How Much Should You Actually Save Before Having a Baby? And Balancing Travel Dreams Vs Buying a Home
October 9, 2025 • 40 mins
Ever feel like your money goals are at war with your life goals? Like one minute you’re saving for a house… and the next you’re convincing yourself a Euro summer is “an investment in personal growth”? This week’s DM came from someone stuck right there... her partner’s all-in on buying a home, while she’s eyeing flights. And honestly? We get it. Because trying to choose between living life and getting ahead feels like an impossible math problem. So we’re unpacking whether travel really sets you back… or if it’s just a different kind of wealth that doesn’t show up in your net worth. Victoria's breaking down how to make those big-money decisions (trips, weddings, babies, the whole lot) without losing sight of Future You, or resenting Current You for having fun. And speaking of big milestones… we’re also getting real about how to actually prep for parental leave. From test-driving life on one income to building a “sanity fund” that actually covers what you’ll really need, not just the boring stuff. Plus, it's Friday so there's all the money wins, broke tips and money goss you love.
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Or if it's more of a spicy money drama and you want the communities verdict? Slide into our DMs here.
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Acknowledgement of Country By Nartarsha Bamblett aka Queen Acknowledgements.
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 - 451289.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
My name's Sasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t Glenn Young Ganya, Niana,
Kaka yah y and beIN Ahaka Nian our gay In
Mbini yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bumba ban
Gadabomba in and now in wakah ghan On yak rum
Jar water Nadaa. Hello, beautiful friends, we gather on the
(00:24):
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 (00:45):
She's on the Money. She's on the Money.
Speaker 3 (01:08):
Hello and welcome to She's on the Money, the podcast
that makes personal finance fun, especially on Fridays. It is
our favorite day of the week because we are very
lucky and we get our team together to celebrate you
the incredible She's on the Money community. The only person
I have here with me today is actually Miss Jess Grici,
who is as always going to be sharing her money
(01:29):
wins and confessions. Beck's not here, but she did leave
us with some broke tips which I will share with you. Guys.
We're going to be helping to answer a money dilemma
which is all about how to prepare for dropping down
to one income from maternity leave and something that you
slid into our DMS about this week. Is it a
bad idea to prioritize travel as a money goal over
(01:50):
buying a house? Mister Gerricci, Before we get there, how
was your week?
Speaker 4 (01:55):
My week has been so good. You've seen in the
office I have been trawling the Amazon.
Speaker 3 (02:02):
Oh yeah, you're not even like in the office doing it.
You're all over our group chat as well, like you
are trying to influence me to write all the stuff
that you're buying because you've had it in your cart
for so long.
Speaker 4 (02:12):
Genuinely, you guys, now, I love Amazon. We've been working
with them. The big deal days are on and I
feel like it's such a good time to be buying
stuff for Christmas, because you know, I love an early
Christmas buy to put.
Speaker 3 (02:21):
It on percent and an early group message like why
are you messaging us at seven thirty with like, hey, guys,
did you see this? No, we didn't, jest, we haven't
sat in front of our computer yet, but you are
doing work for us absolutely.
Speaker 4 (02:33):
And I've pulled out a list I thought I could
share with you a couple of the really good deals
I thought people might like.
Speaker 3 (02:37):
Yes, I mean I've seen them in group chat already,
but share with the community absolutely.
Speaker 4 (02:43):
All right. First, one big one for anyone who knows me.
Ninja slashy. Yeah, thirty percent off.
Speaker 3 (02:47):
What's the Ninja creamy though, because I've decided the Ninja
slushy you can have at your house, but you can
come to my house for the creamy is on all
ninja stuff.
Speaker 4 (02:55):
It is on stuff sory.
Speaker 3 (02:56):
I just realized I got that wrong. Ninjaslashy forty percent off?
Oh okay injore creamy. Okay, that's a good idea. Is
the Ninja creamy swirl included in that? Because like I
have been going down what you could say is a
massive rabbit hole. Yeah, and I need that in my house.
Speaker 4 (03:12):
Oh, it looks incredible. It is also on say, I
don't remember the percentage.
Speaker 3 (03:16):
Was also included. A deal is a deal.
Speaker 4 (03:18):
One hundred percent.
Speaker 3 (03:19):
What else have you got?
Speaker 4 (03:20):
Robo rock vacuums up to sixty percent off?
Speaker 3 (03:22):
Sorry sixty I know that people are basically giving them
away for free, like and I shouldn't say that because
I should be like put twenty four hours between you
and you're spending. But like brooking our team. She's like
the queen of robot vacuums. Like if she walked into
your house, I think the robot vacuum would come up
to her and be like, oh all hell, robot vacuum queen.
But like, sixty percent is a good deal.
Speaker 4 (03:43):
It is a really good deal. And the sale is
on until the thirteenth, so you do you have the
time to put twenty four hours and you're spending.
Speaker 3 (03:48):
Which reminder you absolutely should. But like, sorry, are you
Christmas shopping already as well? Literally this year, I just
feel the pressure. I don't know why. Why am I
feeling the pressure in October? I be buying Christmas presents now.
Speaker 4 (04:02):
I think it's good because you can get ready early,
get it done, I get it on sale, save some money.
Someone in my family wanted to Kindle eighteen percent off
done and dusted, Lego set to twenty percent off if
you've got kids, and.
Speaker 3 (04:11):
Then buying, do you plow this Christmas as well? Perfect?
Get on there's Eve, it's on sale. Oh my god.
I think that's genius. But then also, sorry, good a
reminder that a lot of sales don't happen closer to Christmas.
So if you're trying to snag a deal, maybe now's
the time to shine.
Speaker 4 (04:25):
Yeah. I don't want to be fighting with people in
the aisles. I don't want to be stressing a week
before Christmas. I'm going to get it all done now.
Speaker 3 (04:30):
Yeap, genius, I'll still be stressing. But that's okay. Let's
put some info in the show notes because I know
that people are going to be interested in that. How
do you I love this. I am good. I'm live,
laugh loving my way into October. I will say that
it has been such a chaotic period of time for us.
We have sold our house, like that's you know, I
guess all news now, but like just going through this
(04:53):
process is just so stressful. We're talking about okay, well,
now settlements coming up soon, like obviously not that soon,
but in a a month or two, and I just go,
We've got to get everything out of the house. Where
are we going with that? What does storage look like?
And doing that with a toddler in the house hard?
I bet it's not just it's the mental load, I think. Yeah,
And I'm just and I have a fantastic husband, please
(05:14):
don't get me wrong, we're both sharing that. But I'm
always like, low key, just don't want to do it.
Speaker 4 (05:20):
Moving such a big thing. Yeah.
Speaker 3 (05:22):
And I was talking to a couple of girls in
the office about it yesterday and I was like, oh, yeah,
it's not too hard. And then I was like, oh,
the plastic drawer in my kitchen that I keep avoiding, Yeah,
should I go through that? Like do you know what
I mean? It's like the shed. Do I have to
do this shed? Or do I like bunch everything into
boxes so that when we move into a new house,
like I just reopen it and go, wow, now I'll
(05:44):
deal with it, or just currently deal with it so
that future me has a better time.
Speaker 4 (05:48):
I'm a fan of doing it pre move personally. It's
less things too. It feels redundant to move it and
then color it, you know, if I.
Speaker 3 (05:54):
Need it though, Like I don't need two can openers,
but we have two can openers. Yeah, which one do
you pick that are you paying? Yeah, b you paying favorites?
And does my husband agree with that? Being the nicer
can opener?
Speaker 5 (06:08):
Yeah.
Speaker 4 (06:08):
Have you seen the people on TikTok. They go through
their mug collection. They have a one in, one out.
This is so funny.
Speaker 3 (06:14):
We're TikTok mugs and you.
Speaker 4 (06:17):
Just end up with like heaps of them for no reason.
They had too many. They're like, that's not me. I
do not own enough mugs.
Speaker 3 (06:23):
Oh, there you go.
Speaker 4 (06:24):
But they were like, we need to implement a one in,
one out rule, and so they make these tiktoks where
if they want to buy a new mug, it's like
Survivor and they take turns like drafting there until there's
one mug left that they get rid of it and
they bring the new. As I'm explaining, I go, wow,
that's very dull. But would you please send that Yes?
Speaker 2 (06:40):
Absolutely, I love it.
Speaker 3 (06:42):
I'm on the side of TikTok. I think it's Oregon
fishing TikTok oh niche, yes, but let me just let
me pitch this to you again, completely niche side of TikTok,
which tells me that you and I have very different
tasting content, so it's not just fishing videos. In fact,
this guy gets you and you're watching an Oregon fishing video.
(07:02):
Before you know, you're watching an Oregon fishing video, and
then you're too far in. He actually catfishes men online
who have pictures of fish in their profile pictures, right,
And then it's kind of wholesome because he doesn't like
do anything bad, but he you know, lures them in
by asking what their favorite fishing locations are, and then
(07:23):
his videos are him reviewing the fishing locations.
Speaker 4 (07:26):
Oh, I love that. I like this sounds like it
could be a little bit of fair really, And.
Speaker 3 (07:30):
Then he's just got this way of like editing the
videos that you're like, wow, he brings back all of
these like old school videos and clips that like feel
nostyle duke. Then you're watching them, and then all of
a sudden you're watching an Oregon fishing video again. You're like,
damn me, got me. And you know when you like
watch one or two videos and then all of a sudden,
that's all your fat, that's your entire feed.
Speaker 4 (07:50):
Yeah, don't send it to me. I don't want to
be on fishing target.
Speaker 3 (07:53):
I mean to send it so many of them. All right,
all right, all right, speaking of online, we have an
online at five star review that I would love to
share with you. Are you ready to hear it? Okay,
So this one comes from KDEZ Investing Diaries, Keep them coming.
Five stars. I loved the episode with the and brook
going through Brooks investment portfolio and her strategy. Would love
(08:16):
to hear more things like this.
Speaker 4 (08:17):
Okay, that away for later. That was a really good episode,
but it's a great job.
Speaker 3 (08:22):
I picked that five star review because, Hi, guys, if
you've got an investment strategy that you're willing to share
on the podcast and we can go through with a
fine tooth comb, submit a money diary via our website
because I would love to hear it and like, there's
nothing juicier and being like, what do you own Jess?
Speaker 4 (08:38):
Yeah, it's you own it.
Speaker 3 (08:40):
And Jess and I are currently in the same hole
with the same biopharmaceutical stock that Brooke and I were
talking about that we took a punt on. But I
would say that Jess has been better at it because
I invested in it and stopped and then Jess is
consistently invested in it and you're not in a bad
position with them anymore.
Speaker 4 (08:55):
I'm up a decent amount, but also I am down.
My anticipation is once they finished the trials, that's when
you'll see.
Speaker 3 (09:04):
See I'm still committed as well, assuming.
Speaker 4 (09:07):
The trial goes well. Obviously, all investin contains risk, not
financial advice.
Speaker 3 (09:10):
That past performance is not indicative of future performance, absolutely,
which I've learned because the past performance of this stock
was amazing and then she went down. Anyway, Miss Jess Gerchi,
tell me about our community. I want to know what
are your favorite money wins from the week.
Speaker 4 (09:25):
So firstly, this week, I've got a money win from Sus,
who said she went to a quiz night on Friday
to support her local score. She spent four bucks on
raffle tickets. She won the major prize, which was two
Pennicott Wilderness Cruise tickets worth four hundred bucks.
Speaker 3 (09:39):
Oh my god.
Speaker 4 (09:39):
And I don't know what a Pennicott Wilderness cruise is,
but it sounds fun and four dollars is a bargain.
Speaker 3 (09:43):
All I heard is that you paid four dollars for
a four hundred dollars thing, and that's a money win
in my eyes. Wild done, Sus.
Speaker 4 (09:50):
Next I've got a money in from Lisa, who said
it's a big day for her money win. She went
to the local tafe as a nail model for her
friend's daughter and got a full set of acrylic nails
for ten dollars, and she said she did a great job.
She put in a little photo they look very cute.
Speaker 3 (10:05):
Oh cute, very.
Speaker 4 (10:06):
Nice, and then she said money loss. She got a
rejection letter for a higher role at work.
Speaker 3 (10:10):
Unfortunately, but that's okay because you put your hat in
the ring and now please you might not have the job.
You have more experience, you have more confidence, and next
time you know that you can go for it again.
Worst thing that can happen, Jess.
Speaker 4 (10:21):
They say no exactly, and now they know you're interested,
which I think is a big win.
Speaker 3 (10:24):
Yeah, They're like, she's not going to want to stay
in this role. We're going to have to make.
Speaker 4 (10:27):
Room exactly right. Next I've got a money win from Mike,
who said he followed our advice about negotiating our your
mobile phone bill. He called and went straight through to
someone at Retention who reduced his plan from fifty five
dollars to twenty five dollars.
Speaker 3 (10:40):
That is so good. Less than a half.
Speaker 4 (10:42):
No hesitation on their part. He said, the whole process
took less than five minutes.
Speaker 3 (10:46):
I love that. Can I chime in with a money
win from my nana please? Zella from Zella. So Zella
is currently staying with my parents sover from Tasmania, and
my mum found out her phone bill and was like
absolutely not. In fact, mum was that's not a money
win and marched her down to the phone company and
have switched my nana from paying like one hundred and
(11:06):
fifty dollars a month because phone companies just leave old
people on their old contract. No, I was a month.
Don't even start it. I'm about to send a very
salty email because my grandpa passed away like more than
ten years ago. That's okay, why are we still paying
his phone plan?
Speaker 4 (11:26):
But did they know?
Speaker 3 (11:27):
I don't know. Yeah, I don't know. But it didn't
get used for ten years. The number's been disconnected, so
why are we paying for it? That's crazy anyway, that's
another story for another day. But my nana has just
purchased a sim only plan for like thirty nine dollars
last six months, so much better stop it, Nana, Like,
that's a good deal. And she came home and she said,
(11:48):
I've got a money win for you. I was like,
tell me, tell me, I'll put it on the show.
Don't worry, Nana. She's never listened to my podcast. I
don't even know if she can access it, but like,
I did it for you. Now shout out to Sala
if she's listening. It's also a good reminded for everyone
checking on your grandparents and just make sure that all
excuse me, is anyone taking advantage of you, because that's awful.
They just go, oh, life's expensive, No worries, ducky not
(12:11):
no so much money?
Speaker 4 (12:13):
Oh my goodness. Next, I've got money in this week
from Lily who said she's six months pregnant and a
week post COVID. They scrubbed the hell out of their
hopefully last ever bond clean and got the full bond
back and she said there's nothing like telling a guy
his new TV budget depends on the bond being returned.
Speaker 3 (12:33):
Pitch made TV's are expensy. Ah, well done.
Speaker 4 (12:37):
And then last of this week, I've got a money
in from Christine who said she signed up a few
months back for an adopt a fruit tree program through
her local council where you got a free fruit tree
to be planted in their yard. She got home today
to find a baby peach tree sitting there ready to go.
It's still got a bit of growing to do, but
eventually it'll give her free fruit and look amazing.
Speaker 3 (12:57):
Stop her a little peach tree that's so down your alley.
Speaker 4 (13:00):
And local council coming through once again.
Speaker 3 (13:02):
Jess needs to go work for local friends. I actually should.
I love it, Like, I don't agree with that, but
like if you quit and said I'm going to work
for Burindara, I'd be like, you know what, I'm not
even surprised. Like the story checks out all right. So
I am lucky because while beck is not here, I
get to do broke tips. So would you like to
hear them?
Speaker 4 (13:22):
Of course?
Speaker 3 (13:23):
So these have all obviously come from our community, and
the first one I have got is from Hannah. She said.
Sign up to your local gym that has a crash
rather than having daycare fees, I pay twenty bucks a
week and the kids go to Krash for up to
two hours a day. Some days I just chill and
do some reading at the gym, or I do things
(13:43):
on my laptop while they're in creation get some life
admin kicked out. I didn't know that was a thing,
neither did I.
Speaker 4 (13:49):
That's so smart.
Speaker 3 (13:51):
So you're telling me that you can just drop your
kid off, and I'm assuming that there's like rules and
regulations around you probably not being allowed to leave the premise,
like you've got a UNI a sign and your mom,
or you've got like you know, some life admin or
want to get through your emails. Sorry, two hours is golden.
Speaker 4 (14:06):
Yeah, I'm just mind boggled that you could just drop
them off at the crazy at the thing.
Speaker 3 (14:10):
That's insane. That's that's elite. That is good money, money win,
or a good broke teap I reckon. The next one
is from our friend Cassie. She says, check old loyalty
apps you might not have logged into for a while.
I logged into my Zassafras app after nearly three years
to see I had fifteen dollars in drink credit and
(14:30):
as my birthday was last month, I still had a
free drink for that three free coffees for me. And
then she said, for context, that's a new South Wales
coffee chain. And I moved to Victoria three years ago.
Ohs fra someone.
Speaker 4 (14:43):
There was a money win that mentions us fresh and
I was like, I don't know what that is.
Speaker 3 (14:46):
So it's a coffee chain.
Speaker 4 (14:47):
Oh, there you go.
Speaker 3 (14:48):
It makes more sense modern.
Speaker 4 (14:50):
Day equivalent of like finding money in a pocket of
an old jacket or something.
Speaker 3 (14:54):
Happening to us less and less. It's so disappointing. The
other day I couldn't even find a two dollar coin
for my trolley, and I was like, is this really
where we're at Victoria?
Speaker 4 (15:02):
It's desperate times when you're like pulling back the car
seat really get in your hand.
Speaker 3 (15:07):
And also, I'm sorry, a shopping cart with a toddler
life changing. Shopping in the supermarket without the trolley and
a toddler life ruining.
Speaker 4 (15:17):
I was at coals and I didn't have two dollars
and I said, oh, can I buy a token? And
they said we don't have any tokens? And I said,
so how do I access a trolley then? And they said,
don't be broke. They literally were just like you're going
to have to carry things in your hands.
Speaker 3 (15:30):
What is this?
Speaker 4 (15:31):
What do you mean? Like obviously, so like I'll bring
the trolley back, like I'm a good citizen. I just
couldn't believe it.
Speaker 3 (15:37):
Say, do you know what this is? Why? And like
shout out to coals Intoaronga because I feel like everybody
knows where I live anyway and whatever, like that's just
my local at the moment. They don't have coins on
their trolleys, so I go there exclusively because the woolies
down the road. Sorry, they have coin trolleys not happening.
I can't live like that. That's not an option for me. Sorry,
(15:57):
get it together.
Speaker 4 (15:58):
I just think not everybody carry a coin, so like,
what do you do?
Speaker 3 (16:01):
You know what? We're gonna make that as merch. We're
gonna make those coins for your your keys, so that
you'll never be without me or without a coin for
the trolley.
Speaker 4 (16:10):
It's just your face on a coin.
Speaker 3 (16:12):
Do you know what viccoin? Or what was it? Yeah? Viccoin?
Or what have we made last time? But it's actually
coming to real life and it's a grocery trolley coin,
not bitcoin?
Speaker 4 (16:21):
All right.
Speaker 3 (16:22):
I have a last one. This one isn't from beck
it is actually I've just gone with another community one
because I thought it was really good. This one's from
Bianca and she said I recycle all my empty beauty
and skincare containers at Sephora. In turn, I'm then given
points on my beauty Pass account. When you accumulate enough points,
you can trade them in for rewards. If you have
(16:42):
five hundred points, you can actually get ten percent off
your purchase.
Speaker 4 (16:46):
This is life changing for me because I don't know
if you know this, I've been I don't even know
why I've been holding onto every empty product I've used
for probably the last eighteen months. Why it started as
a like I want to see what I'm actually using,
spiraled into hoarding. Yeah, it's I have a whole shelf
in my bathroom cupboard that like you open it things
(17:06):
like youture it bags, bags of stuff, just empty stuff.
Speaker 3 (17:10):
So if I came to your house and I was like, huh,
I'm going to raides this beauty cupboard and then I
like scoop it all in take my bag home, I
would be so disappointed.
Speaker 4 (17:19):
I'll post a photo somewhere because I have so.
Speaker 3 (17:21):
Many and content of stuff you used and actually like.
But I really should because I always say, can you
not do you? You know you don't, but you need
to be like these are my beauty empties, because that's
the content I want to see. I don't want to
be like, here's my brand new eyes shadow I just
got I love it. Sorry, did you actually use it?
Is this worth the investment? Is this the money win?
Speaker 4 (17:40):
I'll do that. I'm going to do that on TikTok
and then I'm going to take it to Sephora and
get points because I didn't know what to do with
it because you can't put it in the bin to
recycle it. What. Yeah, most beauty product components are not
like normal recyclable. You have to dispose of them, which
is the other reason I've been hoarding them is because
I was like, oh, I know, I need to take
them to like a specific place.
Speaker 3 (17:58):
I was like, girl, your deu Lulu turns you're just
actually a better person than me and you're basically Captain Planet.
Because I could, I've been just putting it in the
recycling I just put.
Speaker 4 (18:08):
A bit of bag. We'll take them to support.
Speaker 3 (18:10):
I don't go through my bins. I would not win
any type of community or like council award Jess would
though you would you win Captain Plannet. And on that note,
all right, let's go to a really quick break because
on the flip side. We're going to be talking about
how to prepare for dropping down to one income for
maternity leave. And then something that you slid into our
dms about is it about idea to prioritize travel as
(18:33):
a money goal over purchasing a house. Guys, don't go anywhere.
Speaker 4 (18:41):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 3 (18:47):
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 him, 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 5 (19:10):
Hi, Shoes on the Money. I was just wondering if
you could do a segment on preparing for maternity leave.
So we're planning to fell pregnant within the next twelve
months and we're kind of looking at how to manage
our finances by coming back onto one income and how
to just balance everything there. If you have any advice
that would be greatly appreciated. Thank you.
Speaker 4 (19:32):
Not that I've had to deal with it before, but
I would say my best guess would be start living
off of one income. Now, while you don't have to
do a good well, you've got a luxury of knowing
that you've got the money that you can fall back on.
Because I think it's like a double win, right, you
will figure out how much you actually do need to live. So, like,
redo your budget. You know, on the assumption that this
(19:53):
is how much we've got coming in from the one income,
try it us to live off that. There's probably going
to be some teething where you go, oh, we thought
we could spend fifty bucks a week on takeaway. It
turns out it's actually more like seventy. Make your adjustments,
but then all the money that you save put aside
so that you can then maybe pay some of that
into you know, top up your super if there's a
gap between the government payment, or you know, just as
(20:14):
an emergency fund or for things for baby or whatever
you need. Like it kind of gives you those extra
savings too. But honestly, I don't really know what that
looks like.
Speaker 3 (20:23):
I'd be reviewing your contracts so like right now you're in,
I would say, a pretty powerful position. You're not pregnant, yeah,
which means you've got all this planning time, and you
said we're planning on getting pregnant in the next twelve months,
and I just want to address you know, I guess
the elephant that exists when you talk about planning pregnancy
is that it might not be smooth. But like, let's
pretend it is. We're hoping it will be. Yeah, we
(20:45):
are manifesting that energy that when you get pregnant it
was because that was the time you wanted to and
it was all smooth and sunshine and roses. But I
think good suggestion going back to one income or even
just trying to budget and save as much as possible.
I also want you to do a maternity leave budget,
because I think so many of us go, oh, well,
we will, you know, just be really frugal during that time.
(21:08):
But I would say the fourth trimester, so like you
have three trimesters where you're pregnant, and then you have
the first twelve weeks of having a baby at home,
and that is for some people glorious, for others really rough.
And I was a mix of both like your hormones
are surging. Everything is so hard. I cried so much,
like and sometimes my husband would be like, why are
(21:30):
you crying and it'd be like, I'm now crying because
you don't know why I'm crying. And it was just
a chaos period, right. But something that I learnt really
quickly and thankfully as a financial advisor, I have always
allocated for my clients is like, have I got money
in the bank that I can go for a morning
walk and get a coffee comfortably? You do not need
(21:51):
the guilts at that period of time where you're like oofed,
we're on one income. I don't want to be going
to the cafe and quote wasting money. To me, that
was like a massive achievement if I got out of
the house, especially once my husband had gone back to work,
If I got out of the house and got myself
a coffee or a little sweet treat, do you know
what that was worth it? So, like, what does that
(22:12):
budget potentially look like? If you don't use it, money win,
If you do use it, mental health win. Everybody wins
in this situation. So we're not just looking at like
what are your life expenses or your rent or your mortgage,
Like are the additional things that you want to be doing?
Like are your electricity bills going to increase? Because you know,
maybe you do know what month your baby is going
(22:33):
to be born in it's the middle of winter, and
like for me, that was something that I didn't anticipate.
I'm now home twenty four seven, and unlike Jess, who
is very good with the electricity, I think you would
change too if you had a baby.
Speaker 4 (22:46):
Because you have to keep it a certain temperature.
Speaker 1 (22:47):
Yea, Like all of.
Speaker 3 (22:48):
A sudden, all I cared about was making sure that
my house was perfect twenty one twenty two degrees for
this baby, because that's what I'd been told. And like historically,
if I was just home alone, I'd just have the
heating off until my husband got home, socks on, grab
a jumper. You don't do that with a baby. You know,
what are your electricity costs likely to look like? Also
on the flip side, if it's the middle of summer,
(23:09):
are you using your air con a lot? So just
having these little conversations about what that would mean. Also,
budgeting for baby is going to be so different for everybody,
and like everybody's got an opinion on how this works.
We've done an episode on budgeting for baby. We're going
to do another one soon now that I've especially had
a baby. But some of us have a lot of support.
(23:31):
Some of us have an older sibling who gives you
the cot, the hammy down outfits, you're doing cloth nappies,
and you're a perfect breastfeeder. It's not going to cost
you a lot. You also go through the public system,
or on the flip side, it could be like myself,
thankfully I had the financial privilege to like fund this,
but like we decided to go through the private system.
(23:52):
I don't have any siblings or older friends who had
cots and lots of handy downs, So all of the
stuff that I acquiring was new. So my budget obviously
had to be a little bit bigger when it came
to setting up for a baby. But there's still going
to be those costs that you can't avoid, So what
do they look like? How's that going to work? But
the idea that you would not only have an emergency
(24:13):
fund but also a maternity fund, I think is really good.
And we're looking back at the conversation I was having
before at your contracts, So you know, I might, let's
say Jesse and I were having a baby together, I
might look at your leave contract and be like, okay, well,
this is what your workplace gives you from an eternity leave.
What's the parental leave policy at my husband's job? Like
(24:34):
what do those things look like? Because for even my
husband and I went planning that, I was like, oh,
you actually have a really good parental leave policy that
we could definitely lean on a bit more. Are you
planning on taking time and my husband always wanted to
do this, but are you planning on taking some time off?
If so, how do we make the most of that?
At what point is the best time for you to
(24:56):
take off? Is it from me going on maternity leave?
Is it when the bay becomes is it? You know
you take a month now, and then later down the
track you might take some more time. Like how's that
action exactly? How's that going to work for you guys?
And what does that balance look like? But then also
when you're planning on going back to work, so like
maternity leave, yes, you're planning for not having any any
(25:19):
second income. You're on one income, which I'm assuming you
know you're like, how do I budget for this for
that period, because I'm assuming that you're planning on returning
to work. What does return to work.
Speaker 4 (25:29):
Costs look like?
Speaker 3 (25:31):
Have you looked at daycares? Do you know what daycare
in your area looks like? What subsidies are you able
to access? What type of family support can you can
you not like be reliant on? So maybe not having
those conversations because you don't want to bring up to
your mum that you're trying to have a baby. But
what would that look like? Because your whole budget once
(25:51):
you have kids changes and that can look very different
for different people, And I don't want you to just
focus on that, you know, first twelve weeks or first
six months or first twelve months when your budget in
general is going to significantly change.
Speaker 4 (26:04):
Yeah, and then I guess you're probably once the baby's born,
even before they want to start contributing or if you
can putting money aside for like future school fees or futures.
Speaker 3 (26:13):
It's chaos, isn't it.
Speaker 4 (26:14):
Yeah, there's a lot to think about, but there's probably
some really good budgets out there that account for those.
Speaker 3 (26:18):
Things absolutely, like a free one on the She's on
the Money website that you could just download that has
a whole kids section. Amazing exactly. I wish I'd thought
of that myself.
Speaker 4 (26:28):
Exactly right, But yeah, very exciting. Congratulations, it's a really
exciting time.
Speaker 3 (26:32):
Budget, I think is the outcome. And also communicate with
your partner what are their expectations? How are you going
to be managing money? Something that comes up as well,
and I'm just yapping on, is actually you feeling if
you're the person going on maternity leave like that you're
spending your partner's money. It's not it's a household income,
like you're taking a sacrifice. Also, can we please talk
(26:53):
about superannuation? What's that going to look like? How are
we going to be making sure that if I'm taking
a year of maternity leave. I'm not completely off because
the government doesn't actually provide maternity leave cover for that
period of time, but Sexy, they do now give you
supernuation on your matt leave pay from the government. We
love that, we love to see it, but it might
(27:13):
not be at your salary expectations.
Speaker 4 (27:15):
Yeah, so what do you need to do to make up?
Speaker 3 (27:17):
We got well, we could salary split. That's crazy, partner.
Speaker 4 (27:21):
Lots of conversations have keep an eye up with that
baby episode coming soon?
Speaker 3 (27:24):
Would you like to hear a cheeky DM?
Speaker 4 (27:26):
We got absolutely all right.
Speaker 3 (27:28):
Hi, she's on the money. I have a money dilemma
and would love some advice. My partner wants to buy
a house or apartment together next year. I want this
too in brackets eventually, but travel is so important to me.
I know traveling will be incredibly difficult once we are
locked into a mortgage. My question is traveling while having
a mortgage a bad idea? I know financially, I should
(27:50):
probably just throw everything we have at it financially, but
I also want to see the world while I'm young.
Am I stupid for wanting my cake and to be
able to eat it too? I would love your tips.
Speaker 4 (28:01):
I think it's so dependent on your personal financial situation,
because if you're earning fifty thousand dollars a year, paying
a mortgage and traveling might be a little bit tricky.
But if you're earning one hundred and fifty thousand dollars
a year, it's probably something that's a lot more achievable. Yeah,
it also really depends on I know that you've said
you want to see the world, so to me, that
kind of implies international travel, and it really depends on
(28:24):
where you want to go, you know, countries close to
Australia as countries further away First world verse third world, Like,
there's lots of factors that are going to impact how
expensive it will be for you to travel. I would
say that if that's something that you want to prioritize,
that's totally okay, but you need to talk to your
partner about it because it sounds like they're operating on
the assumption that you're doing this together, like purchasing this
(28:46):
home together, and it sounds like you're not quite there.
You said you it's something you want to do eventually,
but you don't want to do it now, and it
sounds like maybe your partner is pushing to get it
done sooner than later, which is totally fine that you
both have different priorities, but if your partner's operating on
the assumption that you'll be doing it together in the
next five years, for example, like they've probably built their
(29:06):
long term plan around that, and if that's not something
you want to commit to, you've kind of got to
let them know because that's her job to impact what
their plans are. How soon they can do it all
those types of things. So it's definitely not a bad thing.
Like you're allowed to want to prioritize whatever you want.
You know, whatever is important to you is good and okay,
but you just I think, need to be conscious of
(29:28):
the way that that will then impact your partner. Yeah,
and it is totally doable, Like you can absolutely travel
and pay a mortgage, but again it comes down to
like what are your lifestyle expenses? Like, if travel is
something you want to prioritize, does that mean that you
would not be able to afford eating out with friends
or buying new clothes or you know, Like, there's lots
(29:48):
of ways that you can juggle your budget. We've spoken
before about how everybody has different priorities and different things
that they care about, and there's no right or wrong
way to organize all of that. But you need to
do some reflection figure out like is it achievable for
you with what you earn, with what you want to do,
and with the lifestyle sacrifices that you may or may
not have to make.
Speaker 3 (30:08):
Yeah, I agree. The other thing I would be doing
is talking to a mortgage broker about what these scenarios
actually look like because a lot of the time I
speak to people literally weekly and they're like, we want
to buy next year, and then we find that that's
actually not feasible. Pipe dream, so fantastic, you thought you
could buy, but you know the deposit that you've saved
is simply not enough for you know, you're actually not
(30:29):
on the same page about what you're purchasing. And then
having a good conversation with a broker is going to
do two things right. You're going to work out what
your borrowing capacity is and like, let's just pretend between
you and your partner and just for clean numbers sakes
both of you together, you can borrow a million dollars. Fantastic,
very sexy, very nice. What are the repayments on that
million dollars looking like each and every single month? And
(30:50):
how does that impact your lifestyle? And what does that
then look like for the rest of the lifestyle that
you want to achieve. So are we talking to our
partner about not maybe pushing off, Like, let's pretend your
partner is reasonable in saying we can afford to buy
next year, Jessica, and you go, yes, no worries. What
does life look like to them? Have you had a
bit of a brainstorm together about well, you know, what
(31:12):
are we happy to sacrifice? What are we not happy
to sacrifice? Like I remember when my husband and I
were buying, we had a borrowing capacity above what we
actually purchased for because, like both of us were like, oh,
we still want to eat out, we still want to
have travel, we still want to have all of these things.
So we lowered what we borrowed and what our quote
limit was not because that's what the bank said we
(31:34):
could borrow, but that's what we said we could borrow
based on the lifestyle we wanted to achieve, And so
I think that's really important as well. So what does
your partner think, Like, are they planning on purchasing and
they just still think travel is going to be slotting
in there absolutely fine? Or are they like, oh my goodness, Jess,
I never actually thought about this. You're right, like, we'll
(31:55):
be living on rice and beans for the rest of
our life if we take on that mortgage. And maybe
the decision is to save for a little bit longer
so you have more deposit, or maybe it is to
reset expectations around the type of property that you purchase,
so you can absolutely have your cake and eat it too,
But when it comes to finances, everything is about compromise.
So like, yes, you could travel the entire world and
(32:16):
go on luxury cruises and only travel to first world
countries for the rest of your life, but that is
going to come at a cost. But you could also
reasonably go, Okay, well, we really want to travel together
as a couple, it's a value of ours. We also
really want to buy a house. How do we buy
a house but also still have the cash flow to
afford an eight to ten thousand dollars holiday every year? Okay, well,
(32:39):
maybe that doesn't work. How do we have the eight
to ten thousand dollars holiday every two years? Is that
what you're happy to commit to? Like, what does that
look like? Also, let's take a step back. What's your
earning potential into the future. Is that going to change?
Is your lifestyle going to change?
Speaker 4 (32:55):
Are you factoring in inflation?
Speaker 3 (32:56):
Are you factoring in any of the life choices that
you make, Like, babies aren't for everybody, But if that's
a part of your lifestyle decision, maybe that's why you're like,
I really want to see with the world while I'm young,
because I can't think of anything worse than a toddler
in Europe, you know.
Speaker 5 (33:10):
Like fair.
Speaker 3 (33:11):
I just want to experience that on my own. So
I think it's all about open communication, which is hilarious
because that's what we always talk about. But if your
partners like, really want to purchase next year, and you're like, oh,
I do really want that, but I also have this
other value. Let's bring it up, Let's have a wine,
let's have a date night.
Speaker 4 (33:28):
Yeah, And now it's a good time to talk about
it because you haven't committed to anything. It's not at
all out now before you start making choices.
Speaker 3 (33:34):
And you can get a budget together now, So like
you can google mortgage calculator and basically every single bank
and credit union has a free one on their website,
and you can put in what your loan would be,
what your deposit is looking like, and it will tell
you what your average monthly repayments on that kind of
look like. Please don't take that stuff as gospel. It's
just for conversation beforehand, because every loan is going to
(33:56):
look different based on the interest rate, based on like
the loan term, based on so much stuff, whether you
have ELEMI no elamite whatever, but use those as kind
of guides be like, oh, okay, well I didn't realize
that would cost us six thousand dollars a month. Yeah,
did your partner know that? Do you know what I mean? Like,
sometimes these things are so aspirational and we're so excited
(34:17):
that we forget to get into the semantics, and then
that's where we shoot ourselves in the foot. So google it,
work it.
Speaker 4 (34:22):
Out, whatever we else say.
Speaker 3 (34:24):
So we asked a few questions before I asked them
for their two cents. First question was what would you
prioritize in this situation? So fifty eight percent of you
said travel lightly or paying the mortgage, thirty three percent
said delay the house, go see the world, and ten
percent of you said house first, travel later.
Speaker 4 (34:42):
Interesting.
Speaker 3 (34:43):
And then we asked what would you do if your
timeline for financial goals was different to your partners? And
a whopping eighty eight percent of you said, I would
find a compromise. I kind of love that because it's like, for.
Speaker 4 (34:55):
A second I thought you were going to say they
were going to say break up.
Speaker 3 (34:57):
My heart dropped. Oh my god, I thought it with
financial advice, not like relationship advice. Maybe I should. So
there's this like content creator online that I send a
lot of videos to you of His name's Caleb Yep.
So his name's Caleb Hammer And if you haven't looked
him up on TikTok do, because he's everything I've always
wanted to be. But like, also I would never he's
(35:20):
so aggressive with So he does a podcast called Financial
Audit and maybe one day somehow we could manifest getting
him on our show.
Speaker 4 (35:28):
That would be cool.
Speaker 3 (35:28):
But he does like unhinged money diaries. Basically he does
these like audits of people's finances and he'll be like,
what the hell are you doing, Jess, And like I
cannot get enough of these people that are going on
his show and putting their hands up and being like
I'd love to be non anonymously, like I'll put my
name to this on your show. And then she's in
(35:49):
forty thousand dollars worth of debt because she bought La
Boo Boos.
Speaker 4 (35:52):
They're volunteering to be rastered.
Speaker 3 (35:53):
They are volunteering exactly, and it just I go, what
the hell? Or like they'll be like, yeah, my husband
and like does all of these terrible financial things, and
he's like, divorce him and I'm like, oh my god,
can you imagine saying that doesn't anyway? It is so
unhinged that I can't get enough of it. I think
my other favorite one was this girl being like, well,
I shouldn't have to work, I'm beautiful, And I was like,
(36:14):
I wasn't made to work. What's going on? Like what
he's going on anyway? Clearly not she's on the money coded,
but like when it comes to like finance content, I
love it because he's so savage.
Speaker 4 (36:26):
He says. I feel like he's like the little voice
in your head, you know, like I'm sure that I've shown,
especially in the early days, like said or shown some
things to you where like your internal monologue was probably
like girl, get it together, Like what are you doing?
Speaker 3 (36:37):
But like I say, like in a kind way, though,
I'll be like, oh, do you really think that that's
really helping you or whatever? But like he says the thoughts,
he's like what the air for? What are you doing?
Like there was a couple on the show the other
day and he was like, why are you two together?
He's awful? Or like this other girl was on the
show and to the husband, he literally said in the
(36:59):
three years of doing this podcast. I've never met someone
more dislikable. What do you like about this woman? And
I was like, I would die, I would cry anyway.
So that's clearly not what our show is about. But
I'm glad that most of our community would find a
compromise not break up with their partner.
Speaker 4 (37:15):
Jess.
Speaker 3 (37:15):
Seven percent said that they would pause the goal until
you're both ready, and five percent said no, I'm sticking
to my own plan. The you live love laugh queens.
We then said, guys, what is your two cents? First
person and I've just got like a little selection as always.
First person said, you can definitely travel with a mortgage.
I do, just don't borrow more than you can manage
(37:36):
can be done. Next person said extending trips would allow
for renting out the home whilst paying the mortgage.
Speaker 4 (37:42):
I'll just.
Speaker 3 (37:44):
Exactly, I didn't even think of that. Next person said,
start a side gig so that you can pay for
your travel. I mean, why not, hustle queen? Next person,
you will never regret traveling and making memories. And then
I have another one. We had buckets for travel, deposit,
and wedding. We ticked all of our goals off. We
just had to make adjustments along the way.
Speaker 4 (38:04):
It's exactly what you were saying.
Speaker 3 (38:05):
Another person said, I'm fifty one and missed traveling the
world due to a mortgage. Please travel now, mortgage later.
Speaker 4 (38:13):
There you go some insight from someone who's lived in yelp.
Speaker 3 (38:16):
And then I've got a two parter. So this person said,
I bought a house three years ago now on a
single income. It took a little while before I could
afford a trip again, but I kept saving and this
year I went to Canada for four weeks. Oh that's
so exciting, I know, right. So, like, I think it's
just about communicating, either with yourself or with your partner,
like what's the goal here? Can we still do these things?
(38:36):
It's like, yes, we can do everything, we just can't
do everything at once.
Speaker 4 (38:41):
Be realistic.
Speaker 3 (38:42):
And I have two more for you before I wrap
it up. This one says I just broke up with
my boyfriend over this. Actually, oh, we couldn't come to
a compromise. Well, I mean, if.
Speaker 4 (38:50):
Your goals don't align financially, like that's a pretty big thing.
Speaker 3 (38:53):
That's massive. And also know your worth and know what
you want. And I'm like, you know, don't just break
up with somebody over one thing. I'm not Caleb Hammer.
I can't just say that. But I also think that
there's probably some more deep rooted issues there and like
these things where you can't compromise or like I can't
want you to achieve your goals. Yeah bye boy.
Speaker 4 (39:13):
Yeah absolutely.
Speaker 3 (39:14):
And the last one I've got is whatever you do
travel before the kids come along. It's so much cheaper
when you're only planning for two hashtag money hack up
there you go, Oh my god. It actually is like
as somebody who's just gotten back from Bali with a
kid who's eighteen months old. I loved it, but my
husband and I were talking about what are we going
to do when we have to buy him his own
plane seat?
Speaker 4 (39:34):
Yeah?
Speaker 3 (39:35):
Expensive, little Once they're two, they become a full adult
when it comes to flying. So anyway, enjoy it while
they're young we can. All right. That is all from
us this week. I feel like this has been a
good wrap up. We miss Beck, but she'll be back soon. Guys.
Don't worry. Until then, we will have a bright and
early money diary for you on Monday. See you hi, guys.
(40:01):
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
(40:21):
your needs. Victoria Divine and She's on the Money are
authorized representatives of money Sherper Pty Ltd ABN three two
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My name's Sasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t Glenn Young Ganya, Niana,
Kaka yah y and beIN Ahaka Nian our gay In
Mbini yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bumba ban
Gadabomba in and now in wakah ghan On yak rum
Jar water Nadaa. Hello, beautiful friends, we gather on the
(00:24):
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 (00:45):
She's on the Money. She's on the Money.
Speaker 3 (01:08):
Hello and welcome to She's on the Money, the podcast
that makes personal finance fun, especially on Fridays. It is
our favorite day of the week because we are very
lucky and we get our team together to celebrate you
the incredible She's on the Money community. The only person
I have here with me today is actually Miss Jess Grici,
who is as always going to be sharing her money
(01:29):
wins and confessions. Beck's not here, but she did leave
us with some broke tips which I will share with you. Guys.
We're going to be helping to answer a money dilemma
which is all about how to prepare for dropping down
to one income from maternity leave and something that you
slid into our DMS about this week. Is it a
bad idea to prioritize travel as a money goal over
(01:50):
buying a house? Mister Gerricci, Before we get there, how
was your week?
Speaker 4 (01:55):
My week has been so good. You've seen in the
office I have been trawling the Amazon.
Speaker 3 (02:02):
Oh yeah, you're not even like in the office doing it.
You're all over our group chat as well, like you
are trying to influence me to write all the stuff
that you're buying because you've had it in your cart
for so long.
Speaker 4 (02:12):
Genuinely, you guys, now, I love Amazon. We've been working
with them. The big deal days are on and I
feel like it's such a good time to be buying
stuff for Christmas, because you know, I love an early
Christmas buy to put.
Speaker 3 (02:21):
It on percent and an early group message like why
are you messaging us at seven thirty with like, hey, guys,
did you see this? No, we didn't, jest, we haven't
sat in front of our computer yet, but you are
doing work for us absolutely.
Speaker 4 (02:33):
And I've pulled out a list I thought I could
share with you a couple of the really good deals
I thought people might like.
Speaker 3 (02:37):
Yes, I mean I've seen them in group chat already,
but share with the community absolutely.
Speaker 4 (02:43):
All right. First, one big one for anyone who knows me.
Ninja slashy. Yeah, thirty percent off.
Speaker 3 (02:47):
What's the Ninja creamy though, because I've decided the Ninja
slushy you can have at your house, but you can
come to my house for the creamy is on all
ninja stuff.
Speaker 4 (02:55):
It is on stuff sory.
Speaker 3 (02:56):
I just realized I got that wrong. Ninjaslashy forty percent off?
Oh okay injore creamy. Okay, that's a good idea. Is
the Ninja creamy swirl included in that? Because like I
have been going down what you could say is a
massive rabbit hole. Yeah, and I need that in my house.
Speaker 4 (03:12):
Oh, it looks incredible. It is also on say, I
don't remember the percentage.
Speaker 3 (03:16):
Was also included. A deal is a deal.
Speaker 4 (03:18):
One hundred percent.
Speaker 3 (03:19):
What else have you got?
Speaker 4 (03:20):
Robo rock vacuums up to sixty percent off?
Speaker 3 (03:22):
Sorry sixty I know that people are basically giving them
away for free, like and I shouldn't say that because
I should be like put twenty four hours between you
and you're spending. But like brooking our team. She's like
the queen of robot vacuums. Like if she walked into
your house, I think the robot vacuum would come up
to her and be like, oh all hell, robot vacuum queen.
But like, sixty percent is a good deal.
Speaker 4 (03:43):
It is a really good deal. And the sale is
on until the thirteenth, so you do you have the
time to put twenty four hours and you're spending.
Speaker 3 (03:48):
Which reminder you absolutely should. But like, sorry, are you
Christmas shopping already as well? Literally this year, I just
feel the pressure. I don't know why. Why am I
feeling the pressure in October? I be buying Christmas presents now.
Speaker 4 (04:02):
I think it's good because you can get ready early,
get it done, I get it on sale, save some money.
Someone in my family wanted to Kindle eighteen percent off
done and dusted, Lego set to twenty percent off if
you've got kids, and.
Speaker 3 (04:11):
Then buying, do you plow this Christmas as well? Perfect?
Get on there's Eve, it's on sale. Oh my god.
I think that's genius. But then also, sorry, good a
reminder that a lot of sales don't happen closer to Christmas.
So if you're trying to snag a deal, maybe now's
the time to shine.
Speaker 4 (04:25):
Yeah. I don't want to be fighting with people in
the aisles. I don't want to be stressing a week
before Christmas. I'm going to get it all done now.
Speaker 3 (04:30):
Yeap, genius, I'll still be stressing. But that's okay. Let's
put some info in the show notes because I know
that people are going to be interested in that. How
do you I love this. I am good. I'm live,
laugh loving my way into October. I will say that
it has been such a chaotic period of time for us.
We have sold our house, like that's you know, I
guess all news now, but like just going through this
(04:53):
process is just so stressful. We're talking about okay, well,
now settlements coming up soon, like obviously not that soon,
but in a a month or two, and I just go,
We've got to get everything out of the house. Where
are we going with that? What does storage look like?
And doing that with a toddler in the house hard?
I bet it's not just it's the mental load, I think. Yeah,
And I'm just and I have a fantastic husband, please
(05:14):
don't get me wrong, we're both sharing that. But I'm
always like, low key, just don't want to do it.
Speaker 4 (05:20):
Moving such a big thing. Yeah.
Speaker 3 (05:22):
And I was talking to a couple of girls in
the office about it yesterday and I was like, oh, yeah,
it's not too hard. And then I was like, oh,
the plastic drawer in my kitchen that I keep avoiding, Yeah,
should I go through that? Like do you know what
I mean? It's like the shed. Do I have to
do this shed? Or do I like bunch everything into
boxes so that when we move into a new house,
like I just reopen it and go, wow, now I'll
(05:44):
deal with it, or just currently deal with it so
that future me has a better time.
Speaker 4 (05:48):
I'm a fan of doing it pre move personally. It's
less things too. It feels redundant to move it and
then color it, you know, if I.
Speaker 3 (05:54):
Need it though, Like I don't need two can openers,
but we have two can openers. Yeah, which one do
you pick that are you paying? Yeah, b you paying favorites?
And does my husband agree with that? Being the nicer
can opener?
Speaker 5 (06:08):
Yeah.
Speaker 4 (06:08):
Have you seen the people on TikTok. They go through
their mug collection. They have a one in, one out.
This is so funny.
Speaker 3 (06:14):
We're TikTok mugs and you.
Speaker 4 (06:17):
Just end up with like heaps of them for no reason.
They had too many. They're like, that's not me. I
do not own enough mugs.
Speaker 3 (06:23):
Oh, there you go.
Speaker 4 (06:24):
But they were like, we need to implement a one in,
one out rule, and so they make these tiktoks where
if they want to buy a new mug, it's like
Survivor and they take turns like drafting there until there's
one mug left that they get rid of it and
they bring the new. As I'm explaining, I go, wow,
that's very dull. But would you please send that Yes?
Speaker 2 (06:40):
Absolutely, I love it.
Speaker 3 (06:42):
I'm on the side of TikTok. I think it's Oregon
fishing TikTok oh niche, yes, but let me just let
me pitch this to you again, completely niche side of TikTok,
which tells me that you and I have very different
tasting content, so it's not just fishing videos. In fact,
this guy gets you and you're watching an Oregon fishing video.
(07:02):
Before you know, you're watching an Oregon fishing video, and
then you're too far in. He actually catfishes men online
who have pictures of fish in their profile pictures, right,
And then it's kind of wholesome because he doesn't like
do anything bad, but he you know, lures them in
by asking what their favorite fishing locations are, and then
(07:23):
his videos are him reviewing the fishing locations.
Speaker 4 (07:26):
Oh, I love that. I like this sounds like it
could be a little bit of fair really, And.
Speaker 3 (07:30):
Then he's just got this way of like editing the
videos that you're like, wow, he brings back all of
these like old school videos and clips that like feel
nostyle duke. Then you're watching them, and then all of
a sudden you're watching an Oregon fishing video again. You're like,
damn me, got me. And you know when you like
watch one or two videos and then all of a sudden,
that's all your fat, that's your entire feed.
Speaker 4 (07:50):
Yeah, don't send it to me. I don't want to
be on fishing target.
Speaker 3 (07:53):
I mean to send it so many of them. All right,
all right, all right, speaking of online, we have an
online at five star review that I would love to
share with you. Are you ready to hear it? Okay,
So this one comes from KDEZ Investing Diaries, Keep them coming.
Five stars. I loved the episode with the and brook
going through Brooks investment portfolio and her strategy. Would love
(08:16):
to hear more things like this.
Speaker 4 (08:17):
Okay, that away for later. That was a really good episode,
but it's a great job.
Speaker 3 (08:22):
I picked that five star review because, Hi, guys, if
you've got an investment strategy that you're willing to share
on the podcast and we can go through with a
fine tooth comb, submit a money diary via our website
because I would love to hear it and like, there's
nothing juicier and being like, what do you own Jess?
Speaker 4 (08:38):
Yeah, it's you own it.
Speaker 3 (08:40):
And Jess and I are currently in the same hole
with the same biopharmaceutical stock that Brooke and I were
talking about that we took a punt on. But I
would say that Jess has been better at it because
I invested in it and stopped and then Jess is
consistently invested in it and you're not in a bad
position with them anymore.
Speaker 4 (08:55):
I'm up a decent amount, but also I am down.
My anticipation is once they finished the trials, that's when
you'll see.
Speaker 3 (09:04):
See I'm still committed as well, assuming.
Speaker 4 (09:07):
The trial goes well. Obviously, all investin contains risk, not
financial advice.
Speaker 3 (09:10):
That past performance is not indicative of future performance, absolutely,
which I've learned because the past performance of this stock
was amazing and then she went down. Anyway, Miss Jess Gerchi,
tell me about our community. I want to know what
are your favorite money wins from the week.
Speaker 4 (09:25):
So firstly, this week, I've got a money win from Sus,
who said she went to a quiz night on Friday
to support her local score. She spent four bucks on
raffle tickets. She won the major prize, which was two
Pennicott Wilderness Cruise tickets worth four hundred bucks.
Speaker 3 (09:39):
Oh my god.
Speaker 4 (09:39):
And I don't know what a Pennicott Wilderness cruise is,
but it sounds fun and four dollars is a bargain.
Speaker 3 (09:43):
All I heard is that you paid four dollars for
a four hundred dollars thing, and that's a money win
in my eyes. Wild done, Sus.
Speaker 4 (09:50):
Next I've got a money in from Lisa, who said
it's a big day for her money win. She went
to the local tafe as a nail model for her
friend's daughter and got a full set of acrylic nails
for ten dollars, and she said she did a great job.
She put in a little photo they look very cute.
Speaker 3 (10:05):
Oh cute, very.
Speaker 4 (10:06):
Nice, and then she said money loss. She got a
rejection letter for a higher role at work.
Speaker 3 (10:10):
Unfortunately, but that's okay because you put your hat in
the ring and now please you might not have the job.
You have more experience, you have more confidence, and next
time you know that you can go for it again.
Worst thing that can happen, Jess.
Speaker 4 (10:21):
They say no exactly, and now they know you're interested,
which I think is a big win.
Speaker 3 (10:24):
Yeah, They're like, she's not going to want to stay
in this role. We're going to have to make.
Speaker 4 (10:27):
Room exactly right. Next I've got a money win from Mike,
who said he followed our advice about negotiating our your
mobile phone bill. He called and went straight through to
someone at Retention who reduced his plan from fifty five
dollars to twenty five dollars.
Speaker 3 (10:40):
That is so good. Less than a half.
Speaker 4 (10:42):
No hesitation on their part. He said, the whole process
took less than five minutes.
Speaker 3 (10:46):
I love that. Can I chime in with a money
win from my nana please? Zella from Zella. So Zella
is currently staying with my parents sover from Tasmania, and
my mum found out her phone bill and was like
absolutely not. In fact, mum was that's not a money
win and marched her down to the phone company and
have switched my nana from paying like one hundred and
(11:06):
fifty dollars a month because phone companies just leave old
people on their old contract. No, I was a month.
Don't even start it. I'm about to send a very
salty email because my grandpa passed away like more than
ten years ago. That's okay, why are we still paying
his phone plan?
Speaker 4 (11:26):
But did they know?
Speaker 3 (11:27):
I don't know. Yeah, I don't know. But it didn't
get used for ten years. The number's been disconnected, so
why are we paying for it? That's crazy anyway, that's
another story for another day. But my nana has just
purchased a sim only plan for like thirty nine dollars
last six months, so much better stop it, Nana, Like,
that's a good deal. And she came home and she said,
(11:48):
I've got a money win for you. I was like,
tell me, tell me, I'll put it on the show.
Don't worry, Nana. She's never listened to my podcast. I
don't even know if she can access it, but like,
I did it for you. Now shout out to Sala
if she's listening. It's also a good reminded for everyone
checking on your grandparents and just make sure that all
excuse me, is anyone taking advantage of you, because that's awful.
They just go, oh, life's expensive, No worries, ducky not
(12:11):
no so much money?
Speaker 4 (12:13):
Oh my goodness. Next, I've got money in this week
from Lily who said she's six months pregnant and a
week post COVID. They scrubbed the hell out of their
hopefully last ever bond clean and got the full bond
back and she said there's nothing like telling a guy
his new TV budget depends on the bond being returned.
Speaker 3 (12:33):
Pitch made TV's are expensy. Ah, well done.
Speaker 4 (12:37):
And then last of this week, I've got a money
in from Christine who said she signed up a few
months back for an adopt a fruit tree program through
her local council where you got a free fruit tree
to be planted in their yard. She got home today
to find a baby peach tree sitting there ready to go.
It's still got a bit of growing to do, but
eventually it'll give her free fruit and look amazing.
Speaker 3 (12:57):
Stop her a little peach tree that's so down your alley.
Speaker 4 (13:00):
And local council coming through once again.
Speaker 3 (13:02):
Jess needs to go work for local friends. I actually should.
I love it, Like, I don't agree with that, but
like if you quit and said I'm going to work
for Burindara, I'd be like, you know what, I'm not
even surprised. Like the story checks out all right. So
I am lucky because while beck is not here, I
get to do broke tips. So would you like to
hear them?
Speaker 4 (13:22):
Of course?
Speaker 3 (13:23):
So these have all obviously come from our community, and
the first one I have got is from Hannah. She said.
Sign up to your local gym that has a crash
rather than having daycare fees, I pay twenty bucks a
week and the kids go to Krash for up to
two hours a day. Some days I just chill and
do some reading at the gym, or I do things
(13:43):
on my laptop while they're in creation get some life
admin kicked out. I didn't know that was a thing,
neither did I.
Speaker 4 (13:49):
That's so smart.
Speaker 3 (13:51):
So you're telling me that you can just drop your
kid off, and I'm assuming that there's like rules and
regulations around you probably not being allowed to leave the premise,
like you've got a UNI a sign and your mom,
or you've got like you know, some life admin or
want to get through your emails. Sorry, two hours is golden.
Speaker 4 (14:06):
Yeah, I'm just mind boggled that you could just drop
them off at the crazy at the thing.
Speaker 3 (14:10):
That's insane. That's that's elite. That is good money, money win,
or a good broke teap I reckon. The next one
is from our friend Cassie. She says, check old loyalty
apps you might not have logged into for a while.
I logged into my Zassafras app after nearly three years
to see I had fifteen dollars in drink credit and
(14:30):
as my birthday was last month, I still had a
free drink for that three free coffees for me. And
then she said, for context, that's a new South Wales
coffee chain. And I moved to Victoria three years ago.
Ohs fra someone.
Speaker 4 (14:43):
There was a money win that mentions us fresh and
I was like, I don't know what that is.
Speaker 3 (14:46):
So it's a coffee chain.
Speaker 4 (14:47):
Oh, there you go.
Speaker 3 (14:48):
It makes more sense modern.
Speaker 4 (14:50):
Day equivalent of like finding money in a pocket of
an old jacket or something.
Speaker 3 (14:54):
Happening to us less and less. It's so disappointing. The
other day I couldn't even find a two dollar coin
for my trolley, and I was like, is this really
where we're at Victoria?
Speaker 4 (15:02):
It's desperate times when you're like pulling back the car
seat really get in your hand.
Speaker 3 (15:07):
And also, I'm sorry, a shopping cart with a toddler
life changing. Shopping in the supermarket without the trolley and
a toddler life ruining.
Speaker 4 (15:17):
I was at coals and I didn't have two dollars
and I said, oh, can I buy a token? And
they said we don't have any tokens? And I said,
so how do I access a trolley then? And they said,
don't be broke. They literally were just like you're going
to have to carry things in your hands.
Speaker 3 (15:30):
What is this?
Speaker 4 (15:31):
What do you mean? Like obviously, so like I'll bring
the trolley back, like I'm a good citizen. I just
couldn't believe it.
Speaker 3 (15:37):
Say, do you know what this is? Why? And like
shout out to coals Intoaronga because I feel like everybody
knows where I live anyway and whatever, like that's just
my local at the moment. They don't have coins on
their trolleys, so I go there exclusively because the woolies
down the road. Sorry, they have coin trolleys not happening.
I can't live like that. That's not an option for me. Sorry,
(15:57):
get it together.
Speaker 4 (15:58):
I just think not everybody carry a coin, so like,
what do you do?
Speaker 3 (16:01):
You know what? We're gonna make that as merch. We're
gonna make those coins for your your keys, so that
you'll never be without me or without a coin for
the trolley.
Speaker 4 (16:10):
It's just your face on a coin.
Speaker 3 (16:12):
Do you know what viccoin? Or what was it? Yeah? Viccoin?
Or what have we made last time? But it's actually
coming to real life and it's a grocery trolley coin,
not bitcoin?
Speaker 4 (16:21):
All right.
Speaker 3 (16:22):
I have a last one. This one isn't from beck
it is actually I've just gone with another community one
because I thought it was really good. This one's from
Bianca and she said I recycle all my empty beauty
and skincare containers at Sephora. In turn, I'm then given
points on my beauty Pass account. When you accumulate enough points,
you can trade them in for rewards. If you have
(16:42):
five hundred points, you can actually get ten percent off
your purchase.
Speaker 4 (16:46):
This is life changing for me because I don't know
if you know this, I've been I don't even know
why I've been holding onto every empty product I've used
for probably the last eighteen months. Why it started as
a like I want to see what I'm actually using,
spiraled into hoarding. Yeah, it's I have a whole shelf
in my bathroom cupboard that like you open it things
(17:06):
like youture it bags, bags of stuff, just empty stuff.
Speaker 3 (17:10):
So if I came to your house and I was like, huh,
I'm going to raides this beauty cupboard and then I
like scoop it all in take my bag home, I
would be so disappointed.
Speaker 4 (17:19):
I'll post a photo somewhere because I have so.
Speaker 3 (17:21):
Many and content of stuff you used and actually like.
But I really should because I always say, can you
not do you? You know you don't, but you need
to be like these are my beauty empties, because that's
the content I want to see. I don't want to
be like, here's my brand new eyes shadow I just
got I love it. Sorry, did you actually use it?
Is this worth the investment? Is this the money win?
Speaker 4 (17:40):
I'll do that. I'm going to do that on TikTok
and then I'm going to take it to Sephora and
get points because I didn't know what to do with
it because you can't put it in the bin to
recycle it. What. Yeah, most beauty product components are not
like normal recyclable. You have to dispose of them, which
is the other reason I've been hoarding them is because
I was like, oh, I know, I need to take
them to like a specific place.
Speaker 3 (17:58):
I was like, girl, your deu Lulu turns you're just
actually a better person than me and you're basically Captain Planet.
Because I could, I've been just putting it in the
recycling I just put.
Speaker 4 (18:08):
A bit of bag. We'll take them to support.
Speaker 3 (18:10):
I don't go through my bins. I would not win
any type of community or like council award Jess would
though you would you win Captain Plannet. And on that note,
all right, let's go to a really quick break because
on the flip side. We're going to be talking about
how to prepare for dropping down to one income for
maternity leave. And then something that you slid into our
dms about is it about idea to prioritize travel as
(18:33):
a money goal over purchasing a house. Guys, don't go anywhere.
Speaker 4 (18:41):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 3 (18:47):
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 him, 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 5 (19:10):
Hi, Shoes on the Money. I was just wondering if
you could do a segment on preparing for maternity leave.
So we're planning to fell pregnant within the next twelve
months and we're kind of looking at how to manage
our finances by coming back onto one income and how
to just balance everything there. If you have any advice
that would be greatly appreciated. Thank you.
Speaker 4 (19:32):
Not that I've had to deal with it before, but
I would say my best guess would be start living
off of one income. Now, while you don't have to
do a good well, you've got a luxury of knowing
that you've got the money that you can fall back on.
Because I think it's like a double win, right, you
will figure out how much you actually do need to live. So, like,
redo your budget. You know, on the assumption that this
(19:53):
is how much we've got coming in from the one income,
try it us to live off that. There's probably going
to be some teething where you go, oh, we thought
we could spend fifty bucks a week on takeaway. It
turns out it's actually more like seventy. Make your adjustments,
but then all the money that you save put aside
so that you can then maybe pay some of that
into you know, top up your super if there's a
gap between the government payment, or you know, just as
(20:14):
an emergency fund or for things for baby or whatever
you need. Like it kind of gives you those extra
savings too. But honestly, I don't really know what that
looks like.
Speaker 3 (20:23):
I'd be reviewing your contracts so like right now you're in,
I would say, a pretty powerful position. You're not pregnant, yeah,
which means you've got all this planning time, and you
said we're planning on getting pregnant in the next twelve months,
and I just want to address you know, I guess
the elephant that exists when you talk about planning pregnancy
is that it might not be smooth. But like, let's
pretend it is. We're hoping it will be. Yeah, we
(20:45):
are manifesting that energy that when you get pregnant it
was because that was the time you wanted to and
it was all smooth and sunshine and roses. But I
think good suggestion going back to one income or even
just trying to budget and save as much as possible.
I also want you to do a maternity leave budget,
because I think so many of us go, oh, well,
we will, you know, just be really frugal during that time.
(21:08):
But I would say the fourth trimester, so like you
have three trimesters where you're pregnant, and then you have
the first twelve weeks of having a baby at home,
and that is for some people glorious, for others really rough.
And I was a mix of both like your hormones
are surging. Everything is so hard. I cried so much,
like and sometimes my husband would be like, why are
(21:30):
you crying and it'd be like, I'm now crying because
you don't know why I'm crying. And it was just
a chaos period, right. But something that I learnt really
quickly and thankfully as a financial advisor, I have always
allocated for my clients is like, have I got money
in the bank that I can go for a morning
walk and get a coffee comfortably? You do not need
(21:51):
the guilts at that period of time where you're like oofed,
we're on one income. I don't want to be going
to the cafe and quote wasting money. To me, that
was like a massive achievement if I got out of
the house, especially once my husband had gone back to work,
If I got out of the house and got myself
a coffee or a little sweet treat, do you know
what that was worth it? So, like, what does that
(22:12):
budget potentially look like? If you don't use it, money win,
If you do use it, mental health win. Everybody wins
in this situation. So we're not just looking at like
what are your life expenses or your rent or your mortgage,
Like are the additional things that you want to be doing?
Like are your electricity bills going to increase? Because you know,
maybe you do know what month your baby is going
(22:33):
to be born in it's the middle of winter, and
like for me, that was something that I didn't anticipate.
I'm now home twenty four seven, and unlike Jess, who
is very good with the electricity, I think you would
change too if you had a baby.
Speaker 4 (22:46):
Because you have to keep it a certain temperature.
Speaker 1 (22:47):
Yea, Like all of.
Speaker 3 (22:48):
A sudden, all I cared about was making sure that
my house was perfect twenty one twenty two degrees for
this baby, because that's what I'd been told. And like historically,
if I was just home alone, I'd just have the
heating off until my husband got home, socks on, grab
a jumper. You don't do that with a baby. You know,
what are your electricity costs likely to look like? Also
on the flip side, if it's the middle of summer,
(23:09):
are you using your air con a lot? So just
having these little conversations about what that would mean. Also,
budgeting for baby is going to be so different for everybody,
and like everybody's got an opinion on how this works.
We've done an episode on budgeting for baby. We're going
to do another one soon now that I've especially had
a baby. But some of us have a lot of support.
(23:31):
Some of us have an older sibling who gives you
the cot, the hammy down outfits, you're doing cloth nappies,
and you're a perfect breastfeeder. It's not going to cost
you a lot. You also go through the public system,
or on the flip side, it could be like myself,
thankfully I had the financial privilege to like fund this,
but like we decided to go through the private system.
(23:52):
I don't have any siblings or older friends who had
cots and lots of handy downs, So all of the
stuff that I acquiring was new. So my budget obviously
had to be a little bit bigger when it came
to setting up for a baby. But there's still going
to be those costs that you can't avoid, So what
do they look like? How's that going to work? But
the idea that you would not only have an emergency
(24:13):
fund but also a maternity fund, I think is really good.
And we're looking back at the conversation I was having
before at your contracts, So you know, I might, let's
say Jesse and I were having a baby together, I
might look at your leave contract and be like, okay, well,
this is what your workplace gives you from an eternity leave.
What's the parental leave policy at my husband's job? Like
(24:34):
what do those things look like? Because for even my
husband and I went planning that, I was like, oh,
you actually have a really good parental leave policy that
we could definitely lean on a bit more. Are you
planning on taking time and my husband always wanted to
do this, but are you planning on taking some time off?
If so, how do we make the most of that?
At what point is the best time for you to
(24:56):
take off? Is it from me going on maternity leave?
Is it when the bay becomes is it? You know
you take a month now, and then later down the
track you might take some more time. Like how's that
action exactly? How's that going to work for you guys?
And what does that balance look like? But then also
when you're planning on going back to work, so like
maternity leave, yes, you're planning for not having any any
(25:19):
second income. You're on one income, which I'm assuming you
know you're like, how do I budget for this for
that period, because I'm assuming that you're planning on returning
to work. What does return to work.
Speaker 4 (25:29):
Costs look like?
Speaker 3 (25:31):
Have you looked at daycares? Do you know what daycare
in your area looks like? What subsidies are you able
to access? What type of family support can you can
you not like be reliant on? So maybe not having
those conversations because you don't want to bring up to
your mum that you're trying to have a baby. But
what would that look like? Because your whole budget once
(25:51):
you have kids changes and that can look very different
for different people, And I don't want you to just
focus on that, you know, first twelve weeks or first
six months or first twelve months when your budget in
general is going to significantly change.
Speaker 4 (26:04):
Yeah, and then I guess you're probably once the baby's born,
even before they want to start contributing or if you
can putting money aside for like future school fees or futures.
Speaker 3 (26:13):
It's chaos, isn't it.
Speaker 4 (26:14):
Yeah, there's a lot to think about, but there's probably
some really good budgets out there that account for those.
Speaker 3 (26:18):
Things absolutely, like a free one on the She's on
the Money website that you could just download that has
a whole kids section. Amazing exactly. I wish I'd thought
of that myself.
Speaker 4 (26:28):
Exactly right, But yeah, very exciting. Congratulations, it's a really
exciting time.
Speaker 3 (26:32):
Budget, I think is the outcome. And also communicate with
your partner what are their expectations? How are you going
to be managing money? Something that comes up as well,
and I'm just yapping on, is actually you feeling if
you're the person going on maternity leave like that you're
spending your partner's money. It's not it's a household income,
like you're taking a sacrifice. Also, can we please talk
(26:53):
about superannuation? What's that going to look like? How are
we going to be making sure that if I'm taking
a year of maternity leave. I'm not completely off because
the government doesn't actually provide maternity leave cover for that
period of time, but Sexy, they do now give you
supernuation on your matt leave pay from the government. We
love that, we love to see it, but it might
(27:13):
not be at your salary expectations.
Speaker 4 (27:15):
Yeah, so what do you need to do to make up?
Speaker 3 (27:17):
We got well, we could salary split. That's crazy, partner.
Speaker 4 (27:21):
Lots of conversations have keep an eye up with that
baby episode coming soon?
Speaker 3 (27:24):
Would you like to hear a cheeky DM?
Speaker 4 (27:26):
We got absolutely all right.
Speaker 3 (27:28):
Hi, she's on the money. I have a money dilemma
and would love some advice. My partner wants to buy
a house or apartment together next year. I want this
too in brackets eventually, but travel is so important to me.
I know traveling will be incredibly difficult once we are
locked into a mortgage. My question is traveling while having
a mortgage a bad idea? I know financially, I should
(27:50):
probably just throw everything we have at it financially, but
I also want to see the world while I'm young.
Am I stupid for wanting my cake and to be
able to eat it too? I would love your tips.
Speaker 4 (28:01):
I think it's so dependent on your personal financial situation,
because if you're earning fifty thousand dollars a year, paying
a mortgage and traveling might be a little bit tricky.
But if you're earning one hundred and fifty thousand dollars
a year, it's probably something that's a lot more achievable. Yeah,
it also really depends on I know that you've said
you want to see the world, so to me, that
kind of implies international travel, and it really depends on
(28:24):
where you want to go, you know, countries close to
Australia as countries further away First world verse third world, Like,
there's lots of factors that are going to impact how
expensive it will be for you to travel. I would
say that if that's something that you want to prioritize,
that's totally okay, but you need to talk to your
partner about it because it sounds like they're operating on
the assumption that you're doing this together, like purchasing this
(28:46):
home together, and it sounds like you're not quite there.
You said you it's something you want to do eventually,
but you don't want to do it now, and it
sounds like maybe your partner is pushing to get it
done sooner than later, which is totally fine that you
both have different priorities, but if your partner's operating on
the assumption that you'll be doing it together in the
next five years, for example, like they've probably built their
(29:06):
long term plan around that, and if that's not something
you want to commit to, you've kind of got to
let them know because that's her job to impact what
their plans are. How soon they can do it all
those types of things. So it's definitely not a bad thing.
Like you're allowed to want to prioritize whatever you want.
You know, whatever is important to you is good and okay,
but you just I think, need to be conscious of
(29:28):
the way that that will then impact your partner. Yeah,
and it is totally doable, Like you can absolutely travel
and pay a mortgage, but again it comes down to
like what are your lifestyle expenses? Like, if travel is
something you want to prioritize, does that mean that you
would not be able to afford eating out with friends
or buying new clothes or you know, Like, there's lots
(29:48):
of ways that you can juggle your budget. We've spoken
before about how everybody has different priorities and different things
that they care about, and there's no right or wrong
way to organize all of that. But you need to
do some reflection figure out like is it achievable for
you with what you earn, with what you want to do,
and with the lifestyle sacrifices that you may or may
not have to make.
Speaker 3 (30:08):
Yeah, I agree. The other thing I would be doing
is talking to a mortgage broker about what these scenarios
actually look like because a lot of the time I
speak to people literally weekly and they're like, we want
to buy next year, and then we find that that's
actually not feasible. Pipe dream, so fantastic, you thought you
could buy, but you know the deposit that you've saved
is simply not enough for you know, you're actually not
(30:29):
on the same page about what you're purchasing. And then
having a good conversation with a broker is going to
do two things right. You're going to work out what
your borrowing capacity is and like, let's just pretend between
you and your partner and just for clean numbers sakes
both of you together, you can borrow a million dollars. Fantastic,
very sexy, very nice. What are the repayments on that
million dollars looking like each and every single month? And
(30:50):
how does that impact your lifestyle? And what does that
then look like for the rest of the lifestyle that
you want to achieve. So are we talking to our
partner about not maybe pushing off, Like, let's pretend your
partner is reasonable in saying we can afford to buy
next year, Jessica, and you go, yes, no worries. What
does life look like to them? Have you had a
bit of a brainstorm together about well, you know, what
(31:12):
are we happy to sacrifice? What are we not happy
to sacrifice? Like I remember when my husband and I
were buying, we had a borrowing capacity above what we
actually purchased for because, like both of us were like, oh,
we still want to eat out, we still want to
have travel, we still want to have all of these things.
So we lowered what we borrowed and what our quote
limit was not because that's what the bank said we
(31:34):
could borrow, but that's what we said we could borrow
based on the lifestyle we wanted to achieve, And so
I think that's really important as well. So what does
your partner think, Like, are they planning on purchasing and
they just still think travel is going to be slotting
in there absolutely fine? Or are they like, oh my goodness, Jess,
I never actually thought about this. You're right, like, we'll
(31:55):
be living on rice and beans for the rest of
our life if we take on that mortgage. And maybe
the decision is to save for a little bit longer
so you have more deposit, or maybe it is to
reset expectations around the type of property that you purchase,
so you can absolutely have your cake and eat it too,
But when it comes to finances, everything is about compromise.
So like, yes, you could travel the entire world and
(32:16):
go on luxury cruises and only travel to first world
countries for the rest of your life, but that is
going to come at a cost. But you could also
reasonably go, Okay, well, we really want to travel together
as a couple, it's a value of ours. We also
really want to buy a house. How do we buy
a house but also still have the cash flow to
afford an eight to ten thousand dollars holiday every year? Okay, well,
(32:39):
maybe that doesn't work. How do we have the eight
to ten thousand dollars holiday every two years? Is that
what you're happy to commit to? Like, what does that
look like? Also, let's take a step back. What's your
earning potential into the future. Is that going to change?
Is your lifestyle going to change?
Speaker 4 (32:55):
Are you factoring in inflation?
Speaker 3 (32:56):
Are you factoring in any of the life choices that
you make, Like, babies aren't for everybody, But if that's
a part of your lifestyle decision, maybe that's why you're like,
I really want to see with the world while I'm young,
because I can't think of anything worse than a toddler
in Europe, you know.
Speaker 5 (33:10):
Like fair.
Speaker 3 (33:11):
I just want to experience that on my own. So
I think it's all about open communication, which is hilarious
because that's what we always talk about. But if your
partners like, really want to purchase next year, and you're like, oh,
I do really want that, but I also have this
other value. Let's bring it up, Let's have a wine,
let's have a date night.
Speaker 4 (33:28):
Yeah, And now it's a good time to talk about
it because you haven't committed to anything. It's not at
all out now before you start making choices.
Speaker 3 (33:34):
And you can get a budget together now, So like
you can google mortgage calculator and basically every single bank
and credit union has a free one on their website,
and you can put in what your loan would be,
what your deposit is looking like, and it will tell
you what your average monthly repayments on that kind of
look like. Please don't take that stuff as gospel. It's
just for conversation beforehand, because every loan is going to
(33:56):
look different based on the interest rate, based on like
the loan term, based on so much stuff, whether you
have ELEMI no elamite whatever, but use those as kind
of guides be like, oh, okay, well I didn't realize
that would cost us six thousand dollars a month. Yeah,
did your partner know that? Do you know what I mean? Like,
sometimes these things are so aspirational and we're so excited
(34:17):
that we forget to get into the semantics, and then
that's where we shoot ourselves in the foot. So google it,
work it.
Speaker 4 (34:22):
Out, whatever we else say.
Speaker 3 (34:24):
So we asked a few questions before I asked them
for their two cents. First question was what would you
prioritize in this situation? So fifty eight percent of you
said travel lightly or paying the mortgage, thirty three percent
said delay the house, go see the world, and ten
percent of you said house first, travel later.
Speaker 4 (34:42):
Interesting.
Speaker 3 (34:43):
And then we asked what would you do if your
timeline for financial goals was different to your partners? And
a whopping eighty eight percent of you said, I would
find a compromise. I kind of love that because it's like, for.
Speaker 4 (34:55):
A second I thought you were going to say they
were going to say break up.
Speaker 3 (34:57):
My heart dropped. Oh my god, I thought it with
financial advice, not like relationship advice. Maybe I should. So
there's this like content creator online that I send a
lot of videos to you of His name's Caleb Yep.
So his name's Caleb Hammer And if you haven't looked
him up on TikTok do, because he's everything I've always
wanted to be. But like, also I would never he's
(35:20):
so aggressive with So he does a podcast called Financial
Audit and maybe one day somehow we could manifest getting
him on our show.
Speaker 4 (35:28):
That would be cool.
Speaker 3 (35:28):
But he does like unhinged money diaries. Basically he does
these like audits of people's finances and he'll be like,
what the hell are you doing, Jess, And like I
cannot get enough of these people that are going on
his show and putting their hands up and being like
I'd love to be non anonymously, like I'll put my
name to this on your show. And then she's in
(35:49):
forty thousand dollars worth of debt because she bought La
Boo Boos.
Speaker 4 (35:52):
They're volunteering to be rastered.
Speaker 3 (35:53):
They are volunteering exactly, and it just I go, what
the hell? Or like they'll be like, yeah, my husband
and like does all of these terrible financial things, and
he's like, divorce him and I'm like, oh my god,
can you imagine saying that doesn't anyway? It is so
unhinged that I can't get enough of it. I think
my other favorite one was this girl being like, well,
I shouldn't have to work, I'm beautiful, And I was like,
(36:14):
I wasn't made to work. What's going on? Like what
he's going on anyway? Clearly not she's on the money coded,
but like when it comes to like finance content, I
love it because he's so savage.
Speaker 4 (36:26):
He says. I feel like he's like the little voice
in your head, you know, like I'm sure that I've shown,
especially in the early days, like said or shown some
things to you where like your internal monologue was probably
like girl, get it together, Like what are you doing?
Speaker 3 (36:37):
But like I say, like in a kind way, though,
I'll be like, oh, do you really think that that's
really helping you or whatever? But like he says the thoughts,
he's like what the air for? What are you doing?
Like there was a couple on the show the other
day and he was like, why are you two together?
He's awful? Or like this other girl was on the
show and to the husband, he literally said in the
(36:59):
three years of doing this podcast. I've never met someone
more dislikable. What do you like about this woman? And
I was like, I would die, I would cry anyway.
So that's clearly not what our show is about. But
I'm glad that most of our community would find a
compromise not break up with their partner.
Speaker 4 (37:15):
Jess.
Speaker 3 (37:15):
Seven percent said that they would pause the goal until
you're both ready, and five percent said no, I'm sticking
to my own plan. The you live love laugh queens.
We then said, guys, what is your two cents? First
person and I've just got like a little selection as always.
First person said, you can definitely travel with a mortgage.
I do, just don't borrow more than you can manage
(37:36):
can be done. Next person said extending trips would allow
for renting out the home whilst paying the mortgage.
Speaker 4 (37:42):
I'll just.
Speaker 3 (37:44):
Exactly, I didn't even think of that. Next person said,
start a side gig so that you can pay for
your travel. I mean, why not, hustle queen? Next person,
you will never regret traveling and making memories. And then
I have another one. We had buckets for travel, deposit,
and wedding. We ticked all of our goals off. We
just had to make adjustments along the way.
Speaker 4 (38:04):
It's exactly what you were saying.
Speaker 3 (38:05):
Another person said, I'm fifty one and missed traveling the
world due to a mortgage. Please travel now, mortgage later.
Speaker 4 (38:13):
There you go some insight from someone who's lived in yelp.
Speaker 3 (38:16):
And then I've got a two parter. So this person said,
I bought a house three years ago now on a
single income. It took a little while before I could
afford a trip again, but I kept saving and this
year I went to Canada for four weeks. Oh that's
so exciting, I know, right. So, like, I think it's
just about communicating, either with yourself or with your partner,
like what's the goal here? Can we still do these things?
(38:36):
It's like, yes, we can do everything, we just can't
do everything at once.
Speaker 4 (38:41):
Be realistic.
Speaker 3 (38:42):
And I have two more for you before I wrap
it up. This one says I just broke up with
my boyfriend over this. Actually, oh, we couldn't come to
a compromise. Well, I mean, if.
Speaker 4 (38:50):
Your goals don't align financially, like that's a pretty big thing.
Speaker 3 (38:53):
That's massive. And also know your worth and know what
you want. And I'm like, you know, don't just break
up with somebody over one thing. I'm not Caleb Hammer.
I can't just say that. But I also think that
there's probably some more deep rooted issues there and like
these things where you can't compromise or like I can't
want you to achieve your goals. Yeah bye boy.
Speaker 4 (39:13):
Yeah absolutely.
Speaker 3 (39:14):
And the last one I've got is whatever you do
travel before the kids come along. It's so much cheaper
when you're only planning for two hashtag money hack up
there you go, Oh my god. It actually is like
as somebody who's just gotten back from Bali with a
kid who's eighteen months old. I loved it, but my
husband and I were talking about what are we going
to do when we have to buy him his own
plane seat?
Speaker 4 (39:34):
Yeah?
Speaker 3 (39:35):
Expensive, little Once they're two, they become a full adult
when it comes to flying. So anyway, enjoy it while
they're young we can. All right. That is all from
us this week. I feel like this has been a
good wrap up. We miss Beck, but she'll be back soon. Guys.
Don't worry. Until then, we will have a bright and
early money diary for you on Monday. See you hi, guys.
(40:01):
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
(40:21):
your needs. Victoria Divine and She's on the Money are
authorized representatives of money Sherper Pty Ltd ABN three two
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