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The Move That Made Homeownership Possible · She's On The Money

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Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
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Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
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Speaker 1: kaka ya Ya bin Ah Waka Nian our gay In Nimbini,
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Speaker 1: yak um Jar, dominyamiga Umaga, Ihowaka, Nile, Waman damon Immalan,
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Speaker 1: Bumba bang Gadabomba in and now in Waka ghana on
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Speaker 1: yak rum Jar Watanadaa. Hello, beautiful friends, we gather on
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Speaker 1: the lands of the Aboriginal people. We thank acknowledge and
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Speaker 1: respect the Abiginal people's land that we're gathering on today.
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Speaker 1: Take pleasure in all the land and respect all that
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Speaker 1: you see. She's on the Money podcast acknowledges culture, country,
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Speaker 1: community and connections, bringing you the tools, knowledge and resources
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Speaker 1: for you to thrive.
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Speaker 2: She's on the Money.
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Speaker 3: She's on the Money. Hello, and welcome to She's on
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Speaker 3: the Money the podcast and let's you be pervy about
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Speaker 3: other people's money habits for the educational purposes of course.
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Speaker 3: Welcome back to another one of our money diaries, brought
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Speaker 3: to you by Sky Wealth, where we get to talk
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Speaker 3: with one of our incredible She's on the money community
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Speaker 3: members all about their journey. Let's jump straight into it,
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Speaker 3: because this week I got a message and it sounded
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Speaker 3: exactly like this. Hi Victoria, and she's on the money.
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Speaker 3: My husband and I are in the thick of parenting
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Speaker 3: three boys right now. We made the decision to move
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Speaker 3: to regional New South Wales, knowing we'd never be able
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Speaker 3: to afford to buy in Sydney. We were fortunate to
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Speaker 3: buy a small home just before the market took off,
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Speaker 3: and later sold it to get into the house we
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Speaker 3: hope our children will grow up in. We're now navigating
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Speaker 3: full time jobs, childcare, school renovations, and considering opening a
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Speaker 3: business in our small town, and I'd love to share
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Speaker 3: our story. Money diarist. You are chaos in the best possible.
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Speaker 2: Way, absolute pure chaos all the time.
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Speaker 3: I love that. How old are your boys?
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Speaker 2: Ten, three and six?
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Speaker 3: Chaos ages?
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Speaker 2: Yep, one hundred percent in the best possible way.
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Speaker 3: But like she's a busy girl, and she's also like, oh,
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Speaker 3: by the way, we're just, you know, managing some renovations.
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Speaker 3: Why don't we open a business? We've got heaps to do.
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Speaker 3: Would you like to do a money diary with me?
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Speaker 3: Because I am very excited to jump right in. Yeah,
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Speaker 3: our life is always full on.
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Speaker 2: There's always something going on. There's always things happening.
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Speaker 3: All right, let's dive straight in. My first and always
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Speaker 3: the first question of every money diary is what grade
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Speaker 3: would you give your money habits? If I asked you
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Speaker 3: to give them a grade from A through to F,
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Speaker 3: I would.
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Speaker 2: Say I sit at a B. I love to budget,
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Speaker 2: but I am not great at sticking to said budget.
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Speaker 3: You know what, we can't be good at everything, So
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Speaker 3: that's a pretty good place to start. Money diary is
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Speaker 3: my favorite question. Tell me a little bit more about
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Speaker 3: your money story. Where'd you come from? Where are you going?
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Speaker 2: For me, growing up, money wasn't a big feature.
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Speaker 4: You know.
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Speaker 2: I'm sure money at times was tight, but as kids
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Speaker 2: we never really paid attention to it. We lived a
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Speaker 2: pretty comfortable life, but not extravagant by any means. I think.
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Speaker 2: For me, when I started to really think more about
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Speaker 2: it was after my husband and I got married and
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Speaker 2: we came back from our honeymoon and we had fifty
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Speaker 2: dollars in our bank account, absolutely living paycheck to paycheck,
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Speaker 2: And that was the point where I said, I can't
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Speaker 2: live like this. That's not how I can function. I
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Speaker 2: think that was probably my starting point.
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Speaker 3: Firstly, how was your honeymoon?
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Speaker 2: Was it good? That was lovely?
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Speaker 3: But coming back, were you really stressed? Were you anxious?
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Speaker 3: How are you feeling about it? When you say I
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Speaker 3: couldn't live like this? What does that actually mean?
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Speaker 2: Well, we were renting, I was only working casually, we
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Speaker 2: were wanting to have kids. We just had a miscarriage
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Speaker 2: just before our wedding, So just before your wedding. Yeah,
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Speaker 2: we were going to be twelve weeks at our wedding
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Speaker 2: and it didn't quite happen that way.
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Speaker 3: I'm so sorry to hear that.
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Speaker 2: That's okay, it happens. It's happened since then quite a
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Speaker 2: few times. It's something we've definitely struggled with.
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Speaker 3: I can absolutely resonate with that, and it's bullshit. It's
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Speaker 3: the worst club to be involved in ever. But at
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Speaker 3: the same time, it's just like, why did it have
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Speaker 3: to happen around your wedding? Like we don't need the
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Speaker 3: sparkle of that taken off as well, Like we're already
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Speaker 3: having a shit time. Why kick us while we're down.
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Speaker 2: The only upside was that meant I went on our
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Speaker 2: honeymoon and could drink as much as I wanted.
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Speaker 3: And you needed to do that, So obviously it was
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Speaker 3: really stressful. What did change look like?
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Speaker 2: It was after we had our first son. I wasn't working,
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Speaker 2: My husband had this job wasn't paying very well. He
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Speaker 2: was paid monthly, so we were on one income and
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Speaker 2: really making things stretch. And we grew up in the
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Speaker 2: sort of western Sydney area and even then, and this
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Speaker 2: is ten years ago, we could see that we were
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Speaker 2: going to really struggle. We both worked in hospitality, so
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Speaker 2: buying a house there just seemed totally out of our reach.
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Speaker 2: So we decided to move to regional New South Wales.
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Speaker 2: We didn't know anyone where we moved to. We picked
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Speaker 2: it purely on job opportunities for my husband and you know,
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Speaker 2: knowing it was somewhere a bit cheaper for us to
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Speaker 2: and probably worked out pretty good.
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Speaker 3: That's kind of exciting, but also a massive move. Like
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Speaker 3: I feel like the level of like reflection you have
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Speaker 3: to do to go hold on, hold on, hold on.
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Speaker 3: I don't know if our future is going to look
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Speaker 3: the way we want it to, and to be not
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Speaker 3: only reflecting on that and going that's pretty terrible like,
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Speaker 3: we don't want that for us, but to actually make
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Speaker 3: the move, Like, I just know so many people who
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Speaker 3: think that way, and they go, well, I live in Sydney.
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Speaker 3: I'm just never going to buy property, and I've reserved
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Speaker 3: myself to the factor that that's just not going to
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Speaker 3: be our reality. And you're like, no, we our reality
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Speaker 3: is buying property and we're willing to move a lot
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Speaker 3: to make that happen. Were you always on the same
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Speaker 3: page with your partner about that, because I feel like
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Speaker 3: those are big changes moving to a regional town in
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Speaker 3: New South Wales, so you could achieve your goals but
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Speaker 3: still be no friends and family in that location. What like, girl,
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Speaker 3: you got bigger balls than I do. It was hot.
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Speaker 2: I was twenty three when I had my eldest, so
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Speaker 2: we were young. None of my friends had kids yet,
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Speaker 2: but all my friends were there, my family was all there,
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Speaker 2: so it was hard to move away from that support network.
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Speaker 3: Yeah, absolutely it would be.
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Speaker 2: But working in hospitality is very easy to hop from
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Speaker 2: job to job, and I think we had sort of
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Speaker 2: recognized we'd got to the point where my husband was
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Speaker 2: going to struggle to find work that would allow him
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Speaker 2: to earn more Over the long run. Yeah, it was
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Speaker 2: probably just the trigger. I was living off senilink and
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Speaker 2: one income and making things stretch that just wasn't our thing.
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Speaker 3: And being in hospitality. I feel like it takes a
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Speaker 3: certain personality type to thrive in that space, and like
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Speaker 3: you're probably good at making friends, So like moving you'd
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Speaker 3: be like, Okay, well I'll get another hospitality job because
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Speaker 3: I'll make friends there when we get there, whereas someone
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Speaker 3: like me, I'd be like, if I move to a
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Speaker 3: foreign town, like I don't even know how I would
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Speaker 3: connect with other people.
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Speaker 2: Oh, no, I have struggled connecting to people. I think. No,
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Speaker 2: I made friends going back to work. That's why I
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Speaker 2: went back to work. Initially was just to speak to
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Speaker 2: adults again, and remember that I'm an adult who can
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Speaker 2: speak to other adults. Yeah, it's definitely taken quite a while,
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Speaker 2: and we were fortunate some of my family moved out
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Speaker 2: here after us, so now we have some of them
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Speaker 2: close again, which is fantastic.
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Speaker 1: How good.
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Speaker 4: I love that.
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Speaker 3: So tell me a bit more about you and your husband.
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Speaker 3: What do you guys do for work and how much
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Speaker 3: money do you earn?
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Speaker 2: So I work for a not for profit in an
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Speaker 2: office based job. That is quite a new role. I've
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Speaker 2: only been in it for six months, my first out
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Speaker 2: of hospitality job, which is very exciting. Oh, congrat And
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Speaker 2: I earn about eighty eight thousand and I do salary package.
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Speaker 3: Okay, that's nice.
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Speaker 2: And my husband is still a chef he earns ninety
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Speaker 2: five at the moment. That is a bit of a
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Speaker 2: tricky situation we're going through at the moment.
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Speaker 3: What does that mean. I've got to be pervy.
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Speaker 2: I know, you absolutely have to be perty. His workplace
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Speaker 2: has gone into administration as of last week. Yeah, so
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Speaker 2: we are waiting to see if there's a redundancy. We
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Speaker 2: don't know. He super hasn't been paid for some time,
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Speaker 2: so we are very much waiting to see what the
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Speaker 2: outcome is.
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Speaker 3: Oh my goodness, that is really upsetting, especially like the
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Speaker 3: timing and then also just what do you mean no
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Speaker 3: super has been paid in the recent times? Like is
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Speaker 3: this like for months or the time he's worked for them,
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Speaker 3: or like what most of the.
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Speaker 2: Time they've made some very small sporadic payment. That is
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Speaker 2: so rude. Yeah, so that's really difficult and it's definitely
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Speaker 2: put us in a bit of a holding pattern at
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Speaker 2: the moment.
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Speaker 3: Yeah, absolutely, as well as being stressful because in administration,
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Speaker 3: like if they go into administration and they ultimately get
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Speaker 3: shut down completely, like there's nobody to chase for those
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Speaker 3: super payments. Usually no, I've.
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Speaker 2: Looked into it. I think he will get paid out
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Speaker 2: his annual leave. Yeah, most likely of redundancy because that
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Speaker 2: is government guaranteed, but the super is not. So we
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Speaker 2: do not that.
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Speaker 3: Oh my goodness. Yes, well, if you need my help,
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Speaker 3: you let me know, my love, Like, I've always got
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Speaker 3: a little bit of fight to give to stuff like that.
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Speaker 3: Now tell me you said earlier, like you know, we
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Speaker 3: moved to regional New South Wales market like hadn't boomed yet,
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Speaker 3: took off, sold that property and then we bought like
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Speaker 3: essentially our forever home and we want our kids to
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Speaker 3: grow up there. I feel like that's the biggest financial goal.
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Speaker 3: But what are your other financial goals? What are you
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Speaker 3: guys currently working towards?
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Speaker 2: Right now, we are smack bang in the middle of
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Speaker 2: a renovation. Well and actually now I'm hoping we're towards
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Speaker 2: the end of this renovation. Yeah, so we have been
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Speaker 2: working towards this one for a while. We are still
9:37
Speaker 2: trying to have another.
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Speaker 3: Baby, So yay, four babies.
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Speaker 2: That is a potential. We have gone through IVF for
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Speaker 2: one of our three, but I do not want to
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Speaker 2: go through IVF again. Financially, I don't want to go
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Speaker 2: through it again. Emotionally, I do not want to go
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Speaker 2: through it again. I definitely feel I am getting older,
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Speaker 2: and I also want to be done with having babies now.
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Speaker 2: I want to move on to that next stage.
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Speaker 3: You're only thirty five, You're still a child, basically, like
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Speaker 3: people are having babies in their fifties. Now, this will happen,
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Speaker 3: It'll be fine. I'm manifesting this for us.
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Speaker 2: Yes, so yeah, I don't know if we have any
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Speaker 2: other big gals at the moment. I definitely have been
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Speaker 2: putting a bit into shares, but again I'm sort of
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Speaker 2: pulled back on that in the last month while we
10:21
Speaker 2: wait to know what's happening. Yeah. Yeah, I feel like
10:24
Speaker 2: our our goals are actually probably on pause a moment.
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Speaker 3: Well, I mean yeah, because like that's a really stressful thing.
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Speaker 3: And like when you told me your income, I'm like, oh,
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Speaker 3: eighty eight and then your husband's on ninety five, Like
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Speaker 3: you're like that's comfortable, especially if you're in regional New
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Speaker 3: South Wales. You already own your property, Like, yes, life
10:40
Speaker 3: is stressful. You've got three young boys. That's really expensive.
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Speaker 3: Like life happens, but like you could totally find a
10:46
Speaker 3: way to have another kid. But then you find out
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Speaker 3: that your husband's workplace is going through administration. You're like,
10:50
Speaker 3: hold up, hold up, I'm trying to get knocked up here,
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Speaker 3: Like that is not part of the deal. Yeah, Like
10:55
Speaker 3: that must be very stressful, So I'm sorry that you're
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Speaker 3: going through that. I want to go back to your
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Speaker 3: renovations though. So you bought the house that you want
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Speaker 3: your kids to grow up in, which is very exciting. Yeah,
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Speaker 3: what renos are we doing? And were they rener is
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Speaker 3: that you're like, oh, they're just cosmetic changes or were
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Speaker 3: they Like we bought the house and oh my goodness,
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Speaker 3: we'd be saving up for ages because you should us
11:14
Speaker 3: in the bathrooms.
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Speaker 2: Yes, yeah, No, we bought this house fully intending to
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Speaker 2: renovate the kitchen that is where we love to be.
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Speaker 2: We did not intend to have to renovate a bathroom
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Speaker 2: or repair the roof. They're the main things that were unintentional.
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Speaker 2: So we have, yeah, spent more than we had want
11:33
Speaker 2: to do. We did have to remortgage to draw out
11:36
Speaker 2: a bit more funds to do it, but I think
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Speaker 2: we will get it done soon and have the little
11:41
Speaker 2: bit of money left over hopefully. Yeah.
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Speaker 3: And will that make it a little bit more I
11:45
Speaker 3: guess comfortable, given we're just not sure what's happening with
11:48
Speaker 3: your husband's situation in your husband's job.
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Speaker 2: Yeah, definitely. We've got one big bill left to pay,
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Speaker 2: which is our builder, and that one wasn't a fixed contract,
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Speaker 2: so I had an idea of what worse would be,
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Speaker 2: and we had budgeted for worst case, but it's looking
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Speaker 2: like it will be significantly less than that. That was
12:06
Speaker 2: definitely a relief. Yeah.
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Speaker 3: Well, I'm glad that you were able to re mortgage
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Speaker 3: and you've gotten access to that cash. Do you also
12:14
Speaker 3: have like an emergency fund and stuff like that set up?
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Speaker 2: Yeah, We've got about sixteen thousand in an emergency fund,
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Speaker 2: and i've sort of, oh, Alie, worked out a budget
12:23
Speaker 2: on our worst case scenario and how that'll look and
12:27
Speaker 2: how much we'd have to dip into that each week
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Speaker 2: and how long we could live off that. Yeah.
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Speaker 3: For Yeah, and talk to me about this conversation, because
12:34
Speaker 3: I feel like this conversation could be really stressful to have, Like,
12:39
Speaker 3: can you tell me how this played out? Because I
12:41
Speaker 3: feel like it happens to a lot of people. Was
12:44
Speaker 3: this something that you foresaw happening or was this something
12:47
Speaker 3: that your husband came home one day and was like, babe,
12:49
Speaker 3: sit down, like what happened in that situation?
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Speaker 2: He was like, Oh, I have to tell you. I
12:55
Speaker 2: found out something. You can't tell anyone about it yet. Yeah,
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Speaker 2: he found out a few perform the other staff did,
13:02
Speaker 2: so we had a bit of pre warning by a
13:04
Speaker 2: couple of weeks that it was likely to happen. But
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Speaker 2: that's a couple of weeks. It was a stressful conversation.
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Speaker 2: For sure. We are in a very small town now,
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Speaker 2: so everybody definitely for him, job opportunities here are going
13:16
Speaker 2: to be pretty limited.
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Speaker 3: Yeah, that's really really stressful. All right, let's go to
13:20
Speaker 3: a break because on the flip side, I want to
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Speaker 3: talk to you a bit more about shares and investing
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Speaker 3: because you dangled a carrot earlier and said that you
13:27
Speaker 3: were putting some money in there, and I was like,
13:28
Speaker 3: I really want to ask what I've got a weight,
13:30
Speaker 3: I've got other questions first, So guys, don't go anywhere.
13:33
Speaker 3: We will get to the min a second. All right,
13:38
Speaker 3: money drice, We are back and I get to dive
13:40
Speaker 3: into investing. It makes me so excited. Tell me do
13:44
Speaker 3: you have any investments? If so, what are they?
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Speaker 2: Yeah, so we're on they dabbling. Literally, we started off
13:49
Speaker 2: with rays and was putting little bits of money in there,
13:54
Speaker 2: occasionally a little lump sum when we'd get a bit
13:56
Speaker 2: extra on tax back. It's only sitting at four thousand
14:01
Speaker 2: at the moment.
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Speaker 3: That's still very good. Girl. You're thirty five and you're investing,
14:05
Speaker 3: and you have three kids and you're just getting your
14:06
Speaker 3: stuff together like this is good.
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Speaker 2: Yeah. And then I've just started dabbling in Chaseis and
14:12
Speaker 2: potentially I will move it over. I mean no rush
14:14
Speaker 2: to do so. So that's only got like under one
14:16
Speaker 2: thousand dollars while I just sort of sus it out.
14:20
Speaker 2: I started putting some money aside for each of our
14:23
Speaker 2: kids to invest. I have only just started that, and
14:27
Speaker 2: that is something I've had to stop as well at
14:29
Speaker 2: the moment while we wait and see.
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Speaker 3: Yeah, of course everything should gone pause, Like we just
14:34
Speaker 3: don't need to be doing anything that could be considered
14:37
Speaker 3: discretionary right now, Like we can catch up later. That
14:40
Speaker 3: is absolutely fine, but we don't need even more financial
14:43
Speaker 3: stress on ourselves during a time where I'm assuming you're
14:46
Speaker 3: pretty stressed.
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Speaker 2: Yeah, so I'm still putting the money aside, but it's
14:49
Speaker 2: just going into a savings account or an offset account
14:52
Speaker 2: for now while I just wait to see what's what's going.
14:55
Speaker 3: To happen, work out what's going on, and then we
14:58
Speaker 3: can do that later if we need it. That's absolutely fine,
15:01
Speaker 3: which is honestly pretty good because Chesi's have recently announced
15:04
Speaker 3: and this feels like an ad and I promise it's not.
15:06
Speaker 3: But Chezy's recently announced their kids accounts and they haven't
15:09
Speaker 3: dropped at the time that you and I are recording this,
15:11
Speaker 3: so maybe you're just waiting for that. Like that's great.
15:14
Speaker 2: Yeah, I started putting a bit in RAYS and then
15:17
Speaker 2: I saw that come out, and I was like, no,
15:19
Speaker 2: maybe I will wait, and yeah, I will just maybe
15:22
Speaker 2: put it all in there once I see it and
15:24
Speaker 2: see what that looks like. So that is a bit exciting.
15:27
Speaker 3: I love that, And talk to me about superannuation. I
15:30
Speaker 3: feel like that's a stressful topic at the moment as well,
15:32
Speaker 3: So I had to apologize. Feel like I've got you
15:34
Speaker 3: in limbo likera. I'm asking you all about money when
15:37
Speaker 3: you're probably the most stressed about money. So I apologize,
15:40
Speaker 3: but also thank you for being so open with us.
15:43
Speaker 3: Tell me what's in your super and what's in your
15:46
Speaker 3: husband's super, and what are we doing about the fact
15:49
Speaker 3: that he hasn't been paid.
15:51
Speaker 2: I have just ticked over fifty thousand in mine. Oh no,
15:55
Speaker 2: my husband has seventy, but it should be at ninety.
15:59
Speaker 2: We don't know what's happening with his super yet. I
16:01
Speaker 2: think there's another meeting coming up and we will find
16:04
Speaker 2: out more. I really don't expect he will get everything
16:08
Speaker 2: he's owed. If we're lucky, we might get some of
16:11
Speaker 2: what he is owed. I have been putting a bit
16:14
Speaker 2: of extra of my pay into my super pre tax, yeah,
16:18
Speaker 2: which is just one hundred dollars a fortnight, just a
16:21
Speaker 2: top mine up because mine was I've had a lot
16:24
Speaker 2: of time off work with kids. I worked casually on
16:26
Speaker 2: and off quite a bit, so that has definitely helped,
16:29
Speaker 2: but mine up a bit of recent.
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Speaker 3: Yeah, and now I know that you know that your
16:34
Speaker 3: husband's company is going into administration. But one thing I
16:38
Speaker 3: would recommend, so obviously not advice, This is just what
16:41
Speaker 3: I would do in this situation is still going and
16:45
Speaker 3: reporting it to the ATO, so making sure. I don't
16:48
Speaker 3: know if you've done this already, but I would go
16:50
Speaker 3: through the actual proper channel of making a complete report
16:55
Speaker 3: to the ATO to say you are eligible for it,
16:58
Speaker 3: it has not been paid. This is what has not
17:00
Speaker 3: been paid, so that it comes up as an official
17:03
Speaker 3: debt that could potentially be taken into consideration during the liquidation,
17:08
Speaker 3: because otherwise they might go, oh, super we'll get to it.
17:10
Speaker 3: Like no one's really spoken up about this, so like
17:13
Speaker 3: nothing's official and like you know, the liquidators haven't been
17:17
Speaker 3: made aware of it. No, no, no, we're just going
17:18
Speaker 3: to jump and scream about that because that one that's
17:21
Speaker 3: twenty thousand dollars bab and unpaid super like needs to
17:25
Speaker 3: be reported. So I don't know what you're doing in
17:27
Speaker 3: that space, but that is where I would go with
17:29
Speaker 3: it immediately, because even if you don't get it and
17:31
Speaker 3: it was a waste of time, we tried our best.
17:33
Speaker 2: Yep. Yeah, I think he has reached out. At the time,
17:36
Speaker 2: he was told to wait a week. I don't know why.
17:39
Speaker 3: Yeah, because his employer doesn't want to have to put
17:41
Speaker 3: that on a balance sheet.
17:42
Speaker 2: No, but they do have a meeting coming up specifically
17:45
Speaker 2: about super so it will be interesting to see what
17:49
Speaker 2: comes from that. Yeah.
17:50
Speaker 3: I just I am so critical of these processes. I'm
17:54
Speaker 3: just like one of those people that you know when
17:57
Speaker 3: you're like, oh, she sees the best in everybody. I
18:00
Speaker 3: really do try, but I've seen the worst in everybody too,
18:03
Speaker 3: So I'm always so critical and I'm like, yeah, cool,
18:05
Speaker 3: they're probably going to gaslight him in that meeting and
18:07
Speaker 3: try and make a settlement agreement. But we want full
18:09
Speaker 3: them out. So if you need any help, you reach out,
18:12
Speaker 3: my love. Now, talk to me about debts. What debts
18:16
Speaker 3: do you guys have, what do they look like, and
18:18
Speaker 3: how do they make you feel.
18:19
Speaker 2: We have a mortgage that right now is five hundred
18:23
Speaker 2: and forty thousand, and we have a car loan that's
18:26
Speaker 2: we're trying to smash out and that sits at eighteen
18:29
Speaker 2: at the moment.
18:29
Speaker 3: That's not too bad. Do you know the interest rate
18:31
Speaker 3: on your Carlon?
18:32
Speaker 2: Hi? Yeah, I do.
18:34
Speaker 3: It's fixed.
18:35
Speaker 2: It was a seven year loan and we're on track
18:37
Speaker 2: to pay it off in two years two and a
18:40
Speaker 2: half years.
18:41
Speaker 3: Oh, how good.
18:42
Speaker 2: So we're working hard on that. Yeah, and we pay
18:45
Speaker 2: extra off our mortgage each streek to have a bit
18:47
Speaker 2: of a buffer, and so I know that worst comes
18:51
Speaker 2: to worse, I will drop everything back to minimum payments
18:53
Speaker 2: for a bit, yeah, and give us a little bit
18:56
Speaker 2: of more breathing space. Yeah.
18:57
Speaker 3: So tell me a bit about this mortgage. You owe
19:00
Speaker 3: one hundred and forty thousand dollars. What did you purchase
19:02
Speaker 3: your property for and when?
19:04
Speaker 2: So we bought this house twenty twenty four for six
19:08
Speaker 2: hundred and.
19:08
Speaker 3: Eighty Okay, hey, that's really good.
19:11
Speaker 2: Yeah, this is our second house. So we bought a
19:14
Speaker 2: house when we first moved out here and did quite
19:17
Speaker 2: well from that, so that definitely helped us. We moved
19:20
Speaker 2: a little bit more regionally for this one so we
19:22
Speaker 2: could go a bit bigger, bigger blocker land, a bigger house. Yeah,
19:25
Speaker 2: that's worked.
19:26
Speaker 3: Out quite well. So tell me a little bit more
19:28
Speaker 3: about that, because you said you bought before the market
19:31
Speaker 3: boomed and did well, what did you purchase that house
19:34
Speaker 3: for and then how much did you sell it for?
19:36
Speaker 3: I'm just so pervy. I'm so sorry, but also I'm
19:39
Speaker 3: not sorry. Please tell me, No, we.
19:40
Speaker 2: Bought it was when the market was starting to take off.
19:44
Speaker 2: We were going to open homes and people were making
19:46
Speaker 2: offers there on their first open house. Oh my goodness, yes,
19:50
Speaker 2: So I saw this house. I rang the real estate agent.
19:54
Speaker 2: I was like, I want to see this house VAP
19:56
Speaker 2: this weekend on Sunday. He showed us to it on
20:00
Speaker 2: the Sunday. We made our offer on the Sunday. It
20:02
Speaker 2: was accepted on the Sunday.
20:04
Speaker 3: Oh my goodness.
20:05
Speaker 2: Yeah. It was really close to where we were renting.
20:07
Speaker 2: It was in our price range. So we bought it
20:09
Speaker 2: for three hundred and eighty Yeah in twenty eighteen.
20:12
Speaker 3: How good? And then when did you sell it? And
20:14
Speaker 3: for how much?
20:15
Speaker 2: For so last year we sold it for seven hundred and.
20:18
Speaker 3: Five stop it. That is literally so cool. Did you
20:21
Speaker 3: see that type of property price increase coming? Because like
20:25
Speaker 3: that would have blocked you out of the market. There
20:27
Speaker 3: is no way that like had you moved out like
20:29
Speaker 3: in twenty twenty four, purchasing for seven hundred grand wouldn't
20:33
Speaker 3: have been on the cards.
20:34
Speaker 2: We didn't buy it with the thought about where it
20:37
Speaker 2: would head. We bought it because it was. It didn't
20:40
Speaker 2: tick all our boxes. We would have loved an extra
20:43
Speaker 2: bathroom and an extra bedroom. And all these things. But
20:47
Speaker 2: at the time it was in our price range. It
20:49
Speaker 2: was close to a good school. We didn't have school
20:52
Speaker 2: age children then, but we were not far off it,
20:54
Speaker 2: and we did a bit of work. We did renovate
20:56
Speaker 2: the kitchen and then the bathroom and put a few
20:59
Speaker 2: extra in, but most of that is just the market
21:04
Speaker 2: going a little bit crazy after we bought it.
21:06
Speaker 3: Yeah, that's so good. So you basically walked away with
21:09
Speaker 3: a three hundred and twenty five thousand dollars profit. Did
21:13
Speaker 3: that then become the deposit or what did you do
21:15
Speaker 3: with that cash?
21:16
Speaker 2: So we put most of it into the deposit for
21:19
Speaker 2: this house. We held back some for the renovation, yep,
21:23
Speaker 2: and then we re mortgaged to get back a bit more. Again. Yeah,
21:26
Speaker 2: well everything when it's once we realized how much it's
21:29
Speaker 2: going to cost.
21:29
Speaker 3: Yeah, it's wild, isn't it. And you go, oh, this
21:31
Speaker 3: is worst case scenario. Yeah, we'll budget for that because
21:34
Speaker 3: we're trying to be really smart. And then it's like
21:36
Speaker 3: the worst, worst, worst case scenario and you're like, excuse me,
21:39
Speaker 3: but that's not what I signed up for. But we're
21:42
Speaker 3: already too deep. We don't have a bathroom now, we
21:45
Speaker 3: removed it before we realized that the worst was happening.
21:48
Speaker 2: Yes, for a while we were without bathroom, without kitchen.
21:51
Speaker 2: Oh no, we still lived in the house while we
21:53
Speaker 2: did all this. Yes, we are ready for it to
21:56
Speaker 2: be finished.
21:57
Speaker 1: Oh my gosh.
21:57
Speaker 3: And what does that timeline look like? Are you most there?
22:01
Speaker 2: Yeah, it's the kitchen's mostly done, the laundry is done.
22:04
Speaker 2: We're just finishing up the bathroom. And it's an on suite,
22:07
Speaker 2: so we have another bathroom.
22:09
Speaker 3: So that is not not the end of it.
22:10
Speaker 2: Definitely wasn't my priority. This bathroom had a leak that
22:14
Speaker 2: meant the whole bathroom had to be gutted and replaced.
22:16
Speaker 3: How frustrated. So not what we wanted to do, No,
22:19
Speaker 3: absolutely not. But then once you start digging you find
22:21
Speaker 3: these things like you can't actually afford to not replace them,
22:24
Speaker 3: because that if you just pretended that didn't happen, you'd
22:27
Speaker 3: end up with a bigger problem down the road.
22:29
Speaker 2: Yes, so we bit the bullet on that one, and
22:31
Speaker 2: we're not doing anything fancy for that bathroom. Our priority
22:35
Speaker 2: was the kitchen. That's where we've put the things we
22:37
Speaker 2: love and we've made it what we want. But the
22:39
Speaker 2: bathroom we are just happy to keep it simple, basic,
22:44
Speaker 2: as cheap as we could do it in a way
22:46
Speaker 2: that still means it's quality and hopefully we're not leak again.
22:49
Speaker 3: Yeah, and it's nice to use and like there's no issues.
22:52
Speaker 3: You mentioned earlier that like this is the home you
22:54
Speaker 3: basically want to stay in forever, which is very very cool.
22:57
Speaker 3: Are there any things you want to change after that?
23:00
Speaker 3: You're like, nope, once we're locked in for all of that,
23:02
Speaker 3: Like we're good to go. We don't need to change
23:04
Speaker 3: anything else. We might buy a new couch down the road.
23:06
Speaker 2: Or it's a slippery slope, then there's always something you
23:09
Speaker 2: look at and think, well, maybe a little like patio
23:12
Speaker 2: would be nice out there, and then I'd love to
23:14
Speaker 2: paint the outside of the house.
23:16
Speaker 3: Yeah, it is a slippery slope, isn't it.
23:18
Speaker 2: This is the big renovation. I don't think anything else
23:21
Speaker 2: we do will compare to how big this is. It'll
23:24
Speaker 2: be little bits and pieces down the road, but definitely
23:27
Speaker 2: nothing planned.
23:29
Speaker 3: Yeah, and they could be expensive, but they're not going
23:31
Speaker 3: to be like a bathroom that you cut then you
23:34
Speaker 3: find out there's a leak and then you have to
23:35
Speaker 3: spend more money. It will be like a let's go
23:37
Speaker 3: get some quotes because we'd love a really nice patio area,
23:40
Speaker 3: and then you get your quotes and you save up
23:42
Speaker 3: for it, and then you can pay for it. At
23:43
Speaker 3: that point, I feel like that becomes a much easier process.
23:47
Speaker 2: Yes, yeah, I mean unless the other bathroom leaks, which
23:50
Speaker 2: we will keep an eye on, we're.
23:51
Speaker 3: Not manifesting that. Let's not talk about that. That's not
23:54
Speaker 3: a good idea. So Money direst you guys obviously have
23:57
Speaker 3: done it really well. I want to know, do you
24:00
Speaker 3: have any personal insurances? Like, you've set all of this up,
24:03
Speaker 3: You've worked really hard, You've literally moved to regional New
24:05
Speaker 3: South Wales to build your wealth. How are you protecting it?
24:07
Speaker 2: Yeah, when we bought our first house, we did go
24:10
Speaker 2: and set up some insurances. I think at the moment
24:14
Speaker 2: we have life, TPD and income cover. I actually had
24:20
Speaker 2: a meeting today two you go look at changing those
24:25
Speaker 2: moving with someone else who were a bit more comfortable with,
24:28
Speaker 2: who might explain it a little bit better. And my
24:31
Speaker 2: husband has quite a few health concerns. That mean I
24:33
Speaker 2: am really keen on making sure we're covered for most
24:36
Speaker 2: of our worst case scenarios.
24:38
Speaker 3: Well, yeah, your husband's a chef, so if he can't
24:40
Speaker 3: go to work, that's really really physically demanding. How did
24:44
Speaker 3: you work out that you wanted to update all of that? Like,
24:46
Speaker 3: and where did you go? What did you do?
24:48
Speaker 2: It's something that has been on my mind for a
24:51
Speaker 2: long time, mainly because I keep getting annual reminders to
24:56
Speaker 2: go talk too out previous people and I just kept
24:59
Speaker 2: pretending I didn't see it.
25:00
Speaker 3: Yeah I didn't see that either. That's crazy.
25:02
Speaker 2: So quite a few annual reminders have come and gone.
25:05
Speaker 2: I was on a bit of momentum of getting things
25:08
Speaker 2: done and just booked it in. Yeah.
25:10
Speaker 4: Good.
25:12
Speaker 3: It actually makes me so happy when people are like, oh,
25:14
Speaker 3: it was on my to do list and I got
25:16
Speaker 3: it done. The annual reminder reminds me of my personal insurances,
25:19
Speaker 3: which I do have to go an update. Not gonna
25:21
Speaker 3: lie like mine aed you for a little bit of
25:23
Speaker 3: a refresh. But my trigger, like every time I think
25:26
Speaker 3: that is when I get any voice, I'm like, oh
25:29
Speaker 3: that's you again. Oh I still haven't updated again? Great,
25:32
Speaker 3: no worries. That would probably be one of my worst
25:35
Speaker 3: habits at the moment. Now I want to ask you
25:37
Speaker 3: about your habits. What do you think your best money
25:40
Speaker 3: habit is I like to budget.
25:43
Speaker 2: I like to sit down and make a bit of
25:46
Speaker 2: a plan about where our money's going to go, and
25:48
Speaker 2: when things happen like now, I will immediately sit down
25:52
Speaker 2: and I'll rework our budget for our worst case and
25:55
Speaker 2: maybe a medium case scenario, and work out how we
25:59
Speaker 2: can cut things that aren't necessary. Yep, I would say that,
26:04
Speaker 2: And yeah, slowly putting away money here and there is
26:07
Speaker 2: probably my best money habit.
26:09
Speaker 3: And what would you say is your worst.
26:12
Speaker 2: I'm very good at putting the money away, and certain
26:15
Speaker 2: things I can put it away. I cannot touch it
26:18
Speaker 2: unless it's for the thing it's for. But I can
26:21
Speaker 2: be very good at deciding to treat myself. Yeah, when
26:25
Speaker 2: there's a sale on Yeah, I can creatively reassign some
26:29
Speaker 2: money that was meant for something else, and I like that.
26:32
Speaker 3: Yeah, a little creative reassignment that feels a lot more official.
26:36
Speaker 3: Like that means that we probably should do it.
26:38
Speaker 2: Well, you know, I might buy a gift for myself
26:40
Speaker 2: and then I would say, well, that could come from
26:42
Speaker 2: the account for gifts, because it's a gift.
26:45
Speaker 3: That may for me, Like if you were born today,
26:47
Speaker 3: it would actually be your birthday, So you deserve a present, absolutely,
26:51
Speaker 3: but you weren't, so you still deserve a present because
26:53
Speaker 3: it's disappointing finding out that it's not your birthday.
26:56
Speaker 2: Yes, so that's definitely I think I could definitely get
26:59
Speaker 2: better having a bit of self control and sticking to
27:02
Speaker 2: what I actually said in place.
27:04
Speaker 3: That's fair, But I feel like you're doing a really
27:06
Speaker 3: good job. Like, let's remind you that you are bringing
27:08
Speaker 3: up three young boys in a pretty chaotic economy, and
27:13
Speaker 3: you are going through some pretty stressful money stuff at
27:15
Speaker 3: the moment, and you seem to be holding it all
27:17
Speaker 3: together very well. Might I add, like kudos to you.
27:21
Speaker 3: You're like, no, no, no, we're not bearing our heads
27:23
Speaker 3: in the sand. I'm going to do a budget, and
27:24
Speaker 3: I'm going to do like a medium term budget. Like
27:26
Speaker 3: what what your perfect she's on the money community member, Like,
27:30
Speaker 3: that's what I want to hear when you go, Look,
27:32
Speaker 3: we've just heard that my husband's job is being put
27:35
Speaker 3: in basically like his company's being put into administration. So
27:38
Speaker 3: many people would be like, oh my god, just bury
27:40
Speaker 3: your head in the sand, like we'll wait until we
27:42
Speaker 3: work out what happens, Like we'll wait until there's an
27:44
Speaker 3: outcome with them and we see what happens. Like you're
27:47
Speaker 3: just a bit proactive.
27:48
Speaker 4: I love this.
27:49
Speaker 2: Yeah, it soothed me a bit to be able to
27:52
Speaker 2: sit down and just think about the money side of it,
27:55
Speaker 2: or just think about focus on one thing because there's
27:58
Speaker 2: only so much we have control of at the moment.
28:01
Speaker 3: Yeah, so tell me. At the start of the episode,
28:03
Speaker 3: you said, I reckon, I'm a b but like, you've
28:06
Speaker 3: achieved a lot, and you've made a lot of sacrifices,
28:09
Speaker 3: and you've made a lot of decisions that have obviously
28:11
Speaker 3: helped you financially to be in a comfortable position, so
28:15
Speaker 3: comfortable that you can genuinely consider having a fourth child,
28:17
Speaker 3: which is really really cool. What would it take to
28:21
Speaker 3: get you to an a like, what does that actually
28:23
Speaker 3: look like in your universe?
28:25
Speaker 2: I think making a budget that I can stick to
28:30
Speaker 2: that I know I will not spend over my designated categories,
28:35
Speaker 2: getting better sorting the life insurance. You know we're headed
28:39
Speaker 2: that way, so that's probably a positive.
28:41
Speaker 3: Yeah, you're on it, You're on it.
28:43
Speaker 2: Yeah, I definitely think focusing more on shares and paying
28:48
Speaker 2: off our house and just putting us into a position
28:51
Speaker 2: where I feel a bit more comfortable at the moment.
28:53
Speaker 3: That's a very good reason. I'm going to give you
28:56
Speaker 3: my money a master class, just because I know that
28:58
Speaker 3: the budget and cash flow system in there really help.
29:00
Speaker 3: I cannot stop you from dipping into different accounts, but
29:04
Speaker 3: what I can do is give you a bit more
29:06
Speaker 3: structure so it looks a bit more obvious when you
29:08
Speaker 3: are dipping into accounts. And we can't be as crafty
29:11
Speaker 3: or as sneaky because we're predicting things. It's not just
29:14
Speaker 3: like gifts. You had to outline how much you think
29:17
Speaker 3: you're going to spend on gifts, and then it will
29:19
Speaker 3: tell you how much needs to be there per week
29:22
Speaker 3: or per month, and then you might go, ah, there's
29:24
Speaker 3: a little bit more accountability there, so that might help.
29:27
Speaker 3: I'm going to gift it to you and you can see.
29:29
Speaker 3: But even if you've already got to kill a budget
29:32
Speaker 3: like it's a fun thing to do because she's pink,
29:35
Speaker 3: she's shiny. It's got the mortgage calculator in it as well.
29:38
Speaker 2: Love a spreadsheet.
29:39
Speaker 3: Yeah, and you know what, I'm biased. I made this one.
29:42
Speaker 3: I made it aesthetic. I put in a mortgage calculator
29:44
Speaker 3: so you can even play around with what would it
29:47
Speaker 3: look like if I dropped my mortgage or payments to
29:50
Speaker 3: the minimum, not the additional that you're doing, and it
29:51
Speaker 3: will update your budget immediately because it's all like coded
29:55
Speaker 3: in the background to show you what that would look like. Love,
29:57
Speaker 3: you don't have to go, oh yeah, I'm obsessed, like
30:00
Speaker 3: that's very self involved with me to say anyway, money dirist,
30:03
Speaker 3: it has been a pleasure. I've loved getting to know you.
30:05
Speaker 3: I feel like this is so relatable, like so so relatable,
30:09
Speaker 3: and just knowing that you guys have worked so hard.
30:13
Speaker 3: I have no doubt that your husband will find a
30:14
Speaker 3: new role that probably pays more. We're manifesting that for
30:18
Speaker 3: sure on the flip side. And I also you just
30:22
Speaker 3: let me know if I need to give you a
30:24
Speaker 3: helping hand when it comes to unpaid super I will
30:28
Speaker 3: thank you so much, and also a very huge thank
30:30
Speaker 3: you to skuy Wealth for making this episode possible. I'll
30:33
Speaker 3: chuck a whole heap of information about them, how to
30:35
Speaker 3: get in contact, what they do, how they do it
30:37
Speaker 3: in the show notes for you to check out. The
30:44
Speaker 3: advice shared on She's on the Money is general in
30:47
Speaker 3: nature and does not consider your individual circumstances. She's on
30:51
Speaker 3: the Money exists purely for educational purposes and should not
30:54
Speaker 3: be relied upon to make an investment or financial decision.
30:58
Speaker 3: If you do choose to buy a financial product.
31:00
Speaker 4: Read the PDS TMD and obtain appropriate financial.
31:03
Speaker 3: Advice tailored towards your needs.
31:05
Speaker 4: Victoria Divine and She's on the Money are authorized representatives
31:09
Speaker 4: of money sherper P T y L t D A
31:12
Speaker 4: b N three two one six four nine two seven
31:15
Speaker 4: seven
31:15
Speaker 3: Zero eight AFS L four five one two eight nine