  Speaker 4: to in that research is actually only December as well,
• 6:05
  Speaker 4: so that is not even accounting for all of those
• 6:08
  Speaker 4: of us, not including me, who have been more prepared
• 6:11
  Speaker 4: and brought gifts earlier. So this time of year is
• 6:14
  Speaker 4: meant to be a really happy period of the year,
• 6:16
  Speaker 4: full of relaxation and celebration, but for so many people
• 6:20
  Speaker 4: it's such a stressful period of the year.
• 6:22
  Speaker 3: Now.
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  Speaker 4: I don't know exactly why there's so much pressure now,
• 6:26
  Speaker 4: but what I do know for sure is the Instagram culture,
• 6:29
  Speaker 4: online photos and the pressure to make everything look polished
• 6:34
  Speaker 4: seems to be putting us in a position where we
• 6:36
  Speaker 4: all want to be keeping up with the Joneses. I
• 6:39
  Speaker 4: think there's a massive expectation that we keep up our appearances,
• 6:43
  Speaker 4: and this often means setting really unrealistic expectations for gifts
• 6:47
  Speaker 4: for people. So whether that's an expectation that you really
• 6:50
  Speaker 4: want to impress someone or an expectation that you set
• 6:53
  Speaker 4: for yourself by purchasing an expensive or out of your
• 6:56
  Speaker 4: range gift before, I think we're in a position where
• 6:59
  Speaker 4: as a culture, we show our love to people through things,
• 7:04
  Speaker 4: not actions, and we really need to think about how
• 7:06
  Speaker 4: we can flip that.
• 7:07
  Speaker 2: Yeah, I totally relate to that, and it happens to
• 7:09
  Speaker 2: me every Christmas.
• 7:10
  Speaker 4: Same I do it all the time. So as an
• 7:13
  Speaker 4: example of this, I actually purchase Christmas presents for my
• 7:16
  Speaker 4: sister each year, and I know that she loves everything
• 7:19
  Speaker 4: and anything from Mecca, so when I am organizing what
• 7:23
  Speaker 4: I purchase her, I'm often a creature of convenience rather
• 7:26
  Speaker 4: than planning when it comes to gifts. As much as
• 7:29
  Speaker 4: I absolutely love giving gifts each and every year, I
• 7:32
  Speaker 4: also often leave it to the last minute, so I
• 7:34
  Speaker 4: find myself going into Mecca and purchasing gifts that I
• 7:37
  Speaker 4: think she would love instead of putting in the research
• 7:40
  Speaker 4: that I know I should be putting in to organizing
• 7:43
  Speaker 4: a present that is thoughtful and within budget. And I
• 7:46
  Speaker 4: know that this is probably putting a lot of pressure
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  Speaker 4: on her as well, because when you think about it,
• 7:51
  Speaker 4: she's knowing that I'm spending a fair bit because we
• 7:53
  Speaker 4: all know what products in Mecca can cost and how
• 7:56
  Speaker 4: it adds up so quickly. And then I think that
• 7:58
  Speaker 4: there's an unnecessary level of pressure that she assumes is
• 8:02
  Speaker 4: there because she wants to keep up with what I've
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  Speaker 4: purchased her, when in reality, she's often a lot more
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  Speaker 4: thoughtful than I am and purchases gifts that are really meaningful,
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  Speaker 4: and to me that actually means a lot more than
• 8:13
  Speaker 4: me going into Mecca and purchasing my sister gifts that
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  Speaker 4: I just think she will like.
• 8:17
  Speaker 3: Yeah.
• 8:17
  Speaker 2: Absolutely, I have a kind of similar psych around it.
• 8:21
  Speaker 2: I guess with my brothers, for example, I always spend
• 8:24
  Speaker 2: the same amount of money, even if I've spotted something
• 8:27
  Speaker 2: that they'll love and it's on sale, I'll still feel
• 8:30
  Speaker 2: guilty about only spending fifty dollars, so I'll, you know,
• 8:32
  Speaker 2: throw in some socks or we're.
• 8:34
  Speaker 4: All guilty of that.
• 8:36
  Speaker 3: Yeah, it's I don't know.
• 8:37
  Speaker 2: It's a weird thing that I've gotten into and it's doing.
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  Speaker 4: It's like it turns your money w of you know,
• 8:42
  Speaker 4: spending less on a gift that you thought would be
• 8:44
  Speaker 4: more into a money fail because you make up the
• 8:47
  Speaker 4: amount exactly alrighty.
• 8:49
  Speaker 2: So it seems there's an attitude out there that we
• 8:51
  Speaker 2: should be spending money on impressive gifts at this time
• 8:54
  Speaker 2: of the year. Why do you think that is, Like,
• 8:56
  Speaker 2: is it actually reasonable for the average working Australian to
• 8:59
  Speaker 2: be purchase in gifts for every man and every dog?
• 9:03
  Speaker 3: Maybe we should be buying dogs's.
• 9:04
  Speaker 4: Gifts turn out of teen heaven. I think it's a
• 9:07
  Speaker 4: really interesting question actually, because we all have this expectation
• 9:11
  Speaker 4: that everybody gives gifts at Christmas, and everybody puts themselves
• 9:15
  Speaker 4: in this position where if I give a gift to you,
• 9:17
  Speaker 4: maybe you'll feel the pressure to give one to me.
• 9:19
  Speaker 4: But we never really had this conversation about whether that
• 9:22
  Speaker 4: was something we wanted to be doing. And I find
• 9:24
  Speaker 4: this sometimes with friends where they turn up with a
• 9:27
  Speaker 4: gift for me and I'm like, oh, that's you know, beautiful,
• 9:29
  Speaker 4: and thank you so much, but then you feel a
• 9:31
  Speaker 4: little bit awkward. Because they've given you a gift and
• 9:34
  Speaker 4: maybe you feel a little bit like.
• 9:36
  Speaker 3: You weren't thoughtful enough to think of one for them.
• 9:38
  Speaker 4: So I think it's also about setting expectations around gift giving, Like,
• 9:43
  Speaker 4: is there something you guys could do to make sure
• 9:45
  Speaker 4: that you're not overspending or even as a friends group,
• 9:48
  Speaker 4: could you organize a KK and just buy one gift
• 9:51
  Speaker 4: for one person and you know, exchange those when you're
• 9:54
  Speaker 4: going to do Christmas drinks together and really set that
• 9:57
  Speaker 4: expectation so that maybe you're spending a little bit more
• 10:00
  Speaker 4: or on one gift for one person, but overall you're
• 10:03
  Speaker 4: spending a whole heap lesson someone's getting a gift that's
• 10:06
  Speaker 4: more valuable or meaningful to them because you only had
• 10:09
  Speaker 4: to put all of your time and thought into the
• 10:10
  Speaker 4: gift for one person exactly, instead of thinking about gifts
• 10:13
  Speaker 4: for fifteen. Yeah.
• 10:15
  Speaker 2: No, that is so true and something I definitely need
• 10:18
  Speaker 2: to do with my own friends. Sorry, girls, we're going
• 10:20
  Speaker 2: to be having a chat this.
• 10:21
  Speaker 4: Year already, Victoria.
• 10:23
  Speaker 2: What are some of the most obvious mistakes people are
• 10:25
  Speaker 2: making during this time and are there any mistakes you've
• 10:28
  Speaker 2: seen millennials making in particular?
• 10:30
  Speaker 4: So I think the number one here is going to
• 10:32
  Speaker 4: come as no surprise. It's that they don't have a
• 10:35
  Speaker 4: budget written down. So it's one thing to have a
• 10:38
  Speaker 4: budget in your head of what you're expecting it to cost,
• 10:41
  Speaker 4: but it's another to list down all of the things
• 10:43
  Speaker 4: that you have to purchase, whether that's entertainment costs, whether
• 10:47
  Speaker 4: that is food, whether that is gifts, Like have you
• 10:51
  Speaker 4: actually budgeted for those additional boxes of favorites that you
• 10:54
  Speaker 4: wanted to purchase on the way to a Christmas drinks?
• 10:57
  Speaker 4: So I think it's important to have your budget written
• 10:59
  Speaker 4: down and actually make a list of all the people
• 11:02
  Speaker 4: you want to purchase for with an associated budget. Beside it,
• 11:05
  Speaker 4: I think another mistake that we are all making, not
• 11:08
  Speaker 4: just millennials, everybody is using credit cards during the Christmas period.
• 11:13
  Speaker 4: We get so reliant on credit that we end up
• 11:16
  Speaker 4: putting ourselves in a position where we're overspending, because, as
• 11:19
  Speaker 4: you would know from listening to the podcast last season,
• 11:22
  Speaker 4: we spend on average twelve to twenty two percent more
• 11:25
  Speaker 4: just because we are using credit. So maybe another tip
• 11:30
  Speaker 4: there is budget, but also put all of that money
• 11:32
  Speaker 4: that you've budgeted onto a debit card to spend or
• 11:35
  Speaker 4: better yet, take it out in cash and spend it
• 11:38
  Speaker 4: that way, because it is so much easier to tap
• 11:41
  Speaker 4: away than it is to part with a cold, hard fifty.
• 11:44
  Speaker 2: That is so true. I completely agree with that. I
• 11:48
  Speaker 2: know when I have cash, I do not want to
• 11:50
  Speaker 2: spend it, and it lasts so much longer then.
• 11:52
  Speaker 4: It is so true, and I think I think my
• 11:55
  Speaker 4: last tip there is actually that we don't listen. And
• 11:58
  Speaker 4: I know that's probably a little bit of a strange one,
• 12:01
  Speaker 4: but this year I've made a conscious effort to keep
• 12:03
  Speaker 4: on my phone a notes section, and whenever a family
• 12:06
  Speaker 4: member or a friend mentioned something that they like, I've
• 12:10
  Speaker 4: been writing that down as a suggestion for me. And
• 12:12
  Speaker 4: whilst I haven't done my Christmas shopping just yet, I
• 12:15
  Speaker 4: actually know it's going to come in handy because I
• 12:18
  Speaker 4: already have in my head the exact things I want
• 12:20
  Speaker 4: to be purchasing for my friends and family because they've
• 12:23
  Speaker 4: been dropping hints accidentally whole year.
• 12:26
  Speaker 2: Yeah.
• 12:27
  Speaker 4: So I think being prepared for the entire year is
• 12:30
  Speaker 4: something that we could all be better at. And it's
• 12:32
  Speaker 4: really nice to be able to say, oh, but in
• 12:34
  Speaker 4: June you mentioned you wanted this, and that becomes a
• 12:36
  Speaker 4: really thoughtful gift.
• 12:37
  Speaker 2: Okay, now that is a really good tip and I
• 12:39
  Speaker 2: will absolutely be stealing it.
• 12:41
  Speaker 3: We welcome.
• 12:42
  Speaker 4: Thank you.
• 12:43
  Speaker 2: Now you mentioned planning what we are going to spend
• 12:45
  Speaker 2: is really important, but how far in advance should we
• 12:48
  Speaker 2: actually be preparing for Christmas?
• 12:50
  Speaker 4: So that's a really good question, thank you, And right now,
• 12:53
  Speaker 4: because we're posting this podcast in December, we're all probably
• 12:56
  Speaker 4: a little bit late, but I think it should start
• 12:59
  Speaker 4: in January when you are doing your yearly budget. Okay,
• 13:02
  Speaker 4: Christmas spending often creeps up on you, with the average
• 13:06
  Speaker 4: Australian spending five hundred and seventy three dollars at Christmas
• 13:10
  Speaker 4: time just on gifts.
• 13:11
  Speaker 3: That's not including the.
• 13:12
  Speaker 4: Additional Christmas drinks or nights out with your friends. That
• 13:16
  Speaker 4: is just purely on presence. So I think that this
• 13:18
  Speaker 4: should be a part of our budget because not all
• 13:20
  Speaker 4: of us have five hundred and seventy three dollars just
• 13:23
  Speaker 4: lying around to spend on gifts.
• 13:25
  Speaker 2: Absolutely no, yeah, I know, I don't.
• 13:28
  Speaker 4: So planning is really important. Make it a part of
• 13:30
  Speaker 4: your budget so each and every single month you're accounting
• 13:32
  Speaker 4: for it. But then it goes back to if you're
• 13:34
  Speaker 4: thinking about it, always, you're probably going to find ways
• 13:37
  Speaker 4: to be savvy. If you know Christmas is coming up,
• 13:39
  Speaker 4: maybe you're purchasing things in October because you know it's
• 13:42
  Speaker 4: coming around and you've already been listening down all the
• 13:45
  Speaker 4: things your friends want, and you are so excited to
• 13:47
  Speaker 4: give your friend the thing she really wants and you
• 13:49
  Speaker 4: got it on sale, so it's technically a money win.
• 13:51
  Speaker 2: Yeah, okay, so we need to get organized. In your opinion,
• 13:55
  Speaker 2: would you say it's worth setting a budget for each
• 13:57
  Speaker 2: person or having more of an overarching Christmas budget?
• 14:00
  Speaker 4: Am I allowed to say both?
• 14:02
  Speaker 5: Oh?
• 14:02
  Speaker 2: I think you're allowed.
• 14:03
  Speaker 3: I allow it. Thank you.
• 14:05
  Speaker 4: So I think it's really important to not only have
• 14:07
  Speaker 4: an overall Christmas budget because then we know how much
• 14:10
  Speaker 4: to put away each and every single week or month
• 14:13
  Speaker 4: so that we can achieve that goal without going into debt.
• 14:15
  Speaker 4: But I think it's also worthy of sitting down and
• 14:18
  Speaker 4: listing out all the people that we're buying for and
• 14:21
  Speaker 4: how much we want to spend, because often we'll say, okay,
• 14:24
  Speaker 4: well I want to spend five hundred dollars on Christmas presents,
• 14:27
  Speaker 4: and then we blow the budget because we spent one
• 14:30
  Speaker 4: hundred and fifty dollars on one person, and now we
• 14:32
  Speaker 4: don't have much to share between the other five people
• 14:34
  Speaker 4: you said you wanted to purchase for. So I think
• 14:37
  Speaker 4: it's important to list down all the people that you're
• 14:40
  Speaker 4: purchasing for and your relevant budget, tallying that and then
• 14:43
  Speaker 4: seeing if that's actually in line with your goals. Maybe
• 14:46
  Speaker 4: you need to go through and cut ten dollars off
• 14:48
  Speaker 4: every single person so that you're still buying gifts, but
• 14:51
  Speaker 4: you're also making sure that it's in line with your
• 14:53
  Speaker 4: budget and your values.
• 14:54
  Speaker 2: Okay, so this is all great victoria, but my goodness,
• 14:57
  Speaker 2: there is a lot to be taking into consideration, and
• 15:00
  Speaker 2: if I'm being honest, it's starting to sound a little
• 15:02
  Speaker 2: bit stressful. I've read something recently that said Christmas is
• 15:05
  Speaker 2: considered as one of the six most stressful life events,
• 15:08
  Speaker 2: along with divorce, moving house, and changing jobs, which is.
• 15:12
  Speaker 4: Ridiculous, right, absolutely it is.
• 15:14
  Speaker 2: Another survey reported that eighty six percent of people found
• 15:18
  Speaker 2: buying presents to be really difficult, and sixty five percent
• 15:21
  Speaker 2: reported Christmas as a stressful experience.
• 15:23
  Speaker 4: This feels like.
• 15:24
  Speaker 2: Something that we do not talk about enough.
• 15:26
  Speaker 3: Why do you think that is?
• 15:27
  Speaker 4: You are absolutely right, we do not talk about these
• 15:30
  Speaker 4: things enough. It seems that Christmas often comes with really
• 15:33
  Speaker 4: high expectations of people having perfect, happy families, enjoying luxurious
• 15:38
  Speaker 4: celebrations and gifts. We all know that picture of the
• 15:42
  Speaker 4: family setting around the Christmas tree on Christmas morning opening presents.
• 15:47
  Speaker 4: It's just not something that we are all able to
• 15:49
  Speaker 4: live up to. These ideals don't actually apply to everybody,
• 15:52
  Speaker 4: and in today's society, it's actually the minority of people
• 15:56
  Speaker 4: that are celebrating Christmas in that way. So for those
• 16:00
  Speaker 4: of us who might have lost a loved one, Christmas
• 16:02
  Speaker 4: can actually intensify those feelings of grief and loss. And
• 16:05
  Speaker 4: some people who are going through a period of time
• 16:08
  Speaker 4: where they might be depressed or feeling lonely, Christmas can
• 16:11
  Speaker 4: only intensify those feelings and often leaves them in a
• 16:14
  Speaker 4: position where they're feeling even more isolated because they feel
• 16:18
  Speaker 4: as though everybody around them is celebrating with family and
• 16:20
  Speaker 4: friends that they might not have. I also think it's
• 16:23
  Speaker 4: worth mentioning that sometimes just because someone is marked as family,
• 16:28
  Speaker 4: it doesn't mean you get along. So having a split
• 16:31
  Speaker 4: family or some unresolved conflict in your family may contribute
• 16:35
  Speaker 4: to additional Christmas anxiety. Which you absolutely do not need,
• 16:39
  Speaker 4: and family and relationship problems can be a massive trigger
• 16:42
  Speaker 4: at Christmas time. While there's not a whole heap of
• 16:45
  Speaker 4: advice that we can give here because with finance experts
• 16:48
  Speaker 4: not relationship experts, I think it's really important for us
• 16:52
  Speaker 4: to just be really mindful at this time of year
• 16:54
  Speaker 4: that not everybody is actually in the same financial or
• 16:57
  Speaker 4: emotional position as each other. Whilst we don't talk about
• 17:01
  Speaker 4: this a lot, and we probably should talk about it more,
• 17:03
  Speaker 4: it's just a really good reminder for us to all
• 17:06
  Speaker 4: be a little bit kinder to one another.
• 17:07
  Speaker 2: Well said Victoria. I completely agree.
• 17:10
  Speaker 4: So speaking of budgeting, it probably makes sense that we
• 17:13
  Speaker 4: introduce everyone to today's sponsor, shop Back.
• 17:16
  Speaker 2: Yes, Victoria, very exciting to have shot Back on board,
• 17:20
  Speaker 2: especially because they have been so very popular in our
• 17:23
  Speaker 2: Facebook community. Victoria, can you please tell the listeners who
• 17:26
  Speaker 2: aren't across the many benefits of shot back exactly what
• 17:28
  Speaker 2: it is and how it works.
• 17:29
  Speaker 4: So, shot Back is a cash back platform where you
• 17:32
  Speaker 4: get actual cash back into your bank account or PayPal
• 17:36
  Speaker 4: account simply by shopping through their platform. Can you actually
• 17:39
  Speaker 4: believe that you get sometimes up to thirty percent of
• 17:43
  Speaker 4: your purchase price back.
• 17:44
  Speaker 3: That is amazing.
• 17:45
  Speaker 4: It's actually crazy how many brands they have on board already, Georgia.
• 17:48
  Speaker 4: I couldn't believe it when I logged in to see
• 17:50
  Speaker 4: how many brands that actually recently added to the website.
• 17:54
  Speaker 2: Talk me through and Amaya and Woolies are on there.
• 17:56
  Speaker 4: Have you been using it?
• 17:58
  Speaker 2: I have used it. I've recently gotten nine percent back
• 18:00
  Speaker 2: on my Maya purchase little Chrissy present for Papa.
• 18:03
  Speaker 3: Oh, what do you buy?
• 18:05
  Speaker 5: Can't?
• 18:05
  Speaker 3: Can't give it away?
• 18:06
  Speaker 2: He'll be listening. Love it?
• 18:07
  Speaker 5: I know.
• 18:08
  Speaker 4: Well, if any of you are like me and you
• 18:09
  Speaker 4: haven't actually started doing your Christmas shopping yet, or you
• 18:13
  Speaker 4: haven't gotten onto the shop back bandwagon yet, we're actually
• 18:16
  Speaker 4: really lucky that Shopback has hooked us up with a
• 18:18
  Speaker 4: ten dollar welcome bonus for all She's on the Money listeners.
• 18:22
  Speaker 4: So to claim it, head to shopback dot com, dot au,
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  Speaker 4: forward slash s TM. It's completely free to sign up
• 18:29
  Speaker 4: and I will make sure that all of the details
• 18:31
  Speaker 4: are in our show notes for you to jump on board.
• 18:34
  Speaker 2: Merry Christmas, indeed.
• 18:35
  Speaker 4: Happy savings. Guys.
• 18:41
  Speaker 2: Hi, there, you've reached the Shes on the Money mailbox.
• 18:44
  Speaker 2: Do you have a money problem you want help solving.
• 18:46
  Speaker 2: Do you have a money dilemma you just want to
• 18:48
  Speaker 2: chat about. Victoria is here to help. Every week, we'll
• 18:51
  Speaker 2: be playing your questions to help makes sense of a
• 18:53
  Speaker 2: money mess you may have found yourself in. Make a
• 18:56
  Speaker 2: quick recording on your phone and send it to podcast
• 18:58
  Speaker 2: at shoes onthemoney dot com dot com. You and you
• 19:00
  Speaker 2: might find yourself on the show. But for now, here's Maddie.
• 19:09
  Speaker 5: Hi, guys, this is a bit of a weird one.
• 19:11
  Speaker 5: I've been with my boyfriend for about two and a
• 19:12
  Speaker 5: half months now, and with Christmas around the corner, I'm
• 19:15
  Speaker 5: not really sure what to do. I'd like to get
• 19:17
  Speaker 5: him something nice, but I also don't want to go
• 19:19
  Speaker 5: overboard and spend too much. But I also don't want
• 19:21
  Speaker 5: to look like a cheapskate. I'm also not sure like
• 19:24
  Speaker 5: what he's going to be getting me. So has anyone
• 19:27
  Speaker 5: been this situation? What do I do?
• 19:29
  Speaker 2: What are the rules here?
• 19:30
  Speaker 3: Victoria?
• 19:31
  Speaker 4: I actually don't know. I'm not sure how much help
• 19:33
  Speaker 4: I can be, but I do think the number one
• 19:37
  Speaker 4: thing here is just talking about it. Like if you're
• 19:39
  Speaker 4: in a new relationship and it's a solid relationship, talking
• 19:42
  Speaker 4: about things shouldn't hurt it, but I would be bringing
• 19:46
  Speaker 4: it up because it's one of those things that it's
• 19:48
  Speaker 4: nice to set the expectation up front. Often in a
• 19:51
  Speaker 4: new relationship, we put ourselves in a position where we
• 19:53
  Speaker 4: really want to impress the other person and obviously look
• 19:56
  Speaker 4: after them. But does that set unrealistic expectations for the
• 20:00
  Speaker 4: years to come?
• 20:01
  Speaker 2: Yeah, I completely agree with you. I think it's all
• 20:03
  Speaker 2: about honesty. If he's a good guy, he's not going
• 20:05
  Speaker 2: to argue about the amount of money that you spent
• 20:08
  Speaker 2: on his gift. Have the chat, establish kind of the
• 20:11
  Speaker 2: budget that you'll be working towards, and then go from there.
• 20:14
  Speaker 4: Yeah, or just do what you feel comfortable with. I
• 20:17
  Speaker 4: don't think that financial aspects should come into gift giving
• 20:21
  Speaker 4: to as much of an extent as it currently is.
• 20:24
  Speaker 4: We should be placing ourselves in a position where it's like,
• 20:26
  Speaker 4: all right, I am giving this person a gift because
• 20:29
  Speaker 4: I want them to feel thought about and I want
• 20:31
  Speaker 4: them to feel good. It actually doesn't matter how much
• 20:34
  Speaker 4: money I spend on them. Is this actually relevant gift
• 20:37
  Speaker 4: for them?
• 20:37
  Speaker 5: Like?
• 20:37
  Speaker 4: How can I make them feel the most special? And
• 20:39
  Speaker 4: often that does not mean that you have to spend
• 20:42
  Speaker 4: hundreds of dollars. I think it's the thought that counts.
• 20:51
  Speaker 2: Okay, now for the fun stuff. What good would a
• 20:54
  Speaker 2: money podcast be without the pervy stuff. Now it's time
• 20:57
  Speaker 2: for our money diary. Let's do this. Today's money diary
• 21:03
  Speaker 2: is from a twenty five year old gym manager who
• 21:05
  Speaker 2: says she's pretty good at managing her money.
• 21:08
  Speaker 6: I'd have to say that I'm fairly confident with money.
• 21:11
  Speaker 6: I've always, you know, tried really hard to make sure
• 21:15
  Speaker 6: I always have enough and I can always cover everything,
• 21:18
  Speaker 6: and I'm not sort of left short. I think that
• 21:21
  Speaker 6: comes from just wanting that security of knowing that I
• 21:24
  Speaker 6: always have it.
• 21:26
  Speaker 3: So yeah, i'd say, all right.
• 21:28
  Speaker 2: Okay, let's get into the juicy stuff. How much does
• 21:31
  Speaker 2: she earn and how much she is sitting in her
• 21:33
  Speaker 2: bank account right now?
• 21:34
  Speaker 6: So I currently earn sixty five thousand a year and
• 21:39
  Speaker 6: I have twenty thousand in my bank account, which I'm
• 21:43
  Speaker 6: pretty proud of. But I work, like I said before,
• 21:47
  Speaker 6: I work pretty hard for it, and I really focus
• 21:50
  Speaker 6: on saving.
• 21:51
  Speaker 3: So yeah, I'm pretty proud of that.
• 21:54
  Speaker 2: And what exactly happens to that money after it's deposited
• 21:57
  Speaker 2: into her account?
• 21:58
  Speaker 6: Okay, So when the money comes into my account, it
• 22:02
  Speaker 6: comes into sort of my main account, and then what
• 22:05
  Speaker 6: I do is I quickly transfer as much out as
• 22:08
  Speaker 6: I can. So I transfer money out to my savings accounts.
• 22:12
  Speaker 3: In my main account.
• 22:14
  Speaker 6: What's coming out of that is pretty much just like
• 22:16
  Speaker 6: my bills and my regular sort of fixed payments, I suppose,
• 22:21
  Speaker 6: and then I transfer money for my spending account, and
• 22:23
  Speaker 6: I try really hard to.
• 22:25
  Speaker 3: Stick to that spending amount.
• 22:27
  Speaker 6: Obviously, sometimes I have to dip back in to savings
• 22:30
  Speaker 6: for whatever reason, but yeah, I try to sort of
• 22:33
  Speaker 6: just keep to my spending.
• 22:34
  Speaker 2: Okay. Then, so how does our gine manager feel about investing?
• 22:38
  Speaker 2: Does she invest? And if so how?
• 22:40
  Speaker 4: Okay?
• 22:40
  Speaker 6: Yeah, so I do currently invest. I was investing with
• 22:45
  Speaker 6: Rays previously, and I was just using it for the
• 22:49
  Speaker 6: round up feature and adding a little bit more sort
• 22:52
  Speaker 6: of every pay. But I've actually recently been to see
• 22:56
  Speaker 6: a financial advisor and we're going to be moving that
• 22:59
  Speaker 6: money into sort of some sort of investment portfolio with them.
• 23:04
  Speaker 3: Yeah, so I'm excited about that.
• 23:05
  Speaker 2: What about debts like credit cards and personal loans, No,
• 23:09
  Speaker 2: I don't not yet.
• 23:11
  Speaker 6: I mean I will have debt in the future. But
• 23:14
  Speaker 6: when I think about debt. I think about that being
• 23:17
  Speaker 6: maybe for a house or an investment property, not any
• 23:22
  Speaker 6: other sort of debt like credit cards or anything like that.
• 23:25
  Speaker 6: I'm actually terrified of them.
• 23:27
  Speaker 3: I just I never want to have to have one.
• 23:30
  Speaker 6: I just I think about, you know, when I was
• 23:33
  Speaker 6: a kid and money being a little bit not sort of.
• 23:37
  Speaker 6: It wasn't ever really that bad, but it was a
• 23:39
  Speaker 6: little bit stressful in a sense that you know, Dad
• 23:42
  Speaker 6: would have never had a credit card, and he was
• 23:44
  Speaker 6: so against having credit cards and would always just have cash.
• 23:47
  Speaker 6: So it's kind of scared me a little bit, but
• 23:49
  Speaker 6: probably in a good way because I don't actually have
• 23:51
  Speaker 6: any credit cards.
• 23:52
  Speaker 2: So what's today's money diarist actually saving for and what's
• 23:56
  Speaker 2: her big money goal?
• 23:57
  Speaker 6: Well, right now, essentially I'm doing is I'm I'm kind
• 24:01
  Speaker 6: of looking out into my future and I really want
• 24:03
  Speaker 6: to create financial freedom for myself. I'm fiercely independent when
• 24:08
  Speaker 6: it comes to money. I never want to have to
• 24:10
  Speaker 6: be reliant on anyone. So I find from everything that
• 24:15
  Speaker 6: I understand about investing, the earlier that you start, the
• 24:18
  Speaker 6: easier it's.
• 24:18
  Speaker 3: Going to be later.
• 24:19
  Speaker 6: So my plan is that I invest as much as
• 24:22
  Speaker 6: I can now and hopefully sort of by ideally sort
• 24:26
  Speaker 6: of you know, when I'm in my fifties that it
• 24:29
  Speaker 6: potentially will be more comfortable, you know. I just I
• 24:32
  Speaker 6: want to make sure that I set myself up, and
• 24:34
  Speaker 6: I feel like this is the best way to do that.
• 24:37
  Speaker 2: Does al financially savvy gym manager have any good money
• 24:40
  Speaker 2: habits that she's especially proud of.
• 24:42
  Speaker 6: I think that what I'm most proud of is that
• 24:46
  Speaker 6: I prioritize savings and I'm prioritizing investing as well. I'm
• 24:52
  Speaker 6: not sure that there's maybe too many others my age
• 24:55
  Speaker 6: who are, you know, prioritizing that maybe as much, but yeah,
• 25:00
  Speaker 6: so for me, I'm quite proud of that. And I
• 25:01
  Speaker 6: think that that's a good habit that I've gotten into
• 25:05
  Speaker 6: early on, which has maybe made it easier for me
• 25:07
  Speaker 6: to do that now rather than sort of being a
• 25:10
  Speaker 6: massive spender and then having to try and you know,
• 25:13
  Speaker 6: curb all of those spending habits.
• 25:16
  Speaker 3: So I'd say that's probably what I'm most proud of.
• 25:18
  Speaker 2: And what about her worst money habit?
• 25:20
  Speaker 3: My worst money habit?
• 25:22
  Speaker 6: I think I can so, you know, I said my
• 25:26
  Speaker 6: best money habit was sort of saving and investing, but
• 25:29
  Speaker 6: that maybe could also lead to my worst which is
• 25:32
  Speaker 6: like I tend to feel a little bit guilty when
• 25:34
  Speaker 6: I spend money because I think, well, you know, should
• 25:37
  Speaker 6: I should I be spending that? Shouldn't I be saving it?
• 25:41
  Speaker 6: But I do work hard and I am doing relatively well,
• 25:45
  Speaker 6: I think, so I would like to at some point
• 25:47
  Speaker 6: in time not feel bad about spending money. So maybe
• 25:51
  Speaker 6: just yeah, giving myself permission a little bit to not
• 25:55
  Speaker 6: like go crazy, but not feel bad about, you know,
• 25:58
  Speaker 6: buying a top or anything like that.
• 26:00
  Speaker 2: And what about budgeting at Christmas time? How does that
• 26:03
  Speaker 2: money diarist manage.
• 26:04
  Speaker 6: That extensive time of the year. So my family is
• 26:10
  Speaker 6: I've actually sort of got kind of three families because
• 26:13
  Speaker 6: I've got my partner's family and his family is quite big,
• 26:17
  Speaker 6: and then I've got my mom's side and my dad's
• 26:20
  Speaker 6: side as well. So what we actually do across all
• 26:24
  Speaker 6: the families actually is we do KK. So instead of
• 26:26
  Speaker 6: having to buy sort of one small gift for everyone,
• 26:30
  Speaker 6: we actually get to buy sort of one good gift
• 26:33
  Speaker 6: I suppose for each kind of family.
• 26:35
  Speaker 3: So that really helps and as makes my.
• 26:38
  Speaker 6: List a lot shorter, which is helpful, and it just
• 26:41
  Speaker 6: means you get to spend so a KK limit is
• 26:43
  Speaker 6: about fifty dollars, so one fifty for like across the
• 26:47
  Speaker 6: three families. And then my partner and I we don't
• 26:49
  Speaker 6: kind of go crazy we're spending on each other. And
• 26:53
  Speaker 6: then I've got my niece and my nephew, who I
• 26:55
  Speaker 6: always like to buy something nice for. So but again, like,
• 27:00
  Speaker 6: I'm pretty anal when it comes to saving, so I
• 27:02
  Speaker 6: already have that money aside ready to go, so it
• 27:05
  Speaker 6: doesn't need to be stressful.
• 27:07
  Speaker 2: So how would today's money diarist rate her own relationship
• 27:10
  Speaker 2: with money?
• 27:11
  Speaker 6: If I was gonna give myself a rating, Look, I
• 27:13
  Speaker 6: guess I'd probably have to give myself an A. I
• 27:17
  Speaker 6: do think that I am pretty good with money, and
• 27:20
  Speaker 6: I do think that I'm off to a relatively good start,
• 27:24
  Speaker 6: but obviously there's always room for improvement, so I'd like
• 27:26
  Speaker 6: to be a plus.
• 27:28
  Speaker 2: What an incredibly impressive twenty five year old.
• 27:30
  Speaker 4: My god, Victoria, I wish I was that good at
• 27:33
  Speaker 4: money When I was twenty five years old. I wasn't
• 27:35
  Speaker 4: that bad, but I definitely didn't have twenty thousand dollars
• 27:38
  Speaker 4: in savings.
• 27:38
  Speaker 2: That's insane. I am twenty five and I'm just a
• 27:40
  Speaker 2: little bit stressed out now, But I'm happy for.
• 27:43
  Speaker 4: Her, and are you on track to beat our gym manager?
• 27:48
  Speaker 5: Look?
• 27:49
  Speaker 2: No, but hey, with your help, maybe slowly, but sure.
• 27:53
  Speaker 4: I've absolutely loved that she said that she was using
• 27:56
  Speaker 4: Raise and then went and spoke to a financial advisor
• 27:59
  Speaker 4: about setting up a portfolio that worked for her. Investment
• 28:02
  Speaker 4: platforms like Raise can be really cool tools to use
• 28:05
  Speaker 4: so that you can start investing without having to commit
• 28:08
  Speaker 4: to a full investment portfolio while you learn about the
• 28:11
  Speaker 4: markets and you learn what's going on, and you know
• 28:14
  Speaker 4: how much you can contribute each month. So I'm really
• 28:17
  Speaker 4: excited to hear that she reached out to a financial
• 28:19
  Speaker 4: advisor to have that conversation after she's been trialing it herself.
• 28:23
  Speaker 2: Very very sensible. I also thought it was interesting that
• 28:26
  Speaker 2: she said she feels that guilt even though she is
• 28:28
  Speaker 2: so good with money, Like that makes me feel even
• 28:30
  Speaker 2: more guilty, like she should be so proud and treat
• 28:32
  Speaker 2: herself every now and then.
• 28:33
  Speaker 4: I think so too. I think it's important to not
• 28:35
  Speaker 4: have too much of a treat yourself mentality, But I
• 28:37
  Speaker 4: also wouldn't want someone to feel guilty around spending, especially
• 28:41
  Speaker 4: on themselves, and that's where I think we should or
• 28:44
  Speaker 4: she could potentially build into her budget a fund or
• 28:48
  Speaker 4: an amount of money that she can guilt free spend
• 28:50
  Speaker 4: on herself, because it sounds like she's really good at
• 28:53
  Speaker 4: budgeting and managing her money. But I'm going to assume
• 28:56
  Speaker 4: that she doesn't ever put money aside for herself to
• 28:58
  Speaker 4: spend on herself. So maybe that's something she could do
• 29:02
  Speaker 4: to put herself in a position where she feels empowered
• 29:04
  Speaker 4: to our money and not so guilty.
• 29:06
  Speaker 2: That is really a really good point, And I feel
• 29:08
  Speaker 2: like in my life I need to start budgeting for
• 29:10
  Speaker 2: the fun stuff as well.
• 29:11
  Speaker 4: Good idea.
• 29:12
  Speaker 2: Alrighty, that's all we have time for today, But just
• 29:15
  Speaker 2: before we head off on our Christmas breaks, let's quickly
• 29:17
  Speaker 2: wrap the boring but important stuff. The advice shared on
• 29:21
  Speaker 2: She's on the Money is general in nature and does
• 29:23
  Speaker 2: not consider your individual circumstances. She's on the Money exists
• 29:26
  Speaker 2: purely for educational purposes only and should not be relied
• 29:30
  Speaker 2: upon to make an investment or financial decision. Oh and yes,
• 29:33
  Speaker 2: don't worry, we promise. Victoria Devine is an authorized representative
• 29:37
  Speaker 2: of Consultant Financial Advisors Proprietary Limited ABN six five six
• 29:42
  Speaker 2: three seven three nine nine to five afsl two three
• 29:46
  Speaker 2: zero three two three.
• 29:47
  Speaker 4: We would absolutely love it if you joined our Facebook group,
• 29:50
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• 30:01
  Speaker 4: the Money.
• 30:01
  Speaker 2: A U S alright, We'll see you guys next season.
• 30:04
  Speaker 4: Merry Christmasry Christmas.