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MONEY DIARIES: Lifestyle creeper · 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 She's on the Money's Money Diaries.
• 0:23
  Speaker 2: Today I am joined by our lovely friend Ryan John,
• 0:27
  Speaker 2: and he's asked me to intro and then throw it
• 0:29
  Speaker 2: directly to him because he's got a quiz for me.
• 0:31
  Speaker 3: So, everyone, because you've clicked on this episode, you know
• 0:34
  Speaker 3: what the title of this episode is already, but v
• 0:37
  Speaker 3: I'm going to get you to guess as I read
• 0:39
  Speaker 3: out this email what this person has done wrong straight
• 0:43
  Speaker 3: off the bat?
• 0:43
  Speaker 4: Okay, and what they've done wrong? Is their name?
• 0:46
  Speaker 3: Oh?
• 0:47
  Speaker 4: Is their name for the episode?
• 0:48
  Speaker 2: And I've got absolutely no idea what this is yet
• 0:50
  Speaker 2: because I've been provided with nothing and this is the
• 0:53
  Speaker 2: very first time I've had to open a pod with
• 0:55
  Speaker 2: no information.
• 0:56
  Speaker 4: That's a line, you know it that's got that's.
• 0:59
  Speaker 2: Not that is not lying. Oh maybe it is. I
• 1:02
  Speaker 2: don't know. I don't remember. Tell me what was the email?
• 1:04
  Speaker 3: So when I was between nineteen and twenty one, I
• 1:07
  Speaker 3: was a really great saver and I was able to
• 1:09
  Speaker 3: save twenty five thousand dollars on a salary of just
• 1:12
  Speaker 3: forty thousand dollars a year.
• 1:14
  Speaker 4: What incredible saver?
• 1:16
  Speaker 2: Uh?
• 1:17
  Speaker 4: Yeah? Shortly after moving out of home.
• 1:20
  Speaker 3: When I turned twenty two, I started spending way more
• 1:23
  Speaker 3: and saving way less. I am now twenty four, received
• 1:27
  Speaker 3: a promotion. I've got a really great salary, and I'm
• 1:30
  Speaker 3: finding that as my salary increases, I splurged more.
• 1:32
  Speaker 4: And more unnecessary items.
• 1:35
  Speaker 3: I yoyo back and forth with saving one thy five
• 1:38
  Speaker 3: hundred one pay then spending two thousand to upgrade my
• 1:40
  Speaker 3: laptop on the next and it's just like a big yoyo.
• 1:43
  Speaker 4: I can't get ahead.
• 1:44
  Speaker 3: I'm earning way more than I used to earn, and
• 1:46
  Speaker 3: I'm saving way less. Do you want to have a
• 1:48
  Speaker 3: guess of what today's money diarist.
• 1:49
  Speaker 2: Is a lifestyle creeper?
• 1:51
  Speaker 4: Look at the piece of paper.
• 1:54
  Speaker 2: What, oh my.
• 1:56
  Speaker 4: Gosh, I have?
• 1:58
  Speaker 2: So I actually didn't even read that. I'm so impressed
• 2:01
  Speaker 2: with myself.
• 2:02
  Speaker 3: Well, the lifestyle creeper says, I have large goals and
• 2:05
  Speaker 3: I always make budgets, but I'm never able to stick
• 2:07
  Speaker 3: to them. I know if I put my mind to something,
• 2:09
  Speaker 3: I can achieve more. But I'm feeling like I'm losing
• 2:11
  Speaker 3: my way as my income increases, and I want to
• 2:13
  Speaker 3: be able to secure myself financially for when I'm older.
• 2:16
  Speaker 2: I feel like we've probably got some hot tips for
• 2:18
  Speaker 2: this friend of ours, but also I feel like I
• 2:21
  Speaker 2: want to know a little bit more about their story.
• 2:23
  Speaker 2: So can we have a chat to them?
• 2:25
  Speaker 4: Let's give them a bell? Hello? Is this lifestyle creeper?
• 2:36
  Speaker 1: Yes? It is.
• 2:37
  Speaker 3: I just realized that I hadn't told you what your
• 2:39
  Speaker 3: name was until I called. But it's Ryan and Victoria.
• 2:41
  Speaker 3: Here are you doing?
• 2:42
  Speaker 1: That's okay? Yeah? Good? How you guys going? Well?
• 2:45
  Speaker 2: Thank you? How are you? How's your day been?
• 2:49
  Speaker 1: Oh? Yeah good? Just finished work for now I'm relaxing
• 2:52
  Speaker 1: and yeah, chill it out.
• 2:54
  Speaker 3: So I just read Victoria your email. Yeah, and thus
• 2:59
  Speaker 3: we've decided you on is lifestyle creeper?
• 3:02
  Speaker 1: Yeah? Love it great.
• 3:03
  Speaker 3: Now, for people who are regular, as she isn't the money,
• 3:05
  Speaker 3: they'll know what lifestyle creep is. But it just occurred
• 3:07
  Speaker 3: to me if you don't know what that is, it
• 3:09
  Speaker 3: sounds like we're calling you a bit of a creeper.
• 3:11
  Speaker 3: That's not the case.
• 3:12
  Speaker 2: Maybe she is. We don't know her well enough yet,
• 3:15
  Speaker 2: can you?
• 3:15
  Speaker 3: Obviously we've just read the email. But just for people
• 3:17
  Speaker 3: that don't know what is lifestyle.
• 3:20
  Speaker 2: Creep, So lifestyle creep is where you live? Within your
• 3:24
  Speaker 2: means at multiple different income levels. So when you're young
• 3:28
  Speaker 2: and you're at UNI and you don't have heaps of money,
• 3:31
  Speaker 2: you might be buying makeup at the supermarket or at
• 3:35
  Speaker 2: price line. And then as you get a bigger job
• 3:37
  Speaker 2: and more income, you start to increase your expenses in
• 3:41
  Speaker 2: line with your income, and you might now be shopping
• 3:43
  Speaker 2: at a door beauty or mecca. And it's one of
• 3:46
  Speaker 2: those things where it's so easy to creep up. It's
• 3:48
  Speaker 2: like we all used to drink Passion Pop, but now
• 3:50
  Speaker 2: I wouldn't purchase that if you paid me literally, So
• 3:54
  Speaker 2: that's what lifestyle creep is, where your lifestyle expenses literally
• 3:58
  Speaker 2: creep up and you don't realize.
• 4:00
  Speaker 4: Does that feel like an accurate description of where you're at?
• 4:03
  Speaker 1: Yeah, definitely. I think every time that I've had a
• 4:06
  Speaker 1: pay increase, it pretty much just creeps up every now
• 4:09
  Speaker 1: and then and without me really realizing until yeah, it
• 4:12
  Speaker 1: just happens. It's fair.
• 4:14
  Speaker 2: Do you drink passion Pop?
• 4:15
  Speaker 1: Though no I don't, thankfully, I love water, but yeah, good.
• 4:20
  Speaker 4: For you much more.
• 4:23
  Speaker 3: I've personally found myself in a situation where I've got
• 4:26
  Speaker 3: what I thought was like a good pay rise and
• 4:29
  Speaker 3: then you get halfway through the year to the end
• 4:30
  Speaker 3: of the un you go, oh, I got this pay rise.
• 4:33
  Speaker 4: Where is it? Where's the rest of the money?
• 4:35
  Speaker 2: We've all done that a bit cheeky, but that's where
• 4:39
  Speaker 2: we have to have a budget and we have to
• 4:40
  Speaker 2: allocate that when it comes in.
• 4:42
  Speaker 3: All Right, Lifestyle Creeper Victoria is going to go through
• 4:44
  Speaker 3: our regular money diary questions. So with that in mind,
• 4:48
  Speaker 3: ed when to hit the first question.
• 4:50
  Speaker 2: I would love to hit the first question. I want
• 4:52
  Speaker 2: to know what you do and how much you earn.
• 4:55
  Speaker 1: So I work for real estate company. I'm now a
• 4:58
  Speaker 1: senior property manager. I recently got promoted after relocating back home,
• 5:03
  Speaker 1: so that's been a bit of a bit of an
• 5:05
  Speaker 1: achievement for me, so I'm quite excited about that.
• 5:08
  Speaker 2: I would love to know what you earn as well.
• 5:11
  Speaker 1: So I earned seventy thousand before tax, and then on
• 5:15
  Speaker 1: top of that, I also get super I also, luckily
• 5:19
  Speaker 1: with my job, I get a car allow it's just
• 5:21
  Speaker 1: at seven thousand dollars a year as well, so that's
• 5:23
  Speaker 1: quite nice because we do have to use our own cars.
• 5:26
  Speaker 1: But yeah, that's pretty well accommodated.
• 5:29
  Speaker 2: For It's a pretty good money seven grand a year
• 5:32
  Speaker 2: that would give you some pretty good car expenses covered.
• 5:34
  Speaker 1: I think, yeah, definitely. I only just recently received that
• 5:38
  Speaker 1: as of this year, so which is pretty exciting that
• 5:41
  Speaker 1: I can kind of start putting towards that.
• 5:43
  Speaker 3: But yeah, is it a real cliche that I feel
• 5:46
  Speaker 3: like all real estate people have really fancy cars?
• 5:48
  Speaker 4: Is that a myth? Or do you drive a really
• 5:50
  Speaker 4: nice car?
• 5:51
  Speaker 1: I recently got a new car last year, so it's
• 5:58
  Speaker 1: a Toyota eighty six. It looks like a little sports car, but.
• 6:02
  Speaker 2: Course it looks like a sports car. I want to
• 6:06
  Speaker 2: know what is in your bank accounts right now?
• 6:09
  Speaker 1: So currently I have three hundred and fifty in emergency fund,
• 6:13
  Speaker 1: which was pretty much at zero a couple of weeks
• 6:15
  Speaker 1: ago before my first or second paycheck, which, yeah, it's better.
• 6:20
  Speaker 1: I was planning on growing it obviously within the next
• 6:22
  Speaker 1: few months, but for a couple of months I didn't
• 6:25
  Speaker 1: have anything, which obviously in the back of my mind
• 6:28
  Speaker 1: every day made me quite worried. But it's getting there.
• 6:31
  Speaker 2: And do you have any other bank accounts that you
• 6:33
  Speaker 2: want to tell us the details of.
• 6:35
  Speaker 1: Yeah, I do have, Like as of this year, I'm
• 6:39
  Speaker 1: kind of starting to flow lists that up after obviously
• 6:41
  Speaker 1: listening to the podcast a few different bank accounts ones.
• 6:44
  Speaker 1: I just want to try and organize my money because
• 6:47
  Speaker 1: I'm very visual as well, so I like seeing my
• 6:49
  Speaker 1: money in separate accounts for each individual thing. So it
• 6:52
  Speaker 1: could be like a bill's account or you know, spending
• 6:55
  Speaker 1: account of saving account, things like that. So I do
• 6:59
  Speaker 1: have them there, but they just don't have money yet.
• 7:01
  Speaker 2: That is fine. I want to ask a purvy and
• 7:04
  Speaker 2: really self indulgent question. Are you using their sheets on
• 7:07
  Speaker 2: the Money Budgeting cash Flow Masterclass? By chance?
• 7:11
  Speaker 1: No, but I've heard about it obviously on the podcast.
• 7:13
  Speaker 2: Well I will set you up with that because you
• 7:15
  Speaker 2: said you're a visual person and it is a super
• 7:17
  Speaker 2: visual guide on what bank accounts you need to set up.
• 7:21
  Speaker 2: And I literally just tell you what six bank accounts
• 7:23
  Speaker 2: I think you need to set up for financial success.
• 7:26
  Speaker 2: And I feel like that might be something that could
• 7:28
  Speaker 2: help you right now.
• 7:29
  Speaker 1: That would be amazing. Oh my god, Yes, thank you.
• 7:31
  Speaker 2: We will add you right after we finished this record.
• 7:34
  Speaker 3: And you say you're a visual person, so is V
• 7:37
  Speaker 3: Hence the course looks very pretty and arguably there's more
• 7:40
  Speaker 3: time spent, not that there wasn't heaps of times been
• 7:42
  Speaker 3: on the content, but the effort that went into the
• 7:44
  Speaker 3: colors and the fonds of making sure it all popped
• 7:46
  Speaker 3: out looking people, let's got an insult.
• 7:50
  Speaker 2: Going to print my cash flow system. It's going to
• 7:53
  Speaker 2: be aesthetic like it needs to be chef's kiss like.
• 7:56
  Speaker 2: It will be the best cash flow system you've ever seen. So,
• 8:00
  Speaker 2: speaking of money, what is your attitude towards money?
• 8:05
  Speaker 1: Oh, like it's changed over the years. I guess when
• 8:08
  Speaker 1: I was quite young, I think in my email to Ryan,
• 8:11
  Speaker 1: like I said, it was I was very good with
• 8:14
  Speaker 1: my money. I always saved it. I never liked spending.
• 8:18
  Speaker 1: I was always, you know, in my family with a
• 8:20
  Speaker 1: really good favor I had, I think about twenty five
• 8:25
  Speaker 1: thousand dollars in my account when I was between like
• 8:27
  Speaker 1: nineteen and twenty one. So I was always really proud
• 8:29
  Speaker 1: of myself. And I think as I got older, going
• 8:32
  Speaker 1: into the job that I'm in, it just slowly kept
• 8:36
  Speaker 1: creeping down as I spent more and you know, bills
• 8:39
  Speaker 1: would pop up and I just didn't have the right
• 8:42
  Speaker 1: attitude towards how I was going to be managing my money.
• 8:46
  Speaker 1: So I think because of that, it just slowly went down.
• 8:49
  Speaker 1: It's a shame, but I do definitely want to try
• 8:51
  Speaker 1: and get back on TRACT this year. I think after
• 8:53
  Speaker 1: listening to Issues on the Money, I think a friend
• 8:55
  Speaker 1: posted it on her Instagram story and thought I'd give
• 8:58
  Speaker 1: it a crack and listen to it.
• 9:00
  Speaker 2: And yeah, I love that people are now finding it
• 9:04
  Speaker 2: through their friends. And it's kind of like even more
• 9:07
  Speaker 2: community because it's not just oh yeah, like I joined
• 9:10
  Speaker 2: the She's on the Money community. It's kind of like
• 9:12
  Speaker 2: you're already friends with the people in the community.
• 9:14
  Speaker 1: And yeah, so I really exciting to hear that. And yeah,
• 9:17
  Speaker 1: so and now I love it. So we're getting that.
• 9:20
  Speaker 2: So what is your big money goal?
• 9:23
  Speaker 1: Well, hopefully in four years, I want to get a
• 9:26
  Speaker 1: deposit for a house. That's pretty much my own goal. Obviously,
• 9:29
  Speaker 1: working in real estate, I kind of understand that and
• 9:31
  Speaker 1: I really want to achieve that. So yeah, in four years,
• 9:34
  Speaker 1: I really want to have at least one hundred thousand
• 9:37
  Speaker 1: dollars deposit. I know that's quite a big goal, but
• 9:39
  Speaker 1: I think with some good budgeting, I hope I can
• 9:41
  Speaker 1: get there.
• 9:42
  Speaker 2: I am more than positive that you will get there,
• 9:45
  Speaker 2: giving your income and how much you want it, Like
• 9:48
  Speaker 2: I can hear it in your voice. I feel like
• 9:50
  Speaker 2: maybe you feel a little bit disappointed in yourself, even
• 9:53
  Speaker 2: though you shouldn't, because at the end of the day,
• 9:55
  Speaker 2: you've achieved a pretty epic salary for your age, and
• 9:58
  Speaker 2: you've proven it before you can save, so why couldn't
• 10:01
  Speaker 2: you do it again?
• 10:02
  Speaker 1: Exactly?
• 10:03
  Speaker 2: Hopefully exactly, So talk to me about how you feel
• 10:06
  Speaker 2: about investing. Do you have any investments?
• 10:09
  Speaker 1: So I'm quite new to investing, obviously, after listening to
• 10:13
  Speaker 1: the podcast for a bit, I've started looking more into
• 10:16
  Speaker 1: raising spaceship. I did have rays for a couple of months,
• 10:20
  Speaker 1: which got to about five hundred dollars with roundups, but
• 10:24
  Speaker 1: now I've transferred all that into spaceship, so that's sitting
• 10:27
  Speaker 1: at about six hundred at the moment.
• 10:29
  Speaker 2: How good. I feel like you just don't notice it
• 10:32
  Speaker 2: coming out, and then all of a sudden you've got
• 10:34
  Speaker 2: six hundred dollars invested and you're like, wow, that was
• 10:36
  Speaker 2: definitely not as hard as I thought it was going
• 10:38
  Speaker 2: to be.
• 10:39
  Speaker 1: Yeah, exactly, especially with the roundups. But now I just
• 10:42
  Speaker 1: auto transfer, so I don't really see it. It's small,
• 10:45
  Speaker 1: but yeah, hopefully it keeps growing.
• 10:48
  Speaker 2: As I always say. Ryan from little things, big things
• 10:52
  Speaker 2: do grow. He's not quick enough, click enough.
• 10:54
  Speaker 3: You've caught me without my sound effects.
• 10:57
  Speaker 2: He's usually got a sound panel in front of you,
• 11:00
  Speaker 2: and that is one of your sounds because I don't
• 11:02
  Speaker 2: like it. But I knew he wasn't listening as well
• 11:04
  Speaker 2: as he should have been. I don't know, I can't remember.
• 11:09
  Speaker 2: I would love her from job all right. I would
• 11:15
  Speaker 2: love to know about any debts that you have and
• 11:18
  Speaker 2: how do you feel about them?
• 11:20
  Speaker 1: Well, thankfully, I don't have any debts. Obviously. I had
• 11:23
  Speaker 1: one when I was when I had my car, like
• 11:25
  Speaker 1: several years ago, but I paid that off I think
• 11:27
  Speaker 1: within the year. So again, younger me came through and
• 11:31
  Speaker 1: made sure I didn't have any debt for me now.
• 11:33
  Speaker 1: But I really don't like the sort of debt. I
• 11:35
  Speaker 1: think if it's purposeful, like a brgage, it makes sense
• 11:38
  Speaker 1: to me, but not like consumer debts. So I think
• 11:42
  Speaker 1: all the money that I've used throughout the years business savings, thankfully,
• 11:46
  Speaker 1: But yeah, don't really like the thought of it.
• 11:48
  Speaker 2: Absolutely, And what would it be your best money habit?
• 11:54
  Speaker 1: Well, my lovely mother she's always had really good money habits,
• 11:58
  Speaker 1: and she taught me at quite age to always put
• 12:01
  Speaker 1: more money into your super than you think, like than
• 12:04
  Speaker 1: your normal job does like put in for you. So
• 12:08
  Speaker 1: every fortnight I put in fifty dollars, So.
• 12:11
  Speaker 2: That's investing before when she's going to add up, that's
• 12:14
  Speaker 2: going to add up. So how long have you been
• 12:16
  Speaker 2: doing that?
• 12:17
  Speaker 1: Since I was like my first job, so like eighteen
• 12:20
  Speaker 1: seventeen something like that.
• 12:22
  Speaker 4: That's going to be worth hundreds of thousands of dollars
• 12:24
  Speaker 4: a year?
• 12:25
  Speaker 1: Do you know what that actually means?
• 12:26
  Speaker 4: Like that definitely if you keep doing that's such a
• 12:29
  Speaker 4: great I.
• 12:29
  Speaker 2: Feel like it was. I think it's really funny actually
• 12:32
  Speaker 2: because before when we said how do you feel about investing?
• 12:34
  Speaker 2: Do you invest? Like, the only thing you told me
• 12:37
  Speaker 2: about was that six hundred dollars that you've got in
• 12:39
  Speaker 2: a micro investing platform, where in reality, what you're telling
• 12:43
  Speaker 2: me is you've been investing in an additional fifty bucks
• 12:45
  Speaker 2: a week since you started working, and essentially you're adding
• 12:50
  Speaker 2: what's that Let me just think that's.
• 12:52
  Speaker 4: A fortnite or per week?
• 12:54
  Speaker 1: We literally that at fortnight a fortnight.
• 12:56
  Speaker 2: Oh that's twenty five bucks a week. But since you're eighteen,
• 12:58
  Speaker 2: that is epic. We had these posts on the she's
• 13:01
  Speaker 2: on the money Instagram the other day that if you
• 13:04
  Speaker 2: put an additional fifty dollars a week into your superannuation,
• 13:07
  Speaker 2: you would end up with like six hundred thousand dollars
• 13:09
  Speaker 2: more in your Super when you're retired. That's so much money.
• 13:12
  Speaker 3: Yeah, and also because of like all the compounding, the
• 13:15
  Speaker 3: fact that you started it not when you're thirty five,
• 13:17
  Speaker 3: you started at eighteen. That's gonna that's like one of
• 13:20
  Speaker 3: the best things you can do. If that's all you
• 13:22
  Speaker 3: did in your investment journey, that would be so.
• 13:24
  Speaker 2: Far ahead advice, but you can it would be helpful.
• 13:28
  Speaker 1: I just recently found out that Super actually does invest
• 13:32
  Speaker 1: I Honestly, for years, I thought it was just a
• 13:35
  Speaker 1: sau that there. Yeah, and so.
• 13:37
  Speaker 2: Many people think that, and so many people assume that
• 13:41
  Speaker 2: somehow it's not yours and it's not theirs, But in reality,
• 13:45
  Speaker 2: it is literally a minimum of nine point five percent
• 13:48
  Speaker 2: of your personal money that you earned being put into
• 13:52
  Speaker 2: an account for you that is then invested on your behalf.
• 13:54
  Speaker 2: And it baffles me that people don't care how it's
• 13:58
  Speaker 2: invested because they're like, oh, a little bit ages before
• 14:00
  Speaker 2: I can access it, and it's like, well, that's why
• 14:02
  Speaker 2: you actually should care why it's invested, because it's forcibly
• 14:06
  Speaker 2: invested for a long period of time and it's going
• 14:09
  Speaker 2: to be compounding over anyway, I just liked a round
• 14:11
  Speaker 2: about investments. Really, let's flip this question on its head
• 14:16
  Speaker 2: and ask you what your worst money habit is.
• 14:19
  Speaker 1: Definitely because I don't think before I spend, so I'm
• 14:22
  Speaker 1: definitely quite a big impulse shopper. Yes, I definitely act
• 14:28
  Speaker 1: on impulse. If I see it, I go, Yep, that's it.
• 14:30
  Speaker 1: It's stun It's in my cart. So yeah, that's probably
• 14:34
  Speaker 1: one of my worst money habits.
• 14:36
  Speaker 2: You could start putting twenty four hours between you and
• 14:39
  Speaker 2: your spending, which is another one of the things. I
• 14:41
  Speaker 2: feel like this has been a very quotable money diary
• 14:45
  Speaker 2: this week.
• 14:45
  Speaker 4: But instead of answering you, I'll just read future oh sorry,
• 14:49
  Speaker 4: former quotes.
• 14:50
  Speaker 2: Yeah, former quotes from my Instagram, which is slightly embarrassing.
• 14:54
  Speaker 2: But at the end of the day, I am very
• 14:56
  Speaker 2: similar to that, and one of the things that I
• 14:58
  Speaker 2: do is tell myself I can still have it if
• 15:01
  Speaker 2: I want it in twenty four hours, and more often
• 15:04
  Speaker 2: than not, I've gone cold on that item or I'm
• 15:06
  Speaker 2: a little bit apprehensive, And I think that when you
• 15:09
  Speaker 2: have issues, and I'm not saying massive issues, but when
• 15:12
  Speaker 2: you struggle a little bit with the impulse spending, it
• 15:14
  Speaker 2: can be really helpful to not say things to yourself
• 15:17
  Speaker 2: like no, I'm just not going to spend anymore. Like
• 15:19
  Speaker 2: that never works. It's like a diet. You're going to
• 15:22
  Speaker 2: crash and burn at some point. But saying you know what,
• 15:24
  Speaker 2: I can have it. I can just have it tomorrow
• 15:27
  Speaker 2: if I still want it. And the more time you
• 15:29
  Speaker 2: can put in between you and that purchase, the better
• 15:32
  Speaker 2: in my opinion.
• 15:33
  Speaker 1: Yeah, definitely.
• 15:35
  Speaker 2: Last and final question of the formal Money Diaries questions,
• 15:39
  Speaker 2: my friend, what grade would you give yourself if we
• 15:43
  Speaker 2: forced you to give yourself a financial grade?
• 15:46
  Speaker 1: I probably give yourself like a C minus, just because
• 15:49
  Speaker 1: I feel like I have a long way to go
• 15:51
  Speaker 1: and I need to just stick to my plan and
• 15:53
  Speaker 1: not go off it. So yeah, for now minus.
• 15:56
  Speaker 2: I'm not going to argue with you, because I never
• 15:58
  Speaker 2: argue with people, but I do you feel like you
• 16:00
  Speaker 2: might be being a little bit harsh on yourself? Definitely
• 16:04
  Speaker 2: a little bit.
• 16:04
  Speaker 4: I would argue.
• 16:05
  Speaker 3: An extra fifty bucks in your super A fortnight, isn't
• 16:07
  Speaker 3: it self worth a grade.
• 16:08
  Speaker 2: And a half. Yeah, exactly, I'm going to award you
• 16:11
  Speaker 2: with a B plus.
• 16:13
  Speaker 1: My mum to thank for that. But yeah, no, I'm
• 16:15
  Speaker 1: glad she put me on it.
• 16:17
  Speaker 2: Sheers mum. All right, thank you so much for answering
• 16:20
  Speaker 2: those questions. We will be back in just a second.
• 16:31
  Speaker 2: All right, let's dive straight back in. Ryan, what did
• 16:34
  Speaker 2: you think of that money diary?
• 16:35
  Speaker 4: Well, I think lifestyle creeper.
• 16:37
  Speaker 3: I think the first thing just realizing that she wants
• 16:40
  Speaker 3: to make it change. I feel like we both feel
• 16:42
  Speaker 3: that is that.
• 16:43
  Speaker 2: I feel like you're I feel like it's very genuine
• 16:45
  Speaker 2: lifestyle creeper is still here to join this conversation. By
• 16:48
  Speaker 2: the way, lifestyle creeper, how did your money diary go?
• 16:51
  Speaker 2: In your opinion? Did you like the questions? Did you
• 16:53
  Speaker 2: not like talking to me? Who knows? Oh?
• 16:55
  Speaker 1: I loved it. Yeah. It's good to yeah, get it
• 16:57
  Speaker 1: all out there and have a chat. Yeah, very exciting.
• 17:01
  Speaker 3: So what was the moment you realized that you were,
• 17:04
  Speaker 3: in fact a bit of a lifestyle creeper and that
• 17:06
  Speaker 3: you wanted to do something about Obviously, you've just discovered
• 17:09
  Speaker 3: she's on the money. You've noticed that you're saving dwindling.
• 17:11
  Speaker 3: Was there a bit of a line in the sand
• 17:13
  Speaker 3: moment where you went, oh, hang on a second, I
• 17:14
  Speaker 3: actually want to make a few changes here.
• 17:17
  Speaker 1: Yeah. I think it was kind of like one of
• 17:18
  Speaker 1: those cliche years resolution style realization you k you me? Yeah,
• 17:26
  Speaker 1: pretty much. And I think after I got the new
• 17:28
  Speaker 1: job coming into the new year, and I guess taking
• 17:32
  Speaker 1: I took quite a bit of time off work as well,
• 17:34
  Speaker 1: so I think again, I had a lot of time
• 17:36
  Speaker 1: to sit and realize and yeah, I just want to
• 17:39
  Speaker 1: get my act together and get back to my former
• 17:43
  Speaker 1: younger self and how good I was with saving So yah.
• 17:46
  Speaker 2: I do have a question about your former younger self.
• 17:50
  Speaker 2: You said in your email to us that you saved
• 17:52
  Speaker 2: about twenty five thousand dollars on a forty thousand dollars salary,
• 17:55
  Speaker 2: which to me is wild. What were your circumstances then?
• 18:00
  Speaker 2: Were you living at home or are you renting with friends?
• 18:02
  Speaker 4: Like?
• 18:02
  Speaker 2: What were your living circumstances?
• 18:05
  Speaker 1: Yeah, I was pretty lucky. I was still living at
• 18:07
  Speaker 1: home with my mum, so again pretty much had next
• 18:11
  Speaker 1: to no bills, which allowed me to say so much money, yeah, exactly,
• 18:17
  Speaker 1: And then I was able to also pay my car
• 18:18
  Speaker 1: if within any year. So again that led me to
• 18:21
  Speaker 1: not having any debt. So definitely staying with my mum
• 18:24
  Speaker 1: for as long as I did helped a lot. And
• 18:27
  Speaker 1: I think I was just really good with savings. I
• 18:29
  Speaker 1: loved the idea of looking at my account and having
• 18:31
  Speaker 1: that much money in there. But yeah, I think as
• 18:34
  Speaker 1: I crept up and I got more more of a
• 18:37
  Speaker 1: salary behind me, I just wanted to, I guess, for
• 18:40
  Speaker 1: rule with myself and stretch my budget.
• 18:42
  Speaker 2: But yeah, I think I'm to be a little streak down.
• 18:45
  Speaker 4: Yeah. So did you when you got the job?
• 18:48
  Speaker 3: Did you kind of readjust the plan or you kind
• 18:50
  Speaker 3: of just started getting the money and spending it and
• 18:52
  Speaker 3: it's like you didn't even sort of really think about
• 18:54
  Speaker 3: it too much.
• 18:55
  Speaker 1: I definitely didn't think about it a lot the last
• 18:58
  Speaker 1: couple of years. But I think now that I've gotten
• 19:00
  Speaker 1: the job that I'm in, it was kind of a
• 19:03
  Speaker 1: big realization to realize, I guess the salary that I'm
• 19:06
  Speaker 1: on in the position that I'm in, because I still
• 19:08
  Speaker 1: don't have a lot of I guess expenses in my life,
• 19:13
  Speaker 1: so I really want to, I guess, utilize that as
• 19:15
  Speaker 1: much as I can, because I think with COVID as well.
• 19:17
  Speaker 1: That kind of also made me have a big realization
• 19:20
  Speaker 1: where I'm in such a lucky position where i still
• 19:23
  Speaker 1: have a job, so I don't really want to take
• 19:25
  Speaker 1: that for advantage and yeah, get more money behind me again.
• 19:28
  Speaker 4: Now this is more of a question for the UH.
• 19:32
  Speaker 3: We talked about the money course before which our lafe
• 19:34
  Speaker 3: style creeper is going to do the budgeting in Cashlow Masterclass.
• 19:37
  Speaker 3: How often should you check in on that updated change it?
• 19:42
  Speaker 4: Think about it? Is it just you've done your budget
• 19:44
  Speaker 4: then it's done?
• 19:45
  Speaker 2: Or no no, no, no, no no. And I think
• 19:47
  Speaker 2: that I think this is such a common misconception when
• 19:49
  Speaker 2: it comes to budgeting that you have to outline how
• 19:52
  Speaker 2: much your money is going to be allocated to so
• 19:55
  Speaker 2: you'd be like, Okay, I'm going to give myself one
• 19:57
  Speaker 2: hundred dollars for groceries and I'll just make that work.
• 20:00
  Speaker 2: Kind of the opposite with the budget and Cashlely Masterclass,
• 20:02
  Speaker 2: it's a bit more about okay, well, what are we
• 20:05
  Speaker 2: really spending. Let's actually allocate what we're spending so that
• 20:08
  Speaker 2: one we can see that and it's reflected back to us,
• 20:10
  Speaker 2: so we can make some positive changes if we need to,
• 20:13
  Speaker 2: but being really a stick with it, it's not about, hey,
• 20:16
  Speaker 2: we need to fit into this category because Ryan, you
• 20:19
  Speaker 2: might prefer to spend three hundred dollars a week on
• 20:22
  Speaker 2: groceries because you really like Gormet food and that's the
• 20:25
  Speaker 2: one thing that you spend money on, whereas I might
• 20:28
  Speaker 2: be super frugal and only want to spend fifty dollars
• 20:31
  Speaker 2: a week on groceries, but I have a really expensive
• 20:34
  Speaker 2: gym membership where I'm spending you know, one hundred bucks
• 20:36
  Speaker 2: a week on that. So everybody's values are different, and
• 20:39
  Speaker 2: I find it really terrible when people say, well, that's
• 20:41
  Speaker 2: what your budget should be, when then reality that's not when.
• 20:44
  Speaker 3: Experts inverted commas come out and say, well, obviously you
• 20:47
  Speaker 3: only spend seven percent of this on the arte.
• 20:49
  Speaker 2: Yeah, and I don't wear com percentages ever, as you
• 20:51
  Speaker 2: guys would know. But for me, I think it's just
• 20:54
  Speaker 2: more about having a good budget is going to help
• 20:56
  Speaker 2: you understand what you're spending so you know what you
• 20:59
  Speaker 2: want to spend, then where you can actually save because
• 21:02
  Speaker 2: most of the money that you are spending at the
• 21:04
  Speaker 2: moment is obviously discretionary, but it slips through the crap sorry,
• 21:13
  Speaker 2: I can't. I can't. It slips through the cracks and
• 21:18
  Speaker 2: you just spend it without even thinking, whereas if you
• 21:21
  Speaker 2: actually allocated that money to an account that you knew
• 21:23
  Speaker 2: you could blow, you feel a little bit more in
• 21:26
  Speaker 2: control of your money. But come back to the question
• 21:28
  Speaker 2: you were really asking, I'm just really passionate about budgets.
• 21:32
  Speaker 2: I genuinely think you should be checking in on your
• 21:34
  Speaker 2: budget officially once a month to just check in on things.
• 21:39
  Speaker 2: I don't think you need to check it each and
• 21:40
  Speaker 2: every single week, because every week money is different. But
• 21:44
  Speaker 2: on a monthly basis, I think you should sit down
• 21:46
  Speaker 2: with your budget, tweak it a little bit, and move forward.
• 21:50
  Speaker 2: And that's kind of what And I feel like I'm
• 21:52
  Speaker 2: an ad right now and I don't mean to be,
• 21:54
  Speaker 2: but I think that's what's so good about the budget
• 21:56
  Speaker 2: and Cashually master class because it's actually all automated. So
• 21:59
  Speaker 2: if one of your expense changes, you just go in
• 22:01
  Speaker 2: and change it, and the whole cash low system updates
• 22:03
  Speaker 2: because I've automated it, which is kind of fun.
• 22:05
  Speaker 4: Yeah.
• 22:05
  Speaker 2: So I think less work, which is what we're all about.
• 22:09
  Speaker 3: I think once you get that set up, and I
• 22:10
  Speaker 3: think when you were saying you've started to set up
• 22:12
  Speaker 3: different bank accounts to allocate. I feel like you're already
• 22:15
  Speaker 3: positioned to you know, you've got your head in the
• 22:17
  Speaker 3: game for that. So do you feel pretty confident once
• 22:19
  Speaker 3: you get that set up?
• 22:20
  Speaker 1: Oh? Definitely, I hope so. And obviously, you know with
• 22:23
  Speaker 1: the master cast, I'm hoping that because we'll get sorted
• 22:26
  Speaker 1: and I can get more money behind me.
• 22:28
  Speaker 2: Random Ryan And this has absolutely nothing to do with
• 22:31
  Speaker 2: the Money Diary, But I have been asked so many
• 22:34
  Speaker 2: times for this and I haven't been able to produce
• 22:36
  Speaker 2: it yet because it's far more complicated than I thought
• 22:38
  Speaker 2: it was going to be. Because, as you know, I'm
• 22:40
  Speaker 2: a bit of an EXL nerd. I would say nerd
• 22:43
  Speaker 2: wizard maybe, but I built this very very complicated Excel.
• 22:48
  Speaker 2: You guys, it's easy for you, it's just the background.
• 22:50
  Speaker 2: Transferring that to Google Sheets has been a nightmare. But
• 22:53
  Speaker 2: I have successfully done it and it is now up
• 22:56
  Speaker 2: and running.
• 22:57
  Speaker 4: Yea, So is that people requesting Google Sheets?
• 22:59
  Speaker 2: Yeah, because not everybody has Excel. And I didn't realize
• 23:02
  Speaker 2: that not everybody had Excel because I'm a potato and
• 23:05
  Speaker 2: now we have Googue and it is universal. What a dream.
• 23:08
  Speaker 4: Well, that is a dream, and for an excel NERD
• 23:10
  Speaker 4: like yourself. I'm proud of you. Thank you, and I
• 23:12
  Speaker 4: know you're proud of yourself because I can see you.
• 23:15
  Speaker 2: Jess ask. Yes, she'll chime in on this later. Are
• 23:17
  Speaker 2: we going to talk about this on Friday? Dreams?
• 23:19
  Speaker 4: Sorry to keep it calling you lifestyle creeper. It sounds
• 23:21
  Speaker 4: weird and very impersonal.
• 23:22
  Speaker 3: But I'm curious why you moved from Raised to Spaceship,
• 23:26
  Speaker 3: because I think they don't all get approved. But I
• 23:29
  Speaker 3: reckon someone probably puts in the Facebook group, which one.
• 23:33
  Speaker 4: Do I go like, it's an ongoing.
• 23:34
  Speaker 2: Conversation choice now.
• 23:36
  Speaker 3: And there's lots of yeah. So there's lots of pros
• 23:38
  Speaker 3: and cons and some is better for some and not
• 23:40
  Speaker 3: for others. So I'm just curious your personal thoughts on
• 23:43
  Speaker 3: why you switched across because I'm with both.
• 23:45
  Speaker 4: I think, yes, I.
• 23:46
  Speaker 1: Am, yeah, I think because I have been reading a
• 23:50
  Speaker 1: lot up onto it more and I didn't realize silly
• 23:54
  Speaker 1: me didn't check before. But I do realize obviously, with
• 23:57
  Speaker 1: the amount that I was putting in versus the fees
• 24:00
  Speaker 1: they were charging, it just it just didn't make sense
• 24:02
  Speaker 1: to keep it there because I don't didn't have a
• 24:04
  Speaker 1: very big account, so I think go into Spaceship because
• 24:08
  Speaker 1: they don't charge fees on the five thousand dollars like
• 24:10
  Speaker 1: if you have that in your account, which is why
• 24:12
  Speaker 1: I transferred to Spaceship.
• 24:16
  Speaker 2: While I learned yeah fair and I think Raise recently
• 24:19
  Speaker 2: have upped their fees, which.
• 24:21
  Speaker 3: Is that email came out last week because yeh, I'm
• 24:23
  Speaker 3: going user. So I got that email. I was like interesting,
• 24:25
  Speaker 3: and I actually thought, I wonder if anyone else and
• 24:27
  Speaker 3: choes and the Money's got this email. And literally as
• 24:29
  Speaker 3: I was thinking that, it pops up in the group
• 24:31
  Speaker 3: and anyone I'll see this.
• 24:32
  Speaker 2: Everybody saw it.
• 24:34
  Speaker 4: Absolutely.
• 24:34
  Speaker 2: It's actually really interesting because as much as we compare
• 24:37
  Speaker 2: them all the time, and this is absolutely not sponsored
• 24:40
  Speaker 2: as just my honest opinion and views on this, but
• 24:43
  Speaker 2: Raise and Spaceship are two very different products and they
• 24:46
  Speaker 2: look very similar because they're both investing platforms. But Raise
• 24:51
  Speaker 2: is more about having ETFs and they're kind of run
• 24:54
  Speaker 2: in a fund where Raise has picked those and then
• 24:57
  Speaker 2: picks it in relation to your risk profile. But then
• 25:01
  Speaker 2: Spaceship actually has its own fund which is kind of cool,
• 25:04
  Speaker 2: and you put your money directly into their fund, which
• 25:07
  Speaker 2: is why they're able to not have as high a
• 25:09
  Speaker 2: fees and usually take a little bit more risk, but
• 25:12
  Speaker 2: they don't take into consideration your risk profile.
• 25:14
  Speaker 3: Now, normally we'd say check the pds, and that's obviously
• 25:17
  Speaker 3: the case still.
• 25:18
  Speaker 2: But obviously check the pds.
• 25:20
  Speaker 4: Go and check the graphic on our Instagram.
• 25:21
  Speaker 3: Because as weird as that is for financial advice, we
• 25:24
  Speaker 3: actually have a really great thing that kind of says,
• 25:25
  Speaker 3: here's the pros and cons of both people are saying,
• 25:27
  Speaker 3: what is the difference, what's the deal? It's a really
• 25:30
  Speaker 3: great place to start.
• 25:30
  Speaker 2: And I'm like, why don't you just go on Instagram?
• 25:32
  Speaker 2: But don't go on Instagram for your financial advice because
• 25:34
  Speaker 2: that's terrible. But you know, I actually wanted to ask
• 25:37
  Speaker 2: about goals really quickly because you said that you make
• 25:40
  Speaker 2: large goals and you always make budgets. Can you tell
• 25:42
  Speaker 2: us a little bit about how you're creating these budgets
• 25:46
  Speaker 2: and maybe why they're not working for you at the moment,
• 25:48
  Speaker 2: because I think so many people are listening to this
• 25:50
  Speaker 2: and they're like, I really need a budget, but like,
• 25:52
  Speaker 2: why haven't yours worked for you yet?
• 25:55
  Speaker 1: I think I'm being too strict with myself. I want
• 25:58
  Speaker 1: to have these big goals and I really want to
• 26:00
  Speaker 1: achieve things, and I think in such a short time
• 26:03
  Speaker 1: frame and I'm just not able to stick to it
• 26:05
  Speaker 1: with like the lifestyle that I want to live. So
• 26:08
  Speaker 1: I think I just need to be more realistic with
• 26:10
  Speaker 1: my goals and not cut myself short because it looks
• 26:13
  Speaker 1: great on paper, but in real life it's just not ideal.
• 26:17
  Speaker 2: I once you did a big workout plan on paper,
• 26:19
  Speaker 2: like I even spreadsheeted it out, like I'm going to
• 26:22
  Speaker 2: work out three days a week, this is how many
• 26:23
  Speaker 2: calories I'm going to eat, and it just didn't work. Surprisingly,
• 26:26
  Speaker 2: you can have all the plans in the world.
• 26:28
  Speaker 3: I was just about to say, I've thought, oh I'm
• 26:31
  Speaker 3: going to lose ten kilos where the goal should be
• 26:34
  Speaker 3: I'm going to eat well tomorrow. And then, like you know,
• 26:37
  Speaker 3: if you shouldn't set the goals really small. And I
• 26:40
  Speaker 3: actually saw this video the other day. It was a
• 26:41
  Speaker 3: bit self helping and whatever, but it said, are you
• 26:45
  Speaker 3: setting the bar low enough? Because when you set the
• 26:47
  Speaker 3: bar high, you just fail and you go, oh, this
• 26:49
  Speaker 3: is not worth it. But if the bar is low enough,
• 26:51
  Speaker 3: I me just not eating takeaway tomorrow.
• 26:54
  Speaker 2: I like that we can replace the She's on the
• 26:56
  Speaker 2: money slogan instead of millennials who want financial freedom will
• 26:59
  Speaker 2: be like linnials who set their bars really low.
• 27:02
  Speaker 4: But money Dice, does that resonate with you in terms
• 27:05
  Speaker 4: of if you.
• 27:06
  Speaker 3: Just had really little achievable goals and I mean, i'd.
• 27:09
  Speaker 2: Hate to say from I'm not going to say it.
• 27:12
  Speaker 4: I'd hate to say what would you hate to say?
• 27:15
  Speaker 2: Ryan?
• 27:19
  Speaker 4: But does that sort of make sense?
• 27:20
  Speaker 2: And it's start paying royalties on that?
• 27:22
  Speaker 3: No, it's less than thirty seconds I looked at up.
• 27:26
  Speaker 3: But money Dice, does that feel right for you? If
• 27:28
  Speaker 3: you made smaller goals that were achievable and you could like, yes,
• 27:31
  Speaker 3: I'm doing it. Was that probably a better idea than
• 27:34
  Speaker 3: trying to say, for a house, you know, and that's
• 27:36
  Speaker 3: the only goal in mind?
• 27:38
  Speaker 1: Yeah? Most definitely. I think just yeah, just chipping out
• 27:41
  Speaker 1: it very slowly while still being able to live the
• 27:43
  Speaker 1: last that I want to Then Yeah.
• 27:46
  Speaker 2: I actually want to talk about that really quickly, because
• 27:48
  Speaker 2: you said breaking stuff down and having small goals, but
• 27:52
  Speaker 2: I want to really point out that it's not about
• 27:54
  Speaker 2: just having small goals. It's about having that big goal
• 27:56
  Speaker 2: and then breaking it down smaller goals and making sure
• 28:01
  Speaker 2: that that works for you. So say you wanted to
• 28:03
  Speaker 2: save ten thousand dollars in one year towards your goal,
• 28:07
  Speaker 2: and you said, all right, well, what's that per month.
• 28:09
  Speaker 2: That's eight hundred and thirty three dollars a month. And
• 28:11
  Speaker 2: if you can't afford that, I think that then you
• 28:13
  Speaker 2: have to reassess that big goal because you're shooting yourself
• 28:16
  Speaker 2: in the foot if you can't actually afford that, if
• 28:18
  Speaker 2: you don't get paid on a monthly basis and you're
• 28:20
  Speaker 2: saving on a weekly basis. If we look at that
• 28:22
  Speaker 2: ten thousand dollars divided amongst the weeks in the year,
• 28:25
  Speaker 2: so fifty two, it's about two hundred dollars a week
• 28:28
  Speaker 2: or one hundred and ninety two dollars a week to
• 28:30
  Speaker 2: save ten grand. So if you break it down and
• 28:32
  Speaker 2: then those little goals feel too big still, I think
• 28:35
  Speaker 2: that's when you have to really reassess again, because if
• 28:38
  Speaker 2: the little things feel too big, then the big thing
• 28:41
  Speaker 2: was definitely too big.
• 28:43
  Speaker 3: We often get messages in the group that are like,
• 28:45
  Speaker 3: I'm able to save five hundred a month and I
• 28:47
  Speaker 3: want to have sixty grand by the end of the year,
• 28:49
  Speaker 3: and we're always a bit like, oh.
• 28:51
  Speaker 2: Mane maths doesn't check out my friend.
• 28:53
  Speaker 4: Yeah, so if you lack v said, break it down
• 28:54
  Speaker 4: into small little bits.
• 28:56
  Speaker 2: Now, I don't want to be I don't want to
• 28:57
  Speaker 2: be rude, but that doesn't equal that.
• 29:00
  Speaker 3: But I feel Money Diarist that even just looking for
• 29:04
  Speaker 3: a finance podcast reaching out to us, really having a
• 29:08
  Speaker 3: good intention and.
• 29:09
  Speaker 4: A big goal.
• 29:09
  Speaker 3: I feel like you're ready to really get this into
• 29:12
  Speaker 3: action and put yourself in a really good spot.
• 29:13
  Speaker 4: I'm feeling confident for you.
• 29:16
  Speaker 1: Thank you. No, I definitely want to so fingers across. Yes,
• 29:20
  Speaker 1: that's excited for you, and.
• 29:21
  Speaker 2: It's very generous of you to share your story with
• 29:23
  Speaker 2: us as well. We're really really grateful for it. So
• 29:25
  Speaker 2: thank you so so much for joining us today.
• 29:28
  Speaker 1: No way, thank you guys so much.
• 29:32
  Speaker 2: So that is the Money Diary for today. But just
• 29:34
  Speaker 2: before we head off, we'd like to acknowledge and pay
• 29:37
  Speaker 2: respect to Australia's Aboriginal and Torris Strait Islander people's, the
• 29:41
  Speaker 2: traditional custodians of the lands, the waterways and the skies
• 29:44
  Speaker 2: all across Australia. We thank you for sharing and caring
• 29:48
  Speaker 2: for the land on which we are able to learn,
• 29:50
  Speaker 2: We pay our respects to elders past and present, and
• 29:53
  Speaker 2: we share our friendship and our kindness. Now, Georgia King
• 29:56
  Speaker 2: usually does a better job than me at this, but
• 29:58
  Speaker 2: the advice shared on she He's on the Money is
• 30:00
  Speaker 2: general in nature and does not consider your individual circumstances.
• 30:04
  Speaker 2: She's on the Money exists purely for educational purposes and
• 30:07
  Speaker 2: should not be relied upon to make an investment or
• 30:09
  Speaker 2: a financial decision. And we promise I am an authorized
• 30:13
  Speaker 2: representative of Australia Pacific Funds Management Proprietary Limited ABN three
• 30:17
  Speaker 2: four one three two four six three two five seven
• 30:20
  Speaker 2: AFOSL three three nine one five one and as always,
• 30:23
  Speaker 2: thank you so much to our angel producers for putting
• 30:26
  Speaker 2: this all together