August 7, 2025 • 32 mins
What do you do when your financial goals clash with the people closest to you? This week, we’re diving into the messy, emotional side of shared finances, from property co-ownership drama to parenting across two households with totally different money vibes. First up: one listener is trying to build a future with her partner, but there’s a major catch... he owns a home with his sister, and she’s not ready to move on. We unpack what happens when family, finances, and real estate get tangled, and how to protect your relationship (and your sanity) when it’s time to move forward. Then, we get into a dilemma so many of you will relate to: how do you teach kids good money habits when they’re growing up between two completely different financial worlds? We talk boundaries, budgeting, and how to raise financially savvy humans without starting a family feud. Plus, we’ve got everything you need to kick off your weekend right: Your favourite money wins and confessions, broke tips you'll want to steal and all the unhinged chats you love.
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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 Atasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t Glenn Young Ganya
nianar Kaka yah y and beIN a Ohaka nian our
gay In Mbini yakarum Jar, Dominyamka domag Ithawaka Woman, damon
Imlan Bumba ban Gadabomba in and now in wakah ghan
On yak rum Jar water Nadaa. Hello, beautiful friends, we
(00:24):
gather on the lands of the Aboriginal people. We thank,
acknowledge and respect the Abiginal people's land that we're gathering
on today. Take pleasure in all the land and respect
all that you see. She's on the Money podcast acknowledges culture, country,
community and connections, bringing you the tools, knowledge and resources
for you to thrive.
Speaker 2 (00:45):
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 is
our favorite day of the week because they get our
little team together and celebrate you our incredible She's on
the Money Community Misters Gricci is here and she is
sharing her favorite money wins from the community. Bex Away,
so I get to share this week's b kIPS and
(01:31):
we'll be helping to answer a juicy money dilemma, which
is all about things getting complicated after buying property with
a sibling and something that you slid into our dams
about how to teach your kids about money when you
and your co parent have wildly different money stories. Guys,
before we get there, miss Jessica Ricci, it's just you
(01:52):
and I sang it out today, just hanging out like
old times. How's your week being.
Speaker 5 (01:57):
It's been good. I'm feeling a little bit run down
and a little bit under the leather, but not too bad.
I'm trying to think what I've done. I don't tell
you I started. I stepped up a level in ballet class.
Excuse me, I went from absolute beginner to beginner. I
love that look, which is so funny because now I
can say this and I didn't want to say when
I was in the class. I'm ninety seven percent sure
(02:19):
that one of the girls in my class is a listener,
and I'm pretty sure we've met her before. But you
know me, I'm too anxious, So.
Speaker 4 (02:26):
You had to wait until you were out of her
class to say anything, Jessica.
Speaker 5 (02:30):
There's not a lot of time to talking class. And also,
imagine if I went up to somebody and I was like,
oh my god, I remember you, thank you so much
for coming to our event, and they were like, who
are you?
Speaker 4 (02:37):
And the audacity to assume that I know who you are?
I would have died. I will crawl up into.
Speaker 5 (02:42):
A ball, genuinely. But I'm I would say ninety seven
percent sure. I'm not great with names, but I'm pretty
good with faces. So anyway, so if you're listening, just actually.
Speaker 4 (02:50):
Say hi, I did see you. I did see you,
and I didn't want to make it weird. Yeah, how
we fin good? I actually laugh because we can be
incredibly socially awkward. It's funny on a podcast when it's
just two of us in a room, but in person,
I'm like her, du my week's been good. So something
that I have been enjoying very much recently. Mcgriddle, Oh
(03:13):
you do love a mcgriddle. I discovered them in America.
And when I say I discovered them, I mean brook
In our team made me eat one and I was
so confused. I was like, I don't know about this.
I fell in love with them. But McDonald's you and
I we got a chat because in America you can
get the chicken mcgriddle, but you can't get the chicken
mcgriddle in Australia. So every time I like go to
(03:34):
the drive through window and I'm like, hi, so could
I please get the sausage and cheese mcgriddle but not
have the sausage and put in a chicken patty? And
they're like, give me two seconds, and then they're like, oh, yeah,
we can do that. Just put the chicken mcgriddle on
the menu. People are gonna thank you for it because
it is the superior mcgriddle.
Speaker 5 (03:53):
You can tell you. And McDonald's have beef.
Speaker 4 (03:56):
We do, but I don't want the beef. What the chicken?
That has been? I guess the entire dilemma of my week, Jess,
as always, before we get into the money wins and
me getting to share Beck's broke tips. Would you like
a five star review? Read? I would like I serenade you,
please please? So this one's from Naomi. I found She's
(04:18):
on the Money back in twenty twenty two and have
loved watching the show grow and evolve to what it
is today. I haven't missed an episode. I love that
Beck is so loved by the community, as she truly
is relatable in her life's perspectives, and she's funny and real. Jess,
whom I actually met in Greece in twenty fifteen, Oh
my god, my friend, has always been the kind of
(04:41):
person who radiates kindness and sunshine. And Victoria is an
absolute powerhouse who keeps both herself and her content real, authentic,
and understandable. Together, this team makes each episode feel like
you're sitting in the room with them having a nice
catch up. And honestly, I wish I could make this
a reality for me one day. I mean, you did
in Greece twenty fifteen. Didn't you Keep up the incredible work, team,
(05:03):
You are changing lives every day through sharing valuable finance
education for everyone, no matter where they are in their
money journey. This is your legacy that will always be
remembered for generations to come. Isn't that so sweet?
Speaker 5 (05:16):
How are you, queen? I'm pretty sure we wrote aquad
back together.
Speaker 4 (05:19):
I hope actually she remember?
Speaker 5 (05:23):
Yeah, no, if I remember correctly, I think we did
a tour and I was on the tour with a group.
There was I think seven of us or something. There
was a big group, and I'm pretty sure she was
solo traveling, and so she kind of just adopted her
and she hung out with our group of friends quite
a lot.
Speaker 2 (05:36):
But she was lovely.
Speaker 5 (05:37):
I hope that is so cute. I was on a
slod bike somewhere.
Speaker 4 (05:41):
Yeah, you have to find it to be like, this
is just And if she's on the Money listener before
she's on the Money.
Speaker 5 (05:47):
That is honestly so iconic.
Speaker 4 (05:49):
I love it so much. All right. That was our
five star review, which honestly comes up our egos. Guys,
please feel free to leave some more flive star reviews
for us, because it might just up on the show.
But miss Jessicarici, what are your favorite money wins from
the Facebook group this week?
Speaker 5 (06:05):
Alrighty, first this week, I've got one from Lola, who
said money win. I saw some free fruit at the shop,
so I made some bettery what I don't know how random.
She said, I see your random, I'll take it. And
she made banana muffins for her and her boyfriend and
then dried some up for treats for her rabbits. She
did include a pet tax photo of the rabbits, and
I need everyone to go look at the photo of
(06:25):
Nettle Biscuits.
Speaker 4 (06:26):
Because no, sorry is his name Nettle Biscuits. Stop it,
she said sadly.
Speaker 5 (06:33):
Periwinkle Parsley is too camera shy to be in the photo.
Speaker 4 (06:36):
Perrywinkle Parsley, stop it.
Speaker 5 (06:40):
I am die just in the group search Nettle Biscuits.
I'm sure it'll come up, just even to search biscuits
my favorite thing of the week.
Speaker 4 (06:48):
You joking. That's thank you, Parsley. It's a little bit
too shy.
Speaker 5 (06:52):
Pet tax approved.
Speaker 4 (06:53):
But also, are you guys picking up on this trend?
If you send Jess a picture of your pets, you're
almost guaranteed to end on the show next.
Speaker 5 (07:01):
I've good of money win this week from Laura, who
said her money in was that she deleted Uber Eats
from her phone apps. She's committed to cutting back spending
in this category. She reconciled her bank statements for the
last six months and said, oh my god, I got
curious about my household and probably shouldn't have looked. Yeah,
we've been talking a lot about Uber eats in the
office this week.
Speaker 4 (07:20):
I'm sorry, but I am so salty at Uber eats
at the moment. You guys actually know that we've worked
with Uber before. Clearly that doesn't stop me, Like, if
you do something that I don't agree with, I don't
care if we've had an alliance in the past. You
guys have introduced early last month, you introduced after pay
to Uber Eats. I'm sorry to me. That is wildly
(07:41):
irresponsible and taking advantage of people during a cost of
living crisis. We have just had research come out to
say that this cost of living crisis is hitting us
harder than ever. And the way that you're combating that
after pay is putting after pay on your I'm really sorry.
I totally get that food. Is it a central service?
Do you know what? I have no issue with you
(08:04):
even after paying groceries. Do you know what, We're just
trying to do our best.
Speaker 5 (08:08):
That's what you have to do.
Speaker 4 (08:09):
You had people write in be like v I know
that you're all, you know, hater on after pay basically,
but like I used it for a doctor's appointment, pop
off queen, you can use it as a tool to
get the essential services that you need. If that's where
we're at, go that's where we're at. And I'm just
proud that you're finding a way to put food on
your table or go and get the medical care that
(08:30):
you need. Like, there is no judgment there, But you
cannot tell me that uber eats is an essential service. Yeah,
of course, Jess. We could have this conversation about how
uber eats has coals and like we could buy a
milk and flour at an inflated price, at a very
inflated price that I would say is taking advantage of
you in that situation. I agree, because milk Run, for example,
(08:53):
free delivery over a certain amount and doesn't inflate their prices. Like,
there are just so many different things. I just I
am big coming quite disheartened with the process. Yeah, and
just really frustrated because you know, a peel in our community. Hopefully, hopefully, guys,
you are going to see that and go ridiculous. Absolutely not. Yeah,
but it's not you, guys I'm worried about. It's the
(09:15):
people who aren't in our community. You're going to go,
oh my god, great, I'm going to use that on Friday, Yeah,
and then they just end up in debt and they're
paying for a pizza over four weeks ago. It's not
even like having a top that you don't wear that
you could potentially put on. Deep hop. Yeah, you already
ate the pizza it's got.
Speaker 5 (09:30):
She's gone, Well, Laura won't have that problem. Well done, Laura. Next,
I got money in from Lily who said money win.
I got a snag Stand mixer from David Jones for
two hundred and sixty dollars because it was their last
and the display model. It's normally around seven hundred bucks.
Then I've got a money in from Sarah who said
she wanted to buy a snake plant for her front porch.
(09:50):
Her husband for some reason, back to the car into
the driveway last week. So she was driving out front first,
and as she was doing so, she saw right in
front of her, like the heavens opened up on the
side the road, on somebody's median strip, a snake plant.
She didn't even take the whole plant. She took some clippings,
and she saved herself fifty bucks.
Speaker 4 (10:06):
Excuse me, you're like liberating plants that you could have
had the whole thing off. Oh.
Speaker 5 (10:10):
I love that she's left it for somebody else to enjoy,
which I thought it was so sweety. Last of this week,
I've got a money in from Deha, who said money win.
I recently got an email from my age and asking
if I was using my car park. At first, I
was a little bit worried because I thought the owner
might want to rent it out themselves, But it turns
out they're actually in a bit of a bind with
another unit in the same building and they needed an
(10:31):
extra space. Deha doesn't use her car park, so she
said she saw an opportunity and negotiated. Now she's getting
ninety bucks a month for her car park. Oh money
weed t thousand and eighty dollars over the year that
she wasn't expecting.
Speaker 4 (10:43):
That's actually so good. I saw some drama on a
different Facebook group the other day where someone had identified
an opportunity. So they have a car park in an
apartment and a different car always parks in their spot
because they don't use their spot. Still rude, I think
rude as well, because it's like, clearly laid or don't
it's clearly not yours. So they put a little note
(11:03):
on the car and said, hey, we notice that you
use our car park regularly and we would love to
rent it to you. And there was like an uproar
in that community of like, I can't believe that you
would take advantage of somebody like that. I was like,
I'm sorry, Sis, get your bank like you've realized someone's
basically using your spot for free.
Speaker 5 (11:21):
Correct And if they want their own car park, they
can pay for a car park or they can rent
it off you.
Speaker 4 (11:26):
Exactly. I'm glad we're on the same page about that.
So it is my time to shine. I get to
do bex Broke tips.
Speaker 5 (11:33):
I'm so excited.
Speaker 4 (11:34):
So do I hope I do them justice. So first
one is from Tanya, and Tanya says, if you're really
struggling for whatever reason, there is a charity organization called
Lazagna Love, and they pair lazagna chefs with people in
need and they bake and donate a lasagna for you.
Speaker 5 (11:53):
I love that because in my mind, it's just like
an army of little nunners cooking up some good lazagna
to feed the public one percent.
Speaker 4 (12:00):
And I just think that's like the cutest. Like, sorry,
I know that there are lots of charities who probably
do a lot of really important things, name a cut one.
That's a great tip, Sammy. This is my second one,
says my unhinged hack. And there's a few replies to this,
so bear with me. My unhinged hack is refusing to
pay for aerosol cans dry shampoo and instead I sprinkle
(12:22):
a little pinch of corn flour into my greasy roots
and brush it through. Interesting yep. And then someone replied
and said, oh my goodness, I do the same, but
with baby powder. And then someone else said same here.
I've used plain flour before too. I haven't gotten cornflour
or almond flour though, not sure how that would go.
And then someone else said, I do this too, but
(12:45):
I have very dark hair, so I added a little
bit of cocoa powder. And then someone said, missus Michayla,
She said, I'm actually a hairdresser. Make sure you're telling
your hairdresser you're doing this because the effect that has
on your scal help can be dangerous if you're applying
any form of chemicals at your next hair service. So
(13:05):
you know you're going to be putting a whole heba
stuff on your head and then going to get your
hair dyed. Hop off, Keep up, but maybe just tell
your hairdresser that your roots are flours a flower. That's
so funny.
Speaker 5 (13:16):
The girl with the flour and the coker probably smells
like a cake a.
Speaker 4 (13:19):
Lot that I know, And I actually think it's so
funny because I'm so sorry, babe. Almond flowers probably not
a money win, nor is it going to probably absorb
that much, because I feel like almonds are quite oily.
Speaker 5 (13:31):
Plain flower, though chern flower makes sense.
Speaker 4 (13:33):
Yeah, plain flower, I feel like we could start creating
cake on our heads.
Speaker 5 (13:38):
I'm going to try it and report back because I'm
so intrigued.
Speaker 4 (13:41):
So cheap too, So I use cornflower a lot to
like thicken sauces and stuff at home. I use it
in my Currige Sausages recipe, which is on my Instagram
for anyone who is interested. But it's like a dollar
fifty for like five hundred grams. It's so cheap. There
you go anyway, are you ready? And this is like
bex broke tip. She says, this is one I saw online.
(14:03):
It's a cheeky macis hack. So if you buy a
cheeseburger at McDonald's, it's four dollars eighty, but if you
order a hamburger, it's only two dollars, and then you
can add cheese to the hamburger and it will cost
you an extra dollar fifteen for the cheese, So it
only is three dollars fifteen and you're saving a dollar
sixty five.
Speaker 5 (14:21):
That's a good money wein yup.
Speaker 4 (14:22):
And did you know that a small cheeseburger meal is
more expensive than a small happy meal?
Speaker 2 (14:28):
Is it?
Speaker 4 (14:28):
Same meal? But you get a toy and it's cheap. Crazy?
Speaker 5 (14:32):
Also side note, McDonald's has wings now with ranch and
buffalo saw.
Speaker 4 (14:36):
Sorry what I've been distracted by the mcgriddle.
Speaker 5 (14:40):
I don't they're doing the most.
Speaker 4 (14:41):
Also, guys, if you're thinking wow, this episode is sponsored
by McDonald's, Oh I wish it is not.
Speaker 5 (14:47):
We just have a problem today. Should send it anyl
after this sear It's not.
Speaker 4 (14:52):
Our fault, all right, So I think we did pretty
well without Beck. Let's go to a really quick break
because on the flip side, we're going to be helping
to answer a money dilemma, which is all about things
getting complicated after purchasing a property with a sibling and
something you s lead into our dms about how to
teach your kids about money, which seems like a relatively
simple question except for the fact you and your co
(15:13):
parent have wildly different money stories. Guys, don't go anywhere.
Speaker 5 (15:21):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 4 (15:26):
Hi, there, have you got a money dilemma you just
can't solve that. She's on the Money team is here
to help. Every week we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show. Now, let's take a
listen to this week's money dilemma.
Speaker 2 (15:50):
Hi, She's on the Money. My partner and I are
looking to buy another property later in the year to
live in together. We both own one property each, however,
he owns is on a joint loan with his sister.
He wants to rent their property out and we need
the rental income to be able to borrow what we
want to buy. However, his sister is not in a
(16:12):
financial position to be able to buy under the property
or to move out. We have no idea how to
navigate this situation. Neither of them want to solve the
property What would you do?
Speaker 4 (16:23):
Oh, this is one of those tricky situations that we
probably should have had a good conversation about before we
purchased a property with a sibling. Yeah, because it can
get really complex, like siblings and purchasing property together happens
all the time, Like we write so many sibling loans
that zellamoney, And I feel like it's a good option,
(16:45):
Like I feel like lots of people talk about, you know,
increasing your borrowing capacity by buying with a friend, But
I would say, and I'm not saying that every time
this is perfect, but I would say it's quite a
safer option to kind of do it with a sibling
you already have, I guess, a deeper connection and a
deeper relationship and usually have similar values. Obviously, please still
(17:09):
get a binding financial agreement, make sure we're all on
the same page. But it does get fickle when your
lives are going in different directions. Yeah, Jess, how are
you feeling? Before I dive even further into how I
feel unpopular opinion?
Speaker 5 (17:21):
Perhaps, how do I say this that saying, I mean,
you don't have to own.
Speaker 4 (17:26):
Multiple hours and nasty.
Speaker 5 (17:28):
You know, I understand that you're trying to build your
portfolio and that's really exciting and I'm not saying that
is a bad thing. However, if your sister is, it
sounds like she's not taking advantage. But it sounds like,
you know, the options are pay rent to live in
the house, or don't live in the house and rent elsewhere.
And if that is not also an option, then I
(17:50):
would say sell the house. It seems like the logical
conclusion means you can either sell her half of that
house to her sibling, to the brother.
Speaker 4 (17:57):
Yeah, the brother.
Speaker 5 (17:57):
Sorry, it was a very like here to her.
Speaker 4 (17:59):
And look it made sense to me, that's all. Yah.
Speaker 5 (18:02):
So she can either sell her share of the house
back to the brother if that's something that works, or
they can sell the property altogether. You don't have to
hold onto it, like I just think that to me,
it's quite black and white, like either you pay the
rent to live there, like that's the obvious first choice.
If that's not an option, I understand, then.
Speaker 4 (18:20):
You sell it.
Speaker 5 (18:21):
And to me, it's quite like black and white.
Speaker 4 (18:23):
That's the vibe I picked up as well, which was
that the sisters living in the house at the moment.
Speaker 5 (18:28):
Oh, I just assumed, yeah, yeah.
Speaker 4 (18:30):
That's what I picked up as well. But I would
say that we need to go back to basics and go, Okay,
you purchased a house together. That's fantastic. What's the rental
yield meant to be on this property in this area,
because it's actually doing a disservice to both people. If
your sister's living there. Let's say your sister's living there
for free because she owns it and we don't quote
(18:50):
want to rent it out. But the entire purpose of
purchasing it was it be an investment, right, so we
could go, Okay, how much is this house worth. Let's
pretend it's worth four hundred dollars a week. I would say,
if your sister wants sole occupancy of that property, she
has to pay absolutely rent. You don't just get to
(19:10):
live in that house. And I'm not saying that she
pays the entire amount and can negotiate that, but she
probably should be paying rent to live there if you
are also paying rent to live in a different premises, Like,
the whole.
Speaker 5 (19:22):
Thing doesn't make sense to me. I was like, why
is she? Are you living there together?
Speaker 4 (19:27):
No? You know what, maybe they are living there together
at the moment, and like one of the partners has
coupled up and they've saved up another deposit and can
move out. But also, why did you move into the
property together in the first place. Did you move in
because you both wanted a cheaper place to live and
you wanted to be paying a mortgage instead of rent,
At which point I would say, Okay, well, maybe you
move out and your sister gets a housemate and covers
(19:51):
your portion of the adoption. What does that look like?
So I think there's a lot of things that you
could work it out. I know neither of you want
to dispose of the asset, but it's sounding a lot
like you're not on the same page. And if it's
stopping and you're right, Jess, you don't need multiple houses.
But if it's stopping you from achieving life goals with
a partner, I would be seriously reconsidering whether owning that
(20:13):
asset is actually the investment you think it is, or
if it's holding you back. Yeah, which unfortunately it could
be in a number of circumstances. It can get fickle.
But that's why we need a binding financial agreement at
the very start.
Speaker 5 (20:27):
Yeah, Hindsight twenty twenty is an app Yeah.
Speaker 4 (20:30):
And also, if you've got this property and you're planning
on purchasing a new property, you should be talking to
your mortgage broker about, well, what equity do you have
in that property, because we can use that. Just because
your sister's living in the property doesn't mean we can't
use the equity. In fact, not saying that this is
the right way to go about it, but your system
might go. But I really want to live here. You
(20:51):
can use all of the current equity for your next
property purchase instead of splitting it fifty to fifty. And
then maybe you're both in a better off position because
you were able to get into a house quicker, you
didn't have to rely on the rental income and wham bam,
thank you ma'am. She gets to live in the house.
You get the other house that you want. So talk
(21:11):
to a good mortgage broker about your options. But I
don't hate the idjes if disposing of a property if
it's becoming a little bit too fickle, Yeah, a bit messy.
Speaker 5 (21:20):
So you're messy. Should get into the DM this week.
Speaker 4 (21:22):
Yes, I'm very excited. Okay, so the DM says, Heysi's
on the money. Would love your advice on something that
I think is a little bit tricky. My husband and
I both work extra hours and weekends, so when our
kids are with us, we can give them a really
good life, but when they're with their other parent, things
are very different. It's mostly sentling vouchers, a lot of debt,
(21:46):
and not great money habits. My husband thinks we should
just leave it that the kids will see both situations
and work it out for themselves, but I feel like
we should be actively teaching them about money without making
it sound like we're judging the other parent. If your
kids move between two homes with totally different money situations,
(22:06):
how do you talk to them without causing drama? Would
love to know what other people have done interesting.
Speaker 5 (22:14):
I think that it's really great that you're being considerate
and wanting to be respectful of your co parent, because
you know, it's very easy when there's a big gap
between you know, two people's situation financially, you know, sometimes
people can look down, so I think it's really good
that you're trying to be conscious of that. I don't
think teaching your kids about money really needs to have
anything to do with talking about the other parents' situation.
Speaker 4 (22:38):
Or journeys at AOL, and you can use it for
ABC and D. Like it doesn't necessarily have to be
about judgment.
Speaker 5 (22:46):
I think it's a lot about maybe talking to them
about the behavior that you're modeling. So rather than talking
about someone else, like, let's talk about what you're doing,
you know, talk to them. We work weekends because you know,
when you work extra hours, you earn this thing called time.
It's extra money. Like, teach them about what the job
market looks like, teach them about budgeting to you know,
center link is probably something that I would say, you
(23:08):
don't need to touch on because then you could kind
of be getting into murky water with talking down.
Speaker 4 (23:12):
A concept that children necessarily need to understand. They don't
need to understand government benefits. We need to teach them. Okay,
you can say for things that are important to you,
and this is how we purchase groceries, and this is
what the cost of life is. And you know, my
husband and I are working extra shifts so on the
weekends we can go to the pool and get hot
(23:33):
jibies after like, oh cool, thanks, and like it's probably
not a bad thing for them to start understanding that
it's not love that drives those things. Yeah, going to
a different parents' house and maybe not having as Like
I don't know. Let's make up a situation, jess Let's
say with you and your husband, you are taking the
kids to the zoo or something every single weekend. There's
(23:55):
a big activity planned.
Speaker 2 (23:56):
Yeah.
Speaker 4 (23:57):
I would hate for kids to think, oh, my other
parent doesn't love me as much because they never take
me on these big experiences, like we always stay home.
But for them to understand it's actually about resourcing, not
about love, not about anything like that. Sorry, is that
not really constructive for everybody involved? Absolutely, Like we're not
putting an unrealistic expectation on the other parent to spend
(24:18):
a heap of money that they don't have to keep up.
So I don't think it's the worst. I do think
that there's age appropriate ways to talk about money, and
it depends on how old your kids are, and unfortunately
I don't know at this point. But yeah, for me,
it's more about what does that look like inside your house?
Like if we step back and go, all right, baby Jessica,
(24:40):
we want to teach her about money? What do we
want her to know? Instead of like, what should we
be teaching? What do you want jess to think about money?
When she's an adult. Yeah, what do you want Jess
to think about, you know, jobs and working and work ethic.
What does that look like as opposed to oh, centling?
Does that make sense? Yeah?
Speaker 5 (24:59):
I think them pocket money is probably a really good
practical way to teach them because then they're kind of
taking on their own experience. They might have pocket money
that they can take with them, which can help with
you know, if there's not a lot of money at
the other parents' house, like that might help to alleviate
a little bit of a burden if you're teaching them, hey,
like we can save for money if you want to
get a stack from the canteen, like you know, you
(25:20):
need to save, or you need to budget or whatever,
And it might enable them to do some of those
things when they're at the other house. And I think
you're totally right, like not equating a financial position to love,
because just because that parent's on center Link or making
use of services or doing whatever, does not mean that
they're less responsible or they love their kids any less.
(25:41):
Like they're probably just doing the best that they can
with what they have. And so I think again, like
teaching your kids something that's centric to them rather than
centric to another person.
Speaker 4 (25:52):
Yeah, they don't need to know about the household budget.
You don't need to go well, your other parent earns
this amount percy, But we own triple that things.
Speaker 5 (26:00):
To help parent is really hard, and I think that
it's awesome that you're being so considerate of the position
that they're in. You could also just give them heads
up and say, hey, you know, the kids are starting
to learn this sort of stuff at school. We're thinking
about doing pocket money, or we're thinking about let us
know if there's anything we can do to support that.
On your side, it's all about open communication with your
co parent.
Speaker 4 (26:19):
Right, Oh my god, did it just come back to communication?
Speaker 1 (26:22):
Kaida?
Speaker 5 (26:22):
It's crazy, but wheneveryone else says speaking.
Speaker 4 (26:25):
My first question we asked the community was how would
your parent in this situation? Only eleven percent of you
said that you'd be directed and explain the difference, and
eighty nine percent of you agree with miss jessic Ricci
and you would focus on modeling just good money habits.
The next question we asked was what would you do
if you didn't agree with your partner on how to
(26:46):
handle it.
Speaker 5 (26:47):
That's when it gets a little trickier, really isn't it.
We're assuming that hopefully you guys will be on a
similar page.
Speaker 4 (26:52):
Yeah, So fifty five percent of you said I'd take
the kid's lead when they asked, I, like, they're not
going to be jumping in. Thirty three percent said I'd
hold off until we were on the same page, and
twelve percent said I'd still be talking to the kids
about it, which I don't think is the worst thing
in the world, Like at the end of the day,
Like it's a tough conversation to have, but money is
(27:15):
a resource that you're not going to escape. It's like
the one thing that is central to everybody. We all
have different like money thoughts and values and beliefs, but like, sorry,
they're all around money. Like, you can't exist in this
society unfortunately without having to interact with cash in some way,
shape or form.
Speaker 5 (27:33):
Yeah, And it's about setting the kids up for success too.
It's giving them the financial literacy to hopefully ensure that
they can look after themselves when the time does come
for them to be earning their own money.
Speaker 4 (27:42):
Exactly. So, we asked the community, guys, what is your
two cents? First person said, as a kid who grew
up between two homes like this shit, I wish this
was talked about. Yeah, but like reflection so helpful for us.
Another person said kids are ridiculously observant. They teach them
by discussing money in front of them.
Speaker 5 (28:03):
That's a great point.
Speaker 4 (28:04):
Another person they had a two parter, said, it's not
your place to speak about the other household's finances. You
never know another person's reality either.
Speaker 5 (28:13):
I do agree with that. I think keeping it centric
to your world to them, yeah, they don't it can
do Yeah, I mean you can do that whether you're
on scantlink or not. Lately, I think that it doesn't
matter how much money you have. Teaching your kids about
money is not about giving them cash. No, like they
could help with the grocery budget.
Speaker 4 (28:34):
It could be really stingy this week because life is tough,
but like, oh, what could we do with ten bucks?
How can we make that kids love a game like
something that. I mean, I only have a what's eighteen
month old? But like, kids don't want to be distracted,
They want to be included, like, they want to be
part of the process. But it's your job to work out. Okay,
(28:55):
how far into this process should we be getting? What
is age appropriate. Next person said, there's no shame with
needing support from the government. It's there for a reason.
Absolutely couldn't agree more. Next person said, if the husband
is the bio parent, she needs to respect his wishes
even if she disagrees, I would disagree with that. Like,
(29:16):
if your husband doesn't want to talk to kids about money,
really sorry again, it is literally the biggest resource of
our economy. Yeah, you stand it.
Speaker 5 (29:27):
Yeah, Like you guys, if that was the case, you
would need to have a conversation around like, well, our
values aligned, are our plans for the kids aligned?
Speaker 4 (29:35):
Yeah? Like, and I'm not saying like, Noah's a full sentence,
but I'm not saying that that doesn't he doesn't have
to talk to the kids about money and be like, Okay,
well I'm going to be teaching them in this way.
Is there a way that you'd prefer me to teach them? Like,
is there a topic you don't want me to touch
on yet?
Speaker 5 (29:50):
Like yeah, I kind of interpret it to as him
being sensitive, right, like not saying oh, like I don't
think we want to you know, we don't want to
do something that might maybe other parents seem othered or
anything like that. A great opposed to like saying I
don't want to talk about it.
Speaker 4 (30:02):
Agreed. And my last one I think is a good one.
They've said it really depends on how old your kids are.
Toddlers don't need to know explicitly, but teens definitely do.
Speaker 5 (30:14):
I really agree with that too.
Speaker 4 (30:15):
Yeah. I think that as a teenager, sorry, it would
have really benefited me to be a little bit more
savvy when it came to getting my first job. What
is supernuation? How does the tax system work? Like, not
just pocket money, just how it works.
Speaker 5 (30:30):
Yeah, And I will say that the younger you start them,
the more normalized that becomes too, Like there's something to
be said for like, yeah, you don't need to tell
you two year old, oh my god, money da da da.
But like introducing even really simple concepts when they're younger,
I think means that they're it does open up that
line of communication, make them comfortable with it, and hopefully
set them up for success long term. Yeah.
Speaker 4 (30:51):
All right, well, I feel like that's probably a very
good place to leave it. Good chat, you and I
hanging out. It's going to be this way guys for
a little while. Because Beck's on. We call it like
a se convent. I like that.
Speaker 5 (31:04):
It sounds very fancy. She's on the continent.
Speaker 4 (31:06):
She's taken up a four week role at the ABC,
and we are so ridiculously proud of her, But it
means she's not on the show.
Speaker 5 (31:11):
If we miss.
Speaker 4 (31:13):
Should be back, she'll be back all right, guys, have
a good week and we'll see you right early on
Monday for a money Darry Bye bye did buy shared
on She's on the Money is general in nature and
does not consider your individual circumstances. She's on the Money
exists purely for educational purposes and should not be relied
(31:35):
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 Divine and She's on the Money are authorized representatives
of Money Shoper Pty Ltd ABN three two one IS
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(31:57):
five one two eight ninet
My name's Atasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t Glenn Young Ganya
nianar Kaka yah y and beIN a Ohaka nian our
gay In Mbini yakarum Jar, Dominyamka domag Ithawaka Woman, damon
Imlan Bumba ban Gadabomba in and now in wakah ghan
On yak rum Jar water Nadaa. Hello, beautiful friends, we
(00:24):
gather on the lands of the Aboriginal people. We thank,
acknowledge and respect the Abiginal people's land that we're gathering
on today. Take pleasure in all the land and respect
all that you see. She's on the Money podcast acknowledges culture, country,
community and connections, bringing you the tools, knowledge and resources
for you to thrive.
Speaker 2 (00:45):
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 is
our favorite day of the week because they get our
little team together and celebrate you our incredible She's on
the Money Community Misters Gricci is here and she is
sharing her favorite money wins from the community. Bex Away,
so I get to share this week's b kIPS and
(01:31):
we'll be helping to answer a juicy money dilemma, which
is all about things getting complicated after buying property with
a sibling and something that you slid into our dams
about how to teach your kids about money when you
and your co parent have wildly different money stories. Guys,
before we get there, miss Jessica Ricci, it's just you
(01:52):
and I sang it out today, just hanging out like
old times. How's your week being.
Speaker 5 (01:57):
It's been good. I'm feeling a little bit run down
and a little bit under the leather, but not too bad.
I'm trying to think what I've done. I don't tell
you I started. I stepped up a level in ballet class.
Excuse me, I went from absolute beginner to beginner. I
love that look, which is so funny because now I
can say this and I didn't want to say when
I was in the class. I'm ninety seven percent sure
(02:19):
that one of the girls in my class is a listener,
and I'm pretty sure we've met her before. But you
know me, I'm too anxious, So.
Speaker 4 (02:26):
You had to wait until you were out of her
class to say anything, Jessica.
Speaker 5 (02:30):
There's not a lot of time to talking class. And also,
imagine if I went up to somebody and I was like,
oh my god, I remember you, thank you so much
for coming to our event, and they were like, who
are you?
Speaker 4 (02:37):
And the audacity to assume that I know who you are?
I would have died. I will crawl up into.
Speaker 5 (02:42):
A ball, genuinely. But I'm I would say ninety seven
percent sure. I'm not great with names, but I'm pretty
good with faces. So anyway, so if you're listening, just actually.
Speaker 4 (02:50):
Say hi, I did see you. I did see you,
and I didn't want to make it weird. Yeah, how
we fin good? I actually laugh because we can be
incredibly socially awkward. It's funny on a podcast when it's
just two of us in a room, but in person,
I'm like her, du my week's been good. So something
that I have been enjoying very much recently. Mcgriddle, Oh
(03:13):
you do love a mcgriddle. I discovered them in America.
And when I say I discovered them, I mean brook
In our team made me eat one and I was
so confused. I was like, I don't know about this.
I fell in love with them. But McDonald's you and
I we got a chat because in America you can
get the chicken mcgriddle, but you can't get the chicken
mcgriddle in Australia. So every time I like go to
(03:34):
the drive through window and I'm like, hi, so could
I please get the sausage and cheese mcgriddle but not
have the sausage and put in a chicken patty? And
they're like, give me two seconds, and then they're like, oh, yeah,
we can do that. Just put the chicken mcgriddle on
the menu. People are gonna thank you for it because
it is the superior mcgriddle.
Speaker 5 (03:53):
You can tell you. And McDonald's have beef.
Speaker 4 (03:56):
We do, but I don't want the beef. What the chicken?
That has been? I guess the entire dilemma of my week, Jess,
as always, before we get into the money wins and
me getting to share Beck's broke tips. Would you like
a five star review? Read? I would like I serenade you,
please please? So this one's from Naomi. I found She's
(04:18):
on the Money back in twenty twenty two and have
loved watching the show grow and evolve to what it
is today. I haven't missed an episode. I love that
Beck is so loved by the community, as she truly
is relatable in her life's perspectives, and she's funny and real. Jess,
whom I actually met in Greece in twenty fifteen, Oh
my god, my friend, has always been the kind of
(04:41):
person who radiates kindness and sunshine. And Victoria is an
absolute powerhouse who keeps both herself and her content real, authentic,
and understandable. Together, this team makes each episode feel like
you're sitting in the room with them having a nice
catch up. And honestly, I wish I could make this
a reality for me one day. I mean, you did
in Greece twenty fifteen. Didn't you Keep up the incredible work, team,
(05:03):
You are changing lives every day through sharing valuable finance
education for everyone, no matter where they are in their
money journey. This is your legacy that will always be
remembered for generations to come. Isn't that so sweet?
Speaker 5 (05:16):
How are you, queen? I'm pretty sure we wrote aquad
back together.
Speaker 4 (05:19):
I hope actually she remember?
Speaker 5 (05:23):
Yeah, no, if I remember correctly, I think we did
a tour and I was on the tour with a group.
There was I think seven of us or something. There
was a big group, and I'm pretty sure she was
solo traveling, and so she kind of just adopted her
and she hung out with our group of friends quite
a lot.
Speaker 2 (05:36):
But she was lovely.
Speaker 5 (05:37):
I hope that is so cute. I was on a
slod bike somewhere.
Speaker 4 (05:41):
Yeah, you have to find it to be like, this
is just And if she's on the Money listener before
she's on the Money.
Speaker 5 (05:47):
That is honestly so iconic.
Speaker 4 (05:49):
I love it so much. All right. That was our
five star review, which honestly comes up our egos. Guys,
please feel free to leave some more flive star reviews
for us, because it might just up on the show.
But miss Jessicarici, what are your favorite money wins from
the Facebook group this week?
Speaker 5 (06:05):
Alrighty, first this week, I've got one from Lola, who
said money win. I saw some free fruit at the shop,
so I made some bettery what I don't know how random.
She said, I see your random, I'll take it. And
she made banana muffins for her and her boyfriend and
then dried some up for treats for her rabbits. She
did include a pet tax photo of the rabbits, and
I need everyone to go look at the photo of
(06:25):
Nettle Biscuits.
Speaker 4 (06:26):
Because no, sorry is his name Nettle Biscuits. Stop it,
she said sadly.
Speaker 5 (06:33):
Periwinkle Parsley is too camera shy to be in the photo.
Speaker 4 (06:36):
Perrywinkle Parsley, stop it.
Speaker 5 (06:40):
I am die just in the group search Nettle Biscuits.
I'm sure it'll come up, just even to search biscuits
my favorite thing of the week.
Speaker 4 (06:48):
You joking. That's thank you, Parsley. It's a little bit
too shy.
Speaker 5 (06:52):
Pet tax approved.
Speaker 4 (06:53):
But also, are you guys picking up on this trend?
If you send Jess a picture of your pets, you're
almost guaranteed to end on the show next.
Speaker 5 (07:01):
I've good of money win this week from Laura, who
said her money in was that she deleted Uber Eats
from her phone apps. She's committed to cutting back spending
in this category. She reconciled her bank statements for the
last six months and said, oh my god, I got
curious about my household and probably shouldn't have looked. Yeah,
we've been talking a lot about Uber eats in the
office this week.
Speaker 4 (07:20):
I'm sorry, but I am so salty at Uber eats
at the moment. You guys actually know that we've worked
with Uber before. Clearly that doesn't stop me, Like, if
you do something that I don't agree with, I don't
care if we've had an alliance in the past. You
guys have introduced early last month, you introduced after pay
to Uber Eats. I'm sorry to me. That is wildly
(07:41):
irresponsible and taking advantage of people during a cost of
living crisis. We have just had research come out to
say that this cost of living crisis is hitting us
harder than ever. And the way that you're combating that
after pay is putting after pay on your I'm really sorry.
I totally get that food. Is it a central service?
Do you know what? I have no issue with you
(08:04):
even after paying groceries. Do you know what, We're just
trying to do our best.
Speaker 5 (08:08):
That's what you have to do.
Speaker 4 (08:09):
You had people write in be like v I know
that you're all, you know, hater on after pay basically,
but like I used it for a doctor's appointment, pop
off queen, you can use it as a tool to
get the essential services that you need. If that's where
we're at, go that's where we're at. And I'm just
proud that you're finding a way to put food on
your table or go and get the medical care that
(08:30):
you need. Like, there is no judgment there, But you
cannot tell me that uber eats is an essential service. Yeah,
of course, Jess. We could have this conversation about how
uber eats has coals and like we could buy a
milk and flour at an inflated price, at a very
inflated price that I would say is taking advantage of
you in that situation. I agree, because milk Run, for example,
(08:53):
free delivery over a certain amount and doesn't inflate their prices. Like,
there are just so many different things. I just I
am big coming quite disheartened with the process. Yeah, and
just really frustrated because you know, a peel in our community. Hopefully, hopefully, guys,
you are going to see that and go ridiculous. Absolutely not. Yeah,
but it's not you, guys I'm worried about. It's the
(09:15):
people who aren't in our community. You're going to go,
oh my god, great, I'm going to use that on Friday, Yeah,
and then they just end up in debt and they're
paying for a pizza over four weeks ago. It's not
even like having a top that you don't wear that
you could potentially put on. Deep hop. Yeah, you already
ate the pizza it's got.
Speaker 5 (09:30):
She's gone, Well, Laura won't have that problem. Well done, Laura. Next,
I got money in from Lily who said money win.
I got a snag Stand mixer from David Jones for
two hundred and sixty dollars because it was their last
and the display model. It's normally around seven hundred bucks.
Then I've got a money in from Sarah who said
she wanted to buy a snake plant for her front porch.
(09:50):
Her husband for some reason, back to the car into
the driveway last week. So she was driving out front first,
and as she was doing so, she saw right in
front of her, like the heavens opened up on the
side the road, on somebody's median strip, a snake plant.
She didn't even take the whole plant. She took some clippings,
and she saved herself fifty bucks.
Speaker 4 (10:06):
Excuse me, you're like liberating plants that you could have
had the whole thing off. Oh.
Speaker 5 (10:10):
I love that she's left it for somebody else to enjoy,
which I thought it was so sweety. Last of this week,
I've got a money in from Deha, who said money win.
I recently got an email from my age and asking
if I was using my car park. At first, I
was a little bit worried because I thought the owner
might want to rent it out themselves, But it turns
out they're actually in a bit of a bind with
another unit in the same building and they needed an
(10:31):
extra space. Deha doesn't use her car park, so she
said she saw an opportunity and negotiated. Now she's getting
ninety bucks a month for her car park. Oh money
weed t thousand and eighty dollars over the year that
she wasn't expecting.
Speaker 4 (10:43):
That's actually so good. I saw some drama on a
different Facebook group the other day where someone had identified
an opportunity. So they have a car park in an
apartment and a different car always parks in their spot
because they don't use their spot. Still rude, I think
rude as well, because it's like, clearly laid or don't
it's clearly not yours. So they put a little note
(11:03):
on the car and said, hey, we notice that you
use our car park regularly and we would love to
rent it to you. And there was like an uproar
in that community of like, I can't believe that you
would take advantage of somebody like that. I was like,
I'm sorry, Sis, get your bank like you've realized someone's
basically using your spot for free.
Speaker 5 (11:21):
Correct And if they want their own car park, they
can pay for a car park or they can rent
it off you.
Speaker 4 (11:26):
Exactly. I'm glad we're on the same page about that.
So it is my time to shine. I get to
do bex Broke tips.
Speaker 5 (11:33):
I'm so excited.
Speaker 4 (11:34):
So do I hope I do them justice. So first
one is from Tanya, and Tanya says, if you're really
struggling for whatever reason, there is a charity organization called
Lazagna Love, and they pair lazagna chefs with people in
need and they bake and donate a lasagna for you.
Speaker 5 (11:53):
I love that because in my mind, it's just like
an army of little nunners cooking up some good lazagna
to feed the public one percent.
Speaker 4 (12:00):
And I just think that's like the cutest. Like, sorry,
I know that there are lots of charities who probably
do a lot of really important things, name a cut one.
That's a great tip, Sammy. This is my second one,
says my unhinged hack. And there's a few replies to this,
so bear with me. My unhinged hack is refusing to
pay for aerosol cans dry shampoo and instead I sprinkle
(12:22):
a little pinch of corn flour into my greasy roots
and brush it through. Interesting yep. And then someone replied
and said, oh my goodness, I do the same, but
with baby powder. And then someone else said same here.
I've used plain flour before too. I haven't gotten cornflour
or almond flour though, not sure how that would go.
And then someone else said, I do this too, but
(12:45):
I have very dark hair, so I added a little
bit of cocoa powder. And then someone said, missus Michayla,
She said, I'm actually a hairdresser. Make sure you're telling
your hairdresser you're doing this because the effect that has
on your scal help can be dangerous if you're applying
any form of chemicals at your next hair service. So
(13:05):
you know you're going to be putting a whole heba
stuff on your head and then going to get your
hair dyed. Hop off, Keep up, but maybe just tell
your hairdresser that your roots are flours a flower. That's
so funny.
Speaker 5 (13:16):
The girl with the flour and the coker probably smells
like a cake a.
Speaker 4 (13:19):
Lot that I know, And I actually think it's so
funny because I'm so sorry, babe. Almond flowers probably not
a money win, nor is it going to probably absorb
that much, because I feel like almonds are quite oily.
Speaker 5 (13:31):
Plain flower, though chern flower makes sense.
Speaker 4 (13:33):
Yeah, plain flower, I feel like we could start creating
cake on our heads.
Speaker 5 (13:38):
I'm going to try it and report back because I'm
so intrigued.
Speaker 4 (13:41):
So cheap too, So I use cornflower a lot to
like thicken sauces and stuff at home. I use it
in my Currige Sausages recipe, which is on my Instagram
for anyone who is interested. But it's like a dollar
fifty for like five hundred grams. It's so cheap. There
you go anyway, are you ready? And this is like
bex broke tip. She says, this is one I saw online.
(14:03):
It's a cheeky macis hack. So if you buy a
cheeseburger at McDonald's, it's four dollars eighty, but if you
order a hamburger, it's only two dollars, and then you
can add cheese to the hamburger and it will cost
you an extra dollar fifteen for the cheese, So it
only is three dollars fifteen and you're saving a dollar
sixty five.
Speaker 5 (14:21):
That's a good money wein yup.
Speaker 4 (14:22):
And did you know that a small cheeseburger meal is
more expensive than a small happy meal?
Speaker 2 (14:28):
Is it?
Speaker 4 (14:28):
Same meal? But you get a toy and it's cheap. Crazy?
Speaker 5 (14:32):
Also side note, McDonald's has wings now with ranch and
buffalo saw.
Speaker 4 (14:36):
Sorry what I've been distracted by the mcgriddle.
Speaker 5 (14:40):
I don't they're doing the most.
Speaker 4 (14:41):
Also, guys, if you're thinking wow, this episode is sponsored
by McDonald's, Oh I wish it is not.
Speaker 5 (14:47):
We just have a problem today. Should send it anyl
after this sear It's not.
Speaker 4 (14:52):
Our fault, all right, So I think we did pretty
well without Beck. Let's go to a really quick break
because on the flip side, we're going to be helping
to answer a money dilemma, which is all about things
getting complicated after purchasing a property with a sibling and
something you s lead into our dms about how to
teach your kids about money, which seems like a relatively
simple question except for the fact you and your co
(15:13):
parent have wildly different money stories. Guys, don't go anywhere.
Speaker 5 (15:21):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 4 (15:26):
Hi, there, have you got a money dilemma you just
can't solve that. She's on the Money team is here
to help. Every week we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show. Now, let's take a
listen to this week's money dilemma.
Speaker 2 (15:50):
Hi, She's on the Money. My partner and I are
looking to buy another property later in the year to
live in together. We both own one property each, however,
he owns is on a joint loan with his sister.
He wants to rent their property out and we need
the rental income to be able to borrow what we
want to buy. However, his sister is not in a
(16:12):
financial position to be able to buy under the property
or to move out. We have no idea how to
navigate this situation. Neither of them want to solve the
property What would you do?
Speaker 4 (16:23):
Oh, this is one of those tricky situations that we
probably should have had a good conversation about before we
purchased a property with a sibling. Yeah, because it can
get really complex, like siblings and purchasing property together happens
all the time, Like we write so many sibling loans
that zellamoney, And I feel like it's a good option,
(16:45):
Like I feel like lots of people talk about, you know,
increasing your borrowing capacity by buying with a friend, But
I would say, and I'm not saying that every time
this is perfect, but I would say it's quite a
safer option to kind of do it with a sibling
you already have, I guess, a deeper connection and a
deeper relationship and usually have similar values. Obviously, please still
(17:09):
get a binding financial agreement, make sure we're all on
the same page. But it does get fickle when your
lives are going in different directions. Yeah, Jess, how are
you feeling? Before I dive even further into how I
feel unpopular opinion?
Speaker 5 (17:21):
Perhaps, how do I say this that saying, I mean,
you don't have to own.
Speaker 4 (17:26):
Multiple hours and nasty.
Speaker 5 (17:28):
You know, I understand that you're trying to build your
portfolio and that's really exciting and I'm not saying that
is a bad thing. However, if your sister is, it
sounds like she's not taking advantage. But it sounds like,
you know, the options are pay rent to live in
the house, or don't live in the house and rent elsewhere.
And if that is not also an option, then I
(17:50):
would say sell the house. It seems like the logical
conclusion means you can either sell her half of that
house to her sibling, to the brother.
Speaker 4 (17:57):
Yeah, the brother.
Speaker 5 (17:57):
Sorry, it was a very like here to her.
Speaker 4 (17:59):
And look it made sense to me, that's all. Yah.
Speaker 5 (18:02):
So she can either sell her share of the house
back to the brother if that's something that works, or
they can sell the property altogether. You don't have to
hold onto it, like I just think that to me,
it's quite black and white, like either you pay the
rent to live there, like that's the obvious first choice.
If that's not an option, I understand, then.
Speaker 4 (18:20):
You sell it.
Speaker 5 (18:21):
And to me, it's quite like black and white.
Speaker 4 (18:23):
That's the vibe I picked up as well, which was
that the sisters living in the house at the moment.
Speaker 5 (18:28):
Oh, I just assumed, yeah, yeah.
Speaker 4 (18:30):
That's what I picked up as well. But I would
say that we need to go back to basics and go, Okay,
you purchased a house together. That's fantastic. What's the rental
yield meant to be on this property in this area,
because it's actually doing a disservice to both people. If
your sister's living there. Let's say your sister's living there
for free because she owns it and we don't quote
(18:50):
want to rent it out. But the entire purpose of
purchasing it was it be an investment, right, so we
could go, Okay, how much is this house worth. Let's
pretend it's worth four hundred dollars a week. I would say,
if your sister wants sole occupancy of that property, she
has to pay absolutely rent. You don't just get to
(19:10):
live in that house. And I'm not saying that she
pays the entire amount and can negotiate that, but she
probably should be paying rent to live there if you
are also paying rent to live in a different premises, Like,
the whole.
Speaker 5 (19:22):
Thing doesn't make sense to me. I was like, why
is she? Are you living there together?
Speaker 4 (19:27):
No? You know what, maybe they are living there together
at the moment, and like one of the partners has
coupled up and they've saved up another deposit and can
move out. But also, why did you move into the
property together in the first place. Did you move in
because you both wanted a cheaper place to live and
you wanted to be paying a mortgage instead of rent,
At which point I would say, Okay, well, maybe you
move out and your sister gets a housemate and covers
(19:51):
your portion of the adoption. What does that look like?
So I think there's a lot of things that you
could work it out. I know neither of you want
to dispose of the asset, but it's sounding a lot
like you're not on the same page. And if it's
stopping and you're right, Jess, you don't need multiple houses.
But if it's stopping you from achieving life goals with
a partner, I would be seriously reconsidering whether owning that
(20:13):
asset is actually the investment you think it is, or
if it's holding you back. Yeah, which unfortunately it could
be in a number of circumstances. It can get fickle.
But that's why we need a binding financial agreement at
the very start.
Speaker 5 (20:27):
Yeah, Hindsight twenty twenty is an app Yeah.
Speaker 4 (20:30):
And also, if you've got this property and you're planning
on purchasing a new property, you should be talking to
your mortgage broker about, well, what equity do you have
in that property, because we can use that. Just because
your sister's living in the property doesn't mean we can't
use the equity. In fact, not saying that this is
the right way to go about it, but your system
might go. But I really want to live here. You
(20:51):
can use all of the current equity for your next
property purchase instead of splitting it fifty to fifty. And
then maybe you're both in a better off position because
you were able to get into a house quicker, you
didn't have to rely on the rental income and wham bam,
thank you ma'am. She gets to live in the house.
You get the other house that you want. So talk
(21:11):
to a good mortgage broker about your options. But I
don't hate the idjes if disposing of a property if
it's becoming a little bit too fickle, Yeah, a bit messy.
Speaker 5 (21:20):
So you're messy. Should get into the DM this week.
Speaker 4 (21:22):
Yes, I'm very excited. Okay, so the DM says, Heysi's
on the money. Would love your advice on something that
I think is a little bit tricky. My husband and
I both work extra hours and weekends, so when our
kids are with us, we can give them a really
good life, but when they're with their other parent, things
are very different. It's mostly sentling vouchers, a lot of debt,
(21:46):
and not great money habits. My husband thinks we should
just leave it that the kids will see both situations
and work it out for themselves, but I feel like
we should be actively teaching them about money without making
it sound like we're judging the other parent. If your
kids move between two homes with totally different money situations,
(22:06):
how do you talk to them without causing drama? Would
love to know what other people have done interesting.
Speaker 5 (22:14):
I think that it's really great that you're being considerate
and wanting to be respectful of your co parent, because
you know, it's very easy when there's a big gap
between you know, two people's situation financially, you know, sometimes
people can look down, so I think it's really good
that you're trying to be conscious of that. I don't
think teaching your kids about money really needs to have
anything to do with talking about the other parents' situation.
Speaker 4 (22:38):
Or journeys at AOL, and you can use it for
ABC and D. Like it doesn't necessarily have to be
about judgment.
Speaker 5 (22:46):
I think it's a lot about maybe talking to them
about the behavior that you're modeling. So rather than talking
about someone else, like, let's talk about what you're doing,
you know, talk to them. We work weekends because you know,
when you work extra hours, you earn this thing called time.
It's extra money. Like, teach them about what the job
market looks like, teach them about budgeting to you know,
center link is probably something that I would say, you
(23:08):
don't need to touch on because then you could kind
of be getting into murky water with talking down.
Speaker 4 (23:12):
A concept that children necessarily need to understand. They don't
need to understand government benefits. We need to teach them. Okay,
you can say for things that are important to you,
and this is how we purchase groceries, and this is
what the cost of life is. And you know, my
husband and I are working extra shifts so on the
weekends we can go to the pool and get hot
(23:33):
jibies after like, oh cool, thanks, and like it's probably
not a bad thing for them to start understanding that
it's not love that drives those things. Yeah, going to
a different parents' house and maybe not having as Like
I don't know. Let's make up a situation, jess Let's
say with you and your husband, you are taking the
kids to the zoo or something every single weekend. There's
(23:55):
a big activity planned.
Speaker 2 (23:56):
Yeah.
Speaker 4 (23:57):
I would hate for kids to think, oh, my other
parent doesn't love me as much because they never take
me on these big experiences, like we always stay home.
But for them to understand it's actually about resourcing, not
about love, not about anything like that. Sorry, is that
not really constructive for everybody involved? Absolutely, Like we're not
putting an unrealistic expectation on the other parent to spend
(24:18):
a heap of money that they don't have to keep up.
So I don't think it's the worst. I do think
that there's age appropriate ways to talk about money, and
it depends on how old your kids are, and unfortunately
I don't know at this point. But yeah, for me,
it's more about what does that look like inside your house?
Like if we step back and go, all right, baby Jessica,
(24:40):
we want to teach her about money? What do we
want her to know? Instead of like, what should we
be teaching? What do you want jess to think about money?
When she's an adult. Yeah, what do you want Jess
to think about, you know, jobs and working and work ethic.
What does that look like as opposed to oh, centling?
Does that make sense? Yeah?
Speaker 5 (24:59):
I think them pocket money is probably a really good
practical way to teach them because then they're kind of
taking on their own experience. They might have pocket money
that they can take with them, which can help with
you know, if there's not a lot of money at
the other parents' house, like that might help to alleviate
a little bit of a burden if you're teaching them, hey,
like we can save for money if you want to
get a stack from the canteen, like you know, you
(25:20):
need to save, or you need to budget or whatever,
And it might enable them to do some of those
things when they're at the other house. And I think
you're totally right, like not equating a financial position to love,
because just because that parent's on center Link or making
use of services or doing whatever, does not mean that
they're less responsible or they love their kids any less.
(25:41):
Like they're probably just doing the best that they can
with what they have. And so I think again, like
teaching your kids something that's centric to them rather than
centric to another person.
Speaker 4 (25:52):
Yeah, they don't need to know about the household budget.
You don't need to go well, your other parent earns
this amount percy, But we own triple that things.
Speaker 5 (26:00):
To help parent is really hard, and I think that
it's awesome that you're being so considerate of the position
that they're in. You could also just give them heads
up and say, hey, you know, the kids are starting
to learn this sort of stuff at school. We're thinking
about doing pocket money, or we're thinking about let us
know if there's anything we can do to support that.
On your side, it's all about open communication with your
co parent.
Speaker 4 (26:19):
Right, Oh my god, did it just come back to communication?
Speaker 1 (26:22):
Kaida?
Speaker 5 (26:22):
It's crazy, but wheneveryone else says speaking.
Speaker 4 (26:25):
My first question we asked the community was how would
your parent in this situation? Only eleven percent of you
said that you'd be directed and explain the difference, and
eighty nine percent of you agree with miss jessic Ricci
and you would focus on modeling just good money habits.
The next question we asked was what would you do
if you didn't agree with your partner on how to
(26:46):
handle it.
Speaker 5 (26:47):
That's when it gets a little trickier, really isn't it.
We're assuming that hopefully you guys will be on a
similar page.
Speaker 4 (26:52):
Yeah, So fifty five percent of you said I'd take
the kid's lead when they asked, I, like, they're not
going to be jumping in. Thirty three percent said I'd
hold off until we were on the same page, and
twelve percent said I'd still be talking to the kids
about it, which I don't think is the worst thing
in the world, Like at the end of the day,
Like it's a tough conversation to have, but money is
(27:15):
a resource that you're not going to escape. It's like
the one thing that is central to everybody. We all
have different like money thoughts and values and beliefs, but like, sorry,
they're all around money. Like, you can't exist in this
society unfortunately without having to interact with cash in some way,
shape or form.
Speaker 5 (27:33):
Yeah, And it's about setting the kids up for success too.
It's giving them the financial literacy to hopefully ensure that
they can look after themselves when the time does come
for them to be earning their own money.
Speaker 4 (27:42):
Exactly. So, we asked the community, guys, what is your
two cents? First person said, as a kid who grew
up between two homes like this shit, I wish this
was talked about. Yeah, but like reflection so helpful for us.
Another person said kids are ridiculously observant. They teach them
by discussing money in front of them.
Speaker 5 (28:03):
That's a great point.
Speaker 4 (28:04):
Another person they had a two parter, said, it's not
your place to speak about the other household's finances. You
never know another person's reality either.
Speaker 5 (28:13):
I do agree with that. I think keeping it centric
to your world to them, yeah, they don't it can
do Yeah, I mean you can do that whether you're
on scantlink or not. Lately, I think that it doesn't
matter how much money you have. Teaching your kids about
money is not about giving them cash. No, like they
could help with the grocery budget.
Speaker 4 (28:34):
It could be really stingy this week because life is tough,
but like, oh, what could we do with ten bucks?
How can we make that kids love a game like
something that. I mean, I only have a what's eighteen
month old? But like, kids don't want to be distracted,
They want to be included, like, they want to be
part of the process. But it's your job to work out. Okay,
(28:55):
how far into this process should we be getting? What
is age appropriate. Next person said, there's no shame with
needing support from the government. It's there for a reason.
Absolutely couldn't agree more. Next person said, if the husband
is the bio parent, she needs to respect his wishes
even if she disagrees, I would disagree with that. Like,
(29:16):
if your husband doesn't want to talk to kids about money,
really sorry again, it is literally the biggest resource of
our economy. Yeah, you stand it.
Speaker 5 (29:27):
Yeah, Like you guys, if that was the case, you
would need to have a conversation around like, well, our
values aligned, are our plans for the kids aligned?
Speaker 4 (29:35):
Yeah? Like, and I'm not saying like, Noah's a full sentence,
but I'm not saying that that doesn't he doesn't have
to talk to the kids about money and be like, Okay,
well I'm going to be teaching them in this way.
Is there a way that you'd prefer me to teach them? Like,
is there a topic you don't want me to touch
on yet?
Speaker 5 (29:50):
Like yeah, I kind of interpret it to as him
being sensitive, right, like not saying oh, like I don't
think we want to you know, we don't want to
do something that might maybe other parents seem othered or
anything like that. A great opposed to like saying I
don't want to talk about it.
Speaker 4 (30:02):
Agreed. And my last one I think is a good one.
They've said it really depends on how old your kids are.
Toddlers don't need to know explicitly, but teens definitely do.
Speaker 5 (30:14):
I really agree with that too.
Speaker 4 (30:15):
Yeah. I think that as a teenager, sorry, it would
have really benefited me to be a little bit more
savvy when it came to getting my first job. What
is supernuation? How does the tax system work? Like, not
just pocket money, just how it works.
Speaker 5 (30:30):
Yeah, And I will say that the younger you start them,
the more normalized that becomes too, Like there's something to
be said for like, yeah, you don't need to tell
you two year old, oh my god, money da da da.
But like introducing even really simple concepts when they're younger,
I think means that they're it does open up that
line of communication, make them comfortable with it, and hopefully
set them up for success long term. Yeah.
Speaker 4 (30:51):
All right, well, I feel like that's probably a very
good place to leave it. Good chat, you and I
hanging out. It's going to be this way guys for
a little while. Because Beck's on. We call it like
a se convent. I like that.
Speaker 5 (31:04):
It sounds very fancy. She's on the continent.
Speaker 4 (31:06):
She's taken up a four week role at the ABC,
and we are so ridiculously proud of her, But it
means she's not on the show.
Speaker 5 (31:11):
If we miss.
Speaker 4 (31:13):
Should be back, she'll be back all right, guys, have
a good week and we'll see you right early on
Monday for a money Darry Bye bye did buy shared
on She's on the Money is general in nature and
does not consider your individual circumstances. She's on the Money
exists purely for educational purposes and should not be relied
(31:35):
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 Divine and She's on the Money are authorized representatives
of Money Shoper Pty Ltd ABN three two one IS
six four nine two seven seven zero eight AFSL four
(31:57):
five one two eight ninet
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