August 28, 2025 • 33 mins
So… what is the magic number you should have when it comes to savings? Is it a neat percentage, a chunky dollar figure, or three months of bills sitting pretty in your account? This week we’re spilling the tea on how to work out your number, so you can stop guessing and start saving with a plan that actually makes sense for your life. Then we chat about what to do when financial advice doesn’t pass the vibe check. A community member was told to merge their life savings with their partner. Cute in theory, terrifying in practice. So, what do you do when the “experts” say one thing but your gut says absolutely not? We’re pulling apart the red flags, the real questions to ask, and why protecting yourself is the ultimate power move. And because it’s Friday, you know the chaos is here too: money wins (like a $340 dress scored for $80), broke tips that actually slap, and a ferret side hustle we did not see coming.
Ready for more laughs, lessons, and unhinged money chats? Check out our oh-so-bingeable Friday Drinks playlist. Listen here.
Join our 300K+ She's on the Money community in our Facebook Group and on Instagram.
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'satasha 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 Dominyamika 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.
Speaker 3 (00:47):
She's on the Money.
Speaker 4 (01:08):
Hello and welcome to She's on the Money, the podcast
that makes personal finance fun, especially on Fridays. It's our
favorite day of the week because we get our little
team together. It's especially little today to celebrate you how incredible.
She's on the Money community. Miss Jesse Garci is here
as always sharing our favorite money wins. Beck still away,
(01:28):
so I'm going to be sharing this week's broke Tips.
Speaker 3 (01:30):
This week we'll be.
Speaker 4 (01:31):
Helping to answer a money dilemma that asks how much
money should you actually have in savings and something that
you slid into our dms about what happens when you're
not sure about advice you were given from a financial advisor.
Speaker 3 (01:43):
Oh, how's your week being, though, Jess Lovely.
Speaker 2 (01:46):
I went to the snow for the first time shop week,
which was very fun. I'd only ever seen snow ones
and it was when I was hiking mountains, so that was.
Speaker 4 (01:55):
That's not that interesting, No, so I and it would
have been just like a little bit slushy, not really real.
Speaker 3 (02:01):
Which mountain did you go to?
Speaker 2 (02:02):
It was Kilimanjari, so it was pretty hectic up the top,
but I was so tired that I really wasn't just I.
Speaker 5 (02:07):
Didn't even notice that. It was my first time in
my life.
Speaker 2 (02:10):
Seeing snow, and I didn't even clock it because I
was just like walking along. So yeah, so going to
the snow for the first time is really fun.
Speaker 3 (02:16):
But did you ski or did you snowboard?
Speaker 2 (02:18):
I snowboarded because everyone I was with with snowboarding, and
I thought I just.
Speaker 3 (02:22):
Can't imagine it. You give skier vibes. I'm so sorry.
Speaker 4 (02:25):
I'm also so envious because I haven't had time and
this is like the biggest first world problem. I haven't
had time to like work out when we are going
to go to the snow and like, Loki, I'm off
to Bali like next week, which I'm really excited about,
and that was what was prioritized. But my husband two
weeks ago went for like just a midweek ski trip
(02:47):
with his friends, and I was like.
Speaker 3 (02:49):
One, Okay, that's fine, like have a good time.
Speaker 4 (02:52):
Yeah, but I had a single parent And then all
he's doing is sending me photos of him skiing, and
so then now you're like, I went to the snow too,
so envious.
Speaker 5 (03:03):
Makes time we can go together? How is your we been?
Apart from that, I.
Speaker 3 (03:06):
Am prepping for BALI like low key.
Speaker 4 (03:09):
I feel like all I'm doing is talking about it
at the moment, I think because I'm like, you know,
when you're just like excited to get away. It's been
so sluggish here, it's been cold. I feel like the
wind this year is like extra ikey. So just the
idea I'm gonna go to somewhere warm and get to
get to eat a mass amount of like Nazi goring
and have a drink beside a pool, and my baby
(03:31):
is going to be there. But like it's been taking
a lot more planning than you know, just my husband
and I going out to Bali, so like making sure
that Harvey has swim nappies.
Speaker 3 (03:43):
I've been picking up this week, making.
Speaker 4 (03:45):
Sure he has like enough hats and rash fest and
like I'm just packing for another human being that I
also want to swaddle in cotton wool, you know.
Speaker 5 (03:53):
M hmm.
Speaker 2 (03:54):
Yeah, I need to ask you what your recommendations are,
because I seeing about this recently. We had friends who
have for dinner and they've got kids, and I was like,
they've just they come in, They've got like they've got
to do trips from the car, right because obviously we
don't have kids.
Speaker 5 (04:04):
You've got the high chair.
Speaker 3 (04:06):
And the mad we cannot fly with carry on only anymore.
Speaker 2 (04:10):
Literally, it's not possible. And I was thinking, oh, it
would be nice if I could just like you know,
do some looking on marketplace and find you just really
cheap versions of all of these things, so it's like
less things for my friends to have to lug around,
So I'll have to pick your brain on like what
the essentials are to just have.
Speaker 3 (04:25):
Yeah, I would say a portcot yep.
Speaker 4 (04:27):
And I would say some form of high chair, but
like high chairs take up a lot of space, so
maybe like those booster seats tabletop one. Yeah that can
like sit on the dining chairs that you already have,
because like I don't know, lots of people have lots
of different opinions, but like I like having my baby
involved in the conversation, Like I want him to sit
(04:48):
at the table.
Speaker 3 (04:48):
Yeah, Like he doesn't have.
Speaker 4 (04:49):
A high chair with a tray off to the side,
Like his high chair is one that I purposefully could
put under the like dining table with us, So I
feel that.
Speaker 3 (04:58):
And maybe just like a big tub of bloe.
Speaker 5 (05:00):
Yeah yeah, something good, something universal.
Speaker 4 (05:02):
Yeap, something universal that they can play with that like
kind of promotes creative play. But also like you can
pack away because I'm assuming you don't want your house
to look like kids live there.
Speaker 3 (05:13):
Right now it looks like toy World. It's all over
my lound room.
Speaker 5 (05:16):
Oh fun, So.
Speaker 4 (05:19):
Let's move on from there, because I'm not gonna lie.
I don't love that my entire Loungdroom is now a
toy shot. Would you like a five star review?
Speaker 5 (05:28):
Oh, I would love one.
Speaker 4 (05:29):
I'm glad because we've got a really good one this week.
So this one is from Morgan. She says the podcast
every Woman Needs. I have been an avid list of
the podcast for over five years. I just want to
say a huge thank you to Victoria, Jess and Beck
and the whole She's on the Money team for completely
transforming my money mindset. I went from six thousand dollars
(05:51):
in debt after a Mexico trip with zero savings to
having more than fifty thousand dollars invested in ETFs and
a super bows, well above the average for my age.
Speaker 3 (06:02):
Thanks to your advice.
Speaker 4 (06:04):
I grew up with an abundance mindset and never felt
like I ever went without.
Speaker 3 (06:09):
But I saw the other side.
Speaker 4 (06:10):
Through my dad, now tens of thousand dollars in credit
card debt, forced to sell his luxury car and move
in with his ninety six year old mum with nothing
to his name. That hit me really hard. Thanks to
your podcast, and now truly value the importance of looking
after future me. You've changed my life and I'll be
a loyal listener forever. It literally is the highlight of
(06:33):
my week. Much love Walks.
Speaker 3 (06:35):
That's so nice. Thank you, it's literally my favorite.
Speaker 4 (06:39):
Like please, don't get me wrong, like everybody loves a
good review, but like knowing that the content that we
make changes lives, not just all.
Speaker 1 (06:49):
I love what you do.
Speaker 3 (06:50):
Thanks, It's like, sorry, did we like help you? You
did all the work. I'm not trying to take.
Speaker 4 (06:56):
Credit for that, but like, sorry, please tell me more
stories like this. Absolutely, they made me so excited.
Speaker 2 (07:03):
That's incredible, and how incredible you can then use that
information to hopefully pass on and help your family.
Speaker 3 (07:08):
Exactly as equally exciting.
Speaker 4 (07:10):
Every single week we ask you to share your money
wins and confessions with us, and then Jess goes through
that thread and brings what she deems.
Speaker 3 (07:17):
To be the best money wins and confessions to the show.
What have you got this week, Jess?
Speaker 2 (07:21):
It's always hard to choose, but I'll start off this
week with one from Catherine, who said she has her
citizenship ceremony this week and she wanted to get a
special dress for the special occasion. She fell in love
with one she tried on in David Jones, but it
was three hundred and forty dollars. She went home to
think about it and found the exact dress with tags
still attached, for sale on deepop for eighty bucks including postage.
(07:43):
She then got herself a pair of tenderly heels on
Facebook marketplace, and she said she's so chuffed.
Speaker 4 (07:47):
Literally you can probably see my comment only yah already
because I've been there and I am excited.
Speaker 3 (07:52):
Also, welcome, friend, you are now one of us.
Speaker 2 (07:54):
Congratulations the beautiful little odd news number two for anyone
who adnews.
Speaker 3 (07:58):
Stresses are so expensive, but like also just so beautifully cut.
Speaker 2 (08:02):
They look gorgeous, and I love that the girl's a
female owner. She documents on TikTok. Anyway, I'm sure it's
people have seen that. I just think it's very cool. Next,
I've got a money win from Sienna who said she
changed her passport to her married name for.
Speaker 5 (08:15):
Free in New South Wales.
Speaker 2 (08:16):
Sorry what and instead of putting the existing expiry date
of two and a half years from now, they gave
her a full ten year passport for free. What Isn't
that crazy? I don't know if that's maybe she just
got lucky and that's not the standard.
Speaker 4 (08:28):
No, I think it is standard if you get married
and you change your name, like, you can apply to
have your stuff updated.
Speaker 3 (08:34):
They're like, oh, no, we won't charge you for that.
Speaker 2 (08:36):
Yes, you you can find the form online and get
it done. Next, I've got a money win from Grace,
who said she had lots of Flybys points so she
decided to treat herself to an Apple Watch off their store,
and then she still had points left over afterwards.
Speaker 4 (08:47):
That is actually so good. I still tell every man
in his dog about your kitchen aid mixer.
Speaker 2 (08:52):
Oh it's just the best. Every time I use that
kitchen aid. I feel so good about it.
Speaker 3 (08:56):
You're just like, this was free.
Speaker 5 (08:58):
I know I'm making something with love.
Speaker 2 (09:00):
Next, I've got of money in from Irena, who said
money in and pet tax. She's been cat sitting as
a side hustle for two and a half years and
she now has plenty of regular customers.
Speaker 5 (09:09):
But she also keeps getting new ones.
Speaker 2 (09:11):
She said this past week and she expanded her business
by adding a new species to her bought folioir stop it,
and getting herself a new regular client. And she said,
meet Sonny the ferret.
Speaker 5 (09:21):
And I've got to say.
Speaker 3 (09:22):
Ferrots a ferrets are so cute.
Speaker 5 (09:26):
Oh my god, look at that little tidy way. Oh
I did I screenshot a big one?
Speaker 4 (09:30):
I follow a ferret on TikTok. Actually, I actually can't
be trusted. I like look at other people's TikTok feeds
and they're like, you know, productive or like cooking and whatnot,
a minor like ducks. I've got ferrets. I look at
cat videos. There's this girl I follow and she has
that cat called Juni.
Speaker 5 (09:48):
Oh I love ye.
Speaker 4 (09:50):
I watched every single Junior video like, I'm sorry, Like,
I just look at pictures of animals.
Speaker 2 (09:55):
That's what the Internet's for, in its trurest, purest form.
The Internet is for funny.
Speaker 1 (10:00):
Sorry.
Speaker 4 (10:00):
I just stopped following anybody who made me feel bad
about myself, anybody who made me feel like I needed
to buy stuff. I was like, unfollow immediately, and then
I'd follow another duck page.
Speaker 5 (10:10):
Yeah, you've really trained that algorithm.
Speaker 2 (10:12):
Next, I've got a money win from Lucy, who said
she sent a message to someone at her workplace saying, hey,
if you ever want a hand running the cooking classes
that they run, she was happy to help out.
Speaker 5 (10:21):
Yeah, turns out.
Speaker 2 (10:22):
It's turned into almost an extra six thousand dollars a
year in extra income. Story what she said, it may
even double beyond that because they run craft workshops as well,
and so she might be brought on to do that.
She said, Yes, technically I'm working more hours, but it's
different from her main role and it's something she will enjoy.
I want to know where you work that you get
to do cooking classes and craft workshops, because that sounds
like a job.
Speaker 3 (10:41):
I would very much like to have. Please don't tell her.
I don't want her to leave.
Speaker 5 (10:46):
So yes, that's so funny.
Speaker 2 (10:48):
And then lastly, this week, I've got a money win
from another Lucy. This time Lucy was an Eye. She
said she got an email from Booper saying that they
had gifted her fifty dollars to spend on their online
reward store. She locked in and she decided to get
herself two twenty five dollar Ubery Its vouchers. She said,
it's perfect for a girl who works shift work and
she has sometimes it's a sleep all day after a
long night shift and she just want to make dinner
(11:09):
when she wakes up, so she can just file the
little gift cards away for later.
Speaker 3 (11:12):
I love that. That is a good little wrap up
of the group this week, Jess, thank you.
Speaker 5 (11:17):
Have you got some brog tips that Beck sent you?
Speaker 6 (11:19):
I do?
Speaker 3 (11:20):
Are you ready?
Speaker 1 (11:21):
So?
Speaker 4 (11:21):
The first one is from Ebony and she said, students
and concessions get into the Immigration Museum in Melbourne for free.
It's a warm place and such a fun way to.
Speaker 3 (11:33):
Spend a day. I'm sorry, that's genius. Lou has another
tip for us.
Speaker 4 (11:39):
She said, to avoid paying full price at cotton On
in store, always check their online prices first because they
will price match their online store in store.
Speaker 5 (11:49):
Oh, I've done this one many a time.
Speaker 3 (11:51):
Yep, she said. I've got up to fifty percent off
retail twice doing this.
Speaker 5 (11:55):
That's so clever.
Speaker 4 (11:57):
And last brog tip comes from Leanna and she says,
I'm at the end of my two week pay cycle
and I typed in what things I had in my
fridge and pantry and wrote into chat GPT my location
to come up with dinner plans for five nights under
one hundred dollars. Not only did it come up with
a wicked plan, I had sixty bucks left over as a.
Speaker 3 (12:17):
Mum of three.
Speaker 4 (12:18):
This is a bloody money when in my books, and
now I don't need to dip into next week's food budget.
Speaker 5 (12:23):
That's incredible.
Speaker 2 (12:24):
You would be amazed at how much stuff there is
in your pantry that you can turn into a meal
with a little creativity.
Speaker 4 (12:28):
One one hundred percent, And you know what, it doesn't
even need creativity. Sometimes you just need a fresh mind,
because like the amount of times I've been like I
have nothing and then look something up online and I'm
like I heard everything, and.
Speaker 3 (12:41):
You don't even have to go to cold exactly.
Speaker 4 (12:43):
Well, Jess, let's go to a really quick break because
on the flip side, I'm very excited we get to
answer a money dilemma that asks how much money should
we actually have in our savings account? Which I think
is very ballid and something that you slid into our
dms about this week, what happens when you're not sure
about the the financial advisor gave you? Don't go anywhere, guys,
(13:06):
Welcome back, everybody.
Speaker 5 (13:08):
Let's take a listen to this week's money dilemma.
Speaker 7 (13:12):
Hi, there, have you got a money dilemma you just
can't solve? The Shees on the Money team is here
to help. Every week, we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show.
Speaker 3 (13:30):
Now, let's take a listen to this week's money dilemma. Hi, team,
I hope you're all well.
Speaker 6 (13:38):
How can I work out how much money is ideal
to have in my savings account? I have a reliable
weekly income, an emergency fund with another bank, and I
regularly invest in shares through dollar cost averaging. However, I've
heard Victoria and others speak about not keeping much cash
in savings. I want to maximize every dollar, but I
(13:58):
also don't want to access miamigency fund until an actual emergency,
So I'm keen to know how to work out how
much to keep in savings. Thanks Tane, have a great day.
Speaker 3 (14:07):
By yes, how much money do you think we should
have in savings?
Speaker 2 (14:11):
I feel like there's no should, Like there's no correct
answer to that, right because it's going to be so
different for everybody. You're saving set aside for something you know.
For me, the bulk of my savings is going to
a house deposits. Obviously, I've got a number that I'm
working towards for that, but that's relative to the house
that I'm purchasing. If you're saving for a holiday or
a car or whatever you're saving for, you know, you
(14:31):
might have a goal number in mind. I think the
principle that she's referring to is more so the fact
that you want your money to be working hard, like
like with your investments. But our listeners saying she's already
got her investments going. I don't think it's a bad
thing to have money sitting in a high interest savings account,
and obviously like find the best option you can for you,
the account that's giving you the best interest rate.
Speaker 5 (14:53):
But as to how much savings.
Speaker 2 (14:55):
You should have outside of your emergency fund, which typically
we say around three months of expenses where possible, it
really just depends on what you're saving for and what
you're comfortable with, and you know how much you were
able to save.
Speaker 5 (15:08):
Like how long is a piece of string is really
the question.
Speaker 4 (15:10):
And it's a hard bit, right because we know from
research that most Australians unable to access five hundred dollars
should an emergency pop up, like they have to rely
on credit. So I kind of want to draw attention
to that before answering the question, because I think in
this current economic climate, having savings is a privilege, not
(15:32):
a given. And if you're in a situation where you're
listening to this and you're like, what do you mean
how much I should have in savings, I can't save queen.
Speaker 3 (15:40):
We see you, we get it.
Speaker 4 (15:42):
But on the flip side, I do think it comes
back to your values and what you're working towards. Like,
let's pretend and this listener wrote in and said, you
know I'm not talking about my emergency fund. Yes, well,
I don't know planning on a baby? Are you saving
for a house deposit? Like there's actually no right or wrong. Personally,
Steve and I have our and like this is just
(16:03):
our personal situation. We have our emergency fund, which is
sitting in an offset account to our mortgage.
Speaker 3 (16:11):
And then we have our cash hub or like.
Speaker 4 (16:13):
Our you know, transactions account, which is where all of
the money builds up for like our bills, our regro whatever,
and that gets direct debited also an offset to our mortgage,
and we have a little bit of what i'd call,
you know, like a float. So like if you work
in retail, you know you always start with maybe like
five hundred dollars in the till at the start of
the day, so we have the right change, we have
(16:34):
a float, and in that I think it's like about
two thousand dollars give or take, and that's like the
base amount. So in case like someone's red ro comes
out and it was unexpected, there's always going to be
money in that account. So for me, I wouldn't say
that savings. That's just the structure of like our quote
spending account. And then for savings, it really depends on
(16:55):
what our goals are, Like we save for holidays, we
save four or you know, a house deposit. We're putting
some extra money aside in case we need a little
bit more money if we're purchasing a bigger property, And
you know, I think it's really based on your values.
Speaker 3 (17:11):
Like my savings had a.
Speaker 4 (17:13):
Little bit of a different trajectory when we were having Harvey,
Like I had worked out how much I needed for
like a gosh and a change table in all of
that other stuff, and a pramp. Oh my lord, different conversation,
Why the heck a pram so expensive?
Speaker 3 (17:27):
Jess, what do you mean it doesn't even have a motor.
Speaker 4 (17:31):
It should absolutely no, they should be self driving at
this point. If you're more than fifteen hundred dollars, I'm sorry,
what the heck? Anyway, I think it's really up to
your values. There's no right or wrong when it comes
to like how much you should have in savings. I
think you need to ask yourself some questions. What are
your values, what are you working towards? What would you
(17:52):
spend your money on if you had savings, Because if
it's like, oh, I don't have anything I would spend
money on, like Steve and I, and this is just
like my personal situation, and I feel.
Speaker 1 (18:03):
Like that I don't know.
Speaker 3 (18:04):
He helps contextualize it.
Speaker 4 (18:07):
I don't actually want all of our money sitting in
offsets to our mortgage because don't get me wrong, it's
offsetting interest payable and that's a money win. But both
of us are quite aware that we'll make more money
and that money is working even harder if it's in
an investment. So like, we don't sit on a lot
of savings just purely because we're like, we have our
(18:27):
emergency fund, we have our little float. Every single month,
when our incomes come into that account, they're divvied up
and you know, when we were planning for a baby
and we were saving for Harvey to come along, and
when we are planning for a holiday, we actually figure
out our investments and like flip that around a little
bit so that we go, Okay, we'll have the savings
for that particular event, but then we revert back to
(18:49):
sending as much as possible to an investment. Yeah, but
that's going to be different for everybody. Yeah, based on
your priorities and stuff.
Speaker 3 (18:56):
Yeah, one hundred percent. And I think that's it. Learn
your priorities. It will tell you how much you need
in savings. Anything else to add.
Speaker 2 (19:04):
Just no, I think that about covers it. Should we
get into the juicy d I'm so excited.
Speaker 4 (19:07):
Yes, of course, this is my favorite segment and I
hate that we always have to wait until the end
of the episode every single week to do it.
Speaker 3 (19:12):
All right, So this is the DM we got help.
Speaker 4 (19:15):
My fiance and I have seen a financial advisor who's
recommended we add my name to his house title, which
is his asset, and open a joint share portfolio with
my savings. I've got about one hundred thousand dollars that
we both keep contributing to. I don't want to add
my name to the title. I'm a dual citizen, and
it can mean I have to pay capital gains tax
(19:37):
on the house if we ever sold, and also cuts
me off from the first homeowners grant in the future.
After listening to so much financial advice to protect yourself,
it feels uncomfortable to put his name on my life savings.
But we're also getting married soon and to keep it
separate doesn't sit right either.
Speaker 3 (19:56):
What would you recommend?
Speaker 5 (19:59):
There's lots to unpack. There isn't that.
Speaker 3 (20:00):
Oh my god, what would you do?
Speaker 1 (20:01):
Yess?
Speaker 5 (20:02):
I think so.
Speaker 2 (20:03):
The first thing that jumped out is the comment that
you'll have to pay capital gains if you sell a house.
I believe anyone would have to pay capital gains on
the profit you do.
Speaker 4 (20:09):
It's a little bit different if you're a dual citizen
because you've got international attacks to take into consideration. So
you are not wrong, yeah, but it also is a
little bit it's a little bit different.
Speaker 3 (20:19):
Yeah, got it?
Speaker 5 (20:19):
Okay.
Speaker 2 (20:20):
I would say, have you said this to your financial advisor,
because from my understanding of financial advisor is going to
look at your situation, give you like their opinion on Well,
this is what I would do if I was in
your circumstances. But you're well within your right to say
to them, oh, thank you for the advice. You know
exactly what you just said to us, Like I am not, like,
I don't want to waste my opportunity to take advantage
(20:40):
of first home biogrants. I ideally would like to keep
my savings independent or my investments independent. Or perhaps he's
recommended putting his name on it.
Speaker 5 (20:50):
I don't really know.
Speaker 2 (20:50):
Maybe there's some benefit tax wise or something like that.
I don't know how that works. I'm not a financial advisor. Shocking,
but you know, you can have a conversation with them.
I would say and say, hey, what are my other options?
Speaker 5 (21:02):
I don't like X, Y and Z.
Speaker 2 (21:03):
Can you give me an alternative? Like, it's not as
if they lay down the law and that's it. They're
giving you their best recommendation, but they're also like, they
will operate within the framework that you provide them. So
if you hadn't said to them at the beginning, we
want to keep our assets separate, their recommendation is not
going to take that into account. Yeah, So I would
say just go back to your unless for some reason,
you were unhappy with them or their advice. I would say,
(21:25):
go back to the same advisor and tell them exactly
what you told us and get them to do a
different work up for you.
Speaker 3 (21:31):
Oh, just be really honest.
Speaker 4 (21:34):
As an ex financial advisor, this question makes me really uncomfortable.
And the reason for that is I feel like you
haven't been listened to and by the time you get
to erosola or like your statement of advice and your
financial advisor is putting all of your recommendations on the
table and going all right, Jess, this is what you
guys should be doing, or like this puts you in
(21:55):
the best possible position.
Speaker 3 (21:57):
I should know you so deeply, like I should be.
Speaker 4 (22:00):
Talking to you, Jess about like your thoughts, your values,
what you want to achieve. Like your financial advisor relationship,
I would say, is one of the you know, this
is maybe just not how other advisors work, but from
my perspective, it's one of the most intimate relationships you'll
ever have because I'm going to talk to you about
a lot of things. I'm going to talk to you
(22:20):
about your budgeting great, I'm going to talk to you
about investing. I'm going to talk to you about your savings.
I'm going to talk to you about your superinnuation and
your insurances, and doing all of that touches on lots
of different life aspects. So when I do your insurances,
I actually need to ask you a lot of deep
questions about your medical history and to have the best
(22:41):
and the biggest impact and to put you in the
best possible position. Jess, You've got to be comfortable telling me.
You've got to talk to me about whether you you know,
broke your knee in grade twelve and had to get
like a pin in it. I need to know if
you've had any very serious sexually transmitted diseases.
Speaker 3 (22:58):
I actually, for some people, and I still think this
is quite backwards.
Speaker 4 (23:02):
If you're in a same sex relationship, I actually need
to know a little bit about how much you've been
sleeping round.
Speaker 3 (23:07):
Like your insurance.
Speaker 4 (23:10):
Application for asks, And because i'm your advisor and I
don't ever want you to submit an application that's not complete,
or like you might see a question and be like, oh,
that's worth skipping, I don't really want to give them
that answer. It could mean an instant decline. So back
when I was an advisor, I would sit with every
single client and do your application together, even though it
(23:32):
was arduous and honestly kind of boring, because go, I
actually don't care about your sexual history. I really don't.
It's none of my business. And like you do you,
but I need to know these things to put you
in the best possible position. So the fact that I
get to ask all of this, I also get to
be like, hey, jes low key, like do you think
you'll have a divorce your husband?
Speaker 3 (23:51):
Hey? So what's going on here? How do you want
to set this up?
Speaker 4 (23:54):
You know, are there any inheritances that you might be
getting that I need to structure a trust for in
the future. Like, we're asking some pretty deep questions, so
I should know you, Yeah, I should know what would
make you a little bit uncomfortable. I should have already
asked about your savings, Jesse. If you're saying you've got
one hundred thousand dollars in savings, gol, how did you
get that?
Speaker 3 (24:14):
What happens?
Speaker 4 (24:14):
What's your intention? Why did you start saving? Was it
because you wanted your first home? And have I asked
if you wanted to do that on your own? Even
if you've got a husband, you can still go get
your first homeowners granted by your first apartment on your
own doesn't mean you're moving into it. It might be
an investment for financial security for you. So the idea
(24:35):
that your advisor has made advisements that you're like, oh,
I don't really feel comfortable with this. Also, sorry, how
does your future husband feel about putting the house in
your name?
Speaker 2 (24:47):
Like?
Speaker 3 (24:48):
Do not get me wrong.
Speaker 4 (24:49):
You're about to get married, which means that your finances
are likely legally going to become intertwined. But we could
be talking here about a binding financial agreement, going okay, cool,
You're both coming into this with separate assets. They're called
pre marrital assets. If you get a divorce. If this
doesn't work out, what's he taking versus what you're taking?
Could we get on the same page about that. The
(25:11):
idea that we're just quickly labeling it and blumping it
all into one thing makes me relatively uncomfortable. You're also
not on a level playing field, Like, you've got one
hundred thousand dollars in savings, but he actually owns an
existing house and I'm assuming that you know, maybe he
bought it a few years ago. There might be more
than one hundred thousand dollars worth of equity in that property, Like,
(25:33):
are we comfortable with this? Like I could have made
that recommendation as a financial advisor, and we're not saying
it's wrong, But I would never want a client to
see that recommendation on paper and either be surprised by
it or not feel comfortable with it. It would be
a recommendation where I've gone, oh, what if we I've
already asked the questions, You're already comfortable with it before
we've come to the conclusion of getting it on paper.
Speaker 3 (25:54):
And I mean, you're not wrong. You are a dual citizen.
Speaker 4 (25:56):
This change is tax It also stops you from accessing
the first homeowners grant. It makes me wonder if you're
saying that you can't access that.
Speaker 3 (26:05):
I don't know.
Speaker 4 (26:06):
This is just making me overthink Jess. But like if
you're saying, oh, that means I'm tapped out of that?
Speaker 3 (26:11):
Sorry?
Speaker 4 (26:12):
Is property a priority for you? Accessing that grant? Was
that a priority for you? Why isn't your advisor planning
around that?
Speaker 3 (26:19):
I don't know.
Speaker 4 (26:19):
I just feel like there's been a few things that
have been skipped over. I can't make any recommendations of
what you should do, because obviously I can't. But my
recommendation would be get more advice or talk to your advisor.
I don't think you're being selfish here. I actually think
you're being really smart. Like financial vulnerability, it's never romantic,
(26:39):
like there's nothing sexy about it, and protecting yourself doesn't
mean that you don't love your partner. Lets we need
to put ourselves in the best possible position, Jess, that's
why we exist as a business. I guess think of
it as future you saying thank you for being thoughtful today, Like, yeah,
I don't know. I just I feel uncomfortable with the
idea that you're not comfortable with advice, that you're ad
(27:00):
is giving you to.
Speaker 2 (27:01):
Play devil's advocate, and I agree, like you are so
well entitled, and I think we all know. I'm the
biggest proponent for saying protect your own asset to look
after yourself first, Like I'm not saying that's the wrong choice.
But I also think it would be worth asking your
advisor why they gave you the advice, because it may
be that.
Speaker 3 (27:15):
Where'd this come from, Like is it more advantageous?
Speaker 5 (27:18):
Correct?
Speaker 2 (27:19):
My assumption would be that they made the recommendation to
do that for a reason. So maybe like if they
were to say to you, oh, well, it's because you're
a dual citizen and so by doing XYZ you can
alleviate this taplele Like, as I said, I don't know
what leavers and polleys there are because I don't know
enough about that world. But there may be a reason
they've made the recommendation that you're not aware of. So
talking to them before going, oh, I need to get
(27:40):
a different opinion, I think would be quite weird.
Speaker 4 (27:42):
When I was an advisor, Like, don't get me wrong,
you didn't know everything that was going to be in
your say because I hadn't sat down and written it yet.
Speaker 3 (27:50):
But the surprises that.
Speaker 4 (27:51):
Were in your statement of advice, like when you sat
down and I presented the advice to you, would have
not been, oh, we're going to invest you already. Would
have not that that's kind of going to become a
part of the plan because we're having conversation about it. Yeah,
But the surprises would have been with gtfs I'm picking
for you, or which direct shares I'm picking for you,
or you know, we knew we were going to do
(28:12):
your insurances, we just don't know who we're going with,
and your statement of advice would have the insurer I
think that we're going with and the plan for it.
You know, if you're planning on saving for a property
or whatever, it wouldn't be about you know, oh you
should save for a house and you go, oh god,
I didn't know I could do that, Like you knew
that was going to be part of the plan, But
(28:33):
I've actually done the finances for it. Your statement of
advice has the time frame when this can happen. How
much of your budget is being allocated to this? What
that actually looks like? Your statement of advice? And I
used to say this to all my clients. There should
not be surprises in here. We have talked about everything,
and if there are surprises in here, I haven't done
my job properly, Like I have not held your hand
(28:55):
enough through this process. And so maybe I was overkill.
Gin know what, Sorry, you're paying me, that's my job.
I should be overkill. And I feel like that's what
we should be expecting if you're going to pay for
financial advice, because it's expensive.
Speaker 5 (29:09):
Right, definitely? What did everybody else think?
Speaker 4 (29:12):
So first question we asked was if you were given
this advice, what would you think? Fifty percent of you
are with me get a second opinion. Twenty four percent
of you said good in theory, probably messy in practice,
fourteen percent said I wouldn't be doing it, and thirteen
percent said, yeah, it makes sense to join everything. The
next question we asked was how would you want to
(29:32):
handle assets pre owned before marriage? Forty seven percent said
whatever benefits us most financially, thirty one percent said whatever
gives me the most protection, thirteen percent said keep everything separate,
and ten percent said just join everything.
Speaker 3 (29:48):
We're married. And then my favorite part, We said, guys,
what is your two cents?
Speaker 4 (29:53):
And I have collected a few of your responses because,
as it turns out, we had a lot of opinions.
Speaker 3 (29:58):
There were hundreds of reply on this one.
Speaker 4 (30:01):
First person said, laws change, Look at California House laws
on splits. I don't know what that means, but I
laughed at this one. Because we have been trying so hard,
jest to gain an international audience.
Speaker 3 (30:15):
We've got one.
Speaker 4 (30:16):
Thank you for contributing, Adore, but that's not going to
help because this listener is in Australia.
Speaker 5 (30:22):
But they're right, laws can change. That's absolutely true.
Speaker 4 (30:24):
But yes, absolutely laws can change. Also, I just was like,
oh my god, like we're getting this international audience who
are giving like good advice but also not relevant in
this situation.
Speaker 3 (30:33):
But please keep giving it.
Speaker 4 (30:34):
Next person said, assets don't lose or gain value with
an extra name on them.
Speaker 3 (30:38):
I wouldn't be trading security for tradition. Loved that.
Speaker 4 (30:43):
Next person said, divorce rates are currently over fifty percent.
Keep control of everything that's yours, irrespective of what you
love and don't. The next person said, never make a
decision if you're feeling uncomfortable, trust your gut and go
get a second opinion. Someone said, I've been happily married
for ten years. We actually still have all of our
assets separate, but we have some joint expenses. This just
(31:05):
shows me everyone's money is different, Like there's never a
financial plan, Like I could give you Stephen my financial
plan and you could be like in the bin, like
I'm not doing that.
Speaker 3 (31:17):
And then on the flip side, someone.
Speaker 4 (31:18):
Else might be like, oh, I'm doing that, but we're
going to tweak X, Y and Z, Like there's no
one size fits all, which sucks because I could make
a plan and sell it to you guys for heaps
of money, but I can't.
Speaker 5 (31:30):
Personal finance is deeply personal exactly.
Speaker 4 (31:33):
Next person said, couples are a team. You can both
benefit as a team while still protecting each party, which I.
Speaker 3 (31:39):
Think is important.
Speaker 4 (31:40):
I agree with that too, So like, if your financial
advisory is recommending that you put each other's names on things,
your husband to be should be as comfortable with either
doing that if you both want to do that, or
not doing that and going no, no, no, I want
to protect Jess like no, like she needs her stuff
too if this doesn't work out, green flower. Immediately, next
(32:02):
person said, hope for the best, to plan for the worst.
Protect your finances. You will know how things will go.
And then the last one I laughed at maybe because
like women are seen to be a little bit more
touchy feely, she's a girl. Go get a female financial advisor, honestly, Yeah,
go see Daisy at Everest Wealth. She's very popular in
(32:23):
our community. And you know what, I agree, like the
amount of and I'm not saying that she's the only
financial advisor and that you have to have a female,
but like, sorry, if you want a female Daisy in
the Everest Wealth girls, I would say Sleigh, all right, Jess,
I feel like that's probably a good place to leave it.
As always, if you haven't subscribed, please do so that
you never miss an episode and.
Speaker 3 (32:44):
We'll see bright and early on Monday morning for a
money diary.
Speaker 5 (32:47):
Hi, guys.
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(00:24):
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Speaker 2 (00:45):
She's on the Money.
Speaker 3 (00:47):
She's on the Money.
Speaker 4 (01:08):
Hello and welcome to She's on the Money, the podcast
that makes personal finance fun, especially on Fridays. It's our
favorite day of the week because we get our little
team together. It's especially little today to celebrate you how incredible.
She's on the Money community. Miss Jesse Garci is here
as always sharing our favorite money wins. Beck still away,
(01:28):
so I'm going to be sharing this week's broke Tips.
Speaker 3 (01:30):
This week we'll be.
Speaker 4 (01:31):
Helping to answer a money dilemma that asks how much
money should you actually have in savings and something that
you slid into our dms about what happens when you're
not sure about advice you were given from a financial advisor.
Speaker 3 (01:43):
Oh, how's your week being, though, Jess Lovely.
Speaker 2 (01:46):
I went to the snow for the first time shop week,
which was very fun. I'd only ever seen snow ones
and it was when I was hiking mountains, so that was.
Speaker 4 (01:55):
That's not that interesting, No, so I and it would
have been just like a little bit slushy, not really real.
Speaker 3 (02:01):
Which mountain did you go to?
Speaker 2 (02:02):
It was Kilimanjari, so it was pretty hectic up the top,
but I was so tired that I really wasn't just I.
Speaker 5 (02:07):
Didn't even notice that. It was my first time in
my life.
Speaker 2 (02:10):
Seeing snow, and I didn't even clock it because I
was just like walking along. So yeah, so going to
the snow for the first time is really fun.
Speaker 3 (02:16):
But did you ski or did you snowboard?
Speaker 2 (02:18):
I snowboarded because everyone I was with with snowboarding, and
I thought I just.
Speaker 3 (02:22):
Can't imagine it. You give skier vibes. I'm so sorry.
Speaker 4 (02:25):
I'm also so envious because I haven't had time and
this is like the biggest first world problem. I haven't
had time to like work out when we are going
to go to the snow and like, Loki, I'm off
to Bali like next week, which I'm really excited about,
and that was what was prioritized. But my husband two
weeks ago went for like just a midweek ski trip
(02:47):
with his friends, and I was like.
Speaker 3 (02:49):
One, Okay, that's fine, like have a good time.
Speaker 4 (02:52):
Yeah, but I had a single parent And then all
he's doing is sending me photos of him skiing, and
so then now you're like, I went to the snow too,
so envious.
Speaker 5 (03:03):
Makes time we can go together? How is your we been?
Apart from that, I.
Speaker 3 (03:06):
Am prepping for BALI like low key.
Speaker 4 (03:09):
I feel like all I'm doing is talking about it
at the moment, I think because I'm like, you know,
when you're just like excited to get away. It's been
so sluggish here, it's been cold. I feel like the
wind this year is like extra ikey. So just the
idea I'm gonna go to somewhere warm and get to
get to eat a mass amount of like Nazi goring
and have a drink beside a pool, and my baby
(03:31):
is going to be there. But like it's been taking
a lot more planning than you know, just my husband
and I going out to Bali, so like making sure
that Harvey has swim nappies.
Speaker 3 (03:43):
I've been picking up this week, making.
Speaker 4 (03:45):
Sure he has like enough hats and rash fest and
like I'm just packing for another human being that I
also want to swaddle in cotton wool, you know.
Speaker 5 (03:53):
M hmm.
Speaker 2 (03:54):
Yeah, I need to ask you what your recommendations are,
because I seeing about this recently. We had friends who
have for dinner and they've got kids, and I was like,
they've just they come in, They've got like they've got
to do trips from the car, right because obviously we
don't have kids.
Speaker 5 (04:04):
You've got the high chair.
Speaker 3 (04:06):
And the mad we cannot fly with carry on only anymore.
Speaker 2 (04:10):
Literally, it's not possible. And I was thinking, oh, it
would be nice if I could just like you know,
do some looking on marketplace and find you just really
cheap versions of all of these things, so it's like
less things for my friends to have to lug around,
So I'll have to pick your brain on like what
the essentials are to just have.
Speaker 3 (04:25):
Yeah, I would say a portcot yep.
Speaker 4 (04:27):
And I would say some form of high chair, but
like high chairs take up a lot of space, so
maybe like those booster seats tabletop one. Yeah that can
like sit on the dining chairs that you already have,
because like I don't know, lots of people have lots
of different opinions, but like I like having my baby
involved in the conversation, Like I want him to sit
(04:48):
at the table.
Speaker 3 (04:48):
Yeah, Like he doesn't have.
Speaker 4 (04:49):
A high chair with a tray off to the side,
Like his high chair is one that I purposefully could
put under the like dining table with us, So I
feel that.
Speaker 3 (04:58):
And maybe just like a big tub of bloe.
Speaker 5 (05:00):
Yeah yeah, something good, something universal.
Speaker 4 (05:02):
Yeap, something universal that they can play with that like
kind of promotes creative play. But also like you can
pack away because I'm assuming you don't want your house
to look like kids live there.
Speaker 3 (05:13):
Right now it looks like toy World. It's all over
my lound room.
Speaker 5 (05:16):
Oh fun, So.
Speaker 4 (05:19):
Let's move on from there, because I'm not gonna lie.
I don't love that my entire Loungdroom is now a
toy shot. Would you like a five star review?
Speaker 5 (05:28):
Oh, I would love one.
Speaker 4 (05:29):
I'm glad because we've got a really good one this week.
So this one is from Morgan. She says the podcast
every Woman Needs. I have been an avid list of
the podcast for over five years. I just want to
say a huge thank you to Victoria, Jess and Beck
and the whole She's on the Money team for completely
transforming my money mindset. I went from six thousand dollars
(05:51):
in debt after a Mexico trip with zero savings to
having more than fifty thousand dollars invested in ETFs and
a super bows, well above the average for my age.
Speaker 3 (06:02):
Thanks to your advice.
Speaker 4 (06:04):
I grew up with an abundance mindset and never felt
like I ever went without.
Speaker 3 (06:09):
But I saw the other side.
Speaker 4 (06:10):
Through my dad, now tens of thousand dollars in credit
card debt, forced to sell his luxury car and move
in with his ninety six year old mum with nothing
to his name. That hit me really hard. Thanks to
your podcast, and now truly value the importance of looking
after future me. You've changed my life and I'll be
a loyal listener forever. It literally is the highlight of
(06:33):
my week. Much love Walks.
Speaker 3 (06:35):
That's so nice. Thank you, it's literally my favorite.
Speaker 4 (06:39):
Like please, don't get me wrong, like everybody loves a
good review, but like knowing that the content that we
make changes lives, not just all.
Speaker 1 (06:49):
I love what you do.
Speaker 3 (06:50):
Thanks, It's like, sorry, did we like help you? You
did all the work. I'm not trying to take.
Speaker 4 (06:56):
Credit for that, but like, sorry, please tell me more
stories like this. Absolutely, they made me so excited.
Speaker 2 (07:03):
That's incredible, and how incredible you can then use that
information to hopefully pass on and help your family.
Speaker 3 (07:08):
Exactly as equally exciting.
Speaker 4 (07:10):
Every single week we ask you to share your money
wins and confessions with us, and then Jess goes through
that thread and brings what she deems.
Speaker 3 (07:17):
To be the best money wins and confessions to the show.
What have you got this week, Jess?
Speaker 2 (07:21):
It's always hard to choose, but I'll start off this
week with one from Catherine, who said she has her
citizenship ceremony this week and she wanted to get a
special dress for the special occasion. She fell in love
with one she tried on in David Jones, but it
was three hundred and forty dollars. She went home to
think about it and found the exact dress with tags
still attached, for sale on deepop for eighty bucks including postage.
(07:43):
She then got herself a pair of tenderly heels on
Facebook marketplace, and she said she's so chuffed.
Speaker 4 (07:47):
Literally you can probably see my comment only yah already
because I've been there and I am excited.
Speaker 3 (07:52):
Also, welcome, friend, you are now one of us.
Speaker 2 (07:54):
Congratulations the beautiful little odd news number two for anyone
who adnews.
Speaker 3 (07:58):
Stresses are so expensive, but like also just so beautifully cut.
Speaker 2 (08:02):
They look gorgeous, and I love that the girl's a
female owner. She documents on TikTok. Anyway, I'm sure it's
people have seen that. I just think it's very cool. Next,
I've got a money win from Sienna who said she
changed her passport to her married name for.
Speaker 5 (08:15):
Free in New South Wales.
Speaker 2 (08:16):
Sorry what and instead of putting the existing expiry date
of two and a half years from now, they gave
her a full ten year passport for free. What Isn't
that crazy? I don't know if that's maybe she just
got lucky and that's not the standard.
Speaker 4 (08:28):
No, I think it is standard if you get married
and you change your name, like, you can apply to
have your stuff updated.
Speaker 3 (08:34):
They're like, oh, no, we won't charge you for that.
Speaker 2 (08:36):
Yes, you you can find the form online and get
it done. Next, I've got a money win from Grace,
who said she had lots of Flybys points so she
decided to treat herself to an Apple Watch off their store,
and then she still had points left over afterwards.
Speaker 4 (08:47):
That is actually so good. I still tell every man
in his dog about your kitchen aid mixer.
Speaker 2 (08:52):
Oh it's just the best. Every time I use that
kitchen aid. I feel so good about it.
Speaker 3 (08:56):
You're just like, this was free.
Speaker 5 (08:58):
I know I'm making something with love.
Speaker 2 (09:00):
Next, I've got of money in from Irena, who said
money in and pet tax. She's been cat sitting as
a side hustle for two and a half years and
she now has plenty of regular customers.
Speaker 5 (09:09):
But she also keeps getting new ones.
Speaker 2 (09:11):
She said this past week and she expanded her business
by adding a new species to her bought folioir stop it,
and getting herself a new regular client. And she said,
meet Sonny the ferret.
Speaker 5 (09:21):
And I've got to say.
Speaker 3 (09:22):
Ferrots a ferrets are so cute.
Speaker 5 (09:26):
Oh my god, look at that little tidy way. Oh
I did I screenshot a big one?
Speaker 4 (09:30):
I follow a ferret on TikTok. Actually, I actually can't
be trusted. I like look at other people's TikTok feeds
and they're like, you know, productive or like cooking and whatnot,
a minor like ducks. I've got ferrets. I look at
cat videos. There's this girl I follow and she has
that cat called Juni.
Speaker 5 (09:48):
Oh I love ye.
Speaker 4 (09:50):
I watched every single Junior video like, I'm sorry, Like,
I just look at pictures of animals.
Speaker 2 (09:55):
That's what the Internet's for, in its trurest, purest form.
The Internet is for funny.
Speaker 1 (10:00):
Sorry.
Speaker 4 (10:00):
I just stopped following anybody who made me feel bad
about myself, anybody who made me feel like I needed
to buy stuff. I was like, unfollow immediately, and then
I'd follow another duck page.
Speaker 5 (10:10):
Yeah, you've really trained that algorithm.
Speaker 2 (10:12):
Next, I've got a money win from Lucy, who said
she sent a message to someone at her workplace saying, hey,
if you ever want a hand running the cooking classes
that they run, she was happy to help out.
Speaker 5 (10:21):
Yeah, turns out.
Speaker 2 (10:22):
It's turned into almost an extra six thousand dollars a
year in extra income. Story what she said, it may
even double beyond that because they run craft workshops as well,
and so she might be brought on to do that.
She said, Yes, technically I'm working more hours, but it's
different from her main role and it's something she will enjoy.
I want to know where you work that you get
to do cooking classes and craft workshops, because that sounds
like a job.
Speaker 3 (10:41):
I would very much like to have. Please don't tell her.
I don't want her to leave.
Speaker 5 (10:46):
So yes, that's so funny.
Speaker 2 (10:48):
And then lastly, this week, I've got a money win
from another Lucy. This time Lucy was an Eye. She
said she got an email from Booper saying that they
had gifted her fifty dollars to spend on their online
reward store. She locked in and she decided to get
herself two twenty five dollar Ubery Its vouchers. She said,
it's perfect for a girl who works shift work and
she has sometimes it's a sleep all day after a
long night shift and she just want to make dinner
(11:09):
when she wakes up, so she can just file the
little gift cards away for later.
Speaker 3 (11:12):
I love that. That is a good little wrap up
of the group this week, Jess, thank you.
Speaker 5 (11:17):
Have you got some brog tips that Beck sent you?
Speaker 6 (11:19):
I do?
Speaker 3 (11:20):
Are you ready?
Speaker 1 (11:21):
So?
Speaker 4 (11:21):
The first one is from Ebony and she said, students
and concessions get into the Immigration Museum in Melbourne for free.
It's a warm place and such a fun way to.
Speaker 3 (11:33):
Spend a day. I'm sorry, that's genius. Lou has another
tip for us.
Speaker 4 (11:39):
She said, to avoid paying full price at cotton On
in store, always check their online prices first because they
will price match their online store in store.
Speaker 5 (11:49):
Oh, I've done this one many a time.
Speaker 3 (11:51):
Yep, she said. I've got up to fifty percent off
retail twice doing this.
Speaker 5 (11:55):
That's so clever.
Speaker 4 (11:57):
And last brog tip comes from Leanna and she says,
I'm at the end of my two week pay cycle
and I typed in what things I had in my
fridge and pantry and wrote into chat GPT my location
to come up with dinner plans for five nights under
one hundred dollars. Not only did it come up with
a wicked plan, I had sixty bucks left over as a.
Speaker 3 (12:17):
Mum of three.
Speaker 4 (12:18):
This is a bloody money when in my books, and
now I don't need to dip into next week's food budget.
Speaker 5 (12:23):
That's incredible.
Speaker 2 (12:24):
You would be amazed at how much stuff there is
in your pantry that you can turn into a meal
with a little creativity.
Speaker 4 (12:28):
One one hundred percent, And you know what, it doesn't
even need creativity. Sometimes you just need a fresh mind,
because like the amount of times I've been like I
have nothing and then look something up online and I'm
like I heard everything, and.
Speaker 3 (12:41):
You don't even have to go to cold exactly.
Speaker 4 (12:43):
Well, Jess, let's go to a really quick break because
on the flip side, I'm very excited we get to
answer a money dilemma that asks how much money should
we actually have in our savings account? Which I think
is very ballid and something that you slid into our
dms about this week, what happens when you're not sure
about the the financial advisor gave you? Don't go anywhere, guys,
(13:06):
Welcome back, everybody.
Speaker 5 (13:08):
Let's take a listen to this week's money dilemma.
Speaker 7 (13:12):
Hi, there, have you got a money dilemma you just
can't solve? The Shees on the Money team is here
to help. Every week, we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show.
Speaker 3 (13:30):
Now, let's take a listen to this week's money dilemma. Hi, team,
I hope you're all well.
Speaker 6 (13:38):
How can I work out how much money is ideal
to have in my savings account? I have a reliable
weekly income, an emergency fund with another bank, and I
regularly invest in shares through dollar cost averaging. However, I've
heard Victoria and others speak about not keeping much cash
in savings. I want to maximize every dollar, but I
(13:58):
also don't want to access miamigency fund until an actual emergency,
So I'm keen to know how to work out how
much to keep in savings. Thanks Tane, have a great day.
Speaker 3 (14:07):
By yes, how much money do you think we should
have in savings?
Speaker 2 (14:11):
I feel like there's no should, Like there's no correct
answer to that, right because it's going to be so
different for everybody. You're saving set aside for something you know.
For me, the bulk of my savings is going to
a house deposits. Obviously, I've got a number that I'm
working towards for that, but that's relative to the house
that I'm purchasing. If you're saving for a holiday or
a car or whatever you're saving for, you know, you
(14:31):
might have a goal number in mind. I think the
principle that she's referring to is more so the fact
that you want your money to be working hard, like
like with your investments. But our listeners saying she's already
got her investments going. I don't think it's a bad
thing to have money sitting in a high interest savings account,
and obviously like find the best option you can for you,
the account that's giving you the best interest rate.
Speaker 5 (14:53):
But as to how much savings.
Speaker 2 (14:55):
You should have outside of your emergency fund, which typically
we say around three months of expenses where possible, it
really just depends on what you're saving for and what
you're comfortable with, and you know how much you were
able to save.
Speaker 5 (15:08):
Like how long is a piece of string is really
the question.
Speaker 4 (15:10):
And it's a hard bit, right because we know from
research that most Australians unable to access five hundred dollars
should an emergency pop up, like they have to rely
on credit. So I kind of want to draw attention
to that before answering the question, because I think in
this current economic climate, having savings is a privilege, not
(15:32):
a given. And if you're in a situation where you're
listening to this and you're like, what do you mean
how much I should have in savings, I can't save queen.
Speaker 3 (15:40):
We see you, we get it.
Speaker 4 (15:42):
But on the flip side, I do think it comes
back to your values and what you're working towards. Like,
let's pretend and this listener wrote in and said, you
know I'm not talking about my emergency fund. Yes, well,
I don't know planning on a baby? Are you saving
for a house deposit? Like there's actually no right or wrong. Personally,
Steve and I have our and like this is just
(16:03):
our personal situation. We have our emergency fund, which is
sitting in an offset account to our mortgage.
Speaker 3 (16:11):
And then we have our cash hub or like.
Speaker 4 (16:13):
Our you know, transactions account, which is where all of
the money builds up for like our bills, our regro whatever,
and that gets direct debited also an offset to our mortgage,
and we have a little bit of what i'd call,
you know, like a float. So like if you work
in retail, you know you always start with maybe like
five hundred dollars in the till at the start of
the day, so we have the right change, we have
(16:34):
a float, and in that I think it's like about
two thousand dollars give or take, and that's like the
base amount. So in case like someone's red ro comes
out and it was unexpected, there's always going to be
money in that account. So for me, I wouldn't say
that savings. That's just the structure of like our quote
spending account. And then for savings, it really depends on
(16:55):
what our goals are, Like we save for holidays, we
save four or you know, a house deposit. We're putting
some extra money aside in case we need a little
bit more money if we're purchasing a bigger property, And
you know, I think it's really based on your values.
Speaker 3 (17:11):
Like my savings had a.
Speaker 4 (17:13):
Little bit of a different trajectory when we were having Harvey,
Like I had worked out how much I needed for
like a gosh and a change table in all of
that other stuff, and a pramp. Oh my lord, different conversation,
Why the heck a pram so expensive?
Speaker 3 (17:27):
Jess, what do you mean it doesn't even have a motor.
Speaker 4 (17:31):
It should absolutely no, they should be self driving at
this point. If you're more than fifteen hundred dollars, I'm sorry,
what the heck? Anyway, I think it's really up to
your values. There's no right or wrong when it comes
to like how much you should have in savings. I
think you need to ask yourself some questions. What are
your values, what are you working towards? What would you
(17:52):
spend your money on if you had savings, Because if
it's like, oh, I don't have anything I would spend
money on, like Steve and I, and this is just
like my personal situation, and I feel.
Speaker 1 (18:03):
Like that I don't know.
Speaker 3 (18:04):
He helps contextualize it.
Speaker 4 (18:07):
I don't actually want all of our money sitting in
offsets to our mortgage because don't get me wrong, it's
offsetting interest payable and that's a money win. But both
of us are quite aware that we'll make more money
and that money is working even harder if it's in
an investment. So like, we don't sit on a lot
of savings just purely because we're like, we have our
(18:27):
emergency fund, we have our little float. Every single month,
when our incomes come into that account, they're divvied up
and you know, when we were planning for a baby
and we were saving for Harvey to come along, and
when we are planning for a holiday, we actually figure
out our investments and like flip that around a little
bit so that we go, Okay, we'll have the savings
for that particular event, but then we revert back to
(18:49):
sending as much as possible to an investment. Yeah, but
that's going to be different for everybody. Yeah, based on
your priorities and stuff.
Speaker 3 (18:56):
Yeah, one hundred percent. And I think that's it. Learn
your priorities. It will tell you how much you need
in savings. Anything else to add.
Speaker 2 (19:04):
Just no, I think that about covers it. Should we
get into the juicy d I'm so excited.
Speaker 4 (19:07):
Yes, of course, this is my favorite segment and I
hate that we always have to wait until the end
of the episode every single week to do it.
Speaker 3 (19:12):
All right, So this is the DM we got help.
Speaker 4 (19:15):
My fiance and I have seen a financial advisor who's
recommended we add my name to his house title, which
is his asset, and open a joint share portfolio with
my savings. I've got about one hundred thousand dollars that
we both keep contributing to. I don't want to add
my name to the title. I'm a dual citizen, and
it can mean I have to pay capital gains tax
(19:37):
on the house if we ever sold, and also cuts
me off from the first homeowners grant in the future.
After listening to so much financial advice to protect yourself,
it feels uncomfortable to put his name on my life savings.
But we're also getting married soon and to keep it
separate doesn't sit right either.
Speaker 3 (19:56):
What would you recommend?
Speaker 5 (19:59):
There's lots to unpack. There isn't that.
Speaker 3 (20:00):
Oh my god, what would you do?
Speaker 1 (20:01):
Yess?
Speaker 5 (20:02):
I think so.
Speaker 2 (20:03):
The first thing that jumped out is the comment that
you'll have to pay capital gains if you sell a house.
I believe anyone would have to pay capital gains on
the profit you do.
Speaker 4 (20:09):
It's a little bit different if you're a dual citizen
because you've got international attacks to take into consideration. So
you are not wrong, yeah, but it also is a
little bit it's a little bit different.
Speaker 3 (20:19):
Yeah, got it?
Speaker 5 (20:19):
Okay.
Speaker 2 (20:20):
I would say, have you said this to your financial advisor,
because from my understanding of financial advisor is going to
look at your situation, give you like their opinion on Well,
this is what I would do if I was in
your circumstances. But you're well within your right to say
to them, oh, thank you for the advice. You know
exactly what you just said to us, Like I am not, like,
I don't want to waste my opportunity to take advantage
(20:40):
of first home biogrants. I ideally would like to keep
my savings independent or my investments independent. Or perhaps he's
recommended putting his name on it.
Speaker 5 (20:50):
I don't really know.
Speaker 2 (20:50):
Maybe there's some benefit tax wise or something like that.
I don't know how that works. I'm not a financial advisor. Shocking,
but you know, you can have a conversation with them.
I would say and say, hey, what are my other options?
Speaker 5 (21:02):
I don't like X, Y and Z.
Speaker 2 (21:03):
Can you give me an alternative? Like, it's not as
if they lay down the law and that's it. They're
giving you their best recommendation, but they're also like, they
will operate within the framework that you provide them. So
if you hadn't said to them at the beginning, we
want to keep our assets separate, their recommendation is not
going to take that into account. Yeah, So I would
say just go back to your unless for some reason,
you were unhappy with them or their advice. I would say,
(21:25):
go back to the same advisor and tell them exactly
what you told us and get them to do a
different work up for you.
Speaker 3 (21:31):
Oh, just be really honest.
Speaker 4 (21:34):
As an ex financial advisor, this question makes me really uncomfortable.
And the reason for that is I feel like you
haven't been listened to and by the time you get
to erosola or like your statement of advice and your
financial advisor is putting all of your recommendations on the
table and going all right, Jess, this is what you
guys should be doing, or like this puts you in
(21:55):
the best possible position.
Speaker 3 (21:57):
I should know you so deeply, like I should be.
Speaker 4 (22:00):
Talking to you, Jess about like your thoughts, your values,
what you want to achieve. Like your financial advisor relationship,
I would say, is one of the you know, this
is maybe just not how other advisors work, but from
my perspective, it's one of the most intimate relationships you'll
ever have because I'm going to talk to you about
a lot of things. I'm going to talk to you
(22:20):
about your budgeting great, I'm going to talk to you
about investing. I'm going to talk to you about your savings.
I'm going to talk to you about your superinnuation and
your insurances, and doing all of that touches on lots
of different life aspects. So when I do your insurances,
I actually need to ask you a lot of deep
questions about your medical history and to have the best
(22:41):
and the biggest impact and to put you in the
best possible position. Jess, You've got to be comfortable telling me.
You've got to talk to me about whether you you know,
broke your knee in grade twelve and had to get
like a pin in it. I need to know if
you've had any very serious sexually transmitted diseases.
Speaker 3 (22:58):
I actually, for some people, and I still think this
is quite backwards.
Speaker 4 (23:02):
If you're in a same sex relationship, I actually need
to know a little bit about how much you've been
sleeping round.
Speaker 3 (23:07):
Like your insurance.
Speaker 4 (23:10):
Application for asks, And because i'm your advisor and I
don't ever want you to submit an application that's not complete,
or like you might see a question and be like, oh,
that's worth skipping, I don't really want to give them
that answer. It could mean an instant decline. So back
when I was an advisor, I would sit with every
single client and do your application together, even though it
(23:32):
was arduous and honestly kind of boring, because go, I
actually don't care about your sexual history. I really don't.
It's none of my business. And like you do you,
but I need to know these things to put you
in the best possible position. So the fact that I
get to ask all of this, I also get to
be like, hey, jes low key, like do you think
you'll have a divorce your husband?
Speaker 3 (23:51):
Hey? So what's going on here? How do you want
to set this up?
Speaker 4 (23:54):
You know, are there any inheritances that you might be
getting that I need to structure a trust for in
the future. Like, we're asking some pretty deep questions, so
I should know you, Yeah, I should know what would
make you a little bit uncomfortable. I should have already
asked about your savings, Jesse. If you're saying you've got
one hundred thousand dollars in savings, gol, how did you
get that?
Speaker 3 (24:14):
What happens?
Speaker 4 (24:14):
What's your intention? Why did you start saving? Was it
because you wanted your first home? And have I asked
if you wanted to do that on your own? Even
if you've got a husband, you can still go get
your first homeowners granted by your first apartment on your
own doesn't mean you're moving into it. It might be
an investment for financial security for you. So the idea
(24:35):
that your advisor has made advisements that you're like, oh,
I don't really feel comfortable with this. Also, sorry, how
does your future husband feel about putting the house in
your name?
Speaker 2 (24:47):
Like?
Speaker 3 (24:48):
Do not get me wrong.
Speaker 4 (24:49):
You're about to get married, which means that your finances
are likely legally going to become intertwined. But we could
be talking here about a binding financial agreement, going okay, cool,
You're both coming into this with separate assets. They're called
pre marrital assets. If you get a divorce. If this
doesn't work out, what's he taking versus what you're taking?
Could we get on the same page about that. The
(25:11):
idea that we're just quickly labeling it and blumping it
all into one thing makes me relatively uncomfortable. You're also
not on a level playing field, Like, you've got one
hundred thousand dollars in savings, but he actually owns an
existing house and I'm assuming that you know, maybe he
bought it a few years ago. There might be more
than one hundred thousand dollars worth of equity in that property, Like,
(25:33):
are we comfortable with this? Like I could have made
that recommendation as a financial advisor, and we're not saying
it's wrong, But I would never want a client to
see that recommendation on paper and either be surprised by
it or not feel comfortable with it. It would be
a recommendation where I've gone, oh, what if we I've
already asked the questions, You're already comfortable with it before
we've come to the conclusion of getting it on paper.
Speaker 3 (25:54):
And I mean, you're not wrong. You are a dual citizen.
Speaker 4 (25:56):
This change is tax It also stops you from accessing
the first homeowners grant. It makes me wonder if you're
saying that you can't access that.
Speaker 3 (26:05):
I don't know.
Speaker 4 (26:06):
This is just making me overthink Jess. But like if
you're saying, oh, that means I'm tapped out of that?
Speaker 3 (26:11):
Sorry?
Speaker 4 (26:12):
Is property a priority for you? Accessing that grant? Was
that a priority for you? Why isn't your advisor planning
around that?
Speaker 3 (26:19):
I don't know.
Speaker 4 (26:19):
I just feel like there's been a few things that
have been skipped over. I can't make any recommendations of
what you should do, because obviously I can't. But my
recommendation would be get more advice or talk to your advisor.
I don't think you're being selfish here. I actually think
you're being really smart. Like financial vulnerability, it's never romantic,
(26:39):
like there's nothing sexy about it, and protecting yourself doesn't
mean that you don't love your partner. Lets we need
to put ourselves in the best possible position, Jess, that's
why we exist as a business. I guess think of
it as future you saying thank you for being thoughtful today, Like, yeah,
I don't know. I just I feel uncomfortable with the
idea that you're not comfortable with advice, that you're ad
(27:00):
is giving you to.
Speaker 2 (27:01):
Play devil's advocate, and I agree, like you are so
well entitled, and I think we all know. I'm the
biggest proponent for saying protect your own asset to look
after yourself first, Like I'm not saying that's the wrong choice.
But I also think it would be worth asking your
advisor why they gave you the advice, because it may
be that.
Speaker 3 (27:15):
Where'd this come from, Like is it more advantageous?
Speaker 5 (27:18):
Correct?
Speaker 2 (27:19):
My assumption would be that they made the recommendation to
do that for a reason. So maybe like if they
were to say to you, oh, well, it's because you're
a dual citizen and so by doing XYZ you can
alleviate this taplele Like, as I said, I don't know
what leavers and polleys there are because I don't know
enough about that world. But there may be a reason
they've made the recommendation that you're not aware of. So
talking to them before going, oh, I need to get
(27:40):
a different opinion, I think would be quite weird.
Speaker 4 (27:42):
When I was an advisor, Like, don't get me wrong,
you didn't know everything that was going to be in
your say because I hadn't sat down and written it yet.
Speaker 3 (27:50):
But the surprises that.
Speaker 4 (27:51):
Were in your statement of advice, like when you sat
down and I presented the advice to you, would have
not been, oh, we're going to invest you already. Would
have not that that's kind of going to become a
part of the plan because we're having conversation about it. Yeah,
But the surprises would have been with gtfs I'm picking
for you, or which direct shares I'm picking for you,
or you know, we knew we were going to do
(28:12):
your insurances, we just don't know who we're going with,
and your statement of advice would have the insurer I
think that we're going with and the plan for it.
You know, if you're planning on saving for a property
or whatever, it wouldn't be about you know, oh you
should save for a house and you go, oh god,
I didn't know I could do that, Like you knew
that was going to be part of the plan, But
(28:33):
I've actually done the finances for it. Your statement of
advice has the time frame when this can happen. How
much of your budget is being allocated to this? What
that actually looks like? Your statement of advice? And I
used to say this to all my clients. There should
not be surprises in here. We have talked about everything,
and if there are surprises in here, I haven't done
my job properly, Like I have not held your hand
(28:55):
enough through this process. And so maybe I was overkill.
Gin know what, Sorry, you're paying me, that's my job.
I should be overkill. And I feel like that's what
we should be expecting if you're going to pay for
financial advice, because it's expensive.
Speaker 5 (29:09):
Right, definitely? What did everybody else think?
Speaker 4 (29:12):
So first question we asked was if you were given
this advice, what would you think? Fifty percent of you
are with me get a second opinion. Twenty four percent
of you said good in theory, probably messy in practice,
fourteen percent said I wouldn't be doing it, and thirteen
percent said, yeah, it makes sense to join everything. The
next question we asked was how would you want to
(29:32):
handle assets pre owned before marriage? Forty seven percent said
whatever benefits us most financially, thirty one percent said whatever
gives me the most protection, thirteen percent said keep everything separate,
and ten percent said just join everything.
Speaker 3 (29:48):
We're married. And then my favorite part, We said, guys,
what is your two cents?
Speaker 4 (29:53):
And I have collected a few of your responses because,
as it turns out, we had a lot of opinions.
Speaker 3 (29:58):
There were hundreds of reply on this one.
Speaker 4 (30:01):
First person said, laws change, Look at California House laws
on splits. I don't know what that means, but I
laughed at this one. Because we have been trying so hard,
jest to gain an international audience.
Speaker 3 (30:15):
We've got one.
Speaker 4 (30:16):
Thank you for contributing, Adore, but that's not going to
help because this listener is in Australia.
Speaker 5 (30:22):
But they're right, laws can change. That's absolutely true.
Speaker 4 (30:24):
But yes, absolutely laws can change. Also, I just was like,
oh my god, like we're getting this international audience who
are giving like good advice but also not relevant in
this situation.
Speaker 3 (30:33):
But please keep giving it.
Speaker 4 (30:34):
Next person said, assets don't lose or gain value with
an extra name on them.
Speaker 3 (30:38):
I wouldn't be trading security for tradition. Loved that.
Speaker 4 (30:43):
Next person said, divorce rates are currently over fifty percent.
Keep control of everything that's yours, irrespective of what you
love and don't. The next person said, never make a
decision if you're feeling uncomfortable, trust your gut and go
get a second opinion. Someone said, I've been happily married
for ten years. We actually still have all of our
assets separate, but we have some joint expenses. This just
(31:05):
shows me everyone's money is different, Like there's never a
financial plan, Like I could give you Stephen my financial
plan and you could be like in the bin, like
I'm not doing that.
Speaker 3 (31:17):
And then on the flip side, someone.
Speaker 4 (31:18):
Else might be like, oh, I'm doing that, but we're
going to tweak X, Y and Z, Like there's no
one size fits all, which sucks because I could make
a plan and sell it to you guys for heaps
of money, but I can't.
Speaker 5 (31:30):
Personal finance is deeply personal exactly.
Speaker 4 (31:33):
Next person said, couples are a team. You can both
benefit as a team while still protecting each party, which I.
Speaker 3 (31:39):
Think is important.
Speaker 4 (31:40):
I agree with that too, So like, if your financial
advisory is recommending that you put each other's names on things,
your husband to be should be as comfortable with either
doing that if you both want to do that, or
not doing that and going no, no, no, I want
to protect Jess like no, like she needs her stuff
too if this doesn't work out, green flower. Immediately, next
(32:02):
person said, hope for the best, to plan for the worst.
Protect your finances. You will know how things will go.
And then the last one I laughed at maybe because
like women are seen to be a little bit more
touchy feely, she's a girl. Go get a female financial advisor, honestly, Yeah,
go see Daisy at Everest Wealth. She's very popular in
(32:23):
our community. And you know what, I agree, like the
amount of and I'm not saying that she's the only
financial advisor and that you have to have a female,
but like, sorry, if you want a female Daisy in
the Everest Wealth girls, I would say Sleigh, all right, Jess,
I feel like that's probably a good place to leave it.
As always, if you haven't subscribed, please do so that
you never miss an episode and.
Speaker 3 (32:44):
We'll see bright and early on Monday morning for a
money diary.
Speaker 5 (32:47):
Hi, guys.
Speaker 7 (32:53):
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She's on the Money exists purely for educational purposes and
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financial decision. If you do choose to buy a financial product,
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Speaker 3 (33:13):
Tailored towards your needs.
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ABN three two one IS six four nine two seven
seven
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Zero eight AFSL four five one two eight nine
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