August 6, 2026 • 41 mins
Which school do you fall into? Karaoke-forward or karaoke-averse?
This week on Friday Drinks, Victoria, Bec and Jess are bringing you all the best Broke Tips and Money Wins from our community, plus money dilemmas that tread the investment line.
They’ll discuss the pros and cons of lumped contributions versus dollar-cost averaging and whether you can make a relationship work if you’ve got opposing money values. What should we put on our She’s on the Karaoke playlist?
CANCEL YOUR SUBS: Another rogue $9.99 charge on your card? Can-it, with our blog to walk you through it all. Search ‘subscriptions’ over at www.shesonthemoney.com/blog
INVESTMENT CALCULATOR: Here’s a link to the calculate V mentions on the pod, https://investcalc.github.io/
FREE INVESTMENT CHEAT SHEET: Grab your copy of our investment cheat sheet over here: www.shesonthemoney.com/download-resources
New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 4451289
See omnystudio.com/listener for privacy information.
Listen
Watch
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
My name's Tatasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
kaka ya Ya Binahwaka Nian our gay In Nimbini, yakarum
jar Doumayagumika Umaga Ihowaka Nile Waman damon Immalan Bumba bang
gadabama In and now in Waka ghana on yakarum jar Watanadana. Hello,
(00:22):
beautiful friends, we gather on the lands of the Aboriginal people.
We thank acknowledge and respect the Abiginal people's land that
we're gathering on today. Take pleasure in all the land
and respect all that you see. She's on the Money
podcast acknowledges culture, country, community and connections, bringing you the tools,
knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money. Hello, my friends, and welcome to
She's on the Money, the podcast that makes your personal
finances fun, especially on a Friday. The gang is back
together for another edition of Friday Drinks, where we gather
to celebrate you our clever She's on the Money Community
Victoria Devine and joining me this week. Is the winsome
(01:09):
Miss Jessgariici with our community's best money wins and of course,
the benevolent Miss beck Sayed is here bracing broke tips glore. Welcome,
my friends. We're also going to be covering some juicy
money dilemmas which seem to be rather investment coded.
Speaker 4 (01:27):
This week.
Speaker 3 (01:28):
One community member slid into our DMS with I would
say a concern about couple's money values, while another leftist
of voicemail devoted to dollar cost averaging are the best
ways that we can do it? Do you fancy having
your dilemma discussed on our podcast? Come on through, my friends.
All you need to do is head to our podcast
page on the She's on the Money website, record a
(01:49):
little punchy dilemma of your own, and who knows, your
query might just make the cut better. Yet, it might
even help other listeners just like you work through their
money woes. Now, wouldn't you know what, my friends? It
is for our five star review? Are you strapped in?
Are you ready?
Speaker 5 (02:02):
Yeah?
Speaker 3 (02:03):
Absolutely? The five star review time is where we get
to hear from our lovely listeners about the ways that
they are finding financial independence and confidence with a little
help from us and the show. This one comes from
a friend called Amy, who says, hey, guys, I am
sure you get a million messages like these, arguably not
a million week. We would like more, but I just
(02:23):
wanted to say thank you so much for the advice
you have given. I was going through some money problems
recently caused by my own reckless spending and seriously considered
taking out a personal loan as I was too embarrassed
to ask for help, But in the process of applying
for it, there was a little voice in the back
of my head that sounded suspiciously like you guys, telling
(02:43):
me to check out other options first. Luckily, I am
extremely fortunate and was able to get my parents to
reduce my board for a couple of months while I
sought my stuff out. It was definitely the wake up
call that I needed, and I cannot thank you guys
enough for playing a part in it. Oh idea that
we're like the little sound on your shoulder like don't
do this, yes, like the fairly odd parents like, which
(03:06):
is like a bit how you go in fairies be
like don't do that.
Speaker 4 (03:09):
Yeah, Oh that's gorgeous, because.
Speaker 3 (03:10):
It really is a slippery slope. So I'm really glad
that you didn't. Proud of you and thank you so much.
I love that Amy. It sounds like our voices are
maybe living a little bit rent free in your head,
or maybe we should start paying you bored. We are
so proud of you exploring your options and honestly finding
a way out, because there's always another option. If we've
taught you anything interesting about your finances or how to
(03:32):
make your dollars go a little bit further, please let
us know by leaving a five star review for She's
on the Money on Apple, podcast, Spotify, or honestly, wherever
you tune in. We take them in our dms. I
take them in my DMS. I will take carry a
pigeon literally anything. All right, jessic Ricci, are you buckled in?
And are you ready? I am a question of the
week time and this one might call for a little
(03:53):
bit of ar capella. Okay, Sue wants to know what's
your karaoke song and do you have matching dance moves?
Speaker 5 (04:01):
My goodness, I fear I avoid karaoke like it's my
I don't think I've been.
Speaker 3 (04:07):
Usual adult life, really, I just feel like you're a carrier.
Speaker 5 (04:12):
No, this is my worst nightmare because I cannot even
carry a tune and my social anxiety, all these people
looking at me no like I can't. I would literally
need to be even hammered. I don't think you could
convince me to get on that stage.
Speaker 3 (04:26):
But if we were to convince you to get on
the stage, what song would you be most comfortable singing?
Speaker 5 (04:32):
Oh, I'm in a belt out some t swift. Put
on any of the discography, proferably something offbeat, you know,
maybe like paper Rings or something fun like that.
Speaker 3 (04:41):
A reputation. But yeah, we can't convince you to do
the dance a chance in hell. That's crazy. I feel
like you're the exact opposite. I love I saw that
coming a million but I thought you would say, yeah,
I love karaoke, it's really fun.
Speaker 5 (05:00):
I will support, I will cheer, I will woogle people
like I'll go to care.
Speaker 3 (05:04):
But you are such a wor girl. I'm not participating. Okay,
all right, I feel like you'll move your shoulders. I'll
be dancing on the sideline. I feel like you're the
dreams that would be singing on the sidelines. But don't
give you the microphone. Yeah, that's a fair that's a
fair assessment because like at the Taylor Swift concert, we
were screaming. That's true, Like every single lyric we were
(05:24):
screaming them. Like, it's not like you were scared of
being heard, jests, no one looking at me.
Speaker 4 (05:33):
Problem is not being perceived. But you have seen, you
want to see, you want to move.
Speaker 3 (05:39):
She wants to be a karaoke girl.
Speaker 4 (05:41):
I get that. I get that. I get there. So
maybe maybe alone you're a home I get you. How
do I whittle it down? So definitely.
Speaker 3 (05:48):
I love that there's options, there's so many, so special
to Mithiggans obviously, dreams, Gabrielle.
Speaker 4 (05:56):
Dreams, Ken came true.
Speaker 3 (06:01):
And then I know this is like this is like,
you know, maybe ethically ambiguous, but I really quickly ambiguous.
Speaker 6 (06:07):
I like that.
Speaker 4 (06:08):
I love human nature.
Speaker 3 (06:09):
Michael Jackson and sorry, sorry, we don't need I know,
and I'm trying to wean myself off. Oh no, no, no,
like we can keep them. Sorry, they live in our past.
That's they live in our past. Jackson, you know, just
to be like questionable in terms of his decision making.
But at the same time, I think he's not here anymore.
(06:30):
So if you like his music pop Off Queen.
Speaker 4 (06:32):
Those are my three main ones, okay, and then there's
so many more.
Speaker 3 (06:35):
But I don'teel like a man in the mirror would
be something that you would be like all over. Actually
wouldn't mind that, but I don't know if you could.
Speaker 4 (06:43):
Maybe I could.
Speaker 3 (06:44):
I trust the register change exactly, and what about you?
Oh my god, I don't know. I feel so stumped.
Like Jess Love a microphone, put it in front of me,
do not make me sing. I can't sing my toddler
the other mummy, stop mortifying, mortifying. I was just like singing.
(07:06):
And he goes like I'm holding my toddler, cradling him,
and like, for his entire life, I've sung to him
while he's like going to sleep, you know, not every time,
but sometimes, and he puts his fingers over my mouth
and goes, mammy stop honestly, fair fair. So yeah, I'm
not a karaoke girly, but if I was going to
it would be a song that I know really well,
(07:28):
like TLC Waterfalls.
Speaker 4 (07:30):
Oh yeah, okay, like I even.
Speaker 3 (07:32):
Know the rap part, which I think is so funny
because it doesn't suit my personality at all.
Speaker 4 (07:37):
I wouldn't picked it for you, but I can see it.
Speaker 3 (07:39):
It's really fun or like a Natasha Beddingfield unwritten or
something like something really honestly, the takia the better. Yeah,
so that's where I would be. We are not, just
to be very clear, we are not going to be
hosting a Shoes on the Money karaoke event. It's not happening.
I'm not comfortable with it. Jess isn't comfortable with it,
but might do a side quest. I can see that
(08:03):
in your future for sure. God, she hosts trivia, next
up karaoke, She's on the Money branded. I'll be there
to support sport. I will be there. Do not make
me sing like I just can't get over the fact
that I can't sing.
Speaker 4 (08:19):
You don't need to worry about that part.
Speaker 5 (08:21):
On the inside, I feel like I should be a
good singer, and it really upsets me.
Speaker 3 (08:26):
Like I should be a good singer. I am not.
Like what comes out of my mouth in the car
is not what you would hear, like, I think it's
way better than what it is in reality.
Speaker 4 (08:39):
And then you turn the radio down. You're like, am
I hitting those notes? And you're like waiting, No, that
was the song?
Speaker 3 (08:44):
No, I'm just enjoying the song totally, and I would
like to live in that state of delusion. I don't
need people with cameras being able to capture those moments.
Speaker 4 (08:52):
Yeah, I understand.
Speaker 3 (08:53):
I agree. So if you ever think about Jess or
I do in karaoke, just know we're amazing at it
and we wouldn't want you to feel bad about your
karaoke ability, so we would never get up on that stage.
Speaker 4 (09:03):
Well that's fair.
Speaker 3 (09:04):
We're just really thoughtful, aren't we. Just I couldn't agree more.
All Right, guys, if you've got an excellent question for
the pod, to send it on through to us. As
you've heard, it does not have to be money related,
but maybe ow she's on the karaoke playlist, should be like,
we should make one of those.
Speaker 4 (09:17):
I god, we should should.
Speaker 3 (09:19):
Absolutely? Are you ready for more community money wins? Misters GRICI,
please tell me what has our community been up to
on the money win front this week? Firstly, Sharon has
said money win.
Speaker 5 (09:30):
I've paid off my after pay, I've closed the account
and I've deleted the app. Oh amazing, lots of people
getting around her, you love to see it? Tell yeah,
then I've got money in from Sammy, who said, I
just hit two hundred and fifty sessions at my gym
and they gave me one hundred.
Speaker 3 (09:43):
Dollars alis katvoutcha Alis.
Speaker 5 (09:45):
Katie also had free shipping in a ten percent discount,
so I got some new leggings for free. Oh my god,
amazing love the year gym celebrates that.
Speaker 3 (09:52):
That's awesome.
Speaker 5 (09:54):
Next, I've got a money win from Chantale, who said
it's actually a money loss, but a memory win. I
took my daughter out for a bike rid I had
on the weekend, and we had breakfast at a local cafe,
and I then doubled down because the weather was beautiful,
and we walked to our local bowling club and enjoyed
a drink and some nibbles outside while we played Uno.
I normally wouldn't spend fifty dollars in one morning eating
(10:14):
and drinking out, but making memories.
Speaker 4 (10:16):
Is absolutely worth it.
Speaker 3 (10:17):
It's very true, and.
Speaker 5 (10:19):
That sounded just so wholesome to me, Like you know,
in the sunshine, little breakfast together, sometimes it's money well spent.
Then I've got one from Tara who said my vacuum
mop broke and I needed to get a new one.
I menased JB High Fire to look for the dice
and washed g one, which they had listed for nine
ninety nine. I then went online and Mayer had them
on sale for three hundred and ninety five dollars and
(10:42):
Jbhigh Fire price match, so I saved six hundred dollars.
I have that dice and mop I paid one thousand
dollars for it. I will say it was worth every penny.
But if you can buy it for three hundred and
ninety five dollars.
Speaker 3 (10:52):
That's one thousand.
Speaker 2 (10:53):
That's a steal deal.
Speaker 3 (10:55):
And oh brilliant, brilliant, brilliant.
Speaker 2 (10:57):
I love it so much.
Speaker 3 (10:58):
I haven't tried the dice in one have the What
have I got? I've got the Bissel, yeah, and I
love her. But she's like on a cord yeah, so
I want like a cordless one because I'm not gonna lie.
It's incredibly like good. Yeah, but the idea that I
have to lug it out, plug it in do to
cord things really good.
Speaker 5 (11:18):
The battery is like an hour, I'm pretty sure on it,
which is like enough for me to do my house.
Speaker 3 (11:23):
That's good.
Speaker 5 (11:24):
Yeah, And it's so satisfied for anyone hasn't seen it.
It mops and vacuums at the same time. So if
you've got pets, like there's always pet hair on my
floor no matter how much I run the robo back.
So it's good because it doesn't block the mop. But
then there's two little canisters, one for clean water that
goes on the floor as you mop, and as you
it sucks it back up, which is if you've got floorboards.
Speaker 3 (11:42):
But also you can see the dirty water. In a sense,
it's so satisfying. My mistol does that as well. Really, right,
why do I mop the floor and then go I'll
just do a quick once over of the kitchen again
because I don't know why. I feel like the kitchen
needs doing twice for some reason, like it just does.
And then the mop is dirty again, and I'm like.
Speaker 4 (12:01):
Don't use this house.
Speaker 3 (12:03):
I've literally just cleaned it. I don't understand mopping till
it's clear.
Speaker 4 (12:07):
Is Oh that would feel good.
Speaker 3 (12:09):
It feels so good not in this house.
Speaker 5 (12:12):
I've got a body win from Grace who said I
didn't buy one single work lunch last week.
Speaker 3 (12:16):
Okay, I can't very good. Grace.
Speaker 5 (12:19):
Jason said I bought two new books and I got
them from Marketplace. It was five dollars for both, which
is a bargain if ever I've heard one. And then lastly,
I've got money win from Aaron who said we were
in the city for Vivid with our two kids and
my five year old was insisting on getting a big pretzel,
which is like, you know there's Venda hot pretzels five.
Speaker 3 (12:37):
Year old's page.
Speaker 5 (12:37):
They're so couldn't find them, she said, unfortunately, but today
she went to Aldi picked up a box of six
frozen ones six bucks.
Speaker 3 (12:46):
Sorry, what you can get giant frozen pretzels. I've had
them before.
Speaker 5 (12:49):
They're very good. Actually, so I've had the pretzel sticks.
I don't know if they do the twisty ones them
in the air fryer. Stop it a little bit of
molden salt.
Speaker 4 (12:57):
Okay, delicious.
Speaker 3 (12:58):
I didn't know this exist, Like, I want to go
to Aldi a sap. I'm not pregnant, but that feels
like a pregnancy cravy in my head. I'm like, oh yes. Also, Jess,
I just saw on Instagram and I tagged you on
Instagram in a picture of a pink air fryer. I
need it. Ninja has a pink air fryer. I must
(13:19):
have it.
Speaker 4 (13:19):
I literally did.
Speaker 3 (13:22):
Don't tell anybody, but while Jess was opening her phone
I saw it and tagged her while we're recording the episode,
and I was like, she needs to see this. She
it's like a light pink.
Speaker 4 (13:34):
Oh that's cute. Oh now that's sorry, Hugh.
Speaker 3 (13:36):
Sorry, Jess is building a house.
Speaker 4 (13:39):
Yeah, you gotta have that.
Speaker 3 (13:40):
Jess has a new kitchen and nobody else has seen
the cabinet tree in her kitchen yet because she hasn't
posted it. But I made her send me pictures of
her cabinet tree in her kitchen, and I just know
that it needs a pink air fryer. I'm really cute.
I'm so excited to see this. Oh don't even it
is the most exciting thing ever. All right, let's move on. Yes, Beck,
I don't know if you can get better than six
(14:01):
dollars for six frozen pretzels, but I feel like you
often do top it.
Speaker 4 (14:07):
Well, I'm gonna be pretty close.
Speaker 3 (14:08):
I'd tell you what do you bring into the table?
My friend?
Speaker 4 (14:11):
So well?
Speaker 3 (14:12):
Actually, first of all, pretzel I always get confused by them,
to the small ones, crispy always like a chip, large
pretzel like a bread.
Speaker 4 (14:18):
Would you say understood?
Speaker 3 (14:22):
Think crispy out that and today are fantastic negotiating tools
for toddless. Yes, my kid will do so much for
a pretzel. Yeah, hell yeah, Okay, same though, I got
to get on these big pretzels. I'm going to get
the big pretzels. I'll report that, thank you.
Speaker 4 (14:38):
Okay.
Speaker 3 (14:38):
First broke tip I have from the community is from Christy,
who says, go to Buddings. They do free kids crafts
often on a Sunday. They have an indoor playground. Plus
they have party pies and sausage rolls for the kids,
so you don't have to buy big ones. It's a
great option for.
Speaker 4 (14:53):
A rainy day.
Speaker 3 (14:54):
It is actually good free to do.
Speaker 6 (14:57):
This.
Speaker 3 (14:57):
Next one comes from a Stacey who says, if there's
something you desperately want to watch on Prime and you're
a bingital in one or two nights kind of person,
sign up, watch the show, cancel the membership, and you
can opt to have the remainder of your month's fee
refunded versus paying for a whole month, which is a
great idea.
Speaker 4 (15:14):
I didn't even know that movies and stuff like that
as well, So I think that's so good.
Speaker 3 (15:18):
And I know this is really lazy of me, but
it did remind me that this is something I want
to tell freelancers or anyone who needs Adobe to like
make money or just whatever you use it for.
Speaker 4 (15:29):
Adobe does this same thing. So if you sign up
for a month to month not an annual subscription, you
can say you have to cut up a video for
a client or whatever you need to do. If you
sign up, unfortunately, do you have to pay the full
amount upfront, but then try and get your work done
in one or two days, and then you cancel and
you can opt for a refund like pro rated pro rade.
(15:51):
It it's like two days off or whatever. It's like
still like a hefty chunk. You're really not paying that much.
So I think this is a great reminder.
Speaker 3 (15:59):
I think I said it recently on a podcast that
I've just been threatening all my subscriptions, yer, like I
just go in and threaten to cancel, Like I like,
go into the account, hit cancel and see if like
a retention thing comes up, and if it does, I'm like,
thank you, I'll be taking that discount. And if it
doesn't pop up, I'm like, I didn't mean it and
likes it because there are some subscriptions that I do
(16:21):
want to keep, but I also want a discount.
Speaker 4 (16:23):
So totally. I just got through three months of free Adobe.
I'm obsessed with Adobe this morning because the same thing.
Speaker 3 (16:31):
I'm obsessed with. How creative I feel like you are consistently.
It's really impressive. While you guys hear a little word
from our sponsors, we're going to be plotting ways to
be more creative with our money. So guys don't go anywhere.
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 6 (16:50):
Hi.
Speaker 3 (16:51):
There, have you got a money dilemma you just can't solve?
The Sheese on the Money Team is here to help.
Every week, we tackle your dilemmas, both big and small,
to answer your most burning money, career and life questions.
To get involved, simply head to our website and leave
us a short voice recording and you might just find
yourself on the show. Now, let's take a listen to
this week's money dilemma.
Speaker 2 (17:13):
Hi, she's on the Money Team. I have a question
about dollar cost averaging in investing. I have worked out
that I can invest about one thousand dollars every six months.
I could invest that in smaller portions over the course
of the six months, but I have been investing it
as a thousand dollar lump some essentially every six months.
(17:36):
I'm investing with Perla, and the brokerage fee is six
dollars fifty. So the way that I thought about it
was that that was a good percentage of the investment.
But I keep hearing about dollar cost averaging, and I'm
essentially wondering whether I should be doing this differently, whether
I should be investing more frequently every fortnight or every month,
(17:58):
or whether this is a good way to go. I'd
love your advice and thoughts about this. Thank you.
Speaker 3 (18:03):
What do you reckon? Beeck? What would you do?
Speaker 4 (18:05):
Yes, I had never thought about that. So I guess like,
if you're investing months every like six months or whatever,
then you would hope that on the day that you
invest the investment is low. But if you invested every day,
or like every few days or every few weeks, then
your chances of getting like some lower price some higher price.
Speaker 3 (18:24):
Is that what that is?
Speaker 4 (18:25):
Dollar cost averaging?
Speaker 5 (18:26):
Yeah, So the idea of dollar cost averaging is that
you make more frequent purchases, so statistically speaking, you're more
likely to hit an average of a market, whereas our listener,
for example, she's buying ones every six months, she's purchasing
twice in a year, so statistically speaking, the chances of
the market being in a positive spot are less likely,
(18:49):
whereas if you were to purchase more regularly. The idea
would be that sometimes you buy it's high, sometimes you
buy it's low, and that it averages out, so you're
kind of in the middle of the market, if that
makes sense across the board.
Speaker 4 (19:02):
And I guess the downside is that I believe it
six or fifty every time per transaction, per transaction, that
seems like a hefty fee. I don't know. I'd a
very per Yeah, I would like try and do it
like consistently or like you know, shorter times in between personally, But.
Speaker 3 (19:19):
I've come with receipts, okay, tell us more. Okay. So
she gave me enough information that I could put this
into an online investment frequency calculator, which helps you understand
what frequency would be the best strategy for your money. Now,
this is obviously not financial advice, as in, I'm going
(19:40):
to give a piece of financial advice, but it's not
specific to you. And the way that I see it
is you might choose to not invest this way just
purely because it's your habits and you're trying to go
no V, I really want to invest on an opply basis,
or no V, I really want it to go into
the market every two months. Like that's very different because
if you're saying I will feel more committed because I'm
(20:01):
investing regularly and I get to play with it more often.
Therefore I'm contributing more, that's probably a really good thing
for you. But there is a website, and I'll make
sure it's in the show notes. It's investcalc dot GitHub,
dot io, and I have used this a few times.
It's not owned by any of the banks or any
of the investing platforms, which I kind of like. And
it's just an investment frequency calculator. So you've just got
(20:23):
to take it as you will. And what it will
do is it will take your investment frequency, your savings
per month, your interest rate that you might get on
your savings, your expected investment returns, and then your brokerage
per investment, and it tells you how often investing would
be optimal for you. Right, So for this example, our
(20:44):
friend she's saying, I have one thousand dollars every six months,
so we could probably assume that she's saving about one
hundred and sixty six dollars and sixty six cents per month. Right,
that makes two grand to you. I popped that in
so I said every month, she's got one hundred and
sixty six dollars and sixty six cents interest rate on savings. Today,
a good savings account you could get around five percent.
(21:07):
So this is just a point in time thing. So
I have put five percent in the interest rate on savings.
The expected investment returns. Again, we know that since inception
the average rate of the Australian share markets return has
been thirteen percent, but I've put nine because I feel
like that seems to be what a lot of ETFs
and a lot of investments have been returning over the
(21:29):
last thirty years. I've then gone and looked up Perla's
brokerage fee, and on average per investment it's six dollars
fifty for Perler. So with all of that, this calculator
has spat out. And I'll again make sure that these
link is in the show notes, so you can do
your own calculations and make your own decisions. But the
optimal investment strategy apparently is investing eight hundred and thirty
(21:53):
seven dollars once every five months. Interesting yeap, And this
amount includes the brokerage and seven dollars interest. So it
says that if you were to invest every single month
over let me just get my laptop because I want
specific numbers for you guys. It says here that if
you were to invest, so this is over ten years,
(22:14):
So this calculator goes all right, Well, if you're investing
consistently for ten years and you invested the one hundred
and sixty six every single month, your investment portfolio would
be worth about thirty thousand, two hundred dollars. If you
were to invest every three months, it would be worth
thirty one thousand dollars. If you were to invest every
five months, it would be worth thirty one thousand, one
(22:35):
hundred dollars, and if you were to invest every ten months,
it drops back down to just under thirty one thousand dollars.
So like as you guys can see, like there's not
heaps of difference. And obviously this is just like a
here's the maths. Yeah, and just because the maths maths
doesn't mean it's the best situation for you. But that's
really interesting and I find it a really good way
(22:56):
of making decisions because obviously, when you have brokerage, you're
spending six dollars fifty just to get your money into
the market, and that stuff adds up, like if you're
spending six dollars fifty every single month, that money could
have gone into your investment portfolio instead. So we do
need to be really aware of how often we're investing.
And I do think that there's this really big misconception
(23:17):
that when we say and when I say we, when
the market says invest consistently over the long term, it
means every week or every month. Yeah, it doesn't actually
mean that. It just means be consistent with your contributions
to your investment portfolio. And every five months. You might go, vi,
that doesn't make sense, like that feels like a long
(23:37):
period of time. Well it's actually not, because our plan
is to be investing for thirty, forty, fifty, maybe sixty years.
So if we're doing that, every five months is actually
very consistent. We just need to commit to that and
it's a bit harder to feel that commitment when you're like, oh,
it's just my savings sitting over there. I haven't invested them, Like,
(24:00):
you know, we're making interest on our savings because obviously
we'd have a high interest savings account while everything's banking up,
and then we make an investment decision that makes sense
for us.
Speaker 5 (24:09):
So it's worth remembering that five months isn't a rule
of thumb for everyone. That's based on this specific and.
Speaker 3 (24:15):
That's where I'm like, I just want to be very clear.
This is the calculator. I'm putting it in the link, like,
that's not me saying please do this. That's absolutely not advice,
but it's hey, look at what this specific example spat out,
because it's not what you would have expected, especially because
the narrative is so often invest every single month. Jess,
it's a good idea. Let's just do our check in
(24:38):
sounds like she was doing.
Speaker 4 (24:39):
She was on the right track, for sure.
Speaker 3 (24:40):
I feel like she is on the right track right
she said, I'm investing one thousand dollars every six months.
That seems pretty close.
Speaker 4 (24:47):
Banks Gold perfect, you do you boot.
Speaker 3 (24:50):
Absolutely anyway, that was really fun. I could keep talking
about dollar cost averaging forever, which I think you guys know.
Let's move on to our DM of the week. This
DM concerns the values behind it, our investments. I'm just
so excited about this next topics, specifically how our values
might differ if we're in a relationship. So this community
member messaged us and said, Hi, Victoria, Jess and beck
(25:12):
I have a dilemma that's been eating away at me,
and you just know it is because there were five
exclamation marks after this. My partner and I have completely
different approaches to money. I'm a planner and love having savings. Well,
he believes money is just there to be enjoyed. Recently,
I've started feeling resentful because I'm saying no to dinners,
weekends away, and shopping so that I can hit my goals,
(25:33):
while he's spending freely and still expects us to split
everything evenly. We don't combine finances, but his choices are
starting to impact mine. Am I being too rigid with
my money? Or is this something that we need to
have a bigger conversation about. I think we've answered a
question like this before totally, and like that's just telling
(25:53):
us or I think it's just telling us goal you're
not alone. This is consistent. It's like the ying and yang,
for sure.
Speaker 4 (26:01):
I think God and I've had a lot of these
discussions recently for some reason. It's popping up at the
moment in my world.
Speaker 3 (26:08):
But I think that like money and just everything, like
the way you're brought up with money, Like we all know,
like it's not just something we inherently have, Like it's
not like you can.
Speaker 4 (26:22):
You know, you either have empathy or you don't have empathy.
It's like money is not a part of human biology whatever,
and so it's like makes sense that we have to
like learn what our relationship is with this foreign object.
Some people are really good at making sure that they're
getting the best deal in every way, and my brain
personally doesn't work like that, and some people's does and
(26:45):
some people don't. It just really depends on the way
your brain works, and also the way you were brought up,
I suppose. But I think like even then it's a
situation that money is very important to you, Money is
not very important to your partner already is, but in
this way where it's like should be used for joy
and pleasure and all these things. Which I understand because
I'm on the same wavelength. I think that we should
(27:07):
be enjoying the fruits of our labor every day in
every way. But I think that there is certainly a
really nice middle ground. It doesn't have to be super
frugal or just like splurge all the time. But I
think as long as your partner knows why it's important
to you and what that looks like, and you as
well understanding their point of view as well, I think
(27:28):
you can come to a nice middle ground where you'll
maybe like, hey, let's save this amount of money, or
if you want to go out and splurge, then we
can do that, but I won't be financially contributing because
sometimes you just want like someone to go with. You
want to be able to go to the movies or
go to a fancy restaurant, but you don't want to
go alone. So if your partner's like, i'll pay for it, cool,
(27:48):
go enjoy the fruits of their labor. But I think
there is a middle ground and you can reach that
just having a big conversation about it all.
Speaker 3 (27:54):
And it sounds a lot like it's about mindset, like
your mindset where you're like no, you should always like
just enjoy the fruits of your labor. And like, then
I look at Jess and my money mindset in comparison
to yours, and I go, well, Beck, my money mindset
is that by doing that, you're stealing from future you.
And like, I'm making my life harder for future me
(28:15):
to enjoy things that are bigger and better. And I
think it's about instant and delayed gratification. And that's why
getting into it is really helpful. Jess, what would you do?
I think like there's two ways it can go.
Speaker 5 (28:27):
I think either you sit down, you have the conversation,
you reach that middle ground and you find compromise. Or
I think, like it is pragmatic to talk about the
fact that it may just be a point of difference
that is too significant. I think your relationship with money,
I would equate it to like a personal value.
Speaker 3 (28:44):
You know, sometimes you meet people and you go we click.
Speaker 5 (28:46):
On so many levels, we have so much in common
that politically our opinions really differ. Or you know, our
core values when it comes to the way that we
move in the world are very different, and that can
sometimes be a mountain that is too high to overcome.
I think it's important to acknowledge that because if you
are someone who is in a relationship and you're getting
(29:08):
resentful like that, I think that's quite a dangerous emotion
to be feeling. So if you haven't already addressing it
is super important and saying hey, this is how I'm feeling,
this is how you're feeling.
Speaker 3 (29:19):
Is there a middle ground? What does that look like?
Speaker 5 (29:22):
But also, if you really want to live your life
one way and your partner really wants to live their
life another way, it is also worth looking at critically
and thinking, well, what are the implications long term? True,
because if you're gonna be with someon of for the
rest of your lives and those things don't align, it
can be a really uncomfortable situation, and like emotionally, that
(29:43):
can take a toll. Resent is a really negative feeling,
and resent then grows into all of these other types
of emotions. It can become anger, it can become you know,
all those things that then drive a wedge between what
I'm sure started out as a very wonderful and loving relationship.
And so it is I think, yes, in an ideal world,
we're finding a middle ground and we're both talking and
(30:05):
we're going, oh, like we can do what everybody wants.
But I also just wanted to say, like, sometimes like
you just don't align with the person you're with on
key things. Yeah, and I personally think money is one
of those key things where if you can't find a
way to make it work, that is also okay, and
you maybe will need to.
Speaker 3 (30:25):
Look at other options. I feel like that's a really
aggressive thing to say to someone single friends, Jess, is
that what you're suggesting, You've just decided I'm going to
be a matchmaker. I'll find you a new man.
Speaker 5 (30:36):
Yeah.
Speaker 3 (30:37):
I think that you're being harsh on yourself. I do
not think that you are being too rigid for having goals.
I think that having goals is really important, and we
know just from a research perspective that having goals means
that you're a happier person. Incredible. But I think that
you're now starting to feel like the fun Police, Like
you're feeling that resentment and as you said before, Jess,
(30:57):
it's not a good emotion to feel. But for me
is a little alarm bell that should be telling you, hey,
this arrangement doesn't feel fair anymore, Like there is some
type of discrepancy in that relationship and you're not going
to be surprised. Yess, what is it? What do you
think I'm going to say? Is the key here? Got
a big communication? But I really would sit down with him,
(31:21):
and you know, not when you're annoyed, like just when
you are starting to go all right, I want to
sit down and have a big, proper conversation and like
frame it less as you're spending too much and you're
not doing what I'm doing, but more like I've realized
that we have very different approaches to money, and I'm
starting to feel a little bit resentful of that because
(31:41):
you know, I'm trying really hard to achieve these goals
which I feel like you're benefiting from, but then you're
not actually contributing to those bigger goals and you're just
yellowing life. And you know, I'm making all these sacrifices
while also feeling like I'm being expected to keep up
with spending that doesn't align to those sacrifices that I'm making,
and I just I don't want this to become a
(32:02):
bigger issue, like I want to be on the same page.
Are we not working towards the same future? And yeah,
I would then get really specific. I love a smart goal,
but I also love that as a solution conversation. Does
that make sense? Like, I love using a smart goal,
I want a smart stand.
Speaker 4 (32:19):
For back.
Speaker 3 (32:21):
Solution.
Speaker 5 (32:25):
We mentioned smart goals on a Friday episode Took Me
about you and Me and Beck.
Speaker 3 (32:29):
Trying to fumble through each was so funny.
Speaker 4 (32:36):
It's something like Solow Dear God.
Speaker 3 (32:40):
In my book, I wrote about SotM goals instead of
smart goals because I feel like SotM goals like hit
the mark a little bit better for our community. So
that's about being specific the O. So yeah, SotM, I
was like, can we do spell? Oh? Is actually about
being optimistic because I don't think that you can set
a goal that you're not positive about. Like, if you're
setting a goal and you don't feel good, get rid
(33:02):
of it. T is timely and then M is measurable.
So it's about putting a framework around something. So just
asking hey, what are your savings goals to your partner,
they might go I've got none. Be like, oh, well,
let's backtrack. What do you want to achieve? Like five
years from now, what experiences do you want to have had?
What you know things do you want to own instead
(33:24):
of going oh, why no goal, which honestly feels so hard,
like that's like saying how much water is in the ocean?
You know, like that's not going to work for me.
But if I said to you, beck Hey, like in
five years, like what are some things that you want
to say that you've done? Like we could probably start
working towards creating some goals together and then you know
(33:46):
what lifestyle spending can you comfortably say no to? Like
are there some things that we could get rid of
that you know could become savings? And they might go
no none. You go, well, how do we have compromise?
Because everything life is about compromise. If we want a
bigger thing later, we've got to give up a smaller
thing now, and that can be really hard because the
(34:08):
smaller things they're good. Have you ever had an armored croissant?
Be so for real? But like a real fresh one?
That's the small thing It is hard to give up.
I get it, like walking past the bakery and they've
just pulled them out, Like I'm not saying, oh, giving
up small things is just so easy, Like we do
have to acknowledge that it's going to be challenging because
(34:32):
it's a lifestyle shift, But like, what can we give
up now for a bigger, better one later, whether that
is a house, whether that is even just food, Like
it could be, Hey, I'm going to budget my GROCERI
is a lot stricter, and I'm not going to do
all the nice dinners that I really love. Like if
you love having salmon every night, well I get it,
(34:52):
and you're like, well it's not that bad because I
get it at the supermarket and cook it myself. Okay,
but maybe instead of having the bougie weeknight dinners, we
have some like pretty staple basics, then we actually have
in the budget some money to go out on the
weekend with and we don't feel guilty because we're not
compromising our lifestyle anyway. I just think there's a lot
(35:12):
of conversation to be had, and you're not being too rigid,
You're being intentional, And I think that a conversation and
good communication is what you need to have right now,
because resentment honestly becomes a whole third person in your relationship. True,
Like it just becomes a whole thing. Absolutely, Like if
you resent someone, like, oh, it's just a whole other
(35:35):
emotion that you just don't need. Well, that's my opinion, anyway,
what did everybody else say?
Speaker 6 (35:39):
Oh?
Speaker 3 (35:39):
They were spicy. So the first question I asked the
community was have you ever felt like a partner's financial
habits were impacting your own goals? My friends, you are
not alone? Sixty eight percent of you said yes. The
next question I asked was should a higher spender contribute
more towards shared lifestyle costs? So I found to this interesting.
(36:01):
Twenty four percent of you said yes, are they twenty four?
Twelve percent said no, and then sixty four percent said, well,
it actually depends what the expense is.
Speaker 4 (36:10):
That's fairy.
Speaker 3 (36:11):
I thought that was fair too. The next question we
asked was do you think couples need to have similar
money values for a relationship to work? Eighty three percent
of you said yes, and then I said, all right,
what is your two cents? A lot of people had
the same conversation as us. Communication talk to them. So
I've just wiped all of those comments out because, like
(36:32):
we can only say it so many times. First person said,
being together, my partner's actually matured. We split on income percentage,
and his fun money is just his someone else said,
are you confusing our goals with your goals? Do you
even want the same things in life?
Speaker 5 (36:50):
Which again is like a bigger conversation around you know,
it's okay to have different goals.
Speaker 3 (36:54):
Located to different people.
Speaker 5 (36:56):
I think you need to be, but if you're going
two different places, sometimes that doesn't always work.
Speaker 3 (37:01):
Yeah, someone else said, you need to sit him down
and talk about a shared budget even though you don't
have shared savings, it's important to be on the same page,
which I think is true. Like, even before I shared
money with Steve, we had sat down and talked about
budgeting and talked about where we were allocating our income,
Like I knew what his budget looked like, even though
(37:22):
I didn't have access or didn't spend any of his money.
And we didn't even have a shared account because we
didn't need one at that point. And I think you
were like this too, just where we didn't need a
shared account for rent or anything, because we just told
our rental company, oh, I do fifty, he does fifty,
and then it would just get taken out of our
respective bank accounts each month. Yeah, when we.
Speaker 5 (37:40):
Moved in together, we have a shared account for like
groceries and stuff, but everything else we pretty much keep separate.
Speaker 3 (37:46):
It's our own money. Yeah, See, everyone's different. We didn't
do that. I would do groceries and stuff and then
he would pay for fixed bills and like it would
kind of all come out in the wash. It's just again,
if one of you.
Speaker 5 (37:57):
Was, like if me or my I don't know, one
of us was happy in one of it wasn't, then
you go, oh god, nightmare right, Oh yeah.
Speaker 3 (38:03):
Exactly, it's a problem. And thankfully we've always been on
the same page. But there's been people I've dated, like
prior to being married and obviously, but like that, I've
been on very different pages with and even operated with
them differently. Like I was in a relationship before Steve
for a very long time, even that situation was completely different. Again,
so it's not even just like that's how Victoria operates.
(38:25):
It's like every relationship is different.
Speaker 1 (38:28):
Yeah.
Speaker 3 (38:28):
Someone else said, we have two children and a mortgage
and just contribute an equal amount of shared expenses. My
husband and I have been together for eight years and
we still don't share money because I think he spends
too much. It works really well for us, and there's
no guilt and then I can actually buy what I
want and set goals that are.
Speaker 4 (38:45):
Just for me.
Speaker 1 (38:47):
That's good.
Speaker 3 (38:48):
I kind of like that definitely, But you need to
sit down and go, okay, cool, because if you're not
living together and they are kind of just like spending money,
willy nilly, yeah, not really different story to you, a
different story. But if you're living together and you're like, well,
these are our goals, this is what we're achieving anyway.
Another person said, I don't actually think this is an
issue if they can afford their lifestyle and can meet
(39:08):
their savings goals at fair point. Another person said, I
really think that you need to be spending on a budget.
Anything falling outside of this and they want to do
with you, they have to front the upfront cost. And
then this one's like maybe stroking my ego a little bit.
And this is where I'm going to end it. They said,
until I found your podcast, I was the highest spender,
(39:30):
and I was the one who had my head in
the sand, had no idea that it was even a problem.
Financial education changed that for me.
Speaker 4 (39:38):
Gorgeous.
Speaker 3 (39:39):
Maybe say to your partner, I get a podcast you love,
solve all your problems, and you know what, if they
don't love it, you can still stay. Do not worry?
All right, well, my friends, when it comes to money chats,
I don't think that there is any time like the present,
and I'm afraid that's all we have time for today.
(40:00):
If you've enjoyed today's episode, please rate us wherever you
get your podcasts. It does the algorithm thing. I don't
know what the algorithm thing is, but I've heard it
is good for the algorithm thing, and the algorithm thing
means that more people and more ears get to listen
to us. Or you can read us the old fashioned way,
which is by telling your friends. So thank you for
joining us on your morning commutes, maybe your desk lunch
(40:22):
or your hot girl book. And we will see you
bright and early on Monday morning for our money diary.
We appreciate you, We love you. Have best weekend, guys. Bye, bye, guys. Bye.
Speaker 6 (40:35):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 3 (40:49):
If you do choose to buy a financial product.
Speaker 6 (40:51):
Read the PDS TMD, and obtain appropriate financial.
Speaker 3 (40:54):
Advice tailored towards your needs.
Speaker 6 (40:56):
Victoria Divine and She's on the Money are authorized re
presentatives of money sherper P T y L t D
A b N three two one six four nine two
seven seven zero eight a f s L four five
one two eight nine
My name's Tatasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
kaka ya Ya Binahwaka Nian our gay In Nimbini, yakarum
jar Doumayagumika Umaga Ihowaka Nile Waman damon Immalan Bumba bang
gadabama In and now in Waka ghana on yakarum jar Watanadana. Hello,
(00:22):
beautiful friends, we gather on the lands of the Aboriginal people.
We thank acknowledge and respect the Abiginal people's land that
we're gathering on today. Take pleasure in all the land
and respect all that you see. She's on the Money
podcast acknowledges culture, country, community and connections, bringing you the tools,
knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money. Hello, my friends, and welcome to
She's on the Money, the podcast that makes your personal
finances fun, especially on a Friday. The gang is back
together for another edition of Friday Drinks, where we gather
to celebrate you our clever She's on the Money Community
Victoria Devine and joining me this week. Is the winsome
(01:09):
Miss Jessgariici with our community's best money wins and of course,
the benevolent Miss beck Sayed is here bracing broke tips glore. Welcome,
my friends. We're also going to be covering some juicy
money dilemmas which seem to be rather investment coded.
Speaker 4 (01:27):
This week.
Speaker 3 (01:28):
One community member slid into our DMS with I would
say a concern about couple's money values, while another leftist
of voicemail devoted to dollar cost averaging are the best
ways that we can do it? Do you fancy having
your dilemma discussed on our podcast? Come on through, my friends.
All you need to do is head to our podcast
page on the She's on the Money website, record a
(01:49):
little punchy dilemma of your own, and who knows, your
query might just make the cut better. Yet, it might
even help other listeners just like you work through their
money woes. Now, wouldn't you know what, my friends? It
is for our five star review? Are you strapped in?
Are you ready?
Speaker 5 (02:02):
Yeah?
Speaker 3 (02:03):
Absolutely? The five star review time is where we get
to hear from our lovely listeners about the ways that
they are finding financial independence and confidence with a little
help from us and the show. This one comes from
a friend called Amy, who says, hey, guys, I am
sure you get a million messages like these, arguably not
a million week. We would like more, but I just
(02:23):
wanted to say thank you so much for the advice
you have given. I was going through some money problems
recently caused by my own reckless spending and seriously considered
taking out a personal loan as I was too embarrassed
to ask for help, But in the process of applying
for it, there was a little voice in the back
of my head that sounded suspiciously like you guys, telling
(02:43):
me to check out other options first. Luckily, I am
extremely fortunate and was able to get my parents to
reduce my board for a couple of months while I
sought my stuff out. It was definitely the wake up
call that I needed, and I cannot thank you guys
enough for playing a part in it. Oh idea that
we're like the little sound on your shoulder like don't
do this, yes, like the fairly odd parents like, which
(03:06):
is like a bit how you go in fairies be
like don't do that.
Speaker 4 (03:09):
Yeah, Oh that's gorgeous, because.
Speaker 3 (03:10):
It really is a slippery slope. So I'm really glad
that you didn't. Proud of you and thank you so much.
I love that Amy. It sounds like our voices are
maybe living a little bit rent free in your head,
or maybe we should start paying you bored. We are
so proud of you exploring your options and honestly finding
a way out, because there's always another option. If we've
taught you anything interesting about your finances or how to
(03:32):
make your dollars go a little bit further, please let
us know by leaving a five star review for She's
on the Money on Apple, podcast, Spotify, or honestly, wherever
you tune in. We take them in our dms. I
take them in my DMS. I will take carry a
pigeon literally anything. All right, jessic Ricci, are you buckled in?
And are you ready? I am a question of the
week time and this one might call for a little
(03:53):
bit of ar capella. Okay, Sue wants to know what's
your karaoke song and do you have matching dance moves?
Speaker 5 (04:01):
My goodness, I fear I avoid karaoke like it's my
I don't think I've been.
Speaker 3 (04:07):
Usual adult life, really, I just feel like you're a carrier.
Speaker 5 (04:12):
No, this is my worst nightmare because I cannot even
carry a tune and my social anxiety, all these people
looking at me no like I can't. I would literally
need to be even hammered. I don't think you could
convince me to get on that stage.
Speaker 3 (04:26):
But if we were to convince you to get on
the stage, what song would you be most comfortable singing?
Speaker 5 (04:32):
Oh, I'm in a belt out some t swift. Put
on any of the discography, proferably something offbeat, you know,
maybe like paper Rings or something fun like that.
Speaker 3 (04:41):
A reputation. But yeah, we can't convince you to do
the dance a chance in hell. That's crazy. I feel
like you're the exact opposite. I love I saw that
coming a million but I thought you would say, yeah,
I love karaoke, it's really fun.
Speaker 5 (05:00):
I will support, I will cheer, I will woogle people
like I'll go to care.
Speaker 3 (05:04):
But you are such a wor girl. I'm not participating. Okay,
all right, I feel like you'll move your shoulders. I'll
be dancing on the sideline. I feel like you're the
dreams that would be singing on the sidelines. But don't
give you the microphone. Yeah, that's a fair that's a
fair assessment because like at the Taylor Swift concert, we
were screaming. That's true, Like every single lyric we were
(05:24):
screaming them. Like, it's not like you were scared of
being heard, jests, no one looking at me.
Speaker 4 (05:33):
Problem is not being perceived. But you have seen, you
want to see, you want to move.
Speaker 3 (05:39):
She wants to be a karaoke girl.
Speaker 4 (05:41):
I get that. I get that. I get there. So
maybe maybe alone you're a home I get you. How
do I whittle it down? So definitely.
Speaker 3 (05:48):
I love that there's options, there's so many, so special
to Mithiggans obviously, dreams, Gabrielle.
Speaker 4 (05:56):
Dreams, Ken came true.
Speaker 3 (06:01):
And then I know this is like this is like,
you know, maybe ethically ambiguous, but I really quickly ambiguous.
Speaker 6 (06:07):
I like that.
Speaker 4 (06:08):
I love human nature.
Speaker 3 (06:09):
Michael Jackson and sorry, sorry, we don't need I know,
and I'm trying to wean myself off. Oh no, no, no,
like we can keep them. Sorry, they live in our past.
That's they live in our past. Jackson, you know, just
to be like questionable in terms of his decision making.
But at the same time, I think he's not here anymore.
(06:30):
So if you like his music pop Off Queen.
Speaker 4 (06:32):
Those are my three main ones, okay, and then there's
so many more.
Speaker 3 (06:35):
But I don'teel like a man in the mirror would
be something that you would be like all over. Actually
wouldn't mind that, but I don't know if you could.
Speaker 4 (06:43):
Maybe I could.
Speaker 3 (06:44):
I trust the register change exactly, and what about you?
Oh my god, I don't know. I feel so stumped.
Like Jess Love a microphone, put it in front of me,
do not make me sing. I can't sing my toddler
the other mummy, stop mortifying, mortifying. I was just like singing.
(07:06):
And he goes like I'm holding my toddler, cradling him,
and like, for his entire life, I've sung to him
while he's like going to sleep, you know, not every time,
but sometimes, and he puts his fingers over my mouth
and goes, mammy stop honestly, fair fair. So yeah, I'm
not a karaoke girly, but if I was going to
it would be a song that I know really well,
(07:28):
like TLC Waterfalls.
Speaker 4 (07:30):
Oh yeah, okay, like I even.
Speaker 3 (07:32):
Know the rap part, which I think is so funny
because it doesn't suit my personality at all.
Speaker 4 (07:37):
I wouldn't picked it for you, but I can see it.
Speaker 3 (07:39):
It's really fun or like a Natasha Beddingfield unwritten or
something like something really honestly, the takia the better. Yeah,
so that's where I would be. We are not, just
to be very clear, we are not going to be
hosting a Shoes on the Money karaoke event. It's not happening.
I'm not comfortable with it. Jess isn't comfortable with it,
but might do a side quest. I can see that
(08:03):
in your future for sure. God, she hosts trivia, next
up karaoke, She's on the Money branded. I'll be there
to support sport. I will be there. Do not make
me sing like I just can't get over the fact
that I can't sing.
Speaker 4 (08:19):
You don't need to worry about that part.
Speaker 5 (08:21):
On the inside, I feel like I should be a
good singer, and it really upsets me.
Speaker 3 (08:26):
Like I should be a good singer. I am not.
Like what comes out of my mouth in the car
is not what you would hear, like, I think it's
way better than what it is in reality.
Speaker 4 (08:39):
And then you turn the radio down. You're like, am
I hitting those notes? And you're like waiting, No, that
was the song?
Speaker 3 (08:44):
No, I'm just enjoying the song totally, and I would
like to live in that state of delusion. I don't
need people with cameras being able to capture those moments.
Speaker 4 (08:52):
Yeah, I understand.
Speaker 3 (08:53):
I agree. So if you ever think about Jess or
I do in karaoke, just know we're amazing at it
and we wouldn't want you to feel bad about your
karaoke ability, so we would never get up on that stage.
Speaker 4 (09:03):
Well that's fair.
Speaker 3 (09:04):
We're just really thoughtful, aren't we. Just I couldn't agree more.
All Right, guys, if you've got an excellent question for
the pod, to send it on through to us. As
you've heard, it does not have to be money related,
but maybe ow she's on the karaoke playlist, should be like,
we should make one of those.
Speaker 4 (09:17):
I god, we should should.
Speaker 3 (09:19):
Absolutely? Are you ready for more community money wins? Misters GRICI,
please tell me what has our community been up to
on the money win front this week? Firstly, Sharon has
said money win.
Speaker 5 (09:30):
I've paid off my after pay, I've closed the account
and I've deleted the app. Oh amazing, lots of people
getting around her, you love to see it? Tell yeah,
then I've got money in from Sammy, who said, I
just hit two hundred and fifty sessions at my gym
and they gave me one hundred.
Speaker 3 (09:43):
Dollars alis katvoutcha Alis.
Speaker 5 (09:45):
Katie also had free shipping in a ten percent discount,
so I got some new leggings for free. Oh my god,
amazing love the year gym celebrates that.
Speaker 3 (09:52):
That's awesome.
Speaker 5 (09:54):
Next, I've got a money win from Chantale, who said
it's actually a money loss, but a memory win. I
took my daughter out for a bike rid I had
on the weekend, and we had breakfast at a local cafe,
and I then doubled down because the weather was beautiful,
and we walked to our local bowling club and enjoyed
a drink and some nibbles outside while we played Uno.
I normally wouldn't spend fifty dollars in one morning eating
(10:14):
and drinking out, but making memories.
Speaker 4 (10:16):
Is absolutely worth it.
Speaker 3 (10:17):
It's very true, and.
Speaker 5 (10:19):
That sounded just so wholesome to me, Like you know,
in the sunshine, little breakfast together, sometimes it's money well spent.
Then I've got one from Tara who said my vacuum
mop broke and I needed to get a new one.
I menased JB High Fire to look for the dice
and washed g one, which they had listed for nine
ninety nine. I then went online and Mayer had them
on sale for three hundred and ninety five dollars and
(10:42):
Jbhigh Fire price match, so I saved six hundred dollars.
I have that dice and mop I paid one thousand
dollars for it. I will say it was worth every penny.
But if you can buy it for three hundred and
ninety five dollars.
Speaker 3 (10:52):
That's one thousand.
Speaker 2 (10:53):
That's a steal deal.
Speaker 3 (10:55):
And oh brilliant, brilliant, brilliant.
Speaker 2 (10:57):
I love it so much.
Speaker 3 (10:58):
I haven't tried the dice in one have the What
have I got? I've got the Bissel, yeah, and I
love her. But she's like on a cord yeah, so
I want like a cordless one because I'm not gonna lie.
It's incredibly like good. Yeah, but the idea that I
have to lug it out, plug it in do to
cord things really good.
Speaker 5 (11:18):
The battery is like an hour, I'm pretty sure on it,
which is like enough for me to do my house.
Speaker 3 (11:23):
That's good.
Speaker 5 (11:24):
Yeah, And it's so satisfied for anyone hasn't seen it.
It mops and vacuums at the same time. So if
you've got pets, like there's always pet hair on my
floor no matter how much I run the robo back.
So it's good because it doesn't block the mop. But
then there's two little canisters, one for clean water that
goes on the floor as you mop, and as you
it sucks it back up, which is if you've got floorboards.
Speaker 3 (11:42):
But also you can see the dirty water. In a sense,
it's so satisfying. My mistol does that as well. Really, right,
why do I mop the floor and then go I'll
just do a quick once over of the kitchen again
because I don't know why. I feel like the kitchen
needs doing twice for some reason, like it just does.
And then the mop is dirty again, and I'm like.
Speaker 4 (12:01):
Don't use this house.
Speaker 3 (12:03):
I've literally just cleaned it. I don't understand mopping till
it's clear.
Speaker 4 (12:07):
Is Oh that would feel good.
Speaker 3 (12:09):
It feels so good not in this house.
Speaker 5 (12:12):
I've got a body win from Grace who said I
didn't buy one single work lunch last week.
Speaker 3 (12:16):
Okay, I can't very good. Grace.
Speaker 5 (12:19):
Jason said I bought two new books and I got
them from Marketplace. It was five dollars for both, which
is a bargain if ever I've heard one. And then lastly,
I've got money win from Aaron who said we were
in the city for Vivid with our two kids and
my five year old was insisting on getting a big pretzel,
which is like, you know there's Venda hot pretzels five.
Speaker 3 (12:37):
Year old's page.
Speaker 5 (12:37):
They're so couldn't find them, she said, unfortunately, but today
she went to Aldi picked up a box of six
frozen ones six bucks.
Speaker 3 (12:46):
Sorry, what you can get giant frozen pretzels. I've had
them before.
Speaker 5 (12:49):
They're very good. Actually, so I've had the pretzel sticks.
I don't know if they do the twisty ones them
in the air fryer. Stop it a little bit of
molden salt.
Speaker 4 (12:57):
Okay, delicious.
Speaker 3 (12:58):
I didn't know this exist, Like, I want to go
to Aldi a sap. I'm not pregnant, but that feels
like a pregnancy cravy in my head. I'm like, oh yes. Also, Jess,
I just saw on Instagram and I tagged you on
Instagram in a picture of a pink air fryer. I
need it. Ninja has a pink air fryer. I must
(13:19):
have it.
Speaker 4 (13:19):
I literally did.
Speaker 3 (13:22):
Don't tell anybody, but while Jess was opening her phone
I saw it and tagged her while we're recording the episode,
and I was like, she needs to see this. She
it's like a light pink.
Speaker 4 (13:34):
Oh that's cute. Oh now that's sorry, Hugh.
Speaker 3 (13:36):
Sorry, Jess is building a house.
Speaker 4 (13:39):
Yeah, you gotta have that.
Speaker 3 (13:40):
Jess has a new kitchen and nobody else has seen
the cabinet tree in her kitchen yet because she hasn't
posted it. But I made her send me pictures of
her cabinet tree in her kitchen, and I just know
that it needs a pink air fryer. I'm really cute.
I'm so excited to see this. Oh don't even it
is the most exciting thing ever. All right, let's move on. Yes, Beck,
I don't know if you can get better than six
(14:01):
dollars for six frozen pretzels, but I feel like you
often do top it.
Speaker 4 (14:07):
Well, I'm gonna be pretty close.
Speaker 3 (14:08):
I'd tell you what do you bring into the table?
My friend?
Speaker 4 (14:11):
So well?
Speaker 3 (14:12):
Actually, first of all, pretzel I always get confused by them,
to the small ones, crispy always like a chip, large
pretzel like a bread.
Speaker 4 (14:18):
Would you say understood?
Speaker 3 (14:22):
Think crispy out that and today are fantastic negotiating tools
for toddless. Yes, my kid will do so much for
a pretzel. Yeah, hell yeah, Okay, same though, I got
to get on these big pretzels. I'm going to get
the big pretzels. I'll report that, thank you.
Speaker 4 (14:38):
Okay.
Speaker 3 (14:38):
First broke tip I have from the community is from Christy,
who says, go to Buddings. They do free kids crafts
often on a Sunday. They have an indoor playground. Plus
they have party pies and sausage rolls for the kids,
so you don't have to buy big ones. It's a
great option for.
Speaker 4 (14:53):
A rainy day.
Speaker 3 (14:54):
It is actually good free to do.
Speaker 6 (14:57):
This.
Speaker 3 (14:57):
Next one comes from a Stacey who says, if there's
something you desperately want to watch on Prime and you're
a bingital in one or two nights kind of person,
sign up, watch the show, cancel the membership, and you
can opt to have the remainder of your month's fee
refunded versus paying for a whole month, which is a
great idea.
Speaker 4 (15:14):
I didn't even know that movies and stuff like that
as well, So I think that's so good.
Speaker 3 (15:18):
And I know this is really lazy of me, but
it did remind me that this is something I want
to tell freelancers or anyone who needs Adobe to like
make money or just whatever you use it for.
Speaker 4 (15:29):
Adobe does this same thing. So if you sign up
for a month to month not an annual subscription, you
can say you have to cut up a video for
a client or whatever you need to do. If you
sign up, unfortunately, do you have to pay the full
amount upfront, but then try and get your work done
in one or two days, and then you cancel and
you can opt for a refund like pro rated pro rade.
(15:51):
It it's like two days off or whatever. It's like
still like a hefty chunk. You're really not paying that much.
So I think this is a great reminder.
Speaker 3 (15:59):
I think I said it recently on a podcast that
I've just been threatening all my subscriptions, yer, like I
just go in and threaten to cancel, Like I like,
go into the account, hit cancel and see if like
a retention thing comes up, and if it does, I'm like,
thank you, I'll be taking that discount. And if it
doesn't pop up, I'm like, I didn't mean it and
likes it because there are some subscriptions that I do
(16:21):
want to keep, but I also want a discount.
Speaker 4 (16:23):
So totally. I just got through three months of free Adobe.
I'm obsessed with Adobe this morning because the same thing.
Speaker 3 (16:31):
I'm obsessed with. How creative I feel like you are consistently.
It's really impressive. While you guys hear a little word
from our sponsors, we're going to be plotting ways to
be more creative with our money. So guys don't go anywhere.
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 6 (16:50):
Hi.
Speaker 3 (16:51):
There, have you got a money dilemma you just can't solve?
The Sheese on the Money Team is here to help.
Every week, we tackle your dilemmas, both big and small,
to answer your most burning money, career and life questions.
To get involved, simply head to our website and leave
us a short voice recording and you might just find
yourself on the show. Now, let's take a listen to
this week's money dilemma.
Speaker 2 (17:13):
Hi, she's on the Money Team. I have a question
about dollar cost averaging in investing. I have worked out
that I can invest about one thousand dollars every six months.
I could invest that in smaller portions over the course
of the six months, but I have been investing it
as a thousand dollar lump some essentially every six months.
(17:36):
I'm investing with Perla, and the brokerage fee is six
dollars fifty. So the way that I thought about it
was that that was a good percentage of the investment.
But I keep hearing about dollar cost averaging, and I'm
essentially wondering whether I should be doing this differently, whether
I should be investing more frequently every fortnight or every month,
(17:58):
or whether this is a good way to go. I'd
love your advice and thoughts about this. Thank you.
Speaker 3 (18:03):
What do you reckon? Beeck? What would you do?
Speaker 4 (18:05):
Yes, I had never thought about that. So I guess like,
if you're investing months every like six months or whatever,
then you would hope that on the day that you
invest the investment is low. But if you invested every day,
or like every few days or every few weeks, then
your chances of getting like some lower price some higher price.
Speaker 3 (18:24):
Is that what that is?
Speaker 4 (18:25):
Dollar cost averaging?
Speaker 5 (18:26):
Yeah, So the idea of dollar cost averaging is that
you make more frequent purchases, so statistically speaking, you're more
likely to hit an average of a market, whereas our listener,
for example, she's buying ones every six months, she's purchasing
twice in a year, so statistically speaking, the chances of
the market being in a positive spot are less likely,
(18:49):
whereas if you were to purchase more regularly. The idea
would be that sometimes you buy it's high, sometimes you
buy it's low, and that it averages out, so you're
kind of in the middle of the market, if that
makes sense across the board.
Speaker 4 (19:02):
And I guess the downside is that I believe it
six or fifty every time per transaction, per transaction, that
seems like a hefty fee. I don't know. I'd a
very per Yeah, I would like try and do it
like consistently or like you know, shorter times in between personally, But.
Speaker 3 (19:19):
I've come with receipts, okay, tell us more. Okay. So
she gave me enough information that I could put this
into an online investment frequency calculator, which helps you understand
what frequency would be the best strategy for your money. Now,
this is obviously not financial advice, as in, I'm going
(19:40):
to give a piece of financial advice, but it's not
specific to you. And the way that I see it
is you might choose to not invest this way just
purely because it's your habits and you're trying to go
no V, I really want to invest on an opply basis,
or no V, I really want it to go into
the market every two months. Like that's very different because
if you're saying I will feel more committed because I'm
(20:01):
investing regularly and I get to play with it more often.
Therefore I'm contributing more, that's probably a really good thing
for you. But there is a website, and I'll make
sure it's in the show notes. It's investcalc dot GitHub,
dot io, and I have used this a few times.
It's not owned by any of the banks or any
of the investing platforms, which I kind of like. And
it's just an investment frequency calculator. So you've just got
(20:23):
to take it as you will. And what it will
do is it will take your investment frequency, your savings
per month, your interest rate that you might get on
your savings, your expected investment returns, and then your brokerage
per investment, and it tells you how often investing would
be optimal for you. Right, So for this example, our
(20:44):
friend she's saying, I have one thousand dollars every six months,
so we could probably assume that she's saving about one
hundred and sixty six dollars and sixty six cents per month. Right,
that makes two grand to you. I popped that in
so I said every month, she's got one hundred and
sixty six dollars and sixty six cents interest rate on savings. Today,
a good savings account you could get around five percent.
(21:07):
So this is just a point in time thing. So
I have put five percent in the interest rate on savings.
The expected investment returns. Again, we know that since inception
the average rate of the Australian share markets return has
been thirteen percent, but I've put nine because I feel
like that seems to be what a lot of ETFs
and a lot of investments have been returning over the
(21:29):
last thirty years. I've then gone and looked up Perla's
brokerage fee, and on average per investment it's six dollars
fifty for Perler. So with all of that, this calculator
has spat out. And I'll again make sure that these
link is in the show notes, so you can do
your own calculations and make your own decisions. But the
optimal investment strategy apparently is investing eight hundred and thirty
(21:53):
seven dollars once every five months. Interesting yeap, And this
amount includes the brokerage and seven dollars interest. So it
says that if you were to invest every single month
over let me just get my laptop because I want
specific numbers for you guys. It says here that if
you were to invest, so this is over ten years,
(22:14):
So this calculator goes all right, Well, if you're investing
consistently for ten years and you invested the one hundred
and sixty six every single month, your investment portfolio would
be worth about thirty thousand, two hundred dollars. If you
were to invest every three months, it would be worth
thirty one thousand dollars. If you were to invest every
five months, it would be worth thirty one thousand, one
(22:35):
hundred dollars, and if you were to invest every ten months,
it drops back down to just under thirty one thousand dollars.
So like as you guys can see, like there's not
heaps of difference. And obviously this is just like a
here's the maths. Yeah, and just because the maths maths
doesn't mean it's the best situation for you. But that's
really interesting and I find it a really good way
(22:56):
of making decisions because obviously, when you have brokerage, you're
spending six dollars fifty just to get your money into
the market, and that stuff adds up, like if you're
spending six dollars fifty every single month, that money could
have gone into your investment portfolio instead. So we do
need to be really aware of how often we're investing.
And I do think that there's this really big misconception
(23:17):
that when we say and when I say we, when
the market says invest consistently over the long term, it
means every week or every month. Yeah, it doesn't actually
mean that. It just means be consistent with your contributions
to your investment portfolio. And every five months. You might go, vi,
that doesn't make sense, like that feels like a long
(23:37):
period of time. Well it's actually not, because our plan
is to be investing for thirty, forty, fifty, maybe sixty years.
So if we're doing that, every five months is actually
very consistent. We just need to commit to that and
it's a bit harder to feel that commitment when you're like, oh,
it's just my savings sitting over there. I haven't invested them, Like,
(24:00):
you know, we're making interest on our savings because obviously
we'd have a high interest savings account while everything's banking up,
and then we make an investment decision that makes sense
for us.
Speaker 5 (24:09):
So it's worth remembering that five months isn't a rule
of thumb for everyone. That's based on this specific and.
Speaker 3 (24:15):
That's where I'm like, I just want to be very clear.
This is the calculator. I'm putting it in the link, like,
that's not me saying please do this. That's absolutely not advice,
but it's hey, look at what this specific example spat out,
because it's not what you would have expected, especially because
the narrative is so often invest every single month. Jess,
it's a good idea. Let's just do our check in
(24:38):
sounds like she was doing.
Speaker 4 (24:39):
She was on the right track, for sure.
Speaker 3 (24:40):
I feel like she is on the right track right
she said, I'm investing one thousand dollars every six months.
That seems pretty close.
Speaker 4 (24:47):
Banks Gold perfect, you do you boot.
Speaker 3 (24:50):
Absolutely anyway, that was really fun. I could keep talking
about dollar cost averaging forever, which I think you guys know.
Let's move on to our DM of the week. This
DM concerns the values behind it, our investments. I'm just
so excited about this next topics, specifically how our values
might differ if we're in a relationship. So this community
member messaged us and said, Hi, Victoria, Jess and beck
(25:12):
I have a dilemma that's been eating away at me,
and you just know it is because there were five
exclamation marks after this. My partner and I have completely
different approaches to money. I'm a planner and love having savings. Well,
he believes money is just there to be enjoyed. Recently,
I've started feeling resentful because I'm saying no to dinners,
weekends away, and shopping so that I can hit my goals,
(25:33):
while he's spending freely and still expects us to split
everything evenly. We don't combine finances, but his choices are
starting to impact mine. Am I being too rigid with
my money? Or is this something that we need to
have a bigger conversation about. I think we've answered a
question like this before totally, and like that's just telling
(25:53):
us or I think it's just telling us goal you're
not alone. This is consistent. It's like the ying and yang,
for sure.
Speaker 4 (26:01):
I think God and I've had a lot of these
discussions recently for some reason. It's popping up at the
moment in my world.
Speaker 3 (26:08):
But I think that like money and just everything, like
the way you're brought up with money, Like we all know,
like it's not just something we inherently have, Like it's
not like you can.
Speaker 4 (26:22):
You know, you either have empathy or you don't have empathy.
It's like money is not a part of human biology whatever,
and so it's like makes sense that we have to
like learn what our relationship is with this foreign object.
Some people are really good at making sure that they're
getting the best deal in every way, and my brain
personally doesn't work like that, and some people's does and
(26:45):
some people don't. It just really depends on the way
your brain works, and also the way you were brought up,
I suppose. But I think like even then it's a
situation that money is very important to you, Money is
not very important to your partner already is, but in
this way where it's like should be used for joy
and pleasure and all these things. Which I understand because
I'm on the same wavelength. I think that we should
(27:07):
be enjoying the fruits of our labor every day in
every way. But I think that there is certainly a
really nice middle ground. It doesn't have to be super
frugal or just like splurge all the time. But I
think as long as your partner knows why it's important
to you and what that looks like, and you as
well understanding their point of view as well, I think
(27:28):
you can come to a nice middle ground where you'll
maybe like, hey, let's save this amount of money, or
if you want to go out and splurge, then we
can do that, but I won't be financially contributing because
sometimes you just want like someone to go with. You
want to be able to go to the movies or
go to a fancy restaurant, but you don't want to
go alone. So if your partner's like, i'll pay for it, cool,
(27:48):
go enjoy the fruits of their labor. But I think
there is a middle ground and you can reach that
just having a big conversation about it all.
Speaker 3 (27:54):
And it sounds a lot like it's about mindset, like
your mindset where you're like no, you should always like
just enjoy the fruits of your labor. And like, then
I look at Jess and my money mindset in comparison
to yours, and I go, well, Beck, my money mindset
is that by doing that, you're stealing from future you.
And like, I'm making my life harder for future me
(28:15):
to enjoy things that are bigger and better. And I
think it's about instant and delayed gratification. And that's why
getting into it is really helpful. Jess, what would you do?
I think like there's two ways it can go.
Speaker 5 (28:27):
I think either you sit down, you have the conversation,
you reach that middle ground and you find compromise. Or
I think, like it is pragmatic to talk about the
fact that it may just be a point of difference
that is too significant. I think your relationship with money,
I would equate it to like a personal value.
Speaker 3 (28:44):
You know, sometimes you meet people and you go we click.
Speaker 5 (28:46):
On so many levels, we have so much in common
that politically our opinions really differ. Or you know, our
core values when it comes to the way that we
move in the world are very different, and that can
sometimes be a mountain that is too high to overcome.
I think it's important to acknowledge that because if you
are someone who is in a relationship and you're getting
(29:08):
resentful like that, I think that's quite a dangerous emotion
to be feeling. So if you haven't already addressing it
is super important and saying hey, this is how I'm feeling,
this is how you're feeling.
Speaker 3 (29:19):
Is there a middle ground? What does that look like?
Speaker 5 (29:22):
But also, if you really want to live your life
one way and your partner really wants to live their
life another way, it is also worth looking at critically
and thinking, well, what are the implications long term? True,
because if you're gonna be with someon of for the
rest of your lives and those things don't align, it
can be a really uncomfortable situation, and like emotionally, that
(29:43):
can take a toll. Resent is a really negative feeling,
and resent then grows into all of these other types
of emotions. It can become anger, it can become you know,
all those things that then drive a wedge between what
I'm sure started out as a very wonderful and loving relationship.
And so it is I think, yes, in an ideal world,
we're finding a middle ground and we're both talking and
(30:05):
we're going, oh, like we can do what everybody wants.
But I also just wanted to say, like, sometimes like
you just don't align with the person you're with on
key things. Yeah, and I personally think money is one
of those key things where if you can't find a
way to make it work, that is also okay, and
you maybe will need to.
Speaker 3 (30:25):
Look at other options. I feel like that's a really
aggressive thing to say to someone single friends, Jess, is
that what you're suggesting, You've just decided I'm going to
be a matchmaker. I'll find you a new man.
Speaker 5 (30:36):
Yeah.
Speaker 3 (30:37):
I think that you're being harsh on yourself. I do
not think that you are being too rigid for having goals.
I think that having goals is really important, and we
know just from a research perspective that having goals means
that you're a happier person. Incredible. But I think that
you're now starting to feel like the fun Police, Like
you're feeling that resentment and as you said before, Jess,
(30:57):
it's not a good emotion to feel. But for me
is a little alarm bell that should be telling you, hey,
this arrangement doesn't feel fair anymore, Like there is some
type of discrepancy in that relationship and you're not going
to be surprised. Yess, what is it? What do you
think I'm going to say? Is the key here? Got
a big communication? But I really would sit down with him,
(31:21):
and you know, not when you're annoyed, like just when
you are starting to go all right, I want to
sit down and have a big, proper conversation and like
frame it less as you're spending too much and you're
not doing what I'm doing, but more like I've realized
that we have very different approaches to money, and I'm
starting to feel a little bit resentful of that because
(31:41):
you know, I'm trying really hard to achieve these goals
which I feel like you're benefiting from, but then you're
not actually contributing to those bigger goals and you're just
yellowing life. And you know, I'm making all these sacrifices
while also feeling like I'm being expected to keep up
with spending that doesn't align to those sacrifices that I'm making,
and I just I don't want this to become a
(32:02):
bigger issue, like I want to be on the same page.
Are we not working towards the same future? And yeah,
I would then get really specific. I love a smart goal,
but I also love that as a solution conversation. Does
that make sense? Like, I love using a smart goal,
I want a smart stand.
Speaker 4 (32:19):
For back.
Speaker 3 (32:21):
Solution.
Speaker 5 (32:25):
We mentioned smart goals on a Friday episode Took Me
about you and Me and Beck.
Speaker 3 (32:29):
Trying to fumble through each was so funny.
Speaker 4 (32:36):
It's something like Solow Dear God.
Speaker 3 (32:40):
In my book, I wrote about SotM goals instead of
smart goals because I feel like SotM goals like hit
the mark a little bit better for our community. So
that's about being specific the O. So yeah, SotM, I
was like, can we do spell? Oh? Is actually about
being optimistic because I don't think that you can set
a goal that you're not positive about. Like, if you're
setting a goal and you don't feel good, get rid
(33:02):
of it. T is timely and then M is measurable.
So it's about putting a framework around something. So just
asking hey, what are your savings goals to your partner,
they might go I've got none. Be like, oh, well,
let's backtrack. What do you want to achieve? Like five
years from now, what experiences do you want to have had?
What you know things do you want to own instead
(33:24):
of going oh, why no goal, which honestly feels so hard,
like that's like saying how much water is in the ocean?
You know, like that's not going to work for me.
But if I said to you, beck Hey, like in
five years, like what are some things that you want
to say that you've done? Like we could probably start
working towards creating some goals together and then you know
(33:46):
what lifestyle spending can you comfortably say no to? Like
are there some things that we could get rid of
that you know could become savings? And they might go
no none. You go, well, how do we have compromise?
Because everything life is about compromise. If we want a
bigger thing later, we've got to give up a smaller
thing now, and that can be really hard because the
(34:08):
smaller things they're good. Have you ever had an armored croissant?
Be so for real? But like a real fresh one?
That's the small thing It is hard to give up.
I get it, like walking past the bakery and they've
just pulled them out, Like I'm not saying, oh, giving
up small things is just so easy, Like we do
have to acknowledge that it's going to be challenging because
(34:32):
it's a lifestyle shift, But like, what can we give
up now for a bigger, better one later, whether that
is a house, whether that is even just food, Like
it could be, Hey, I'm going to budget my GROCERI
is a lot stricter, and I'm not going to do
all the nice dinners that I really love. Like if
you love having salmon every night, well I get it,
(34:52):
and you're like, well it's not that bad because I
get it at the supermarket and cook it myself. Okay,
but maybe instead of having the bougie weeknight dinners, we
have some like pretty staple basics, then we actually have
in the budget some money to go out on the
weekend with and we don't feel guilty because we're not
compromising our lifestyle anyway. I just think there's a lot
(35:12):
of conversation to be had, and you're not being too rigid,
You're being intentional, And I think that a conversation and
good communication is what you need to have right now,
because resentment honestly becomes a whole third person in your relationship. True,
Like it just becomes a whole thing. Absolutely, Like if
you resent someone, like, oh, it's just a whole other
(35:35):
emotion that you just don't need. Well, that's my opinion, anyway,
what did everybody else say?
Speaker 6 (35:39):
Oh?
Speaker 3 (35:39):
They were spicy. So the first question I asked the
community was have you ever felt like a partner's financial
habits were impacting your own goals? My friends, you are
not alone? Sixty eight percent of you said yes. The
next question I asked was should a higher spender contribute
more towards shared lifestyle costs? So I found to this interesting.
(36:01):
Twenty four percent of you said yes, are they twenty four?
Twelve percent said no, and then sixty four percent said, well,
it actually depends what the expense is.
Speaker 4 (36:10):
That's fairy.
Speaker 3 (36:11):
I thought that was fair too. The next question we
asked was do you think couples need to have similar
money values for a relationship to work? Eighty three percent
of you said yes, and then I said, all right,
what is your two cents? A lot of people had
the same conversation as us. Communication talk to them. So
I've just wiped all of those comments out because, like
(36:32):
we can only say it so many times. First person said,
being together, my partner's actually matured. We split on income percentage,
and his fun money is just his someone else said,
are you confusing our goals with your goals? Do you
even want the same things in life?
Speaker 5 (36:50):
Which again is like a bigger conversation around you know,
it's okay to have different goals.
Speaker 3 (36:54):
Located to different people.
Speaker 5 (36:56):
I think you need to be, but if you're going
two different places, sometimes that doesn't always work.
Speaker 3 (37:01):
Yeah, someone else said, you need to sit him down
and talk about a shared budget even though you don't
have shared savings, it's important to be on the same page,
which I think is true. Like, even before I shared
money with Steve, we had sat down and talked about
budgeting and talked about where we were allocating our income,
Like I knew what his budget looked like, even though
(37:22):
I didn't have access or didn't spend any of his money.
And we didn't even have a shared account because we
didn't need one at that point. And I think you
were like this too, just where we didn't need a
shared account for rent or anything, because we just told
our rental company, oh, I do fifty, he does fifty,
and then it would just get taken out of our
respective bank accounts each month. Yeah, when we.
Speaker 5 (37:40):
Moved in together, we have a shared account for like
groceries and stuff, but everything else we pretty much keep separate.
Speaker 3 (37:46):
It's our own money. Yeah, See, everyone's different. We didn't
do that. I would do groceries and stuff and then
he would pay for fixed bills and like it would
kind of all come out in the wash. It's just again,
if one of you.
Speaker 5 (37:57):
Was, like if me or my I don't know, one
of us was happy in one of it wasn't, then
you go, oh god, nightmare right, Oh yeah.
Speaker 3 (38:03):
Exactly, it's a problem. And thankfully we've always been on
the same page. But there's been people I've dated, like
prior to being married and obviously, but like that, I've
been on very different pages with and even operated with
them differently. Like I was in a relationship before Steve
for a very long time, even that situation was completely different. Again,
so it's not even just like that's how Victoria operates.
(38:25):
It's like every relationship is different.
Speaker 1 (38:28):
Yeah.
Speaker 3 (38:28):
Someone else said, we have two children and a mortgage
and just contribute an equal amount of shared expenses. My
husband and I have been together for eight years and
we still don't share money because I think he spends
too much. It works really well for us, and there's
no guilt and then I can actually buy what I
want and set goals that are.
Speaker 4 (38:45):
Just for me.
Speaker 1 (38:47):
That's good.
Speaker 3 (38:48):
I kind of like that definitely, But you need to
sit down and go, okay, cool, because if you're not
living together and they are kind of just like spending money,
willy nilly, yeah, not really different story to you, a
different story. But if you're living together and you're like, well,
these are our goals, this is what we're achieving anyway.
Another person said, I don't actually think this is an
issue if they can afford their lifestyle and can meet
(39:08):
their savings goals at fair point. Another person said, I
really think that you need to be spending on a budget.
Anything falling outside of this and they want to do
with you, they have to front the upfront cost. And
then this one's like maybe stroking my ego a little bit.
And this is where I'm going to end it. They said,
until I found your podcast, I was the highest spender,
(39:30):
and I was the one who had my head in
the sand, had no idea that it was even a problem.
Financial education changed that for me.
Speaker 4 (39:38):
Gorgeous.
Speaker 3 (39:39):
Maybe say to your partner, I get a podcast you love,
solve all your problems, and you know what, if they
don't love it, you can still stay. Do not worry?
All right, well, my friends, when it comes to money chats,
I don't think that there is any time like the present,
and I'm afraid that's all we have time for today.
(40:00):
If you've enjoyed today's episode, please rate us wherever you
get your podcasts. It does the algorithm thing. I don't
know what the algorithm thing is, but I've heard it
is good for the algorithm thing, and the algorithm thing
means that more people and more ears get to listen
to us. Or you can read us the old fashioned way,
which is by telling your friends. So thank you for
joining us on your morning commutes, maybe your desk lunch
(40:22):
or your hot girl book. And we will see you
bright and early on Monday morning for our money diary.
We appreciate you, We love you. Have best weekend, guys. Bye, bye, guys. Bye.
Speaker 6 (40:35):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 3 (40:49):
If you do choose to buy a financial product.
Speaker 6 (40:51):
Read the PDS TMD, and obtain appropriate financial.
Speaker 3 (40:54):
Advice tailored towards your needs.
Speaker 6 (40:56):
Victoria Divine and She's on the Money are authorized re
presentatives of money sherper P T y L t D
A b N three two one six four nine two
seven seven zero eight a f s L four five
one two eight nine
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by Audiochuck Media Company.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com