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FRIDAY DRINKS: Rate Rises & Property Plummets! · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
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Speaker 1: the storytelling of you to make a difference for today
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Speaker 1: and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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Speaker 3: She's on the Money. She's on the Money.
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Speaker 4: Hello, and welcome to She's on the Money, the podcast
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Speaker 4: for millennials who want financial freedom. Today, my friends, is Friday,
1:05
Speaker 4: which means it is time to sit back with the
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Speaker 4: girls with a bevy in hand, to unpack our favorite
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Speaker 4: moments of the week and of course, to celebrate you,
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Speaker 4: our incredible She's on the Money community. As always, we're
1:16
Speaker 4: going to be sharing our favorite money wins, We're going
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Speaker 4: to discuss what's making news in the finance world, and
1:21
Speaker 4: we're going to be helping to answer a ducy money question,
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Speaker 4: which this week is all about sharing finances for the
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Speaker 4: very first time with a partner. But first it is
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Speaker 4: time as always because if anything, we are predictable to
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Speaker 4: recap the week that was, Miss jesse Garci talk to
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Speaker 4: us about Monday's Money Diary episode.
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Speaker 5: Our money diarist on Monday was such a boss. She
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Speaker 5: is a paralegal full time, but she has her own
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Speaker 5: lounge web business on the side and she was making
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Speaker 5: some good money and she was telling us all about
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Speaker 5: how she got started by doing these business collaborations with
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Speaker 5: people she really looked up to. And it was super
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Speaker 5: impressive because I was like, oh, how did you do that?
2:01
Speaker 5: Because a lot of people in our community have businesses
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Speaker 5: and side hustles. I bet they want to know. And
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Speaker 5: she's like, oh, I just like someone and I just
2:08
Speaker 5: reached out. I was like, Hey, what up, can we
2:10
Speaker 5: do a thing? And I was like, girl, like very
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Speaker 5: impressive and a very good example. I think, you know,
2:15
Speaker 5: not everyone will have the time to do that, because
2:18
Speaker 5: I know that we get messages from people sometimes wanting
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Speaker 5: to intern, and you know, someone has to have link
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Speaker 5: to intern, and you imagine we know we at least
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Speaker 5: right now, don't have the capacity to nurture someone we
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Speaker 5: don't have.
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Speaker 4: The time or energy to give them what they deserve.
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Speaker 4: And I think that there's a really special place in hell,
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Speaker 4: Jess for people who take on interns as a way
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Speaker 4: to just get them to do like unpaid free admin work,
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Speaker 4: Like hey, George, come and work for Shees on the money,
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Speaker 4: you can just do our admin.
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Speaker 6: No.
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Speaker 4: I just I feel like that is taking me absolute mickey,
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Speaker 4: And while you get to put it on your resume,
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Speaker 4: it doesn't help anybody.
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Speaker 2: It's just it's a no from me.
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Speaker 4: So until we can have paid interns where we can
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Speaker 4: give them the time and energy and effort, because would
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Speaker 4: be so great, Jess, Like I reckon it'd be a
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Speaker 4: great of hiring, Like, hey, do you want to content
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Speaker 4: personal Let's get an intern, train them up, see how
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Speaker 4: good they are, and then they could convert into like
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Speaker 4: a full.
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Speaker 2: Time employee one day.
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Speaker 4: Like great strategy. Unfortunately, it's just too much time, energy
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Speaker 4: and effort.
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Speaker 2: Yeah, but I can see how.
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Speaker 5: You know, if you were wanting to reach out to someone,
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Speaker 5: you can kind of go, oh, what are the chances
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Speaker 5: that they'll get back to me? You know, reaching out
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Speaker 5: to someone that you really admire on the internet. So
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Speaker 5: I was super impressed that. She was just like, yeah,
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Speaker 5: well I just did it, and I gave it a
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Speaker 5: crack and I built a relationship and it worked for me.
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Speaker 5: So it was very very cool and very impressive to
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Speaker 5: hear how she you know, was really unhappy with her
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Speaker 5: work environment and she pivoted and you know, shifted into
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Speaker 5: something that now she's really in the driver's seat.
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Speaker 2: Of I am so in awe of her.
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Speaker 4: I messaged her after our interview and I was like,
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Speaker 4: a legit, I'm still not over this conversation. And she
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Speaker 4: was like really and I was like, yes, like you
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Speaker 4: are a hustler. She's a baby.
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Speaker 2: She's so young.
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Speaker 4: She's like twenty two, George.
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Speaker 2: Oh my god, really twenty two.
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Speaker 4: She's like a paralegal doing all of this lounge and
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Speaker 4: to degree as well.
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Speaker 2: At the same time, Yeah, what a queen.
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Speaker 4: I was actually in my DMS talking to the girls
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Speaker 4: from Ella K and they were like, we have just
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Speaker 4: finished this episode in the office.
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Speaker 2: Are you kidding? What a hustler?
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Speaker 4: And I was like exactly, So even a big lounge
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Speaker 4: wear active wear business, being like this woman's a queen,
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Speaker 4: I'm like, yeah, I know, so good. Anyway, moving on
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Speaker 4: from that, Miss Georgia King. Hello, ladies, there's no roll
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Speaker 4: of the tongue in your name, but tell us what
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Speaker 4: happened on Wednesday.
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Speaker 6: So on Wednesday, we spoke all about how to value
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Speaker 6: and pick individual shares. So we spoke about price to
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Speaker 6: earnings ratios, we spoke about No, it wasn't boring, it
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Speaker 6: was insightful. Oh, it was very deep.
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Speaker 2: It's so nice.
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Speaker 4: Is it nice way to reframe that jaw?
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Speaker 2: Well, it was.
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Speaker 6: I feel like it was kind of us taking the
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Speaker 6: next step because it was really detailed.
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Speaker 2: We got into the nuts and bolts.
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Speaker 6: We spoke about every acronym in finance.
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Speaker 4: You had to stop me. That originally was meant to
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Speaker 4: be one episode, Jess. And then halfway through George is like, Babe,
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Speaker 4: this ain't it.
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Speaker 2: Sit down.
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Speaker 4: We're going to make this one of us O and
5:00
Speaker 4: then we'll come back to it later and do a
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Speaker 4: second episode because you're overwhelming me. And I was like, sorry, sorry,
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Speaker 4: I'm just excited.
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Speaker 6: Yeah, there's a lot in there, but I guess it
5:08
Speaker 6: would be a really good episode for anyone who is
5:10
Speaker 6: interested in taking more control of their investing journey, but
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Speaker 6: also for people who are just curious as to how
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Speaker 6: it all works and how day traders do their thing.
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Speaker 4: I think it's I think it's one of those topics
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Speaker 4: that I've wanted to talk about for so long. But
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Speaker 4: I would hate for you guys to misconstrue it as
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Speaker 4: advice to go and invest individually in shares. Ye, Like,
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Speaker 4: it's actually a bigger step than what you think it
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Speaker 4: is to go and individually invest and pick investments for yourself,
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Speaker 4: because it's just not as easy as people make it
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Speaker 4: out to be. So here are the things that if
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Speaker 4: you're going to go along that journey you should consider.
5:41
Speaker 4: That's also why we did that recap a while ago
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Speaker 4: that Jess begged us to do about the different investing
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Speaker 4: platforms that exist, because they would hate for you to
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Speaker 4: think that those are the two options, like investing directing
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Speaker 4: shares or seeing a financial advisor. It's like, no, there's
5:54
Speaker 4: lots of different options, like they're ETFs, or there are
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Speaker 4: managed funds, or you could go and get some robo advice,
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Speaker 4: could go find a micro investing platform. So there's a
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Speaker 4: plethora of options out there. But this specifically was, Hey, Jess,
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Speaker 4: if you want to directly invest in shares, here's how
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Speaker 4: we would review it. As a financial advisor, and some
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Speaker 4: things you should take into consideration because you know, in
6:15
Speaker 4: the lead up to my investing book coming out, I'm
6:17
Speaker 4: very passionate about investing content at the moment, but I
6:21
Speaker 4: just think these are things you should know if that's
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Speaker 4: the path you're willing to take, because how many of
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Speaker 4: us have downloaded a platform and be like, great, I'll
6:28
Speaker 4: just go buy individual shares. But then when I ask
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Speaker 4: you how you made that decision, You're like, I don't know.
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Speaker 4: I just thought they were a good business. Yeah, this
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Speaker 4: episode tells you how to tell yourself whether you think
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Speaker 4: they're a good business or not.
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Speaker 2: There we go, so yeah, hopefully you guys enjoyed it all.
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Speaker 4: Right, Well, now, guys, I think it's time to roll
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Speaker 4: straight on into some of our budget direct money wins.
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Speaker 4: Georgia King, what are you putting on the table this week?
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Speaker 6: Some crackers this week, ladies. There's a bit of variety
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Speaker 6: in there. We've got some general wins. We've got some
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Speaker 6: wedding related wins, Peterral related wins, So brace yourself.
6:57
Speaker 4: Locy off topic. I have just started getting wedding anxiety.
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Speaker 2: Because he's coming up, mate, less.
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Speaker 4: Than one hundred days before I get married. Oh oh,
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Speaker 4: hopefully going to be some money losses from me.
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Speaker 6: Alrighty guys. The first win comes from Courtney Warm Fuzzy Win.
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Speaker 6: I signed up for my company's charity program where I
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Speaker 6: donate some of my pre tax paid to an organization
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Speaker 6: and they'll match the contribution and pay for the admin fees.
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Speaker 6: I'll now regularly donate to four charities aligned to my
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Speaker 6: values while also giving me a little tax benefit.
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Speaker 2: How very nice.
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Speaker 4: I also love that salary matching, Like that's so cute.
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Speaker 2: That's so sweet because.
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Speaker 4: It's kind of like, hey, George HAYJS, like we see
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Speaker 4: that this is important to you, so we'll double your money.
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Speaker 4: Like I'm way more likely to do that because I
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Speaker 4: feel like I've got even more power and even more
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Speaker 4: in hundred percent.
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Speaker 6: Yeah, it's good because love it, love it while Doune
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Speaker 6: Courtney ow. The next win comes from Bianca Money Win.
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Speaker 6: I recently signed up to Perkle and was offered two
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Speaker 6: complimentary tickets to take the Gang of Youth's gig. It
7:57
Speaker 6: was a very unexpected perk, but a happy one.
8:00
Speaker 2: Heard of Purkle.
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Speaker 5: I don't know what it is, but it sounds really fun.
8:03
Speaker 5: Is a good name hercle.
8:04
Speaker 2: I live under a rock. Whats gang of VIDs? Let
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Speaker 2: me down easy? You know that's not I'm dancing. Didn't
8:16
Speaker 2: move on the next win.
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Speaker 4: I kind of looked at it later though, because I
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Speaker 4: feel like I'm under a rock.
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Speaker 6: The next wink comes from Alicia money Win. On Friday night,
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Speaker 6: I lost my ticket in the undercover parking, so I
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Speaker 6: thought I was going to have to pay eighty dollars.
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Speaker 6: That the lovely girls at the boom gate let me
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Speaker 6: out for free, so I didn't have to pay.
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Speaker 2: For any parking for the whole night. And it's that whim.
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Speaker 4: Our local supermarket had their boom gate broken the other.
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Speaker 2: Day, so straight on out my line. We love listen
8:45
Speaker 2: up v Because this is the wedding related I.
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Speaker 4: Don't know if I want to hear it my anxieties
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Speaker 4: through the roof at the moment.
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Speaker 6: The first one comes from Rihanna. I found my wedding
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Speaker 6: dress by accident at DFO last weekend while not even
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Speaker 6: looking to buy anything. What the original wedding I wanted
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Speaker 6: was seven and a half grand, but the one I
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Speaker 6: bought on the weekend was three hundred and fifty dollars,
9:05
Speaker 6: down from five hundred dollars at review. It fits me
9:08
Speaker 6: perfectly and is so beautiful on It was also the
9:10
Speaker 6: only wedding dress in the store, so I felt like
9:12
Speaker 6: it was meant to be. Oh, congratulations, I have the
9:17
Speaker 6: money loss because I bought a dress, you know how.
9:19
Speaker 6: I was like, oh my gosh, guys, I'm gonna buy
9:21
Speaker 6: it off Still White, like I'm gonna get a secondhand dress.
9:24
Speaker 6: Well I did, and then it came and it doesn't
9:28
Speaker 6: fit me. Well, I mean it's a size maybe like
9:31
Speaker 6: a size and a half smaller. Jess, you've seen it,
9:33
Speaker 6: you lucky duck, but it is probably your size and
9:35
Speaker 6: a half smaller than what I am right now, Okay.
9:38
Speaker 6: And so I was like, all right, I'm gonna do
9:40
Speaker 6: the bride thing. I'm gonna lose weight. And then I
9:42
Speaker 6: reframed it and was like I should not be losing
9:44
Speaker 6: weight before my wedding. Like I am fine. So we
9:47
Speaker 6: have gone back to the drawing board. That dress will
9:49
Speaker 6: go straight back on Still White, but money loss. I
9:52
Speaker 6: have picked a more expensive dress that is not from
9:55
Speaker 6: Still White because I wanted, you know, not to run
9:58
Speaker 6: into that problem again because it made me, you feel
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Speaker 6: really trashy, would you been trashy, like it made me
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Speaker 6: feel awful that I got a dress and I didn't
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Speaker 6: fit into it, and then I was trying to conform
10:06
Speaker 6: to fitting in this dress and thinking about diets, and
10:08
Speaker 6: it just was like a really slip pre slope for me.
10:11
Speaker 6: Diets and eating can be a really slip preslope, and
10:13
Speaker 6: I didn't want to fall into it. Actually, there's an
10:15
Speaker 6: episode coming out literally today because Today's Friday would have
10:19
Speaker 6: come out at six am on a Healthy Shift podcast
10:22
Speaker 6: with our friend Roger, who we spoke about literally last
10:24
Speaker 6: week on the podcast not Obsessed. I promise he just
10:27
Speaker 6: has good content, but I actually talk about my entire
10:30
Speaker 6: journey around my disordered eating and stuff like that. So
10:33
Speaker 6: that might be a good listen if you guys are
10:35
Speaker 6: keen to absorb some more content that's not finance related.
10:37
Speaker 6: Definitely lovey. I'm moving on Good Shout the next week.
10:40
Speaker 6: It comes from Abbey. I'm a bridesmaid at my friend's
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Speaker 6: wedding at the end of this year. The bridesmaid's dress
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Speaker 6: I'm buying is three hundred and eighty dollars. So I
10:49
Speaker 6: decided to take a little look on Facebook marketplace for
10:51
Speaker 6: the dress, and I found the exact one, and as
10:54
Speaker 6: in my size and the color, shit I need one
10:56
Speaker 6: hundred and sixty dollars money were than half price. The
10:59
Speaker 6: lady was also just down the road, which made the
11:01
Speaker 6: pick up easy, and she'd also only want the dress
11:03
Speaker 6: for three hours.
11:04
Speaker 4: Would have wanted as a bridesmaids, that's a.
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Speaker 5: Really good idea, Abby, I would say, once you've worn it,
11:09
Speaker 5: do the same thing. You literally wear it and then
11:13
Speaker 5: put it back up on face with markets so what.
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Speaker 4: You paid to someone else would be really happy to
11:18
Speaker 4: do that one for six hours. Also random side note,
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Speaker 4: I'm going through this at the moment because I am
11:25
Speaker 4: about to get married.
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Speaker 2: Haha.
11:27
Speaker 4: We're going to keep talking about should bridesmaids pay for
11:30
Speaker 4: their own dresses?
11:30
Speaker 2: Guys?
11:31
Speaker 4: Is this a spicy conversation?
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Speaker 5: I personally would not ask my bridesmaids to pay for
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Speaker 5: their dresses unless it was like a situation where I've gone, oh,
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Speaker 5: I just want you to wear something that you have, Like,
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Speaker 5: you know, here's a color. You all have a white
11:45
Speaker 5: dress where your white dress were black dress that your favor, yeah,
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Speaker 5: your favorite one or whatever. But I know that it's
11:50
Speaker 5: very common like most bridesmaids I think do. But weddings
11:54
Speaker 5: are expensive, like think are so expensive, and it adds up. Yeah,
11:57
Speaker 5: like we've got your hens coming up and we have
11:59
Speaker 5: a different things, and like I'm not in the bridal party,
12:03
Speaker 5: and even I can go, oh, I can see how
12:05
Speaker 5: people who are. It adds up really quickly because then
12:07
Speaker 5: you've got shoes and you've got maids.
12:09
Speaker 2: Well whatever, a.
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Speaker 4: Disclaimer, And I'm paying for everything for my bridesmaids, and
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Speaker 4: I feel very privileged that that is a position I'm
12:16
Speaker 4: in where I go, no, like, guys, I've got three bridesmaids.
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Speaker 4: I've got my sister and my two best friends, and
12:21
Speaker 4: I'm just like, I really don't want you to be
12:23
Speaker 4: financially out for this. I will pay for it all.
12:26
Speaker 4: But it's adding up so quickly. So I can see
12:28
Speaker 4: why people who are bridesmaids are turning around going oh,
12:30
Speaker 4: I don't want to do it, because in my head
12:32
Speaker 4: I was like, oh, why would you say no.
12:33
Speaker 2: It's just a dress.
12:33
Speaker 4: But then it's the dress, it's the shoes. You know,
12:35
Speaker 4: we're booking professional hair and makeup. I'm talking to the
12:37
Speaker 4: girls about their nails and I'm like, Okay, let's go
12:39
Speaker 4: get our nails done altogether, I want to make sure
12:41
Speaker 4: that that's covered and they're not out at all for
12:45
Speaker 4: anything wedding related, because I'm like, that's my day. Why
12:47
Speaker 4: would you spend your money on my wedding? But it's
12:51
Speaker 4: I think it's different for everybody because then if I
12:53
Speaker 4: wasn't in the financial position to go, all right, guys,
12:56
Speaker 4: I'm going to pay for your dresses, I just feel
12:58
Speaker 4: I don't know, you never know.
12:59
Speaker 5: I think it's had the expectations by like Abby was
13:01
Speaker 5: saying that the dress of the bride picked was almost
13:03
Speaker 5: four hundred dollars. Yes, I think that if you're expecting
13:06
Speaker 5: someone to me pay for it, because I mean, realistically,
13:09
Speaker 5: a lot of us, if we were going to a
13:10
Speaker 5: wedding would potentially buy a dress anyway. But I think
13:13
Speaker 5: if you're asking someone to buy something, there are so
13:16
Speaker 5: many stores that do beautiful dresses that are around one
13:19
Speaker 5: hundred dollar mark, which is still a lot of money,
13:21
Speaker 5: but it's you know, almost a quarter of what she
13:23
Speaker 5: was expected to spend. But yeah, it's a really hard
13:26
Speaker 5: one because in my mind's your bridesmaids are doing you
13:28
Speaker 5: a favor, right, Like they're the ones that take on
13:29
Speaker 5: all of the organizational responsibilities.
13:31
Speaker 2: And stuff, so it's kind.
13:32
Speaker 5: Of like you're asking them to pay for the privilege
13:35
Speaker 5: of being there with you. Yeah, but again, like I've
13:38
Speaker 5: never been wearing I know that's traditionally how it is,
13:40
Speaker 5: but it's just probably not the way that I would
13:42
Speaker 5: do things.
13:43
Speaker 2: But so personal, you know when it comes to stuff
13:46
Speaker 2: like I guess to flip side that.
13:47
Speaker 4: I know this is a very tangent, but I think
13:50
Speaker 4: it's really relevant at the moment. But I was a
13:52
Speaker 4: bridesmaid recently for one of my good friend's weddings and
13:55
Speaker 4: I was so excited, but the dress was on me
13:58
Speaker 4: to purchase, and I was so fine with that because
14:00
Speaker 4: she had said, look, this is the color I want,
14:02
Speaker 4: don't mind what you wear. Can it be MIDI length
14:05
Speaker 4: and this color. That's the brief she gave us. And
14:08
Speaker 4: I was so happy to go with that because I
14:10
Speaker 4: could pick anything. I mean, I wouldn't but I could
14:13
Speaker 4: have gone and got a twelve dollar dress off sheene
14:14
Speaker 4: and it would have fit the brief. Or I could
14:16
Speaker 4: have gone and spent you know, six hundred dollars but
14:18
Speaker 4: four hundred dollar dress, Like, I don't know if I'd
14:20
Speaker 4: have the audacity to be like Jess can you please
14:22
Speaker 4: spend four hundred dollars on this dress.
14:24
Speaker 2: It's for me.
14:24
Speaker 4: You're only gonna wear it once, and it will be
14:27
Speaker 4: at my wedding. I just I don't know. It makes
14:31
Speaker 4: me uncomfortable because I hate putting unnecessary financial pressure on
14:34
Speaker 4: other people. But that's because I'm so aware.
14:37
Speaker 2: I don't know.
14:38
Speaker 4: Move on, give us another money win, Jking. Maybe we
14:40
Speaker 4: do another podcast on wedding stuff where Victoria Rant's about
14:44
Speaker 4: how much she's accidentally spent.
14:45
Speaker 6: The last wedding win is from Test Money and Life
14:48
Speaker 6: Mindset whin I went to a hen's party over the
14:50
Speaker 6: weekend and wore something that I already had in my
14:53
Speaker 6: wardrobe instead of buying a new outfit. I've got plenty
14:56
Speaker 6: of compliments on the outfit, and I knew I would
14:58
Speaker 6: be comfortable because I'd want it a thousand times Lo
15:00
Speaker 6: it's that on Tess. I'm going to round us out
15:04
Speaker 6: with a couple of wholesome petrol related wins. Petrol related
15:07
Speaker 6: thing yep. The first one that comes from Nate money in.
15:10
Speaker 6: My friend knows I'm saving up and being really frugal
15:13
Speaker 6: with spending as I want to buy a home before Christmas.
15:15
Speaker 6: I was going to watch the Rugby one day and
15:18
Speaker 6: I asked her to drop me off in my car,
15:20
Speaker 6: which had just under half a tank of fuel in it.
15:23
Speaker 6: She goes on to explain why later on that day,
15:26
Speaker 6: when I picked my car up, she'd filled it up.
15:28
Speaker 6: I didn't ask you to do that, and she's like,
15:31
Speaker 6: not exactly sure how much she put in, but she'd
15:32
Speaker 6: gets around eighty dollars, which is just so nice when
15:35
Speaker 6: your friends are helping around. Yeah, it's just kind. The
15:40
Speaker 6: final one comes from Cody. It's a money loss, but
15:42
Speaker 6: it's wholesome. I was lined up at the petrol station
15:45
Speaker 6: and the young man in front of me had his
15:47
Speaker 6: card declined, so I paid for his petrol. Felt so
15:51
Speaker 6: good to do something so selfless, bless.
15:53
Speaker 2: Really sweet.
15:54
Speaker 4: I'm going to be friends with all We are friends
15:56
Speaker 4: with all of them. I love this for us or Geking,
16:01
Speaker 4: it has been great celebrating some of your budget Direct
16:04
Speaker 4: money wins. Budget Direct winner of Canstars Insurer of the
16:07
Speaker 4: Year Award twenty twenty two. Budget Direct Insurance Solved. Now
16:11
Speaker 4: let's go to a really quick break because straight after
16:14
Speaker 4: we're going to be talking about sharing money with a
16:16
Speaker 4: partner for the very first time.
16:17
Speaker 2: Don't go anywhere, all right, guys.
16:23
Speaker 5: I was browsing the internet this week and I saw
16:26
Speaker 5: a post from our friends at the Daily Os in
16:28
Speaker 5: bright purple letters that really caught my attention, and it
16:30
Speaker 5: said Australian house prices are falling in the fastest rate
16:33
Speaker 5: since the GFC. Now, as a hopeful first home buyer,
16:36
Speaker 5: you can bet I was like, what incredible news, amazing,
16:40
Speaker 5: very exciting. Apparently, according to new data from core Logic,
16:44
Speaker 5: house passes fell by one point three percent in the
16:48
Speaker 5: month of July, and that's the third month in a
16:50
Speaker 5: row that the prices have fallen.
16:52
Speaker 3: For those of us.
16:53
Speaker 5: In Melbourne it was one point five and in Sydney
16:55
Speaker 5: it was two point two. But it was kind of
16:57
Speaker 5: dropping right across the board, which sounds really exciting. However,
17:02
Speaker 5: the reason that they're falling is because of the RBA rates,
17:05
Speaker 5: which we have spoken about the last few weeks. They
17:07
Speaker 5: did in fact increase again this week, and you know,
17:11
Speaker 5: the outlook is pretty bleak in terms of it will
17:13
Speaker 5: probably continue to do so. To very briefly rehap, that
17:16
Speaker 5: means that interest rates are going up, the cost of
17:19
Speaker 5: your mortgage is going up. Less people can afford houses
17:22
Speaker 5: less competition in the market, prices are dropping. Am I
17:25
Speaker 5: financial advice about maybe?
17:26
Speaker 4: Right? That's right, all right, I am not needed here.
17:30
Speaker 4: I'm just going to quit my job. Unnecessary addition to
17:33
Speaker 4: this content, which is really it's just not relatable content.
17:36
Speaker 4: But I did find it funny because that housing price
17:39
Speaker 4: drop is like, wow, that's really big. But in more
17:41
Speaker 4: affluent suburbs at the moment, housing prices are absolutely plummeting,
17:45
Speaker 4: and they're pretty worried about it because they're like, oh
17:47
Speaker 4: my gosh, Like obviously when there's a big drop, when
17:50
Speaker 4: your median house price is really high, I mean unrelatable
17:54
Speaker 4: content because I would argue that if you're listening to
17:56
Speaker 4: this podcast, you're not buying a ten million dollar property.
17:58
Speaker 4: But we like to lie off at these things anyway.
18:01
Speaker 4: But the biggest fall over this same period of time
18:05
Speaker 4: just was actually in Turak, which are from your Melbourne
18:07
Speaker 4: you know, Taurak Tura anywhere else Refancie. But the median
18:13
Speaker 4: house price fell sixteen point nine percent over the first
18:18
Speaker 4: half of the year till June, which now means that
18:21
Speaker 4: the median house price interrek is four point five seven
18:24
Speaker 4: million dollars, so affordable. But I was also like, imagine
18:27
Speaker 4: how salty you'd be if your house price, if you
18:30
Speaker 4: spent that much, dropped by sixteen point nine percent, I'd
18:33
Speaker 4: be so salty.
18:34
Speaker 2: Well, it's kind of that push and pull, isn't it.
18:36
Speaker 5: Because if house prices are getting more affordable and you're
18:38
Speaker 5: looking to buy, that's great. But if you're someone who
18:41
Speaker 5: already owns a home and you're looking to maybe upgrade
18:44
Speaker 5: or you know, get a bit of a sea change,
18:46
Speaker 5: it means that you're more than likely selling at a
18:48
Speaker 5: reduced value. So it kind of has impacts on both
18:51
Speaker 5: ends of the spectrum. But the I wanted to ask,
18:54
Speaker 5: do you think this is going to continue and ultimately
18:58
Speaker 5: is there something that people like should be excited about,
19:01
Speaker 5: or you know, do we have to take it with
19:03
Speaker 5: a little bit of a grain of salt with all
19:05
Speaker 5: of the other things that are going on right now.
19:07
Speaker 4: Look, at the end of the day, we should take
19:08
Speaker 4: everything with a grain of salt because where we're getting
19:10
Speaker 4: our information is the media, and the media hosts headlines
19:14
Speaker 4: to make you emotionally respond to that and click on
19:16
Speaker 4: it and read their article. Right, So achieved, Yeah, it worked,
19:19
Speaker 4: So you didn't just click the article. Jess you literally
19:21
Speaker 4: brought it to the sheese on the money table, and
19:23
Speaker 4: you're like, I'm self freaked out right now. At the
19:26
Speaker 4: end of the day, the RBA increases to interest rates
19:29
Speaker 4: means that home buyers who bought the peak are facing
19:31
Speaker 4: rapidly increasing interest rate rises, and a lot of people
19:36
Speaker 4: were really worried that the peak wasn't actually the peak.
19:39
Speaker 4: So this makes me a little bit uncomfortable because let's
19:41
Speaker 4: hypothetically say, yes, you stretch your budget to get to
19:45
Speaker 4: the top of your budget when you bought. You're like,
19:48
Speaker 4: it's all right in the market, and you and I
19:50
Speaker 4: were talking about this thing, right, No, but you and
19:53
Speaker 4: I were talking about this and we weren't even no
19:55
Speaker 4: one knew that it was the peak. Now it's coming
19:57
Speaker 4: off a bit, You're like, I'm actually really glad because
20:00
Speaker 4: your interest rate is going to increase on an arguably
20:03
Speaker 4: bigger mortgage than what you could afford today. So for
20:06
Speaker 4: some people it's going to mean a little bit of
20:08
Speaker 4: an extra squeeze. That's going to mean having to redo
20:10
Speaker 4: your budgets and you know, maybe cut out some of
20:12
Speaker 4: life's luxuries that you were previously able to afford. Because
20:16
Speaker 4: the RBA increase is reflective of CPI increasing. CPI is
20:21
Speaker 4: consumer Price Index, which is the rate of inflation here
20:24
Speaker 4: in Australia, and if we look at the rate of inflation.
20:27
Speaker 4: I was actually working with you know Square, like those
20:29
Speaker 4: Square readers when yeah, I'm obsessed with them. So I
20:32
Speaker 4: was working with Square and we have recently had a
20:34
Speaker 4: blog come out about it, and in that I talked
20:36
Speaker 4: about the consumer Price Index but it has increased by
20:39
Speaker 4: six point one percent over the last year. So if
20:43
Speaker 4: you look at it and go, all right, well, not
20:44
Speaker 4: really sure what that means, Well, Jess, that means that
20:47
Speaker 4: your grocery is on average costing six point one percent
20:49
Speaker 4: more than they were last year. And I know for
20:52
Speaker 4: a fact that if I asked you right now, are
20:54
Speaker 4: you feeling that? I know you are because we're talking
20:56
Speaker 4: about yeah, like are you finding the same jobs?
20:59
Speaker 6: Oh my god, one hund You have to be so
21:01
Speaker 6: much more organized about purchasing because everything is so expensive.
21:05
Speaker 4: It just feels like an absolute raw right, Like I'm
21:08
Speaker 4: looking at it as well, going well, like everything is
21:11
Speaker 4: so much more expensive than it was this time last year,
21:14
Speaker 4: Like you look at invoices or you look at you know,
21:16
Speaker 4: my spending because like I am a pretty solid tracker
21:19
Speaker 4: on my spreadsheets, I go, oh, this is way more,
21:22
Speaker 4: and I would argue that I feel like it's more
21:25
Speaker 4: than six point one percent on my groceries. Like I
21:27
Speaker 4: mean that six point one percent is across the board,
21:29
Speaker 4: but I feel like food and fuel has definitely increased
21:33
Speaker 4: more than that. Which are things that we can't They're
21:35
Speaker 4: not really in our control, right. It's not like, oh,
21:37
Speaker 4: jes did you know the cost of movie tickets is increased?
21:40
Speaker 5: Do you go?
21:40
Speaker 2: Cool?
21:40
Speaker 4: Well, I just won't go like you're gonna have to
21:43
Speaker 4: buy food, We're going to have to buy a petrol
21:45
Speaker 4: Like these are things that you know, to an extent
21:47
Speaker 4: we can budget. I know that we're talking in our
21:49
Speaker 4: office like oh, just just come in one day week
21:51
Speaker 4: because like there's no point you know, spending way more
21:54
Speaker 4: on fuel and back and forth parking so expensive as well,
21:57
Speaker 4: Like let's not do that, let's just do one do
21:59
Speaker 4: wake Like there's negotiation, but then there's also like that's
22:02
Speaker 4: your transport from A to B. Not everybody has that
22:06
Speaker 4: level of flexibility. So look, it's a tricky position to
22:09
Speaker 4: be in because it does put a lot more pressure
22:12
Speaker 4: on other people. But housing prices in Australia dropping at
22:16
Speaker 4: the fastest pace since the GFC, which is I mean
22:19
Speaker 4: exciting for first home buyers. But Jess, I don't know
22:23
Speaker 4: if you're comfortable sharing this, but you're still on your
22:26
Speaker 4: property journey. You're still looking to purchase, which is so exciting,
22:30
Speaker 4: But there's that pressure now of Hey, interest rates are
22:33
Speaker 4: going to change. If they change again, your buying capacity
22:36
Speaker 4: is going to lower. But the same time as property
22:39
Speaker 4: prices in general decreasing, a lot of first home buyers
22:43
Speaker 4: still have the same competition that they had before. Like Jesse,
22:47
Speaker 4: you seeing the properties that you want to buy decreasing
22:49
Speaker 4: in value, No.
22:50
Speaker 5: Not really like things maybe sitting on the market a
22:52
Speaker 5: little bit more. But as you said, there's really the
22:54
Speaker 5: pressure because every rates increase, particularly for someone like me
22:58
Speaker 5: who is purchasing by themselves, it means that my borrowing
23:01
Speaker 5: capacity drops, which essentially means that I have less money
23:04
Speaker 5: to play with. And I would argue, just based on
23:07
Speaker 5: the numbers that I have seen for myself, the rate
23:09
Speaker 5: at which my borrowing capacity is dropping is significantly bigger
23:13
Speaker 5: than the rate at which the house prices are getting
23:16
Speaker 5: Like if my borrowing capacity drops by ten grand I'm
23:19
Speaker 5: not necessarily seeing house prices drop by that much, and
23:22
Speaker 5: the hard thing is like one is not keeping up
23:24
Speaker 5: with the other. So as exciting as that headline was,
23:26
Speaker 5: I was like, Oh, I actually don't know what a
23:29
Speaker 5: difference that's going to make. And I know that there
23:31
Speaker 5: would have been a lot of people like me who
23:33
Speaker 5: you know, have been waiting for the property market to dip,
23:36
Speaker 5: and it always does work in ebbs and flows. However, unfortunately,
23:41
Speaker 5: in my opinion, we're not going to find ourselves in
23:43
Speaker 5: the position where housing prices dropped by one hundred thousand dollars,
23:46
Speaker 5: which is really the point that it was at when
23:48
Speaker 5: it was really affordable to get into the market, when
23:50
Speaker 5: like our parents were young and stuff. They we're just
23:52
Speaker 5: never going to get back there, and wages haven't kept up,
23:54
Speaker 5: and it does feel really a bit like an endless cycle,
23:58
Speaker 5: doesn't it.
23:58
Speaker 4: Look I'm liking seeing the conversation in our community around it,
24:02
Speaker 4: but I do genuinely feel like it's maybe a little
24:04
Speaker 4: bit not short lived, but it's a little bit glossy.
24:07
Speaker 4: It's not the reality of a lot of people in
24:09
Speaker 4: our community. Yes, CPI is increased by six point one percent,
24:13
Speaker 4: but then if I sit down with my friends and
24:15
Speaker 4: have a chat, I'm like, oh, yes, Like, has it
24:17
Speaker 4: been six point one percent on your groceries? You're like no,
24:19
Speaker 4: I really feel like I'm spending like fifty bucks more.
24:22
Speaker 4: I feel like it's almost double what I used to spend.
24:24
Speaker 4: And it's the pinch that you know, you know is
24:27
Speaker 4: here because the media is talking about it. But I
24:30
Speaker 4: think it's a little bit more impactful than the media
24:33
Speaker 4: is actually talking about. And I think that our community
24:35
Speaker 4: is probably feeling that as well because we're feeling it.
24:38
Speaker 4: So why wouldn't they.
24:39
Speaker 6: Just on the percentage of the decreased guys, So it's
24:43
Speaker 6: one point six percent is what the Daily I was
24:46
Speaker 6: reported on an eight hundred thousand dollars house. That's a
24:50
Speaker 6: decrease of twelve point eight k. That doesn't sound to
24:54
Speaker 6: me like a massive drop despite it being this huge decrease.
24:58
Speaker 6: What does that look like? Is it not that big
25:00
Speaker 6: or is it just because it's happened so fast? So, like,
25:02
Speaker 6: is it as significant as it seems? It is pretty significant?
25:07
Speaker 6: Like a one point six percent drop is like pretty
25:10
Speaker 6: significant in any situation when you have a well diversified portfolio. Right,
25:15
Speaker 6: So if we're talking about across the board. Say, you know, interact,
25:19
Speaker 6: we talked about the median house price being four and
25:21
Speaker 6: a half million dollars unrelatable, but that property and that
25:24
Speaker 6: median is included in our overall average. Included in our
25:28
Speaker 6: average as well, is like regional properties that take eighteen
25:31
Speaker 6: months to two years to sell because they're always on
25:34
Speaker 6: the market and you know they've had no growth in
25:36
Speaker 6: the last thirty years. So to across the board have
25:39
Speaker 6: a drop of one point six percent of an average,
25:43
Speaker 6: like that's big. It's not like, oh hey, gee, in
25:46
Speaker 6: you know, your local community, this has happened.
25:48
Speaker 4: It's actually across the entirety of Australia. It's not like, oh,
25:52
Speaker 4: this is Melbourne's house price. It's Australian house prices, which
25:56
Speaker 4: means every single property in Australia is included and your
26:00
Speaker 4: sample size. So the more houses we're looking at, the
26:03
Speaker 4: less fluctuation you'll see over time, because it should stay
26:06
Speaker 4: relatively stagnant. Because even if one property, you know, goes
26:09
Speaker 4: for one hundred million dollars because it's the first on
26:12
Speaker 4: the market and it was like a tightly held family property,
26:15
Speaker 4: and you know, that's an outlier and that's crazy. That
26:17
Speaker 4: wouldn't even bump the house price up or down one
26:21
Speaker 4: percent because it's not that impactful. It's actually the fact
26:24
Speaker 4: that one point six percent is the biggest drop we've
26:27
Speaker 4: seen since the global financial crisis in two thousand and
26:30
Speaker 4: eight two thousand and nine, so that that's pretty significant.
26:33
Speaker 4: We need to take that really seriously and go what
26:35
Speaker 4: does that mean? And you know, as disheartening as it is,
26:39
Speaker 4: we really need to reevaluate whether we want to be
26:42
Speaker 4: in the property market at the moment or not, not
26:44
Speaker 4: because the property is going down, but because of the
26:47
Speaker 4: financial stress it might put you on, because it really
26:49
Speaker 4: changes that lifestyle. And I go back to you, Jess,
26:53
Speaker 4: and I'm not saying that you don't do it, because
26:55
Speaker 4: I know that we're like a gung ho we're trying
26:57
Speaker 4: as hard as we can on this side of the
26:58
Speaker 4: table to get you into a house asap. But you
27:02
Speaker 4: look at it and go, all right, well, originally, you know,
27:04
Speaker 4: these aren't Jess as real stats. But originally it was
27:07
Speaker 4: going to cost me, you know, forty percent of my
27:08
Speaker 4: income to pay that mortgage, and I was really happy
27:11
Speaker 4: with that. An interest rate increase, and you know, the
27:14
Speaker 4: cost of property not really changing for Jess could mean that,
27:18
Speaker 4: you know, it's closer to fifty percent of her income
27:20
Speaker 4: that needs to go towards Is that fair? Is that reasonable?
27:23
Speaker 4: Is that going to impact her lifestyle? Is that going
27:25
Speaker 4: to stop Jess doing something she like? Jess loves travel?
27:28
Speaker 4: Is that going to stop that?
27:30
Speaker 7: So?
27:30
Speaker 4: Is that actually a good idea for the life she
27:32
Speaker 4: wants to lead? And it's not saying Jess in particular,
27:35
Speaker 4: but you're a good example at the moment, Jess, because
27:37
Speaker 4: I feel like.
27:38
Speaker 2: We stole you from the community.
27:40
Speaker 4: You speak for the community, you're our voice from the inside.
27:44
Speaker 4: But it's literally that right, Like, is that going to
27:47
Speaker 4: change the parameters of your ability to get into property?
27:49
Speaker 4: It doesn't mean you don't want you anymore. It could
27:51
Speaker 4: just mean it's not worth the sacrifice that needs to
27:54
Speaker 4: go along with it. And I think we need to
27:55
Speaker 4: consider that as well and go what is actually putting
27:58
Speaker 4: me in the best possible position. Not because we don't
28:01
Speaker 4: want to own, but because sometimes we really need to
28:04
Speaker 4: be a little bit harsher on our parameters of what
28:07
Speaker 4: we will and won't accept. Because they think some people
28:10
Speaker 4: no you, Jess, but some people get so caught up
28:12
Speaker 4: in it that they finally get into it and then
28:14
Speaker 4: they go, oh, I'm under a lot of financial pressure.
28:16
Speaker 2: This what's not worth it?
28:18
Speaker 4: So I think it's all about having the right team
28:20
Speaker 4: around you, getting the right advice, and not getting too
28:22
Speaker 4: caught up in the headlines and really looking at what
28:24
Speaker 4: that means for you. But we've said it before on
28:27
Speaker 4: the podcast, talk to a good mortgage broker. They'll let
28:29
Speaker 4: you know the parameters, and a good mortgage broker will
28:31
Speaker 4: always make sure that you're serviceable above and beyond what
28:35
Speaker 4: the interest rate could rise to anyway, so you'll be
28:37
Speaker 4: safe and secure. But it is really disheartening, guys.
28:40
Speaker 6: Well, on that exciting note, I reckon, it's time to
28:44
Speaker 6: take a listen to today's money dilemma.
28:46
Speaker 2: Ladies. Oh yeah, give us a listen.
28:51
Speaker 6: Hi, beret, have you got a money dilemma you just
28:53
Speaker 6: can't solve that? She's on The Money team is here
28:56
Speaker 6: to help. Every week we tackle your dilemmas, both big
28:59
Speaker 6: and small, to answer your most burning money, career and
29:02
Speaker 6: life questions. To get involved, simply head to our website
29:05
Speaker 6: and leave us a quick voice recording and you may
29:07
Speaker 6: just find yourself on the show. Now, let's take a
29:10
Speaker 6: listen to today's money dilemma.
29:13
Speaker 7: Hello, my longtime boyfriend and I are finally moving into
29:16
Speaker 7: our first rent look together. We're trying to do research
29:19
Speaker 7: into how to merge our financials together. Also, we want
29:22
Speaker 7: to pay rent from one account. However, we're unsure if
29:25
Speaker 7: one person should just transfer to another or should we
29:28
Speaker 7: open a whole new bank account together that potentially has
29:31
Speaker 7: benefits for us in the future. And your advice is
29:34
Speaker 7: greatly appreciated.
29:35
Speaker 4: All Right, guys, I have a lot of thoughts about
29:37
Speaker 4: shared finances, but I want to start on the other
29:40
Speaker 4: side of the table today.
29:42
Speaker 2: Jess thoughts.
29:43
Speaker 5: I mean, it's very personal. We did also, it's probably
29:45
Speaker 5: worth throwing out there. We did a full episode on
29:47
Speaker 5: sharing finances in a couple not too long ago, so
29:49
Speaker 5: I would definitely recommend that to anyone who's thinking about
29:52
Speaker 5: taking good content. We're not. I am interested because she
29:56
Speaker 5: said she wants to know if they should put their
29:58
Speaker 5: money in an account that will have benefits to them
30:01
Speaker 5: down the line. And if I'm being honest, I don't
30:04
Speaker 5: know that there are any benefits to happen outside of,
30:06
Speaker 5: you know, the convenience obviously, or being able to view
30:10
Speaker 5: your finances in one place, but like in terms of
30:13
Speaker 5: externally lack for applying for a loan or any I
30:17
Speaker 5: don't you know, correct increased interest. I don't know that
30:21
Speaker 5: there are too many really, so I don't know how
30:24
Speaker 5: much that would be impacting my choice. So really it
30:26
Speaker 5: comes down to personal preference, Like how closely do you
30:29
Speaker 5: want your finances to be tied together? I think you know,
30:32
Speaker 5: we always say that if you are sharing finances, make
30:35
Speaker 5: sure you've got a little something on the side for
30:36
Speaker 5: yourself to ensure that should you ever need it, you
30:39
Speaker 5: have your own emergency fund, your own money that you
30:42
Speaker 5: directly and you only have access to. But I think, yeah,
30:46
Speaker 5: it just comes down to what works for you. Guys
30:49
Speaker 5: you splitting everything directly down the middle, in which case
30:51
Speaker 5: is it easier for you both just to pour the
30:52
Speaker 5: same amount of money into an account every month and
30:55
Speaker 5: then have things directed it from there, or do you
30:57
Speaker 5: pay things manually so maybe it makes sense for one person,
31:00
Speaker 5: or are you paying rent and he's paying bills?
31:02
Speaker 4: Like it is so dependent. Every single relationship is so different.
31:07
Speaker 4: Georgia King, how do you manage it in your relationship?
31:09
Speaker 4: Tell me your story.
31:10
Speaker 6: Obviously we're a hot mess we I mean you are not,
31:14
Speaker 6: I would say, I'm We actually were speaking about this
31:17
Speaker 6: this morning. I might have sent a little passive aggresive
31:19
Speaker 6: text message to young Harper.
31:23
Speaker 2: I was just your adultes and the money.
31:26
Speaker 6: So I definitely take control of all of our bills,
31:30
Speaker 6: all of them, and he of course transfers me.
31:33
Speaker 2: We share it together. We actually haven't.
31:35
Speaker 6: I know we've spoken on the podcast before about equity
31:38
Speaker 6: and sorting things out in accordance with your salaries. We
31:40
Speaker 6: haven't actually gotten to that yet, but I think it's
31:42
Speaker 6: because we're lazy.
31:43
Speaker 4: The important thing is you know that that's a concept
31:45
Speaker 4: that you can discuss in your relationship, should you decide
31:48
Speaker 4: to have that conversation.
31:49
Speaker 3: Yeah.
31:49
Speaker 6: Yeah, So we're very much like I'll get this one,
31:51
Speaker 6: you get the next one.
31:52
Speaker 2: Yeah. Great.
31:53
Speaker 6: I take more control of the finances. But yeah, we
31:55
Speaker 6: definitely don't shit account. I know who would have thought, yeah,
31:59
Speaker 6: would there be benef it's to us opening an account together.
32:02
Speaker 4: Look, at the end of the day, every single relationship
32:05
Speaker 4: is so different. I think if it comes down to
32:07
Speaker 4: you going, I want to pay rent from the same account,
32:10
Speaker 4: actually that's not necessary if you don't want to. I
32:14
Speaker 4: lived with Steve for a while before we decided to
32:17
Speaker 4: purchase a house together, which we were very lucky to
32:20
Speaker 4: do so, and at that point we got shared finances.
32:23
Speaker 4: But when we applied for our rental, we just said
32:25
Speaker 4: we want fifty percent to come out of this account.
32:27
Speaker 4: Fifty percent to come out of this account. We didn't
32:29
Speaker 4: have to have a shared account for it to be
32:31
Speaker 4: directed at. It out of our real estate agent for
32:33
Speaker 4: no extra cost. Just took half out of each location.
32:37
Speaker 4: So that could be an option for you as well,
32:39
Speaker 4: which I think was actually really practical for us at
32:42
Speaker 4: the time, because I just think that moving in with
32:44
Speaker 4: such a big step, I didn't want to do boots
32:46
Speaker 4: and all and also have shared finances. Yet we also
32:50
Speaker 4: used to use split wise, which Jess you and I
32:53
Speaker 4: used while we were in Europe, and it worked out
32:54
Speaker 4: really well because instead of being like, oh, what did
32:57
Speaker 4: you do, it's tip for tat, like the app just
32:59
Speaker 4: does for you and you kind of just put it
33:01
Speaker 4: in and go, all right, well, gpaid one hundred bucks
33:04
Speaker 4: on the electricity, and the app automatically knows that Harper
33:07
Speaker 4: should pay the other half, and so it kind of
33:10
Speaker 4: is a running ledger of like all right, well now,
33:12
Speaker 4: g's up one hundred dollars, Harper ohs fifty and then
33:15
Speaker 4: if Harper went and spent fifty dollars on groceries on
33:18
Speaker 4: your behalf, it would like rebalance the ledger and maybe
33:20
Speaker 4: at the end of the month you're only o like
33:22
Speaker 4: six bucks because it actually even now, or it really
33:25
Speaker 4: shows you like, oh well, you og six hundred dollars
33:28
Speaker 4: because she really does pull her card out a lot.
33:30
Speaker 4: More So, from our perspective, that worked really well. Now
33:34
Speaker 4: because we have a mortgage together, we wanted offset accounts,
33:36
Speaker 4: and that kind of made sense to have all of
33:38
Speaker 4: our income coming into one offset account because it's offsetting
33:42
Speaker 4: interest of our loan. And that was, you know, really
33:44
Speaker 4: in line with our values and what we're trying to
33:46
Speaker 4: achieve when it comes to financial freedom. But for me,
33:49
Speaker 4: I really away from shared finances unless you've got a
33:53
Speaker 4: really good reason, like to me, rant not a good
33:56
Speaker 4: enough reason to share finances. But if you said, all right, well,
34:00
Speaker 4: it's actually because we want to tip a certain amount
34:02
Speaker 4: of money in here, and you know, share split costs
34:04
Speaker 4: and bills and groceries and kind of have one debit card.
34:07
Speaker 4: So if we go out for dinner, that's the card
34:09
Speaker 4: we tap so we both feel like we're on the
34:11
Speaker 4: same page, then you do that. But if you think
34:13
Speaker 4: you need a shared bank account because you're going to
34:15
Speaker 4: move in together and have to pay rent, like no,
34:17
Speaker 4: there's ways around that. In fact, even if your real
34:20
Speaker 4: estate agent doesn't allow that split payment for some reason,
34:23
Speaker 4: you could actually organize a direct debit from one person's
34:26
Speaker 4: account to the other person's account, you know, three or
34:28
Speaker 4: four days before the rent comes out, so you don't
34:31
Speaker 4: have to do the transfer each and every single month.
34:33
Speaker 4: It can be automated. So I think there's a lot of,
34:37
Speaker 4: you know, pros and cons about it. But I know
34:39
Speaker 4: people who are married and have been married for thirty
34:42
Speaker 4: forty years and they still don't share finances because they're
34:46
Speaker 4: just happy with the way that they're currently working things.
34:49
Speaker 4: But I don't think that there's ever a point where
34:51
Speaker 4: you have to. It's all about does this work for you?
34:53
Speaker 4: It's something you're comfortable with. And had you asked me, Victoria,
34:57
Speaker 4: will you share finances with a partner before I met Steve,
34:59
Speaker 4: I w vermently said no. Would have been like absolutely not,
35:03
Speaker 4: Never in a million years will I do that. And
35:05
Speaker 4: now I think I'm in a situation where I really
35:07
Speaker 4: trust him and you know, we've formed this relationship, and
35:10
Speaker 4: I'm a lot more financially secure than I used to be. Like,
35:14
Speaker 4: let's be honest, I pay myself, so my money goes
35:17
Speaker 4: into my account because I am the boss, right, So
35:20
Speaker 4: kind of like, all right, well, if everything goes south,
35:23
Speaker 4: I'll just three direct to that because I have access
35:25
Speaker 4: to all of the banking and you know, he's not
35:27
Speaker 4: just going to get my salary. So from my perspective,
35:30
Speaker 4: I'm in a bit of a different situation where I
35:33
Speaker 4: have a bit more financial freedom than the average bear.
35:35
Speaker 5: Right.
35:36
Speaker 4: Whereas if you are feeling you know you said it before, Jess,
35:39
Speaker 4: make sure you have something on the side. Make sure
35:41
Speaker 4: you always have an emergency fund just for you so
35:44
Speaker 4: that you can get out of any circumstance, situation, relationship
35:47
Speaker 4: that you want to, no matter how good your relationship is.
35:49
Speaker 4: And that's kind of like my way of doing that
35:51
Speaker 4: in addition timing my own emergency fund.
35:53
Speaker 5: I want to come back to the passive aggressive text
35:55
Speaker 5: for a side, because I thank you for coming back
35:58
Speaker 5: to that. I just want to posit the question you
36:02
Speaker 5: saying you'll carry all of the load with the bills
36:04
Speaker 5: and stuff.
36:04
Speaker 2: You look really scared.
36:05
Speaker 5: I'm not going.
36:06
Speaker 6: To read out the text on the po.
36:09
Speaker 2: No chance, no chance.
36:11
Speaker 4: We're not that rude, but you are going to read
36:12
Speaker 4: that out while we eat lunch.
36:14
Speaker 5: But you know, you said you guys were speaking about
36:17
Speaker 5: split finances this morning. Do you think that if you
36:20
Speaker 5: guys were to set up a shared account, would that
36:22
Speaker 5: alleviate some of the pressure or responsibility that you're feeling.
36:27
Speaker 5: Is that where that conversation was kind of going.
36:29
Speaker 6: You know, it actually probably would, But I think often
36:34
Speaker 6: women bear the brunt of the mental sa areas. And
36:38
Speaker 6: I just got to a point this morning and I
36:41
Speaker 6: was like, I can't, I can't. Everything was due at once,
36:43
Speaker 6: and it was just a lot to stay on top of.
36:45
Speaker 6: And it's not a big issue like growing. It was
36:48
Speaker 6: just like, it's not something he sees. It's like this
36:50
Speaker 6: invisible thing because I'll sort it. I always thought it, whereas, yeah,
36:54
Speaker 6: it's not something he noticed it.
36:55
Speaker 2: So I just shot him off with a little past
36:58
Speaker 2: little message and said, do you know, just I'm the
37:01
Speaker 2: legend and you need to pick up your game.
37:03
Speaker 5: Just love you so much, but we are you know,
37:06
Speaker 5: we've had the same conversation in my relationship actually, because again,
37:09
Speaker 5: as you said, I think it is a very female
37:10
Speaker 5: thing to take on those responsibilities, and so I guess
37:13
Speaker 5: that's probably the one additional point that I would make
37:16
Speaker 5: to this listener question is that you know, that is
37:19
Speaker 5: probably the one and the other benefit that I could
37:21
Speaker 5: see of having that shared account is if you both
37:24
Speaker 5: become responsible for contributing whatever, you know, whether you're doing
37:28
Speaker 5: it equitably and I'm putting in seventy percent, you're putting
37:30
Speaker 5: in thirty, or whether you're putting in fifty to fifty
37:32
Speaker 5: or whatever that looks like. If you are both responsible
37:35
Speaker 5: for sending money to that account and your bills direct
37:38
Speaker 5: debit from there. Yeah, I like that, I you know,
37:40
Speaker 5: or if you're someone who really likes to automate your finances,
37:43
Speaker 5: that's where I could maybe see a big benefit.
37:46
Speaker 2: Yeah, great point.
37:47
Speaker 4: I think that that mental load thing is really important.
37:50
Speaker 4: And with mental load comes visibility, Like we really need
37:54
Speaker 4: things to be visible, right, Like poor Harps, he probably
37:57
Speaker 4: didn't see that text coming because he didn't we truly
38:00
Speaker 4: see it, like he doesn't see those things come in.
38:03
Speaker 4: And to share a load, you need to be really
38:06
Speaker 4: open and have good communication lines and to me, yeah,
38:09
Speaker 4: it's just so personal because knowing all of my friends
38:12
Speaker 4: and how they manage their money, and even just like
38:14
Speaker 4: around this table, you guys would go nuts arguably if
38:18
Speaker 4: you manage money in the same way I do, and
38:20
Speaker 4: vice versa, Like I know how many bank accounts just
38:22
Speaker 4: has different savings and I was like, oh, it's like
38:25
Speaker 4: thirteen yeah, yeah, I couldn't, like, no chance, that's not
38:28
Speaker 4: going to work for me. But that's a good reflection
38:31
Speaker 4: of it's different for everybody and the question of should
38:34
Speaker 4: I do this or not? I can't answer that for you.
38:37
Speaker 4: Nobody can except for you. You need to sit down
38:39
Speaker 4: and go, well, where am I? What do I actually
38:41
Speaker 4: want to do? What does this relationship look like? You know,
38:45
Speaker 4: how serious is your relationship? You're just moving in because
38:47
Speaker 4: you're like, ah, I'm moving with my boyfriend. If it
38:49
Speaker 4: doesn't work out, I'll just move out. Or are you
38:51
Speaker 4: moving in with this guy cause you're like, oh, hope
38:52
Speaker 4: he proposes tomorrow because I want to marry him and
38:54
Speaker 4: have all of his babies. Like literally, there are different
38:57
Speaker 4: types of relationships and that's nobody else's business except for yours.
39:01
Speaker 4: And your finances are kind of the same. I mean,
39:04
Speaker 4: I'm open and honest about you know, everything I do
39:07
Speaker 4: when it comes to money, But at the same time,
39:09
Speaker 4: I'm the only one that can make those decisions because
39:11
Speaker 4: I'm the only one that knows what's right for me
39:13
Speaker 4: and vice versa to you. Guys. Yeah, unfortunately that is
39:16
Speaker 4: all we have time for today, So Georgia King, would
39:19
Speaker 4: you please wrap the boring but important stuff.
39:21
Speaker 2: Would be a pleasure.
39:22
Speaker 6: As always, guys, please remember that the advice sheared on
39:25
Speaker 6: She's on the Money is general in nature and does
39:28
Speaker 6: not consider your individual circumstances. She's on the Money exists
39:31
Speaker 6: purely for educational purposes and should not be relied upon
39:34
Speaker 6: to make an investment or a financial decision. And we
39:37
Speaker 6: promise Victoria divine and She's on the money. Our authorized
39:40
Speaker 6: representatives of in Focused Securities Australia Proprietary Limited ABN four
39:44
Speaker 6: seven zero nine seven seven nine seven zero for on
39:47
Speaker 6: nine AFSL two three six five two three See next
39:50
Speaker 6: week up.
39:50
Speaker 5: See next week guys,