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FRIDAY DRINKS: Dining out, variable income budgeting and V is ENGAGED! · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:23
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:26
Speaker 2: for millennials who want financial freedom. Welcome back to another
0:30
Speaker 2: one of our Friday Drinks episodes where we celebrate the
0:33
Speaker 2: money wins from our She's on the Money community. As
0:36
Speaker 2: you all know, there are a million and one great
0:38
Speaker 2: money wins and confessions shed each and every single week
0:41
Speaker 2: in our community. And this week, George, jess and I
0:44
Speaker 2: have been a very big part of our time, albeit
0:47
Speaker 2: we should have been working, chatting about what you guys
0:49
Speaker 2: have been up to. So this week we are celebrating
0:52
Speaker 2: you as always. But before we jump straight into your
0:55
Speaker 2: wins and confessions, let's quickly wrap the week. Jessica Rich
1:00
Speaker 2: what happened on this week's Money Diary?
1:02
Speaker 3: So this week's diarist had not one, but two open
1:07
Speaker 3: heart surgeries, which that's a lot of open heart surgery,
1:11
Speaker 3: if I'm being honest, which is terrifying to think about.
1:14
Speaker 3: She's obviously had huge amounts of medical bills and she's
1:18
Speaker 3: still studying at UNI as well, which blows my mind
1:21
Speaker 3: that you can be popping in for a casual open
1:23
Speaker 3: heart surgery, coming back to prep for your exams, like,
1:27
Speaker 3: oh my gosh, insane, it.
1:28
Speaker 2: Was actually a ride, Like that entire episode was so cool,
1:33
Speaker 2: and the fact that she just was like so blaste
1:36
Speaker 2: about it. I remember walking away from that episode being like,
1:38
Speaker 2: I just wish I could take a leaf out of
1:41
Speaker 2: her book and have her mentality. But it was just
1:43
Speaker 2: a really good episode. Like obviously I'm a bit biased
1:46
Speaker 2: because it is my podcast, but genuinely, it was an
1:50
Speaker 2: epic episode. And the thing that I've really liked this
1:53
Speaker 2: week as well is how many people and I didn't
1:55
Speaker 2: realize this was a thing, obviously because I've never been
1:58
Speaker 2: in that situation, but how many dms I've got this
2:01
Speaker 2: week from people being like, wow, that was me. I
2:04
Speaker 2: had congenital heart disease when I was born and I
2:07
Speaker 2: had open heart surgery. Like that made me feel really
2:10
Speaker 2: seen or I really resonated with that, or oh my gosh, yeah,
2:13
Speaker 2: there are so many, you know, financial things that go
2:16
Speaker 2: on with that. I just didn't even know that that
2:18
Speaker 2: was a community that exists. And now I've connected up
2:21
Speaker 2: a heap of you, which is really cool.
2:23
Speaker 3: Oh my gosh, Yes, it was so incredible to Yah
2:25
Speaker 3: And yeah, like you said, a whole group of people
2:28
Speaker 3: that I think for me, when you think about major,
2:30
Speaker 3: major surgery, I'm always like, oh, it's the minority of people.
2:34
Speaker 3: The chances of that happening are so low. But actually
2:37
Speaker 3: this diary, speaking to the direct and all of those
2:39
Speaker 3: people made me realize that that's not the case. So
2:42
Speaker 3: many people are having major surgery, which just goes to
2:45
Speaker 3: show I know we talk about it all the time,
2:46
Speaker 3: but insurance, insurance, insurance, and also just thinking about those
2:50
Speaker 3: people who are in those situations because it's much more
2:52
Speaker 3: common than you think. And if you're like me and
2:54
Speaker 3: you're blessed enough to not be super conscious of it,
2:57
Speaker 3: consider yourself very lucky.
2:58
Speaker 4: Yeah.
2:59
Speaker 2: And something that I've found really interesting about that, and
3:01
Speaker 2: obviously I'm just not as educated as I could be
3:04
Speaker 2: in this space, which you know means I've just got
3:06
Speaker 2: a little bit more learning to do, is that often
3:09
Speaker 2: this happens and a lot of parents know that their
3:12
Speaker 2: baby is going to be born and need surgery asap.
3:16
Speaker 2: Like some people in my dams were like, yep, I
3:18
Speaker 2: had surgery when I was thirty five hours old, or
3:20
Speaker 2: someone else was like, oh, I had my first surgery
3:22
Speaker 2: when I was fifty hours old. Like this isn't something
3:25
Speaker 2: that you know, you get to two or three and
3:27
Speaker 2: you discover like, these are new borns having to have
3:30
Speaker 2: this surgery like that just seems so crazy to me,
3:33
Speaker 2: and also a time where we need to support people
3:36
Speaker 2: going through this because obviously, financially, you need to pay
3:39
Speaker 2: for the surgery, whether that is in the private or
3:41
Speaker 2: the public system. I have recently learned as well that
3:46
Speaker 2: even when you are in private health, it doesn't mean
3:48
Speaker 2: that your doctor is going to cover you. So I've
3:51
Speaker 2: recently had a couple of family members in hospital having
3:54
Speaker 2: to have pretty major surgeries. They're okay, by the way,
3:57
Speaker 2: but going through that, I didn't realize that some surgeons
4:00
Speaker 2: are covered and some aren't. And you know, we're in
4:03
Speaker 2: a situation recently where it's like do you want the
4:05
Speaker 2: best surgeon, yes, obviously, but do you want out of pocket?
4:10
Speaker 2: Like what? I didn't realize that even though this person
4:13
Speaker 2: had been paying the highest health insurance premiums, there'd still
4:17
Speaker 2: be eleven and a half thousand dollars out of pocket.
4:20
Speaker 2: That's great surgery that we just went in assuming would be,
4:25
Speaker 2: you know, covered it, and it's not an elective surgery
4:27
Speaker 2: like this was a necessary back surgery. It wasn't anything sexy,
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Speaker 2: like an eleven and a half thousand dollars out of boobs
4:33
Speaker 2: like Unfortunately that wasn't the case. But I was just
4:36
Speaker 2: really shook that even at that level, we can be
4:40
Speaker 2: so financially impacted even though we had insurance. So that's
4:44
Speaker 2: probably a space that we need to talk more about.
4:46
Speaker 2: And to be honest, if you're listening to that and going, yes,
4:48
Speaker 2: oh my god, slide into my DMS, I want your
4:51
Speaker 2: money diary, Like, I want to share more of this
4:52
Speaker 2: stuff more often, but enough. On Monday's episode, Georgia King,
4:57
Speaker 2: what did we speak about on Wednesday VD?
5:00
Speaker 5: On Wednesday we discussed renting to buy schemes? Obviously I
5:06
Speaker 5: didn't have a great amount of knowledge going into that episode,
5:09
Speaker 5: but I learned a lot, which we love. What was
5:12
Speaker 5: your main takeaway?
5:14
Speaker 2: I am just so critical of everything that isn't stock standard.
5:18
Speaker 2: And the reason I am is because there's so much
5:21
Speaker 2: room for error and so much room for things not
5:24
Speaker 2: to add up or make sense or you guys to
5:26
Speaker 2: be taken advantage of. So I think, for me, yeah,
5:29
Speaker 2: I'm sure that there are a lot of rent to buy.
5:32
Speaker 2: I think the word schemes probably not the right word.
5:36
Speaker 2: It throws some MLM vibes.
5:38
Speaker 5: I feel it has negative connotations. For sure, it does have.
5:41
Speaker 2: A few, But from my perspective, it's all about educating yourself,
5:44
Speaker 2: knowing exactly what you're getting into and seeing what that
5:47
Speaker 2: actually looks like. So in theory, I think it sounds
5:50
Speaker 2: really cool, Like the idea that someone could rent a
5:53
Speaker 2: home and then own it later without having to come
5:55
Speaker 2: up with the massive deposit, which is such a big hurdle,
5:58
Speaker 2: especially for us millennial sounds like a dream. But often
6:02
Speaker 2: when it is too good to be true, it often is.
6:05
Speaker 2: So from my perspective, I would just I just feel
6:08
Speaker 2: like they throw really big red flags because at the
6:11
Speaker 2: same time as going yeah, like in theory, it sounds
6:14
Speaker 2: really good. I'm also of the opinion that we'd be
6:18
Speaker 2: having more conversations about the positive sides of these things
6:22
Speaker 2: if they were working really well for young people, Like,
6:25
Speaker 2: if this is true and it is something that actually
6:28
Speaker 2: works really well, why isn't it more in the media,
6:30
Speaker 2: Why aren't we, you know, facilitating more of these Why
6:34
Speaker 2: aren't people you know bragging about it? Whereas in our dms,
6:37
Speaker 2: I've got a lot of people being like Oh my gosh,
6:39
Speaker 2: b I just use the first home super Sava scheme
6:41
Speaker 2: to get into my first property. You're like, awesome, that's
6:44
Speaker 2: a scheme that works. Or have you seen the Victorian
6:47
Speaker 2: home buyers fun to come up? What do you think?
6:49
Speaker 3: Like?
6:49
Speaker 2: Those things, from my perspective, are a little bit more
6:53
Speaker 2: quote legitimate, whereas this rent to buy stuff is often
6:56
Speaker 2: from private companies who arguably want to make a whole
6:59
Speaker 2: heap of money and it might not be putting you
7:01
Speaker 2: in the best possible position. So that's where I sit
7:04
Speaker 2: on that. Still really apprehensive, but I don't think it's
7:08
Speaker 2: the worst thing ever. And at the end of the day,
7:10
Speaker 2: if getting into property is exactly what you want, I'd
7:13
Speaker 2: be having a hot look at whether you can facilitate
7:15
Speaker 2: that or not and whether it's a good idea. But again,
7:18
Speaker 2: talk to you broker, talk to somebody who actually has
7:21
Speaker 2: an idea.
7:22
Speaker 5: One, do your research, don't just go into it willy nilly.
7:25
Speaker 5: That was kind of one of the main takeaways as well.
7:28
Speaker 5: V should we get into money wins and confessions from
7:31
Speaker 5: the week that was that where we're.
7:32
Speaker 2: At, we absolutely should. But George, it's my last week
7:36
Speaker 2: doing the money wins because we agreed before that you
7:39
Speaker 2: get to do the moving forward, so like, this better
7:41
Speaker 2: be the best ever Money Wins segment you've ever heard
7:45
Speaker 2: pressures on. So first things first, jess from our community,
7:49
Speaker 2: not our jest, but this is totally something Jessica RICHI
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Speaker 2: would do. She said, I went to my first ever
7:55
Speaker 2: crop swap yesterday, which I'd never even heard of. But
7:59
Speaker 2: she was able to spot some plants, seed links, and
8:01
Speaker 2: a whole heap of cuttings, and she scored some free
8:04
Speaker 2: cake and soup and some different seedlings and even some
8:07
Speaker 2: marshmallows and hot chocolate powder. Like how cute is that?
8:11
Speaker 2: Does she live in a country town? I don't know
8:13
Speaker 2: where she lives. I can't say I looked into that.
8:16
Speaker 2: But she also posted a picture of the seedlings and
8:19
Speaker 2: stuff that she'd taken so that she could share, and
8:21
Speaker 2: I just, oh, my gosh, that just feels so wholesome
8:24
Speaker 2: and like something we should all be doing, like.
8:26
Speaker 3: Super thrifty as well, because I'm assuming that if you're
8:29
Speaker 3: taking something like seedlings or cuttings, you're using something you
8:32
Speaker 3: already have and it's free for you to generate, and
8:35
Speaker 3: then you're trading it for things, which means you're also
8:37
Speaker 3: getting them for free, which what a corn is.
8:39
Speaker 2: We've got another one from Emmy, and I loved this
8:42
Speaker 2: one because she said she got a promotion to duty manager,
8:45
Speaker 2: which came along with a nice little pay rise. Congratulations Emmy.
8:49
Speaker 2: That is genuinely so exciting. And there was another one
8:53
Speaker 2: from Milana, which I genuinely think we should all be
8:57
Speaker 2: doing this. But Alana said got an email well that
9:00
Speaker 2: my car insurance was going to go up from eight
9:02
Speaker 2: hundred and fifty dollars to twelve hundred dollars. So I
9:05
Speaker 2: did some searching and I found a policy where it's
9:08
Speaker 2: now only seven hundred and forty eight dollars. Not only
9:11
Speaker 2: is that a saving, but she wasn't copped with the increase.
9:15
Speaker 5: Huge well done.
9:16
Speaker 2: I feel like the three or four minutes it would
9:18
Speaker 2: take for you to do a quick Google and see
9:20
Speaker 2: what's going on, that's worth a lot of money. In
9:23
Speaker 2: this case, it was worth like three hundred and fifty dollars.
9:26
Speaker 3: Amazing as someone whose car insurance is coming.
9:28
Speaker 2: Up, I know literally me like, I got my car
9:33
Speaker 2: insurance recently and I was like, oh, I know, I
9:35
Speaker 2: need to research it. But it's one of those tasks
9:37
Speaker 2: that you just put off in saying that maybe I
9:40
Speaker 2: should do it, because I should walk the walk as
9:42
Speaker 2: well as talk the talk. You know, Courtney has a
9:45
Speaker 2: money win. She said, I'm moving into state, so I'm
9:48
Speaker 2: going through my house room by room and selling anything
9:52
Speaker 2: that hasn't been used in the last year. This includes
9:54
Speaker 2: baby items, furniture, gym equipment, et cetera. So far, she's
9:58
Speaker 2: sold four and a half grand worth of stuff on
10:01
Speaker 2: Facebook Marketplace, and she's putting that cash towards the move.
10:05
Speaker 2: How good is that? Less stuff to pack as well? Genius?
10:09
Speaker 2: She's saving her self time and money. And I remember
10:13
Speaker 2: reading recent research, not sponsored, just interesting from Gummetry, and
10:18
Speaker 2: that research said that most people have about five and
10:21
Speaker 2: a half grand of stuff that they're not using that
10:24
Speaker 2: they could sell around their house. How good is that?
10:27
Speaker 5: That's a lot of I can't think of anything in
10:29
Speaker 5: my house that I could sell.
10:30
Speaker 3: But it's like the accumulation, like you're probably selling things
10:33
Speaker 3: for twenty to fifty dollars as right, I got a
10:35
Speaker 3: little bit five hours than big ticket, but those things
10:38
Speaker 3: add up when you sell a couple little bits here
10:40
Speaker 3: and there. All right, we have our last one and
10:43
Speaker 3: this is from our friend Jill. I know Jill's been
10:46
Speaker 3: in the community for a very long time. And then
10:48
Speaker 3: also after this money when I'm going to share my
10:50
Speaker 3: own money win with you guys because I think.
10:52
Speaker 2: It's a goodie. But Jill said, I had I think
10:55
Speaker 2: my biggest four days in the thirteen years that she's
10:59
Speaker 2: been working in the sex industry, and she made a
11:02
Speaker 2: net profit of five and fifty dollars in a total
11:05
Speaker 2: of four days.
11:06
Speaker 5: Are you kidding?
11:07
Speaker 2: Yeah, I'm not even kidding. Jill has been in our
11:09
Speaker 2: community for so long, so I'm so excited that she's
11:11
Speaker 2: had such a big win. But she said, all of
11:14
Speaker 2: these is going into my savings for my Africa trip,
11:17
Speaker 2: my short term savings. I'm going to be paying some
11:19
Speaker 2: rent in advance, and I'm going to be buying a
11:21
Speaker 2: few more shares. So just in a nutshell, she thinks
11:25
Speaker 2: she's nailed it.
11:26
Speaker 5: Jill, where are you going?
11:27
Speaker 3: I've been to Africa like three or four times, obviously
11:29
Speaker 3: these different countries in Africa, so maybe not the same
11:31
Speaker 3: place as you, but Africa like as a corscious beautiful,
11:35
Speaker 3: so beautiful.
11:36
Speaker 2: It's gorgeous. And I'm really happy for her because I
11:38
Speaker 2: know she's been in our community a fairwhile and posted
11:40
Speaker 2: a lot of questions. You know when you just start
11:42
Speaker 2: to see common names pop up, Jess, like when you
11:45
Speaker 2: do community management, You're like, you're around here at fair bit.
11:48
Speaker 2: I like you, you are good people.
11:50
Speaker 3: I secretly pretend that you're my friends. When I recognize
11:53
Speaker 3: your name.
11:55
Speaker 2: Yeah, you're like, oh, Jill, we BFFs. Anyway, next thing
11:58
Speaker 2: I was going to share, which is just sneaking in
12:00
Speaker 2: my own money win. I didn't put it in the
12:03
Speaker 2: thread though, but if you guys follow me on Instagram,
12:06
Speaker 2: you would have seen me make it over the weekend.
12:08
Speaker 2: So for the last eleven years, I have had an
12:11
Speaker 2: Ikea Calyx unit that I have been using as a
12:13
Speaker 2: TV unit because one time this isn't even like me
12:18
Speaker 2: purchasing it. One time I found it in hard rubbish,
12:21
Speaker 2: and then it became my entertainment unit.
12:23
Speaker 3: I think that's how everyone acquired a Calyx, like the
12:25
Speaker 3: old faithful that's handed down. I feel like, you don't
12:30
Speaker 3: buy them, they just become acquiet anyway. So for eleven
12:34
Speaker 3: years it has operated in some way, shape or form
12:37
Speaker 3: in a house that I have had.
12:39
Speaker 2: In the last house I had, there was like a
12:40
Speaker 2: built in entertainment unit, so we used that we looked
12:43
Speaker 2: a lot classier than what we actually were. But when
12:45
Speaker 2: we moved, we didn't have an entertainment unit, so we
12:48
Speaker 2: went back to using my trusty Calyx. And this weekend, guys,
12:52
Speaker 2: I became an adult. I bought a proper entertainment unit.
12:57
Speaker 2: But in true Victoria divine style, I bought it Facebook Marketplace,
13:01
Speaker 2: and you'll be very happy to know I only paid
13:04
Speaker 2: about twenty percent of the recommended retail price. And Jess
13:08
Speaker 2: I already sent you a photo. You probably agree. It
13:11
Speaker 2: doesn't look cheap. She's cute, she looks pretty, she's very classy,
13:16
Speaker 2: she's black. She's definitely an upgrade. And now I feel
13:19
Speaker 2: like I've got my life together. Guys like I have
13:21
Speaker 2: an entertainment unit. So when I take photos of my
13:24
Speaker 2: Uber eats or TV shows that I'm watching, I'm going
13:27
Speaker 2: to look like a real person.
13:29
Speaker 5: Hey, v, I think something else has happened recently that
13:32
Speaker 5: might make you a bit of an adult as well.
13:35
Speaker 2: I have no idea.
13:36
Speaker 5: Maybe that was the money whin that you were going
13:37
Speaker 5: to be sure.
13:39
Speaker 2: I don't think that's a money win. That's not going
13:41
Speaker 2: to be going to be a money It's absolutely not
13:43
Speaker 2: going to be a money win. But for those of
13:45
Speaker 2: you who don't follow me on Instagram, I got engaged.
13:50
Speaker 2: It's really fun and I'm really excited, and you know,
13:54
Speaker 2: everybody always asks the story, and it happened at home,
13:58
Speaker 2: surrounded by my pets, so I could not have been happier.
14:01
Speaker 2: But no, George, I'm sorry, it's definitely not going to
14:03
Speaker 2: be a money win. I have started thinking about wedding
14:07
Speaker 2: stuff because if not organized, I'm not anybody. So I've
14:11
Speaker 2: already started to do a little bit of research and
14:13
Speaker 2: get in contact with some people because as if, I
14:15
Speaker 2: haven't been waiting for this to happen for like at
14:17
Speaker 2: least three years. But the one thing I'll say is
14:21
Speaker 2: we have obviously done episodes on weddings. My gosh, I
14:25
Speaker 2: did not realize when you start reaching out to your
14:27
Speaker 2: own vendors just how expensive that process is going to be.
14:31
Speaker 2: So you best believe there is going to be wedding budgets,
14:34
Speaker 2: there's going to be wedding spreadsheets, there's going to be
14:36
Speaker 2: wedding checklists. Like if I make it, I will share it,
14:39
Speaker 2: give the people what they it's what I want to
14:41
Speaker 2: George do you have a dress in mind?
14:43
Speaker 5: Fee, I feel like.
14:44
Speaker 2: Dress, Like, I'm not that far down the image of
14:46
Speaker 2: a dress.
14:47
Speaker 5: No, but like, do you know the style?
14:49
Speaker 2: Yes?
14:50
Speaker 5: White?
14:50
Speaker 2: Yea ideally?
14:51
Speaker 5: Yeah?
14:51
Speaker 2: Good ye, Like a white dress is probably what I'm.
14:54
Speaker 3: Going to wed.
14:55
Speaker 2: No, I'm not that far down the process I have
14:57
Speaker 2: since it pretty much on Instagram. But no, we're not
15:00
Speaker 2: We're not there yet. Keep us thst it. I actually
15:04
Speaker 2: don't know any of the semantics. People are always asking though,
15:07
Speaker 2: They're like, have you picked a date? I'm like, how
15:09
Speaker 2: would I have picked a date? I literally got engaged
15:11
Speaker 2: like pretty much yesterday. Well so, as much as I
15:16
Speaker 2: have started contacting people, I am far less organized than
15:20
Speaker 2: I wish I was. But at the same time, like,
15:22
Speaker 2: who expects someone to know the day after they get engaged,
15:25
Speaker 2: when they're getting married what they're going to wear, Like Georgia,
15:28
Speaker 2: come off it.
15:29
Speaker 5: If I had to guess of anyone in the world, though,
15:31
Speaker 5: it would be you Dole that would be that organized,
15:32
Speaker 5: or maybe jay Rikover Yeah, actually Jessica would do a
15:35
Speaker 5: much better job.
15:36
Speaker 2: But let's stop talking about weddings because that's arguably pretty boring,
15:39
Speaker 2: and let's go to a break and then I have
15:41
Speaker 2: a fun article to share with you guys. All right,
15:43
Speaker 2: jumping back into it, how do you guys feel about
15:46
Speaker 2: going out for dinner?
15:47
Speaker 5: Big fan?
15:48
Speaker 2: Ten out of ten fan?
15:49
Speaker 1: I like that.
15:50
Speaker 2: Well, I have a money win, or a potential money win.
15:53
Speaker 2: Apologies for everybody who's not in the state of Victoria,
15:57
Speaker 2: because it doesn't apply for you. Actually it might if
15:59
Speaker 2: you want to travel to Victoria, You're more than welcome
16:02
Speaker 2: to come travel down here and use this scheme. The
16:04
Speaker 2: borders are open. The borders are open, which is very exciting.
16:08
Speaker 2: But recently the state government and this isn't sponsored by
16:11
Speaker 2: the way, I'm just really excited about food. The State
16:14
Speaker 2: government and the Melbourne City Council announced that they are
16:17
Speaker 2: redoing the Melbourne Money Scheme, which was a scheme to
16:21
Speaker 2: offer two hundred thousand rebates to people who go out
16:24
Speaker 2: for dinner in the Melbourne CBD. It's not even just dinner,
16:27
Speaker 2: it's like for restaurants, cafes and bars just during that
16:29
Speaker 2: period of time. And it's happened in the city before.
16:33
Speaker 2: So it happened over the Queen's Birthday long weekend and
16:35
Speaker 2: it actually generated forty million dollars in revenue for the
16:39
Speaker 2: hospitality venues that were participating during June and July. So
16:44
Speaker 2: I feel like that is a pretty good money win
16:46
Speaker 2: for hospitality. But the money win here is if you
16:48
Speaker 2: go out and you use this scheme and to meet
16:51
Speaker 2: your receipts and do all the admin that they obviously
16:53
Speaker 2: need you to do to qualify for it, you can
16:55
Speaker 2: get thirty percent of your bill back.
16:57
Speaker 5: Amazing. Let's do some quick maths. I went out with harps. Yep,
17:01
Speaker 5: we might spend say one hundred and fifty, yeah, one
17:05
Speaker 5: hundred and twenty. I was going to say one hundred
17:07
Speaker 5: and fifteen.
17:07
Speaker 2: Fifty because in my head that works a bit better mathematically,
17:10
Speaker 2: but thank you.
17:11
Speaker 5: I was actually wait to go with like one hundred
17:13
Speaker 5: because that's very easy. Now that is pretty good. Yeah, okay,
17:16
Speaker 5: so one hundred and fifty dollars together and we get
17:20
Speaker 5: thirty percent back on that bill. Not eat, you're going
17:23
Speaker 5: to get about fifty bucks back, George, Okay, good maths.
17:27
Speaker 4: Mat that was.
17:27
Speaker 2: Actually thirty three three three percent. But we're not gonna
17:31
Speaker 2: like I can't do different maths in my head right
17:33
Speaker 2: now on the fly, Like I need a little bit
17:35
Speaker 2: more preparation. But for anyone listening, that's a pretty good
17:38
Speaker 2: money win and to be on a grave honeyway. It
17:41
Speaker 2: started on Wednesday, and I'll be going out tonight Friday
17:44
Speaker 2: night to make use of this because I just feel
17:47
Speaker 2: like it would be rude not to agreed.
17:49
Speaker 5: Agreed? So where where do you go about finding this
17:52
Speaker 5: little money win v So you.
17:53
Speaker 2: Might have to do a little bit of research to
17:55
Speaker 2: make sure that your restaurant or cafe or bar actually
17:58
Speaker 2: is participating. But the easiest thing to do is one,
18:02
Speaker 2: go to our show notes. We'll put a link. But two,
18:04
Speaker 2: you can just google Melbourne money rebate and I'm sure
18:06
Speaker 2: it will come up again. This isn't sponsored. I'm just
18:09
Speaker 2: really excited about it, and I missed out last time.
18:13
Speaker 2: I heard about it after people had already done it,
18:16
Speaker 2: and I was like, oh so now I don't get
18:18
Speaker 2: to use this policy. But thirty percent off the bill,
18:20
Speaker 2: that's pretty good. That's like if you, Jess and I
18:22
Speaker 2: went out for dinner. That's like one free. That's pretty good. Exactly,
18:26
Speaker 2: not bad.
18:27
Speaker 5: I was thinking about it.
18:28
Speaker 2: Not great maths, but like close enough.
18:30
Speaker 5: Shoddy being the free.
18:33
Speaker 2: All right, enough about food. I'm really excited, but you
18:36
Speaker 2: will catch me out in the Melbourne, CBD this evening, Jess,
18:39
Speaker 2: what have you got when it comes to listener questions
18:42
Speaker 2: this week?
18:42
Speaker 3: I have a super relevant listener question this week because
18:46
Speaker 3: we're all coming out of lockdown and borders opening and
18:48
Speaker 3: it's really exciting.
18:49
Speaker 5: I nearly died.
18:51
Speaker 3: I spat out my water when I was listening to this,
18:53
Speaker 3: so I can't wait see if you guys do the same.
18:56
Speaker 4: Hey, team, I was wondering if anyone had any top
18:59
Speaker 4: tips to keep in mind when trying to budget and
19:02
Speaker 4: forecast for what might happen in the future, in the
19:05
Speaker 4: next week or the next month, when it's been really
19:07
Speaker 4: tricky to know what's happening tomorrow or just around the corner.
19:11
Speaker 4: Anything that can help with altering cash flows and budgets
19:15
Speaker 4: to kind of help with the constant change of restrictions, etc.
19:19
Speaker 4: And changes that have been happening. Love to hear them. Also,
19:24
Speaker 4: I heard that you get extra points if you do
19:26
Speaker 4: an accent, so I thought i'd give you the best
19:28
Speaker 4: of both worlds. This is me just trying it out,
19:31
Speaker 4: so I hope you enjoy.
19:33
Speaker 2: Thanks. It's gonna learn you were wrong, Jess. Her accent
19:40
Speaker 2: was arguably very authentic. Is that what we'll call it. Yeah,
19:43
Speaker 2: I think I reckon, I'm not authentic top notch. I
19:47
Speaker 2: really liked it. And do you know what I'm really
19:49
Speaker 2: liking that people are still sending us voice memos, like
19:52
Speaker 2: ten out of ten we should at the end will
19:54
Speaker 2: wrap and let you know exactly how to send a
19:56
Speaker 2: voice memo because they literally make our day. Like, if
19:58
Speaker 2: you send a voice memo, we will play it to
20:01
Speaker 2: everybody in the office. Is that a return only if
20:03
Speaker 2: you use an accent, sense will probably get you on
20:06
Speaker 2: the show in all honesty. Also sending cupcakes, flowers, etc.
20:10
Speaker 2: You can find out dates on the websipe. But let's
20:12
Speaker 2: answer the actual question. No, I will not be doing
20:15
Speaker 2: this in an accent. I do apologize in advance, but
20:18
Speaker 2: it would be arguably incredibly embarrassing for me to do that,
20:22
Speaker 2: more embarrassing than most of the stuff I say on
20:24
Speaker 2: this podcast. But budgeting when we are going through a
20:27
Speaker 2: tumultuous time can be a little bit fickle. It's one
20:31
Speaker 2: of those things where you feel like everything's up in
20:34
Speaker 2: the air, but at the same time there's actually a
20:37
Speaker 2: lot of certainty. So I know that that's not what
20:40
Speaker 2: you wanted me to say. But at the same time,
20:43
Speaker 2: we actually need to sit down and do our budget
20:46
Speaker 2: and understand what cash flow means, because if you've got
20:49
Speaker 2: a varying income, or things are popping up, or you
20:52
Speaker 2: know that maybe you're going to have to go into isolation,
20:55
Speaker 2: or there's something that you're just not too sure about.
20:58
Speaker 2: What we can be sure about is our rent, what
21:00
Speaker 2: on average we are spending on food, what we have
21:03
Speaker 2: to spend on transport, If we have any medications or
21:06
Speaker 2: things that we can't change, what are those underlying costs
21:10
Speaker 2: that are set that we can't really change. So there
21:14
Speaker 2: are variable costs. Obviously, Jess, you look very cute in
21:17
Speaker 2: your new dress at recording today, but that's a variable cost.
21:21
Speaker 2: And I know that if the proverbial hit the fan,
21:24
Speaker 2: that would be one of the first things in your
21:25
Speaker 2: budget to go because you go, okay, cool. I can't
21:28
Speaker 2: afford that. That's not something that is essential at the moment.
21:32
Speaker 2: When it comes to budgeting, it's really important to understand
21:34
Speaker 2: what your base expenses are. And we've discussed this George
21:37
Speaker 2: before on the variable income episode, which is actually really
21:41
Speaker 2: relevant for everybody, even if you don't have a variable income,
21:45
Speaker 2: because it really talks through understanding the basics of what
21:49
Speaker 2: budgeting and cashflow mean. And I think that there's still
21:52
Speaker 2: this massive stigma that when you say, oh, I've got
21:55
Speaker 2: a good budget, like people like, oh my gosh, she
21:57
Speaker 2: must be so stingy or she must, you know, really
22:01
Speaker 2: not spend that much on things, when in reality, a
22:04
Speaker 2: budget should just teach you where your money's going. It
22:07
Speaker 2: shouldn't be about restricting. It's not actually about going, okay, George,
22:10
Speaker 2: you only have thirty dollars this week for groceries. It's
22:13
Speaker 2: actually saying, George, what do you spend on groceries each
22:16
Speaker 2: and every single week? Do you actually know that answer?
22:19
Speaker 2: Because what we want to do is make sure we're
22:21
Speaker 2: super educated on our budgets and what we're actually spending,
22:25
Speaker 2: because you might go, oh V, I've got no clue
22:27
Speaker 2: what I spend on food. I go okay, But that's
22:29
Speaker 2: a really powerful thing for you to learn, because you
22:32
Speaker 2: might not be comfortable with that. You might go, oh V,
22:35
Speaker 2: actually I spend fifty bucks a week. Or we might
22:37
Speaker 2: find that you've been a little bit cheeky recently and
22:40
Speaker 2: you're going out most nights for a drink or you know,
22:42
Speaker 2: to meet friends for dinner. And it means that you're
22:45
Speaker 2: spending a heap on food and entertainment, which we're not
22:48
Speaker 2: saying is a bad thing, we just need to be
22:50
Speaker 2: super aware of. So when it comes to understanding our
22:53
Speaker 2: money during a period of uncertainty, it's actually about really
22:57
Speaker 2: prioritizing our budget and understanding what costs we can't vary.
23:01
Speaker 2: But then also during times that aren't too tumultuous, really
23:05
Speaker 2: prioritize building up an emergency fund so that we have
23:09
Speaker 2: some cash that we can land on. And that's going
23:11
Speaker 2: to look different to everybody. Some people would be more
23:14
Speaker 2: comfortable with three months, some people would be more comfortable
23:17
Speaker 2: with six months worth of expenses. I have a client
23:19
Speaker 2: that has three years worth of her expenses in her
23:22
Speaker 2: emergency fund. There's literally no right or wrong way to
23:25
Speaker 2: go about it. It's all about what are you going
23:28
Speaker 2: to feel more comfortable with. And an emergency fund is
23:31
Speaker 2: going to really vary based on your life stage. So
23:35
Speaker 2: if you're eighteen and you still live at home, an
23:37
Speaker 2: emergency fund is probably not going to be thousands and
23:40
Speaker 2: thousands of dollars. Might be a couple of hundred dollars
23:43
Speaker 2: that you've got stashed to the side if anything comes up,
23:45
Speaker 2: or a birthday present you forgot to buy, that might
23:48
Speaker 2: be your priority. Once you've moved out and you're in
23:50
Speaker 2: a sharehouse, maybe you need a couple of months rent
23:53
Speaker 2: and you know, some really bare bones food in your
23:56
Speaker 2: emergency budget. That's going to be different. Again, but in comparison,
24:01
Speaker 2: if you're married, have two kids and three pets, and
24:03
Speaker 2: you have a whole heap of financial responsibilities, maybe your
24:07
Speaker 2: emergency fund is a lot more bulky. So there's actually
24:11
Speaker 2: not a one size fits all approach when it comes
24:13
Speaker 2: to emergency funds. You've actually just got to sit down
24:16
Speaker 2: and go, Okay, if I wasn't able to work, or
24:19
Speaker 2: if I wasn't able to generate an income, or if
24:21
Speaker 2: something happened, how much money would I feel comfortable with
24:25
Speaker 2: in my emergency account. And that's actually going to be
24:28
Speaker 2: really dependent on what your costs are, which means you
24:30
Speaker 2: have to understand your budget. So if you don't understand
24:33
Speaker 2: your budget, maybe your costs are three grand a month,
24:36
Speaker 2: you might go, oh, I need fifty thousand dollars in
24:38
Speaker 2: an emergency fund. Oh my gosh. In reality, you might
24:41
Speaker 2: have said, oh, actually I just need three months. That's
24:45
Speaker 2: a lot different to fifty grand. So I think we
24:47
Speaker 2: need to be really realistic about what we're doing, but
24:50
Speaker 2: also understand the semantics of our own situations and not go, hey, Jes,
24:55
Speaker 2: what's in your emergency fund? Maybe I should have the same,
24:58
Speaker 2: because that's going to be really personal. But also, I
25:01
Speaker 2: don't know a situation. I don't know your expenses, I
25:04
Speaker 2: don't know what's going on in your life. I need
25:06
Speaker 2: to understand me to actually create an emergency fund that works.
25:10
Speaker 5: I'm curious to know, gals, how you've both gone post
25:14
Speaker 5: lockdown in re entering into a normal in quotation marks
25:19
Speaker 5: style of living. How have you guys noticed your spending changing.
25:23
Speaker 5: Have you got it under control?
25:25
Speaker 2: That's probably a really bad question for both Jess and
25:29
Speaker 2: I because really, yeah, neither of us have really gone out.
25:33
Speaker 2: I believe my first dinner was with two girlfriends and
25:37
Speaker 2: it was very COVID friendly, COVID safe. I was a
25:39
Speaker 2: bit apprehensive, But I'm not really going out. I've got
25:44
Speaker 2: dinner for Friday night, which will be really fun, but again,
25:47
Speaker 2: that's just my partner and I going on a date
25:49
Speaker 2: and seeing the Christmas Festival lights and you know, having
25:52
Speaker 2: a little bit of a peruse around the city. But
25:55
Speaker 2: I think from my perspective, I'm a little bit more apprehensive,
25:59
Speaker 2: you could say. I mean, I'm not distrustful, like I'm
26:01
Speaker 2: fully vaxed, but I just I'm of the opinion I
26:04
Speaker 2: don't need to be exposing myself unnecessarily. So yeah, that's
26:08
Speaker 2: where I see it. But I know that a lot
26:10
Speaker 2: of people have gone crazy spending and they've you know,
26:13
Speaker 2: really backflipped and gone, oh my gosh, like we can
26:15
Speaker 2: finally get out, so we should.
26:17
Speaker 3: I'm feeling the same. I like almost everyone in our office,
26:20
Speaker 3: I have someone close to me who falls into the
26:22
Speaker 3: high risk category. I am also fully veaxed. However, it
26:26
Speaker 3: adds a layer of stress, and to be honest, I
26:29
Speaker 3: was already feeling quite anxious about being out and about.
26:33
Speaker 3: But that being said, even though I'm not I'm not
26:35
Speaker 3: going down to the pub. I haven't been out for dinner.
26:38
Speaker 3: Even without that, we have plans with Christmas for the family,
26:42
Speaker 3: for example.
26:43
Speaker 2: That's so exciting.
26:43
Speaker 3: Yeah, which I'm so excited to be able to see them,
26:45
Speaker 3: some of them I haven't seen since July. But I'm
26:49
Speaker 3: going okay, great, I'm gonna need a dress, I need presents,
26:51
Speaker 3: for the kids. You know, am I going to want
26:53
Speaker 3: to bake something?
26:54
Speaker 5: Oh?
26:54
Speaker 3: Should I also get a present for like someone's uncle.
26:57
Speaker 3: I'm already it's a hypothetic right now. I haven't even
27:01
Speaker 3: gone anywhere, and I'm going, Okay, money, money, money, money, Yeah,
27:04
Speaker 3: like making it rain on this one thing.
27:06
Speaker 2: It's crazy, isn't it.
27:08
Speaker 3: It's pretty wild to think about the fact that while
27:11
Speaker 3: I personally definitely was online shopping a bit more than
27:14
Speaker 3: I normally would in Lockdown, there was still a huge
27:17
Speaker 3: amount of money being saved on events, dinners, clothing, and
27:21
Speaker 3: it kind of just makes me go wow, like maybe
27:23
Speaker 3: I was spending unnecessarily a whole lot before.
27:27
Speaker 2: Oh, I know, I absolutely was spending unnecessarily before. Gee,
27:31
Speaker 2: what about you? Do you think that your spending has
27:33
Speaker 2: changed in anyway? You're a bit more of a social
27:36
Speaker 2: butterfly than Jess and or A combined.
27:38
Speaker 5: I's going to say, unlike you little angels, I've been
27:41
Speaker 5: hungover for the last four weeks, which has taken a
27:45
Speaker 5: toll on the bank account. I'll tell you that much
27:47
Speaker 5: for free, but I mean for free. Well, I wasn't
27:51
Speaker 5: too bad during lockdown. There were a few moments where
27:54
Speaker 5: I was like, oh, a little spend here and there
27:56
Speaker 5: to make myself feel better. But you just really noticed
28:00
Speaker 5: the price of a pint when you're at the pub.
28:02
Speaker 5: It's the same as buying a six pack, So you
28:05
Speaker 5: really noticed the wasted money.
28:08
Speaker 2: Yeah, and we've got so used to paying for six packs.
28:13
Speaker 2: You know, we're drinking at home because we had no
28:15
Speaker 2: other choice.
28:15
Speaker 5: Was a much more affordable option.
28:18
Speaker 2: I feel like that would really impact me as well
28:20
Speaker 2: going out, because historically I didn't really drink at home.
28:24
Speaker 2: It wasn't something that I did because you know, if
28:27
Speaker 2: I wanted to drink, i'd go out on a Friday
28:29
Speaker 2: night or you know, go out for a wine at
28:32
Speaker 2: the wine bar on a Saturday. But over COVID, we
28:36
Speaker 2: definitely bought a few bottles of red wine and some
28:39
Speaker 2: drinks to have, and then when I got sick of
28:40
Speaker 2: red wine, I picked something different. But I was like, oh,
28:43
Speaker 2: it's just so much cheaper to just have it at home.
28:45
Speaker 2: Who would have.
28:46
Speaker 5: Thought, Yeah, So no, it's been interesting to like notice,
28:51
Speaker 5: and it's kind of sad. I forgot how expensive life
28:53
Speaker 5: is across the board. But hey, it's a small price
28:58
Speaker 5: to pay for freedom, isn't it.
29:00
Speaker 2: Look it's not too bad. But I think it's also
29:03
Speaker 2: important to point out here as well that, you know,
29:06
Speaker 2: Jess and I have just said that we're still a
29:07
Speaker 2: bit anxious about going out, even though we know that
29:10
Speaker 2: the COVID safe protocols exist. We're just a bit like, oh, like,
29:13
Speaker 2: maybe we're not ready to go out. And I think
29:15
Speaker 2: that it's also important to point out that that's all right,
29:18
Speaker 2: Like if you're not ready to go out or you
29:19
Speaker 2: don't want to do anything. I know, earlier in this podcast,
29:22
Speaker 2: the City of Melbourne like is trying to promote getting
29:24
Speaker 2: us back into restaurants, and I'm obviously going out this
29:27
Speaker 2: evening and I'm really excited about it. But you know,
29:29
Speaker 2: if you're still a bit cautious or a little bit anxious,
29:32
Speaker 2: that's actually really normal because we're feeling exactly the same,
29:36
Speaker 2: but not George, because George is a party.
29:37
Speaker 5: You know, there's still a little bit of that in
29:40
Speaker 5: there for sure, But I'm just pushing through it with
29:42
Speaker 5: the boost.
29:43
Speaker 2: I love it. I love that for you. But anyway
29:46
Speaker 2: you manage it is the right way to manage it.
29:48
Speaker 2: I think doesn't matter who you are or what you're
29:50
Speaker 2: up to, as long as you feel comfortable do that,
29:52
Speaker 2: my friends. So with that, guys, I think that's all
29:55
Speaker 2: we have time for today. I arguably have to get
29:58
Speaker 2: ready for dinner. Ate that like we didn't record.
30:03
Speaker 5: That. I'm loving it.
30:04
Speaker 2: I feel really sneaky saying that. But you know what
30:07
Speaker 2: I mean. I'm going out for dinner tonight. Because this
30:09
Speaker 2: is coming out on Friday, we definitely pre record Friday episodes.
30:13
Speaker 2: We're not up at four am to record so it
30:15
Speaker 2: can go live at five am. I do apologize to
30:18
Speaker 2: disappoint you, guys, but as always, that is all we
30:21
Speaker 2: have time for today. So just before we head off,
30:23
Speaker 2: we'd like to acknowledge and pay respect to Australia's Aboriginal
30:27
Speaker 2: and Torrestory islander peoples, the traditional custodians of the lands,
30:31
Speaker 2: the waterways and the skies all across Australia. We thank
30:35
Speaker 2: you for sharing at the caring for the land on
30:37
Speaker 2: which we are able to learn. We pay our respects
30:39
Speaker 2: to elders past and present, and we share our friendship
30:42
Speaker 2: and our kindness.
30:43
Speaker 5: And remember, guys, that the advice shared on She's on
30:46
Speaker 5: the Money is general in nature and does not consider
30:48
Speaker 5: your individual circumstances. She's on the Money, exists purely for
30:52
Speaker 5: educational purposes and should not be relied upon to make
30:55
Speaker 5: an investment or a financial decision, and we promise. Victoria
30:59
Speaker 5: Devine is an authorized representative of Australia Pacific Funds Management
31:03
Speaker 5: Proprietary Limited a b N three four one three two
31:07
Speaker 5: four six three AT two five seven AFS L three
31:09
Speaker 5: three nine one five one. See you next week, guys,