June 25, 2026 • 30 mins
Who among us has struggled with spending? Alright, how many of you answered ‘yes’ because you struggle to *spend* money, rather than spending it too freely?
This week on Friday Drinks, Bec and Jess discuss a handful of money dilemmas from our community, including one about having a frugal money mindset that’s actively impacting your ability to spend. They also discuss whether it’s worthwhile to withdraw your investments to fund a business idea.
Join us for another playful episode featuring a silly Question of the Week, plus, Money Wins and Broke Tips, including how to extend the life of your continental cucumbers. (We've never needed a video episode more.)
MONEY ON YOUR MIND: How much do you understand about your money mindset? Take this quiz to find out.
STRUGGLE WITH SPENDING? Here’s a link to our budgeting page and playlists. Whether you’re overspending or looking to introduce responsible spending into your budget, perhaps allocating funds towards particular things might help shift your mindset.
KNOW YOUR RISKS During this episode we discussed the pros and cons of withdrawing your investments to fund a business idea. Check out this blog on why we tend to steer away from short-term investments.
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 aka Queen Acknowledgements (queenacknowledgements.com)
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.
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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 beIN ah Waka Nian our gay In Nimbini,
yak um Jar, dominyamiga Umaga, Ihowaka, Nile, Waman damon Immalan,
Bumba bang gadaboma in and now in Waka ghana on
yak rum Jar Watanadaa. Hello, beautiful friends, we gather on
(00:24):
the lands of the Aboriginal people. We thank acknowledge and
respect the Aboriginal 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 and welcome to She's on
the Money, the podcast that makes personal finance fun, especially
on a Friday. Beck and I are back with another
edition of Friday Drinks, where we get together to celebrate you,
our incredible shites on the Money community. While Vituere's away,
we'll be hearing all of your money wins and boat
(01:07):
tips help push it your dollar further. Speaking of this
week's money Dilimma is all about spending, specifically how to
spend responsibly when you've grown up frugal. And as always,
we'll be answering a left of center question from our
community and a DM that asks whether it's okay to
withdraw your investments if you've got to kill a business idea.
If you've always wanted your money dilemma ends it on
the show, please head to our website and record your
(01:28):
message on the podcast page. We love hearing from you,
and your dilemma might just help another listener who's going
through it now. Beck I, Hello, how are you?
Speaker 2 (01:37):
And good? Hell?
Speaker 3 (01:38):
You could fun when it's the two of us.
Speaker 4 (01:40):
I know.
Speaker 3 (01:42):
I can just tell that you are raring to share
a review with us.
Speaker 2 (01:46):
Oh my goodness, I'll say one of our favorites, because
we have a couple favorites in this episode. The whole
thing is our favorite. One of our favorite parts of
the episode is the five star review, and the rumors
are true. It is time for a five star review,
and this one comes from Jenna, who says, just listen
to the episode with Jess and Beck missed fe d
of course, but just wanted to say what a vibe.
Your genuine laughter, so contagious, perfect drive to work listen,
(02:10):
impossible not to smile. Thank you. Side note, I started
investing in chairs eas since listening to your podcast fifty
dollars a week on auto invest I'm up to fifteen
hundred dollars and have set the next five year investing goals,
which will require me to add more money above the
fifty dollars a week to hit my goals. I'm also
going to chat to our accountants soon about making extra
super contributions. Thanks again for sharing your knowledge with us
(02:33):
all that's so nice. Thank you.
Speaker 3 (02:36):
That makes me feel really good because you're gonna hear
a little bit of us in the next few weeks.
And I've been a little bit stressed because I know
that everybody comes here for the financing and the VD
knowledge and you know tiny they want to learn. Yeah,
understandably so, and sometimes I just think, well, I don't
know what I'm offering you, but I know I'm glad
you're enjoying it, and so I was.
Speaker 2 (02:57):
It just explained to Jess off air that it will
feel like and let's all take it as though it's
a school day and it's raining and you're inside watching
a movie. It's like, maybe you're not learning anything today,
but we're just going to be cozy and have fun.
Speaker 3 (03:09):
Yeah, the substitute teacher is purely just here to fill
some space. Make sure nobody kills each other exactly exactly,
sc everybody, behave and we'll pop the movie on for you.
Speaker 2 (03:19):
Yeah, get crazy. Thank you so much, Yeta, it's so sweet.
Thank you for sharing. Keep those reviews coming through. It's
a highlight of the week. You can share reviews of
She's and the Money wherever you get your podcasts. Not
that it doesn't make us feel nice, but it helps
other people find us too.
Speaker 3 (03:32):
I know you're spreading the good word, as I always
like to say, reading the good word exactly right, and
we really appreciate you. Now, are you ready for this
week's question of the Wei?
Speaker 2 (03:41):
Yes please, yes please.
Speaker 3 (03:42):
They've been really good lately. I feel like Victoria is
missing out and Jess excellent name, would like to know
which fictional character would you recommend She's on the Money too.
Speaker 2 (03:53):
WHOA, that's a good one.
Speaker 3 (03:55):
I'm going to go like a Cinderella Cinderella. Well, because
I think she comes from nothing, she's got no money,
and all of a sudden she's really rich because she's
married a prince.
Speaker 2 (04:05):
True.
Speaker 3 (04:06):
True, It seemply makes sense to me that you'd want
a little bit of financial literacy, don't rely on them.
Speaker 2 (04:10):
Yes, yes, and this is like prime not that it
would be intentional maybe maybe not prime financial abuse dependence situation,
because she's.
Speaker 3 (04:21):
Like never significant women's rights and exactly exactly, so I
was like, yeah, she needs it.
Speaker 2 (04:28):
I just, oh my god, Well I was on the
same train as you, but I'm like, I didn't want
to like recommend to just women. I wanted to recommend
it to Squidward because I feel like he is He's
I don't think he's financially literit, of course, I mean,
can'try her, but mister Crabs is, and then SpongeBob is silly,
and then he's in the middle. I feel like he's
got the bones for it.
Speaker 3 (04:50):
Is mister Krabbs taking advantage of sword.
Speaker 2 (04:52):
I don't think. So have you spen seen SpongeBob?
Speaker 5 (04:54):
Not really really, that's crazy. I know, like this is Patrick,
that's so you, that's so sweet.
Speaker 2 (05:06):
No, not necessarily, I just think that in terms of
like brain sponginess, that you could only really put it on.
Speaker 3 (05:13):
That I'm christ I say, and you know what financial
literally is for everybody, even everybody giant squids exackly question
you're dying to know the answer to you. We've got
some really great deep answers for my friends. You can
send it through in the comments on Spotify, or you
can damn it to us. Whatever votes your boat, We
don't mind.
Speaker 2 (05:34):
So should we move on to the money wins?
Speaker 3 (05:36):
Absolutely, I've got some goodies this week for you.
Speaker 2 (05:38):
It's amazing.
Speaker 3 (05:38):
First one I've got comes from Morgan, who said, Irang
Medibang Private ready to have a bit of a winge
because there are always promos for new customers, but nothing
ever pops up for those of us that are already existing,
and they immediately have discounted my cover by ten percent
for the next twelve months.
Speaker 2 (05:54):
Wow.
Speaker 3 (05:55):
All I'm saying is sometimes it pays to have a
wingch Exactly, well done, Morgan. Next time money went from Kimberly,
who said I took a phone call from a relative
on my birthday after ordering my takeaway coffee. The shop
assistant overheard and told me I could pick something from
the cabinet for free. She scored a free gourmet muffin
and it made her day as a working mum who
was on her way to work on a Sunday on
(06:16):
her birthday. Oh my god, have you heard there, Kimberly.
I hope you had a great day, and good on
your fastling hard And how nice of that kill of
the cafe too true, That's so sweet. I love a
little community moment. Next, I've got one from Kayla who said,
I've be getting so many kids clothes on Clearance, which
I'm buying for next season for my girls just by
purchasing the next size up. She said, I'm literally buying
(06:36):
them for two to five dollars per item. Genius crazy
as well, And kids go through clothes so quickly, yeah,
like they either ruin them at daycare, so I've heard,
or they just grow out of them really fast. So
buying up a couple of size is just having them
tucked away, especially if it's two bucks. Totally, very very clever.
Then I've got one from clear who said I tore
(06:58):
my acl and hobbled to the medical center which had
after hours, and just asked for some crutches. I didn't
need to see anybody because I've done it before, so
sorry to hear clear, the ACL is never a fun
one to do. They said, they'll give me the crutches
to hire, which will be sixty dollars, but I have
to see somebody first, which would be another sixty dollars
for the appointment. So I said no, thank you and
just hopped away. I asked a largish group chat if
(07:21):
anybody happened to have a pair of crutches, and I
got given them straight away. Great, so I saved myself
one hundred and twenty dollars and I got to keep them.
Speaker 2 (07:29):
I mean, consider me really something lucky, maybe also ignorant, maybe,
but I just didn't know you had to pay for crutches.
But also like, yeah, where did.
Speaker 3 (07:38):
They come from? But that's it's like if you break
your arm, you have to buy a sling.
Speaker 2 (07:42):
You have to buy a sling.
Speaker 3 (07:43):
So I break my arm when I was a kid,
so it's been a very long time. But they would, oh, true,
it's touch wood, touch wood. Whenever I do that, my
boyfriend always says, sister, that's just so cute that no,
so broy my arm, and they I think they temporary
sling there with just a b bandage, but then the
one that you can wear constantly, wash and stuff, Yeah,
(08:03):
you have to buy. And I'm pretty sure they weren't
cheap either, jeez. My reference of ficiar. He is constantly
bringing home like compression things and like different wraps, and
it's stuff that people have to buy, and it can
get pretty pricey from what I've seen.
Speaker 2 (08:15):
Jeez.
Speaker 3 (08:16):
Then I've got two money wins, both from Jessica's. There's
a lot of praying around. So Jessica, Jessica up, that's
what her name is on Facebook said. My client canceled
their shift just as I was turning into their streets,
which you'd think would be a money loss, but I
still get paid for it, so I'm counting it as
a money win.
Speaker 2 (08:32):
Hell yeah.
Speaker 3 (08:33):
And then the other Jessica said, I visited the Haiges
chocolate factory when I was on a weekend trip to Adelaide.
They had a second section which was a lot cheaper
but tasted just as good. Such good value basically because
the chocolate wasn't poured symmetrically. Oh just beautiful too.
Speaker 2 (08:49):
Yeah, totally. It's like the odd bunch of Hayes is yes, yeah.
Speaker 3 (08:53):
One hundred percent like ones that are a little bit
wonky or don't meet the standards. That's so far and
we'll take it absolutely. And then last of this, I've
got money in from Kaylor who said I have been
looking at Ikea wardrobes as a project at home. I
found exactly what I wanted with additional add ons from
a seller on Facebook Marketplace, five hundred and fifty dollars
out of pocket, with the total value being over two thousand,
(09:14):
five hundred, massive savings and even more storage than I
had planned and budgeted for gorgeous. I hadn't thought to
look on Facebook Marketplace for wardrobe stuff, and as someone
who is getting ready to do that for the new
build when it's done, I will be trawling.
Speaker 2 (09:28):
Oh absolutely, you can find some good stuff on there.
I know.
Speaker 3 (09:30):
I'm so excited to go hunting.
Speaker 2 (09:32):
Oh my god, can I keep my you know, like
sometimes it notifies you if something comes up. Can I
put wardrobe whatever else you're looking for in there?
Speaker 3 (09:40):
I'll your yes, please, It's always fun.
Speaker 2 (09:43):
I love to window shops. Oh my gosh.
Speaker 3 (09:45):
Well, the community is absolutely killing it. But you know
this already because you've been reading their broke tea.
Speaker 2 (09:49):
Yes, ma'am, what good ones have you got? Okay, so
this first one, I just thought i'd start off nice
and light, but just I think it's interesting. You know
when you get those Lebanese cucumbers and they come in
like the plastic.
Speaker 3 (10:03):
Yes, why they am plastic?
Speaker 2 (10:04):
I don't know, to be honest, but I just know
that I don't know how you do it, but I
like slice it off and I take the whole thing
off and then I just like do whatever. But I
saw this thing on TikTok. This TikTok was sent me
by Yana. Thank you so much, Yana. And so you
get that long plastic sleeve and you don't fully cut
it off, You just like fold it. You kind of
(10:25):
twist the top and then on the side. It's really
hard to explain, but you do.
Speaker 3 (10:30):
Beautiful.
Speaker 2 (10:31):
Hand just realized, So that is a thick cucump.
Speaker 3 (10:45):
Sorry, I'm a handog to.
Speaker 2 (10:52):
Well it's not something I'm used to, but you twist
the plastic wrapping. I'm anti clockwise, yeah, until almost like
you know when you're like watching a movie, it's like
robotic doors like kind of close all the way in
into a circle. It's like that is happening at the
top of the cucumber. I know it doesn't make any sense,
(11:14):
And maybe we'll link the TikTok in.
Speaker 3 (11:16):
A discressions, or we'll cut these video into socials and
put it maybe on one of ours. So I don't
think that's making fuss.
Speaker 2 (11:23):
So fair if we could maybe dub something over the top,
because the hand gestures don't really go with this cucumber,
we can put it on TikTok and.
Speaker 3 (11:31):
Maybe somebody can, like preparing captions.
Speaker 2 (11:34):
With going captions, puts a music over the top and
then just like whatever you think is happening.
Speaker 3 (11:40):
That's so funny.
Speaker 2 (11:41):
So all that to say, you can keep it fresh
and maybe save that plastic and I think you've got
to throw it out eventually, but it just feels like
such a dreadful waiste.
Speaker 3 (11:51):
Yes, agree, what's next?
Speaker 2 (11:52):
The next one comes from Nadine. They saw this on Reddit.
It looks like and it says I just ordered the
same thing as I do every morning for macas a
toasty and small tea. Some mornings it's seven seventy, others
it's eight eighty. They asked why they are different some
mornings and the lady said, it's how I ordered this morning.
I ordered the toasty first and the tea yesterday, the
tea than the toasty. That's how they get you and
(12:13):
charge extra. She said. The toasty can be an add
on making it cheaper. What a trick to charge extra?
Speaker 3 (12:19):
So surely like it doesn't matter what order they're put in.
Speaker 2 (12:23):
No, I think it does. And when I read it,
I was like, true, because sometimes I guess if you're
like ordering it anyway and there's no obligation to say, oh, hey,
do you know if you got a combo a coffee
and a toasty, then it's like cheaper if you And
it's happened before where I've been like can I have
this and then also grub fries and then also a
(12:44):
grub a can it's like And then after I order,
I realized that's literally me and me that's cheaper. And
so like if you order it in a certain way
and they have no obligation to say, hey, this is
actually this thing, it's a little bundle, then you'd be
charged more, I assume, so.
Speaker 3 (12:59):
Clever fun maybe I feel like you need to say, Hi,
can I get a tea and toasty combo?
Speaker 6 (13:04):
Yeah?
Speaker 3 (13:05):
And it doesn't matter what you say first, because you're
like clearly saying.
Speaker 2 (13:08):
Totally, you know, totally you should try that with everything.
I feel like maybe there was a combo somewhere and
they're like, whoa, how'd you know? That's a great one?
Thank you so much. My one is really dumb, and
I'm scared that everyone's gonna hate me for it. But
this is my because I'm new to the lash game,
the beauty game, you know. It's just I'm just trying
(13:30):
to like take care of my skin these days. And
so I just my friend went and got lash perm
and I was like, well, I don't really have, like
I don't know however much it is, maybe like eight
olds or something, and so I was like, well, instead,
I went and bought a lash curler and now I
curl my lashes every single day twice a day, which
is maybe really bad. And that is it's almost as effective,
if not like the same as a lash perm and
(13:53):
way cheaper. Did you guys know that that's a way
cheaper good?
Speaker 3 (13:58):
You can also get kids to do them yourself at
home to your in.
Speaker 2 (14:01):
Lash paan true, you can. And then also I haven't
tried that serum where you get like long lashes. I
don't know if that's real or not. Yeah, it seems
like magic. But if anyone knows of any good ones,
let me know, because I'm really I'm going through a
skin face beauty change transformation. Thank you things.
Speaker 3 (14:18):
I've got some things that can give you great thank
you amazing. So that's me for this week. He's in there.
Thank you for sharing.
Speaker 2 (14:25):
Okay, so let's take a quick break, and when we
come back, we'll be hearing about a money dilemma that's
all about spending money.
Speaker 3 (14:34):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 4 (14:40):
Hi, 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.
Speaker 3 (14:58):
Now, let's take a listen to this this week's money dilemma.
Speaker 6 (15:03):
Hi, ladies, I'm just ringing with my money dilemma. I've
been married to my husband for ten years and we
are in a pretty comfortable money situation. We agree on
almost everything, and the one thing that we don't necessarily
agree on is when to spend our money because I
(15:24):
don't feel comfortable spending our money. I grew up in
a household where money was really tight. We didn't have
money for luxuries, and it was always the basics. So
now as an adult, when I do have money, I'm
having a really hard time letting it go. I feel
like a hoarder of the money, which is not always
(15:47):
a bad thing, but I really want to understand how
to let go of this childhood trauma and understand that
spending your money is okay.
Speaker 3 (15:58):
Do you have any tips around this?
Speaker 4 (16:00):
Thanks?
Speaker 2 (16:01):
That's very fair. It's so interesting a lot of people
when they grow up without money and there's like a
bit of a scarcity kind of mindset. The difference that creates,
like in adulthood is either for me, that created like
I can't hold money, and then for other people it's
like I can't spend money, and boy do I wish
(16:21):
it was it was the other way. Not to say
that it's easier or anything like that, of course, but
I imagine that would be really, really tricky. So I think,
obviously therapy is good all the time, no matter what.
I really hate when people suggest therapy to me when
I come to them with like advice, because it feels
like they're saying you're too much and you're crazy and
(16:42):
you definitely need therapy, like and that's not at all
what I mean. No, And that's so I just don't
want that to ever feel like that's what I'm saying.
I just mean in general, like it's really good to
but ironically it's like you got to spend money to
do that, and it's like you don't really want to.
That might be a tricky thing as well. I mean
it should be free, but that'sry for another time. Therapy
or I think just like honestly listening to we have
(17:06):
some episodes about mindsets and know it's more than a mindset,
steeper than a mindset. It's like, I don't want to
minimize it, but I think that it would be helpful
if you in the meantime, or if you're not in
therapy right now, or you can't afford therapy right now,
didn't listen to some of those episodes about mindset, and
I find reddit really helpful. I know this is probably
is not very helpful, but I find Reddit really helpful
(17:26):
when it's like I would type in the most niche
specific thing and then put red at the end, and
there'll be people who have been through the exact same thing,
have the exact same experience, and they will talk about
how they kind of got out of it, and I think, yeah,
just like following other people's journeys, googling it, going on
Reddit and seeing how people kind of maybe we're in
the same situation and manage that a little bit. So
(17:48):
I think it's really helpful. But yeah, as someone who
unfortunately grew up on the other end of the spending spectrum,
I don't think I can offer too much useful advice
in terms of how to spend because for me it
comes far too easy.
Speaker 3 (18:03):
I would like to get the other way. I'd like
to I think that's a really good shout. We have
a full episode on managing spending gial. It is a
few years old now, but I think it's a really
good episode, especially because a lot of people deal with this.
I think exactly as you said, our childhood experiences play
such a pivotal role in our money stories and really
inform how we feel about a lot of those things
as adults, so you're definitely not alone in the experience
(18:26):
that you're having where the people are on either end
of the spectrum. It is more common, I think than
you would believe. So we'll link that in the show notes,
along with any other episodes we think might be helpful
for you. I also think, depending on how you're managing
your money currently, does your budget have money allocated to
specific spending. So for me personally, as you guys know,
(18:47):
I love to break my money down into lots and
lots of savers. I have like thirteen savings accounts, and
within those, I have very specific allocations for spending on
specific categories based on what feels comfortable to me. And
that is because I would look at my spending month
on month and I identified patterns and I kind of
thought to myself that I'm more than happy to spend
(19:07):
on these things, but I want to set limits. And
so for me personally, I have a specific allocated budget
for clothing. I have a specific allocated budget for beauty
because those are things that are important to me, but
I still wanted to fit them in with my overall
budgeting system. Is there something like that in place for you,
because I think that that would maybe free up for
me personally, It frees up that guilt because I go, oh,
(19:29):
I know that there's room in the budget, that there's
plan in the budget for me to be spending this
money on this specific thing, whether it's eating out, whether
it's a holiday, whether it's buying a new expensive item
or device that you've been really wanting. If the money
is always labeled for that, does that change how you
feel about it? Because for me, my savers are named
(19:51):
what they are, so you know there's one for clothing,
there's one right now, I'm saving for an earth Thredder,
which is like a fancy overlocker, And so when I
make side hustle money, that goes into that safe, and
I know that that's what that money is for because
that's how it's labeled. That's how I see it, that's
how I visualize it. Maybe psychologically that would make you
feel a bit better about it, because that money is
always identified as being for that specific thing. Whereas if
(20:14):
you just have a big savings account and then you go, oh, well,
I want to take one thousand dollars out to buy
this new air threader. Seeing that money go down can
be disappointing or can feel like you're not meeting your goal,
even if your goal was to save for that thing. Yeah,
so look at if you haven't already, maybe like specifying
or carving out some room in your existing budget for
(20:36):
those things you're wanting to spend on. Otherwise, I totally
agree therapy is a great place to work through some stuff,
especially you know, if there's some things that you need
to work through or you know, chat about. There's no
shame in it. I think it's really positive. And even
if you're not going through something tough, I think it's
really nice to speak to somebody.
Speaker 2 (20:53):
Yeah, just like be curious about your the way like
your child wood shaped you see, for anything that you
could learn. Yeah, I think it's really really important for
all if you can afford it.
Speaker 3 (21:06):
A hundred percent. Every week we tell you guys to
slide into our dms and you never disappoint. This week,
I've got one that comes from somebody who is quite
good at investing and might have a life changing business
idea on their hands. They said, over the past three years,
I've invested one thousand dollars per month, So just over
thirty five thousand into ETFs. I work full time in
(21:27):
tech sales, but have dreamed of starting my own business.
I have an idea that I'm confident that I can
make work. But guess what it's going to cost me
thirty five grand to get it off the ground. I
have a separate emergency fund, so I'm not in financial trouble,
but I'm not sure if I should withdraw my investments
to back myself. I promise myself I would never touch
my shares, So I am in quite the dilemma. Thanks guys.
Speaker 2 (21:51):
I mean, I think that it might be worth it,
but I'm also it's a tricky one. If it was
like savings, I'd be like, hell yeah, the shares part
of it all. And I understand that that's the dilemma here,
but I really want to know what this business is.
Speaker 3 (22:07):
I'm so curious. I don't tell anybody because I could
still the idea.
Speaker 2 (22:10):
Don't tell anyone. I think, like if you're sure, and
I mean it's like hard to know, like a y,
Like how sure could you be? And is it exactly
thirty five thousand? That is that all we need to spend?
Or is it like I'm just so curious about this
whole thing. But I think that genuinely, if you only
need to spend thirty both thousand dollars and you won't
see that you're taking out all of your shares and
(22:32):
then going into debt as well, then I think maybe
it's worth it. Could you get a business loan? I
don't know, are they like financially better? I don't know. Oh.
I guess what you could do is figure out how
much interest you're gaining on that thirty five thousand, and
then figure out how much interest you'd be paying on
a business loan.
Speaker 3 (22:52):
When you say how much interest you're gaining, you mean
what your potential ten shore growth in your shares exact
or dividend payments would be.
Speaker 2 (22:59):
Exactly potentially, Let's say it's like, on average ninety percent peranum,
and then you're only paying like three percent. I don't
know if that's the thing paranum on a business loan.
I'm like, well, seems to me like maybe that's a
better idea.
Speaker 6 (23:13):
Maybe.
Speaker 2 (23:14):
I mean, I'm not a fan angel anything, so does
that sound right?
Speaker 3 (23:17):
I think that pulling money out of your shares is
not the worst idea. You know, people sometimes have invested
for the long term and then pulled some of their
growth out for house deposits or for big purchases. What
you're kind of referring to is basically weighing up the
opportunity costs. So what would the potential growth in your
shares be over time versus not only what you would
(23:37):
lose to a loan, but what is the potential growth
of this business. And it's obviously really hard to project
success in a business, I think, especially in this economy
as well. I don't want to be a negative nancy,
but it is tough out there for businesses, especially small businesses.
So if you haven't already, I would definitely be making
sure you're doing some really solid market research around the
(23:59):
product or the service or whatever it is that you're
planning to offer. Have you checked that there is an
appetite for it. Have you checked if there are competitors?
Have you checked to see what the cost for your
raw materials or overheads would be. Have you factored all
of those things in, Because yes, it might take thirty
five thousand dollars to get it off the ground, but
(24:19):
generally speaking, there are also long term operational costs with
running a business. Especially it sounds like if you're needing
to invest in capital, I'm assuming you've probably got some
product or maybe you need to invest in some equipment
or something of that nature. So it's not just a
matter of paying your upfront costs, but also making sure
that well, if this business is not profitable, which there's
a very good chance that it won't be because a
(24:41):
lot of small businesses start off in the red, are
you going to be able to sustain that or are
you going to find yourself in a pickle twelve twenty four,
thirty six months down the track.
Speaker 2 (24:50):
Great point, thank you. I think that.
Speaker 3 (24:54):
I mean, in an ideal world, you'd always leave your
money in shares that you can always take advantage of
the growth. But at the same time, depending on what
your business is, there's also the opportunity for growth there,
and you could look at it as a different kind
of investment. I just think you would want to be
really confident about what you hope to happen. I think
it's really fun to have a dream and to go well,
(25:16):
I think this business would be awesome, But just do
everything that you can to make sure that you'll be
in a good position, because you just never know, and
as we all know, I'm very risk adverse, and just
with everything happening in the world, there's a very good
chance that you know, the cost of freight is going
to continue to rise, the cost of material is going
to continue to rise. So really run your numbers and
(25:36):
look at those operational costs and make sure that you
can sustain whatever it is you need to sustain for
long enough to give it a red hot go, Because
if you're going to give it a go, I want
you to really be able to do the best you
possibly can.
Speaker 2 (25:48):
At a great point, I think definitely do it either way,
but I think that's a great idea.
Speaker 3 (25:56):
Definitely make sure you can afford it. What did everybody
else say? All Right, we got lots of responses, a
bit of a mixed bag on this one. So the
first question we asked was would you cash out your
investments to back yourself and your business idea? Very close
fifty four percent of people said yes, forty six percent
of people said no. Then we said, if you were
in this position, what would your non negotiables be before
(26:19):
taking the leap? Fifty nine percent of you said you
would want at least six to twelve months of an
emergency fund, which I think is a great idea. Twenty
seven percent of you said you would want the ability
to rebuild your investments, which is also a great shout.
Eleven percent of you said you would want to have
full confidence in the idea, and three percent of you
said nothing, I just go for it. Yeah, okay, giving big,
(26:39):
big energy with that one. How we said, would you
rather regret trying the business or regret never giving it
a shot? Sixty nine percent of you said you would
regret never giving it a go. Well, thirty one percent
of you said you would regret trying and failing.
Speaker 2 (26:53):
Yeah.
Speaker 3 (26:54):
And then, as always, of course, we said what is
your two cents? And it seems like the moral dilemma
really struck a no with a lot of people. One
person said, give it a shot, girl. If it works,
thirty five grand will be recovered in no time. If not,
at least you tried. Another person said, is the business
plan time sensitive? If it can wait, I would save up.
If it's urgent, you should back yourself. That's a good point, Yeah,
(27:17):
something I hadn't considered personally. Someone else this is a
three parter, said, as long as you don't do something
stupid like I did, and try one of the businesses
in a box more than ten thousand dollars down the
drain as they were just a scammer. They went into
liquidation and are living the high life between Bali and Dubai.
Speaker 2 (27:33):
I do regret that, my God.
Speaker 3 (27:36):
So again, just making sure you've really done your research
with whatever you're doing. Have you maybe gotten some samples
of things if it's a product, yes, to make sure
it's viable, that sort of stuff. Somebody said the business
could far out earn an investment in shares and provide
a different kind of life, while somebody else on the
flip side said investments are for future you to enjoy girls,
lunches and trips to France think of her. Hell yeah,
(27:58):
people are kind of sitting either side of the fence.
This one. Someone was in agreement with you. They said,
business loan rather than shares. They should be no touchy duchy.
Somebody else said, and this is a great call, and
I cant believe I didn't think of it.
Speaker 1 (28:10):
This.
Speaker 3 (28:11):
Look at business grants first, because there are a lot
of grounds out there that are aimed specifically at helping
small as your businesses get off the ground.
Speaker 2 (28:19):
Yes, true.
Speaker 3 (28:20):
See if you can do that, or can you raise
capital in another way? Would you want to look at,
you know, getting investors or something like that. It's not
saying it's the right option, but it is an option.
Somebody said find a way to test it first for cheaper,
and then someone else has said go for it. You
can always earn the money back. And I'm going to
finish it on this one because I think it is
just really nice. What's money for in life if not
(28:42):
to chase the things we dream about for us or
for our children. Hell yeah, I agree with that, which
I think is a really beautiful sentiment, and I think
it's true. I think you don't want to live your
life with regrets.
Speaker 2 (28:53):
Yep.
Speaker 3 (28:54):
But I just also, as a really anxious person, want
you to do everything you can to give yourself the
best chance of success.
Speaker 2 (29:00):
That's really beautiful, and I guess this is very helpful
for money dilemma listener, because yeah, I think to board end,
just enjoy as much as is responsible.
Speaker 3 (29:11):
I want to put that on a T shirt. Perfect fazy. Well,
thank you so much for joining us, friends, That's all
we've got time for. If you want to participate in
our weekly dilemmas. Definitely join the Facebook group, follow us
on Instagram. That's where we do all about research. We
love hanging out with you. If you haven't already, made
sure that you subscribe for notifications as well. Every time
the podcast comes out. We're in your ears three days
a week and we would love to see you so
(29:33):
thank you so much for joining us, and wherever you're
tuning in from, we'll catch you next week. By guys. Bye.
Speaker 4 (29:42):
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read the PDS TMD and obtain appropriate financial.
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Take pleasure in all the land and respect all that
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Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money. Hello and welcome to She's on
the Money, the podcast that makes personal finance fun, especially
on a Friday. Beck and I are back with another
edition of Friday Drinks, where we get together to celebrate you,
our incredible shites on the Money community. While Vituere's away,
we'll be hearing all of your money wins and boat
(01:07):
tips help push it your dollar further. Speaking of this
week's money Dilimma is all about spending, specifically how to
spend responsibly when you've grown up frugal. And as always,
we'll be answering a left of center question from our
community and a DM that asks whether it's okay to
withdraw your investments if you've got to kill a business idea.
If you've always wanted your money dilemma ends it on
the show, please head to our website and record your
(01:28):
message on the podcast page. We love hearing from you,
and your dilemma might just help another listener who's going
through it now. Beck I, Hello, how are you?
Speaker 2 (01:37):
And good? Hell?
Speaker 3 (01:38):
You could fun when it's the two of us.
Speaker 4 (01:40):
I know.
Speaker 3 (01:42):
I can just tell that you are raring to share
a review with us.
Speaker 2 (01:46):
Oh my goodness, I'll say one of our favorites, because
we have a couple favorites in this episode. The whole
thing is our favorite. One of our favorite parts of
the episode is the five star review, and the rumors
are true. It is time for a five star review,
and this one comes from Jenna, who says, just listen
to the episode with Jess and Beck missed fe d
of course, but just wanted to say what a vibe.
Your genuine laughter, so contagious, perfect drive to work listen,
(02:10):
impossible not to smile. Thank you. Side note, I started
investing in chairs eas since listening to your podcast fifty
dollars a week on auto invest I'm up to fifteen
hundred dollars and have set the next five year investing goals,
which will require me to add more money above the
fifty dollars a week to hit my goals. I'm also
going to chat to our accountants soon about making extra
super contributions. Thanks again for sharing your knowledge with us
(02:33):
all that's so nice. Thank you.
Speaker 3 (02:36):
That makes me feel really good because you're gonna hear
a little bit of us in the next few weeks.
And I've been a little bit stressed because I know
that everybody comes here for the financing and the VD
knowledge and you know tiny they want to learn. Yeah,
understandably so, and sometimes I just think, well, I don't
know what I'm offering you, but I know I'm glad
you're enjoying it, and so I was.
Speaker 2 (02:57):
It just explained to Jess off air that it will
feel like and let's all take it as though it's
a school day and it's raining and you're inside watching
a movie. It's like, maybe you're not learning anything today,
but we're just going to be cozy and have fun.
Speaker 3 (03:09):
Yeah, the substitute teacher is purely just here to fill
some space. Make sure nobody kills each other exactly exactly,
sc everybody, behave and we'll pop the movie on for you.
Speaker 2 (03:19):
Yeah, get crazy. Thank you so much, Yeta, it's so sweet.
Thank you for sharing. Keep those reviews coming through. It's
a highlight of the week. You can share reviews of
She's and the Money wherever you get your podcasts. Not
that it doesn't make us feel nice, but it helps
other people find us too.
Speaker 3 (03:32):
I know you're spreading the good word, as I always
like to say, reading the good word exactly right, and
we really appreciate you. Now, are you ready for this
week's question of the Wei?
Speaker 2 (03:41):
Yes please, yes please.
Speaker 3 (03:42):
They've been really good lately. I feel like Victoria is
missing out and Jess excellent name, would like to know
which fictional character would you recommend She's on the Money too.
Speaker 2 (03:53):
WHOA, that's a good one.
Speaker 3 (03:55):
I'm going to go like a Cinderella Cinderella. Well, because
I think she comes from nothing, she's got no money,
and all of a sudden she's really rich because she's
married a prince.
Speaker 2 (04:05):
True.
Speaker 3 (04:06):
True, It seemply makes sense to me that you'd want
a little bit of financial literacy, don't rely on them.
Speaker 2 (04:10):
Yes, yes, and this is like prime not that it
would be intentional maybe maybe not prime financial abuse dependence situation,
because she's.
Speaker 3 (04:21):
Like never significant women's rights and exactly exactly, so I
was like, yeah, she needs it.
Speaker 2 (04:28):
I just, oh my god, Well I was on the
same train as you, but I'm like, I didn't want
to like recommend to just women. I wanted to recommend
it to Squidward because I feel like he is He's
I don't think he's financially literit, of course, I mean,
can'try her, but mister Crabs is, and then SpongeBob is silly,
and then he's in the middle. I feel like he's
got the bones for it.
Speaker 3 (04:50):
Is mister Krabbs taking advantage of sword.
Speaker 2 (04:52):
I don't think. So have you spen seen SpongeBob?
Speaker 5 (04:54):
Not really really, that's crazy. I know, like this is Patrick,
that's so you, that's so sweet.
Speaker 2 (05:06):
No, not necessarily, I just think that in terms of
like brain sponginess, that you could only really put it on.
Speaker 3 (05:13):
That I'm christ I say, and you know what financial
literally is for everybody, even everybody giant squids exackly question
you're dying to know the answer to you. We've got
some really great deep answers for my friends. You can
send it through in the comments on Spotify, or you
can damn it to us. Whatever votes your boat, We
don't mind.
Speaker 2 (05:34):
So should we move on to the money wins?
Speaker 3 (05:36):
Absolutely, I've got some goodies this week for you.
Speaker 2 (05:38):
It's amazing.
Speaker 3 (05:38):
First one I've got comes from Morgan, who said, Irang
Medibang Private ready to have a bit of a winge
because there are always promos for new customers, but nothing
ever pops up for those of us that are already existing,
and they immediately have discounted my cover by ten percent
for the next twelve months.
Speaker 2 (05:54):
Wow.
Speaker 3 (05:55):
All I'm saying is sometimes it pays to have a
wingch Exactly, well done, Morgan. Next time money went from Kimberly,
who said I took a phone call from a relative
on my birthday after ordering my takeaway coffee. The shop
assistant overheard and told me I could pick something from
the cabinet for free. She scored a free gourmet muffin
and it made her day as a working mum who
was on her way to work on a Sunday on
(06:16):
her birthday. Oh my god, have you heard there, Kimberly.
I hope you had a great day, and good on
your fastling hard And how nice of that kill of
the cafe too true, That's so sweet. I love a
little community moment. Next, I've got one from Kayla who said,
I've be getting so many kids clothes on Clearance, which
I'm buying for next season for my girls just by
purchasing the next size up. She said, I'm literally buying
(06:36):
them for two to five dollars per item. Genius crazy
as well, And kids go through clothes so quickly, yeah,
like they either ruin them at daycare, so I've heard,
or they just grow out of them really fast. So
buying up a couple of size is just having them
tucked away, especially if it's two bucks. Totally, very very clever.
Then I've got one from clear who said I tore
(06:58):
my acl and hobbled to the medical center which had
after hours, and just asked for some crutches. I didn't
need to see anybody because I've done it before, so
sorry to hear clear, the ACL is never a fun
one to do. They said, they'll give me the crutches
to hire, which will be sixty dollars, but I have
to see somebody first, which would be another sixty dollars
for the appointment. So I said no, thank you and
just hopped away. I asked a largish group chat if
(07:21):
anybody happened to have a pair of crutches, and I
got given them straight away. Great, so I saved myself
one hundred and twenty dollars and I got to keep them.
Speaker 2 (07:29):
I mean, consider me really something lucky, maybe also ignorant, maybe,
but I just didn't know you had to pay for crutches.
But also like, yeah, where did.
Speaker 3 (07:38):
They come from? But that's it's like if you break
your arm, you have to buy a sling.
Speaker 2 (07:42):
You have to buy a sling.
Speaker 3 (07:43):
So I break my arm when I was a kid,
so it's been a very long time. But they would, oh, true,
it's touch wood, touch wood. Whenever I do that, my
boyfriend always says, sister, that's just so cute that no,
so broy my arm, and they I think they temporary
sling there with just a b bandage, but then the
one that you can wear constantly, wash and stuff, Yeah,
(08:03):
you have to buy. And I'm pretty sure they weren't
cheap either, jeez. My reference of ficiar. He is constantly
bringing home like compression things and like different wraps, and
it's stuff that people have to buy, and it can
get pretty pricey from what I've seen.
Speaker 2 (08:15):
Jeez.
Speaker 3 (08:16):
Then I've got two money wins, both from Jessica's. There's
a lot of praying around. So Jessica, Jessica up, that's
what her name is on Facebook said. My client canceled
their shift just as I was turning into their streets,
which you'd think would be a money loss, but I
still get paid for it, so I'm counting it as
a money win.
Speaker 2 (08:32):
Hell yeah.
Speaker 3 (08:33):
And then the other Jessica said, I visited the Haiges
chocolate factory when I was on a weekend trip to Adelaide.
They had a second section which was a lot cheaper
but tasted just as good. Such good value basically because
the chocolate wasn't poured symmetrically. Oh just beautiful too.
Speaker 2 (08:49):
Yeah, totally. It's like the odd bunch of Hayes is yes, yeah.
Speaker 3 (08:53):
One hundred percent like ones that are a little bit
wonky or don't meet the standards. That's so far and
we'll take it absolutely. And then last of this, I've
got money in from Kaylor who said I have been
looking at Ikea wardrobes as a project at home. I
found exactly what I wanted with additional add ons from
a seller on Facebook Marketplace, five hundred and fifty dollars
out of pocket, with the total value being over two thousand,
(09:14):
five hundred, massive savings and even more storage than I
had planned and budgeted for gorgeous. I hadn't thought to
look on Facebook Marketplace for wardrobe stuff, and as someone
who is getting ready to do that for the new
build when it's done, I will be trawling.
Speaker 2 (09:28):
Oh absolutely, you can find some good stuff on there.
I know.
Speaker 3 (09:30):
I'm so excited to go hunting.
Speaker 2 (09:32):
Oh my god, can I keep my you know, like
sometimes it notifies you if something comes up. Can I
put wardrobe whatever else you're looking for in there?
Speaker 3 (09:40):
I'll your yes, please, It's always fun.
Speaker 2 (09:43):
I love to window shops. Oh my gosh.
Speaker 3 (09:45):
Well, the community is absolutely killing it. But you know
this already because you've been reading their broke tea.
Speaker 2 (09:49):
Yes, ma'am, what good ones have you got? Okay, so
this first one, I just thought i'd start off nice
and light, but just I think it's interesting. You know
when you get those Lebanese cucumbers and they come in
like the plastic.
Speaker 3 (10:03):
Yes, why they am plastic?
Speaker 2 (10:04):
I don't know, to be honest, but I just know
that I don't know how you do it, but I
like slice it off and I take the whole thing
off and then I just like do whatever. But I
saw this thing on TikTok. This TikTok was sent me
by Yana. Thank you so much, Yana. And so you
get that long plastic sleeve and you don't fully cut
it off, You just like fold it. You kind of
(10:25):
twist the top and then on the side. It's really
hard to explain, but you do.
Speaker 3 (10:30):
Beautiful.
Speaker 2 (10:31):
Hand just realized, So that is a thick cucump.
Speaker 3 (10:45):
Sorry, I'm a handog to.
Speaker 2 (10:52):
Well it's not something I'm used to, but you twist
the plastic wrapping. I'm anti clockwise, yeah, until almost like
you know when you're like watching a movie, it's like
robotic doors like kind of close all the way in
into a circle. It's like that is happening at the
top of the cucumber. I know it doesn't make any sense,
(11:14):
And maybe we'll link the TikTok in.
Speaker 3 (11:16):
A discressions, or we'll cut these video into socials and
put it maybe on one of ours. So I don't
think that's making fuss.
Speaker 2 (11:23):
So fair if we could maybe dub something over the top,
because the hand gestures don't really go with this cucumber,
we can put it on TikTok and.
Speaker 3 (11:31):
Maybe somebody can, like preparing captions.
Speaker 2 (11:34):
With going captions, puts a music over the top and
then just like whatever you think is happening.
Speaker 3 (11:40):
That's so funny.
Speaker 2 (11:41):
So all that to say, you can keep it fresh
and maybe save that plastic and I think you've got
to throw it out eventually, but it just feels like
such a dreadful waiste.
Speaker 3 (11:51):
Yes, agree, what's next?
Speaker 2 (11:52):
The next one comes from Nadine. They saw this on Reddit.
It looks like and it says I just ordered the
same thing as I do every morning for macas a
toasty and small tea. Some mornings it's seven seventy, others
it's eight eighty. They asked why they are different some
mornings and the lady said, it's how I ordered this morning.
I ordered the toasty first and the tea yesterday, the
tea than the toasty. That's how they get you and
(12:13):
charge extra. She said. The toasty can be an add
on making it cheaper. What a trick to charge extra?
Speaker 3 (12:19):
So surely like it doesn't matter what order they're put in.
Speaker 2 (12:23):
No, I think it does. And when I read it,
I was like, true, because sometimes I guess if you're
like ordering it anyway and there's no obligation to say, oh, hey,
do you know if you got a combo a coffee
and a toasty, then it's like cheaper if you And
it's happened before where I've been like can I have
this and then also grub fries and then also a
(12:44):
grub a can it's like And then after I order,
I realized that's literally me and me that's cheaper. And
so like if you order it in a certain way
and they have no obligation to say, hey, this is
actually this thing, it's a little bundle, then you'd be
charged more, I assume, so.
Speaker 3 (12:59):
Clever fun maybe I feel like you need to say, Hi,
can I get a tea and toasty combo?
Speaker 6 (13:04):
Yeah?
Speaker 3 (13:05):
And it doesn't matter what you say first, because you're
like clearly saying.
Speaker 2 (13:08):
Totally, you know, totally you should try that with everything.
I feel like maybe there was a combo somewhere and
they're like, whoa, how'd you know? That's a great one?
Thank you so much. My one is really dumb, and
I'm scared that everyone's gonna hate me for it. But
this is my because I'm new to the lash game,
the beauty game, you know. It's just I'm just trying
(13:30):
to like take care of my skin these days. And
so I just my friend went and got lash perm
and I was like, well, I don't really have, like
I don't know however much it is, maybe like eight
olds or something, and so I was like, well, instead,
I went and bought a lash curler and now I
curl my lashes every single day twice a day, which
is maybe really bad. And that is it's almost as effective,
if not like the same as a lash perm and
(13:53):
way cheaper. Did you guys know that that's a way
cheaper good?
Speaker 3 (13:58):
You can also get kids to do them yourself at
home to your in.
Speaker 2 (14:01):
Lash paan true, you can. And then also I haven't
tried that serum where you get like long lashes. I
don't know if that's real or not. Yeah, it seems
like magic. But if anyone knows of any good ones,
let me know, because I'm really I'm going through a
skin face beauty change transformation. Thank you things.
Speaker 3 (14:18):
I've got some things that can give you great thank
you amazing. So that's me for this week. He's in there.
Thank you for sharing.
Speaker 2 (14:25):
Okay, so let's take a quick break, and when we
come back, we'll be hearing about a money dilemma that's
all about spending money.
Speaker 3 (14:34):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 4 (14:40):
Hi, 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.
Speaker 3 (14:58):
Now, let's take a listen to this this week's money dilemma.
Speaker 6 (15:03):
Hi, ladies, I'm just ringing with my money dilemma. I've
been married to my husband for ten years and we
are in a pretty comfortable money situation. We agree on
almost everything, and the one thing that we don't necessarily
agree on is when to spend our money because I
(15:24):
don't feel comfortable spending our money. I grew up in
a household where money was really tight. We didn't have
money for luxuries, and it was always the basics. So
now as an adult, when I do have money, I'm
having a really hard time letting it go. I feel
like a hoarder of the money, which is not always
(15:47):
a bad thing, but I really want to understand how
to let go of this childhood trauma and understand that
spending your money is okay.
Speaker 3 (15:58):
Do you have any tips around this?
Speaker 4 (16:00):
Thanks?
Speaker 2 (16:01):
That's very fair. It's so interesting a lot of people
when they grow up without money and there's like a
bit of a scarcity kind of mindset. The difference that creates,
like in adulthood is either for me, that created like
I can't hold money, and then for other people it's
like I can't spend money, and boy do I wish
(16:21):
it was it was the other way. Not to say
that it's easier or anything like that, of course, but
I imagine that would be really, really tricky. So I think,
obviously therapy is good all the time, no matter what.
I really hate when people suggest therapy to me when
I come to them with like advice, because it feels
like they're saying you're too much and you're crazy and
(16:42):
you definitely need therapy, like and that's not at all
what I mean. No, And that's so I just don't
want that to ever feel like that's what I'm saying.
I just mean in general, like it's really good to
but ironically it's like you got to spend money to
do that, and it's like you don't really want to.
That might be a tricky thing as well. I mean
it should be free, but that'sry for another time. Therapy
or I think just like honestly listening to we have
(17:06):
some episodes about mindsets and know it's more than a mindset,
steeper than a mindset. It's like, I don't want to
minimize it, but I think that it would be helpful
if you in the meantime, or if you're not in
therapy right now, or you can't afford therapy right now,
didn't listen to some of those episodes about mindset, and
I find reddit really helpful. I know this is probably
is not very helpful, but I find Reddit really helpful
(17:26):
when it's like I would type in the most niche
specific thing and then put red at the end, and
there'll be people who have been through the exact same thing,
have the exact same experience, and they will talk about
how they kind of got out of it, and I think, yeah,
just like following other people's journeys, googling it, going on
Reddit and seeing how people kind of maybe we're in
the same situation and manage that a little bit. So
(17:48):
I think it's really helpful. But yeah, as someone who
unfortunately grew up on the other end of the spending spectrum,
I don't think I can offer too much useful advice
in terms of how to spend because for me it
comes far too easy.
Speaker 3 (18:03):
I would like to get the other way. I'd like
to I think that's a really good shout. We have
a full episode on managing spending gial. It is a
few years old now, but I think it's a really
good episode, especially because a lot of people deal with this.
I think exactly as you said, our childhood experiences play
such a pivotal role in our money stories and really
inform how we feel about a lot of those things
as adults, so you're definitely not alone in the experience
(18:26):
that you're having where the people are on either end
of the spectrum. It is more common, I think than
you would believe. So we'll link that in the show notes,
along with any other episodes we think might be helpful
for you. I also think, depending on how you're managing
your money currently, does your budget have money allocated to
specific spending. So for me personally, as you guys know,
(18:47):
I love to break my money down into lots and
lots of savers. I have like thirteen savings accounts, and
within those, I have very specific allocations for spending on
specific categories based on what feels comfortable to me. And
that is because I would look at my spending month
on month and I identified patterns and I kind of
thought to myself that I'm more than happy to spend
(19:07):
on these things, but I want to set limits. And
so for me personally, I have a specific allocated budget
for clothing. I have a specific allocated budget for beauty
because those are things that are important to me, but
I still wanted to fit them in with my overall
budgeting system. Is there something like that in place for you,
because I think that that would maybe free up for
me personally, It frees up that guilt because I go, oh,
(19:29):
I know that there's room in the budget, that there's
plan in the budget for me to be spending this
money on this specific thing, whether it's eating out, whether
it's a holiday, whether it's buying a new expensive item
or device that you've been really wanting. If the money
is always labeled for that, does that change how you
feel about it? Because for me, my savers are named
(19:51):
what they are, so you know there's one for clothing,
there's one right now, I'm saving for an earth Thredder,
which is like a fancy overlocker, And so when I
make side hustle money, that goes into that safe, and
I know that that's what that money is for because
that's how it's labeled. That's how I see it, that's
how I visualize it. Maybe psychologically that would make you
feel a bit better about it, because that money is
always identified as being for that specific thing. Whereas if
(20:14):
you just have a big savings account and then you go, oh, well,
I want to take one thousand dollars out to buy
this new air threader. Seeing that money go down can
be disappointing or can feel like you're not meeting your goal,
even if your goal was to save for that thing. Yeah,
so look at if you haven't already, maybe like specifying
or carving out some room in your existing budget for
(20:36):
those things you're wanting to spend on. Otherwise, I totally
agree therapy is a great place to work through some stuff,
especially you know, if there's some things that you need
to work through or you know, chat about. There's no
shame in it. I think it's really positive. And even
if you're not going through something tough, I think it's
really nice to speak to somebody.
Speaker 2 (20:53):
Yeah, just like be curious about your the way like
your child wood shaped you see, for anything that you
could learn. Yeah, I think it's really really important for
all if you can afford it.
Speaker 3 (21:06):
A hundred percent. Every week we tell you guys to
slide into our dms and you never disappoint. This week,
I've got one that comes from somebody who is quite
good at investing and might have a life changing business
idea on their hands. They said, over the past three years,
I've invested one thousand dollars per month, So just over
thirty five thousand into ETFs. I work full time in
(21:27):
tech sales, but have dreamed of starting my own business.
I have an idea that I'm confident that I can
make work. But guess what it's going to cost me
thirty five grand to get it off the ground. I
have a separate emergency fund, so I'm not in financial trouble,
but I'm not sure if I should withdraw my investments
to back myself. I promise myself I would never touch
my shares, So I am in quite the dilemma. Thanks guys.
Speaker 2 (21:51):
I mean, I think that it might be worth it,
but I'm also it's a tricky one. If it was
like savings, I'd be like, hell yeah, the shares part
of it all. And I understand that that's the dilemma here,
but I really want to know what this business is.
Speaker 3 (22:07):
I'm so curious. I don't tell anybody because I could
still the idea.
Speaker 2 (22:10):
Don't tell anyone. I think, like if you're sure, and
I mean it's like hard to know, like a y,
Like how sure could you be? And is it exactly
thirty five thousand? That is that all we need to spend?
Or is it like I'm just so curious about this
whole thing. But I think that genuinely, if you only
need to spend thirty both thousand dollars and you won't
see that you're taking out all of your shares and
(22:32):
then going into debt as well, then I think maybe
it's worth it. Could you get a business loan? I
don't know, are they like financially better? I don't know. Oh.
I guess what you could do is figure out how
much interest you're gaining on that thirty five thousand, and
then figure out how much interest you'd be paying on
a business loan.
Speaker 3 (22:52):
When you say how much interest you're gaining, you mean
what your potential ten shore growth in your shares exact
or dividend payments would be.
Speaker 2 (22:59):
Exactly potentially, Let's say it's like, on average ninety percent peranum,
and then you're only paying like three percent. I don't
know if that's the thing paranum on a business loan.
I'm like, well, seems to me like maybe that's a
better idea.
Speaker 6 (23:13):
Maybe.
Speaker 2 (23:14):
I mean, I'm not a fan angel anything, so does
that sound right?
Speaker 3 (23:17):
I think that pulling money out of your shares is
not the worst idea. You know, people sometimes have invested
for the long term and then pulled some of their
growth out for house deposits or for big purchases. What
you're kind of referring to is basically weighing up the
opportunity costs. So what would the potential growth in your
shares be over time versus not only what you would
(23:37):
lose to a loan, but what is the potential growth
of this business. And it's obviously really hard to project
success in a business, I think, especially in this economy
as well. I don't want to be a negative nancy,
but it is tough out there for businesses, especially small businesses.
So if you haven't already, I would definitely be making
sure you're doing some really solid market research around the
(23:59):
product or the service or whatever it is that you're
planning to offer. Have you checked that there is an
appetite for it. Have you checked if there are competitors?
Have you checked to see what the cost for your
raw materials or overheads would be. Have you factored all
of those things in, Because yes, it might take thirty
five thousand dollars to get it off the ground, but
(24:19):
generally speaking, there are also long term operational costs with
running a business. Especially it sounds like if you're needing
to invest in capital, I'm assuming you've probably got some
product or maybe you need to invest in some equipment
or something of that nature. So it's not just a
matter of paying your upfront costs, but also making sure
that well, if this business is not profitable, which there's
a very good chance that it won't be because a
(24:41):
lot of small businesses start off in the red, are
you going to be able to sustain that or are
you going to find yourself in a pickle twelve twenty four,
thirty six months down the track.
Speaker 2 (24:50):
Great point, thank you. I think that.
Speaker 3 (24:54):
I mean, in an ideal world, you'd always leave your
money in shares that you can always take advantage of
the growth. But at the same time, depending on what
your business is, there's also the opportunity for growth there,
and you could look at it as a different kind
of investment. I just think you would want to be
really confident about what you hope to happen. I think
it's really fun to have a dream and to go well,
(25:16):
I think this business would be awesome, But just do
everything that you can to make sure that you'll be
in a good position, because you just never know, and
as we all know, I'm very risk adverse, and just
with everything happening in the world, there's a very good
chance that you know, the cost of freight is going
to continue to rise, the cost of material is going
to continue to rise. So really run your numbers and
(25:36):
look at those operational costs and make sure that you
can sustain whatever it is you need to sustain for
long enough to give it a red hot go, Because
if you're going to give it a go, I want
you to really be able to do the best you
possibly can.
Speaker 2 (25:48):
At a great point, I think definitely do it either way,
but I think that's a great idea.
Speaker 3 (25:56):
Definitely make sure you can afford it. What did everybody
else say? All Right, we got lots of responses, a
bit of a mixed bag on this one. So the
first question we asked was would you cash out your
investments to back yourself and your business idea? Very close
fifty four percent of people said yes, forty six percent
of people said no. Then we said, if you were
in this position, what would your non negotiables be before
(26:19):
taking the leap? Fifty nine percent of you said you
would want at least six to twelve months of an
emergency fund, which I think is a great idea. Twenty
seven percent of you said you would want the ability
to rebuild your investments, which is also a great shout.
Eleven percent of you said you would want to have
full confidence in the idea, and three percent of you
said nothing, I just go for it. Yeah, okay, giving big,
(26:39):
big energy with that one. How we said, would you
rather regret trying the business or regret never giving it
a shot? Sixty nine percent of you said you would
regret never giving it a go. Well, thirty one percent
of you said you would regret trying and failing.
Speaker 2 (26:53):
Yeah.
Speaker 3 (26:54):
And then, as always, of course, we said what is
your two cents? And it seems like the moral dilemma
really struck a no with a lot of people. One
person said, give it a shot, girl. If it works,
thirty five grand will be recovered in no time. If not,
at least you tried. Another person said, is the business
plan time sensitive? If it can wait, I would save up.
If it's urgent, you should back yourself. That's a good point, Yeah,
(27:17):
something I hadn't considered personally. Someone else this is a
three parter, said, as long as you don't do something
stupid like I did, and try one of the businesses
in a box more than ten thousand dollars down the
drain as they were just a scammer. They went into
liquidation and are living the high life between Bali and Dubai.
Speaker 2 (27:33):
I do regret that, my God.
Speaker 3 (27:36):
So again, just making sure you've really done your research
with whatever you're doing. Have you maybe gotten some samples
of things if it's a product, yes, to make sure
it's viable, that sort of stuff. Somebody said the business
could far out earn an investment in shares and provide
a different kind of life, while somebody else on the
flip side said investments are for future you to enjoy girls,
lunches and trips to France think of her. Hell yeah,
(27:58):
people are kind of sitting either side of the fence.
This one. Someone was in agreement with you. They said,
business loan rather than shares. They should be no touchy duchy.
Somebody else said, and this is a great call, and
I cant believe I didn't think of it.
Speaker 1 (28:10):
This.
Speaker 3 (28:11):
Look at business grants first, because there are a lot
of grounds out there that are aimed specifically at helping
small as your businesses get off the ground.
Speaker 2 (28:19):
Yes, true.
Speaker 3 (28:20):
See if you can do that, or can you raise
capital in another way? Would you want to look at,
you know, getting investors or something like that. It's not
saying it's the right option, but it is an option.
Somebody said find a way to test it first for cheaper,
and then someone else has said go for it. You
can always earn the money back. And I'm going to
finish it on this one because I think it is
just really nice. What's money for in life if not
(28:42):
to chase the things we dream about for us or
for our children. Hell yeah, I agree with that, which
I think is a really beautiful sentiment, and I think
it's true. I think you don't want to live your
life with regrets.
Speaker 2 (28:53):
Yep.
Speaker 3 (28:54):
But I just also, as a really anxious person, want
you to do everything you can to give yourself the
best chance of success.
Speaker 2 (29:00):
That's really beautiful, and I guess this is very helpful
for money dilemma listener, because yeah, I think to board end,
just enjoy as much as is responsible.
Speaker 3 (29:11):
I want to put that on a T shirt. Perfect fazy. Well,
thank you so much for joining us, friends, That's all
we've got time for. If you want to participate in
our weekly dilemmas. Definitely join the Facebook group, follow us
on Instagram. That's where we do all about research. We
love hanging out with you. If you haven't already, made
sure that you subscribe for notifications as well. Every time
the podcast comes out. We're in your ears three days
a week and we would love to see you so
(29:33):
thank you so much for joining us, and wherever you're
tuning in from, we'll catch you next week. By guys. Bye.
Speaker 4 (29:42):
The ad buy 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.
Speaker 3 (30:01):
Advice tailored towards your needs.
Speaker 4 (30:03):
Victoria Divine and She's on the Money are authorized representatives
of Money. Sheper p t y lt D A b
N three two one six four nine two seven seven
zero eight AFS L four five one two eight nine
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