Latest / She's On The Money / Am I Being Too Rigid With Money? Plus, Dollar-Cost Averaging Tactics

Transcript

Am I Being Too Rigid With Money? Plus, Dollar-Cost Averaging Tactics · She's On The Money

0:00
Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
0:03
Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
0:08
Speaker 1: kaka ya Ya Binahwaka Nian our gay In Nimbini, yakarum
0:12
Speaker 1: jar Doumayagumika Umaga Ihowaka Nile Waman damon Immalan Bumba bang
0:17
Speaker 1: gadabama In and now in Waka ghana on yakarum jar Watanadana. Hello,
0:22
Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
0:26
Speaker 1: We thank acknowledge and respect the Abiginal people's land that
0:29
Speaker 1: we're gathering on today. Take pleasure in all the land
0:32
Speaker 1: and respect all that you see. She's on the Money
0:35
Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,
0:42
Speaker 1: knowledge and resources for you to thrive.
0:44
Speaker 2: She's on the Money.
0:46
Speaker 3: She's on the Money. Hello, my friends, and welcome to
0:52
Speaker 3: She's on the Money, the podcast that makes your personal
0:55
Speaker 3: finances fun, especially on a Friday. The gang is back
0:59
Speaker 3: together for another edition of Friday Drinks, where we gather
1:02
Speaker 3: to celebrate you our clever She's on the Money Community
1:06
Speaker 3: Victoria Devine and joining me this week. Is the winsome
1:09
Speaker 3: Miss Jessgariici with our community's best money wins and of course,
1:14
Speaker 3: the benevolent Miss beck Sayed is here bracing broke tips glore. Welcome,
1:20
Speaker 3: my friends. We're also going to be covering some juicy
1:24
Speaker 3: money dilemmas which seem to be rather investment coded.
1:27
Speaker 4: This week.
1:28
Speaker 3: One community member slid into our DMS with I would
1:30
Speaker 3: say a concern about couple's money values, while another leftist
1:36
Speaker 3: of voicemail devoted to dollar cost averaging are the best
1:38
Speaker 3: ways that we can do it? Do you fancy having
1:41
Speaker 3: your dilemma discussed on our podcast? Come on through, my friends.
1:44
Speaker 3: All you need to do is head to our podcast
1:46
Speaker 3: page on the She's on the Money website, record a
1:49
Speaker 3: little punchy dilemma of your own, and who knows, your
1:51
Speaker 3: query might just make the cut better. Yet, it might
1:53
Speaker 3: even help other listeners just like you work through their
1:56
Speaker 3: money woes. Now, wouldn't you know what, my friends? It
1:59
Speaker 3: is for our five star review? Are you strapped in?
2:02
Speaker 3: Are you ready?
2:02
Speaker 5: Yeah?
2:03
Speaker 3: Absolutely? The five star review time is where we get
2:06
Speaker 3: to hear from our lovely listeners about the ways that
2:08
Speaker 3: they are finding financial independence and confidence with a little
2:11
Speaker 3: help from us and the show. This one comes from
2:14
Speaker 3: a friend called Amy, who says, hey, guys, I am
2:18
Speaker 3: sure you get a million messages like these, arguably not
2:20
Speaker 3: a million week. We would like more, but I just
2:23
Speaker 3: wanted to say thank you so much for the advice
2:25
Speaker 3: you have given. I was going through some money problems
2:28
Speaker 3: recently caused by my own reckless spending and seriously considered
2:32
Speaker 3: taking out a personal loan as I was too embarrassed
2:34
Speaker 3: to ask for help, But in the process of applying
2:37
Speaker 3: for it, there was a little voice in the back
2:38
Speaker 3: of my head that sounded suspiciously like you guys, telling
2:43
Speaker 3: me to check out other options first. Luckily, I am
2:47
Speaker 3: extremely fortunate and was able to get my parents to
2:49
Speaker 3: reduce my board for a couple of months while I
2:51
Speaker 3: sought my stuff out. It was definitely the wake up
2:54
Speaker 3: call that I needed, and I cannot thank you guys
2:56
Speaker 3: enough for playing a part in it. Oh idea that
3:00
Speaker 3: we're like the little sound on your shoulder like don't
3:02
Speaker 3: do this, yes, like the fairly odd parents like, which
3:06
Speaker 3: is like a bit how you go in fairies be
3:08
Speaker 3: like don't do that.
3:09
Speaker 4: Yeah, Oh that's gorgeous, because.
3:10
Speaker 3: It really is a slippery slope. So I'm really glad
3:13
Speaker 3: that you didn't. Proud of you and thank you so much.
3:15
Speaker 3: I love that Amy. It sounds like our voices are
3:17
Speaker 3: maybe living a little bit rent free in your head,
3:19
Speaker 3: or maybe we should start paying you bored. We are
3:22
Speaker 3: so proud of you exploring your options and honestly finding
3:25
Speaker 3: a way out, because there's always another option. If we've
3:29
Speaker 3: taught you anything interesting about your finances or how to
3:32
Speaker 3: make your dollars go a little bit further, please let
3:34
Speaker 3: us know by leaving a five star review for She's
3:36
Speaker 3: on the Money on Apple, podcast, Spotify, or honestly, wherever
3:39
Speaker 3: you tune in. We take them in our dms. I
3:41
Speaker 3: take them in my DMS. I will take carry a
3:43
Speaker 3: pigeon literally anything. All right, jessic Ricci, are you buckled in?
3:48
Speaker 3: And are you ready? I am a question of the
3:50
Speaker 3: week time and this one might call for a little
3:53
Speaker 3: bit of ar capella. Okay, Sue wants to know what's
3:58
Speaker 3: your karaoke song and do you have matching dance moves?
4:01
Speaker 5: My goodness, I fear I avoid karaoke like it's my
4:06
Speaker 5: I don't think I've been.
4:07
Speaker 3: Usual adult life, really, I just feel like you're a carrier.
4:12
Speaker 5: No, this is my worst nightmare because I cannot even
4:15
Speaker 5: carry a tune and my social anxiety, all these people
4:18
Speaker 5: looking at me no like I can't. I would literally
4:22
Speaker 5: need to be even hammered. I don't think you could
4:25
Speaker 5: convince me to get on that stage.
4:26
Speaker 3: But if we were to convince you to get on
4:28
Speaker 3: the stage, what song would you be most comfortable singing?
4:32
Speaker 5: Oh, I'm in a belt out some t swift. Put
4:34
Speaker 5: on any of the discography, proferably something offbeat, you know,
4:37
Speaker 5: maybe like paper Rings or something fun like that.
4:41
Speaker 3: A reputation. But yeah, we can't convince you to do
4:45
Speaker 3: the dance a chance in hell. That's crazy. I feel
4:50
Speaker 3: like you're the exact opposite. I love I saw that
4:56
Speaker 3: coming a million but I thought you would say, yeah,
4:58
Speaker 3: I love karaoke, it's really fun.
5:00
Speaker 5: I will support, I will cheer, I will woogle people
5:02
Speaker 5: like I'll go to care.
5:04
Speaker 3: But you are such a wor girl. I'm not participating. Okay,
5:06
Speaker 3: all right, I feel like you'll move your shoulders. I'll
5:10
Speaker 3: be dancing on the sideline. I feel like you're the
5:12
Speaker 3: dreams that would be singing on the sidelines. But don't
5:15
Speaker 3: give you the microphone. Yeah, that's a fair that's a
5:17
Speaker 3: fair assessment because like at the Taylor Swift concert, we
5:21
Speaker 3: were screaming. That's true, Like every single lyric we were
5:24
Speaker 3: screaming them. Like, it's not like you were scared of
5:26
Speaker 3: being heard, jests, no one looking at me.
5:33
Speaker 4: Problem is not being perceived. But you have seen, you
5:36
Speaker 4: want to see, you want to move.
5:39
Speaker 3: She wants to be a karaoke girl.
5:41
Speaker 4: I get that. I get that. I get there. So
5:43
Speaker 4: maybe maybe alone you're a home I get you. How
5:46
Speaker 4: do I whittle it down? So definitely.
5:48
Speaker 3: I love that there's options, there's so many, so special
5:51
Speaker 3: to Mithiggans obviously, dreams, Gabrielle.
5:56
Speaker 4: Dreams, Ken came true.
6:01
Speaker 3: And then I know this is like this is like,
6:03
Speaker 3: you know, maybe ethically ambiguous, but I really quickly ambiguous.
6:07
Speaker 6: I like that.
6:08
Speaker 4: I love human nature.
6:09
Speaker 3: Michael Jackson and sorry, sorry, we don't need I know,
6:13
Speaker 3: and I'm trying to wean myself off. Oh no, no, no,
6:17
Speaker 3: like we can keep them. Sorry, they live in our past.
6:20
Speaker 3: That's they live in our past. Jackson, you know, just
6:23
Speaker 3: to be like questionable in terms of his decision making.
6:27
Speaker 3: But at the same time, I think he's not here anymore.
6:30
Speaker 3: So if you like his music pop Off Queen.
6:32
Speaker 4: Those are my three main ones, okay, and then there's
6:35
Speaker 4: so many more.
6:35
Speaker 3: But I don'teel like a man in the mirror would
6:37
Speaker 3: be something that you would be like all over. Actually
6:40
Speaker 3: wouldn't mind that, but I don't know if you could.
6:43
Speaker 4: Maybe I could.
6:44
Speaker 3: I trust the register change exactly, and what about you?
6:48
Speaker 3: Oh my god, I don't know. I feel so stumped.
6:53
Speaker 3: Like Jess Love a microphone, put it in front of me,
6:56
Speaker 3: do not make me sing. I can't sing my toddler
6:59
Speaker 3: the other mummy, stop mortifying, mortifying. I was just like singing.
7:06
Speaker 3: And he goes like I'm holding my toddler, cradling him,
7:09
Speaker 3: and like, for his entire life, I've sung to him
7:12
Speaker 3: while he's like going to sleep, you know, not every time,
7:14
Speaker 3: but sometimes, and he puts his fingers over my mouth
7:17
Speaker 3: and goes, mammy stop honestly, fair fair. So yeah, I'm
7:22
Speaker 3: not a karaoke girly, but if I was going to
7:25
Speaker 3: it would be a song that I know really well,
7:28
Speaker 3: like TLC Waterfalls.
7:30
Speaker 4: Oh yeah, okay, like I even.
7:32
Speaker 3: Know the rap part, which I think is so funny
7:35
Speaker 3: because it doesn't suit my personality at all.
7:37
Speaker 4: I wouldn't picked it for you, but I can see it.
7:39
Speaker 3: It's really fun or like a Natasha Beddingfield unwritten or
7:43
Speaker 3: something like something really honestly, the takia the better. Yeah,
7:48
Speaker 3: so that's where I would be. We are not, just
7:51
Speaker 3: to be very clear, we are not going to be
7:54
Speaker 3: hosting a Shoes on the Money karaoke event. It's not happening.
7:56
Speaker 3: I'm not comfortable with it. Jess isn't comfortable with it,
7:59
Speaker 3: but might do a side quest. I can see that
8:03
Speaker 3: in your future for sure. God, she hosts trivia, next
8:07
Speaker 3: up karaoke, She's on the Money branded. I'll be there
8:11
Speaker 3: to support sport. I will be there. Do not make
8:14
Speaker 3: me sing like I just can't get over the fact
8:17
Speaker 3: that I can't sing.
8:19
Speaker 4: You don't need to worry about that part.
8:21
Speaker 5: On the inside, I feel like I should be a
8:22
Speaker 5: good singer, and it really upsets me.
8:26
Speaker 3: Like I should be a good singer. I am not.
8:29
Speaker 3: Like what comes out of my mouth in the car
8:34
Speaker 3: is not what you would hear, like, I think it's
8:36
Speaker 3: way better than what it is in reality.
8:39
Speaker 4: And then you turn the radio down. You're like, am
8:41
Speaker 4: I hitting those notes? And you're like waiting, No, that
8:43
Speaker 4: was the song?
8:44
Speaker 3: No, I'm just enjoying the song totally, and I would
8:46
Speaker 3: like to live in that state of delusion. I don't
8:49
Speaker 3: need people with cameras being able to capture those moments.
8:52
Speaker 4: Yeah, I understand.
8:53
Speaker 3: I agree. So if you ever think about Jess or
8:56
Speaker 3: I do in karaoke, just know we're amazing at it
8:59
Speaker 3: and we wouldn't want you to feel bad about your
9:00
Speaker 3: karaoke ability, so we would never get up on that stage.
9:03
Speaker 4: Well that's fair.
9:04
Speaker 3: We're just really thoughtful, aren't we. Just I couldn't agree more.
9:07
Speaker 3: All Right, guys, if you've got an excellent question for
9:09
Speaker 3: the pod, to send it on through to us. As
9:11
Speaker 3: you've heard, it does not have to be money related,
9:13
Speaker 3: but maybe ow she's on the karaoke playlist, should be like,
9:16
Speaker 3: we should make one of those.
9:17
Speaker 4: I god, we should should.
9:19
Speaker 3: Absolutely? Are you ready for more community money wins? Misters GRICI,
9:23
Speaker 3: please tell me what has our community been up to
9:26
Speaker 3: on the money win front this week? Firstly, Sharon has
9:29
Speaker 3: said money win.
9:30
Speaker 5: I've paid off my after pay, I've closed the account
9:32
Speaker 5: and I've deleted the app. Oh amazing, lots of people
9:35
Speaker 5: getting around her, you love to see it? Tell yeah,
9:38
Speaker 5: then I've got money in from Sammy, who said, I
9:40
Speaker 5: just hit two hundred and fifty sessions at my gym
9:42
Speaker 5: and they gave me one hundred.
9:43
Speaker 3: Dollars alis katvoutcha Alis.
9:45
Speaker 5: Katie also had free shipping in a ten percent discount,
9:48
Speaker 5: so I got some new leggings for free. Oh my god,
9:50
Speaker 5: amazing love the year gym celebrates that.
9:52
Speaker 3: That's awesome.
9:54
Speaker 5: Next, I've got a money win from Chantale, who said
9:56
Speaker 5: it's actually a money loss, but a memory win. I
9:58
Speaker 5: took my daughter out for a bike rid I had
10:00
Speaker 5: on the weekend, and we had breakfast at a local cafe,
10:02
Speaker 5: and I then doubled down because the weather was beautiful,
10:05
Speaker 5: and we walked to our local bowling club and enjoyed
10:08
Speaker 5: a drink and some nibbles outside while we played Uno.
10:11
Speaker 5: I normally wouldn't spend fifty dollars in one morning eating
10:14
Speaker 5: and drinking out, but making memories.
10:16
Speaker 4: Is absolutely worth it.
10:17
Speaker 3: It's very true, and.
10:19
Speaker 5: That sounded just so wholesome to me, Like you know,
10:21
Speaker 5: in the sunshine, little breakfast together, sometimes it's money well spent.
10:27
Speaker 5: Then I've got one from Tara who said my vacuum
10:29
Speaker 5: mop broke and I needed to get a new one.
10:31
Speaker 5: I menased JB High Fire to look for the dice
10:33
Speaker 5: and washed g one, which they had listed for nine
10:35
Speaker 5: ninety nine. I then went online and Mayer had them
10:38
Speaker 5: on sale for three hundred and ninety five dollars and
10:42
Speaker 5: Jbhigh Fire price match, so I saved six hundred dollars.
10:44
Speaker 5: I have that dice and mop I paid one thousand
10:47
Speaker 5: dollars for it. I will say it was worth every penny.
10:49
Speaker 5: But if you can buy it for three hundred and
10:51
Speaker 5: ninety five dollars.
10:52
Speaker 3: That's one thousand.
10:53
Speaker 2: That's a steal deal.
10:55
Speaker 3: And oh brilliant, brilliant, brilliant.
10:57
Speaker 2: I love it so much.
10:58
Speaker 3: I haven't tried the dice in one have the What
11:00
Speaker 3: have I got? I've got the Bissel, yeah, and I
11:02
Speaker 3: love her. But she's like on a cord yeah, so
11:06
Speaker 3: I want like a cordless one because I'm not gonna lie.
11:10
Speaker 3: It's incredibly like good. Yeah, but the idea that I
11:14
Speaker 3: have to lug it out, plug it in do to
11:16
Speaker 3: cord things really good.
11:18
Speaker 5: The battery is like an hour, I'm pretty sure on it,
11:21
Speaker 5: which is like enough for me to do my house.
11:23
Speaker 3: That's good.
11:24
Speaker 5: Yeah, And it's so satisfied for anyone hasn't seen it.
11:27
Speaker 5: It mops and vacuums at the same time. So if
11:28
Speaker 5: you've got pets, like there's always pet hair on my
11:30
Speaker 5: floor no matter how much I run the robo back.
11:32
Speaker 5: So it's good because it doesn't block the mop. But
11:34
Speaker 5: then there's two little canisters, one for clean water that
11:37
Speaker 5: goes on the floor as you mop, and as you
11:39
Speaker 5: it sucks it back up, which is if you've got floorboards.
11:42
Speaker 3: But also you can see the dirty water. In a sense,
11:45
Speaker 3: it's so satisfying. My mistol does that as well. Really, right,
11:50
Speaker 3: why do I mop the floor and then go I'll
11:52
Speaker 3: just do a quick once over of the kitchen again
11:54
Speaker 3: because I don't know why. I feel like the kitchen
11:55
Speaker 3: needs doing twice for some reason, like it just does.
11:59
Speaker 3: And then the mop is dirty again, and I'm like.
12:01
Speaker 4: Don't use this house.
12:03
Speaker 3: I've literally just cleaned it. I don't understand mopping till
12:06
Speaker 3: it's clear.
12:07
Speaker 4: Is Oh that would feel good.
12:09
Speaker 3: It feels so good not in this house.
12:12
Speaker 5: I've got a body win from Grace who said I
12:14
Speaker 5: didn't buy one single work lunch last week.
12:16
Speaker 3: Okay, I can't very good. Grace.
12:19
Speaker 5: Jason said I bought two new books and I got
12:20
Speaker 5: them from Marketplace. It was five dollars for both, which
12:23
Speaker 5: is a bargain if ever I've heard one. And then lastly,
12:26
Speaker 5: I've got money win from Aaron who said we were
12:28
Speaker 5: in the city for Vivid with our two kids and
12:30
Speaker 5: my five year old was insisting on getting a big pretzel,
12:33
Speaker 5: which is like, you know there's Venda hot pretzels five.
12:37
Speaker 3: Year old's page.
12:37
Speaker 5: They're so couldn't find them, she said, unfortunately, but today
12:42
Speaker 5: she went to Aldi picked up a box of six
12:44
Speaker 5: frozen ones six bucks.
12:46
Speaker 3: Sorry, what you can get giant frozen pretzels. I've had
12:48
Speaker 3: them before.
12:49
Speaker 5: They're very good. Actually, so I've had the pretzel sticks.
12:52
Speaker 5: I don't know if they do the twisty ones them
12:54
Speaker 5: in the air fryer. Stop it a little bit of
12:56
Speaker 5: molden salt.
12:57
Speaker 4: Okay, delicious.
12:58
Speaker 3: I didn't know this exist, Like, I want to go
13:00
Speaker 3: to Aldi a sap. I'm not pregnant, but that feels
13:04
Speaker 3: like a pregnancy cravy in my head. I'm like, oh yes. Also, Jess,
13:08
Speaker 3: I just saw on Instagram and I tagged you on
13:11
Speaker 3: Instagram in a picture of a pink air fryer. I
13:14
Speaker 3: need it. Ninja has a pink air fryer. I must
13:19
Speaker 3: have it.
13:19
Speaker 4: I literally did.
13:22
Speaker 3: Don't tell anybody, but while Jess was opening her phone
13:25
Speaker 3: I saw it and tagged her while we're recording the episode,
13:28
Speaker 3: and I was like, she needs to see this. She
13:32
Speaker 3: it's like a light pink.
13:34
Speaker 4: Oh that's cute. Oh now that's sorry, Hugh.
13:36
Speaker 3: Sorry, Jess is building a house.
13:39
Speaker 4: Yeah, you gotta have that.
13:40
Speaker 3: Jess has a new kitchen and nobody else has seen
13:42
Speaker 3: the cabinet tree in her kitchen yet because she hasn't
13:44
Speaker 3: posted it. But I made her send me pictures of
13:46
Speaker 3: her cabinet tree in her kitchen, and I just know
13:48
Speaker 3: that it needs a pink air fryer. I'm really cute.
13:52
Speaker 3: I'm so excited to see this. Oh don't even it
13:55
Speaker 3: is the most exciting thing ever. All right, let's move on. Yes, Beck,
13:59
Speaker 3: I don't know if you can get better than six
14:01
Speaker 3: dollars for six frozen pretzels, but I feel like you
14:06
Speaker 3: often do top it.
14:07
Speaker 4: Well, I'm gonna be pretty close.
14:08
Speaker 3: I'd tell you what do you bring into the table?
14:10
Speaker 3: My friend?
14:11
Speaker 4: So well?
14:12
Speaker 3: Actually, first of all, pretzel I always get confused by them,
14:14
Speaker 3: to the small ones, crispy always like a chip, large
14:17
Speaker 3: pretzel like a bread.
14:18
Speaker 4: Would you say understood?
14:22
Speaker 3: Think crispy out that and today are fantastic negotiating tools
14:26
Speaker 3: for toddless. Yes, my kid will do so much for
14:29
Speaker 3: a pretzel. Yeah, hell yeah, Okay, same though, I got
14:33
Speaker 3: to get on these big pretzels. I'm going to get
14:35
Speaker 3: the big pretzels. I'll report that, thank you.
14:38
Speaker 4: Okay.
14:38
Speaker 3: First broke tip I have from the community is from Christy,
14:42
Speaker 3: who says, go to Buddings. They do free kids crafts
14:45
Speaker 3: often on a Sunday. They have an indoor playground. Plus
14:48
Speaker 3: they have party pies and sausage rolls for the kids,
14:50
Speaker 3: so you don't have to buy big ones. It's a
14:52
Speaker 3: great option for.
14:53
Speaker 4: A rainy day.
14:54
Speaker 3: It is actually good free to do.
14:57
Speaker 6: This.
14:57
Speaker 3: Next one comes from a Stacey who says, if there's
14:59
Speaker 3: something you desperately want to watch on Prime and you're
15:02
Speaker 3: a bingital in one or two nights kind of person,
15:05
Speaker 3: sign up, watch the show, cancel the membership, and you
15:08
Speaker 3: can opt to have the remainder of your month's fee
15:10
Speaker 3: refunded versus paying for a whole month, which is a
15:13
Speaker 3: great idea.
15:14
Speaker 4: I didn't even know that movies and stuff like that
15:16
Speaker 4: as well, So I think that's so good.
15:18
Speaker 3: And I know this is really lazy of me, but
15:21
Speaker 3: it did remind me that this is something I want
15:24
Speaker 3: to tell freelancers or anyone who needs Adobe to like
15:27
Speaker 3: make money or just whatever you use it for.
15:29
Speaker 4: Adobe does this same thing. So if you sign up
15:32
Speaker 4: for a month to month not an annual subscription, you
15:35
Speaker 4: can say you have to cut up a video for
15:37
Speaker 4: a client or whatever you need to do. If you
15:40
Speaker 4: sign up, unfortunately, do you have to pay the full
15:43
Speaker 4: amount upfront, but then try and get your work done
15:46
Speaker 4: in one or two days, and then you cancel and
15:49
Speaker 4: you can opt for a refund like pro rated pro rade.
15:51
Speaker 4: It it's like two days off or whatever. It's like
15:53
Speaker 4: still like a hefty chunk. You're really not paying that much.
15:57
Speaker 4: So I think this is a great reminder.
15:59
Speaker 3: I think I said it recently on a podcast that
16:01
Speaker 3: I've just been threatening all my subscriptions, yer, like I
16:04
Speaker 3: just go in and threaten to cancel, Like I like,
16:06
Speaker 3: go into the account, hit cancel and see if like
16:10
Speaker 3: a retention thing comes up, and if it does, I'm like,
16:13
Speaker 3: thank you, I'll be taking that discount. And if it
16:15
Speaker 3: doesn't pop up, I'm like, I didn't mean it and
16:17
Speaker 3: likes it because there are some subscriptions that I do
16:21
Speaker 3: want to keep, but I also want a discount.
16:23
Speaker 4: So totally. I just got through three months of free Adobe.
16:27
Speaker 4: I'm obsessed with Adobe this morning because the same thing.
16:31
Speaker 3: I'm obsessed with. How creative I feel like you are consistently.
16:34
Speaker 3: It's really impressive. While you guys hear a little word
16:37
Speaker 3: from our sponsors, we're going to be plotting ways to
16:39
Speaker 3: be more creative with our money. So guys don't go anywhere.
16:45
Speaker 3: Welcome back, everybody. Let's take a listen to this week's
16:48
Speaker 3: money dilemma.
16:50
Speaker 6: Hi.
16:51
Speaker 3: There, have you got a money dilemma you just can't solve?
16:54
Speaker 3: The Sheese on the Money Team is here to help.
16:56
Speaker 3: Every week, we tackle your dilemmas, both big and small,
16:59
Speaker 3: to answer your most burning money, career and life questions.
17:02
Speaker 3: To get involved, simply head to our website and leave
17:05
Speaker 3: us a short voice recording and you might just find
17:07
Speaker 3: yourself on the show. Now, let's take a listen to
17:10
Speaker 3: this week's money dilemma.
17:13
Speaker 2: Hi, she's on the Money Team. I have a question
17:16
Speaker 2: about dollar cost averaging in investing. I have worked out
17:21
Speaker 2: that I can invest about one thousand dollars every six months.
17:26
Speaker 2: I could invest that in smaller portions over the course
17:29
Speaker 2: of the six months, but I have been investing it
17:32
Speaker 2: as a thousand dollar lump some essentially every six months.
17:36
Speaker 2: I'm investing with Perla, and the brokerage fee is six
17:39
Speaker 2: dollars fifty. So the way that I thought about it
17:42
Speaker 2: was that that was a good percentage of the investment.
17:48
Speaker 2: But I keep hearing about dollar cost averaging, and I'm
17:51
Speaker 2: essentially wondering whether I should be doing this differently, whether
17:54
Speaker 2: I should be investing more frequently every fortnight or every month,
17:58
Speaker 2: or whether this is a good way to go. I'd
18:01
Speaker 2: love your advice and thoughts about this. Thank you.
18:03
Speaker 3: What do you reckon? Beeck? What would you do?
18:05
Speaker 4: Yes, I had never thought about that. So I guess like,
18:07
Speaker 4: if you're investing months every like six months or whatever,
18:10
Speaker 4: then you would hope that on the day that you
18:12
Speaker 4: invest the investment is low. But if you invested every day,
18:16
Speaker 4: or like every few days or every few weeks, then
18:19
Speaker 4: your chances of getting like some lower price some higher price.
18:24
Speaker 3: Is that what that is?
18:25
Speaker 4: Dollar cost averaging?
18:26
Speaker 5: Yeah, So the idea of dollar cost averaging is that
18:29
Speaker 5: you make more frequent purchases, so statistically speaking, you're more
18:33
Speaker 5: likely to hit an average of a market, whereas our listener,
18:36
Speaker 5: for example, she's buying ones every six months, she's purchasing
18:40
Speaker 5: twice in a year, so statistically speaking, the chances of
18:44
Speaker 5: the market being in a positive spot are less likely,
18:49
Speaker 5: whereas if you were to purchase more regularly. The idea
18:51
Speaker 5: would be that sometimes you buy it's high, sometimes you
18:54
Speaker 5: buy it's low, and that it averages out, so you're
18:57
Speaker 5: kind of in the middle of the market, if that
19:00
Speaker 5: makes sense across the board.
19:02
Speaker 4: And I guess the downside is that I believe it
19:04
Speaker 4: six or fifty every time per transaction, per transaction, that
19:07
Speaker 4: seems like a hefty fee. I don't know. I'd a
19:11
Speaker 4: very per Yeah, I would like try and do it
19:14
Speaker 4: like consistently or like you know, shorter times in between personally, But.
19:19
Speaker 3: I've come with receipts, okay, tell us more. Okay. So
19:23
Speaker 3: she gave me enough information that I could put this
19:26
Speaker 3: into an online investment frequency calculator, which helps you understand
19:33
Speaker 3: what frequency would be the best strategy for your money. Now,
19:37
Speaker 3: this is obviously not financial advice, as in, I'm going
19:40
Speaker 3: to give a piece of financial advice, but it's not
19:42
Speaker 3: specific to you. And the way that I see it
19:46
Speaker 3: is you might choose to not invest this way just
19:49
Speaker 3: purely because it's your habits and you're trying to go
19:52
Speaker 3: no V, I really want to invest on an opply basis,
19:54
Speaker 3: or no V, I really want it to go into
19:55
Speaker 3: the market every two months. Like that's very different because
19:58
Speaker 3: if you're saying I will feel more committed because I'm
20:01
Speaker 3: investing regularly and I get to play with it more often.
20:04
Speaker 3: Therefore I'm contributing more, that's probably a really good thing
20:07
Speaker 3: for you. But there is a website, and I'll make
20:09
Speaker 3: sure it's in the show notes. It's investcalc dot GitHub,
20:13
Speaker 3: dot io, and I have used this a few times.
20:16
Speaker 3: It's not owned by any of the banks or any
20:18
Speaker 3: of the investing platforms, which I kind of like. And
20:20
Speaker 3: it's just an investment frequency calculator. So you've just got
20:23
Speaker 3: to take it as you will. And what it will
20:25
Speaker 3: do is it will take your investment frequency, your savings
20:29
Speaker 3: per month, your interest rate that you might get on
20:31
Speaker 3: your savings, your expected investment returns, and then your brokerage
20:35
Speaker 3: per investment, and it tells you how often investing would
20:40
Speaker 3: be optimal for you. Right, So for this example, our
20:44
Speaker 3: friend she's saying, I have one thousand dollars every six months,
20:47
Speaker 3: so we could probably assume that she's saving about one
20:51
Speaker 3: hundred and sixty six dollars and sixty six cents per month. Right,
20:55
Speaker 3: that makes two grand to you. I popped that in
20:57
Speaker 3: so I said every month, she's got one hundred and
20:59
Speaker 3: sixty six dollars and sixty six cents interest rate on savings. Today,
21:04
Speaker 3: a good savings account you could get around five percent.
21:07
Speaker 3: So this is just a point in time thing. So
21:09
Speaker 3: I have put five percent in the interest rate on savings.
21:12
Speaker 3: The expected investment returns. Again, we know that since inception
21:16
Speaker 3: the average rate of the Australian share markets return has
21:20
Speaker 3: been thirteen percent, but I've put nine because I feel
21:24
Speaker 3: like that seems to be what a lot of ETFs
21:27
Speaker 3: and a lot of investments have been returning over the
21:29
Speaker 3: last thirty years. I've then gone and looked up Perla's
21:32
Speaker 3: brokerage fee, and on average per investment it's six dollars
21:37
Speaker 3: fifty for Perler. So with all of that, this calculator
21:41
Speaker 3: has spat out. And I'll again make sure that these
21:44
Speaker 3: link is in the show notes, so you can do
21:46
Speaker 3: your own calculations and make your own decisions. But the
21:49
Speaker 3: optimal investment strategy apparently is investing eight hundred and thirty
21:53
Speaker 3: seven dollars once every five months. Interesting yeap, And this
21:58
Speaker 3: amount includes the brokerage and seven dollars interest. So it
22:03
Speaker 3: says that if you were to invest every single month
22:06
Speaker 3: over let me just get my laptop because I want
22:09
Speaker 3: specific numbers for you guys. It says here that if
22:12
Speaker 3: you were to invest, so this is over ten years,
22:14
Speaker 3: So this calculator goes all right, Well, if you're investing
22:17
Speaker 3: consistently for ten years and you invested the one hundred
22:19
Speaker 3: and sixty six every single month, your investment portfolio would
22:23
Speaker 3: be worth about thirty thousand, two hundred dollars. If you
22:26
Speaker 3: were to invest every three months, it would be worth
22:29
Speaker 3: thirty one thousand dollars. If you were to invest every
22:32
Speaker 3: five months, it would be worth thirty one thousand, one
22:35
Speaker 3: hundred dollars, and if you were to invest every ten months,
22:38
Speaker 3: it drops back down to just under thirty one thousand dollars.
22:41
Speaker 3: So like as you guys can see, like there's not
22:44
Speaker 3: heaps of difference. And obviously this is just like a
22:47
Speaker 3: here's the maths. Yeah, and just because the maths maths
22:50
Speaker 3: doesn't mean it's the best situation for you. But that's
22:53
Speaker 3: really interesting and I find it a really good way
22:56
Speaker 3: of making decisions because obviously, when you have brokerage, you're
23:01
Speaker 3: spending six dollars fifty just to get your money into
23:04
Speaker 3: the market, and that stuff adds up, like if you're
23:06
Speaker 3: spending six dollars fifty every single month, that money could
23:08
Speaker 3: have gone into your investment portfolio instead. So we do
23:12
Speaker 3: need to be really aware of how often we're investing.
23:15
Speaker 3: And I do think that there's this really big misconception
23:17
Speaker 3: that when we say and when I say we, when
23:20
Speaker 3: the market says invest consistently over the long term, it
23:24
Speaker 3: means every week or every month. Yeah, it doesn't actually
23:28
Speaker 3: mean that. It just means be consistent with your contributions
23:31
Speaker 3: to your investment portfolio. And every five months. You might go, vi,
23:35
Speaker 3: that doesn't make sense, like that feels like a long
23:37
Speaker 3: period of time. Well it's actually not, because our plan
23:42
Speaker 3: is to be investing for thirty, forty, fifty, maybe sixty years.
23:47
Speaker 3: So if we're doing that, every five months is actually
23:50
Speaker 3: very consistent. We just need to commit to that and
23:53
Speaker 3: it's a bit harder to feel that commitment when you're like, oh,
23:56
Speaker 3: it's just my savings sitting over there. I haven't invested them, Like,
24:00
Speaker 3: you know, we're making interest on our savings because obviously
24:03
Speaker 3: we'd have a high interest savings account while everything's banking up,
24:06
Speaker 3: and then we make an investment decision that makes sense
24:09
Speaker 3: for us.
24:09
Speaker 5: So it's worth remembering that five months isn't a rule
24:12
Speaker 5: of thumb for everyone. That's based on this specific and.
24:15
Speaker 3: That's where I'm like, I just want to be very clear.
24:17
Speaker 3: This is the calculator. I'm putting it in the link, like,
24:19
Speaker 3: that's not me saying please do this. That's absolutely not advice,
24:23
Speaker 3: but it's hey, look at what this specific example spat out,
24:27
Speaker 3: because it's not what you would have expected, especially because
24:30
Speaker 3: the narrative is so often invest every single month. Jess,
24:33
Speaker 3: it's a good idea. Let's just do our check in
24:38
Speaker 3: sounds like she was doing.
24:39
Speaker 4: She was on the right track, for sure.
24:40
Speaker 3: I feel like she is on the right track right
24:42
Speaker 3: she said, I'm investing one thousand dollars every six months.
24:45
Speaker 3: That seems pretty close.
24:47
Speaker 4: Banks Gold perfect, you do you boot.
24:50
Speaker 3: Absolutely anyway, that was really fun. I could keep talking
24:52
Speaker 3: about dollar cost averaging forever, which I think you guys know.
24:55
Speaker 3: Let's move on to our DM of the week. This
24:57
Speaker 3: DM concerns the values behind it, our investments. I'm just
25:01
Speaker 3: so excited about this next topics, specifically how our values
25:04
Speaker 3: might differ if we're in a relationship. So this community
25:08
Speaker 3: member messaged us and said, Hi, Victoria, Jess and beck
25:12
Speaker 3: I have a dilemma that's been eating away at me,
25:14
Speaker 3: and you just know it is because there were five
25:16
Speaker 3: exclamation marks after this. My partner and I have completely
25:20
Speaker 3: different approaches to money. I'm a planner and love having savings. Well,
25:23
Speaker 3: he believes money is just there to be enjoyed. Recently,
25:26
Speaker 3: I've started feeling resentful because I'm saying no to dinners,
25:30
Speaker 3: weekends away, and shopping so that I can hit my goals,
25:33
Speaker 3: while he's spending freely and still expects us to split
25:36
Speaker 3: everything evenly. We don't combine finances, but his choices are
25:40
Speaker 3: starting to impact mine. Am I being too rigid with
25:44
Speaker 3: my money? Or is this something that we need to
25:46
Speaker 3: have a bigger conversation about. I think we've answered a
25:49
Speaker 3: question like this before totally, and like that's just telling
25:53
Speaker 3: us or I think it's just telling us goal you're
25:56
Speaker 3: not alone. This is consistent. It's like the ying and yang,
26:00
Speaker 3: for sure.
26:01
Speaker 4: I think God and I've had a lot of these
26:04
Speaker 4: discussions recently for some reason. It's popping up at the
26:07
Speaker 4: moment in my world.
26:08
Speaker 3: But I think that like money and just everything, like
26:13
Speaker 3: the way you're brought up with money, Like we all know,
26:16
Speaker 3: like it's not just something we inherently have, Like it's
26:21
Speaker 3: not like you can.
26:22
Speaker 4: You know, you either have empathy or you don't have empathy.
26:25
Speaker 4: It's like money is not a part of human biology whatever,
26:30
Speaker 4: and so it's like makes sense that we have to
26:32
Speaker 4: like learn what our relationship is with this foreign object.
26:37
Speaker 4: Some people are really good at making sure that they're
26:39
Speaker 4: getting the best deal in every way, and my brain
26:42
Speaker 4: personally doesn't work like that, and some people's does and
26:45
Speaker 4: some people don't. It just really depends on the way
26:48
Speaker 4: your brain works, and also the way you were brought up,
26:49
Speaker 4: I suppose. But I think like even then it's a
26:53
Speaker 4: situation that money is very important to you, Money is
26:56
Speaker 4: not very important to your partner already is, but in
26:59
Speaker 4: this way where it's like should be used for joy
27:02
Speaker 4: and pleasure and all these things. Which I understand because
27:05
Speaker 4: I'm on the same wavelength. I think that we should
27:07
Speaker 4: be enjoying the fruits of our labor every day in
27:09
Speaker 4: every way. But I think that there is certainly a
27:12
Speaker 4: really nice middle ground. It doesn't have to be super
27:16
Speaker 4: frugal or just like splurge all the time. But I
27:19
Speaker 4: think as long as your partner knows why it's important
27:22
Speaker 4: to you and what that looks like, and you as
27:25
Speaker 4: well understanding their point of view as well, I think
27:28
Speaker 4: you can come to a nice middle ground where you'll
27:29
Speaker 4: maybe like, hey, let's save this amount of money, or
27:31
Speaker 4: if you want to go out and splurge, then we
27:34
Speaker 4: can do that, but I won't be financially contributing because
27:38
Speaker 4: sometimes you just want like someone to go with. You
27:40
Speaker 4: want to be able to go to the movies or
27:42
Speaker 4: go to a fancy restaurant, but you don't want to
27:44
Speaker 4: go alone. So if your partner's like, i'll pay for it, cool,
27:48
Speaker 4: go enjoy the fruits of their labor. But I think
27:50
Speaker 4: there is a middle ground and you can reach that
27:52
Speaker 4: just having a big conversation about it all.
27:54
Speaker 3: And it sounds a lot like it's about mindset, like
27:57
Speaker 3: your mindset where you're like no, you should always like
28:00
Speaker 3: just enjoy the fruits of your labor. And like, then
28:03
Speaker 3: I look at Jess and my money mindset in comparison
28:06
Speaker 3: to yours, and I go, well, Beck, my money mindset
28:09
Speaker 3: is that by doing that, you're stealing from future you.
28:12
Speaker 3: And like, I'm making my life harder for future me
28:15
Speaker 3: to enjoy things that are bigger and better. And I
28:17
Speaker 3: think it's about instant and delayed gratification. And that's why
28:21
Speaker 3: getting into it is really helpful. Jess, what would you do?
28:24
Speaker 3: I think like there's two ways it can go.
28:27
Speaker 5: I think either you sit down, you have the conversation,
28:29
Speaker 5: you reach that middle ground and you find compromise. Or
28:32
Speaker 5: I think, like it is pragmatic to talk about the
28:35
Speaker 5: fact that it may just be a point of difference
28:37
Speaker 5: that is too significant. I think your relationship with money,
28:40
Speaker 5: I would equate it to like a personal value.
28:44
Speaker 3: You know, sometimes you meet people and you go we click.
28:46
Speaker 5: On so many levels, we have so much in common
28:48
Speaker 5: that politically our opinions really differ. Or you know, our
28:52
Speaker 5: core values when it comes to the way that we
28:55
Speaker 5: move in the world are very different, and that can
28:58
Speaker 5: sometimes be a mountain that is too high to overcome.
29:02
Speaker 5: I think it's important to acknowledge that because if you
29:06
Speaker 5: are someone who is in a relationship and you're getting
29:08
Speaker 5: resentful like that, I think that's quite a dangerous emotion
29:12
Speaker 5: to be feeling. So if you haven't already addressing it
29:16
Speaker 5: is super important and saying hey, this is how I'm feeling,
29:19
Speaker 5: this is how you're feeling.
29:19
Speaker 3: Is there a middle ground? What does that look like?
29:22
Speaker 5: But also, if you really want to live your life
29:25
Speaker 5: one way and your partner really wants to live their
29:27
Speaker 5: life another way, it is also worth looking at critically
29:30
Speaker 5: and thinking, well, what are the implications long term? True,
29:34
Speaker 5: because if you're gonna be with someon of for the
29:35
Speaker 5: rest of your lives and those things don't align, it
29:39
Speaker 5: can be a really uncomfortable situation, and like emotionally, that
29:43
Speaker 5: can take a toll. Resent is a really negative feeling,
29:46
Speaker 5: and resent then grows into all of these other types
29:48
Speaker 5: of emotions. It can become anger, it can become you know,
29:51
Speaker 5: all those things that then drive a wedge between what
29:54
Speaker 5: I'm sure started out as a very wonderful and loving relationship.
29:58
Speaker 5: And so it is I think, yes, in an ideal world,
30:02
Speaker 5: we're finding a middle ground and we're both talking and
30:05
Speaker 5: we're going, oh, like we can do what everybody wants.
30:08
Speaker 5: But I also just wanted to say, like, sometimes like
30:10
Speaker 5: you just don't align with the person you're with on
30:13
Speaker 5: key things. Yeah, and I personally think money is one
30:16
Speaker 5: of those key things where if you can't find a
30:19
Speaker 5: way to make it work, that is also okay, and
30:23
Speaker 5: you maybe will need to.
30:25
Speaker 3: Look at other options. I feel like that's a really
30:28
Speaker 3: aggressive thing to say to someone single friends, Jess, is
30:31
Speaker 3: that what you're suggesting, You've just decided I'm going to
30:33
Speaker 3: be a matchmaker. I'll find you a new man.
30:36
Speaker 5: Yeah.
30:37
Speaker 3: I think that you're being harsh on yourself. I do
30:39
Speaker 3: not think that you are being too rigid for having goals.
30:41
Speaker 3: I think that having goals is really important, and we
30:44
Speaker 3: know just from a research perspective that having goals means
30:47
Speaker 3: that you're a happier person. Incredible. But I think that
30:51
Speaker 3: you're now starting to feel like the fun Police, Like
30:54
Speaker 3: you're feeling that resentment and as you said before, Jess,
30:57
Speaker 3: it's not a good emotion to feel. But for me
31:00
Speaker 3: is a little alarm bell that should be telling you, hey,
31:03
Speaker 3: this arrangement doesn't feel fair anymore, Like there is some
31:07
Speaker 3: type of discrepancy in that relationship and you're not going
31:11
Speaker 3: to be surprised. Yess, what is it? What do you
31:14
Speaker 3: think I'm going to say? Is the key here? Got
31:15
Speaker 3: a big communication? But I really would sit down with him,
31:21
Speaker 3: and you know, not when you're annoyed, like just when
31:25
Speaker 3: you are starting to go all right, I want to
31:27
Speaker 3: sit down and have a big, proper conversation and like
31:30
Speaker 3: frame it less as you're spending too much and you're
31:32
Speaker 3: not doing what I'm doing, but more like I've realized
31:35
Speaker 3: that we have very different approaches to money, and I'm
31:38
Speaker 3: starting to feel a little bit resentful of that because
31:41
Speaker 3: you know, I'm trying really hard to achieve these goals
31:43
Speaker 3: which I feel like you're benefiting from, but then you're
31:47
Speaker 3: not actually contributing to those bigger goals and you're just
31:50
Speaker 3: yellowing life. And you know, I'm making all these sacrifices
31:54
Speaker 3: while also feeling like I'm being expected to keep up
31:57
Speaker 3: with spending that doesn't align to those sacrifices that I'm making,
32:00
Speaker 3: and I just I don't want this to become a
32:02
Speaker 3: bigger issue, like I want to be on the same page.
32:04
Speaker 3: Are we not working towards the same future? And yeah,
32:08
Speaker 3: I would then get really specific. I love a smart goal,
32:12
Speaker 3: but I also love that as a solution conversation. Does
32:16
Speaker 3: that make sense? Like, I love using a smart goal,
32:18
Speaker 3: I want a smart stand.
32:19
Speaker 4: For back.
32:21
Speaker 3: Solution.
32:25
Speaker 5: We mentioned smart goals on a Friday episode Took Me
32:27
Speaker 5: about you and Me and Beck.
32:29
Speaker 3: Trying to fumble through each was so funny.
32:36
Speaker 4: It's something like Solow Dear God.
32:40
Speaker 3: In my book, I wrote about SotM goals instead of
32:44
Speaker 3: smart goals because I feel like SotM goals like hit
32:46
Speaker 3: the mark a little bit better for our community. So
32:49
Speaker 3: that's about being specific the O. So yeah, SotM, I
32:53
Speaker 3: was like, can we do spell? Oh? Is actually about
32:55
Speaker 3: being optimistic because I don't think that you can set
32:58
Speaker 3: a goal that you're not positive about. Like, if you're
33:00
Speaker 3: setting a goal and you don't feel good, get rid
33:02
Speaker 3: of it. T is timely and then M is measurable.
33:06
Speaker 3: So it's about putting a framework around something. So just
33:10
Speaker 3: asking hey, what are your savings goals to your partner,
33:14
Speaker 3: they might go I've got none. Be like, oh, well,
33:16
Speaker 3: let's backtrack. What do you want to achieve? Like five
33:19
Speaker 3: years from now, what experiences do you want to have had?
33:22
Speaker 3: What you know things do you want to own instead
33:24
Speaker 3: of going oh, why no goal, which honestly feels so hard,
33:29
Speaker 3: like that's like saying how much water is in the ocean?
33:31
Speaker 3: You know, like that's not going to work for me.
33:34
Speaker 3: But if I said to you, beck Hey, like in
33:36
Speaker 3: five years, like what are some things that you want
33:38
Speaker 3: to say that you've done? Like we could probably start
33:41
Speaker 3: working towards creating some goals together and then you know
33:46
Speaker 3: what lifestyle spending can you comfortably say no to? Like
33:50
Speaker 3: are there some things that we could get rid of
33:53
Speaker 3: that you know could become savings? And they might go
33:56
Speaker 3: no none. You go, well, how do we have compromise?
33:59
Speaker 3: Because everything life is about compromise. If we want a
34:02
Speaker 3: bigger thing later, we've got to give up a smaller
34:05
Speaker 3: thing now, and that can be really hard because the
34:08
Speaker 3: smaller things they're good. Have you ever had an armored croissant?
34:12
Speaker 3: Be so for real? But like a real fresh one?
34:15
Speaker 3: That's the small thing It is hard to give up.
34:18
Speaker 3: I get it, like walking past the bakery and they've
34:20
Speaker 3: just pulled them out, Like I'm not saying, oh, giving
34:24
Speaker 3: up small things is just so easy, Like we do
34:28
Speaker 3: have to acknowledge that it's going to be challenging because
34:32
Speaker 3: it's a lifestyle shift, But like, what can we give
34:34
Speaker 3: up now for a bigger, better one later, whether that
34:38
Speaker 3: is a house, whether that is even just food, Like
34:41
Speaker 3: it could be, Hey, I'm going to budget my GROCERI
34:44
Speaker 3: is a lot stricter, and I'm not going to do
34:46
Speaker 3: all the nice dinners that I really love. Like if
34:48
Speaker 3: you love having salmon every night, well I get it,
34:52
Speaker 3: and you're like, well it's not that bad because I
34:53
Speaker 3: get it at the supermarket and cook it myself. Okay,
34:56
Speaker 3: but maybe instead of having the bougie weeknight dinners, we
34:59
Speaker 3: have some like pretty staple basics, then we actually have
35:03
Speaker 3: in the budget some money to go out on the
35:05
Speaker 3: weekend with and we don't feel guilty because we're not
35:07
Speaker 3: compromising our lifestyle anyway. I just think there's a lot
35:12
Speaker 3: of conversation to be had, and you're not being too rigid,
35:15
Speaker 3: You're being intentional, And I think that a conversation and
35:19
Speaker 3: good communication is what you need to have right now,
35:23
Speaker 3: because resentment honestly becomes a whole third person in your relationship. True,
35:28
Speaker 3: Like it just becomes a whole thing. Absolutely, Like if
35:31
Speaker 3: you resent someone, like, oh, it's just a whole other
35:35
Speaker 3: emotion that you just don't need. Well, that's my opinion, anyway,
35:38
Speaker 3: what did everybody else say?
35:39
Speaker 6: Oh?
35:39
Speaker 3: They were spicy. So the first question I asked the
35:42
Speaker 3: community was have you ever felt like a partner's financial
35:46
Speaker 3: habits were impacting your own goals? My friends, you are
35:49
Speaker 3: not alone? Sixty eight percent of you said yes. The
35:52
Speaker 3: next question I asked was should a higher spender contribute
35:55
Speaker 3: more towards shared lifestyle costs? So I found to this interesting.
36:01
Speaker 3: Twenty four percent of you said yes, are they twenty four?
36:05
Speaker 3: Twelve percent said no, and then sixty four percent said, well,
36:08
Speaker 3: it actually depends what the expense is.
36:10
Speaker 4: That's fairy.
36:11
Speaker 3: I thought that was fair too. The next question we
36:13
Speaker 3: asked was do you think couples need to have similar
36:16
Speaker 3: money values for a relationship to work? Eighty three percent
36:20
Speaker 3: of you said yes, and then I said, all right,
36:23
Speaker 3: what is your two cents? A lot of people had
36:27
Speaker 3: the same conversation as us. Communication talk to them. So
36:30
Speaker 3: I've just wiped all of those comments out because, like
36:32
Speaker 3: we can only say it so many times. First person said,
36:36
Speaker 3: being together, my partner's actually matured. We split on income percentage,
36:40
Speaker 3: and his fun money is just his someone else said,
36:44
Speaker 3: are you confusing our goals with your goals? Do you
36:48
Speaker 3: even want the same things in life?
36:50
Speaker 5: Which again is like a bigger conversation around you know,
36:53
Speaker 5: it's okay to have different goals.
36:54
Speaker 3: Located to different people.
36:56
Speaker 5: I think you need to be, but if you're going
36:58
Speaker 5: two different places, sometimes that doesn't always work.
37:01
Speaker 3: Yeah, someone else said, you need to sit him down
37:04
Speaker 3: and talk about a shared budget even though you don't
37:06
Speaker 3: have shared savings, it's important to be on the same page,
37:09
Speaker 3: which I think is true. Like, even before I shared
37:13
Speaker 3: money with Steve, we had sat down and talked about
37:15
Speaker 3: budgeting and talked about where we were allocating our income,
37:19
Speaker 3: Like I knew what his budget looked like, even though
37:22
Speaker 3: I didn't have access or didn't spend any of his money.
37:24
Speaker 3: And we didn't even have a shared account because we
37:26
Speaker 3: didn't need one at that point. And I think you
37:28
Speaker 3: were like this too, just where we didn't need a
37:31
Speaker 3: shared account for rent or anything, because we just told
37:33
Speaker 3: our rental company, oh, I do fifty, he does fifty,
37:36
Speaker 3: and then it would just get taken out of our
37:38
Speaker 3: respective bank accounts each month. Yeah, when we.
37:40
Speaker 5: Moved in together, we have a shared account for like
37:42
Speaker 5: groceries and stuff, but everything else we pretty much keep separate.
37:46
Speaker 3: It's our own money. Yeah, See, everyone's different. We didn't
37:49
Speaker 3: do that. I would do groceries and stuff and then
37:51
Speaker 3: he would pay for fixed bills and like it would
37:53
Speaker 3: kind of all come out in the wash. It's just again,
37:56
Speaker 3: if one of you.
37:57
Speaker 5: Was, like if me or my I don't know, one
37:59
Speaker 5: of us was happy in one of it wasn't, then
38:00
Speaker 5: you go, oh god, nightmare right, Oh yeah.
38:03
Speaker 3: Exactly, it's a problem. And thankfully we've always been on
38:06
Speaker 3: the same page. But there's been people I've dated, like
38:09
Speaker 3: prior to being married and obviously, but like that, I've
38:12
Speaker 3: been on very different pages with and even operated with
38:15
Speaker 3: them differently. Like I was in a relationship before Steve
38:18
Speaker 3: for a very long time, even that situation was completely different. Again,
38:22
Speaker 3: so it's not even just like that's how Victoria operates.
38:25
Speaker 3: It's like every relationship is different.
38:28
Speaker 1: Yeah.
38:28
Speaker 3: Someone else said, we have two children and a mortgage
38:32
Speaker 3: and just contribute an equal amount of shared expenses. My
38:34
Speaker 3: husband and I have been together for eight years and
38:37
Speaker 3: we still don't share money because I think he spends
38:39
Speaker 3: too much. It works really well for us, and there's
38:42
Speaker 3: no guilt and then I can actually buy what I
38:44
Speaker 3: want and set goals that are.
38:45
Speaker 4: Just for me.
38:47
Speaker 1: That's good.
38:48
Speaker 3: I kind of like that definitely, But you need to
38:50
Speaker 3: sit down and go, okay, cool, because if you're not
38:52
Speaker 3: living together and they are kind of just like spending money,
38:55
Speaker 3: willy nilly, yeah, not really different story to you, a
38:57
Speaker 3: different story. But if you're living together and you're like, well,
39:00
Speaker 3: these are our goals, this is what we're achieving anyway.
39:03
Speaker 3: Another person said, I don't actually think this is an
39:06
Speaker 3: issue if they can afford their lifestyle and can meet
39:08
Speaker 3: their savings goals at fair point. Another person said, I
39:12
Speaker 3: really think that you need to be spending on a budget.
39:15
Speaker 3: Anything falling outside of this and they want to do
39:18
Speaker 3: with you, they have to front the upfront cost. And
39:22
Speaker 3: then this one's like maybe stroking my ego a little bit.
39:25
Speaker 3: And this is where I'm going to end it. They said,
39:27
Speaker 3: until I found your podcast, I was the highest spender,
39:30
Speaker 3: and I was the one who had my head in
39:32
Speaker 3: the sand, had no idea that it was even a problem.
39:35
Speaker 3: Financial education changed that for me.
39:38
Speaker 4: Gorgeous.
39:39
Speaker 3: Maybe say to your partner, I get a podcast you love,
39:45
Speaker 3: solve all your problems, and you know what, if they
39:47
Speaker 3: don't love it, you can still stay. Do not worry?
39:52
Speaker 3: All right, well, my friends, when it comes to money chats,
39:54
Speaker 3: I don't think that there is any time like the present,
39:57
Speaker 3: and I'm afraid that's all we have time for today.
40:00
Speaker 3: If you've enjoyed today's episode, please rate us wherever you
40:03
Speaker 3: get your podcasts. It does the algorithm thing. I don't
40:06
Speaker 3: know what the algorithm thing is, but I've heard it
40:08
Speaker 3: is good for the algorithm thing, and the algorithm thing
40:11
Speaker 3: means that more people and more ears get to listen
40:14
Speaker 3: to us. Or you can read us the old fashioned way,
40:16
Speaker 3: which is by telling your friends. So thank you for
40:19
Speaker 3: joining us on your morning commutes, maybe your desk lunch
40:22
Speaker 3: or your hot girl book. And we will see you
40:24
Speaker 3: bright and early on Monday morning for our money diary.
40:27
Speaker 3: We appreciate you, We love you. Have best weekend, guys. Bye, bye, guys. Bye.
40:35
Speaker 6: The advice shared on She's on the Money is general
40:38
Speaker 6: in nature and does not consider your individual circumstances. She's
40:42
Speaker 6: on the Money exists purely for educational purposes and should
40:45
Speaker 6: not be relied upon to make an investment or financial decision.
40:49
Speaker 3: If you do choose to buy a financial product.
40:51
Speaker 6: Read the PDS TMD, and obtain appropriate financial.
40:54
Speaker 3: Advice tailored towards your needs.
40:56
Speaker 6: Victoria Divine and She's on the Money are authorized re
41:00
Speaker 6: presentatives of money sherper P T y L t D
41:03
Speaker 6: A b N three two one six four nine two
41:05
Speaker 6: seven seven zero eight a f s L four five
41:08
Speaker 6: one two eight nine