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How to Budget on an Irregular Income + The $110K First Home Dilemma · She's On The Money

• 0:00
  Speaker 1: My name is Natasha Bamblett. I'm a proud First Nations woman,
• 0:03
  Speaker 1: and I'm here to acknowledge country. Hello, beautiful friends. We
• 0:08
  Speaker 1: gather on the lands of the Aboriginal people. We thank, acknowledge,
• 0:13
  Speaker 1: and respect the Aboriginal people's land that we're gathering on
• 0:17
  Speaker 1: today take pleasure in all the land and respect all
• 0:33
  Speaker 1: that you see. She's On The Money podcast acknowledges culture, country,
• 0:38
  Speaker 1: community and connections, bringing you the tools, knowledge and resources
• 0:43
  Speaker 1: for you to thrive.
• 0:44
  Speaker 2: She's on the money. She's on the money.
• 0:50
  Speaker 3: Hello and welcome to She's On The Money, the podcast
• 0:53
  Speaker 3: where we usually share in-depth discussions about the issues concerning
• 0:57
  Speaker 3: your personal wealth goals. But today, my friend's I'll make
• 1:00
  Speaker 3: another exception. It is indeed Friday drinks time where we
• 1:03
  Speaker 3: shake off the formalities for a more lighthearted yap about money.
• 1:08
  Speaker 3: And I simply could not and would not want to
• 1:10
  Speaker 3: do that alone. So I'm joined by your favourite co-hosts
• 1:14
  Speaker 3: to cover a couple of your community dilemmas, money wins,
• 1:16
  Speaker 3: broke tips and a question of the week. She's an
• 1:19
  Speaker 3: amateur snowboarder, fairy wing artisan. And the head of partnerships
• 1:25
  Speaker 3: here at She's On The Money, Miss Jessica Ricci, welcome
• 1:28
  Speaker 3: back to the Friday Drinks couch. Thank you. And do
• 1:30
  Speaker 3: you know what? The Friday Drinks couch would feel a
• 1:33
  Speaker 3: lot colder without her. She's our in-house clay whisperer, crafter
• 1:38
  Speaker 3: of tiny bags and the curator of photo dumps, Miss
• 1:43
  Speaker 3: Bec Syed. Hi.
• 1:45
  Speaker 2: It's pretty accurate. Fair enough. It's pretty accurate.
• 1:48
  Speaker 3: Now, I know that you two are no strangers to
• 1:51
  Speaker 3: the hustle. Tell me, have you ever struggled with budgeting
• 1:55
  Speaker 3: on an irregular income? Jeff's on you. I know you
• 1:59
  Speaker 3: both have because I've spoken to both of you about it.
• 2:02
  Speaker 3: So I ask because this week's Money Dilemma, it's putting
• 2:06
  Speaker 3: the whole sole trader community on notice. And it will
• 2:09
  Speaker 3: cover a DM that asks whether you'd prioritize location or
• 2:13
  Speaker 3: lifestyle when it comes to purchasing your first home, which
• 2:17
  Speaker 3: I think is particularly relevant for Miss Jessica Ricci right now.
• 2:21
  Speaker 3: All very, very good questions. But all of this talk
• 2:24
  Speaker 3: is making me arguably a little bit thirsty. So before
• 2:27
  Speaker 3: we dive into things, we're going to take a quick break.
• 2:29
  Speaker 3: So don't go anywhere. We'll be back with a five-star review,
• 2:32
  Speaker 3: then a very camp question of the week. Welcome back,
• 2:40
  Speaker 3: my friends. As promised, we've prepared a little praise from you. Now,
• 2:45
  Speaker 3: we've loved it so much that we've dedicated an entire
• 2:48
  Speaker 3: segment to hearing from you here on our podcast. because
• 2:51
  Speaker 3: you are our very savvy and very complimentary listeners. This
• 2:55
  Speaker 3: week's five-star review comes from Sab472, which, by the way,
• 2:59
  Speaker 3: not going to exist for much longer in our Facebook
• 3:01
  Speaker 3: group just because we turned off your little nicknames, didn't we?
• 3:04
  Speaker 3: We got the power and we used it. Sorry.
• 3:07
  Speaker 4: Say goodbye to Mystery Pineapple 279.
• 3:10
  Speaker 2: Catch up.
• 3:11
  Speaker 3: But Sab472 writes, Listening to this show, I feel like
• 3:16
  Speaker 3: I'm on the couch too, laughing at my own financial
• 3:18
  Speaker 3: wins and woes. Victoria, Jess and Bec are so down
• 3:21
  Speaker 3: to earth and wise about finances that set any listener
• 3:25
  Speaker 3: up for success. Thank you for the wisdom, besties. It's
• 3:28
  Speaker 3: been life changing. Oh, thanks so much. Isn't that so cute?
• 3:33
  Speaker 3: You are so welcome. And from our couch to yours,
• 3:36
  Speaker 3: it is our pleasure to share our wins and our
• 3:38
  Speaker 3: woes with you. We are obsessed when you write into
• 3:41
  Speaker 3: our Slack. All of us have egos that consistently need
• 3:44
  Speaker 3: pumping up. Like if we come across as confident, it's
• 3:47
  Speaker 3: because we've pumped each other up that day. But look,
• 3:50
  Speaker 3: we don't usually wake up that way. We sometimes need
• 3:52
  Speaker 3: a five-star review. And you can share your five-star reviews
• 3:55
  Speaker 3: with us wherever they're going to let you, honestly. Preferably
• 3:59
  Speaker 3: where you get your podcasts so that we can find them.
• 4:01
  Speaker 3: But you know what? We're not that picky.
• 4:04
  Speaker 2: So true.
• 4:05
  Speaker 3: We are, however, very choosy when it comes to Question
• 4:08
  Speaker 3: of the Week.
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  Speaker 2: Oh, yeah.
• 4:10
  Speaker 3: So thank you guys for adding all of your unhinged
• 4:13
  Speaker 3: and unfinancial questions to our Facebook group this week. We've
• 4:18
  Speaker 3: got one from Erin. If you were a drag performer,
• 4:21
  Speaker 3: what would your drag name be?
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  Speaker 2: This is so fun.
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  Speaker 4: I needed one of those, you know, like on Facebook,
• 4:26
  Speaker 4: it's like your birth date plus the month plus the.
• 4:29
  Speaker 2: Year gives you like a random name.
• 4:31
  Speaker 4: I was like, I need one of those because the
• 4:33
  Speaker 4: world is just truly oyster.
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  Speaker 3: What's your random anonymous generated Facebook name? I think that's
• 4:37
  Speaker 3: your drag name now.
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  Speaker 2: Yes. I've never, I don't know, nicely commented, so I
• 4:41
  Speaker 2: don't know.
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  Speaker 3: No, neither have I, but now I think we should
• 4:43
  Speaker 3: all go generate them. even though we can't use them
• 4:45
  Speaker 3: in our own Facebook group anymore.
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  Speaker 5: That's fine.
• 4:48
  Speaker 3: But like anonymous pineapple comes up a lot.
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  Speaker 2: It's always a fruit, I feel. Yeah.
• 4:52
  Speaker 5: My one is I had a really good one, but
• 4:55
  Speaker 5: the other one that I can remember, which isn't as good,
• 4:58
  Speaker 5: it's clit bait.
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  Speaker 2: Yeah.
• 5:00
  Speaker 3: That's so good. Or, you know, you could do.
• 5:03
  Speaker 2: Clit and collect.
• 5:06
  Speaker 3: That's good.
• 5:07
  Speaker 2: That's good.
• 5:08
  Speaker 3: It took me a second. I was like, no, she
• 5:10
  Speaker 3: just like fumbled the word clit, and then I was.
• 5:12
  Speaker 2: Like, oh, no, she meant that.
• 5:14
  Speaker 5: I don't really enunciate my words and maybe that's for
• 5:16
  Speaker 5: the best.
• 5:17
  Speaker 3: Yeah.
• 5:17
  Speaker 5: But that would be mine or just like changing any
• 5:20
  Speaker 5: word that's clip or click into that.
• 5:24
  Speaker 3: That's nice. And you've got yourself a drag name.
• 5:26
  Speaker 2: I love the punny ones.
• 5:27
  Speaker 3: The punny ones are so good. So I used to
• 5:30
  Speaker 3: have a client and I don't think he's going to
• 5:31
  Speaker 3: mind me sharing because like we still sometimes talk and
• 5:34
  Speaker 3: I really love him. So Mark and Julian were two
• 5:37
  Speaker 3: of my favorite clients. Anyway, Mark is incredible and he
• 5:40
  Speaker 3: started like He's on socials. LF Management is his company,
• 5:44
  Speaker 3: just as a little shout out. He started like a
• 5:47
  Speaker 3: cleaning company, like LF Management. And I don't think everybody
• 5:50
  Speaker 3: knows what it means. I don't even know if he
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  Speaker 3: wants me to share this punk on it anyway, because
• 5:53
  Speaker 3: he's so fun. His drag name, because he actually does
• 5:57
  Speaker 3: drag or did drag. I think he still does it.
• 6:00
  Speaker 3: was La Fonda Moneybags.
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  Speaker 2: I love it.
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  Speaker 5: Oh, yeah, hell yeah.
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  Speaker 1: So good.
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  Speaker 3: And I feel like if that's going to be a
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  Speaker 3: good drag name, I need to lean on that. It
• 6:08
  Speaker 3: has to be some money related. So, like, La Fonda,
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  Speaker 3: I'm not going to steal his whole name, but I
• 6:14
  Speaker 3: think we could be related and I'm someone Moneybags.
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  Speaker 2: Yeah, love that.
• 6:18
  Speaker 3: So true.
• 6:19
  Speaker 2: I think.
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  Speaker 4: Because of the recent passing of my Lord and Saviour
• 6:23
  Speaker 4: Dolly Parton, I'd want Dolly in my drag name.
• 6:26
  Speaker 3: Oh, that's gorgeous.
• 6:27
  Speaker 2: I like that.
• 6:28
  Speaker 3: I love that.
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  Speaker 2: Maybe people could help me workshop it.
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  Speaker 4: Yes.
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  Speaker 2: Dr. Dolly perhaps as a throwback to the sealed section
• 6:35
  Speaker 2: for Dolly Park.
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  Speaker 1: I don't know.
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  Speaker 2: Something fun. But, oh. RIP my queen. I think Dolly's
• 6:41
  Speaker 2: really fun too.
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  Speaker 3: Yeah, 100%.
• 6:43
  Speaker 5: If we could stop recording for a second because I
• 6:45
  Speaker 5: need to think about this.
• 6:46
  Speaker 4: By the end of this episode, I just know Beck's
• 6:49
  Speaker 4: going to have a really good night for me.
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  Speaker 2: Oh, that's so nice. Oh, my God.
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  Speaker 3: Okay, well, I better get started. You guys continue. I'm
• 6:57
  Speaker 3: thinking about it.
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  Speaker 6: Yes.
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  Speaker 3: Dolly mortgage. Dolly part-time. Dolly dollars.
• 7:04
  Speaker 2: Dolly dollars is fine.
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  Speaker 3: Dolly dollars.
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  Speaker 5: Dolly part-time.
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  Speaker 3: I think Dolly Dollars. That's cute.
• 7:11
  Speaker 2: Dom dollar, but a little country.
• 7:12
  Speaker 3: It's like so cute. Dolly Pardon.
• 7:18
  Speaker 2: Dolly, I beg your pardon. Dolly, I beg your pardon.
• 7:21
  Speaker 3: I beg your pardon was the price on that. Have
• 7:25
  Speaker 3: you come up with anything else you would like to
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  Speaker 3: share with the crowd or are we going to loop
• 7:29
  Speaker 3: back to this at the end?
• 7:30
  Speaker 4: I think let's loop back because there are too many
• 7:31
  Speaker 4: things and it's going to take too long.
• 7:34
  Speaker 3: Maybe I'm called mismanaged funds or something.
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  Speaker 2: Oh, my God.
• 7:37
  Speaker 3: Yeah, I like that. Mismanaged funds. Anyway, I'm not very
• 7:41
  Speaker 3: good at this. I think you should leave in the
• 7:43
  Speaker 3: comments section what you think our drag names should be
• 7:45
  Speaker 3: because I feel like drag names are kind of like nicknames.
• 7:48
  Speaker 3: You shouldn't actually get to choose your own. True. True,
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  Speaker 3: we should have chosen.
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  Speaker 2: Should be bequeathed.
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  Speaker 3: I should choose yours and you should choose mine and
• 7:57
  Speaker 3: Bec should choose both of ours because she's just better
• 8:00
  Speaker 3: at everything.
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  Speaker 2: Bequeathed.
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  Speaker 3: Bequeathed. Oh, my God.
• 8:04
  Speaker 2: All right.
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  Speaker 3: Sorry. We're done. We're done. My friends, if you know
• 8:15
  Speaker 3: a queen who has any of the names that we've
• 8:18
  Speaker 3: just put forward, I'd love to hear about it in
• 8:20
  Speaker 3: the comments section because not only would I love to
• 8:22
  Speaker 3: hear about it, I'd love to know them and meet
• 8:24
  Speaker 3: them and follow them. And alternatively, if you've got a
• 8:27
  Speaker 3: phenomenal question for us, please send it through via our DMs,
• 8:30
  Speaker 3: our comments, our emails. We'll take it. We'll answer it.
• 8:33
  Speaker 3: As you've seen, the more unhinged, the better. Also, I
• 8:37
  Speaker 3: love an unhinged money win. So... Given we also accept
• 8:41
  Speaker 3: money wins, it might be, you know, maybe one of
• 8:44
  Speaker 3: my favourite currencies, Miss Jessica Ricci. What is our community
• 8:48
  Speaker 3: celebrating this week?
• 8:49
  Speaker 4: Lots of great money wins from the community this week
• 8:51
  Speaker 4: and also a great offer from our friends at Revolut
• 8:53
  Speaker 4: who are bringing these to you this week.
• 8:55
  Speaker 2: Check out the show notes for more information on them.
• 8:57
  Speaker 2: First this week, I've got.
• 8:58
  Speaker 4: One from Bryony who said, last year when I cancelled
• 9:01
  Speaker 4: my car insurance, I reapplied online to get the cheaper price.
• 9:04
  Speaker 4: The company told me to just call them to negotiate.
• 9:06
  Speaker 4: This year, I tried it their way. The original increase
• 9:09
  Speaker 4: they sent me was over $ 2, 000 a year.
• 9:11
  Speaker 2: Oh, no, thank you. She called them and they said,
• 9:14
  Speaker 2: we don't price match.
• 9:15
  Speaker 4: And they could only decrease her premium if she increased
• 9:18
  Speaker 4: her excess, which to her defeated the whole purpose. So
• 9:21
  Speaker 4: she cancelled it, re-quoted it online, and the new price
• 9:24
  Speaker 4: is $ 1, 100 a year. Excess is the same as it's
• 9:27
  Speaker 4: always been. And even though her car is valued at
• 9:30
  Speaker 4: slightly less than She owns it. She doesn't have any
• 9:32
  Speaker 4: loans to pay it out. So she's really happy with that.
• 9:34
  Speaker 4: She saved herself around 900 bucks.
• 9:36
  Speaker 2: That's iconic.
• 9:37
  Speaker 3: But also, is that not just like.
• 9:39
  Speaker 2: I'd be so irritated.
• 9:40
  Speaker 3: Yeah, but so backwards. Not only gave her more admin,
• 9:43
  Speaker 3: which pop-off queen you did it, but like it would
• 9:46
  Speaker 3: have given the company more admin to do a whole
• 9:48
  Speaker 3: new application, probably a new check, a new all, like everything,
• 9:52
  Speaker 3: when you could have just dropped the premium.
• 9:55
  Speaker 4: Well, and they said, just negotiate with us. And then
• 9:57
  Speaker 4: it didn't work. Like I would be so mad if
• 9:59
  Speaker 4: I had gone... okay, no worries, I'll do it your way.
• 10:01
  Speaker 4: And then their way was in fact not effective.
• 10:04
  Speaker 3: Irritated me. That's how it always works. And Jess, you're
• 10:08
  Speaker 3: a new mortgage holder and it seems to work that
• 10:09
  Speaker 3: way with banks too. We threaten them, we threaten them,
• 10:12
  Speaker 3: we threaten them. They say, no, we can't give you
• 10:13
  Speaker 3: a better rate. And then I go, can I please
• 10:15
  Speaker 3: have the discharge paperwork for that client? And they go,
• 10:17
  Speaker 3: that's so crazy. We can actually give them a really
• 10:19
  Speaker 3: good rate. And why don't we just give them a
• 10:21
  Speaker 3: $ 2, 000 bonus to stay?
• 10:24
  Speaker 4: Yeah.
• 10:24
  Speaker 2: Say less.
• 10:25
  Speaker 3: Why did I have to do all of the work
• 10:27
  Speaker 3: for you to finally come to that conclusion when I
• 10:29
  Speaker 3: asked it in the first place? 100%. Rude. So annoying.
• 10:32
  Speaker 4: I have another car one this week from Jess, great name,
• 10:34
  Speaker 4: who said, my husband's new insurance was due for renewal.
• 10:37
  Speaker 4: I noticed it still had my demerit points listed. I
• 10:40
  Speaker 4: rang the insurance company and got them to remove it,
• 10:42
  Speaker 4: and they made a couple of tweaks to her policy,
• 10:44
  Speaker 4: which brought it down by $ 850.
• 10:46
  Speaker 2: Amazing. Didn't even know that it took your demerit points
• 10:50
  Speaker 2: into account.
• 10:51
  Speaker 3: Yeah, because if you're a naughty driver, you need more insurance.
• 10:56
  Speaker 2: Well, there you go.
• 10:56
  Speaker 4: So I'm guessing maybe she had got the demerits in
• 10:59
  Speaker 4: his car and so they needed to trade it.
• 11:01
  Speaker 2: To get it off the policy or whatever. But worth
• 11:03
  Speaker 2: looking into, I say. Yeah.
• 11:04
  Speaker 4: Next, I've got a money win from Lauren who said,
• 11:06
  Speaker 4: Reminder to follow up with refunds and returns. I've seen
• 11:09
  Speaker 4: a few emails about recalls on products I purchased on Amazon,
• 11:12
  Speaker 4: finally followed up using their chat support, and within 10
• 11:14
  Speaker 4: minutes had received refunds for three different items totaling $ 70.
• 11:18
  Speaker 4: She said two of those three things she wasn't really
• 11:21
  Speaker 4: using anyway, so it worked in her favor to be
• 11:22
  Speaker 4: refunded for them. And then she also returned a Kmart
• 11:26
  Speaker 4: toy that was a present that she had bought for
• 11:28
  Speaker 4: her daughter, which broke within two weeks. She said, I
• 11:31
  Speaker 4: know it was only $ 20, so I nearly didn't bother,
• 11:33
  Speaker 4: but I'm glad I did. As I returned that, my
• 11:35
  Speaker 4: daughter chose a different toy to replace it with, so
• 11:37
  Speaker 4: she was very happy. This is my reminder to everybody,
• 11:40
  Speaker 4: if you have OnePass, you have a whole year to
• 11:42
  Speaker 4: return things. I just returned a heater that broke after
• 11:45
  Speaker 4: like maybe eight or nine months.
• 11:47
  Speaker 2: Got a refund, obviously.
• 11:48
  Speaker 4: Money win.
• 11:49
  Speaker 3: That is an epic money win. But I don't want
• 11:52
  Speaker 3: to talk about OnePass because they're clearly not paying us,
• 11:55
  Speaker 3: but I love you, OnePass. I get three times the
• 11:58
  Speaker 3: frequent flyer points at Kmart, and they've got no intention
• 12:00
  Speaker 3: of changing that. That's not like a once-off, like a
• 12:03
  Speaker 3: honeymoon deal. They're just like, oh, by the way, if
• 12:05
  Speaker 3: you have one pass, you get three times the frequent
• 12:07
  Speaker 3: flyer points here. Hell yeah. Good deal.
• 12:10
  Speaker 2: Good deal. Return your things, keep your receipts, all the
• 12:13
  Speaker 2: good stuff.
• 12:14
  Speaker 4: Next, we've got a money win from Bree, who said
• 12:15
  Speaker 4: she's selling a few old costumes on Marketplace prior to
• 12:18
  Speaker 4: Book Week.
• 12:19
  Speaker 2: She says she's only selling them for between $ 2.
• 12:20
  Speaker 4: And $ 5 each, but it all adds up and it
• 12:23
  Speaker 4: saves it from ending up in landfill.
• 12:25
  Speaker 3: $ 2 for a costume is amazing.
• 12:27
  Speaker 2: It's very good.
• 12:27
  Speaker 4: All of my friends have been trading costumes for Book Week.
• 12:30
  Speaker 4: Someone borrowed my witch hat that.
• 12:32
  Speaker 2: We used last Halloween. That's cute.
• 12:35
  Speaker 3: That's actually so cute. I forgot that you have an
• 12:38
  Speaker 3: entire garage of costumes. You need something? She's got it.
• 12:42
  Speaker 2: That's so true.
• 12:43
  Speaker 3: And if she doesn't, she feels less than and she
• 12:45
  Speaker 3: goes and gets it. Perfect. She's like, I can't be
• 12:48
  Speaker 3: lacking a costume.
• 12:49
  Speaker 2: Absolutely not.
• 12:50
  Speaker 3: I should be a great drag queen. Very true.
• 12:54
  Speaker 2: I've got all the signs.
• 12:55
  Speaker 4: Next, I've got a money winner from Deborah who said,
• 12:57
  Speaker 4: I went away for a few days with a friend.
• 12:59
  Speaker 4: I stayed at a council-run caravan site. which was only
• 13:02
  Speaker 4: $ 15 per night for power and water.
• 13:05
  Speaker 5: Oh my God, that's so cheap.
• 13:05
  Speaker 2: How good's that?
• 13:06
  Speaker 1: Yeah.
• 13:07
  Speaker 4: We were not a caravanning family growing up, but one
• 13:09
  Speaker 4: of my really good friends was. And I loved hearing
• 13:11
  Speaker 4: all the places that they would drive in the caravan
• 13:13
  Speaker 4: and obviously buying a caravan. Or you could rent one, maybe,
• 13:17
  Speaker 4: I guess is a little bit of an investment. But-
• 13:19
  Speaker 4: If you can stay places so affordably.
• 13:21
  Speaker 3: My parents have just rented a caravan. They are currently
• 13:24
  Speaker 3: halfway up the East Coast for a few weeks. And
• 13:27
  Speaker 3: the reason they hired one, by the way, really economical.
• 13:31
  Speaker 3: I'm not saying it's super cheap, but like really reasonable
• 13:34
  Speaker 3: because at the end of the day, it still is
• 13:35
  Speaker 3: a holiday. But they were like, we love the idea
• 13:38
  Speaker 3: of buying a caravan, but like we probably should go
• 13:41
  Speaker 3: away for a few weeks in a caravan before we
• 13:44
  Speaker 3: commit to a really big purchase.
• 13:46
  Speaker 1: That's true.
• 13:46
  Speaker 3: And so they're doing that. I love it. Personally, I
• 13:49
  Speaker 3: think they're coming home to buy a caravan based on
• 13:52
  Speaker 3: the feedback of their trips. And you're right, Jess, I'm
• 13:54
  Speaker 3: quite envious. They're like, oh, we're just in Maroochydore for
• 13:57
  Speaker 3: the day. And I'm like, it must be nice.
• 13:59
  Speaker 2: Yeah, same beautiful places.
• 14:01
  Speaker 6: Yeah.
• 14:01
  Speaker 5: It looks lovely.
• 14:03
  Speaker 2: And then last week, this week, I have a money
• 14:04
  Speaker 2: bin from Rachel who said.
• 14:06
  Speaker 4: I have ADHD and autism and I struggle with self-control,
• 14:09
  Speaker 4: especially with money. Instead of spending $ 500 or more on
• 14:13
  Speaker 4: an online store for a pair of linen pants, I
• 14:15
  Speaker 4: bought the ones from Kmart, which are just as good
• 14:17
  Speaker 4: and have saved me a lot of money. And anecdotally,
• 14:21
  Speaker 4: I want to say I bought the Kmart linen blend
• 14:23
  Speaker 4: pants maybe two years ago.
• 14:25
  Speaker 2: And I love them. I wear them more than my linen.
• 14:27
  Speaker 3: I've been looking for linen pants. Maybe that's where I'll go.
• 14:30
  Speaker 2: Really good.
• 14:30
  Speaker 3: Because they are expensive if you just Google them and
• 14:33
  Speaker 3: like look for like the quote nice ones. I was like, oh,
• 14:35
  Speaker 3: this is adding up.
• 14:37
  Speaker 4: I have a white pair from Kmart and a white
• 14:38
  Speaker 4: pair from another brand that I really love that was
• 14:40
  Speaker 4: a lot more expensive. The more expensive ones are 100% linen.
• 14:44
  Speaker 4: The Kmart ones are a blend. But I like the
• 14:46
  Speaker 4: shape of my Kmart ones more. I wear them all
• 14:48
  Speaker 4: the time.
• 14:48
  Speaker 3: And this is not going to be like a lot
• 14:50
  Speaker 3: of people will be like, no, you need the 100% linen.
• 14:53
  Speaker 3: I actually don't love 100% linen for clothes because when
• 14:56
  Speaker 3: it creases, it creases quickly, whereas like a blend, you
• 14:59
  Speaker 3: get the linen look and it doesn't crease as easily.
• 15:01
  Speaker 3: And you can put it in the tumble dryer. And
• 15:03
  Speaker 3: I love my tumble dryer.
• 15:05
  Speaker 2: Check it out, everybody. We can all match.
• 15:07
  Speaker 6: Amazing.
• 15:07
  Speaker 2: Oh, I love that.
• 15:08
  Speaker 3: All right. Miss Bex Sayed, I feel like the community
• 15:11
  Speaker 3: always over delivers when it comes to the broke tips.
• 15:14
  Speaker 2: Very, very true.
• 15:15
  Speaker 3: So what have you got for us this week?
• 15:16
  Speaker 5: So this week I have one from Ruby who says,
• 15:19
  Speaker 5: I've been Googling discount code for Kohl's when I do
• 15:22
  Speaker 5: my shop.
• 15:22
  Speaker 3: Most of the.
• 15:23
  Speaker 5: Time one of them works at least and I get around.
• 15:25
  Speaker 2: $ 20 off on average.
• 15:27
  Speaker 5: Isn't that great? Yeah, especially this cost of living crisis.
• 15:31
  Speaker 5: The next one comes from Jodie who says, if you
• 15:33
  Speaker 5: have curly hair, using men's beard oils and balms is
• 15:36
  Speaker 5: so much cheaper than curly products.
• 15:40
  Speaker 3: Another example of the pink tax. 100%. Why though? I know.
• 15:45
  Speaker 2: I don't know.
• 15:46
  Speaker 5: This next one comes from myself. And so I'm trying
• 15:49
  Speaker 5: to get like into reusable deodorants. Reusable deodorants?
• 15:53
  Speaker 2: Like refillable?
• 15:53
  Speaker 3: Sorry, refillable deodorants. I was like, God, what are you doing?
• 15:56
  Speaker 3: Scraping it off and putting it back on in the morning?
• 15:58
  Speaker 5: Get off my armpit.
• 15:59
  Speaker 3: Make it make sense.
• 16:01
  Speaker 5: So the refillable one, sorry, I should say. And there's
• 16:04
  Speaker 5: usually not a travel size refillable deodorant. So I found
• 16:08
  Speaker 5: a tip about melting the last little bit of the refill.
• 16:12
  Speaker 5: It's like that white kind of cube. melting it down
• 16:15
  Speaker 5: into a lip balm and using that. And you can
• 16:17
  Speaker 5: also squish the refills together so you're not wasting any.
• 16:20
  Speaker 5: So I feel like even just for like general traveling tips,
• 16:24
  Speaker 5: I guess, like melting anything down and putting it into
• 16:27
  Speaker 5: a lip balm and then just like twist it up.
• 16:30
  Speaker 4: Yeah.
• 16:30
  Speaker 3: And then you just use that and you don't have
• 16:31
  Speaker 3: to worry. I just bought the brand Wild. Like it's
• 16:33
  Speaker 3: like I got influenced. I got influenced by all the
• 16:37
  Speaker 3: influencers who have been posting about it. And so I'll
• 16:40
  Speaker 3: keep you updated. But it smells really nice and I
• 16:42
  Speaker 3: like that they're like– Tin feels a little bit more,
• 16:45
  Speaker 3: it's like a stick, but you like put the refill
• 16:48
  Speaker 3: in the top of it. It feels like a little
• 16:50
  Speaker 3: bit more luxe because it's like not a plastic. True.
• 16:53
  Speaker 3: I don't know. I really like it so far.
• 16:55
  Speaker 2: Okay.
• 16:55
  Speaker 3: But it is one of those cream ones as opposed
• 16:57
  Speaker 3: to a spray. And like your girl is not that eco-friendly.
• 17:00
  Speaker 3: I do love a spray deodorant.
• 17:02
  Speaker 2: Not going to lie.
• 17:04
  Speaker 5: I do like a spray, too.
• 17:05
  Speaker 3: I do. I'm like, this is not good for the environment,
• 17:09
  Speaker 3: but I do love how my bathroom smells after I
• 17:12
  Speaker 3: spray my dove deodorant all over everything. Like, she smells clean.
• 17:16
  Speaker 3: She smells fresh.
• 17:17
  Speaker 4: I'm interested to hear feedback from you both on them
• 17:20
  Speaker 4: because I'm a sweaty gal, so.
• 17:22
  Speaker 2: finder you know.
• 17:23
  Speaker 3: Yeah see I'm suspicious because I do feel like I
• 17:25
  Speaker 3: need the antiperspirant part like when people are like oh
• 17:29
  Speaker 3: the deodorant is aluminum free or aluminium free because you're
• 17:33
  Speaker 3: Australian I'm like yeah like I actually have no interest
• 17:36
  Speaker 3: in that give me all the aluminium and put it
• 17:38
  Speaker 3: under my arms right like endocrine system she won't see
• 17:42
  Speaker 3: me coming because she'll die they'll be fine anyway miss
• 17:46
  Speaker 3: beck say it i feel like every single week i
• 17:48
  Speaker 3: need to add to my to-do list all of the
• 17:50
  Speaker 3: things that our community are benefiting from and as you
• 17:53
  Speaker 3: can imagine my note sap is already a mess so
• 17:55
  Speaker 3: that's not very helpful in fact we might take a
• 17:58
  Speaker 3: really quick break to tidy it up and when we
• 18:00
  Speaker 3: return it's time for this week's money dilemma.
• 18:06
  Speaker 2: Welcome back, everybody. Let's take a listen to this week's
• 18:09
  Speaker 2: Money Dilemma.
• 18:11
  Speaker 3: Hi there. Have you got a money dilemma you just
• 18:14
  Speaker 3: can't solve? The She's on the Money team is here
• 18:16
  Speaker 3: to help. Every week, we tackle your dilemmas, both big
• 18:20
  Speaker 3: and small, to answer your most burning money, career and
• 18:22
  Speaker 3: life questions. To get involved, simply head to our website
• 18:26
  Speaker 3: and leave us a short voice recording and you might
• 18:28
  Speaker 3: just find yourself on the show. Now, let's take a
• 18:30
  Speaker 3: listen to this week's Money Dilemma.
• 18:35
  Speaker 6: Hi, ladies. I have a bit of a question about
• 18:39
  Speaker 6: savings and budgeting and all of that, but for a
• 18:43
  Speaker 6: regular income. Prior to having our baby, I always had
• 18:47
  Speaker 6: a job where I had a set income every week
• 18:52
  Speaker 6: and I would set up automated savings. Everything would sort
• 18:56
  Speaker 6: of disappear from my account before I even saw it
• 18:58
  Speaker 6: and it worked well. But now we're living off my
• 19:02
  Speaker 6: partner's income and he is a sole trader and And
• 19:05
  Speaker 6: invoices are here, there, and everywhere, and sometimes people are
• 19:10
  Speaker 6: very overdue. And I don't even know where to start
• 19:13
  Speaker 6: with budgeting or setting up any kind of savings or
• 19:17
  Speaker 6: anything like that. And everything I'm hearing is based off
• 19:21
  Speaker 6: having a stable income every week. And with my postpartum brain,
• 19:27
  Speaker 6: I'm having a bit of a hard time wrapping my
• 19:29
  Speaker 6: head around it. So any tips for that kind of
• 19:32
  Speaker 6: thing would be greatly appreciated.
• 19:35
  Speaker 3: I'm so here for this question. But also, can we
• 19:37
  Speaker 3: just acknowledge that, unfortunately, and some people are going to
• 19:41
  Speaker 3: be like, Victoria, it doesn't exist. Mum brain absolutely exists. Like,
• 19:46
  Speaker 3: I thought that I was going to be different like
• 19:49
  Speaker 3: every other mum. mum who's ever gone through postpartum, they're like,
• 19:53
  Speaker 3: it's not going to be the same for me. I'm
• 19:54
  Speaker 3: going to be better at it. I wasn't. My brain
• 19:58
  Speaker 3: was fried. You guys definitely noticed that my brain was
• 20:01
  Speaker 3: fried and thankfully said nothing about it. Like Jess was
• 20:04
  Speaker 3: so nice when I'd be like, what are you talking about?
• 20:06
  Speaker 3: And Jess would be like, that's fine, V. We only
• 20:09
  Speaker 3: talked about it four times this week already. Thanks, V.
• 20:13
  Speaker 3: So thank you for that, just in retrospect. But It
• 20:16
  Speaker 3: is so hard to manage money to begin with, but
• 20:19
  Speaker 3: then also managing money postpartum even harder than managing it
• 20:24
  Speaker 3: on an irregular income when you've never run on an
• 20:27
  Speaker 3: irregular income. That feels rude.
• 20:30
  Speaker 2: The trifecta.
• 20:31
  Speaker 3: Yeah, like that feels rude. So like I can see
• 20:34
  Speaker 3: why you're like, girls, give me a hand here. Jessica Ricci.
• 20:37
  Speaker 2: Yes.
• 20:38
  Speaker 3: What would you do?
• 20:39
  Speaker 4: First thing I'd be doing is going and listening. We
• 20:40
  Speaker 4: have a full episode. I think it's called Budgeting for
• 20:42
  Speaker 4: a Variable Income. We'll link it in the show notes.
• 20:45
  Speaker 4: because obviously we have a lot more time there and
• 20:47
  Speaker 4: we covered a whole bunch of stuff that you can consider.
• 20:50
  Speaker 4: I'm a big fan of sinking funds, I think, for
• 20:53
  Speaker 4: irregular income.
• 20:54
  Speaker 2: So having.
• 20:55
  Speaker 4: Essentially building up a fund that is always there that
• 20:58
  Speaker 4: the money can then come out of. But I do
• 21:00
  Speaker 4: acknowledge that on a variable income and being on just
• 21:04
  Speaker 4: one income, it might not be so easy to set
• 21:06
  Speaker 4: simpking funds up immediately.
• 21:08
  Speaker 3: But it's a good idea to set them up even
• 21:10
  Speaker 3: if they're empty so that you've got the structure for
• 21:13
  Speaker 3: when you do have cash.
• 21:14
  Speaker 4: Yes. I believe the system that we would recommend would
• 21:17
  Speaker 4: just be you do your baseline expenses, do your baseline budget.
• 21:22
  Speaker 4: What's your bare minimum that you've got to pay? Yeah.
• 21:25
  Speaker 4: divide that by 12 and then, you know, put the
• 21:28
  Speaker 4: money aside. When you've got more money, put extra money.
• 21:31
  Speaker 4: And it's that avoiding that trap of overspending. Because I
• 21:34
  Speaker 4: think when you are on a variable income, when you
• 21:35
  Speaker 4: have a big invoice going, you go, oh my God,
• 21:37
  Speaker 4: I'm flush with cash and I can buy all these
• 21:39
  Speaker 4: things that I've been wanting to buy. But then when
• 21:41
  Speaker 4: you're in the low season, when people maybe aren't paying
• 21:43
  Speaker 4: on time or your projections are off or whatever that
• 21:46
  Speaker 4: looks like, you go, oh my God, I've got no
• 21:48
  Speaker 4: money to spend. And so I think it's about working
• 21:50
  Speaker 4: out what your baseline expenses are, making sure that you
• 21:53
  Speaker 4: can cover all of those when you've got extra funds,
• 21:56
  Speaker 4: building up those buffers, building up those sinking funds that
• 22:00
  Speaker 4: you can then dip into when you don't have income
• 22:02
  Speaker 4: coming in.
• 22:03
  Speaker 5: I remember an episode we did And we answered a
• 22:05
  Speaker 5: similar question and maybe it was a Friday drinks actually.
• 22:08
  Speaker 5: And it was like, take your average income, like let's
• 22:12
  Speaker 5: say $ 2, 000 one month, $ 4, 000 the next month. You do
• 22:14
  Speaker 5: that over like 12 months, you average it out and
• 22:17
  Speaker 5: then you say it ends up being $ 3, 000 a month
• 22:21
  Speaker 5: actually on average or something. If you get more than that,
• 22:25
  Speaker 5: then you put it away. If you get less than that,
• 22:26
  Speaker 5: then you supplement that. Anyway, I don't know if that
• 22:29
  Speaker 5: makes sense. That's my advice.
• 22:31
  Speaker 4: And you budget off of that. You budget off of
• 22:33
  Speaker 4: that average income. That average income.
• 22:35
  Speaker 2: Exactly.
• 22:36
  Speaker 5: Exactly.
• 22:36
  Speaker 3: And that's really helpful. But I think the one thing
• 22:39
  Speaker 3: we need to do is go back to the basics.
• 22:42
  Speaker 3: Do you understand how much your life costs on a
• 22:45
  Speaker 3: monthly basis? So like all of those things are really good,
• 22:49
  Speaker 3: but I need you to understand. And like when you
• 22:53
  Speaker 3: have irregular income and it's not consistent, the goal is,
• 22:58
  Speaker 3: to stop treating every single payment as though it's money
• 23:02
  Speaker 3: available for you to spend. Like you actually need to
• 23:06
  Speaker 3: work out what the minimum amount your household needs each
• 23:09
  Speaker 3: and every single month to cover the essentials. So your bills,
• 23:12
  Speaker 3: your groceries, you know, debt repayments, that coffee that you
• 23:15
  Speaker 3: definitely need postpartum at the cafe every morning, like girl,
• 23:18
  Speaker 3: that needs to be in there. And then maybe a
• 23:20
  Speaker 3: small amount of breathing room because we don't want to
• 23:22
  Speaker 3: be so hamstrung that things become hard. And then when
• 23:25
  Speaker 3: your partner gets paid, ideally that income goes into a
• 23:29
  Speaker 3: separate holding account. And then from that account, you pay
• 23:32
  Speaker 3: yourself a consistent like household salary or like household wage
• 23:37
  Speaker 3: into your everyday account each like week or fortnight or
• 23:41
  Speaker 3: like in stronger, you know, months, maybe the excess stays
• 23:44
  Speaker 3: behind to cover like the leaner months so that you're
• 23:48
  Speaker 3: never stuck. So you're right. It's like taking all how
• 23:51
  Speaker 3: much money comes in over 12 months and divide it
• 23:54
  Speaker 3: by 12 so that you understand what your average income is.
• 23:57
  Speaker 3: But like, ideally, we understand what your base costs are
• 24:00
  Speaker 3: as well so that you can, you know, base your
• 24:03
  Speaker 3: budget on a very conservative figure or the average. So
• 24:07
  Speaker 3: I think that's where I would go. I'd also make
• 24:09
  Speaker 3: sure that I'm not budgeting too income that hasn't been received.
• 24:14
  Speaker 3: So often when you issue invoices, you can get really
• 24:17
  Speaker 3: excited like, oh my goodness, I have another $ 3, 000 invoice
• 24:20
  Speaker 3: sitting over there unpaid. Well, that money is not in
• 24:23
  Speaker 3: your hot little hands. And if someone really wanted to
• 24:25
  Speaker 3: screw you around, that money might never sit in your
• 24:27
  Speaker 3: hot little hands. So as much as that is a
• 24:30
  Speaker 3: separate issue to discuss completely, do not budget for things
• 24:34
  Speaker 3: that are in the future and haven't hit your account yet.
• 24:37
  Speaker 3: So like we can't play with money we don't have. Hmm.
• 24:40
  Speaker 3: Then I would also make sure if you're not having
• 24:43
  Speaker 3: consistent invoices paid, you have a system for that. So Jess,
• 24:48
  Speaker 3: we've talked about this before. What are you using?
• 24:50
  Speaker 2: The MYOB Solo. Yeah.
• 24:52
  Speaker 3: And, you know, I use Xero at the moment and
• 24:55
  Speaker 3: there's lots of different other platforms that exist, have a
• 24:59
  Speaker 3: good bookkeeping system that has automated follow-ups so that they
• 25:03
  Speaker 3: get sent the invoice. Then they get sent the invoice
• 25:06
  Speaker 3: and then they get sent the invoice because maybe they
• 25:08
  Speaker 3: didn't see the invoice.
• 25:10
  Speaker 4: And can you put late fees into your contract would
• 25:13
  Speaker 4: be another thing as well. Like, can you put on
• 25:15
  Speaker 4: your invoice even, you know, payment post, you know, seven
• 25:18
  Speaker 4: business days or whatever overdue incurs an additional 5% fee.
• 25:22
  Speaker 2: The longer it goes, the higher the fee.
• 25:23
  Speaker 4: And maybe that will help put people off paying late
• 25:26
  Speaker 4: as well.
• 25:27
  Speaker 3: And there's just like, again, lots of tips and tricks
• 25:29
  Speaker 3: that are hilariously in my business Bible book that you
• 25:32
  Speaker 3: probably should pick up if you have a small business.
• 25:35
  Speaker 3: But Yes. I think that there are a lot of
• 25:37
  Speaker 3: things that you can do that put you in the
• 25:38
  Speaker 3: best possible position, but you also don't know what you
• 25:41
  Speaker 3: don't know. And like, if you have a small business,
• 25:44
  Speaker 3: it is very reasonable. If you are a reasonable and
• 25:46
  Speaker 3: kind person to be like, but I gave Victoria the invoice. Yeah.
• 25:50
  Speaker 3: Why hasn't she paid it? Sometimes it's not because they
• 25:53
  Speaker 3: don't want to pay it. It's because they forget. It's
• 25:55
  Speaker 3: because maybe they don't have the cashflow. Like I'm not
• 25:58
  Speaker 3: making excuses, but you need to just consistently follow up.
• 26:01
  Speaker 3: And if that means that you automate a system and
• 26:04
  Speaker 3: that texts them and emails them at the same time,
• 26:07
  Speaker 3: maybe that would work better for the type of client
• 26:09
  Speaker 3: you have. I don't know the types of client your
• 26:11
  Speaker 3: husband works with, but like some, an email, they don't
• 26:15
  Speaker 3: check their emails, their tradies. Some of them, it actually
• 26:18
  Speaker 3: works way better if you send a payment link to
• 26:21
  Speaker 3: their phone saying, hey, I've just emailed you the invoice.
• 26:24
  Speaker 3: It's outstanding. But to quickly make this easy for you,
• 26:27
  Speaker 3: if you click this link, you can pay here. That
• 26:29
  Speaker 3: might be the solution to you getting paid more consistently
• 26:32
  Speaker 3: because they go, oh, well, I can Apple pay this,
• 26:35
  Speaker 3: which you can now do through like MYOB and Xero
• 26:38
  Speaker 3: and stuff, which is really cool. So like, how do
• 26:41
  Speaker 3: you make it as easy as possible? Even though we
• 26:43
  Speaker 3: shouldn't have to have conversations about making it easy for
• 26:45
  Speaker 3: people to pay you, But how do you make it
• 26:47
  Speaker 3: as easy as possible for that transaction to go through
• 26:50
  Speaker 3: with the least amount of friction?
• 26:51
  Speaker 4: Yeah.
• 26:51
  Speaker 2: Make it easy for them makes it easy for you.
• 26:53
  Speaker 2: We love that.
• 26:54
  Speaker 3: Exactly. More money, more better. All right. So, my friends,
• 26:59
  Speaker 3: if this dilemma inspired you, my friend, get on the blog.
• 27:02
  Speaker 3: Share your money dilemma with us by visiting the podcast
• 27:05
  Speaker 3: page on our website and leaving a message after the
• 27:07
  Speaker 3: tone using the little voicemail app pop-up. We love hearing
• 27:10
  Speaker 3: from you and we play literally each and every single
• 27:13
  Speaker 3: one of them in the office. Now, Jess, Bec, I
• 27:17
  Speaker 3: feel like this weekly DM will resonate with many of
• 27:20
  Speaker 3: our listeners, particularly if you are thinking about buying a
• 27:23
  Speaker 3: property in the next few years. One community member wrote
• 27:27
  Speaker 3: in to say, she's on the money team. Please settle
• 27:31
  Speaker 3: this dilemma.
• 27:32
  Speaker 2: Oh, my favourite kind.
• 27:33
  Speaker 1: I know.
• 27:33
  Speaker 3: I was like, not, oh, you have a dilemma? You
• 27:35
  Speaker 3: want us to settle it. Okay. Put your law hats on.
• 27:39
  Speaker 3: My partner and I are in our late 20s and
• 27:42
  Speaker 3: have finally saved around $ 110, 000 for a house deposit after
• 27:46
  Speaker 3: years of living with family.
• 27:48
  Speaker 5: Oh, my God.
• 27:49
  Speaker 6: Amazing.
• 27:49
  Speaker 3: Now we're actually ready to buy. We cannot agree on
• 27:52
  Speaker 3: what to do. Our budget would get us a small
• 27:55
  Speaker 3: apartment or townhouse in an area we love. or a
• 27:58
  Speaker 3: bigger house much further out. My partner wants the bigger
• 28:02
  Speaker 3: forever home, while I'd rather sacrifice space for lifestyle and
• 28:05
  Speaker 3: location we actually want. We've also considered rentvesting. Would you
• 28:11
  Speaker 3: prioritise location, the bigger long-term home, or rentvest instead? After
• 28:16
  Speaker 3: spending years so focused on the deposit, I cannot believe
• 28:20
  Speaker 3: the hardest part might actually be deciding what on earth
• 28:23
  Speaker 3: to do with it.
• 28:25
  Speaker 5: I remember when my... ex Jess was looking for an apartment,
• 28:28
  Speaker 5: I would always say like, focus on things you can't change.
• 28:31
  Speaker 5: And one of them is location. You can change like the,
• 28:33
  Speaker 5: the decor, you can change the color of the walls,
• 28:36
  Speaker 5: all the things that you can change. Don't worry about those.
• 28:39
  Speaker 5: The things that you can't, yeah, like location. I think that, personally,
• 28:42
  Speaker 5: it would matter more to me. And so if the
• 28:44
  Speaker 5: house is like maybe small or maybe even ugly or
• 28:48
  Speaker 5: maybe old, like it's like, these are things that you
• 28:50
  Speaker 5: can slowly eventually maybe work on fixing. You put mirrors
• 28:53
  Speaker 5: on the wall, make it feel like it's bigger or
• 28:55
  Speaker 5: like anything, but the location itself, you can't change. And
• 28:58
  Speaker 5: if you're out somewhere out in the sticks, If I
• 29:01
  Speaker 5: had to move to like, I don't know, Yass in
• 29:04
  Speaker 5: New South Wales to afford a house.
• 29:08
  Speaker 3: Like it's a legitimate location, but out of all the
• 29:10
  Speaker 3: remote locations you could have picked, you were like, Yass.
• 29:14
  Speaker 5: And I love that.
• 29:16
  Speaker 2: Thank you.
• 29:17
  Speaker 5: And so if I had to live there to afford
• 29:18
  Speaker 5: a house, I'd be like, I'd be miserable because like my.
• 29:21
  Speaker 3: Community is not close by. And like obviously you get
• 29:23
  Speaker 3: used to it.
• 29:23
  Speaker 2: We all adapt.
• 29:24
  Speaker 5: We're always adapting. But like would you be happier in
• 29:26
  Speaker 5: the long run or would you just be like, kind
• 29:28
  Speaker 5: of feeling isolated and far away from everything you've ever
• 29:31
  Speaker 5: known and from the people that you love.
• 29:32
  Speaker 3: That could be true for you as well, even if
• 29:34
  Speaker 3: you moved to the most beautiful beach location and I
• 29:37
  Speaker 3: know you love the beach, but you're still not where
• 29:39
  Speaker 3: your people are. and you're still not close to work.
• 29:41
  Speaker 6: Like, I don't know.
• 29:42
  Speaker 3: Some people really value convenience. Like I do. Like I
• 29:47
  Speaker 3: cannot imagine living further out because I just go... I
• 29:50
  Speaker 3: do not like traffic. I don't want to drive. Whereas
• 29:53
  Speaker 3: like Jess, you've picked somewhere a little bit further out
• 29:56
  Speaker 3: because it works for you. And I mean, your community
• 29:58
  Speaker 3: is out there. I don't think we could have convinced
• 30:00
  Speaker 3: you to move ever away from your friends and family,
• 30:02
  Speaker 3: which is so fair. But like location is not, and
• 30:07
  Speaker 3: we were saying this at work the other day, it's
• 30:09
  Speaker 3: not like, oh, that's a good or bad location. It's
• 30:12
  Speaker 3: a good or a bad location for you specifically. Because
• 30:16
  Speaker 3: like there are going to be people listening to the
• 30:17
  Speaker 3: show that are like, I live in Yas and I
• 30:20
  Speaker 3: love Yas.
• 30:21
  Speaker 2: Oh, my God, please, if you live in Yas, comment.
• 30:23
  Speaker 2: Just one person.
• 30:24
  Speaker 3: And do you call it Yas?
• 30:25
  Speaker 2: Yeah, how do you say it?
• 30:26
  Speaker 3: Like, Yas, I'm a drag queen. My name's Dolly Dolla. Or... Yes. Yeah. Oh, look,
• 30:33
  Speaker 3: I think you have to say. Do you reckon it's yass?
• 30:35
  Speaker 5: Well, I was actually watching Colin from Accounts and they
• 30:37
  Speaker 5: said yass, I think, but I could be wrong.
• 30:40
  Speaker 3: Do love Colin from Accounts. Great taste. Yeah, I just
• 30:43
  Speaker 3: sounded that.
• 30:43
  Speaker 5: But no, and I drive past yass all the time.
• 30:45
  Speaker 5: I want you to know it's just the first thing
• 30:46
  Speaker 5: I thought of, but I just mean to say anywhere.
• 30:48
  Speaker 3: I drive past yass all the time.
• 30:50
  Speaker 5: I do.
• 30:50
  Speaker 3: On my drive to Sydney, I love it and I
• 30:51
  Speaker 3: always stop in. So it's more just like. They're good
• 30:53
  Speaker 3: at the bakery, don't they? Oh, they got a good everything.
• 30:56
  Speaker 6: Yeah.
• 30:56
  Speaker 3: Okay.
• 30:56
  Speaker 2: Sorry. McDonald's.
• 30:59
  Speaker 5: But yeah. So I think that like, yeah, just try and,
• 31:01
  Speaker 5: I think once you're in, and I could be wrong,
• 31:02
  Speaker 5: once you're in the market, you're in the market, I
• 31:04
  Speaker 5: feel like you'll be fine to sell and then change
• 31:07
  Speaker 5: your situation later. Like it's so fine.
• 31:08
  Speaker 3: I don't know.
• 31:09
  Speaker 5: It's probably not that easy, but location, location.
• 31:14
  Speaker 4: Think location is one of those things where exactly as
• 31:17
  Speaker 4: Victoria was saying is person to person.
• 31:19
  Speaker 2: Like you're either someone.
• 31:20
  Speaker 4: Who really wants to prioritize a central location close to
• 31:24
  Speaker 4: a CBD. You know, I think like if I was
• 31:27
  Speaker 4: to live in New York, for example, like I'd want
• 31:28
  Speaker 4: to be in New York, like that was the experience,
• 31:31
  Speaker 4: but it's, yeah, as someone who grew up in the suburbs,
• 31:34
  Speaker 4: I do feel it's my duty to just say suburban
• 31:36
  Speaker 4: life can be wonderful. I grew up in the suburbs, though,
• 31:38
  Speaker 4: I guess is the difference. So as you said, my
• 31:40
  Speaker 4: community is there.
• 31:41
  Speaker 3: Girl, I grew up on the Mornington Peninsula. Some would
• 31:44
  Speaker 3: say I grew up in the sticks.
• 31:46
  Speaker 2: Yeah. So it's so dependent on what you value.
• 31:48
  Speaker 4: I will say that you presented us three options, which
• 31:51
  Speaker 4: was city location, you know, more regional location or rent vesting.
• 31:56
  Speaker 4: I would say that rent vesting would enable you to
• 31:59
  Speaker 4: have the best of both worlds in the sense of.
• 32:02
  Speaker 2: Correct.
• 32:02
  Speaker 4: You would probably, generally speaking, for, oh, you know what,
• 32:05
  Speaker 4: maybe not.
• 32:06
  Speaker 2: But like you would.
• 32:07
  Speaker 4: Maybe buy the city location, rent that out and live
• 32:11
  Speaker 4: more regionally would be my thought. Or you could do
• 32:14
  Speaker 4: it the other way around, actually. You do whatever you want.
• 32:16
  Speaker 4: But I mean, it would fold into your plans on
• 32:19
  Speaker 4: either side. I think you do kind of need to
• 32:22
  Speaker 4: be on the same page. And maybe if you haven't already,
• 32:25
  Speaker 4: can you, before you purchase rent, rent in a few
• 32:27
  Speaker 4: different locations. We ended up building in a place that
• 32:30
  Speaker 4: we already lived because we knew that we loved where
• 32:32
  Speaker 4: we lived. And so I think that if you've tried
• 32:35
  Speaker 4: living places, it might help give you a sense of
• 32:37
  Speaker 4: what's important to you. For some people it is like
• 32:39
  Speaker 4: they don't want to ever have to own a car.
• 32:41
  Speaker 4: You know, I have friends who lived right in the
• 32:43
  Speaker 4: heart of Richmond. They didn't own a car. They walked
• 32:45
  Speaker 4: to work. They caught the train anywhere they needed to.
• 32:47
  Speaker 4: Like everything was so close to them. Whereas where I live,
• 32:51
  Speaker 4: there's good public transport, but it would be a lot
• 32:53
  Speaker 4: harder to live that way.
• 32:55
  Speaker 3: Look at Jess. I just can't imagine her on the
• 32:58
  Speaker 3: bus every day.
• 32:59
  Speaker 2: No.
• 33:00
  Speaker 3: It's not very Jess. It's not Jess Coden.
• 33:02
  Speaker 2: Not my preference.
• 33:03
  Speaker 3: She's your homemaker, Jess.
• 33:04
  Speaker 2: Yes, I do. I love being at home.
• 33:06
  Speaker 4: I love my cosy space. So I think that you've
• 33:08
  Speaker 4: just got to work out what's right for you. The
• 33:10
  Speaker 4: other thing I will say, as someone who has just
• 33:12
  Speaker 4: bought their first home, won't shut up about it.
• 33:13
  Speaker 3: Oh, have you bought a house, Jess?
• 33:15
  Speaker 2: I don't know if you've not heard.
• 33:16
  Speaker 1: Oh, no, no, no.
• 33:17
  Speaker 2: I don't know about it.
• 33:18
  Speaker 3: Is it like a whole house?
• 33:20
  Speaker 2: Whole house. Oh, my God.
• 33:21
  Speaker 3: You should definitely post at least once on social media
• 33:24
  Speaker 3: about it.
• 33:25
  Speaker 2: Yeah.
• 33:25
  Speaker 3: Have you heard of YouTube?
• 33:27
  Speaker 2: It's a big secret.
• 33:28
  Speaker 3: Because for those of you who haven't heard of YouTube
• 33:30
  Speaker 3: or Miss Jessica Ricci, she has an entire YouTube series
• 33:33
  Speaker 3: on how she bought a house, what she's doing with
• 33:35
  Speaker 3: her house, how she's building her house, what color her
• 33:37
  Speaker 3: house is, what color her house is not. And that's
• 33:40
  Speaker 3: actually quite topical.
• 33:41
  Speaker 2: That's gorgeous. Check it out. Thank you so much for
• 33:44
  Speaker 2: the plug.
• 33:45
  Speaker 4: The other thing I was going to say is the
• 33:47
  Speaker 4: space thing, I think for a lot of people is
• 33:48
  Speaker 4: a big issue. And it's, you know, that's the, your price,
• 33:51
  Speaker 4: you're paying, when you're paying for location, you're paying.
• 33:52
  Speaker 2: For less space. versus more space.
• 33:55
  Speaker 4: I think as well, that as someone who has just bought,
• 33:59
  Speaker 4: your first home is never going to be your forever home.
• 34:01
  Speaker 4: This is a conversation we had a lot when I
• 34:03
  Speaker 4: was looking at places and going, oh, it's not quite right.
• 34:05
  Speaker 2: It's not quite this. It's not quite that.
• 34:07
  Speaker 4: If I had an extra $ 200, 000, I could get exactly
• 34:10
  Speaker 4: what I want.
• 34:11
  Speaker 3: Every time I had this conversation with Jess, I genuinely
• 34:13
  Speaker 3: felt like I was breaking her little heart. like she'd
• 34:16
  Speaker 3: be like, I want this. And I'd be like, you know, have, no.
• 34:21
  Speaker 2: Have, no get.
• 34:22
  Speaker 4: And so just remember that as much as this is
• 34:24
  Speaker 4: so exciting, like you've spent all this time saving, you're
• 34:27
  Speaker 4: finally getting it going.
• 34:27
  Speaker 2: That's amazing.
• 34:28
  Speaker 4: And I'm so proud of you. This is just your
• 34:31
  Speaker 4: stepping stone. You know, you can move into this property
• 34:33
  Speaker 4: and then down the track, you can sell it or
• 34:35
  Speaker 4: you can rent it out or you can do whatever
• 34:37
  Speaker 4: you want with it. But it's very unlikely that the
• 34:40
  Speaker 4: first property you purchase is the property that you will
• 34:42
  Speaker 4: live in for the And so think about it that
• 34:45
  Speaker 4: way a little bit as well. Like it maybe isn't
• 34:47
  Speaker 4: going to tick all the boxes and maybe it is
• 34:49
  Speaker 4: a good time to experiment. But keep in mind the
• 34:52
  Speaker 4: capital growth is the other thing because I think we've
• 34:54
  Speaker 4: spoken about before how sometimes locations or apartments in CBDs
• 34:59
  Speaker 4: specifically don't necessarily increase in value significantly.
• 35:03
  Speaker 2: That is not a bad thing. They might have decent
• 35:05
  Speaker 2: rental yield. It's just a fact.
• 35:06
  Speaker 4: But it's something that you want to consider knowing it
• 35:09
  Speaker 4: is your first house and knowing that at some point
• 35:10
  Speaker 4: you might want to either rent it or sell it.
• 35:13
  Speaker 4: whatever you purchase, I would recommend just looking at what
• 35:17
  Speaker 4: that capital growth looks like.
• 35:19
  Speaker 5: Yeah.
• 35:19
  Speaker 3: Smart girl.
• 35:20
  Speaker 2: That's enough for me. Sorry.
• 35:22
  Speaker 3: I'm just going to share what we did because we
• 35:25
  Speaker 3: were in a similar situation with a similar amount saved
• 35:28
  Speaker 3: when Steve and I bought our first home. And both
• 35:31
  Speaker 3: of us thankfully kind of wanted to live in the
• 35:33
  Speaker 3: inner suburbs of but we were finding it really hard
• 35:37
  Speaker 3: to find a place that was within our budget and
• 35:39
  Speaker 3: something we actually liked. So we started having these conversations
• 35:43
  Speaker 3: of like, well, if we went out further, we would
• 35:45
  Speaker 3: get something bigger. Let's have a look at that. And
• 35:47
  Speaker 3: we did and ultimately decided to kind of zoom out
• 35:51
  Speaker 3: and be like, okay, actually, what's this house going to
• 35:54
  Speaker 3: do for us? So we want to get into the
• 35:56
  Speaker 3: property market. We want to stop renting. Great. What does
• 35:59
  Speaker 3: our lifestyle look like in the next 10 years? Because like,
• 36:02
  Speaker 3: For me personally, I never wanted to buy a house
• 36:04
  Speaker 3: that I was going to own for less than 10 years,
• 36:07
  Speaker 3: but I was also very happy if after 10 years
• 36:09
  Speaker 3: we needed to dispose of that asset, we would. So
• 36:12
  Speaker 3: my husband and I actually had a really big life
• 36:14
  Speaker 3: conversation and we bought our house during COVID and we
• 36:18
  Speaker 3: then were discussing, okay, well, are we going to get married? Yeah,
• 36:22
  Speaker 3: we do want to get married. Okay, well, we want
• 36:24
  Speaker 3: to get engaged. We want to get married. We do
• 36:25
  Speaker 3: want to have kids. And you can never predict these things,
• 36:28
  Speaker 3: but what general timeline does that look like? Okay, well,
• 36:32
  Speaker 3: we would do that. Do we think that this house,
• 36:35
  Speaker 3: and we wanted a minimum of two kids, do we
• 36:37
  Speaker 3: think that this house is going to be okay if
• 36:39
  Speaker 3: we had two small young children? And both of us
• 36:42
  Speaker 3: agreed that house would be fine with two young kids,
• 36:46
  Speaker 3: But you probably wouldn't want to have teenagers in it.
• 36:48
  Speaker 3: Like it would just be a little bit too small.
• 36:50
  Speaker 3: And both of us agreed that we were happy to
• 36:53
  Speaker 3: compromise on the smaller house for the shorter period of time,
• 36:56
  Speaker 3: knowing that hopefully in 10 years capital growth had changed
• 36:59
  Speaker 3: and we could dispose of that asset and step into
• 37:01
  Speaker 3: a bigger family home. Now, that's what we ultimately chased
• 37:05
  Speaker 3: and went for the location further in as opposed to
• 37:09
  Speaker 3: buying the big family house further out. Because I think
• 37:12
  Speaker 3: also when you have this conversation about, oh, do we
• 37:15
  Speaker 3: buy the big family house further out? That still wasn't
• 37:18
  Speaker 3: our dream home. It was bigger, but like I still
• 37:22
  Speaker 3: would have wanted a bigger house when I had teenagers,
• 37:25
  Speaker 3: if that makes sense. Mm-hmm. So whilst that isn't the
• 37:28
  Speaker 3: way that the cookie has crumbled because we were in
• 37:30
  Speaker 3: the very lucky position where my income increased, my husband's
• 37:34
  Speaker 3: income increased. We got pregnant sooner than we thought we
• 37:37
  Speaker 3: might get pregnant with my daughter. And we were like, oh,
• 37:40
  Speaker 3: do we want to move? Because like we're in a
• 37:42
  Speaker 3: financial position that we didn't actually think we would be
• 37:44
  Speaker 3: in by the time we had two kids. And then
• 37:48
  Speaker 3: literally our dream house popped up. but we did have
• 37:51
  Speaker 3: to sell that house to get out of it. We
• 37:53
  Speaker 3: owned it for about five and a half years. Yes,
• 37:57
  Speaker 3: we made that decision sooner, but had we not purchased
• 38:00
  Speaker 3: that house to use as a stepping stone, we could
• 38:02
  Speaker 3: not have afforded the house that we have now. We are,
• 38:07
  Speaker 3: in a different way, role modeling that. Yes, our first
• 38:11
  Speaker 3: home wasn't our dream home. I was obsessed with it.
• 38:13
  Speaker 3: I loved it, but It wasn't ever going to be
• 38:16
  Speaker 3: our forever home, but it was going to be the
• 38:18
  Speaker 3: next 10 years. And like, had we not been in
• 38:20
  Speaker 3: the same financial position to move, you know, at five
• 38:23
  Speaker 3: and a half years in, we would have still been
• 38:25
  Speaker 3: very happy there. Like it would have served the purpose.
• 38:28
  Speaker 3: But again, it would have got a bit cramped once
• 38:30
  Speaker 3: you have two teenagers with their bedrooms that are quite
• 38:33
  Speaker 3: tiny and side by side and one shared bathroom and
• 38:37
  Speaker 3: all of that. So I think that is important to
• 38:40
  Speaker 3: share because it's like you spend so long focused on
• 38:43
  Speaker 3: the deposit that then when you're deciding what to do,
• 38:46
  Speaker 3: you genuinely feel like this is the decision we make forever.
• 38:50
  Speaker 3: And unfortunately, it's not. So we obviously took this to
• 38:53
  Speaker 3: the community and said, guys, what's your two cents? First
• 38:56
  Speaker 3: question we asked was, you've got $ 110, 000 sitting in your account.
• 38:59
  Speaker 3: Are you 41% buying ASAP, 30% still saving, and 29% said,
• 39:05
  Speaker 3: I don't know, I'm indecisive. Honest queens.
• 39:10
  Speaker 2: Understand.
• 39:11
  Speaker 3: What would you refuse to compromise on when you are
• 39:14
  Speaker 3: buying your first home? So 65% of you said keeping
• 39:19
  Speaker 3: repayments manageable.
• 39:21
  Speaker 2: That's very clever.
• 39:22
  Speaker 3: Like literally queen. That's what we've been trying to teach you. 23%
• 39:26
  Speaker 3: said living in an area I love and 12% said
• 39:30
  Speaker 3: having enough space for the future.
• 39:32
  Speaker 1: Okay.
• 39:33
  Speaker 3: We then said what would you choose? 58% said a
• 39:36
  Speaker 3: smaller home in my dream location. 32% said bigger home
• 39:41
  Speaker 3: further out and 10% said I would prefer to rent vest.
• 39:46
  Speaker 5: Interesting.
• 39:46
  Speaker 3: Okay. Then we were like, all right, get your comment on.
• 39:49
  Speaker 3: And lots of people were saying we went with the
• 39:51
  Speaker 3: bigger house a little further out. And to be honest,
• 39:53
  Speaker 3: I miss living in the city and our desired area.
• 39:56
  Speaker 3: We're planning on moving back in.
• 39:58
  Speaker 2: Interesting. Wow.
• 39:59
  Speaker 3: Another person on the flip side said, consider regional if possible.
• 40:03
  Speaker 3: The places are cheaper and you get more for your money.
• 40:05
  Speaker 3: A suburb or town an extra 20 minutes away might
• 40:08
  Speaker 3: actually save you thousands and that extra few minutes of
• 40:11
  Speaker 3: work could be worth the money.
• 40:13
  Speaker 2: Mm-hmm.
• 40:15
  Speaker 4: I mean, yeah, like there's this misconception, I think, that
• 40:17
  Speaker 4: like when you move to the suburbs or to the regions,
• 40:19
  Speaker 4: there's like nothing out there.
• 40:20
  Speaker 2: And that's just not true anymore. At least not for Melbourne.
• 40:24
  Speaker 3: No, you're not moving out into a paddock. Yeah.
• 40:27
  Speaker 5: Yeah.
• 40:27
  Speaker 3: I mean, you can if that's your journey. Another person said, honestly,
• 40:31
  Speaker 3: in this property market, just buy sooner. Okay, fair. I'm
• 40:35
  Speaker 3: seeing a lot of people in our mortgage broking business
• 40:38
  Speaker 3: really ramping up trying to buy before July the 1st
• 40:42
  Speaker 3: next year because with property and the way that CGT
• 40:46
  Speaker 3: is going to change. If you own a property, like
• 40:49
  Speaker 3: if you purchased a property after July next year, you're
• 40:52
  Speaker 3: not going to get access to that 50% CGT discount
• 40:55
  Speaker 3: that they are proposing. And so a lot of people
• 40:57
  Speaker 3: who are buying their first homes, they're like, oh, I
• 41:00
  Speaker 3: really want to get in before then. Or a lot
• 41:02
  Speaker 3: of people who are investors are like, oh, the entire
• 41:04
  Speaker 3: purpose I would want to invest is for capital gains
• 41:08
  Speaker 3: and I want access to that. So I can understand that,
• 41:11
  Speaker 3: but Then I go back and put my financial advisor
• 41:14
  Speaker 3: hat on and go, no, actually the best time to
• 41:16
  Speaker 3: buy is when you are personally ready, not when the
• 41:19
  Speaker 3: market is ready. Another person is just saying what Jess said.
• 41:23
  Speaker 3: Your first home is never your forever home. It is
• 41:25
  Speaker 3: a stepping stone. Just get into the market. Next person said,
• 41:29
  Speaker 3: it really depends how quickly you want kids or you
• 41:32
  Speaker 3: might need the space. Another person said, I am a
• 41:35
  Speaker 3: massive advocate for rent vesting. Been doing it for the
• 41:38
  Speaker 3: last 15 years and it's been incredible.
• 41:41
  Speaker 2: I love that.
• 41:41
  Speaker 3: I love that because I feel like so many of
• 41:43
  Speaker 3: us hear stories about rent vesting, but it's like, oh,
• 41:45
  Speaker 3: I rent vested for like two years and I got
• 41:46
  Speaker 3: my dream property. And that's just not that relatable, to
• 41:49
  Speaker 3: be honest. Someone else said, if you don't love the location,
• 41:53
  Speaker 3: it will never be your forever home. Also, babies in
• 41:57
  Speaker 3: an isolated location is hard. I am speaking from experience.
• 42:00
  Speaker 2: That's very true. What is your next life stage look like? Yeah.
• 42:04
  Speaker 3: And do you know what? Even like I look at
• 42:07
  Speaker 3: our situation and we have very supportive parents, but like
• 42:10
  Speaker 3: my parents are over an hour away. my partner's mum
• 42:14
  Speaker 3: lives on literally the other side of the city. And
• 42:17
  Speaker 3: so it's like a hustle to be like, oh, if,
• 42:20
  Speaker 3: you know, Steve's mum's taking one of the kids today
• 42:23
  Speaker 3: to look after them, we've got to add in all
• 42:26
  Speaker 3: of the logistics to get back and forward. Like your
• 42:28
  Speaker 3: village isn't as accessible and that's okay. Like we are
• 42:31
  Speaker 3: so privileged to still have a village. So like I'm
• 42:33
  Speaker 3: not complaining, but it is definitely something to take into consideration.
• 42:37
  Speaker 3: If you go... I really want babies like tomorrow. And
• 42:40
  Speaker 3: I really want my mom to be present. Maybe a
• 42:42
  Speaker 3: smaller house closer to your mom is actually the lifestyle
• 42:45
  Speaker 3: you've been looking for. And then the last one I'll
• 42:47
  Speaker 3: share is I'm kicking myself for not being more open
• 42:51
  Speaker 3: to buying a house sooner. I had analysis paralysis and
• 42:55
  Speaker 3: I just kept saving.
• 42:58
  Speaker 2: Which is not like the be all and end all.
• 43:00
  Speaker 5: Totally.
• 43:01
  Speaker 2: But also don't let it overwhelm you.
• 43:02
  Speaker 3: No, absolutely not.
• 43:04
  Speaker 1: All right.
• 43:04
  Speaker 3: Well, I think that we could actually all talk about
• 43:07
  Speaker 3: it forever because it's not just about agreeing on a dream, right?
• 43:10
  Speaker 3: It's also about weighing up how much you want to
• 43:12
  Speaker 3: spend on furnishing your home, how you want to live
• 43:14
  Speaker 3: in it and what kind of lifestyle you actually want
• 43:16
  Speaker 3: to lead. You might be really into, like me, hosting
• 43:19
  Speaker 3: and entertaining, which might be a game changer for the
• 43:22
  Speaker 3: kinds of properties that you actually consider. You might also
• 43:26
  Speaker 3: want all of the pets, so you have to have
• 43:27
  Speaker 3: a really big backyard. There are so many things you
• 43:30
  Speaker 3: need to factor in. With that, my friends, it is
• 43:32
  Speaker 3: time to wrap the show because, unfortunately, that is all
• 43:34
  Speaker 3: we have time for today. If you've enjoyed this episode
• 43:37
  Speaker 3: and felt inspired to come up with your own drag
• 43:40
  Speaker 3: alter ego, please let us know in the comments. Share
• 43:43
  Speaker 3: your reviews or maybe slide into our DMs with a
• 43:45
  Speaker 3: new dilemma or a question of the week. Catch you
• 43:47
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• 43:50
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• 43:53
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• 43:55
  Speaker 2: Bye, guys.
• 43:56
  Speaker 4: Bye.
• 44:00
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