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MONEY DIARIES: FIFO wife · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money, and now
0:17
Speaker 1: for an introduction from our friend Isabella, who's four years
0:20
Speaker 1: old and the youngest member of the She's on the
0:22
Speaker 1: Money community.
0:24
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:28
Speaker 2: for people who are finial Freedom, my Lin, Joseh King,
0:32
Speaker 2: I'm Glacko, and jagd As I say down to Royal Didine.
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Speaker 3: Joining us today on this episode of Money Diaries is
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Speaker 3: once again Ryan John and our friend Georgia King and
0:48
Speaker 3: also guys, I'm here. Thanks for coming here, Yeah, thank you,
0:51
Speaker 3: thank you so much. This week's episode is actually a banger,
0:54
Speaker 3: and I'm so excited about it. This story is honestly
0:57
Speaker 3: so inspiring to have gone from a fine and abusive
1:00
Speaker 3: relationship to being an absolutely epic mum of two who
1:04
Speaker 3: gets for kids out of bed pre six am and
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Speaker 3: into daycare before she starts work at seven every day.
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Speaker 3: This episode is honestly going to be one of your
1:13
Speaker 3: favorites as well, So let's dive straight in. Ryan, can
1:16
Speaker 3: you read the email she sent through to you.
1:19
Speaker 4: I'm twenty eight, full time worker, part time UNI student
1:23
Speaker 4: studying commerce. That's already queen a very busy plate. Two
1:26
Speaker 4: little kids in full time daycare and a five fox husband.
1:29
Speaker 4: We just started building our family home and we will
1:32
Speaker 4: rent out the current duplex we're in when our new
1:34
Speaker 4: home is complete. My money story hasn't always been positive.
1:38
Speaker 4: This is my second marriage. My first was abusive and
1:41
Speaker 4: it left me with nothing, not even friends. I had
1:43
Speaker 4: to rebuild my life from scratch. I wish she's on
1:47
Speaker 4: the money was around back then, which is nice to say.
1:51
Speaker 4: My parents split not long after the first marriage ended,
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Speaker 4: so I've been helping my dad with financial literacy ever since.
1:58
Speaker 4: Thank you very much that she's on the money, where
2:00
Speaker 4: snowballing credit card debt that my mother left him, and
2:03
Speaker 4: learning to get back on our feet. First of all,
2:05
Speaker 4: thanks for the messaging. I know we kind of sometimes
2:08
Speaker 4: take it for granted, but sharing this story is not easy,
2:10
Speaker 4: so thank you for that.
2:11
Speaker 5: No worries, Hi, how are you going?
2:13
Speaker 6: Very good?
2:14
Speaker 4: And we know that your husband you mentioned he was
2:17
Speaker 4: five zero and he's just left.
2:19
Speaker 5: Yes, he has gone back to work.
2:21
Speaker 4: So can I ask when you're a full time worker,
2:24
Speaker 4: part time UNI student to small kids and your husband's
2:28
Speaker 4: just gone away, how on earth do you survive the day?
2:30
Speaker 6: Because that sounds like a lot going on.
2:32
Speaker 3: That's epic.
2:33
Speaker 5: Yeah, it is a lot going on. For me. It's
2:37
Speaker 5: all about routine. I have to have routine. So we
2:41
Speaker 5: are generally out of the house by six am and
2:45
Speaker 5: I start work at seven am, so it's a really
2:47
Speaker 5: long day for all of us. I do need to
2:51
Speaker 5: make sure that pretty much everything has been done at
2:54
Speaker 5: home prior to leaving the house. Otherwise if I come home,
2:58
Speaker 5: then I've got massive panic attacks that I've got so
3:00
Speaker 5: much to do.
3:01
Speaker 6: Yeah, that's the worst.
3:02
Speaker 3: But oh my gosh. So you get two kids up, ready,
3:06
Speaker 3: out the door and to day care by six am.
3:10
Speaker 5: Yeah, so they're generally at daycare at six thirty am,
3:12
Speaker 5: and then I start work at seven.
3:14
Speaker 3: Real queen, and five days a week.
3:18
Speaker 5: Five days a week. Now, Yeah, oh.
3:20
Speaker 3: My gosh, that is actually epic. I'm so impressed. Yeah,
3:23
Speaker 3: just by that, I can't wait for the.
3:24
Speaker 6: Rest of you.
3:25
Speaker 2: All Right.
3:26
Speaker 4: I have so many more questions and we'll get to them,
3:28
Speaker 4: and we'll get to them soon. But let's go through
3:31
Speaker 4: the quick fire questions. First is to bring everyone up
3:33
Speaker 4: to speed on where you're at.
3:35
Speaker 3: Yes, these are the questions that everyone knows and loves.
3:37
Speaker 3: So we will start with can you please describe to
3:40
Speaker 3: us your relationship with money.
3:43
Speaker 5: I feel like now my relationship with money is actually
3:46
Speaker 5: really good. I did not have a good relationship with
3:49
Speaker 5: money growing up, and then once I got to working age,
3:54
Speaker 5: so I think that's fourteen and nine months, I was
3:56
Speaker 5: able to get my first job. From there, my parents
3:59
Speaker 5: paid nothing for me except for some food on the table.
4:04
Speaker 5: Everything from then on I had to do myself. So
4:07
Speaker 5: it was a real journey in learning how to save,
4:10
Speaker 5: how to pay my debts, pay bills, and from there
4:15
Speaker 5: getting into a relationship with somebody that controlled everything was
4:19
Speaker 5: really hard and getting out of that was even harder.
4:23
Speaker 5: So I was able to learn a lot more after
4:27
Speaker 5: that ending. So it was kind of my beginning to
4:32
Speaker 5: I guess, find what I could do with savings and
4:35
Speaker 5: where I could put my money and how it would
4:38
Speaker 5: benefit me in the future.
4:39
Speaker 3: Yeah, epic. And what do you do for work? What
4:42
Speaker 3: do you do every day? I know your unique So
4:44
Speaker 3: can you explain a little bit more about that?
4:47
Speaker 5: Yeah, so full time working. I am an office manager,
4:51
Speaker 5: so within administration and accounts and university, I am in
4:57
Speaker 5: my second year of studying commerce with a major in
5:00
Speaker 5: counting air pig.
5:01
Speaker 3: I love when people are studying money.
5:04
Speaker 6: But that's just me. Ryan.
5:06
Speaker 3: You have an accounting degree, don't you.
5:08
Speaker 6: Yeah, currently going to very good use is again now.
5:12
Speaker 3: Literally work with cheese on the money. It's very relevant.
5:17
Speaker 3: Good question here. Have you ever asked for a pay rise?
5:20
Speaker 3: If so, had that go.
5:21
Speaker 5: In this current job, I have not needed to ask
5:24
Speaker 5: for a pay rise because they see the work and
5:27
Speaker 5: effort that I put in, so they approach me about it,
5:30
Speaker 5: which is great. However, previously, in different jobs, I have
5:34
Speaker 5: asked for pay rises and generally they're pretty accommodating as
5:38
Speaker 5: long as I have the evidence to back it up
5:40
Speaker 5: of why I think I deserve it and the reasons
5:45
Speaker 5: behind why I might need one.
5:46
Speaker 4: That's pretty rare that an employer themselves will go, you're
5:49
Speaker 4: doing a great job. Here is a pay rise, and
5:51
Speaker 4: don't make you ask. I mean, it's how it should be,
5:52
Speaker 4: but it's I feel like that's pretty rare.
5:54
Speaker 3: That is super rare.
5:55
Speaker 5: Yeah, it is pretty rare. I've been with this company
5:58
Speaker 5: for the last three years and I I'm really happy
6:00
Speaker 5: to continue on for as long as possible.
6:03
Speaker 6: Yeah, that's awesome.
6:04
Speaker 3: I hope everyone and the She's on the Money team
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Speaker 3: takes note of that. That's fair. Help all right? What
6:13
Speaker 3: do you earn and how much money is sitting in
6:15
Speaker 3: your bank accounts right now?
6:17
Speaker 5: So I earn ninety thousand dollars per anim plus superannuation
6:23
Speaker 5: currently in my bank accounts. I've got two mortgage offset
6:27
Speaker 5: accounts and an up account.
6:29
Speaker 6: Yeah, and.
6:31
Speaker 5: Using the shees on the money code. By the way, like.
6:35
Speaker 3: They haven't sponsored this episode, I'm just in love with
6:38
Speaker 3: I love it.
6:40
Speaker 5: So offset accounts have three thousand dollars in them, and
6:45
Speaker 5: then the account has roughly fourteen and a half thousand
6:49
Speaker 5: dollars and a lot of that will go towards doing
6:53
Speaker 5: things for our new home after outbuilders complete.
6:55
Speaker 6: So exciting, ill saving And when's the house due to
6:59
Speaker 6: be compled?
7:00
Speaker 5: Probably mid this year. We're just waiting for this lub
7:03
Speaker 5: to go down.
7:05
Speaker 3: That's so exciting.
7:06
Speaker 6: That's so much fun building the house so good.
7:08
Speaker 3: Also, can we just give a quick props? I know
7:11
Speaker 3: I'm meant to be asking the questions, but quick props
7:14
Speaker 3: working mum two kids, gets up super early and makes
7:17
Speaker 3: a banger of an income.
7:18
Speaker 6: Yea, so good.
7:24
Speaker 3: So do you feel confident we're making decisions around money?
7:28
Speaker 5: I do now I feel like Everything that I do
7:30
Speaker 5: is very highly researched, or I might sit on a
7:34
Speaker 5: purchase for months a month before I do it, So
7:38
Speaker 5: I feel pretty confident with what I'm doing at the moment.
7:41
Speaker 5: My other half has absolutely no idea with money. He
7:44
Speaker 5: just sends all his pay to me, and I'm the
7:46
Speaker 5: one that give you sup.
7:48
Speaker 3: There's always a way. I feel like five fo Often
7:52
Speaker 3: that is a story I hear feel like they're like,
7:54
Speaker 3: all right, I'll just go away and make money. Can
7:57
Speaker 3: you deal with it back at home?
7:58
Speaker 4: Far out much.
8:01
Speaker 5: I guess it's just easier for us because I'm able
8:03
Speaker 5: to put it towards where it needs to go, whereas
8:06
Speaker 5: if it was sitting in his account, then he sees
8:08
Speaker 5: it as spending money.
8:09
Speaker 6: So smart.
8:10
Speaker 3: Do you feel like you're on the same team when
8:11
Speaker 3: it comes to money.
8:13
Speaker 5: Absolutely. We sit down and go through spreadsheets, We go
8:16
Speaker 5: through budgets, we go through where money is meant to
8:20
Speaker 5: be going for bills and what's coming up soon. So
8:23
Speaker 5: he knows everything that's in our accounts. He knows what's
8:26
Speaker 5: going on. He just doesn't want to know.
8:28
Speaker 4: Not that it sounds like you need it, but do
8:30
Speaker 4: you want this? She's on the money budgeting in cash
8:32
Speaker 4: Flow Masterclass.
8:34
Speaker 5: You know what, I already received that from the lovely Victoria.
8:38
Speaker 5: Really it was my daughter that did.
8:42
Speaker 3: My gosh, she's your daughter, Isabelle. Yeah, oh my gosh,
8:45
Speaker 3: she's my favorite human. Oh that like actually actually the
8:51
Speaker 3: other day, oh my gosh. In the Facebook group, Ryan,
8:54
Speaker 3: you clearly don't listen to our podcasts, so if you'd
8:57
Speaker 3: like to leave her, that's cool. The other day we
9:00
Speaker 3: had a little girl writing that she introduces Georgia as
9:04
Speaker 3: her dogs in the back, and then Elle sent in
9:12
Speaker 3: the recording because I said, if Isabelle would actually record
9:15
Speaker 3: that for me, I would put it as the introy
9:16
Speaker 3: to the pod. Yeah, and it was the cutest thing
9:20
Speaker 3: I've ever seen in my life. How did I not
9:22
Speaker 3: put two and two together that it was you? Oh
9:25
Speaker 3: my gosh. Yeah, I already gifted it to her.
9:27
Speaker 6: Oh, well, have another one.
9:31
Speaker 3: We'll give away one on her behalf about that.
9:34
Speaker 6: Yeah, that's lovely.
9:38
Speaker 3: Alright, So back to the questions, because I'm not good
9:41
Speaker 3: at keeping on track today. Do you guys currently invest
9:44
Speaker 3: If so, how much and if not why not?
9:46
Speaker 5: So I have been looking at investing for a little while,
9:49
Speaker 5: and I do have both Raisen Spaceship. So there is
9:53
Speaker 5: about five hundred dollars in each of those platforms. Then
9:57
Speaker 5: we are looking once they get to a certain amount,
10:01
Speaker 5: probably pulling that finance out and sticking them into a
10:06
Speaker 5: portfolio that is a little bit more than just a
10:09
Speaker 5: micro investing portfolio. And I will probably approach a financial
10:13
Speaker 5: planner once we do need to do that.
10:14
Speaker 3: Kelly, Yes, I do know someone. Next next question is
10:18
Speaker 3: do you have any debts of any kind? If so,
10:21
Speaker 3: what are they and if not, what do you feel
10:23
Speaker 3: about debt.
10:25
Speaker 5: I do have debt, So I have a help loan
10:29
Speaker 5: or hex loan, and that is at just under seven
10:32
Speaker 5: thousand dollars for last year, and that is a very
10:36
Speaker 5: good chunk of my pay that is gone each week,
10:39
Speaker 5: so that'll be paid off in pretty well no time.
10:42
Speaker 5: And I've also got a credit card which has a
10:44
Speaker 5: fifteen hundred dollars limit, and I think I owned twenty
10:47
Speaker 5: four dollars on it at the moment.
10:50
Speaker 3: You've really really spashed out there.
10:53
Speaker 5: I think that that's a direct debit for life insurance,
10:57
Speaker 5: to be honest.
10:58
Speaker 3: So I think yeah, I'll allow that.
11:01
Speaker 5: I'll definitely, I just have the insurance is direct debited
11:05
Speaker 5: off the credit card and then as soon as I
11:06
Speaker 5: see an amount that's owing, then I just transfer the
11:09
Speaker 5: money back on there.
11:09
Speaker 3: Yeah, that's smart. So do you have any good money
11:12
Speaker 3: habits that you're especially proud of.
11:14
Speaker 5: When I see money in my account towards the end
11:16
Speaker 5: of the week, and or bills a page, food is purchased,
11:21
Speaker 5: then that money pretty well just goes directly into savings,
11:25
Speaker 5: or it goes into the emergency front and I tend
11:30
Speaker 5: to if I have cash, which is pretty rare these days.
11:33
Speaker 5: But if I do have cash, then whatever is left
11:37
Speaker 5: in my wallet towards the end of the week all
11:39
Speaker 5: goes into a money tin as well. So that's notes,
11:42
Speaker 5: that's coins, whatever's there.
11:44
Speaker 3: That stuff adds up so quickly. I find that my
11:47
Speaker 3: partner still uses cash for stuff I really genuinely don't
11:50
Speaker 3: know why. And there is this hole beside our front
11:53
Speaker 3: door that he always puts spare coins in, and I've
11:55
Speaker 3: started collecting it and putting it into money tin because
11:58
Speaker 3: if I find it, it's mine. Right, That stuff adds up,
12:02
Speaker 3: And maybe last year, just before we moved, I took
12:06
Speaker 3: it down to NAB and tipped it into their life machine.
12:09
Speaker 3: How much exciting there was like five hundred and eighty dollars.
12:13
Speaker 3: It was more than a year. It had been sitting
12:16
Speaker 3: in a house for five hundred bucks change a lose change,
12:20
Speaker 3: and then I told him it was mine. He didn't agree,
12:22
Speaker 3: but for debate.
12:25
Speaker 5: Well, I was just going to go towards a couch.
12:26
Speaker 5: So I'm really hoping that there's a bit more than
12:28
Speaker 5: five hundred.
12:30
Speaker 3: It sounds like you're probably better at it than I am,
12:32
Speaker 3: because I'm literally scavenging dollar coins and twenty senses that
12:36
Speaker 3: he had from lunch. So I think that maybe you're
12:39
Speaker 3: a little bit savvier than we are. Back to questions,
12:42
Speaker 3: what is your worst money habit.
12:44
Speaker 5: I'm going to say it's probably one that's been heard before,
12:48
Speaker 5: but I don't really spend money on myself because it
12:54
Speaker 5: does feel guilty. Yeah, I'd say that that's probably my
12:59
Speaker 5: worst is I do feel really guilty if I do
13:02
Speaker 5: spend something on myself. My partner actually told me this
13:05
Speaker 5: time he was home that I need to go and
13:07
Speaker 5: buy some more undies and I said, no, I don't
13:11
Speaker 5: need too, and he says, well, they've got holes in them.
13:14
Speaker 3: Sorry on my legs.
13:17
Speaker 5: Don't feel guilty about buying undies if they've got holes
13:20
Speaker 5: in them.
13:21
Speaker 4: I work at Kiss the radio station at the moment,
13:23
Speaker 4: and we're giving away like lots of money, you know,
13:25
Speaker 4: prizes like all radio stations do. And every time I
13:28
Speaker 4: ask what are you going to do with the cash,
13:30
Speaker 4: every single mum I speak to goes, oh the kids,
13:32
Speaker 4: the kids, and it's sort of a I always ask, oh,
13:35
Speaker 4: what about yourself? Do you want to buy yourself something?
13:37
Speaker 4: And it's almost like not only were they not going
13:39
Speaker 4: to do it, they hadn't even considered that. They go, oh,
13:42
Speaker 4: would I spend it on other kids? That they'll want it,
13:45
Speaker 4: They'll they'll do something.
13:46
Speaker 6: V Why why is this It's normal?
13:50
Speaker 3: I feel like being a mum changes your mentality. I'm
13:53
Speaker 3: not a mum yet, and I just I obviously have
13:56
Speaker 3: enough experience with clients who are parents, and I feel
13:59
Speaker 3: like the second you have small humans to look after,
14:02
Speaker 3: it brings you one a heap of joy because you
14:03
Speaker 3: get to look after them and how great is that?
14:06
Speaker 3: But two, you're responsible for these little lives, so you
14:09
Speaker 3: feel like you should be looking after them before yourself.
14:12
Speaker 6: Yeah is that?
14:13
Speaker 5: Ow?
14:13
Speaker 6: Does that sound about right for you?
14:14
Speaker 5: Like?
14:14
Speaker 6: Did you spend were you happy to spend on yourself
14:17
Speaker 6: before you had kids.
14:19
Speaker 5: That is exactly true. When you're alone, you don't technically
14:24
Speaker 5: think about anybody else except for yourself or maybe a partner,
14:29
Speaker 5: and you can slash out the cash however you want.
14:32
Speaker 5: And then once you've got kids, well then there's a
14:34
Speaker 5: whole new ballgame. It just becomes all about them.
14:37
Speaker 3: So you're responsible for tiny humans and that kind of
14:40
Speaker 3: weighs on you in a way. And I know it's
14:42
Speaker 3: not a negative thing. I actually really love that people
14:44
Speaker 3: are always thinking of their kids first, because there are
14:47
Speaker 3: heaps of kids that don't get put first. So it's
14:49
Speaker 3: really nice to hear that. But it's also like, ah,
14:52
Speaker 3: you're still important, my friend, Like you still deserve you know,
14:55
Speaker 3: new undies for example. But I do think that so
15:00
Speaker 3: really common thing, and I think there are a lot of
15:01
Speaker 3: people who are listening who are potentially mums or dads
15:05
Speaker 3: are going to be like, oh, yeah, guilty.
15:08
Speaker 4: Can I also just point out I found out today
15:10
Speaker 4: prams costs like two grand Oh my gosh.
15:11
Speaker 3: I didn't know how expensive they were. I think baby
15:14
Speaker 3: is expensive. It's like weddings. My girlfriend's having a baby,
15:17
Speaker 3: and yeah, insane, right learning curve? Can I add that
15:20
Speaker 3: to the list of questions that we ask you. How
15:22
Speaker 3: much was your pram?
15:24
Speaker 6: Oh?
15:24
Speaker 5: Which one?
15:28
Speaker 3: Are there? Multiple?
15:29
Speaker 6: Tell us childless podcasts host what we're in for? Please enlighten?
15:34
Speaker 2: Oh.
15:34
Speaker 5: The first one that I bought was I think it
15:37
Speaker 5: was about three hundred dollars because I was able to
15:40
Speaker 5: get at secondhand. And then I realized that it was
15:43
Speaker 5: not a pram I could go running with though the
15:45
Speaker 5: wheels would wobble, and I thought my child was going
15:48
Speaker 5: to die.
15:49
Speaker 6: So then I got yeah, I mean one of the
15:51
Speaker 6: key features is not death.
15:53
Speaker 5: So then I ended up getting a second pram that
15:59
Speaker 5: was a running and that was about seven hundred dollars.
16:03
Speaker 5: And then when I found out I was expecting a
16:06
Speaker 5: second child, then you go up to the double prams
16:09
Speaker 5: and that was over one thousand dollars.
16:12
Speaker 3: Jeez, does that hurt to part with?
16:15
Speaker 2: It?
16:16
Speaker 5: Really does.
16:18
Speaker 3: Prams and not exciting to buy.
16:20
Speaker 5: No, they're not. And especially like cots and you know bastnets,
16:25
Speaker 5: there's so.
16:25
Speaker 3: Many things they need those tiny humans.
16:27
Speaker 5: There is somment. If you have more than one child,
16:31
Speaker 5: it's great because then you can reuse things, especially codes.
16:34
Speaker 5: But for the first child, you're shelling out so much money.
16:39
Speaker 4: Yeah, right, all right, we want to deep dive into
16:41
Speaker 4: so much. But last question, and we're all being nodding
16:44
Speaker 4: our heads, being very impressed with what we're hearing. But
16:48
Speaker 4: in your mind, what grade would you give yourself and
16:50
Speaker 4: your money habits.
16:53
Speaker 5: Now? I would probably say maybe a B plus. There
16:59
Speaker 5: are areas that could be improved, especially with the budgeting
17:04
Speaker 5: side of it, because I probably don't have everything budgeted for,
17:07
Speaker 5: so it's a bit of a heart palpitation moment when
17:11
Speaker 5: unexpected bills do come in and we're sort of scrambling
17:14
Speaker 5: away for those last pennies. But I would say to
17:18
Speaker 5: get to a higher grade, it would be speaking to
17:22
Speaker 5: a financial planner about investing.
17:35
Speaker 3: Okay, so jumping straight back in, I actually have a
17:38
Speaker 3: couple of perfect questions that I want to chat with
17:41
Speaker 3: you at that But the first one is I'd love
17:44
Speaker 3: to know a little bit more about why FIFO. So
17:47
Speaker 3: obviously FIFO involves a fair bit of sacrifice, and from
17:50
Speaker 3: the sound of your money diary, you are actually putting
17:53
Speaker 3: a lot into this because you don't have a partner
17:56
Speaker 3: at home twenty four to seven. You know what may
18:00
Speaker 3: you and your partner who decided that FIFO was the
18:02
Speaker 3: right thing for your family.
18:04
Speaker 5: My partner was actually doing FIFO when we met, so
18:09
Speaker 5: we haven't really known anything different except for when our
18:12
Speaker 5: first child came along. He decided that he was going
18:15
Speaker 5: to stay in Perth to be able to do just
18:18
Speaker 5: a normal job, which was a huge pay cut, but
18:21
Speaker 5: we were able to sustain that, and after almost a
18:26
Speaker 5: year of doing that, he decided that the money was
18:29
Speaker 5: better doving fi FO And we've just gone back to
18:32
Speaker 5: that and not known anything since.
18:34
Speaker 6: So and what was that conversation?
18:36
Speaker 4: Like, So, I've lived I've lived in Perth and wa
18:40
Speaker 4: a fair bit and fi FO is really common in
18:43
Speaker 4: every friendship group. There's a couple of people and it's
18:45
Speaker 4: a really normal part of life. But tell me that
18:48
Speaker 4: conversation when oh my god, we're expecting a kid. This
18:51
Speaker 4: is so exciting you don't want to miss out. But
18:54
Speaker 4: you're earning this great money. So how you know, was
18:57
Speaker 4: it an easy conversation to have or was it a
18:59
Speaker 4: quick decision or yeah, how did that sort of come about?
19:03
Speaker 5: It's really not an easy decision. It's not a conversation
19:06
Speaker 5: that you want to have. But for us, it was
19:08
Speaker 5: sitting down and discussing all of the financials and where
19:12
Speaker 5: we were pulling the money from for bills and knowing
19:14
Speaker 5: that we wanted to get out of the current house
19:16
Speaker 5: that we're in because we were just outgrowing it. It's
19:19
Speaker 5: too small for us. So the solution to that, where
19:23
Speaker 5: he doesn't have any qualifications to be able to sustain
19:27
Speaker 5: a higher income, was to go back to five fho work.
19:31
Speaker 5: So now he's building up qualifications while he is doing
19:35
Speaker 5: this fly and flyout job. And it is our long
19:40
Speaker 5: term goal that he will be able to come back
19:42
Speaker 5: and pursue another role within an area that we're happy
19:46
Speaker 5: with to still sustain some of that income.
19:50
Speaker 6: And what is a swing the right word? What swing
19:53
Speaker 6: is he doing at the moment?
19:55
Speaker 5: Yes, so generally his company does a four week on,
19:58
Speaker 5: two week off swing, so you.
20:00
Speaker 6: Won't see him for four weeks a month mostly. Yes,
20:04
Speaker 6: Oh my gosh.
20:05
Speaker 3: And you've got two small children that you get out
20:07
Speaker 3: of the house by six actually so impressed. Honestly, one is.
20:12
Speaker 5: Eighteen months and one is four, so it is quite
20:15
Speaker 5: a battle to get them up and get them out
20:17
Speaker 5: of the house.
20:17
Speaker 4: With the eighteen month a year old, Like, I feel
20:21
Speaker 4: like it sounds like cliche to be like they grow
20:23
Speaker 4: up so fast, but like they would be a different
20:25
Speaker 4: person four weeks later, right, Like they'd changed so much.
20:29
Speaker 5: Yeah, so each time he would come back from a swing,
20:33
Speaker 5: she would be absolutely completely different, and she'd take twenty
20:35
Speaker 5: four to forty eight hours just to warm back up
20:37
Speaker 5: to him. She didn't know who he was.
20:40
Speaker 6: Oh that would kill me, break me. Yeah, that I'd
20:42
Speaker 6: be finished.
20:43
Speaker 3: I mean or I feel like that's such true, Like
20:45
Speaker 3: you guys are really setting yourselves up for a great
20:48
Speaker 3: financial future, and it sounds like you're so on top
20:50
Speaker 3: of it, Like genuinely, I'm so impressed and something that
20:53
Speaker 3: we get a lot she's on the money. It's like,
20:55
Speaker 3: oh my gosh, can you do more relatable money stories,
20:58
Speaker 3: like you know with lesser incomes. It's just like this
21:00
Speaker 3: is actually so common. There are so many people that
21:03
Speaker 3: are really sacrificing their lifestyles and their families to put
21:08
Speaker 3: themselves ahead financially. Like I really want to celebrate that.
21:11
Speaker 3: I want these people on our podcast so we can
21:13
Speaker 3: go wow, like how incredible, Like these people are really
21:16
Speaker 3: working for it, not that anybody else isn't, but I
21:20
Speaker 3: just feel like, how cool is that? Yeah, it's so
21:23
Speaker 3: amazing to hear and this is Yeah, it's a unique
21:25
Speaker 3: story for money. Does we haven't really heard anything like this? No? No,
21:29
Speaker 3: So I want to be a little bit pervy. I
21:31
Speaker 3: know you mentioned that you were in a bad relationship before.
21:35
Speaker 3: Was that a financially would you say that's a financially
21:38
Speaker 3: abusive relationship prior to meeting your current partner?
21:43
Speaker 5: It was abusive and all sense of the words, including financially,
21:47
Speaker 5: and that pretty much made me forgo family, friends, and
21:55
Speaker 5: I ended up building a house or putting together a
22:00
Speaker 5: posit and building a house with this person, all for
22:03
Speaker 5: me to basically lose everything. So it definitely was the
22:09
Speaker 5: thing that broke me the most, I.
22:10
Speaker 3: Think, And it sounds like you're in an epic position now,
22:13
Speaker 3: but I know that people listening there are going to
22:16
Speaker 3: be a few who are in this situation. Like what
22:19
Speaker 3: was your trigger to go? You know what, I can't
22:20
Speaker 3: do this anymore, Like this is not the relationship for
22:23
Speaker 3: me and walking away.
22:26
Speaker 5: It was pressure to have children, and I finally found
22:31
Speaker 5: the courage to stand up and say that I didn't
22:33
Speaker 5: want to have children with this person, and that is
22:37
Speaker 5: the stick that broke the camel's back. So from there
22:41
Speaker 5: it got very messy and I needed to just escape.
22:46
Speaker 5: And I wish I had known about emergency funds or
22:50
Speaker 5: taking photocopies of things or photos of things, because that
22:53
Speaker 5: would have helped me out so much in the end.
22:55
Speaker 6: Yeah.
22:56
Speaker 3: So, and that's why I did that episode on financially use,
23:00
Speaker 3: because people just don't think about these things because we
23:03
Speaker 3: just don't know that that's what we're going to.
23:04
Speaker 6: Need, or you don't think it's that it's going to
23:07
Speaker 6: come to that.
23:07
Speaker 3: No one does. And when it gets to that stage,
23:11
Speaker 3: there's such a level of control that exists that you
23:14
Speaker 3: can't even ask them or hey, can I have copies
23:16
Speaker 3: of this? They won't give it to you, Like you
23:18
Speaker 3: end up completely helpless. So yeah, I've had so many
23:22
Speaker 3: messages from women being like, I really am grateful that
23:25
Speaker 3: I've listened to that episode because I've set it all up.
23:27
Speaker 3: I'm not ready to leave, but I will and I'm
23:29
Speaker 3: ready for that. And I just, oh, it breaks my
23:31
Speaker 3: heart that they're in positions.
23:33
Speaker 6: Yeah.
23:33
Speaker 4: And I don't know if this is a weird thing
23:34
Speaker 4: to say, but from all the stories we've heard, the
23:37
Speaker 4: overarching theme is you just feel like you're trapped and
23:40
Speaker 4: it's never going to change. And I think to see
23:43
Speaker 4: the position that today's money diaries in is maybe just
23:45
Speaker 4: some sort of light at the end of the tunnel
23:47
Speaker 4: that some way, somehow, you know it doesn't have to
23:49
Speaker 4: be like.
23:50
Speaker 3: That forever you've turned into it custler.
23:52
Speaker 4: Yeah, and just on that, I did make a note
23:56
Speaker 4: before when we said, oh, who takes care of the money?
23:58
Speaker 4: You and your partner on the same page. There's almost
24:00
Speaker 4: like a springing you step, and your voice was very
24:02
Speaker 4: confident and proud to say, oh, I take care of
24:04
Speaker 4: the money.
24:05
Speaker 6: I take care all that. So I guess.
24:07
Speaker 4: Compared to the previous relationship, does it actually give you
24:10
Speaker 4: a confidence booster and something you're proud of that You're like, yeah,
24:13
Speaker 4: I'm in charge of the money, I know where it's going.
24:15
Speaker 6: I'm in charge, you know, I'm taking care of it.
24:16
Speaker 6: Does that feel really good?
24:18
Speaker 5: It does? Actually, I mean it gives me a lot
24:21
Speaker 5: of confidence in our relationship as well, but more so,
24:25
Speaker 5: it just it makes me feel proud that we're actually
24:27
Speaker 5: accomplishing something and we're doing it together.
24:30
Speaker 3: It sounds like you're routine.
24:31
Speaker 6: Yeah, it really does it? Really that really sounds cool.
24:34
Speaker 4: You mentioned like when you were younger that there wasn't
24:36
Speaker 4: a heap of spare money from your folks and family
24:39
Speaker 4: and stuff, and you kind of had to sort of
24:41
Speaker 4: scrap for yourself. Is that, obviously, whilst not ideal, do
24:44
Speaker 4: you think that kind of taught you some you know,
24:47
Speaker 4: you seem to have this hustle and grind about you.
24:49
Speaker 4: Do you think you kind of learned that the hard way?
24:50
Speaker 6: So to speak.
24:52
Speaker 5: Absolutely, I believe that finance really should be taught in schools,
24:58
Speaker 5: but it's not t shirt.
25:00
Speaker 3: I mean, I'm preaching to the advantage.
25:03
Speaker 5: Here because it's not I guess, figuring out the hard
25:08
Speaker 5: way that you needed to be able to actually save
25:11
Speaker 5: money to afford what it is that you're wanting or
25:13
Speaker 5: to pay your bills. Whereas a lot of the people
25:16
Speaker 5: that I went to school with, they were given money,
25:19
Speaker 5: given opportunities, they don't know how hard they need to
25:23
Speaker 5: work for it in the future. So I feel like
25:25
Speaker 5: I've probably come out on top in comparison to a
25:28
Speaker 5: lot of the people that I either went to school
25:30
Speaker 5: with or newest friends.
25:31
Speaker 4: So I did well what twenty six money diaries last year,
25:36
Speaker 4: recording them and stuff, and I often found it was
25:40
Speaker 4: the people that had a slightly poorer upbringing or a
25:43
Speaker 4: lot of people where their parents were from overseas. It's
25:46
Speaker 4: like it's a massive disadvantage, but it actually turns out
25:49
Speaker 4: to be this great. I mean sounds condescending, say big advantage,
25:53
Speaker 4: but the mindset they have and the value in a
25:55
Speaker 4: dollar and they're not going to waste it and they're
25:56
Speaker 4: going to work really hard. It was a really strong
25:59
Speaker 4: theme that throughout all of the Money Dives did last year's.
26:02
Speaker 5: Was really absolutely when you've got no money, you definitely
26:06
Speaker 5: value what it is meant to do, because I mean,
26:10
Speaker 5: we don't have thousands or hundreds to spend. We've got
26:14
Speaker 5: to put the effort in to be able to earn that,
26:17
Speaker 5: and you really value where it's going.
26:19
Speaker 3: And how is that shaped how you're teaching your kids
26:22
Speaker 3: about money?
26:24
Speaker 5: Well, she's on the money. It is definitely shaping one
26:26
Speaker 5: of my children.
26:28
Speaker 3: I can't tell you how excited I am about that.
26:31
Speaker 3: That that actually made my week. I was so excited.
26:35
Speaker 3: And when you had sent that through, I hadn't checked
26:38
Speaker 3: that inbox yet. I literally ran across the office and
26:42
Speaker 3: got everybody in the office. I was like, I have
26:44
Speaker 3: the best thing you've ever heard, and made them come
26:47
Speaker 3: into the office I was in and listen to that.
26:49
Speaker 3: I was like, listen to these this is the best thing.
26:52
Speaker 3: Genuinely that made my week. Thank you.
26:55
Speaker 5: She was so excited to record that.
26:56
Speaker 3: Though up and down she's a future podcaster.
27:01
Speaker 5: I'm telling you, no, it is. It is really shaping
27:06
Speaker 5: her mindset because I mean I has bank accounts set
27:10
Speaker 5: up for both of them, and five dollars a week
27:12
Speaker 5: goes from my account into each of them, so they
27:15
Speaker 5: are aware that they get money into their account, which,
27:19
Speaker 5: with some bonus interest, will probably help them to either
27:22
Speaker 5: buy a car or a house deposit in the future.
27:25
Speaker 4: I was going to say it sounds cute five dollars,
27:27
Speaker 4: but by the time that compounds over their life and
27:30
Speaker 4: how young they are, that it's going to be a
27:32
Speaker 4: really nice little chunk of cash when they're old enough
27:35
Speaker 4: to do something fun with it. So that's a really
27:36
Speaker 4: cool idea.
27:37
Speaker 5: Yeah, and I don't notice it missing from the account either,
27:40
Speaker 5: so it's pretty easy for us.
27:42
Speaker 3: How did you come up with five dollars? By the way,
27:45
Speaker 3: like I feel like pocket money these days, everyone has
27:49
Speaker 3: an opinion on it. How do you pick what you
27:52
Speaker 3: give your children as pocket money?
27:54
Speaker 5: So when I set up her account. It was when
27:58
Speaker 5: my husband was working in Perth and we were both
28:01
Speaker 5: earning a pretty low wage, and it was just the
28:06
Speaker 5: amount of money that I thought would be okay being
28:09
Speaker 5: debited from our account each week where we're not going
28:12
Speaker 5: into an overdraft. So that is where I came up
28:16
Speaker 5: with the five dollars. And then once the second child
28:19
Speaker 5: came along, I thought, okay, well, ten dollars all up
28:22
Speaker 5: is not a big expense missing from our account each week.
28:26
Speaker 5: And I did the numbers, crunch the numbers until they're
28:30
Speaker 5: sixteen years to be able to buy a car or Yeah,
28:34
Speaker 5: I thought it a pretty good chunk of change to
28:37
Speaker 5: put towards a decent car for them in the future.
28:40
Speaker 3: Absolutely absolutely. I think it's like nearly like five or
28:44
Speaker 3: six grand each, yeah, eighteen or something, and that's before
28:48
Speaker 3: compound interest in Yeah, like if that was invested, that
28:51
Speaker 3: would be more. But like I think, if it's savings
28:53
Speaker 3: to go towards something, how good. That makes me so excited.
28:57
Speaker 3: When I was younger, I remember my parents kept related
29:00
Speaker 3: and this totally wouldn't buy you anything nowadays, but my
29:03
Speaker 3: parents gave you fifty cents for every year old you were.
29:07
Speaker 3: So if I was twelve, I got six dollars a week.
29:09
Speaker 3: Yeah right, And if I was thirteen, I'd get six
29:11
Speaker 3: dollars fifty and that.
29:13
Speaker 5: Was really cute.
29:14
Speaker 3: That was how much I got. And my salary review
29:18
Speaker 3: every year on my birthday and I would get my
29:20
Speaker 3: extra fifty cents a week.
29:22
Speaker 6: Guys, you've done a good job.
29:24
Speaker 3: You have turned one year older. Congratulations on your tenure.
29:28
Speaker 3: Sore at the Impire.
29:32
Speaker 5: I'd say, once they're at an age where they can
29:34
Speaker 5: start doing chores around the house, that five dollars is
29:36
Speaker 5: definitely going to depend as to whether they do those
29:39
Speaker 5: chores or not.
29:40
Speaker 6: Yeap, totally.
29:41
Speaker 4: So how much you're earning in a week now though,
29:43
Speaker 4: V So the fifty cents you're on?
29:45
Speaker 6: What thirty five dollars?
29:47
Speaker 3: Yeah, I'm now on at least thirty five dollars so yeah, yeah,
29:51
Speaker 3: no worth than attacks, yeah exactly, guys, it is worth it.
29:54
Speaker 3: Stick it out the long term, all right? Does anyone
29:58
Speaker 3: in the shoes on the Money team have any other question?
30:00
Speaker 4: I just want to know, how's it been? How did
30:03
Speaker 4: you survive in Western Australia doing five days lockdown?
30:06
Speaker 6: You poor things?
30:09
Speaker 5: Look for me and my job, it was no different
30:11
Speaker 5: to every other day, we still got up, we still
30:14
Speaker 5: went to daycare, and I was in the office as
30:18
Speaker 5: required because we were apparently essential workers.
30:20
Speaker 6: Sash tag pray for perfect all right.
30:25
Speaker 3: Well that with that, I think it is absolutely time
30:27
Speaker 3: to wrap this diary up. Thank you so so much
30:30
Speaker 3: for joining us. Honestly, I'd loved learning so much about
30:33
Speaker 3: your journey and I'm really grateful that you've wanted to
30:36
Speaker 3: share that with our community.
30:37
Speaker 5: Oh, thank you for having me. I'm so excited to
30:40
Speaker 5: be able to share it.
30:41
Speaker 4: And if you want to hear the Money Diary's daughter
30:43
Speaker 4: one more time, this is what she sounds like.
30:47
Speaker 2: Hello and welcome to She's and the money pas for
30:51
Speaker 2: people who are freed them my Joseah King and Gach
30:56
Speaker 2: and jez did He I think and Tenoy didine.
31:05
Speaker 3: Just before we head off, we'd like to acknowledge and
31:07
Speaker 3: pay respect to Australian's Aboriginal and torrest Rate islander peoples,
31:10
Speaker 3: the traditional custodians of our lands, waterways and skies all
31:14
Speaker 3: across Australia. We thank you for sharing and for caring
31:17
Speaker 3: on the land which we are able to learn. We
31:19
Speaker 3: pay our respects to elders past and present, and we
31:21
Speaker 3: share our friendship and our kindness. The advice shared on
31:25
Speaker 3: Sheese on the Money Money Diaries is generally nature and
31:27
Speaker 3: does not consider your individual circumstances. She's on the Money
31:31
Speaker 3: exists purely for educational purposes and should not re relied
31:34
Speaker 3: upon to make an investment or a financial decision. We
31:37
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Speaker 3: Pacific Funds Management Proprietary Limited ABN three four one three
31:44
Speaker 3: two four six three two five seven if SAIL three
31:48
Speaker 3: three nine one five one. And thank you again as
31:51
Speaker 3: always to our producer angels Beck and Ryan for bringing
31:54
Speaker 3: this all together and making us sound super shiny each
31:57
Speaker 3: in every single week. See you next week, Guy gos