Latest / Two Broke Chicks / The Mid-Year Money Reset

Transcript

The Mid-Year Money Reset · Two Broke Chicks

• 0:00
  Speaker 1: This podcast is recorded on gaddigal Land Always was, always
• 0:03
  Speaker 1: will be Aboriginal Land. Hey Jigs, I'm out and I'm
• 0:14
  Speaker 1: sal And this is two broat chicks to show that
• 0:16
  Speaker 1: shares life lessons to help make you rich in life.
• 0:18
  Speaker 1: And today we're doing a midyear money reset.
• 0:22
  Speaker 2: Can you believe it? What June already? Seriously, it's honestly wild.
• 0:28
  Speaker 1: We sound every day like our dads, I know say.
• 0:32
  Speaker 1: It just flies in the same amount of time that
• 0:36
  Speaker 1: we've experienced this here. It'll be Christmas.
• 0:38
  Speaker 3: I know.
• 0:38
  Speaker 2: I was thinking that last night. I was getting excited,
• 0:41
  Speaker 2: Oh Christmas, I can't wait. I was thinking that this
• 0:44
  Speaker 2: time in six months, I'll be putting my decorations up.
• 0:47
  Speaker 1: So good, and like that's going to go. Do you
• 0:49
  Speaker 1: know what? The second half of the year also goes
• 0:52
  Speaker 1: way way quicker than the first half.
• 0:55
  Speaker 2: Yeah, because it's so busy.
• 0:56
  Speaker 1: Well yeah, because a lot of people go on holidays
• 0:58
  Speaker 1: in like June and July, and then August and September
• 1:03
  Speaker 1: I feel like are always busy work months. Yeah. And
• 1:06
  Speaker 1: then October is Halloween, which is fun, and then sale
• 1:10
  Speaker 1: events start kicking off. November is basically December, yeah, and
• 1:14
  Speaker 1: then it's December, he's done.
• 1:16
  Speaker 2: Yep, so he's to twenty twenty five.
• 1:20
  Speaker 1: Yeah, just jeeps. But in this episode, we're going to
• 1:27
  Speaker 1: talk how to reset your budget, tax time tips, and
• 1:31
  Speaker 1: of course end of financial year sales. But first, what's
• 1:35
  Speaker 1: our product wreck or trending topic of the week.
• 1:39
  Speaker 2: So mine is a trending topic. Ooh and I saw
• 1:45
  Speaker 2: that apparently clogs are coming back. Yeah, you know the
• 1:50
  Speaker 2: shoes clogs.
• 1:52
  Speaker 1: I don't hate it.
• 1:55
  Speaker 2: It actually is kind of a slag.
• 1:57
  Speaker 1: Wait, no, I'm kind of into it.
• 2:00
  Speaker 2: So I think it had been seen on the runways
• 2:02
  Speaker 2: of like Gucci and Dere and then it's trickled on
• 2:06
  Speaker 2: down to places like Ghani and then now Alias May
• 2:10
  Speaker 2: or Elias May. So I think clogs may be the clog.
• 2:15
  Speaker 1: From Elias May and give my live reaction birken Stocks
• 2:19
  Speaker 1: as well. They're like shealing ones. Yeah yeah, no, I'm
• 2:22
  Speaker 1: kind of into this. Oh I've seen the ones from Birkenstocks.
• 2:27
  Speaker 2: Yeah.
• 2:27
  Speaker 3: So, like to give you a little description, it's like
• 2:32
  Speaker 3: it's very much an a higher kind of like capsule
• 2:37
  Speaker 3: wardrobe e version of it, and they're like in a
• 2:41
  Speaker 3: suede material on a leather material, and then it's got
• 2:44
  Speaker 3: like this platform like leather or rubber soul.
• 2:46
  Speaker 1: It's not like a wooden soul, which is kind of
• 2:49
  Speaker 1: like what I pitched. Yeah, and it's kind of like
• 2:51
  Speaker 1: a platform slide, but the bottom of it looks like
• 2:54
  Speaker 1: a school heel. Yeah, but in a good way.
• 2:56
  Speaker 2: Yeah. Okay, And some of the ones that I saw
• 2:59
  Speaker 2: did have the wooden heel, and then they had like
• 3:02
  Speaker 2: the little silver studs around the edges, and.
• 3:04
  Speaker 1: I was like, I don't hate this.
• 3:06
  Speaker 2: Actually could be quite cute with like a Maxi skirt, yeah,
• 3:11
  Speaker 2: like a boho Maxi in summer. I'm like, fuck, I'm
• 3:15
  Speaker 2: actually kind of vibing it.
• 3:16
  Speaker 1: Yeah, not mad in saying that as well. Trends are
• 3:19
  Speaker 1: whatever you want to wear. Yeah, So like, if you
• 3:22
  Speaker 1: don't vibe it, you totally don't have to wear it.
• 3:24
  Speaker 1: Wear whatever makes you feel good.
• 3:26
  Speaker 2: If you've been wearing clogs this whole time.
• 3:28
  Speaker 1: Yeah, if you like it, wear it. If you don't
• 3:30
  Speaker 1: like it, don't that stress. Don't waste your money.
• 3:33
  Speaker 2: Yeah, it's that simple.
• 3:34
  Speaker 1: What's okay? I don't know if we would count this
• 3:37
  Speaker 1: as like a product recommendation.
• 3:39
  Speaker 2: It's our show, so we can.
• 3:40
  Speaker 1: Okay, I like that, but it's kind of a bit
• 3:44
  Speaker 1: of a life lesson and a product what it is,
• 3:47
  Speaker 1: it's kind of fucked to make it a product, right,
• 3:49
  Speaker 1: But our friends Lucy and Paul just adopted the most
• 3:54
  Speaker 1: beautiful kitten and she's a rescue and anyway, they've had
• 4:00
  Speaker 1: a cat called Bart. We like bond over being like,
• 4:03
  Speaker 1: we have a group chat called cat Daddy's cute. And anyway,
• 4:07
  Speaker 1: they've got a black cat. I've got a black cat,
• 4:09
  Speaker 1: so naturally we're best friends. But for Yonks, Lucy was like, oh,
• 4:15
  Speaker 1: fucking Binks, which is my cat. It's cute to than Bar,
• 4:17
  Speaker 1: Like Bart doesn't cuddle me. I want a girl cat. Yeah,
• 4:20
  Speaker 1: obviously she loves Bart, but she's like, I.
• 4:22
  Speaker 4: Want to kill cat an independent man, Like, Mom, you're
• 4:28
  Speaker 4: resting with my maid. And anyway, then this bitch takes
• 4:34
  Speaker 4: her competitiveness so far. Not only does she adopt a
• 4:38
  Speaker 4: twelve week old gray kitten, she adopts a three leg
• 4:43
  Speaker 4: twelve week old kitten and names her Peg.
• 4:47
  Speaker 2: And she's so and she is just.
• 4:51
  Speaker 1: The most beautiful thing in the world. And like, every
• 4:55
  Speaker 1: time I see someone rescuing an animal, like it just
• 4:59
  Speaker 1: makes me so so happy.
• 5:01
  Speaker 5: And there are so many baby animals and older animals
• 5:06
  Speaker 5: and mid age animals that like need homes that are
• 5:10
  Speaker 5: own shelters, and so I also just wanted to give
• 5:12
  Speaker 5: like that little reminder that if you are thinking about
• 5:15
  Speaker 5: getting a pet, literally just look up your local shelter.
• 5:19
  Speaker 1: Sydney Dogs and Cats Home is also like my top wreck.
• 5:23
  Speaker 1: They have so so many kittens and so many dogs available.
• 5:27
  Speaker 1: They also have bunnies sometimes they have guinea pigs, and
• 5:30
  Speaker 1: you can also foster, so like, if you're not ready
• 5:33
  Speaker 1: for a pet, you can foster and like test the
• 5:35
  Speaker 1: waters out a little bit, see if you're ready for
• 5:37
  Speaker 1: the commitment. And honestly, getting a pet was like one
• 5:40
  Speaker 1: of the best things I ever did in my twenties. Yeah,
• 5:42
  Speaker 1: she's like my best friend.
• 5:43
  Speaker 2: Yeah, she's gorgeous. I love that.
• 5:46
  Speaker 1: That's a product wreck. Thanks product Wreck. Get a kitten adopt, Yeah,
• 5:52
  Speaker 1: that's what's trendy every animals. Yeah, everyone can do what
• 5:56
  Speaker 1: they want with their own money and spend Like this
• 5:58
  Speaker 1: isn't a thing to be like if you don't go
• 6:00
  Speaker 1: to a shelter, like you're an evil person. It's not
• 6:03
  Speaker 1: that's not it at all. I would always like just
• 6:06
  Speaker 1: go look there first, if you can because I know that,
• 6:09
  Speaker 1: like it's different for everyone, but I feel like a
• 6:12
  Speaker 1: lot of the time they're just as sweet as well
• 6:14
  Speaker 1: as amazing beautiful babies in the world.
• 6:16
  Speaker 2: Yeah, and they deserve a loving home.
• 6:18
  Speaker 1: Yeah cute.
• 6:19
  Speaker 2: Okay, we get into our mid year money reset.
• 6:22
  Speaker 1: Let's do it.
• 6:22
  Speaker 2: Let's bush, let's bush.
• 6:29
  Speaker 1: Okay, why do you need a media money resets out?
• 6:33
  Speaker 2: Good question now ha ha. So doing a mid year
• 6:38
  Speaker 2: money reset will allow you to check in on the
• 6:41
  Speaker 2: goals that you set at the beginning of the year,
• 6:44
  Speaker 2: and then readjust your budget where needed, and look at
• 6:47
  Speaker 2: where your money is going and if you're over spending
• 6:50
  Speaker 2: anywhere and you need to cut back. Because I think
• 6:53
  Speaker 2: so many of us set our goals at the beginning
• 6:55
  Speaker 2: of the year with amazing intentions. We get a lot
• 6:58
  Speaker 2: of momentum at the beginning of the year, everybody's working
• 7:00
  Speaker 2: on their resolutions, and then things happen, life changes, cost
• 7:05
  Speaker 2: of living, crisis happens, and sometimes you can lose track
• 7:09
  Speaker 2: of what those goals were. And I think it's really
• 7:11
  Speaker 2: good to check in and see how you're going, and
• 7:14
  Speaker 2: also know that you can make changes to what those
• 7:17
  Speaker 2: resolutions were to suit where you are currently and where
• 7:21
  Speaker 2: you want to be at the end of the year.
• 7:23
  Speaker 1: Yeap. So step one in our midyear money reset is
• 7:27
  Speaker 1: to review those goals. As you just said, your motivation
• 7:30
  Speaker 1: the STALU is like, fuck, yeah, I'm going to save
• 7:32
  Speaker 1: a hundred million dollars.
• 7:33
  Speaker 2: It's unparalleled.
• 7:34
  Speaker 1: Go And I love that. I think that's not a
• 7:37
  Speaker 1: bad thing. I like, I know people sometimes might think like,
• 7:41
  Speaker 1: you can set goals every day whatever, and don't like
• 7:43
  Speaker 1: news resolutions. I think, why can't we have both? Absolutely, like,
• 7:47
  Speaker 1: let's lean into the motivation we have at the start
• 7:49
  Speaker 1: of the year and then check in on it every
• 7:51
  Speaker 1: now and again. So the first step in the process
• 7:53
  Speaker 1: is to review your goals. And we know that the
• 7:56
  Speaker 1: majority of people focus on setting a savings goal by
• 7:59
  Speaker 1: the end of the year year with data from Finders
• 8:01
  Speaker 1: sharing that eighty three percent of Ossie set a financial
• 8:05
  Speaker 1: goal at the start of the year. However, eighty eight
• 8:09
  Speaker 1: percent of people who set New Year's resolutions give up
• 8:12
  Speaker 1: on them in the first two weeks. Yeah, So this
• 8:15
  Speaker 1: isn't to be like, wow, you gave up, We're going nothing.
• 8:20
  Speaker 1: It's not it's so normal. It's not to make you
• 8:24
  Speaker 1: feel like what's the point, because like, no one can
• 8:27
  Speaker 1: do it. It's it's work. It is a bit hard.
• 8:30
  Speaker 1: And the fact that if you've fallen off your finance
• 8:33
  Speaker 1: goal of the year, don't stress because a lot of
• 8:35
  Speaker 1: other people have too. And this is like the part
• 8:38
  Speaker 1: that you can empower yourself to take it back, bring
• 8:40
  Speaker 1: it back and you know, regain that control and be like, Okay,
• 8:45
  Speaker 1: what was my goal? Where am I in relation to
• 8:48
  Speaker 1: that goal? Yeah? And once you figure that out, it
• 8:50
  Speaker 1: means you can go on to step two, which is
• 8:53
  Speaker 1: to adjust the goal post. So I think we do
• 8:57
  Speaker 1: think of changing goals like cheating, which it's not so
• 9:02
  Speaker 1: new research shows that almost half of Australians have less
• 9:05
  Speaker 1: than one thousand dollars in their savings.
• 9:08
  Speaker 2: Wow.
• 9:09
  Speaker 1: Yeah, and find as Consumer Sentiment Tracker found that forty
• 9:13
  Speaker 1: five percent of respondents equivalent to nine point four million
• 9:17
  Speaker 1: people had less than one thousand dollars to fall back on.
• 9:21
  Speaker 1: And I think this really illuminates and reflects the cost
• 9:25
  Speaker 1: of living crisis.
• 9:26
  Speaker 2: Yeah.
• 9:27
  Speaker 1: I don't think anyone who does have less than one
• 9:29
  Speaker 1: thousand dollars needs to feel bad about themselves because a
• 9:32
  Speaker 1: lot of people do not have expendable income to be
• 9:36
  Speaker 1: putting into savings. You need to have the expendable income
• 9:39
  Speaker 1: after your rent, after your groceries, after all the things
• 9:42
  Speaker 1: that you need to pay for the essentials. Yeah, to
• 9:45
  Speaker 1: be able to put money into savings. We know that
• 9:48
  Speaker 1: rental prices at eight point five percent more expensive than
• 9:51
  Speaker 1: they were this time last year, and it feels like
• 9:54
  Speaker 1: bills like electricity and groceries are just getting more and
• 9:56
  Speaker 1: more expensive.
• 9:57
  Speaker 2: Yeah.
• 9:58
  Speaker 1: So while I know that that can all sound really defeating,
• 10:01
  Speaker 1: because it kind of is, it does give you the
• 10:04
  Speaker 1: allowance to adjust your goals and be a bit kinder
• 10:06
  Speaker 1: to yourself, Like it's okay. I think we fall into
• 10:10
  Speaker 1: this comparison trap. I know I definitely would hear what
• 10:15
  Speaker 1: friends had in savings and I was.
• 10:17
  Speaker 2: Like, why the what? Yeah, like I have nowhere near that.
• 10:21
  Speaker 1: I still feel that, Yeah, I definitely can relate to
• 10:25
  Speaker 1: that as well, Like I don't think I started savings.
• 10:28
  Speaker 1: I even remember when you told me how much you
• 10:30
  Speaker 1: had in savings once and I was like, I don't.
• 10:34
  Speaker 1: I don't sound I don't have savings. I think at
• 10:38
  Speaker 1: first I told you, I was like, oh, I don't
• 10:40
  Speaker 1: have that much, and then like five minutes later, I
• 10:43
  Speaker 1: was like I don't have anything. And it was like
• 10:47
  Speaker 1: I was also not again, didn't have the expendable income
• 10:51
  Speaker 1: or necessarily the knowledge and the habits built to be
• 10:55
  Speaker 1: putting things in savings. I wasn't like understanding the serotonin
• 10:59
  Speaker 1: hit that you can get from you know that action.
• 11:02
  Speaker 1: I kind of thought it was kind of boring. Yeah,
• 11:05
  Speaker 1: but the best part about doing this job for the
• 11:08
  Speaker 1: last two years is how much I've kind of learned
• 11:10
  Speaker 1: to be honest and like how much more like fluent
• 11:13
  Speaker 1: in money I've become and understanding how to save and
• 11:17
  Speaker 1: the habit's build. But yeah, I'd like, don't basically, don't
• 11:22
  Speaker 1: beat yourself up if your savings aren't where other peoples are,
• 11:25
  Speaker 1: because it's just a comparison trap. Your journey with your
• 11:28
  Speaker 1: money is your own trajectory. But it does empower you
• 11:32
  Speaker 1: to readjust your goal and feel good about making the
• 11:35
  Speaker 1: decisions and making an active change, even if that is
• 11:39
  Speaker 1: just setting your budget and paying your bills and knowing
• 11:43
  Speaker 1: where your money is going. That doesn't have to mean
• 11:46
  Speaker 1: transferring hundreds and thousands of dollars into a savings account.
• 11:49
  Speaker 1: Your goal could literally be I want to track my budget,
• 11:53
  Speaker 1: I want to track my spending. That could be your
• 11:56
  Speaker 1: goal for the rest of the year.
• 11:57
  Speaker 2: Yeah, Because even if you don't currently earn the money
• 12:01
  Speaker 2: to have expendable income to put into savings, it's the
• 12:05
  Speaker 2: habit and that skill of knowing how to track where
• 12:09
  Speaker 2: your money is going and knowing how to put some
• 12:12
  Speaker 2: money away, even if it's.
• 12:13
  Speaker 5: A dollar a week.
• 12:16
  Speaker 2: It's the habit. Because lifestyle creep is a real thing,
• 12:20
  Speaker 2: and lifestyle creep, lifestyle creep is calling me that.
• 12:25
  Speaker 1: Lifestyle dated lifestyle creeps.
• 12:28
  Speaker 2: A photo of alex Origan pops up in the I'm
• 12:31
  Speaker 2: joking if you say lifestyle creep three times in the
• 12:33
  Speaker 2: mirror behind you do. Lifestyle creep refers to when you
• 12:42
  Speaker 2: earn more money, your expenses and how much you spend
• 12:47
  Speaker 2: also increases. So that's why a lot of the time
• 12:52
  Speaker 2: people will earn more money, but they don't increase their
• 12:54
  Speaker 2: savings because they haven't learned that habit and they haven't
• 12:58
  Speaker 2: learned that habit of how to track where their money is.
• 13:00
  Speaker 1: So just start spending more, yeah, I get you.
• 13:03
  Speaker 2: Yeah.
• 13:03
  Speaker 1: So, or they move into more expensive apartments.
• 13:05
  Speaker 2: Afford it so they can afford it. Now they'll be like, oh,
• 13:07
  Speaker 2: I can buy this, or I can go on this holiday,
• 13:10
  Speaker 2: I can splurge a little bit more each time, and
• 13:13
  Speaker 2: they're not tracking where their money is going, or they
• 13:15
  Speaker 2: haven't built that money saving habit, and it's like, it
• 13:20
  Speaker 2: doesn't matter how much money you earn if you don't
• 13:22
  Speaker 2: have that habit. People always say like, if you can't
• 13:25
  Speaker 2: budget one hundred dollars, you can't budget one hundred thousand. Yeah,
• 13:28
  Speaker 2: and that's basically lifestyle creep.
• 13:31
  Speaker 1: That's such a good point. Okay. So third step is
• 13:35
  Speaker 1: then to evaluate our money goals. So kind of like
• 13:37
  Speaker 1: what we're just saying then is the key points in
• 13:40
  Speaker 1: this step is to review your spending and where your
• 13:42
  Speaker 1: money is going. Everyone's goals look different, so don't feel
• 13:47
  Speaker 1: like your goal needs to match someone else's. Like, just
• 13:50
  Speaker 1: think about what you actually want in life and then
• 13:53
  Speaker 1: have your money goals and values reflect that. Check your
• 13:57
  Speaker 1: banking app for summaries of your spending, so a lot
• 14:01
  Speaker 1: of banking apps will show you in like folders and
• 14:04
  Speaker 1: categories of where your money's going. And so this was
• 14:07
  Speaker 1: another thing that showed me how much I was spending
• 14:09
  Speaker 1: on takeaway food, and I was like, girl, that's enough. Yeah,
• 14:13
  Speaker 1: And I still spend money on takeaway food, but I
• 14:15
  Speaker 1: really just not as much. Yeah. And then the other
• 14:19
  Speaker 1: thing that helped me stop spending as much on things
• 14:21
  Speaker 1: that I was like, I don't want to spend that
• 14:23
  Speaker 1: much because I don't think I realized how much certain
• 14:26
  Speaker 1: things I was spending money on I was spending money on. Yeah,
• 14:30
  Speaker 1: that's our yeah, is to invest in a money diary,
• 14:35
  Speaker 1: so you look at where your money's going and whether
• 14:38
  Speaker 1: it aligns to your values. And for some it could
• 14:40
  Speaker 1: be an international trip, hitting a savings target, getting a
• 14:44
  Speaker 1: new work bag, like it's all different, and potentially a
• 14:48
  Speaker 1: house deposit, right, But I feel like we look at
• 14:50
  Speaker 1: house deposits as like the only saving skull you could
• 14:53
  Speaker 1: possibly want, and for a lot of people that's not
• 14:55
  Speaker 1: a priority. Yeah. But a money diary is basically a
• 15:01
  Speaker 1: journaling practice where you write down all of your spending,
• 15:04
  Speaker 1: whether it was x or x, like twenty dollars or
• 15:08
  Speaker 1: sixty bucks, And this practice can really help you whether
• 15:12
  Speaker 1: you're spending was like a value or not. So when
• 15:16
  Speaker 1: I was doing this, I hated how many times I
• 15:19
  Speaker 1: was writing down Uber eats a week, Yeah, and it
• 15:21
  Speaker 1: would and it would be twenty dollars here and there,
• 15:23
  Speaker 1: which in the moment I'm like, oh, it's only twenty bucks, yeah,
• 15:26
  Speaker 1: you know, sometimes it was sixteen bucks, you know, like
• 15:29
  Speaker 1: it wouldn't be a lot. But then as I wrote
• 15:31
  Speaker 1: it down at the end of the week, when you
• 15:32
  Speaker 1: do this summary, you know, at two weeks, it was
• 15:35
  Speaker 1: like one hundred bucks on uber eats, and I was like,
• 15:37
  Speaker 1: I don't want to spend one hundred bucks on Uber eats. Yeah,
• 15:40
  Speaker 1: I want to spend that elsewhere or save it, you know,
• 15:44
  Speaker 1: But like it just shows you the accumulative amount that
• 15:48
  Speaker 1: you're spending on things and makes it more conscious. It
• 15:52
  Speaker 1: takes out the impulse of spending because at the end
• 15:55
  Speaker 1: of the day or at the end of the week,
• 15:56
  Speaker 1: you write down everything. And it also really helped me
• 15:59
  Speaker 1: feel a lot more empowered with my spending.
• 16:01
  Speaker 2: Makes you feel more in control.
• 16:04
  Speaker 1: And then what would stop me from spending is if
• 16:06
  Speaker 1: I didn't want to write it down. I was like, no,
• 16:09
  Speaker 1: I don't want to write down this purchase in there,
• 16:12
  Speaker 1: and so then I was like, all right, you don't
• 16:14
  Speaker 1: need it. Then it's like a therapist. Yeah, it really
• 16:18
  Speaker 1: was good.
• 16:18
  Speaker 2: I want to tell you this, I don't want to
• 16:20
  Speaker 2: I did.
• 16:21
  Speaker 1: I did a bad So our second last step is
• 16:26
  Speaker 1: to check in on any debts. It's really easy and
• 16:29
  Speaker 1: normal to bury your head in the sand and avoid
• 16:32
  Speaker 1: looking at debts, whether it's a buy and now pay
• 16:34
  Speaker 1: later service alone or my personal favorite parking fines. I
• 16:38
  Speaker 1: know I have one of my letterbox right now, and
• 16:40
  Speaker 1: I'm like, should I got to get that out?
• 16:41
  Speaker 2: God one right now. Yeah.
• 16:43
  Speaker 1: And I think the stress you have avoiding a task
• 16:49
  Speaker 1: is gone by doing the task. Like I hate how
• 16:52
  Speaker 1: much I put something off and I'm like, no, I
• 16:54
  Speaker 1: don't want to do it, Like, and I sit with
• 16:56
  Speaker 1: the stress for two weeks. I do the thing. The
• 16:58
  Speaker 1: stress is gone.
• 17:00
  Speaker 2: It takes you like five minutes to do it, and
• 17:01
  Speaker 2: it takes you.
• 17:01
  Speaker 1: Five seconds one second pause this podcast, Go do whatever
• 17:06
  Speaker 1: it is right now, and you feel ten times better.
• 17:09
  Speaker 1: Sometimes it's sending an email. It's everyone, I really need
• 17:12
  Speaker 1: to send that email.
• 17:13
  Speaker 2: It's everyone's toxic trade. Yeah, it's so frustrating.
• 17:16
  Speaker 1: Yeah. And then our final step in your midyear money
• 17:19
  Speaker 1: reset is to do your taxes. Baby. So junejulyze tax
• 17:24
  Speaker 1: time and we're gonna jump into our hot chick tax tips.
• 17:27
  Speaker 1: So kick us off south.
• 17:29
  Speaker 2: Our first tax tip, know your dates. If you're doing
• 17:33
  Speaker 2: your tax yourself, you have until the thirty first of
• 17:35
  Speaker 2: October Halloween to launch your tax. If you use an
• 17:40
  Speaker 2: account and you can lodge your tax as late as
• 17:42
  Speaker 2: the fifties, that's the.
• 17:43
  Speaker 1: Best treat.
• 17:47
  Speaker 2: Visit from the tax man.
• 17:48
  Speaker 1: Yeah, it's like doing a tax and your trick has
• 17:53
  Speaker 1: been like he's fine exactly.
• 17:55
  Speaker 2: Hopefully you'll get a return, double treat. But if you
• 17:58
  Speaker 2: do submit it late, the eighty zero late lodgment penalties
• 18:02
  Speaker 2: may apply of three hundred and thirteen dollars per twenty
• 18:05
  Speaker 2: eight days.
• 18:06
  Speaker 1: WHOA so do it on time? Do you get three
• 18:09
  Speaker 1: hundred dollar fine every month.
• 18:11
  Speaker 2: You don't do your tax?
• 18:12
  Speaker 1: WHOA so?
• 18:15
  Speaker 2: Write these dates down in your Richer Life planner or
• 18:19
  Speaker 2: put it in your phone. Whoaw you do not want
• 18:22
  Speaker 2: to miss that.
• 18:22
  Speaker 1: So if you do your tax two months like, you're
• 18:24
  Speaker 1: going to get an over six hundred dollar fine. That's
• 18:27
  Speaker 1: terrifying and that would be so easy to do.
• 18:30
  Speaker 2: Yeah, so set those reminders. Okay, that moves on to
• 18:34
  Speaker 2: our next tax tip. Use an accountant.
• 18:37
  Speaker 1: Oh, I love this one.
• 18:38
  Speaker 2: On average, you can get a bigger tax refund if
• 18:41
  Speaker 2: you use an accountant. According to H and R Block,
• 18:44
  Speaker 2: people who did their own tax received a refund of
• 18:47
  Speaker 2: two thousand, five hundred and seventy six dollars on average
• 18:51
  Speaker 2: in twenty twenty two, while people who used a tax
• 18:54
  Speaker 2: agent received an average of three thousand, five hundred and
• 18:57
  Speaker 2: fifty dollars in their return. The average cost of a
• 19:01
  Speaker 2: tax agent in New South Wales ranges between one hundred
• 19:04
  Speaker 2: and two hundred and sixty dollars. Obviously, this will depend
• 19:07
  Speaker 2: on the service required, but using this as an example,
• 19:12
  Speaker 2: even if you paid two hundred and sixty dollars, you
• 19:15
  Speaker 2: would still get an additional seven hundred and fourteen dollars
• 19:18
  Speaker 2: back if you used an accountant compared to if you
• 19:21
  Speaker 2: did it on your own.
• 19:22
  Speaker 1: It's so good. I think switching to using an accountant
• 19:25
  Speaker 1: was one of the best money hacks of my twenties.
• 19:29
  Speaker 2: And not only do you save money, but you save
• 19:32
  Speaker 2: so much time because they do all the work for you. Yeah.
• 19:35
  Speaker 1: I love it.
• 19:36
  Speaker 2: I don't know how to do it. You do it.
• 19:38
  Speaker 1: Yeah, you're the expert exactly. Ooh this is my favorite. Okay,
• 19:42
  Speaker 1: So five things you can claim on tax. This is sexy. Okay,
• 19:48
  Speaker 1: little little disclaimer, this doesn't mean you get one hundred
• 19:51
  Speaker 1: percent reimbursed as put by NYOB tax deductions aren't a
• 19:56
  Speaker 1: refund if you don't need it, don't buy it. The
• 19:59
  Speaker 1: full amount of better off in your pocket than any
• 20:01
  Speaker 1: tax deduction.
• 20:02
  Speaker 2: Number one smartphone and laptop related expenses. So if you
• 20:08
  Speaker 2: use your phone or computer or other devices for work,
• 20:11
  Speaker 2: you're entitled to claim a deduction of the costs incurred,
• 20:15
  Speaker 2: provided you didn't get reimbursed by your employer. So don't
• 20:19
  Speaker 2: try and do a sneaky because the ATO is apparently
• 20:21
  Speaker 2: cracking down on higher claims this year, so make sure
• 20:25
  Speaker 2: that you keep records. You've got your receipts and taxing
• 20:28
  Speaker 2: voices so that you can prove that you're legit entitled
• 20:31
  Speaker 2: to it.
• 20:31
  Speaker 1: Yeah, I think what's good is whenever you can get
• 20:33
  Speaker 1: a digital receipt, always get the digital receipt. Next one
• 20:37
  Speaker 1: is charitable donations. You can claim a tax deduction for
• 20:40
  Speaker 1: any donation over two dollars, provided you have supporting documents. However,
• 20:45
  Speaker 1: the organization must be a deductible gift recipient. We've included
• 20:50
  Speaker 1: a link on where you can check the eligible organizations
• 20:53
  Speaker 1: on the list in the show. Notes and donations to
• 20:56
  Speaker 1: personal gofundmeans aren't typically tax deductible.
• 20:59
  Speaker 2: Tax relate expenses if you used a professional accountant to
• 21:04
  Speaker 2: complete last year's tax return, you can also claim that
• 21:08
  Speaker 2: on this year's tax so good. Or if you've got
• 21:11
  Speaker 2: other tax advice throughout the year, you can also claim that.
• 21:16
  Speaker 2: And you can claim deductions for travel to and from
• 21:20
  Speaker 2: your tax agent's office.
• 21:21
  Speaker 1: I didn't know that, ye, So.
• 21:23
  Speaker 2: Keep any public transport receipts potentially what you might have
• 21:27
  Speaker 2: paid for petrol ubers, that kind of thing.
• 21:30
  Speaker 1: Yeah, so good, so good. The circle of life, or
• 21:32
  Speaker 1: just like take photos of these, have like a little
• 21:35
  Speaker 1: group chat with yourself, where like whenever you have a receipt,
• 21:38
  Speaker 1: take a photo of it and just send it to yourself.
• 21:40
  Speaker 1: That's what we do with things because it's so easy
• 21:42
  Speaker 1: to lose receipts. Yeah, okay. My next favorite tax time
• 21:47
  Speaker 1: hack is a handbag. So you can actually claim the
• 21:53
  Speaker 1: cost of a handbag. However, little disclaimer it must be
• 21:58
  Speaker 1: used and suitable for work purposes, so like you'll turn
• 22:01
  Speaker 1: a little Jacque mor sank only. So while most people
• 22:06
  Speaker 1: can't claim like a design er bag, a more modest
• 22:09
  Speaker 1: bag used for work can qualify for a deduction. Which
• 22:13
  Speaker 1: I love that one. Yeah, it's my favorite one.
• 22:15
  Speaker 2: This is your sign to treat yourself to a new
• 22:18
  Speaker 2: work handbag if you need it.
• 22:19
  Speaker 1: And I'm gonna be honest, that's why we chose to
• 22:22
  Speaker 1: put this episode out this side of the financial year
• 22:25
  Speaker 1: rather than in July, because we were like, no, we'll
• 22:29
  Speaker 1: give them the tips before, because I'm like, what's the
• 22:31
  Speaker 1: point of me knowing that in July?
• 22:33
  Speaker 2: I know that's got a way to hold year.
• 22:35
  Speaker 1: Whereas you go, you got tam girl.
• 22:37
  Speaker 2: Yeah, quick, go for it now. Memberships and subscriptions, depending
• 22:42
  Speaker 2: on your line of work, you can also get a
• 22:44
  Speaker 2: tax deduction on TV, music subscriptions, magazine subscriptions, software, or
• 22:50
  Speaker 2: even sometimes gym memberships, depending on what you do for work.
• 22:53
  Speaker 1: That's so good.
• 22:54
  Speaker 2: Yeah, so I used to claim like my Spotify, my Netflix,
• 22:58
  Speaker 2: my rolling Stone subscription, all that music.
• 23:01
  Speaker 1: Journalists, music journalist. That's so good. I'm into that. So,
• 23:07
  Speaker 1: if you do get the love little treat of a
• 23:10
  Speaker 1: tax return, how would you spend it?
• 23:14
  Speaker 2: I personally would put it in savings. I'm worrying.
• 23:18
  Speaker 1: I think putting your tax return in savings is the
• 23:21
  Speaker 1: best hack for if you don't have expendable income to save,
• 23:26
  Speaker 1: or if you're a bad saver, which is fine, so
• 23:28
  Speaker 1: many people are a bad saver, but don't stress if
• 23:30
  Speaker 1: you are. Like, it's a it's a tricky habit to
• 23:32
  Speaker 1: get into. Yeah, but like if you're not the best saver,
• 23:35
  Speaker 1: put your tax return into savings and then you're kind
• 23:38
  Speaker 1: of like done. You don't have to. Then you've just
• 23:40
  Speaker 1: you've got savings, you've got an emergency fund. You've made
• 23:44
  Speaker 1: the first step. And I know it's boring, and like
• 23:47
  Speaker 1: I haven't always done that. One time, we were away
• 23:50
  Speaker 1: on a holiday and I got my tax return while
• 23:53
  Speaker 1: we were in the US. This was I think six years.
• 23:56
  Speaker 2: Ago now twenty nineteen, Yeah, years ago, Jesus, and I
• 24:02
  Speaker 2: was like paid days as well.
• 24:04
  Speaker 1: I didn't really have very much money for spending while
• 24:06
  Speaker 1: we were there.
• 24:07
  Speaker 2: Also, that makes sense for the trip, you know, like
• 24:10
  Speaker 2: if that was your money goal at the time, which
• 24:12
  Speaker 2: was to go on a holiday, that makes sense to
• 24:15
  Speaker 2: put it towards that. Yeah, I think at least if
• 24:19
  Speaker 2: you don't want to put all of it into savings,
• 24:21
  Speaker 2: even if you put a percentage of it into savings
• 24:23
  Speaker 2: and then you can use the rest to pay for
• 24:25
  Speaker 2: a holiday or treat yourself.
• 24:26
  Speaker 1: Like a nice little treat with your tax return is nice,
• 24:30
  Speaker 1: Like setting a budget of maybe like ten percent of
• 24:34
  Speaker 1: your tax return or twenty percent of your tax return,
• 24:37
  Speaker 1: depending on how much it is to buy yourself something
• 24:39
  Speaker 1: a little nice because it is the end of the
• 24:41
  Speaker 1: financial year, and it's like a reward for all the
• 24:43
  Speaker 1: hard work you've done. Yeah, that you can be like,
• 24:46
  Speaker 1: good job, this is this is your personal little promotion
• 24:49
  Speaker 1: to you from you exactly.
• 24:51
  Speaker 2: A good reminder, though, is that your tax return isn't
• 24:54
  Speaker 2: free money. It was always your money and you're only
• 24:58
  Speaker 2: getting a percentage of it back. Whereas I think a
• 25:01
  Speaker 2: lot of people are like, yes, this is like a bonus,
• 25:03
  Speaker 2: free money, and then that's when they just pissed off
• 25:06
  Speaker 2: the wall man. So I think remembering that this money
• 25:09
  Speaker 2: was always yours can kind of put a little bit
• 25:12
  Speaker 2: of greater value on it.
• 25:13
  Speaker 1: Yeah. Well, okay, and last, but not least, end of
• 25:17
  Speaker 1: financial sales. I feel like this was probably a bit
• 25:20
  Speaker 1: irresponsible of us to promote end of financial use sales
• 25:22
  Speaker 1: after we've talked about getting your tax back. But I
• 25:26
  Speaker 1: don't think so, Tata potato, that's how money. You do
• 25:29
  Speaker 1: what you want to, Okay, So June means end of
• 25:32
  Speaker 1: financial use sales. End of financial use sales are already
• 25:36
  Speaker 1: in full swing and predominantly continue from June to July
• 25:40
  Speaker 1: and wrap up like early to mid July. It's when
• 25:43
  Speaker 1: brands are trying to clear out old stock in order
• 25:46
  Speaker 1: to make room for new stock in the new financial year.
• 25:50
  Speaker 1: Typically things like vacuums, coats, big brand names, we put
• 25:53
  Speaker 1: into sales sections that are like hundreds of products up
• 25:57
  Speaker 1: to seventy percent off. For example, we don't typically see
• 26:01
  Speaker 1: cite wide sales during end of financial year. We typically
• 26:06
  Speaker 1: see you know, x amount of products up to x
• 26:10
  Speaker 1: percent off because it's select products that are being discounted.
• 26:13
  Speaker 1: So some tips to shopping end of financial year sales
• 26:17
  Speaker 1: is to price match, price match, price match. It can
• 26:21
  Speaker 1: be as simple as using like a Google product carousel.
• 26:24
  Speaker 1: So like you type into Google dice in air wrap sale.
• 26:29
  Speaker 1: That's it. Just type in the product name and then
• 26:31
  Speaker 1: the keyword sale, and the Google carousel up the top
• 26:34
  Speaker 1: will show you all the stockers of who stocks that
• 26:38
  Speaker 1: product and where it's on sale, and that way you
• 26:41
  Speaker 1: can just kind of scroll through, see which one's the
• 26:43
  Speaker 1: best price and then work backwards from that. So price
• 26:46
  Speaker 1: matching is really good when someone has a price beat
• 26:49
  Speaker 1: guarantee by like five percent or ten percent, or they
• 26:53
  Speaker 1: have a really good cash back offer at that place.
• 26:56
  Speaker 1: So for example, if the Iconic has twenty percent cash
• 27:00
  Speaker 1: back and they'll price match it, you're gonna save a
• 27:02
  Speaker 1: further twenty percent off off the price match. And then
• 27:06
  Speaker 1: of course if you have a voucher, yeah, do check
• 27:09
  Speaker 1: brand's websites and sometimes they'll say yes and sometimes they'll
• 27:13
  Speaker 1: say no, depending on the demand of an item. You
• 27:15
  Speaker 1: can't guarantee it always, unfortunately, but it's worth a shot. Absolutely,
• 27:20
  Speaker 1: you miss one hundred percent of the price match shuts
• 27:23
  Speaker 1: you don't take okay. Number Two, Like I just said,
• 27:27
  Speaker 1: cash back always, it's just just be a habit while
• 27:30
  Speaker 1: you're spending. You can save so much money. I've saved
• 27:33
  Speaker 1: one thy seven hundred dollars using cash back. Not an
• 27:36
  Speaker 1: ad do work with them, but that placement wasn't. And three,
• 27:39
  Speaker 1: remember if you don't want it before you saw it
• 27:42
  Speaker 1: on sale, you don't need it.
• 27:45
  Speaker 2: Yeah.
• 27:46
  Speaker 1: Always a good reminder because I love having a little
• 27:48
  Speaker 1: scroll through a sale section and then I end up
• 27:51
  Speaker 1: with shit in my car. Then I'm like what is that?
• 27:56
  Speaker 1: I'm like and I'm like, no, out of here. All right,
• 28:02
  Speaker 1: into advice with the chicks. I am a very emotionally
• 28:11
  Speaker 1: vulnerable and empathetic person, but for some reason, I attract
• 28:15
  Speaker 1: closed off, distant friends. I don't know why this is,
• 28:19
  Speaker 1: but ever since I can remember, I tend to have
• 28:21
  Speaker 1: best friends who I feel as though I need to
• 28:23
  Speaker 1: chase for their attention and I will be their reliable friend,
• 28:27
  Speaker 1: but it won't necessarily be reciprocated. And when I don't
• 28:31
  Speaker 1: do what they want or give one hundred percent, I
• 28:33
  Speaker 1: am seen as a bad friend.
• 28:36
  Speaker 2: Hmmmm.
• 28:37
  Speaker 1: I feel like this potentially could come down to the
• 28:40
  Speaker 1: attachment styles, which are typically spoken in a romantic situation.
• 28:47
  Speaker 1: But attachment styles relate to any type of relationship you
• 28:50
  Speaker 1: have because it's kind of brought into the relationship you
• 28:52
  Speaker 1: had within your family growing up. And so attachment styles,
• 28:56
  Speaker 1: there's three. There's avoidant, anxious, and dis organized. And disorganized
• 29:01
  Speaker 1: is kind of a combination of anxious and avoidant, and
• 29:04
  Speaker 1: it sounds like, as you said, you might have a
• 29:08
  Speaker 1: little bit more of an anxious attachment style because an
• 29:12
  Speaker 1: anxious attachment style. Oh, there's also secure. Sorry I missed
• 29:15
  Speaker 1: that one. There's a secure attachment style, but anxious attachment styles,
• 29:18
  Speaker 1: which is so normal, like I have had anxious attachment
• 29:22
  Speaker 1: style for a very good period of time in my
• 29:24
  Speaker 1: life is where you kind of really need your friends
• 29:30
  Speaker 1: to know that you love them, and you need attention
• 29:31
  Speaker 1: from them back and validation and validation, and you go
• 29:35
  Speaker 1: above and beyond for friendships, and when they don't reciprocate that,
• 29:38
  Speaker 1: you feel kind of a little bit hard done by.
• 29:41
  Speaker 1: And then avoidant attachment styles is kind of how it sounds.
• 29:44
  Speaker 1: It's like when people are, you know, doing nice things
• 29:47
  Speaker 1: for you, which is just the bare minimum, you kind
• 29:49
  Speaker 1: of step away and you're like, WHOA too much too soon?
• 29:51
  Speaker 2: Yeah? He yeah, And the more people try to do that,
• 29:55
  Speaker 2: the more you back away and close yourself off.
• 29:57
  Speaker 1: Yeah.
• 29:57
  Speaker 2: So if it's an anxious and an avoidant to get.
• 30:00
  Speaker 1: Yes, it's like to repeat it is it is, And
• 30:05
  Speaker 1: that's maybe why it feels like a bit of a chase.
• 30:08
  Speaker 1: And so I think what could be helpful in this
• 30:09
  Speaker 1: scenario is understanding your attachment style and your friend's attachment styles.
• 30:15
  Speaker 1: And we do not to plug totally up to you
• 30:17
  Speaker 1: can also read about it online, but we do have
• 30:19
  Speaker 1: a chapter on it in the book Finding Your People,
• 30:22
  Speaker 1: and it shows you how to kind of come to
• 30:25
  Speaker 1: terms with what your attachment style is and become a
• 30:28
  Speaker 1: little bit more aware of that and also how to
• 30:31
  Speaker 1: manage other people's attachment styles and whether they are avoidant,
• 30:35
  Speaker 1: so that you kind of can understand why people act
• 30:39
  Speaker 1: the way they act a little bit more.
• 30:41
  Speaker 3: Yeah.
• 30:41
  Speaker 2: I think then that way, you're not going to take
• 30:43
  Speaker 2: a lot of these things so personal. But then you
• 30:46
  Speaker 2: also know how to perhaps adjust your behavior or your
• 30:49
  Speaker 2: expectations on how you expect that friend to react or
• 30:55
  Speaker 2: interact with you.
• 30:56
  Speaker 1: Yeah. However, on the last point of like if you
• 30:59
  Speaker 1: don't go above and beyond for them and then you're
• 31:01
  Speaker 1: seen as like a bad friend, I do think that's
• 31:03
  Speaker 1: potentially a boundary that needs to be put in place.
• 31:05
  Speaker 1: Like if they're expecting something from you that they don't
• 31:07
  Speaker 1: do for you, I think a boundary needs to be set.
• 31:11
  Speaker 2: Yeah, exactly, because if you don't do that, they're going
• 31:14
  Speaker 2: to keep expecting you to do that.
• 31:15
  Speaker 1: Yeah.
• 31:16
  Speaker 2: A lot of the time people aren't going to be like, no, stop,
• 31:18
  Speaker 2: don't go above and beyond.
• 31:19
  Speaker 1: Say oh, thanks for picking me up every time I
• 31:22
  Speaker 1: go out.
• 31:23
  Speaker 2: Because they're reaping the benefits of that. Nobody's going to
• 31:25
  Speaker 2: ask you to stop. Sometimes you have to put your
• 31:28
  Speaker 2: foot down for things like.
• 31:30
  Speaker 1: That, And it doesn't need to be a big dealer either,
• 31:31
  Speaker 1: just be like, oh they can't time, you can't make it.
• 31:34
  Speaker 2: Yeah, exactly. It can be as simple as that. Doesn't
• 31:36
  Speaker 2: have to be a huge discussion discussion or.
• 31:41
  Speaker 1: All right, chicky Choks. That is a wrap on today's
• 31:44
  Speaker 1: episode of Two Breake Cheeks. I'm actually so excited to
• 31:47
  Speaker 1: go and like do my budget, which I never thought
• 31:49
  Speaker 1: I would say, Like, listen to the podcast T years ago.
• 31:52
  Speaker 1: I was like, Bud, just a fucking boring, boring, but
• 31:56
  Speaker 1: they are, but like they're good to do. Yeah, you
• 31:59
  Speaker 1: feel really good after it. They're necessary evil as well,
• 32:02
  Speaker 1: Like when you do it, you kind of do realize
• 32:05
  Speaker 1: the things that you can afford.
• 32:07
  Speaker 2: Yeah, that you're like, oh now I don't have to
• 32:09
  Speaker 2: feel guilty.
• 32:09
  Speaker 1: About spending money on getting my nails done. Yeah. Values, baby, values.
• 32:15
  Speaker 2: But also, as always, just a quick reminder, this isn't
• 32:17
  Speaker 2: financial advice, and speak to your accountant if you do
• 32:21
  Speaker 2: have any questions specific to your situation, or a financial advisor.
• 32:25
  Speaker 2: But we will put links in the show notes to
• 32:27
  Speaker 2: a bunch of the different things that we spoke about today,
• 32:29
  Speaker 2: so you can check them out for yourselves.
• 32:30
  Speaker 1: Love it. Get that cash money, cash money, honey. All right,
• 32:34
  Speaker 1: bat you chicks.
• 32:35
  Speaker 2: Thanks to Mika made for making today's episode happened bad