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FRIDAY DRINKS: Losing Out On Layby · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
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Speaker 1: the storytelling of you to make a difference for today
0:31
Speaker 1: and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello and welcome to She's on the the Podcast Wallennials
1:01
Speaker 4: who want financial Freedom. Today is Friday, which means it
1:05
Speaker 4: is time to sit back with the girls with a
1:06
Speaker 4: bev in hand, to unpack our favorite moments of the
1:09
Speaker 4: week and of course to celebrate you how incredible She's
1:12
Speaker 4: on the Money community. As always, we're going to be
1:15
Speaker 4: sharing our favorite money wins, We're going to be discussing
1:17
Speaker 4: what's making news in the finance world, and this week
1:19
Speaker 4: we're going to be helping to answer a juicy money
1:21
Speaker 4: question on tax on multiple incomes. But first, as always,
1:25
Speaker 4: it is time to recap the week that was. Miss
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Speaker 4: Jez GERRICI, can you talk to us about Monday's Money
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Speaker 4: Diary episode? This week Monday's Money Diarist was a woman.
1:35
Speaker 4: She has two children, and I found her story so
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Speaker 4: interesting because she had a career in military nursing. Her
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Speaker 4: partner also works in the military, and they made the
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Speaker 4: decision as a couple that she was going to take
1:49
Speaker 4: a step back from her career to look after the
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Speaker 4: children so that he could pursue his And the reason
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Speaker 4: I found this so interesting is because this narrative I
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Speaker 4: think was very common twenty thirty forty years ago, but
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Speaker 4: nowadays I think it is happening less and as someone
2:05
Speaker 4: who I think is steadfastly in the opposite perspective, I
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Speaker 4: just found it really interesting to talk to her about
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Speaker 4: how they came to that decision and what that looked
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Speaker 4: like for them as a couple, because once upon a time,
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Speaker 4: I guess it kind of would have just been assumed
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Speaker 4: that the wife would stay home and raise the kids,
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Speaker 4: but in twenty twenty two that is less and less
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Speaker 4: the case. And she said, look like we really thought
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Speaker 4: about it, and you know, I loved my career and
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Speaker 4: I really enjoyed what I was doing. It wasn't as
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Speaker 4: if she had always had this desire to leave the workforce,
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Speaker 4: but ultimately, with both of their careers, with I guess
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Speaker 4: the income and the circumstances.
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Speaker 2: It had to be compromised.
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Speaker 5: Yeah, and it was what made sense for them as
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Speaker 5: a family. And I think it was really cool to
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Speaker 5: hear about how those conversations were had, because you just
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Speaker 5: know that that's not an easy thing when you've worked
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Speaker 5: your life away to you know, get a degree as
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Speaker 5: a nurse, you have to go to UNI and spend
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Speaker 5: all of these years doing everything that you do to
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Speaker 5: kind of build yourself to then have to go, Okay,
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Speaker 5: I'm stepping away and that's just the choice that I'm
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Speaker 5: making and potentially forever. And you know, she was saying
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Speaker 5: that she did work part time.
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Speaker 4: I think now she works in ebbs and flows because
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Speaker 4: her partner's job means he's here sometimes and then away
3:13
Speaker 4: a lot of the time. So when he's here and
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Speaker 4: obviously they have a bit more support or like she
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Speaker 4: said that her mum comes down and stays like maybe
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Speaker 4: for a week at a time, which means she can
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Speaker 4: go in as a nurse to like pick up a
3:23
Speaker 4: week's worth of work, And I thought that was pretty cool,
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Speaker 4: given there's a little bit of flexibility, which means she
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Speaker 4: can still say engaged in her career, which is something
3:31
Speaker 4: we talk about. When women do take big hiatuses from
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Speaker 4: the workforce, it's really hard to you know, stay relevant.
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Speaker 4: And you know, if she does decide to go back
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Speaker 4: to work after the kids are at school, and if
3:41
Speaker 4: you've got two kids, maybe that's like a full ten
3:43
Speaker 4: years out of work completely. The one good thing that
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Speaker 4: I think comes from that is going well, actually she's
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Speaker 4: not completely out of the workforce. If she goes for
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Speaker 4: a job, she can say no, like, I'm definitely up
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Speaker 4: with you know, what's been going on in the.
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Speaker 2: Health care industry.
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Speaker 4: Whereas if you've been out for ten years, so much
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Speaker 4: can change in ten years, so I can totally get
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Speaker 4: that you might feel a little bit behind. So if
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Speaker 4: you can do that, great. But the other thing Jess
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Speaker 4: that really came out of that, I guess wasn't what
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Speaker 4: she said, but more what I took from that session,
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Speaker 4: and that's that, you know, she seemed really unsure about
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Speaker 4: her financial circumstances and her and her partner were thirty,
4:19
Speaker 4: like they were sitting on a fair bit of cash.
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Speaker 4: Her husband had more than three hundred thousand dollars in
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Speaker 4: his superannuation and she was close to I think Jess
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Speaker 4: it was like two hundred grand, so that they they
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Speaker 4: were both doing very well, so well, right, So like
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Speaker 4: talking to me, I don't have nearly that amount, Like
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Speaker 4: I have been self employed for a very long time
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Speaker 4: and therefore not prioritize SUPER in the way that I
4:39
Speaker 4: should have. And I've definitely, you know, only been paying
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Speaker 4: myself the minimum during that period of times. My SUPER
4:45
Speaker 4: is definitely not something to write home about. However, it's
4:48
Speaker 4: interesting to see when you start talking to people about
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Speaker 4: their financial lives, they compare themselves to the circle that
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Speaker 4: sits around them. We were talking to the beautiful woman
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Speaker 4: who clearly was very deep into the military life style,
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Speaker 4: so she was comparing herself to other women in the
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Speaker 4: military lifestyle and the fact that other people who had
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Speaker 4: bought houses and you know, we're doing more with their
5:07
Speaker 4: investments or buying shares, And it was just interesting to
5:10
Speaker 4: see that she didn't think she was doing that well.
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Speaker 4: Whereas Jess and I were sitting across the table being
5:15
Speaker 4: like wow, like that.
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Speaker 2: I'd kill for that. That's crazy.
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Speaker 4: So I just I wanted to talk about it here,
5:21
Speaker 4: and I don't know how I wanted to talk about it,
5:23
Speaker 4: but just this like comparison culture of often we compare
5:27
Speaker 4: ourselves just to people who are within arms reach, right,
5:30
Speaker 4: Like George, you might compare yourself to Jess and I
5:32
Speaker 4: and I might do vice versa. But then the other
5:35
Speaker 4: comparison we draw is only to people who are really
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Speaker 4: visible to us, which is like social media influences and
5:41
Speaker 4: people who are in the public eye. And you just go,
5:44
Speaker 4: that is that actually really valid? Like a lot of
5:46
Speaker 4: people listening to that money diary might have been like, wow,
5:49
Speaker 4: like she's thirty, has two kids and has been able
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Speaker 4: to contribute to super Like she's miles ahead of me,
5:54
Speaker 4: Like there are so many people in our community who
5:57
Speaker 4: have two kids, you know, still have a husband, but
5:59
Speaker 4: are living in massive amounts of debt because they just
6:01
Speaker 4: can't get on top of the cost of living. So
6:03
Speaker 4: I just, you know, it's not to shame it. I
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Speaker 4: just found it so interesting because that's her journey. That
6:09
Speaker 4: does not mean that her experiences are not relevant and
6:12
Speaker 4: are not valid. She absolutely feels behind from where she
6:15
Speaker 4: expects herself to be, and that's totally okay. But it's
6:19
Speaker 4: interesting to see that there are people in her life
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Speaker 4: that she's comparing herself to, whereas you know, you or
6:25
Speaker 4: I might be comparing ourselves to different communities. And I
6:28
Speaker 4: just found that really interesting because I hadn't taken the
6:31
Speaker 4: time to step back and go, wow, Like, as much
6:33
Speaker 4: as we say don't compare yourself, we all do it.
6:36
Speaker 4: We just have to take everything with a grain of salt.
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Speaker 4: Remember a lot of things, right, Remember that debt's invisible,
6:41
Speaker 4: and that we don't always see everybody else's journeys. And
6:43
Speaker 4: you know, I could go on and on, but I
6:45
Speaker 4: just think it's a relevant point to bring up because
6:47
Speaker 4: I know that a few people listening to that might
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Speaker 4: have been a little bit disheartened by going, oh, she
6:51
Speaker 4: thinks she's behind. Oh my gosh, imagine what she thinks
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Speaker 4: of me, my friend. She's not thinking of you, She's
6:55
Speaker 4: just thinking of her own expectations for how her life
6:58
Speaker 4: was going to go about thinking that someone's less man.
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Speaker 4: So anyway, I just wanted to say that because I
7:03
Speaker 4: think it's important there.
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Speaker 6: Yeah, that's an inspirational note to kick us off. I think, sorry, sorry.
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Speaker 2: It's good, it's good. Let's move on though.
7:11
Speaker 4: What happened on our Wednesday episode Georgia On Wednesday you
7:15
Speaker 4: could selfie and the glorious Jessica Richie.
7:18
Speaker 2: We're already booting you off the show. Yeah, yeah, still
7:21
Speaker 2: hanging on.
7:22
Speaker 6: You guys discussed credit cards, so you spoke about what
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Speaker 6: we need to be mindful of because obviously they can
7:28
Speaker 6: be slippery slopes.
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Speaker 4: They are very slippery suckers, exactly, the devil's plastic I
7:33
Speaker 4: believe they.
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Speaker 2: Call it on the internet nowadays.
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Speaker 1: I like that.
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Speaker 6: I don't so as well as the negative sides to
7:40
Speaker 6: credit cards, which I feel like most of our listeners
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Speaker 6: are already across the case, we spoke about the benefits
7:44
Speaker 6: as well, so it was a really balanced conversation. Obviously
7:47
Speaker 6: they can be a really useful tool, that they can
7:50
Speaker 6: also be the devil's plastic.
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Speaker 4: Yeah true, right, But I also think you know she's
7:56
Speaker 4: on the money. Isn't about vilifying certain offerings, right, Like,
8:00
Speaker 4: we know credit cards exist. My pain point with it
8:03
Speaker 4: is that my community runs into too many issues with it.
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Speaker 4: So I feel an obligation to protect you guys from
8:09
Speaker 4: that and educate you so that you make the decision
8:11
Speaker 4: that's right for you.
8:13
Speaker 2: I have best friends that.
8:14
Speaker 4: Literally fly around the world for free on the points
8:17
Speaker 4: that they get from their credit cards and muxis. I
8:19
Speaker 4: wish I could do that, but I'm just not organized enough,
8:22
Speaker 4: and so I see all of the benefits. I really
8:24
Speaker 4: get it. It's kind of like buy now, Pay later,
8:26
Speaker 4: Like we jump up and down about it all the time,
8:29
Speaker 4: but the reason we do is because people don't use
8:31
Speaker 4: it to their advantage. And I've spoken, you know historically,
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Speaker 4: even on season two, like one of the first episodes
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Speaker 4: you were on g Well speaking about how one of
8:39
Speaker 4: my best friends always uses a buy now, pay later
8:41
Speaker 4: company on the Iconic so that she can order a
8:43
Speaker 4: range of different dresses and then send them back in
8:45
Speaker 4: the cash doesn't go out of your account. And I'm like,
8:47
Speaker 4: you're way more organized. I always lose the packaging. I
8:50
Speaker 4: can't return anything, Like I just know I can't trust myself.
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Speaker 4: So I think it's good to bring a balanced conversation.
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Speaker 4: But at the end of the day, you guys need
8:56
Speaker 4: to educate yourselves and make the decision that's in line
8:59
Speaker 4: with how you function around money.
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Speaker 6: Yeah, exactly right. So cracking episode, ladies.
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Speaker 4: All right, well, I guess it is time now as always,
9:07
Speaker 4: to hear some of your budget direct money wins of
9:09
Speaker 4: the week.
9:10
Speaker 2: You got some confessions as well. What are you bringing
9:11
Speaker 2: to the table mostly wins this week?
9:14
Speaker 1: Yeah?
9:15
Speaker 6: One, las, all right, let's jump into it. The first
9:17
Speaker 6: win comes from Tomorrow money Win. I found expensive swimmers
9:21
Speaker 6: on sale for ten dollars each, so instead of paying
9:24
Speaker 6: sixty dollars apiece, I walked away with three items for
9:26
Speaker 6: thirty dollars.
9:27
Speaker 4: Money all right, So obviously side note, I'm going on
9:30
Speaker 4: honeymoon soon looking for swimmers because obviously I'm a nikini yep.
9:36
Speaker 2: Going to show my husin.
9:38
Speaker 4: No, we're not getting a new bikini. I will just
9:40
Speaker 4: be taking the swims I have.
9:41
Speaker 2: I did not. I forgot how expensive swimwear was. They
9:44
Speaker 2: are really expensive. You go wherever Tomorrow went. I'm going
9:48
Speaker 2: to callender a DM. What else you got?
9:50
Speaker 6: The next win comes from Alisha money Win. I sold
9:53
Speaker 6: my first item on marketplace to one hundred dollars plus postage.
9:56
Speaker 2: Kay following the footsteps of Miss Jessicarici.
10:00
Speaker 6: Right money loss. My post office charges sixteen dollars forty
10:04
Speaker 6: five a postage and not sixteen to thirty, so I
10:06
Speaker 6: lost fifteen cents. We'll get it quite a bit of
10:09
Speaker 6: way that Yeah, that's that's of course. It's a sensation
10:13
Speaker 6: of cross jack. The next weeon it comes from Jessica.
10:17
Speaker 6: It is a classic, but after around five years, I
10:20
Speaker 6: finally deleted after pay Yes, my tax returned to pay
10:24
Speaker 6: it off and the rest will go into savings. I
10:26
Speaker 6: can't leave. I'm finally after pay free. What a cool
10:29
Speaker 6: club to be a part of.
10:30
Speaker 4: It's the coolest club on the little Chef's kissche emoji.
10:35
Speaker 2: I like it.
10:36
Speaker 6: The next win it comes from Katie money Win. I
10:39
Speaker 6: waited a few weeks to buy some outfits, as I
10:41
Speaker 6: like to be sure I want to spend the money.
10:43
Speaker 2: Genius.
10:43
Speaker 6: I waited long enough that they were twenty percent off.
10:46
Speaker 6: Not only that, but I was totally sure I wanted
10:48
Speaker 6: to spend the money, and it was much more satisfying
10:51
Speaker 6: that way. When when yeah, genius, she's clearly as she's
10:54
Speaker 6: on the money, OJ, I die hard. The next weon
10:56
Speaker 6: it comes from Shannon, a small money win. I found
11:00
Speaker 6: a near new espresso machine in hard rubbish in my
11:03
Speaker 6: area and I sold it online for forty dollars and
11:06
Speaker 6: I used it to go out for a nice lunch together.
11:08
Speaker 2: That's cute, dear, isn't it crashed to treasure exactly?
11:13
Speaker 6: Harps and I moved fairly recently, and we've kind of
11:15
Speaker 6: discovered that we have a lot of stuff that.
11:17
Speaker 2: Were like, should we just throw it out? No, you should.
11:20
Speaker 5: Sell it always, even if you sell it like five dollars,
11:23
Speaker 5: I always think it add that's.
11:25
Speaker 4: Five bucks you didn't have before current you could buy
11:28
Speaker 4: yourself half a coffee grim alright.
11:32
Speaker 6: The final win of the day is very wholesome. It
11:35
Speaker 6: comes from Beck Future Money Wins. I am not a millennial.
11:38
Speaker 6: I'm forty nine years old, but I really love the
11:41
Speaker 6: podcasts and I also listened to the audio boys We
11:44
Speaker 6: Love You Talking, which I loved We Do. I've also
11:47
Speaker 6: managed to get my twenty five year old son to
11:49
Speaker 6: listen to some of your podcasts Baby Steps, and he
11:52
Speaker 6: has now started micro investing, which is a very Muma moment.
11:56
Speaker 6: His Christmas present will be at your first book and
12:00
Speaker 6: book for.
12:02
Speaker 2: What a good present I want to present?
12:04
Speaker 6: Pick it up Ax or something.
12:08
Speaker 4: Or I'm pretty sure Amazon has like a little bundle
12:11
Speaker 4: deal going just get a little sneaky slip in there.
12:14
Speaker 4: My book came out ten days ago, so yeah, just
12:17
Speaker 4: pump up those sales.
12:18
Speaker 2: On go on.
12:19
Speaker 6: She finished off her win by saying, the podcasts and
12:22
Speaker 6: book have really spurred mine and my husband's financial literacy
12:25
Speaker 6: and goals on in the past twelve months, and we've
12:27
Speaker 6: paid off so much bad debt and we're now saving
12:30
Speaker 6: we've never saved before.
12:32
Speaker 2: Isn't it sick that people do stuff? It's pretty like like, oh.
12:37
Speaker 4: My god, I listened to your podcast, but there were
12:38
Speaker 4: people like, I'm out of debt. I'm like what, Like,
12:42
Speaker 4: I know people are literally doing it themselves. Like it's
12:44
Speaker 4: not me getting them out of debt. But like the
12:47
Speaker 4: fact that our content has just move on, Just move on.
12:50
Speaker 2: I'll go on and on.
12:50
Speaker 4: Sorry.
12:51
Speaker 6: Sorry, So it's good to be reminded of that. That
12:53
Speaker 6: was my last win of the day, but it.
12:55
Speaker 2: Should be very well.
12:55
Speaker 4: I mean, they were all very good budget Direct money wins,
12:58
Speaker 4: and as always it has been fabulous celebrating them with you.
13:01
Speaker 4: Budget Direct winner of Cancers Insurer of the Year Award
13:05
Speaker 4: twenty twenty two. Budget Direct Insurance Solved. Now we're going
13:09
Speaker 4: to head to a really quick break and after the break,
13:11
Speaker 4: we're going to be talking about tax and multiple incomes.
13:14
Speaker 4: But the community, guys, has not stopped messaging me about
13:18
Speaker 4: the big W lay by fee that was announced like
13:21
Speaker 4: a couple of weeks ago, and you all won't stop
13:24
Speaker 4: talking about it. So we're gonna do some maps and
13:26
Speaker 4: talk about it after this, all right, guys, like v
13:33
Speaker 4: D said, we're chatting about the big W layby fee
13:36
Speaker 4: now layby, I feel like not everyone in our community,
13:39
Speaker 4: because we do have some younger people are gonna know
13:41
Speaker 4: what layby is, what's lay by, lay by walk So
13:44
Speaker 4: buy now, pay later could run.
13:45
Speaker 5: So buying our pay later, as you know, breaks it down.
13:48
Speaker 5: You get your thing and you pay overtime. Layby was
13:51
Speaker 5: a similar concept, but you didn't get your item until
13:54
Speaker 5: you had paid it off. So whatever store that you're
13:56
Speaker 5: purchasing from, you would take your pair of shoes up
13:58
Speaker 5: to the counter and you would say I would like
13:59
Speaker 5: to lay these please, and they would put them away
14:01
Speaker 5: in the back room and every couple of weeks or
14:04
Speaker 5: I don't think there actually was a set time on it.
14:06
Speaker 5: I think it was like within a six or twelve
14:08
Speaker 5: month period because people would lay by for Christmas.
14:11
Speaker 2: Do you remember them.
14:12
Speaker 4: Do you remember I don't know if you guys remember
14:14
Speaker 4: this the Target toy sale. Oh my gosh, yeah, yeah,
14:17
Speaker 4: the Target toy Saale. I think it was like in
14:19
Speaker 4: July and my mum used to take us and she'd
14:21
Speaker 4: get us to quote pick our favorite thing for each sibling,
14:25
Speaker 4: Like I would pick my sister's thing, but it would
14:26
Speaker 4: actually be me picking my own Christmas present because like
14:29
Speaker 4: Mum didn't trust us to pick for each other, which
14:31
Speaker 4: you knew, we'd just pick what we wanted. Anyway, we'd
14:33
Speaker 4: go and we'd put things on ay by and then
14:35
Speaker 4: pre Christmas, Mum would go pick them up and wrap
14:37
Speaker 4: the mum and put them under the tree. But it
14:38
Speaker 4: was a really good way of like managing cash flow
14:41
Speaker 4: and budget. And not every family can go and drop
14:44
Speaker 4: hundreds of dollars on Christmas or hundreds of dollars in
14:47
Speaker 4: general for stuff. And I just think, anyway, Jess, what's
14:52
Speaker 4: the problem with Big W's layby.
14:54
Speaker 5: Yeah, So originally it would be that you would pop
14:56
Speaker 5: your things aside, you'd pay I'm pretty sure it was
14:58
Speaker 5: very flexible, so you'd pay whatever amount you wanted over
15:00
Speaker 5: a said amount of time, and once you had paid
15:02
Speaker 5: for it, in full, then you could take your items.
15:04
Speaker 5: It's delayed gratification, all of those fun things. I didn't
15:08
Speaker 5: know Layby was still around, to be honest, I thought
15:10
Speaker 5: it had kind of been phased out because of all
15:12
Speaker 5: of the buying our pay later platforms that exist. But
15:14
Speaker 5: apparently at least it b W it's still there, and
15:16
Speaker 5: people are mad.
15:18
Speaker 2: I'm mad.
15:19
Speaker 4: I think this is wild because it's making the hurdle
15:22
Speaker 4: for using this even higher.
15:23
Speaker 5: Yeah, so the store introduced a fifteen dollars service fee
15:27
Speaker 5: on all Laybys, and then a twenty dollars penalty if
15:30
Speaker 5: you cancel. So I don't think either of those fees
15:34
Speaker 5: existed previously. Maybe a cancelation fee. But it's hard because
15:38
Speaker 5: you know, if you're spending one hundred dollars, that's fifteen
15:40
Speaker 5: percent of your purchase, which is much higher than the
15:43
Speaker 5: fee if you were to use a buy now pay
15:45
Speaker 5: later platform. Yeah, and when people have obviously been quite
15:48
Speaker 5: angry about this and complaining, and a spokesperson actually said,
15:51
Speaker 5: for those looking for alternatives to lay By, we offer
15:54
Speaker 5: buying now pay later options, including after pay and z
15:56
Speaker 5: it pay.
15:57
Speaker 4: They're just not the same, like as you said before,
16:00
Speaker 4: fifteen percent on one hundred dollar purchase thirty percent on
16:03
Speaker 4: a fifty dollar purchase, Like, to me, that is wild.
16:07
Speaker 4: And let's also think about the demographics that are engaging
16:11
Speaker 4: these services. Like, if you've got the cash, most people
16:14
Speaker 4: will just head down and purchase the item. Usually it's
16:17
Speaker 4: a budgeting and cash flow issue or you know, you
16:20
Speaker 4: trying to be savvy with your money. If you're trying
16:22
Speaker 4: to be savvy with your money, having a thirty percent
16:24
Speaker 4: service fee get in the bin, Like that is not
16:27
Speaker 4: putting consumers first.
16:29
Speaker 2: And to compare it to a buy.
16:30
Speaker 4: Now, pay later company, after pay has no fees on
16:33
Speaker 4: the loan and will only charge a late fee of
16:37
Speaker 4: ten dollars if you're late. So if you use that
16:39
Speaker 4: service perfectly and paid back everything, it costs you nothing
16:43
Speaker 4: to use. And while I'm not advocating for this, like
16:46
Speaker 4: it really upsets me that now after pay is looking
16:48
Speaker 4: like a better option to layby, which before I adored
16:53
Speaker 4: because from a psychology point of view, there's the instant
16:55
Speaker 4: gratification versus delayed gratification, and like, you know, if you're
16:59
Speaker 4: putting something layby, you're really having to think do you
17:01
Speaker 4: really want this? Like GF I was like, do you
17:03
Speaker 4: want this dress and you're like, yeah, I'll put it
17:05
Speaker 4: on layby. You're thinking about that for the next three
17:07
Speaker 4: months that you're paying that off. You really want it,
17:09
Speaker 4: You're working up to it, and that dress is the
17:11
Speaker 4: reward for you paying off the amount, whereas with after
17:14
Speaker 4: pay you might just go, oh, yeah, I'll get the
17:16
Speaker 4: dress and then three months it's in the back of
17:18
Speaker 4: your wardrobe. You're never wearing it, but you're still paying
17:20
Speaker 4: it off. Like it just for me, from a money
17:24
Speaker 4: mindset point of view, is really negative and it just
17:27
Speaker 4: it is wild to me that that is the case.
17:30
Speaker 4: I mean, I have been a very big advocate. There's
17:32
Speaker 4: a company called Laybyland dot com dot a not sponsored.
17:35
Speaker 4: Never even spoken to them. Surprised I've never spoken to them,
17:38
Speaker 4: to be honest, because I've shotowed them out a few times. Guys,
17:41
Speaker 4: my damn, let's chat. But lay by Land is probably
17:44
Speaker 4: one of the best alternatives I've seen.
17:47
Speaker 2: No fees.
17:48
Speaker 4: You can literally lay by things through their website and
17:50
Speaker 4: once you've pet it off, they'll send it to you.
17:52
Speaker 4: So if you're looking for an alternative, maybe have a
17:53
Speaker 4: look there. But yeah, just to me, it seems wild,
17:57
Speaker 4: especially because of the demographics that are utilizing those services, So.
18:01
Speaker 6: Can I ask ladies, are we thinking that Big W's
18:05
Speaker 6: reasoning for doing this is to maybe turn those customers
18:09
Speaker 6: who do use that lay by product towards by now
18:12
Speaker 6: pay later services to then encourage further spending, which is
18:16
Speaker 6: dangerous or why are they doing it as well?
18:20
Speaker 5: Like if you think about the towey sail example, people
18:23
Speaker 5: putting trolley fools of things on layby for Christmas or
18:26
Speaker 5: things like that storage they have to put it somewhere,
18:29
Speaker 5: and as we know, retail operates generally speaking on a
18:31
Speaker 5: relatively high turnover of products, so it's inconvenient for them.
18:35
Speaker 2: I would imagine to have to hold stuff.
18:36
Speaker 5: Out the back people don't collect it, which may be
18:38
Speaker 5: where that late collection fee or cancelation fee came in.
18:42
Speaker 5: But it also concerns me in terms of demographic like
18:44
Speaker 5: you were saying fee around, not everyone who uses these
18:47
Speaker 5: service fits into this category. But for example, like one
18:50
Speaker 5: of my really good friends, her grandparents, they do it
18:52
Speaker 5: for kids for Christmas, and they'll always talk about, you know,
18:56
Speaker 5: oh we've pupped it on layby. I can't wait, like
18:58
Speaker 5: we're paying it down.
19:00
Speaker 2: It's just so wholesome.
19:01
Speaker 5: Yeah, but it's a usability thing, like they would not
19:03
Speaker 5: be able to get on an after pay app and
19:06
Speaker 5: use it or remember, like they would genuinely not have
19:09
Speaker 5: a clue. And I think that it's an additional barrier
19:13
Speaker 5: to people who maybe arnest tech savvy or you know,
19:16
Speaker 5: are as familiar with those apps and those platforms and
19:18
Speaker 5: their offerings. It's just going to make it a lot
19:20
Speaker 5: harder for them. And so it's kind of like they're
19:22
Speaker 5: going to pay the fee because they don't feel like
19:24
Speaker 5: they have a choice and that sucks.
19:25
Speaker 4: Yeah, And another overlay to this, after speaking to a
19:28
Speaker 4: lot of people in the community, is actually a social
19:30
Speaker 4: aspect to this. So a lot of people utilizing layby.
19:34
Speaker 4: You know, you might be retired and you're on the
19:36
Speaker 4: pension and you get your pension once every two weeks
19:39
Speaker 4: and then you have another errand so you have the
19:41
Speaker 4: errand to go down to Big w and pay off
19:43
Speaker 4: some of your layby, and that's a social interaction for
19:46
Speaker 4: the week. You might grab a coffee, you might you know,
19:48
Speaker 4: go down with your partner, like it's something that they do.
19:50
Speaker 4: Whereas layby is taking that pain point out of it, right,
19:54
Speaker 4: like you no longer have to head down to the
19:56
Speaker 4: store and do that thing. And I know that for
19:57
Speaker 4: a lot of people that's easier. But for a lot
19:59
Speaker 4: of people that's their outing for the two weeks, like
20:02
Speaker 4: they might do grocery shopping and then that. But I
20:04
Speaker 4: just I think there's a lot to it that is
20:07
Speaker 4: actually quite cultural that we're not taking into consideration. And
20:10
Speaker 4: fifteen dollars like that could be someone's, you know, grandchild's
20:13
Speaker 4: entire budget for their Christmas present, because you know, if
20:16
Speaker 4: your grandparents are heading down then they don't usually just
20:18
Speaker 4: have one grand kid. Like if I think of my grandparents,
20:20
Speaker 4: they have plethoras of them and I know my grandparents
20:24
Speaker 4: used that service when they were around. So as much
20:26
Speaker 4: as times are changing, I think that fee. I get
20:30
Speaker 4: people getting rid of it because it doesn't work for them,
20:32
Speaker 4: but I think that fee is you know, taking the
20:34
Speaker 4: mickey a little bit because you know, thinking about it,
20:36
Speaker 4: fifteen percent as a surcharge on top of a hundred
20:39
Speaker 4: dollar purchase. No, absolutely not from me. But is that
20:44
Speaker 4: all we've got to say on that topic today?
20:45
Speaker 2: My friends?
20:46
Speaker 6: I think so time for a money dilemma. Perhaps, let's
20:49
Speaker 6: hear it, Hi, there, have you got a money dilemma
20:53
Speaker 6: you just can't solve. The She's on the Money team
20:56
Speaker 6: is here to help. Every week, we tackle your dilemmas,
20:59
Speaker 6: both big and small, to answer your most burning money,
21:02
Speaker 6: career and life questions. To get involved, simply head to
21:05
Speaker 6: our website and leave us a quick voice recording and
21:07
Speaker 6: you may just find yourself on the show. Now, let's
21:10
Speaker 6: take a listen to today's money dilemma.
21:13
Speaker 7: Hi guys, my name's Tomorrow. I have a bit of
21:17
Speaker 7: a tax money question. So I have about six different jobs,
21:22
Speaker 7: but I only ever work one job at a time,
21:26
Speaker 7: so I do a lot of contract work. I'm gonna
21:29
Speaker 7: so I do a lot of remote contracts. But I'm
21:32
Speaker 7: with six different companies. But because I only work with
21:36
Speaker 7: one company at one given time, does that mean that
21:40
Speaker 7: I can claim the tax free threshold on all of.
21:44
Speaker 2: Them or not?
21:46
Speaker 7: Because I haven't been. But I'm just not sure if
21:48
Speaker 7: that was the right thing to do. Thanks.
21:52
Speaker 6: Six different jobs, Victoria, Divine, that's a lot of different jobs.
21:55
Speaker 2: I don't have six different jobs, but you have multiple.
21:58
Speaker 1: I know.
21:58
Speaker 2: How do you manage your tax with the help of
22:01
Speaker 2: an accountant?
22:01
Speaker 4: Okay, see outsource it, Jessica, you have a few income streams.
22:06
Speaker 2: What are you doing? You just outsource it to your
22:07
Speaker 2: accountant too, No, I do it well.
22:09
Speaker 5: This year is the first year that I used an
22:10
Speaker 5: account for my tax But generally speaking, I pick my
22:14
Speaker 5: biggest job, usually my job that has someone else working
22:16
Speaker 5: out the money, so not my freelance work, and I'll
22:19
Speaker 5: claim my tax free threshold there. Thank you BD for
22:21
Speaker 5: looking after that too.
22:22
Speaker 2: Welcome, You're welcome.
22:23
Speaker 4: So that the tax free threshold is I guess what
22:26
Speaker 4: we want to talk about first here. So you have
22:28
Speaker 4: six different income streams. However, you are only able to
22:32
Speaker 4: claim the tax free threshold on the first eighteen thousand,
22:36
Speaker 4: two hundred dollars that you earn. So that could be
22:39
Speaker 4: with multiple jobs, it could be with one. But from
22:42
Speaker 4: my perspective, and again I'm not an accountant, however, I
22:46
Speaker 4: would only be claiming it on one job, and arguably
22:49
Speaker 4: I'd be picking the job where you earn the most
22:51
Speaker 4: income so that you meet that quota as fast as possible. Right.
22:55
Speaker 4: But if you are in a circumstance where you have
22:57
Speaker 4: ticked the box for yeah, I want to claim the
22:59
Speaker 4: tax free threshold on a few jobs, because you're like, oh,
23:02
Speaker 4: this is smart, it's not smart, because you're not going
23:05
Speaker 4: to have to pay that tax. Your income is going
23:07
Speaker 4: to be calculated as such, and when tax time comes,
23:09
Speaker 4: you're going to have to pay it back because the
23:11
Speaker 4: government's going to collate it all and bring it together
23:13
Speaker 4: and be like, oh my gosh, she claimed the tax
23:15
Speaker 4: free threshold on a number of things when that shouldn't
23:17
Speaker 4: be the case. It should have only been on that
23:19
Speaker 4: eighteen two hundred dollars and that is it. She needs
23:21
Speaker 4: to pay it back. So if you aren't doing your
23:24
Speaker 4: calculations right and not claiming tax properly in those jobs,
23:28
Speaker 4: you could be up for a little bit of a
23:29
Speaker 4: nasty tax refund time, because they won't be a refund
23:31
Speaker 4: at all. You'd be, you know, giving some more money
23:34
Speaker 4: to the taxman. So from my perspective, it would be
23:37
Speaker 4: really about managing what that looks like. To be honest,
23:40
Speaker 4: it shouldn't be too complicated if you've got a number
23:43
Speaker 4: of different income streams, and as she said, she's only
23:45
Speaker 4: engaging in one at a time, so it should be
23:47
Speaker 4: pretty cut and dry. But this is where I literally
23:50
Speaker 4: would go talk to an accountant. They can make sure
23:53
Speaker 4: that one you're claiming what you can claim for all
23:55
Speaker 4: of those different jobs, because different jobs might have different
23:58
Speaker 4: things that are claimable. But then also there might be
24:01
Speaker 4: overlap periods. So say in one month you actually work
24:05
Speaker 4: two different jobs or even three different jobs, and as
24:08
Speaker 4: much as you're not working them at the same time,
24:09
Speaker 4: you might have got like you know, three full solid
24:12
Speaker 4: weeks of work. Therefore, you will be taxed at a
24:15
Speaker 4: higher amount, or you should be taxed at a higher
24:18
Speaker 4: amount because you're earning more and it's increasing your taxable income.
24:22
Speaker 4: Whereas another month you might only do like one or
24:24
Speaker 4: two shifts with one company, and then at the other
24:26
Speaker 4: end of the month you do one or two shifts
24:27
Speaker 4: with another and your income is quite low that month,
24:30
Speaker 4: so it all comes out in the wash. However, when
24:33
Speaker 4: you have multiple incomes, the probability of you owing money
24:37
Speaker 4: at tax time is higher, and that's why I would
24:39
Speaker 4: engage an accountant to make sure that you're not in
24:41
Speaker 4: for a nasty surprise, and.
24:42
Speaker 5: If you are working multiple jobs or if you've changed jobs,
24:45
Speaker 5: because it's happened to me when I was younger, and
24:46
Speaker 5: I had no idea what was going on so bad
24:48
Speaker 5: and I did just take the box. I was like, oh, yeah,
24:50
Speaker 5: that sound about right, tick tick, and then a tax
24:52
Speaker 5: time I.
24:52
Speaker 2: Owed luckily, see I want the tax free throat at all.
24:54
Speaker 2: If you don't know what it is like, I would
24:56
Speaker 2: ticket again.
24:57
Speaker 5: Yeah, and I was lucky that it was closely the
24:59
Speaker 5: end to find angel Are. And you know, I didn't
25:02
Speaker 5: end up owing eighteen thousand dollars, thank god, but I
25:04
Speaker 5: owed a little bit. And so I would encourage anyone
25:06
Speaker 5: who's changed your job, or if you do have multiple employers,
25:10
Speaker 5: just email your accounts team or email your manager and say, hey,
25:13
Speaker 5: I just wanted to check. Am I not currently claiming
25:15
Speaker 5: the tax free threshold? Just compare notes, because if you
25:18
Speaker 5: are in this situation and you've ticked the box at
25:20
Speaker 5: six different employers, you're going to want to try and
25:23
Speaker 5: fix that full tax time or it's going to be
25:25
Speaker 5: very painful.
25:26
Speaker 4: And if you're a bit stressed right now listening to
25:28
Speaker 4: this and you're like, oh my gosh, I definitely have
25:29
Speaker 4: done that, first thing you want to do is confirm
25:31
Speaker 4: it with your employers and then go and chat to
25:34
Speaker 4: the accountant. Because as much as you could be up
25:36
Speaker 4: for that amount of money, yeah, you have to pay back,
25:38
Speaker 4: you're not getting out of it.
25:39
Speaker 2: Sorry about that.
25:41
Speaker 4: But you can work out a payment plan with the ATO,
25:43
Speaker 4: so it might not be as painful.
25:45
Speaker 2: But who wants to be on a payment plan? Who
25:47
Speaker 2: wants to have debt?
25:48
Speaker 4: So we want to avoid that at all costs and
25:50
Speaker 4: the best way to do that is to stay on
25:52
Speaker 4: top of it and have open, consistent conversations with somebody
25:55
Speaker 4: in the know. So for me, my friends love it.
25:58
Speaker 4: Georgia King, can you wrap the boring but in and stuff?
26:00
Speaker 2: Absolutely? I can.
26:02
Speaker 6: Alrighty, guys, Please remember that the advice shed on She's
26:05
Speaker 6: on the Money is general in nature and does not
26:07
Speaker 6: consider your individual circumstances. She's on the Money exists purely
26:11
Speaker 6: for educational purposes and should not be relied upon to
26:14
Speaker 6: make an investment or a financial decision. And we promise
26:17
Speaker 6: Victoria Divine and Shees on the Money are authorized representatives
26:21
Speaker 6: of in Focused Securities Australia Proprietary Limited ABN for seven
26:25
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Speaker 6: two three six five two three.
26:30
Speaker 2: See you next week, guys,