July 30, 2026 • 47 mins
Just when you think you’ve paid it down, debt has this pesky way of rearing its ugly head. But why?
It’s Friday Drinks time, and this week Victoria and Bec are taking on money dilemmas big and small. One community member questions where her tax return is best spent repaying her HECS debt or salary sacrificing into super. While another questions why she keeps finding herself in debt-y situations when she’s never missing a payment.
Tune in if you’ve ever wanted to understand the psychology behind debt and how you might finally get on top of things. With Money Wins, Broke Tips, and tools from the team, you’ll be leaving this episode with a spring in your step… and maybe with the Eurythmics in your ear?
THERE MUST BE AN ANGEEEEL 🎵If She’s on the Money had a theme song what would it be? Do you have a theme song for every member of the pod? What are our colours?! Share your suggestions in the comments!
PAY IT DOWN, BABY: We’ve got a whole playlist dedicated to debt reduction over here and at open.spotify.com/playlist/02sw2NObvt18jd0ayvIHn3?si=NalcTJLaSiKjo8H9dyuaAg
WAIT, IS THIS NORMAL? Here’s a blog on just how much credit card debt our community is in. You aren’t alone, and there is a way out. Search ‘debt’ at shesonthemoney.com/blog/.
BOOST YOUR SUPER: With this video right here over at youtu.be/o0dYWW4e5mg
New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 4451289
See omnystudio.com/listener for privacy information.
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Speaker 1 (00:00):
My name's Satasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
kaka ya Ya Binahwaka nian ur gay In Mbini, yakarum
Jar Doumayagumika Umaga, Ihowaka Nilewaman damon Immalan, Bumba bang Gada,
boma In and now in waka ghana on yak rum
jar Watanadaa. Hello, beautiful friends, we gather on the lands
(00:24):
of the Aboriginal people. We thank, acknowledge and respect the
Abiginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money. Hello and welcome to She's on
the Money, the podcast that makes personal finances fun. You've
called us at our favorite time of the week. That
is right, my friends. It is Friday drinks time where
we get together and celebrate you our very money savvy community.
I am Victoria Devine and while Jess is away I'm
(01:08):
going to be sharing some money wins from the feed
and joining me today is miss Beck, sayed, the brain's
behind our weekly broke tips. Beck, are you excited to.
Speaker 4 (01:17):
Do a V and B?
Speaker 3 (01:19):
I am, I'm scared, but I'm excited. Well, it's better
than the B and J just like alphabetically speaking. No,
you're so right, absolutely like it could have been a
slippery slope. But guys, this is a g rated money podcast.
I am more used to V yeah, yeah, yeah, yeah,
that's true. That's true. And I'm more used to b
(01:42):
ah genders. Let's not let's not talk's let's move on
in true Friday form, Beck, where you are going to
be discussing a couple of timely money dilemmas concerning our
community members debt, including how to get rid of it
and whether you should I think that could be a
little bit saucy, right, And if you've got a salacious
(02:04):
dilemma to share with us, or a pressing DM that
needs answering on our podcast, please send it through. We
don't just want to reply to your dms. We get
so excited to reply to your dms. And if your
DAM involves a little bit of cheeky side gossip that
we're not involved in, but we get to hear about Beck.
Are we there? Oh my god, I so there? With
bells on. Anyway, we accept love letters in our inbox
(02:27):
and voicemails on our website. Simply hit the podcast page
and leave your message after the beep. Speaking of beep,
it is time to This is so lame, but it
is time for us to toot our own horn. Oh
my god, I was wondering how you would work it in.
That's I try. Maybe I'll try harder next week.
Speaker 5 (02:45):
I love it.
Speaker 3 (02:46):
It is time for our five star review Beck. And
if you're a longtime listener and you reckon that that
she's on the Money Show is a bit alright, Like
I reckon, it's time for you to leave us a
review because you know what it does. I actually don't know.
It's kind of like it makes our day. It does,
it makes our day. But I know that there's some
kind of podcast algorithm. Yes, and like if a podcast
(03:08):
has lots of good reviews, the algorithm goes, oh, that's
quite like a good thing. We should be pushing this
to more people who need to hear it. Yes, and
then that's good because I guess we make more friends,
make more friends. I love friends. That's so true. But literally,
like it helps us somehow through the algorithm you mostly,
Beck helps our egos exactly, and that's arguably the most
(03:31):
important thing. And we love to read our reviews, not
the one star ones. We do read those. They do
definitely get the screenshot and shared in our group chats.
They hurt. Yeah, but sometimes you're like, babe, thanks for
the one star review that Victoria's voice is annoying. Oh
but I can't do anything about that, and like painful.
(03:52):
I don't know about you, Beck, but when I was
growing up, my mum always said that you should never
ever give somebody feedback about themselves that they can't change
within ten seconds. Yes, so like, I'm not going to
talk to you about anything unless you're like, you've got
something in your teeth. Yeah, you could fix that immediately,
for sure, that's quite helpful. For sure. Oh you've got
something on your face, Oh, let me help you.
Speaker 5 (04:11):
But also, as a listener of podcasts, I understand the
frustration of being like irritated by someone. But also if
you're not forced to do it, then don't worry.
Speaker 3 (04:18):
Just like, don't do it.
Speaker 4 (04:19):
Yeah.
Speaker 3 (04:19):
Like, the craziest thing about this show is it is
entirely consensual. Yeah, Like, you choose to be here, and
if you don't want to be here anymore, guess what, Beck,
Well you can opt out. Well that's crazy. Anyway. Anyway,
would you like to hear a five star review from
a friend called Ruby? Yes? Please? Okay? Ruby says, I
(04:41):
just had to write to say a huge thank you.
I've only just started listening to this podcast for the
last two months, and I've learned so much about finance,
and I've signed up to do all of your courses.
I've redone my family's budget, and I've even emailed to
see one of your mortgage brokers. But the biggest thing
I've taken from your podcast is after listening to the
episode about the Lady who loved to Tech, and then
(05:02):
the following podcast about jobs, I decided I no longer
wanted to just be my husband's occasional admin helper and
instead completely redid my own resume. I wrote a cover
letter just how Victoria said, and thought about my life
skills that I've gained as a mum of three. I've
already been asked to do three interviews in three completely
new industries. To me, I feel like your podcast has
(05:24):
given me so much confidence and possibly even in New
Korea with a seventy five thousand dollars earning potential that
will not only get our family to our dream home quicker,
but into shares and all. Thank you so much. Oh
my god, it's amazing. That's so cool. Literally, like and
you know, I don't know this person at all, but no,
but I love, Like I don't know you, but I love.
Speaker 5 (05:47):
I love honestly, this is that amazing, Like we genuinely
it's so happy because you could have, you know, just
maybe not had your own things to fall back on
just in case something went awry, and now you.
Speaker 3 (05:58):
Do and that's incredible. But also just I love that
you heard what I was trying to put out because
I didn't do a whole podcast on the fact that
I think that people who have taken time out of
the workforce to you know, look after kids or even
in caring roles, like I've got a friend at the
moment who's just exited the workforce to look after an
(06:18):
aging grandparent, and I just I think that's so special.
But as I said to her, like what skills are
you gaining? How do we quantify this? Like, if you
have three children, I'm sorry, you know what you're really
good at? Time management? Oh? Yeah, you know what you're
good at conflict resolution. Like there's just so many things
that you can say. Look, if I can deal with
(06:39):
three kids, I promise you I can deal with a
nine to five for sure. Like, there is just so
much And I think that so many times we've fed
this narrative that you're not good enough, you're not worthy enough,
you've been out of the industry, Like, especially in roles
where the industry is relatively fast moving, you're often pushed
to the side really easily, like marketing for example, Like, oh, well,
(07:03):
marketing's changed and since you've left, social media has taken off, etc. Etc.
And you're just like, yeah, but I'm not an idiot.
Do you really think that I haven't been watching social
media in my downtime?
Speaker 4 (07:15):
Yeah?
Speaker 3 (07:15):
Like, girl, you have so many skills, just put them
on paper. You absolutely can do it. That's amazing.
Speaker 4 (07:20):
I love it.
Speaker 3 (07:21):
I just I'm so excited that we're bringing you one
step closer to like financial freedom. Yeah hell yeah, but
also that confidence you're like I did this and then
I did this, and then I did that, and like
you don't even have to have any money yet and
you feel better about yourself. Yeah, hell yeah, that's so
so cool, all right, berck. Now, of course we need
to seguay away from that, because it is time for
(07:41):
the Question of the Week, that moment where we sift
through all of your non financial questions and pick the
best one each week to ask each other. And this
one comes from a friend called Jamie, and Jamie asks,
if you had a theme song play when you walked
into a room, what would it be? Oh my god,
I actually know this, do you? Because I just I
(08:02):
felt it this song in it song from Eurhythmics. There
must be an angel. I don't sorry, thank you so much.
There must be an angel, as Beck walks in.
Speaker 5 (08:17):
Yeah, but it's and I know it sounds very like vain,
but it's not. It's not directed inwood. It's like there
must be an angel.
Speaker 3 (08:22):
Like it's like the world around.
Speaker 5 (08:25):
Me feels magical. Yeah, okay, I love something like that. Anyways,
it and it doesn't make sense right now, but this no.
Speaker 3 (08:30):
But I will listen to it. I'm confused about what
mine might be. It just reminds me of a time
that happened this year when and I do apologize if
you were at this event or you organize this event,
because I didn't love this part, but I loved being
at the event, so please don't cancel me. I was
doing a speaking event. There were hundreds of women in
the room, right, really cool opportunity. I get up to
(08:53):
walk on stage because they're like, uh, Victoria is the
keynote speaker, Like cool, my time to shine and they
stop playing Katie Harry Raw Okay, was just like, oh,
in this moment, I would rather die, like like.
Speaker 6 (09:10):
And you're gonna hear me, yeah, And I'm just like
oh oh, and like that just felt like so stereotypical,
Like it gives me, like I don't know, two thousand
and nine Girl Boss vibes of like oh it.
Speaker 3 (09:26):
Just okay, it's so not me. What about this girl
is some fire that's just as bad? That is horrific. Okay,
that is horrific. Like I feel like the song that
I'm thinking of is like I'm walking on Sunshine. Oh
that's called like something fun, like something fun, something like
you know about the vibes as opposed truly about me.
(09:49):
As an individual. Oh yeah, yeah, yes, the raw thing
girl I wanted to You have to embrace it and
be like yeah, yay woo, because you're not going to
bring the vibe down of your own keynote present. But
also you'd be like, hey, like, why was that my
sting song? You know, totally, that's so funny.
Speaker 5 (10:08):
It's so funny that also in this way, to see
how people perceive you, Like, it'd be nice to know
what other people think your theme song is, because yeah,
and that in the Spotify.
Speaker 3 (10:15):
Comments, we'll read that one this way exactly. What's the
She's on the Money theme song specifically for each member
of the team.
Speaker 5 (10:22):
Yeah, and then let us pick you as well. It's like,
what color are you? I feel like it really paints
a picture.
Speaker 3 (10:27):
What color are you? I don't know color I am?
But I know what color you are? Oh yeah, what
color am I? You're like a regal purple and gold? What?
Speaker 5 (10:37):
Yeah, you're quite regal and also classy and also like
I don't know how.
Speaker 3 (10:43):
To explain it, but you're like mother, Oh yeah, I
appreciate you. You're green? Did you know that you were green?
What's gorgeous? I didn't know that, but that's that's beautiful,
like not because you're wearing green, but like earthy and
wholesome and like I don't know, like like the grass,
like you just want to like roll around in the grass,
like I don't know. Green is good. That's so sweet.
(11:05):
Things like green light, green light, bring like green flag
like all of that. Thank you for not picking red.
Oh my god, of course I appreciate it. I just
I feel like there are so many fun possibilities and
so many questions that we could dive into. But people
have mostly come here because they want to hear finance
topics and like dms and stuff, so maybe we should
(11:25):
get into that. So anyway, put your suggestions for our
color and our song into the Spotify comments section. But
we also want to hear what Jess is, Yes, we do.
What do you think Jess is yellow?
Speaker 4 (11:38):
Oh?
Speaker 3 (11:38):
Jess is yellow? For sure? You agree? Yes? And also
like a mauve pink? Oh yeah, like a really like
like soft purple okay, yeah, like lavender like softer. Oh
my god, it's so cute, isn't she cute? We are
on the same page here, Yeah, what's her song? Well?
Speaker 5 (11:56):
I don't want to go tailor swift because she's obsessed
with tailor swift. But something like that, something that's like upbeat,
like exactly like this Sunshine song. You know, Yeah, I
reckon she's walking on sunshine too.
Speaker 3 (12:06):
Yeah, I agree.
Speaker 4 (12:07):
All right.
Speaker 3 (12:08):
Moving on from that, let's get into this week's money
wins from our community. And I have picked them this week,
so I hope they're as good as Jesses. Okay, right, Beck.
First one, I love this because it just feels like
a very she is on the money money win. Grace says,
I hit fifty thousand dollars in my savings. Amazing. I
started it ten years ago and I've slowly been chipping
(12:30):
away at it and I've finally achieved it. Oh my god,
it's amazing. Isn't that phenomenal? Like literally so exciting. But
what a big feat I feel like after ten years. Yeah,
so many people give up and it's just anyway, I
love it. Another one, this is from Emily. Emily said,
I've needed a new fan for a wood heater for years,
(12:51):
and at three hundred dollars, we put up with it.
Just being wowed. My husband's dropped off our old dryer
at the metal recycling place to see the exact same
heater sitting there, so we pulled out the fan. One
man's trash really is another man's treasure. Hell yeah, how
good's that? That's so good?
Speaker 4 (13:08):
Do you know?
Speaker 3 (13:09):
I saw one of my girlfriend's post that she went
to the tip shop in Mornington the other day. Oh
my god, the tip shop. Did you know that there
were tip shops? I didn't know, but I didn't know
there was one in Mornington. Well the more you know,
I literally was shook because I didn't know that tips
had shops. And then she's showing all these things that
were for sale at the tip shop and I was like, sorry,
(13:30):
in my head, Beck, it's at the tip shop because
someone was about to throw it out?
Speaker 6 (13:34):
Right?
Speaker 3 (13:35):
What the hell? Why was there so much good stuff
about to go in the bin? What are you guys doing?
Why wasn't that donated? I know, it's so crazy. I mean,
see that hard rubbish. A lot of good things, but
hard rubbish. I fear like you put something out in
the hope that someone will grab it, like, I don't know,
I don't know.
Speaker 6 (13:51):
I know.
Speaker 3 (13:52):
Next one, Christina says, and I feel like this is
one that you won't resonate with because whenever you go
to the pub, Beck, you order a water, but she says,
I keep this wine lid and she's like, put a
picture of a wine lid up in my handbag on
the occasion that we just don't finish the bottle of
wine we've ordered at the pub or the club. Might
only be a glass, but it's better in my fridge
than wasted. And they always seem to take the tops. Yes,
(14:16):
so true. Okay, that's a diabolical that, like they just
take the lid away and the hope that like you
won't take it. Yeah, weird. We have a new commentor, Carson.
Carson says, I'm a first time commenter and I want
to share my money with shopped at Woolworth's this week.
It came to a total of three hundred dollars. Then
I scanned my partner's Everyday Rewards card and we got
(14:38):
a total of fifty dollars off between points, worker discount
and shopping savings. Wow, isn't that a good deal? Yeah,
that's great. Also, welcome to commenting. Welcome all right, another
one and I'm gonna leave this as my last one.
This one's from Rebecca and she says, Okay, guys, I've
been waiting for this. My skill Share free trial was
(14:58):
ending and I didn't want to pay for full price
for a subscription, so I emailed and asked if they
could extend my trial or offer a discount. I scored
fifty percent off for the year, and I saved a
total of seventy eight bucks. If you don't ask, my friends,
you don't get Oh incredible, isn't that so good? But
like very she's on the money. Coded. If you don't ask,
(15:20):
you don't get Like, what's the worst thing that can
happen if you ask?
Speaker 4 (15:23):
Beck?
Speaker 5 (15:24):
Honestly nothing? And then these people are going to see
you again. Like you don't have to worry about being
awkward or shy because.
Speaker 3 (15:29):
Also they're just going to say no, and you just
be polite and go thanks so much, friend, exactly like, oh,
no worries, full stop. End of story. I'll go about
my day and cancel my free trial. That's it, exactly
all right, Beck, we are segueghing into your broke tips.
What have you got to share this week? Okay, so
first up, I have I know that I've mentioned this
name before. Isn't that crazy?
Speaker 5 (15:50):
They have the exact same name enthusiastic Arugula, is it actually,
it actually is, but it's the anonymous one, and so
I I with the anonymous.
Speaker 3 (16:00):
Steff guys, own your comments. I want to know who
you are because I'm really creepy. I only want to connect.
Speaker 5 (16:05):
We want to connect, and so I am a little
bit more I'd say liberal when it comes to reading
out anonymous, but I.
Speaker 3 (16:09):
Will try and tighten it up. So enthusiastic Arugula said,
I ordered my kids Guzman.
Speaker 5 (16:17):
Egomez for dinner a couple of days ago. Down out
of the app and I checkout, it said to click
for a free breedo. Instead of a free breedo. It
took the cost off my cart. So what should have
cost fifty dollars fifty ended up costing me thirty cents.
Speaker 3 (16:30):
The story money win.
Speaker 5 (16:32):
I know, if you haven't already got the app, sign
up and take advantage of this offer, which I do
know because I do have the app.
Speaker 3 (16:37):
It is really good.
Speaker 5 (16:38):
I feel like there's constantly little offers like I'm always
either getting something free or something it's like cheap or
something like that.
Speaker 3 (16:44):
That's me in the macas app. Yes, the macas app,
and I ty I have not dabbled in that yet.
But I need to stop talking about the Macas app though,
because Macis is a huge corporation that could be sponsoring this. Imagine,
I know, Macca's money Wins or something. Yeah, what the hell,
because you know what's a money win? The fact that
macas brought back the fifty cent cone. Oh my god,
(17:06):
did they bring that back? They brought that back? Well
it's about bloody time exactly. But also they're just girls,
like they know that in a cozy Livis situation, you
know what's going to light us up inside a fifty
cent cone? Exactly. We don't have that much money, you guys.
But also we deserve sweet treats. Yeah, we really do.
Now they're accessible again.
Speaker 5 (17:28):
Okay, So this next one comes from Jen who says
if you insert your card instead of tapping your card,
then you kind of get rid of the additional fee.
And I did google it to see like, do you
get like a Karlie if you insert? And it was like, no,
you don't get like the additional card fee on top
of the card fee.
Speaker 3 (17:46):
When you I had no idea that was a thing.
I know, is that crazy? I didn't know either. That's
diabolic hall. Actually, isn't it cheek That is cheeky and
sneaky and really rude.
Speaker 5 (17:56):
It is, so don't tap anymore insert, go back to insert.
They could all seem like innuendos, and I promise they're not.
Speaker 3 (18:03):
And then but this isn't the b n J show.
Speaker 5 (18:06):
This is the BnB show exactly right, So a lot
more inclusive now, my one. And I know this sounds crazy,
and I was a little bit too shy to do
this because it's insane, but I measured the amount of
dribble that comes out of the petrol hose.
Speaker 3 (18:26):
You measured her, I did.
Speaker 5 (18:27):
I had to take a friendly because I was too
scared to go alone. I'm scared someone's gonna yell at me.
But I did measure it.
Speaker 3 (18:32):
I was like, wow, well, I just got like a
little you know when you like, so I filled it
up and then I got like a little plastic like
a urine sample cup almost like yeah, exactly, like a
plastic cylinder and like, and then I pulled it out
and then just like let it dribble in there, and
I waited for a little while.
Speaker 5 (18:49):
It was about fifty mill which is like who cares,
but what I'm saying is instead of pulling it straight out.
I know a lot of people do do this. They
give it a little shake and they wait, ah huh,
saying stay.
Speaker 2 (19:00):
There for as long as you can before you're like, okay,
I've really got to get home with my life, right,
Say there for as long as you can, because that
small amount will add up over time you can.
Speaker 3 (19:11):
Get a whole free tank. That's true. You were right.
That was full of innuendo. That was really like I
wasn't sure if I was in sex ed or if
I was talking about the bowser. You know. Anyway, that's
really good tip, Beck, and I am so glad that
you shared it. Thank you. Is that where we're ending
broke tips this week? Unfortunately, that's it. I'm really grateful.
(19:35):
I'm really grateful for those of you who want to
follow along to bes how to get pregnant guy. We'll
announce that in the second segment of this show. But
we're going to go to a really quick break and
on the flip side, we're going to dive straight into
our questions. My friends, welcome back. It is time for
(19:55):
our weekly dilemma, and this one might feel particularly relevant. Actually,
if you have a little bit of heex stet. 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.
(20:16):
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 4 (20:27):
Hi, She's on the Money Team. I have a question
about tax and hextet. I have a hex stet in
the forty thousand ish range, and obviously I've been paying
that back whilst I was working full time. I'm now
a mum of two and I work part time, so
(20:48):
my annual income I believe doesn't sit over the threshold
for repayments to the HEX. I do salary sacrifice at
work working part time. I think that I'm still putting
money towards my HEX debt, and then come tax time,
I just get it back in a nice little tax return.
(21:10):
But I've just had a thought and I'm wondering for
some advice on whether I should actually be taking that
tax return and still putting it towards my hex stet
at the moment where enjoying the large tax return that
I get. But then I guess I'm never really paying
off my hex step. So if I continue to work
(21:30):
part time for a really long time and never pay
off my hex stet, theoretically once we sort of, you know, retire,
I guess, and I still have a hex step, do
you then just have to pay it off in a
bulk amount or do you just continue to pay it
off even in retirement. Any advice on whether I should
just be paying it off now anyway would be great.
Thank you.
Speaker 3 (21:50):
What are your thoughts on this? Back?
Speaker 5 (21:51):
Honestly, up unto the last moment, I was thinking like,
oh my god, don't pay it off like it dies
with you, So.
Speaker 3 (21:56):
Just like leave it sort of thing. That's kind of
how I feel. And obviously we can't give you advice
on what to do, but we can talk about how
we feel about it. Do you still have hextet? Oh?
Speaker 5 (22:07):
Yeah, I still got hextet, And like it's more just annoying.
I don't actually know how much I'm paying on it.
I don't think it would be that much, maybe like
thirty bucks of paid cycle or something.
Speaker 4 (22:16):
Yeah.
Speaker 3 (22:16):
Yeah, like you have to pay the minimum. Yeah, And
so I'm like, oh, I'm not too worried. Honestly, it
does fee annoying. So I don't actually have a degree
true for it.
Speaker 5 (22:22):
But I think that in this case, when you start
talking about the retirement thing, like once you start getting
your you know, super and things like that, do you
have to start paying it off or do you have
to pay it off? I don't know about that, but
otherwise I would just leave it because it really, in
my mind is kind of like inconsequential.
Speaker 3 (22:39):
That's how I feel. So personally, I have not contributed
even a dollar more to my hex than I have
needed to. I've always paid the minimum and come tax
return time. Just because of the nature of my work
sometimes I have to pay a bit more and like
that's fine, but for me, it's not ever inhibited being
able to buy a property or save or invest. And
(23:01):
I look at that debt not as a bad debt,
not as a good debt. It's kind of like an
okay debt. She sits in the middle because it doesn't
accrue interest, but it does it crue like indexation, right,
Like it's indexed every year. So at the moment, because
indexation is much higher, I feel like we care a
lot more about it because you know, all of a sudden,
it's not like one or two percent, it's like four
(23:24):
and a half percent. You kind of go ill, ill, No,
I don't. I don't like that at all. Like maybe
I should be paying this off, but I would probably
choose in your situation, to zoom out and look at
the bigger picture and go, well, what do I actually
want to achieve? Like what is this money going towards?
Like if I was to pay that off, what am
(23:44):
I compromising in the rest of my life? Because like,
some people just don't want debt. And I totally understand
that because for a very long time I was really
stressed about my hex debt and what it would mean
until I became super financially literate and I was like, oh, hey,
I actually like if I have a dollar and I
want it to work for me, I'm going to be
presented with a number of different options. I could put
(24:06):
it in a savings account for a certain amount back,
I could you know, put it into clothes or shoes,
and like that makes me feel good, but I'm not
getting that much back from that, I could put it
into my hextet, or I could invest it. And I
look at all these options and go, well, what's most
important to me? And honestly, to me, loading up my
share portfolio is much more important. And at the moment,
(24:29):
I'm also feeling a little bit stressed personally just about
our mortgage, not because we can't pay it. We're okay,
but like I just see it creeping up and I
can see how much interest to we're paying on it.
So for me, I just don't want to be paying that.
So would I make more money back inside my investment portfolio, yes,
but just because I'm stressy about it. Like we've arranged
(24:52):
our budget a little bit differently recently to pay off
a bit more of our mortgage because it just makes
me feel better about myself, and I think that's a
good lesson in and just because something makes you the
most money doesn't mean it is the right decision for you.
You also kind of have to overlay your hopes, are
your dreams, and your wishes, but also just how you
feel about certain things in your life. So if your
hex debt is really stressing you out, even though on
(25:15):
paper you look at it and go, well, it will
die with me, no worries, like you're not going to
have to pay that back unless you earn over a
certain amount, and yes that is true in retirement. But
if you're earning over a certain amount in retirement when
you're not working, money, win because it means you're arguably
self sufficient. Yeah. So I don't mind if you're still
(25:35):
chipping away at that debt at that point. But I
really doubt that that debt is still going to be
there given the projections. But for me, it's just not
a priority. But I totally understand that people have different
emotional priorities and if you want to chip it away
at it, pop off, queen. But if you want a
better solution, you could sit down and work out what
(25:56):
might work best for you. For sure, I completely agree
with that. Yes, no stresses, all right. The debt dilemmas
are a plentiful This week and every week we select
a little pickle from our dms from our community members,
and this dilemma is unfortunately much more common than you think. Meck,
I've got one. Would you like me to read it out?
Speaker 4 (26:17):
Please?
Speaker 3 (26:18):
All right, Hi, queens, please help. A few years ago,
after a relationship breakdown, I found myself with around twenty
thousand dollars of credit card debt. I ended up taking
out a personal loan so that I could consolidate everything,
and I promised myself that I would never ever end
up in that position again. Fast forward a few years,
and while I've been making my loan repayments, I've somehow
(26:39):
managed to build up another eight thousand dollars on my
credit card due to rising living costs and a few
unexpected expenses. I'm not missing payments, but I feel like
I'm constantly juggling debt rather than actually getting ahead. Do
I focus on paying off the credit card first, or
do I throw everything at my personal loan? Or is
there another strategy I should be considering. I'm feeling pretty overwhelmed,
(27:02):
and honestly, I'm a bit ashamed that I found myself
back here.
Speaker 5 (27:05):
I know this feeling all too well, like I found
myself here just moments ago when I quit my job,
you know, just on a whim, and then just also.
Speaker 3 (27:15):
Like yeah, lokay, that was diabolical, silly, And then also
just like from me, I was just like mac queen,
I get it, I get it, But money also important.
Speaker 5 (27:24):
I know, silly, but I was also like, oh, it's
gonna work out, and then sometimes it doesn't, but that's okay.
But also just having like just the anxiety of you know,
getting yourself into dead or like not being able to
pay for things. And I know this is not the
same story as our listener who wrote in, but there's
a feeling of like anxiety and a feeling of stress
and a feeling of like, oh my god, I'm so broke.
(27:46):
And I think that like what I told myself in
this moment was I can feel anxious or I can
feel anxious and also ashamed. It's like there's no point
being ashamed. I don't want to be ashamed, and I
don't want to put that shame on myself. It's so
easy to feel shame because we can see people around
us like really, I guess like getting this shit together
or they've got their shit together and they don't have
(28:08):
these saying they can't relate to these struggles. And also
the words use when people are like, oh, I'm so broke,
I've got to have to dip into my savings and
you're like, I don't have many savings.
Speaker 3 (28:16):
That makes me feel so much wa When I say broke,
I mean like broken, like there is nothing bad back.
Speaker 5 (28:22):
On exactly, there's no family, there's no savings, Like you
have family and friends of course, but like it's a
different comfort of your parents who might have heaps of money,
you'd be like, oh yeah, just borrow whatever. And so
like this feeling, I think that our listener just first
of all, should just like remove shame, because no matter
like even if you're brought up in a different way,
like our brain's all wired differently, the way we view money,
(28:43):
the way we are in situations that we're in, Like
we're all wired differently, and you are here because of
the way you are, and there's nothing wrong with the
way you are. And money is a man made, human
made concept, so it's not like this inherent thing in us.
It's like there's something broken inside me. It's like, no,
you don't know how to juggle something that is completely unnatural,
(29:04):
a human made thing, and that's so fine. So I
think that like just remove the shame from it all.
In terms of what I would do, I don't think
I would be the best person to ask, because I
also am always in the same situation. But I reckon
tackling one at a time, whichever one has the least interest,
(29:27):
I would tackle last.
Speaker 3 (29:29):
Does that make sense?
Speaker 5 (29:29):
Yeah, Like if your credit card has less interest, then yeah,
your personal loan, then tackle the personal loan first, or
both would be ideal.
Speaker 3 (29:38):
So Okay, I'm gonna tell her exactly what I told
you last week, and that's we, you and I. We're
going to sit down and we're finally going to do
a budget, and your bloody going to stick to it, yes, ma'am,
because it's something that I think we all are so
avoidant of, and I get it because you're just like, well, V,
I'm not good at money, or V I just I
don't want to do that because I don't want to
(29:58):
change my lifestyle, or you might find it really confronting
because it sucks, Like you know, you and I are
sitting down together, and this is going to be more
personal than what this person's going to get. But I
do this in my money masterclass. There is a free
budget on our website, like those resources are a plenty,
Like we have so many like playlists of getting out
of debt, Like I'm about to bring out a get
(30:20):
out of Debt free course, like I'm so excited about it,
and by the way, that course will be free. There's
no way I'm going to charge people to get them
out of debt, Like Queen, I will charge you and
sell you a course when we're talking about wealth creation
and getting ahead and picking the right shares and how
to do that. I feel like that is fair game.
But I would think I don't know from me that
(30:41):
that is predatory. If you're like girl, I am spiraling,
I need to get out of debt, and then I
charged you for a course, vile not happening, So that
course will be free. But I know you're not missing payments,
but we need to get the structure right because you're
not spiraling, but you're also not thriving. And I think
so many times we're just so avoidant of this idea
(31:02):
of sitting down and doing our budget because it's bloody confronting,
Like you don't want to sit down and be told
by somebody else like don't spend this, or do spend this,
or hey, Beck, you've only got this amount to spend
per week and if you're done, you're done. That feels restrictive,
but it's actually the most freeing thing in the entire world.
Like just knowing that nobody's going to come knocking on
(31:24):
your door asking for a debt repayment. You know that
next week you're always going to have money. That's a
crazy concept, like just the idea that if beck I
structured your budget and it gave you some food, fuel
and fun money, which is what I call it in
my course, I gave you that money. I said, but
this is the way you've got this week. Do you
know what you're really good at? You are actually already
(31:45):
good at making money stretch, thank you. You are so
good at it that that has been your survival mechanism
for the longest time, Right, So what if I structured
everything else and then said, beck, all you have to
worry about this week is one hundred and fifty dollars
or twohundred dollars, everything else catered for, don't touch it.
But if you run out of this money, rice and beans, yeah,
(32:05):
nothing else until next Thursday. And you go, okay, I
can do that, Like we can all do that because
everything else is being fed in the background, everything else
is being paid off, and then automatically you get your
two hundred dollars again, and we start from scratch, like
we don't have to make this overwhelming. It doesn't have
to be something that feels like trash. But what you're
(32:29):
going to do is go back to the drawing board.
I need you to be really confrontational with yourself. You're
going to print off three months of your credit card statement.
You're going to print off three months of your bank's statements.
You're going to get probably a really nice glass of
wine or a cup of tea. I don't care, Beck,
you're probably gonna ask me for a soda water. But
(32:49):
we want to sit down for a good hour, like
we're not talking like, oh, just quickly flip through it,
like this is a tusk, this is a job. I
need you to commit to this. You're going to get
two colored highlighters and we're going to go through and
with one colored highlighter. We're not judging ourselves by the way.
We're just highlighting all the things that we can't change.
So you know, maybe in a green we're highlighting you know,
(33:13):
our rent, our you know, grocery bill, because like at
the end of the day, we have to spend money
on groceries. Like it's debatable as to how flexible that is,
but like we can talk about that later. You know
your gas bill, your electric you know your my key,
your public transport, you know fuel stuff that we can't
really change. Then with another color, we're going to go
through and highlight the things that you know, we didn't
(33:35):
have to spend money on, but we did. We're not
judging ourselves. This isn't a list of like, oh my god, Beck,
this is all the stuff you shouldn't have done. But
you know what that is going to do. It's going
to give you a color contrast. And I'm a visual learner.
I'm going to quickly see like, oh, half of the
transactions that I make are actually transactions I didn't have
to make. Or you might find you've done your whole
(33:56):
budget and you're like the like everything is actually like
setting stone. I can't change this, at which point we're
going to give ourselves a little bit more grace.
Speaker 4 (34:05):
Yeah.
Speaker 3 (34:05):
But also, what if we go through this and like
I'm not attacking you personally, but what if we go
through this and it's like pub pub vape pub or
but do you know what I mean, like it's dining out,
it's stuff that you could change. I'm not saying don't
do it. We just want to be aware of it.
And then we're going to go, Becky, you comfortable with that?
And you might go yeah, like I really like my lifestyle,
(34:28):
and I go great, but at what cost? Like what
could we change? Like, oh, look at this, let's quickly
have a look at one of those line items. Oh
you spent twenty five bucks here, and you go, yeah,
I probably didn't need to do that, like I was
just doing it. Yeah, oh great, Well look what we
could free up if just one time per month we
didn't do one thing. Yeah, could you do that? And
(34:49):
you're going to go yeah, but I'd have to be
more conscious of it. Okay, we could do that. What
if we put a system in place to make you
super conscious? You go yeah, okay. I don't want you
to change your lifestyle. I don't want beck to not
be beck. I want everybody to have financial freedom and
feel like they are completely in control. And it turns
out I've got the key to that golden ticket. So
(35:10):
let me do that for sure. But what we're going
to do is lay everything out on the table. We're
going to do our little like review. It sucks. I
know nobody likes being confronted with their own spending, but
then we're going to look at what we need. Right.
So you said that you're not missing payments, money win,
but you're not getting ahead. So you've said, should I
(35:31):
be throwing everything at my personal loan? Well, I actually
want you to step back for a hot second, and
do you have an emergency fund? Right? Because even though
you're in debt, I still think that people should have
an emergency fund in debt because, Beck, what happens if
you're in debt and you're throwing every single dollar towards
that debt and then another emergency expense comes up. Yeah,
(35:54):
what do you do? You're just stuck in the cycle
of debt exactly. And what narrative do you tell yourself?
You tell yourself your shit at money? Yeah, you tell
yourself that you're not capable. You tell yourself that, oh
far out this popped up and I wasn't ready for it. Yeah,
because every single dollar you were throwing at your debt, like,
we weren't planning for the future. We were just treading water. Yeah,
(36:16):
that's not a good place to be. That's exhausting. So
what we're going to do is we're going to build
up an emergency fund. We're going to try and work out,
even if it's ten dollars a week, what can we
put aside so that if something in the future pops up,
we could pay for it. And you know what that does,
It helps break the cycle. It changes your mindset because
when that rego pops up that you went ready for,
(36:39):
or when that you know, electricity bill comes in and
it turns out you and your housemates have been using
the heater a lot more than you thought you were
going to and you need an extra fifty bucks. Babe,
that's not debt anymore. That came from cash. That feels good.
And then we build back up our emergency fund. We're
still paying off our debt for sure, but we have
an emergency fund we can lean on to break the
(37:00):
cycle so we don't fall back into it. And you've
said in your DM I fell back into it like
life got expensive, And I'm not saying that it's not.
It is. We need to be super conscious of these things,
but we also need to make sure that we're getting
ahead instead of just trading water. Because if we're just
treading water and doing what we're always doing and wishing
for a different outcome, like wishes unfortunately don't come true.
(37:23):
Wishes need to be action. So what we should be
doing is getting our little emergency fund up. Then we're
going to look at your credit card, and we're going
to look at your personal loan and back to what
you were saying, which has the lowest debt immediately last
priority or are we going to reconsolidate. That's something that
a lot of people lean on, but it's a bit
of a catch twenty two because you reconsolidate, take the
(37:45):
pressure off yourself, and then we fall further into debt
because we didn't do anything else about our budget. Because
now we're back to the idea of I just have
a personal loan and I'm not feeling the pressure of
being out of control. I don't want you to be
out of control. If we are going to reconsolidate, we
need to make a plan to get out of debt again,
and then we're going to talk about our goals. So
(38:06):
many of us are not setting goals because we're in debt.
And like, if I see people who are in debt,
down and what are your goals or do you want
to achieve? They go, oh, nothing, don't worry about it.
It doesn't matter like, oh, I'll do that when I
have more money. I'll do that when I camel. Yeah,
you're still allowed to dream, like You're still allowed to
have aspirations and things we want to achieve, like goal,
(38:28):
you want to go to Thailand. I want you to
go to Thailand. But here are the things that we
have to achieve to get there. Do you know how
much sweeter Thailand feels if we achieved all of those things.
We need to get out of debt, and then the
money that we've been paying off debt with holy crap, Beck,
we can reallocate that the amount of money that you're
paying off debt is actually the amount of money that
(38:48):
you're completely capable of saving each month without changing your lifestyle.
We just have to get rid of the debt. Yeah,
So for me, I would be saying, I get it.
It is overwhelming, It is all consuming. And you know what,
as somebody who got themselves into forty thousand dollars worth
of consumer debt, I was not just ashamed. I lied.
(39:09):
I would lie to people. They'd be like, oh haha,
I would never have a credit card, and I'd be
like neither, I know, why are we like this life
and money gets out of control, and that is fine,
but we can take back control with a little system,
and mine's free. It's on the website. Go download the budget,
Go listen to our get out of Debt playlists, and
(39:32):
put yourself in the driver's seat again. Because you're not
not capable like Beck. It's something that we've just never
been taught totally, Like where did you learn about money?
Not the place you learn about trigonometry.
Speaker 5 (39:46):
No, we's worn with this. I'm like, oh, I don't
know how to develop empathy. It's like, well, you know,
money's not in us, like from birth.
Speaker 3 (39:53):
Something you do have to be. It's external. You do
have to be taught about it. And if you're not,
then you should not be ashamed. It's diabolical that we're
not taught how to live in the society that we created.
But I was talking to one of my friends. At school,
we had home ch class and I remember learning how
to make coconut jam drops. Yeah I could do that
back of my hand again because I learned in home
(40:16):
economics class in grade eight. Yeah, yeah, totally. Where was
the budget and so where was the money management? I
know it's boring. I know it's not getting to take
jam drops home and eat them during class. Money win
or life win? But like, do you know how much
more powerful I would have been if I left school
knowing how to budget, or what a credit card actually was,
(40:36):
or what superannuation could do for me? Totally, I had
no idea. No, I just ticked random boxes on my
super fun form because I was like, Ah, that one
in brackets says most popular. I'm a pick that, yeah,
for sure. What did the community have to say?
Speaker 6 (40:49):
So?
Speaker 3 (40:50):
First things First, I asked the community, have you accumulated
debt due to circumstances outside of your control, for example,
like illness or separation or job loss. Thirty eight percent
of you said yes, I'm glad it's not more, but
also that's a big chunk of our community. The next
question I asked was do you feel debt is one
of the biggest barriers to achieving your financial goals? Seventy
(41:10):
percent of you said yes for sure. Then I asked,
if you were in this situation, would you focus on
paying off the credit card or your personal loan? First?
Eighty six percent of you said credit card okay, and
I get that because it's probably the highest interest rate. Yeah,
and to be honest, that's where I would be going
as well, because like we just the higher the interest rate,
(41:31):
the more money you're going to pay towards it, like
get out of debt sooner. And then we asked for
your two cents. And this one, I feel like was
really special because so many of the responses were like,
oh my god, me too, Oh my god, I'm so stressed,
Oh my gosh. I haven't spoken to my friends about this,
Like yeah, diabolical, because I just I don't want my
(41:53):
community to be feeling this totally. But also just girl,
you're not alone turns out or just doing it, just
not talking about.
Speaker 5 (42:01):
It exactly, and that's where the shame comes from. And
seeing like no one else is like me. It's like
everyone can relate to this feeling.
Speaker 3 (42:06):
Yeah, and even if they're not in that situation right now,
Like you know, if you saw me on the street,
you might go, ah, she looks like a nice girl.
She's probably not in any debt. I'm struggling. I wonder
if i'd ask her a question. Obviously you know me
as she's on the money, so you know my story,
but like you don't know a thing about me, Like
if you're just passing me on the street. You don't
(42:27):
know my history, you might make some really grand assumptions.
So she's got a nice T shirt on, Like, oh,
she wouldn't be experiencing what I've experienced. Girl, I got
myself into forty thousand dollars worth of crippling debt. The
only way I got to where I am today is
because I went through that experience. Like, if we don't
talk about it, we can't help people. Totally, we can't
(42:48):
help ourselves. If I didn't start talking about it, she's
on the money, wouldn't exist. True, that's pretty big. Yeah,
that's to me sick. But also it's pretty good incentive
to not get back into debt again. He's like, low key,
that would be embarrassing. No, but I also am in
a lot of debt because I've got a home loan,
(43:08):
so like that's different. Sure. We also had a lot
of people saying, pay off the credit card first, and
then counsel it. Talk about consolidation. Another person said, why
not look into some financial counseling. It could help because
you're obviously feeling a lot of shame and these people
are really really approachable. Another person said, and this is
the most diabolical one. Okay, I feel like that's my
(43:33):
word of the week. Diabolical. Yeah, I like that word. Yeah,
it just feels really impactful. I agree, we're not going
to do this. By the way, this terrible suggestion. They said,
listen to Dave Ramsey. Who in the world is that. Oh,
I'm glad he is. I would say he's the barefoot
investor to the Americans. Oh, he is like the biggest
(43:55):
finance guru. He also doesn't believe in gay rights. Also
has been quoted to say, if you are in debt,
you should not see the inside of a restaurant. He
has been sued. He has been sued because he has
like enforced his Christian beliefs on his staff. Okay, this
(44:17):
man is horrific.
Speaker 5 (44:18):
I'm shocked by people who can't understand that their experience
is not everyone's experience.
Speaker 3 (44:24):
But also to say that's somebody in debt, like and
he's very like heavy on the shame, like they're like,
if you're in debt, you're like, you're an idiot, Like
I can't believe you get yourself in this situation. He
has a whole bloody talk show. It's horrific. Like I
can't stand it because every single time I like look
at one of his videos and read the comments, I'm
(44:45):
just like, why can't people see that this man is
shaming other people for things that were arguably beyond their control.
Speaker 5 (44:53):
I want to assume that there's no aspects of his
identity that make it harder to find a job or
and I.
Speaker 3 (44:59):
Don't want to you know, No, he's a mediocre, middle
aged white man. Well, this is what I'm thinking, is
like the whitest of white. Yeah.
Speaker 5 (45:05):
So he has a very like, you know, very nice,
normal life, and he's giving people advice based on his experience.
Speaker 3 (45:12):
And I'm like, that's dangerous. Yeah. But also the idea
that if you're in debt you shouldn't see the inside
of a restaurant, that's crazy. That's diabolical, diabolical. So, just
so you know, we're not listening to Dave Ramsey, good idea.
Don't shut it, Dave, Yeah, don't do that anyway. Lots
of people back on track were very productive, though they
(45:32):
said high interest rates, first, pay off the smallest step. First,
have a look at the snowball versus the avalanche method.
A lot of people say, just cancel the credit card,
and then pay it off. And then someone else said,
and I'm going to leave it here. Hey, I don't
have any advice, but I just want to share some
empathy for her situation. I hope she feels better about
it soon.
Speaker 4 (45:52):
Thank you.
Speaker 3 (45:53):
Yes, it's exactly what we need. That's exactly what we need.
Like nobody should feel shame. Do feel shame anyway, misspec
say ed Yes, it's been a pleasure chatting with you.
Or I feel like I went on a rant at you. Hey,
that's okay? Is that okay? I'm sorry. I just am
really passionate about debt, of course, and I think it's
all it's all very useful information. So thank you anyway.
(46:14):
Thank you again for sharing the Friday Drinks couch with me,
and I guess for everybody listening being part of our community.
We'll be back next week early Monday morning for a
money diary, and until then, please take care, look after
your friends, and have a great weekend. Bye guys. The
advice shared on She's on the Money is general in
(46:35):
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 Divine and She's on the Money are
(46:56):
authorized representatives of Money Shofer Pty Ltd. A b N
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My name's Satasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
kaka ya Ya Binahwaka nian ur gay In Mbini, yakarum
Jar Doumayagumika Umaga, Ihowaka Nilewaman damon Immalan, Bumba bang Gada,
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jar Watanadaa. Hello, beautiful friends, we gather on the lands
(00:24):
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Abiginal people's land that we're gathering on today. Take pleasure
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She's on the Money podcast acknowledges culture, country, community and connections,
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She's on the Money.
Speaker 3 (00:46):
She's on the Money. Hello and welcome to She's on
the Money, the podcast that makes personal finances fun. You've
called us at our favorite time of the week. That
is right, my friends. It is Friday drinks time where
we get together and celebrate you our very money savvy community.
I am Victoria Devine and while Jess is away I'm
(01:08):
going to be sharing some money wins from the feed
and joining me today is miss Beck, sayed, the brain's
behind our weekly broke tips. Beck, are you excited to.
Speaker 4 (01:17):
Do a V and B?
Speaker 3 (01:19):
I am, I'm scared, but I'm excited. Well, it's better
than the B and J just like alphabetically speaking. No,
you're so right, absolutely like it could have been a
slippery slope. But guys, this is a g rated money podcast.
I am more used to V yeah, yeah, yeah, yeah,
that's true. That's true. And I'm more used to b
(01:42):
ah genders. Let's not let's not talk's let's move on
in true Friday form, Beck, where you are going to
be discussing a couple of timely money dilemmas concerning our
community members debt, including how to get rid of it
and whether you should I think that could be a
little bit saucy, right, And if you've got a salacious
(02:04):
dilemma to share with us, or a pressing DM that
needs answering on our podcast, please send it through. We
don't just want to reply to your dms. We get
so excited to reply to your dms. And if your
DAM involves a little bit of cheeky side gossip that
we're not involved in, but we get to hear about Beck.
Are we there? Oh my god, I so there? With
bells on. Anyway, we accept love letters in our inbox
(02:27):
and voicemails on our website. Simply hit the podcast page
and leave your message after the beep. Speaking of beep,
it is time to This is so lame, but it
is time for us to toot our own horn. Oh
my god, I was wondering how you would work it in.
That's I try. Maybe I'll try harder next week.
Speaker 5 (02:45):
I love it.
Speaker 3 (02:46):
It is time for our five star review Beck. And
if you're a longtime listener and you reckon that that
she's on the Money Show is a bit alright, Like
I reckon, it's time for you to leave us a
review because you know what it does. I actually don't know.
It's kind of like it makes our day. It does,
it makes our day. But I know that there's some
kind of podcast algorithm. Yes, and like if a podcast
(03:08):
has lots of good reviews, the algorithm goes, oh, that's
quite like a good thing. We should be pushing this
to more people who need to hear it. Yes, and
then that's good because I guess we make more friends,
make more friends. I love friends. That's so true. But literally,
like it helps us somehow through the algorithm you mostly,
Beck helps our egos exactly, and that's arguably the most
(03:31):
important thing. And we love to read our reviews, not
the one star ones. We do read those. They do
definitely get the screenshot and shared in our group chats.
They hurt. Yeah, but sometimes you're like, babe, thanks for
the one star review that Victoria's voice is annoying. Oh
but I can't do anything about that, and like painful.
(03:52):
I don't know about you, Beck, but when I was
growing up, my mum always said that you should never
ever give somebody feedback about themselves that they can't change
within ten seconds. Yes, so like, I'm not going to
talk to you about anything unless you're like, you've got
something in your teeth. Yeah, you could fix that immediately,
for sure, that's quite helpful. For sure. Oh you've got
something on your face, Oh, let me help you.
Speaker 5 (04:11):
But also, as a listener of podcasts, I understand the
frustration of being like irritated by someone. But also if
you're not forced to do it, then don't worry.
Speaker 3 (04:18):
Just like, don't do it.
Speaker 4 (04:19):
Yeah.
Speaker 3 (04:19):
Like, the craziest thing about this show is it is
entirely consensual. Yeah, Like, you choose to be here, and
if you don't want to be here anymore, guess what, Beck,
Well you can opt out. Well that's crazy. Anyway. Anyway,
would you like to hear a five star review from
a friend called Ruby? Yes? Please? Okay? Ruby says, I
(04:41):
just had to write to say a huge thank you.
I've only just started listening to this podcast for the
last two months, and I've learned so much about finance,
and I've signed up to do all of your courses.
I've redone my family's budget, and I've even emailed to
see one of your mortgage brokers. But the biggest thing
I've taken from your podcast is after listening to the
episode about the Lady who loved to Tech, and then
(05:02):
the following podcast about jobs, I decided I no longer
wanted to just be my husband's occasional admin helper and
instead completely redid my own resume. I wrote a cover
letter just how Victoria said, and thought about my life
skills that I've gained as a mum of three. I've
already been asked to do three interviews in three completely
new industries. To me, I feel like your podcast has
(05:24):
given me so much confidence and possibly even in New
Korea with a seventy five thousand dollars earning potential that
will not only get our family to our dream home quicker,
but into shares and all. Thank you so much. Oh
my god, it's amazing. That's so cool. Literally, like and
you know, I don't know this person at all, but no,
but I love, Like I don't know you, but I love.
Speaker 5 (05:47):
I love honestly, this is that amazing, Like we genuinely
it's so happy because you could have, you know, just
maybe not had your own things to fall back on
just in case something went awry, and now you.
Speaker 3 (05:58):
Do and that's incredible. But also just I love that
you heard what I was trying to put out because
I didn't do a whole podcast on the fact that
I think that people who have taken time out of
the workforce to you know, look after kids or even
in caring roles, like I've got a friend at the
moment who's just exited the workforce to look after an
(06:18):
aging grandparent, and I just I think that's so special.
But as I said to her, like what skills are
you gaining? How do we quantify this? Like, if you
have three children, I'm sorry, you know what you're really
good at? Time management? Oh? Yeah, you know what you're
good at conflict resolution. Like there's just so many things
that you can say. Look, if I can deal with
(06:39):
three kids, I promise you I can deal with a
nine to five for sure. Like, there is just so
much And I think that so many times we've fed
this narrative that you're not good enough, you're not worthy enough,
you've been out of the industry, Like, especially in roles
where the industry is relatively fast moving, you're often pushed
to the side really easily, like marketing for example, Like, oh, well,
(07:03):
marketing's changed and since you've left, social media has taken off, etc. Etc.
And you're just like, yeah, but I'm not an idiot.
Do you really think that I haven't been watching social
media in my downtime?
Speaker 4 (07:15):
Yeah?
Speaker 3 (07:15):
Like, girl, you have so many skills, just put them
on paper. You absolutely can do it. That's amazing.
Speaker 4 (07:20):
I love it.
Speaker 3 (07:21):
I just I'm so excited that we're bringing you one
step closer to like financial freedom. Yeah hell yeah, but
also that confidence you're like I did this and then
I did this, and then I did that, and like
you don't even have to have any money yet and
you feel better about yourself. Yeah, hell yeah, that's so
so cool, all right, berck. Now, of course we need
to seguay away from that, because it is time for
(07:41):
the Question of the Week, that moment where we sift
through all of your non financial questions and pick the
best one each week to ask each other. And this
one comes from a friend called Jamie, and Jamie asks,
if you had a theme song play when you walked
into a room, what would it be? Oh my god,
I actually know this, do you? Because I just I
(08:02):
felt it this song in it song from Eurhythmics. There
must be an angel. I don't sorry, thank you so much.
There must be an angel, as Beck walks in.
Speaker 5 (08:17):
Yeah, but it's and I know it sounds very like vain,
but it's not. It's not directed inwood. It's like there
must be an angel.
Speaker 3 (08:22):
Like it's like the world around.
Speaker 5 (08:25):
Me feels magical. Yeah, okay, I love something like that. Anyways,
it and it doesn't make sense right now, but this no.
Speaker 3 (08:30):
But I will listen to it. I'm confused about what
mine might be. It just reminds me of a time
that happened this year when and I do apologize if
you were at this event or you organize this event,
because I didn't love this part, but I loved being
at the event, so please don't cancel me. I was
doing a speaking event. There were hundreds of women in
the room, right, really cool opportunity. I get up to
(08:53):
walk on stage because they're like, uh, Victoria is the
keynote speaker, Like cool, my time to shine and they
stop playing Katie Harry Raw Okay, was just like, oh,
in this moment, I would rather die, like like.
Speaker 6 (09:10):
And you're gonna hear me, yeah, And I'm just like
oh oh, and like that just felt like so stereotypical,
Like it gives me, like I don't know, two thousand
and nine Girl Boss vibes of like oh it.
Speaker 3 (09:26):
Just okay, it's so not me. What about this girl
is some fire that's just as bad? That is horrific. Okay,
that is horrific. Like I feel like the song that
I'm thinking of is like I'm walking on Sunshine. Oh
that's called like something fun, like something fun, something like
you know about the vibes as opposed truly about me.
(09:49):
As an individual. Oh yeah, yeah, yes, the raw thing
girl I wanted to You have to embrace it and
be like yeah, yay woo, because you're not going to
bring the vibe down of your own keynote present. But
also you'd be like, hey, like, why was that my
sting song? You know, totally, that's so funny.
Speaker 5 (10:08):
It's so funny that also in this way, to see
how people perceive you, Like, it'd be nice to know
what other people think your theme song is, because yeah,
and that in the Spotify.
Speaker 3 (10:15):
Comments, we'll read that one this way exactly. What's the
She's on the Money theme song specifically for each member
of the team.
Speaker 5 (10:22):
Yeah, and then let us pick you as well. It's like,
what color are you? I feel like it really paints
a picture.
Speaker 3 (10:27):
What color are you? I don't know color I am?
But I know what color you are? Oh yeah, what
color am I? You're like a regal purple and gold? What?
Speaker 5 (10:37):
Yeah, you're quite regal and also classy and also like
I don't know how.
Speaker 3 (10:43):
To explain it, but you're like mother, Oh yeah, I
appreciate you. You're green? Did you know that you were green?
What's gorgeous? I didn't know that, but that's that's beautiful,
like not because you're wearing green, but like earthy and
wholesome and like I don't know, like like the grass,
like you just want to like roll around in the grass,
like I don't know. Green is good. That's so sweet.
(11:05):
Things like green light, green light, bring like green flag
like all of that. Thank you for not picking red.
Oh my god, of course I appreciate it. I just
I feel like there are so many fun possibilities and
so many questions that we could dive into. But people
have mostly come here because they want to hear finance
topics and like dms and stuff, so maybe we should
(11:25):
get into that. So anyway, put your suggestions for our
color and our song into the Spotify comments section. But
we also want to hear what Jess is, Yes, we do.
What do you think Jess is yellow?
Speaker 4 (11:38):
Oh?
Speaker 3 (11:38):
Jess is yellow? For sure? You agree? Yes? And also
like a mauve pink? Oh yeah, like a really like
like soft purple okay, yeah, like lavender like softer. Oh
my god, it's so cute, isn't she cute? We are
on the same page here, Yeah, what's her song? Well?
Speaker 5 (11:56):
I don't want to go tailor swift because she's obsessed
with tailor swift. But something like that, something that's like upbeat,
like exactly like this Sunshine song. You know, Yeah, I
reckon she's walking on sunshine too.
Speaker 3 (12:06):
Yeah, I agree.
Speaker 4 (12:07):
All right.
Speaker 3 (12:08):
Moving on from that, let's get into this week's money
wins from our community. And I have picked them this week,
so I hope they're as good as Jesses. Okay, right, Beck.
First one, I love this because it just feels like
a very she is on the money money win. Grace says,
I hit fifty thousand dollars in my savings. Amazing. I
started it ten years ago and I've slowly been chipping
(12:30):
away at it and I've finally achieved it. Oh my god,
it's amazing. Isn't that phenomenal? Like literally so exciting. But
what a big feat I feel like after ten years. Yeah,
so many people give up and it's just anyway, I
love it. Another one, this is from Emily. Emily said,
I've needed a new fan for a wood heater for years,
(12:51):
and at three hundred dollars, we put up with it.
Just being wowed. My husband's dropped off our old dryer
at the metal recycling place to see the exact same
heater sitting there, so we pulled out the fan. One
man's trash really is another man's treasure. Hell yeah, how
good's that? That's so good?
Speaker 4 (13:08):
Do you know?
Speaker 3 (13:09):
I saw one of my girlfriend's post that she went
to the tip shop in Mornington the other day. Oh
my god, the tip shop. Did you know that there
were tip shops? I didn't know, but I didn't know
there was one in Mornington. Well the more you know,
I literally was shook because I didn't know that tips
had shops. And then she's showing all these things that
were for sale at the tip shop and I was like, sorry,
(13:30):
in my head, Beck, it's at the tip shop because
someone was about to throw it out?
Speaker 6 (13:34):
Right?
Speaker 3 (13:35):
What the hell? Why was there so much good stuff
about to go in the bin? What are you guys doing?
Why wasn't that donated? I know, it's so crazy. I mean,
see that hard rubbish. A lot of good things, but
hard rubbish. I fear like you put something out in
the hope that someone will grab it, like, I don't know,
I don't know.
Speaker 6 (13:51):
I know.
Speaker 3 (13:52):
Next one, Christina says, and I feel like this is
one that you won't resonate with because whenever you go
to the pub, Beck, you order a water, but she says,
I keep this wine lid and she's like, put a
picture of a wine lid up in my handbag on
the occasion that we just don't finish the bottle of
wine we've ordered at the pub or the club. Might
only be a glass, but it's better in my fridge
than wasted. And they always seem to take the tops. Yes,
(14:16):
so true. Okay, that's a diabolical that, like they just
take the lid away and the hope that like you
won't take it. Yeah, weird. We have a new commentor, Carson.
Carson says, I'm a first time commenter and I want
to share my money with shopped at Woolworth's this week.
It came to a total of three hundred dollars. Then
I scanned my partner's Everyday Rewards card and we got
(14:38):
a total of fifty dollars off between points, worker discount
and shopping savings. Wow, isn't that a good deal? Yeah,
that's great. Also, welcome to commenting. Welcome all right, another
one and I'm gonna leave this as my last one.
This one's from Rebecca and she says, Okay, guys, I've
been waiting for this. My skill Share free trial was
(14:58):
ending and I didn't want to pay for full price
for a subscription, so I emailed and asked if they
could extend my trial or offer a discount. I scored
fifty percent off for the year, and I saved a
total of seventy eight bucks. If you don't ask, my friends,
you don't get Oh incredible, isn't that so good? But
like very she's on the money. Coded. If you don't ask,
(15:20):
you don't get Like, what's the worst thing that can
happen if you ask?
Speaker 4 (15:23):
Beck?
Speaker 5 (15:24):
Honestly nothing? And then these people are going to see
you again. Like you don't have to worry about being
awkward or shy because.
Speaker 3 (15:29):
Also they're just going to say no, and you just
be polite and go thanks so much, friend, exactly like, oh,
no worries, full stop. End of story. I'll go about
my day and cancel my free trial. That's it, exactly
all right, Beck, we are segueghing into your broke tips.
What have you got to share this week? Okay, so
first up, I have I know that I've mentioned this
name before. Isn't that crazy?
Speaker 5 (15:50):
They have the exact same name enthusiastic Arugula, is it actually,
it actually is, but it's the anonymous one, and so
I I with the anonymous.
Speaker 3 (16:00):
Steff guys, own your comments. I want to know who
you are because I'm really creepy. I only want to connect.
Speaker 5 (16:05):
We want to connect, and so I am a little
bit more I'd say liberal when it comes to reading
out anonymous, but I.
Speaker 3 (16:09):
Will try and tighten it up. So enthusiastic Arugula said,
I ordered my kids Guzman.
Speaker 5 (16:17):
Egomez for dinner a couple of days ago. Down out
of the app and I checkout, it said to click
for a free breedo. Instead of a free breedo. It
took the cost off my cart. So what should have
cost fifty dollars fifty ended up costing me thirty cents.
Speaker 3 (16:30):
The story money win.
Speaker 5 (16:32):
I know, if you haven't already got the app, sign
up and take advantage of this offer, which I do
know because I do have the app.
Speaker 3 (16:37):
It is really good.
Speaker 5 (16:38):
I feel like there's constantly little offers like I'm always
either getting something free or something it's like cheap or
something like that.
Speaker 3 (16:44):
That's me in the macas app. Yes, the macas app,
and I ty I have not dabbled in that yet.
But I need to stop talking about the Macas app though,
because Macis is a huge corporation that could be sponsoring this. Imagine,
I know, Macca's money Wins or something. Yeah, what the hell,
because you know what's a money win? The fact that
macas brought back the fifty cent cone. Oh my god,
(17:06):
did they bring that back? They brought that back? Well
it's about bloody time exactly. But also they're just girls,
like they know that in a cozy Livis situation, you
know what's going to light us up inside a fifty
cent cone? Exactly. We don't have that much money, you guys.
But also we deserve sweet treats. Yeah, we really do.
Now they're accessible again.
Speaker 5 (17:28):
Okay, So this next one comes from Jen who says
if you insert your card instead of tapping your card,
then you kind of get rid of the additional fee.
And I did google it to see like, do you
get like a Karlie if you insert? And it was like, no,
you don't get like the additional card fee on top
of the card fee.
Speaker 3 (17:46):
When you I had no idea that was a thing.
I know, is that crazy? I didn't know either. That's
diabolic hall. Actually, isn't it cheek That is cheeky and
sneaky and really rude.
Speaker 5 (17:56):
It is, so don't tap anymore insert, go back to insert.
They could all seem like innuendos, and I promise they're not.
Speaker 3 (18:03):
And then but this isn't the b n J show.
Speaker 5 (18:06):
This is the BnB show exactly right, So a lot
more inclusive now, my one. And I know this sounds crazy,
and I was a little bit too shy to do
this because it's insane, but I measured the amount of
dribble that comes out of the petrol hose.
Speaker 3 (18:26):
You measured her, I did.
Speaker 5 (18:27):
I had to take a friendly because I was too
scared to go alone. I'm scared someone's gonna yell at me.
But I did measure it.
Speaker 3 (18:32):
I was like, wow, well, I just got like a
little you know when you like, so I filled it
up and then I got like a little plastic like
a urine sample cup almost like yeah, exactly, like a
plastic cylinder and like, and then I pulled it out
and then just like let it dribble in there, and
I waited for a little while.
Speaker 5 (18:49):
It was about fifty mill which is like who cares,
but what I'm saying is instead of pulling it straight out.
I know a lot of people do do this. They
give it a little shake and they wait, ah huh,
saying stay.
Speaker 2 (19:00):
There for as long as you can before you're like, okay,
I've really got to get home with my life, right,
Say there for as long as you can, because that
small amount will add up over time you can.
Speaker 3 (19:11):
Get a whole free tank. That's true. You were right.
That was full of innuendo. That was really like I
wasn't sure if I was in sex ed or if
I was talking about the bowser. You know. Anyway, that's
really good tip, Beck, and I am so glad that
you shared it. Thank you. Is that where we're ending
broke tips this week? Unfortunately, that's it. I'm really grateful.
(19:35):
I'm really grateful for those of you who want to
follow along to bes how to get pregnant guy. We'll
announce that in the second segment of this show. But
we're going to go to a really quick break and
on the flip side, we're going to dive straight into
our questions. My friends, welcome back. It is time for
(19:55):
our weekly dilemma, and this one might feel particularly relevant. Actually,
if you have a little bit of heex stet. 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.
(20:16):
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 4 (20:27):
Hi, She's on the Money Team. I have a question
about tax and hextet. I have a hex stet in
the forty thousand ish range, and obviously I've been paying
that back whilst I was working full time. I'm now
a mum of two and I work part time, so
(20:48):
my annual income I believe doesn't sit over the threshold
for repayments to the HEX. I do salary sacrifice at
work working part time. I think that I'm still putting
money towards my HEX debt, and then come tax time,
I just get it back in a nice little tax return.
(21:10):
But I've just had a thought and I'm wondering for
some advice on whether I should actually be taking that
tax return and still putting it towards my hex stet
at the moment where enjoying the large tax return that
I get. But then I guess I'm never really paying
off my hex step. So if I continue to work
(21:30):
part time for a really long time and never pay
off my hex stet, theoretically once we sort of, you know, retire,
I guess, and I still have a hex step, do
you then just have to pay it off in a
bulk amount or do you just continue to pay it
off even in retirement. Any advice on whether I should
just be paying it off now anyway would be great.
Thank you.
Speaker 3 (21:50):
What are your thoughts on this? Back?
Speaker 5 (21:51):
Honestly, up unto the last moment, I was thinking like,
oh my god, don't pay it off like it dies
with you, So.
Speaker 3 (21:56):
Just like leave it sort of thing. That's kind of
how I feel. And obviously we can't give you advice
on what to do, but we can talk about how
we feel about it. Do you still have hextet? Oh?
Speaker 5 (22:07):
Yeah, I still got hextet, And like it's more just annoying.
I don't actually know how much I'm paying on it.
I don't think it would be that much, maybe like
thirty bucks of paid cycle or something.
Speaker 4 (22:16):
Yeah.
Speaker 3 (22:16):
Yeah, like you have to pay the minimum. Yeah, And
so I'm like, oh, I'm not too worried. Honestly, it
does fee annoying. So I don't actually have a degree
true for it.
Speaker 5 (22:22):
But I think that in this case, when you start
talking about the retirement thing, like once you start getting
your you know, super and things like that, do you
have to start paying it off or do you have
to pay it off? I don't know about that, but
otherwise I would just leave it because it really, in
my mind is kind of like inconsequential.
Speaker 3 (22:39):
That's how I feel. So personally, I have not contributed
even a dollar more to my hex than I have
needed to. I've always paid the minimum and come tax
return time. Just because of the nature of my work
sometimes I have to pay a bit more and like
that's fine, but for me, it's not ever inhibited being
able to buy a property or save or invest. And
(23:01):
I look at that debt not as a bad debt,
not as a good debt. It's kind of like an
okay debt. She sits in the middle because it doesn't
accrue interest, but it does it crue like indexation, right,
Like it's indexed every year. So at the moment, because
indexation is much higher, I feel like we care a
lot more about it because you know, all of a sudden,
it's not like one or two percent, it's like four
(23:24):
and a half percent. You kind of go ill, ill, No,
I don't. I don't like that at all. Like maybe
I should be paying this off, but I would probably
choose in your situation, to zoom out and look at
the bigger picture and go, well, what do I actually
want to achieve? Like what is this money going towards?
Like if I was to pay that off, what am
(23:44):
I compromising in the rest of my life? Because like,
some people just don't want debt. And I totally understand
that because for a very long time I was really
stressed about my hex debt and what it would mean
until I became super financially literate and I was like, oh, hey,
I actually like if I have a dollar and I
want it to work for me, I'm going to be
presented with a number of different options. I could put
(24:06):
it in a savings account for a certain amount back,
I could you know, put it into clothes or shoes,
and like that makes me feel good, but I'm not
getting that much back from that, I could put it
into my hextet, or I could invest it. And I
look at all these options and go, well, what's most
important to me? And honestly, to me, loading up my
share portfolio is much more important. And at the moment,
(24:29):
I'm also feeling a little bit stressed personally just about
our mortgage, not because we can't pay it. We're okay,
but like I just see it creeping up and I
can see how much interest to we're paying on it.
So for me, I just don't want to be paying that.
So would I make more money back inside my investment portfolio, yes,
but just because I'm stressy about it. Like we've arranged
(24:52):
our budget a little bit differently recently to pay off
a bit more of our mortgage because it just makes
me feel better about myself, and I think that's a
good lesson in and just because something makes you the
most money doesn't mean it is the right decision for you.
You also kind of have to overlay your hopes, are
your dreams, and your wishes, but also just how you
feel about certain things in your life. So if your
hex debt is really stressing you out, even though on
(25:15):
paper you look at it and go, well, it will
die with me, no worries, like you're not going to
have to pay that back unless you earn over a
certain amount, and yes that is true in retirement. But
if you're earning over a certain amount in retirement when
you're not working, money, win because it means you're arguably
self sufficient. Yeah. So I don't mind if you're still
(25:35):
chipping away at that debt at that point. But I
really doubt that that debt is still going to be
there given the projections. But for me, it's just not
a priority. But I totally understand that people have different
emotional priorities and if you want to chip it away
at it, pop off, queen. But if you want a
better solution, you could sit down and work out what
(25:56):
might work best for you. For sure, I completely agree
with that. Yes, no stresses, all right. The debt dilemmas
are a plentiful This week and every week we select
a little pickle from our dms from our community members,
and this dilemma is unfortunately much more common than you think. Meck,
I've got one. Would you like me to read it out?
Speaker 4 (26:17):
Please?
Speaker 3 (26:18):
All right, Hi, queens, please help. A few years ago,
after a relationship breakdown, I found myself with around twenty
thousand dollars of credit card debt. I ended up taking
out a personal loan so that I could consolidate everything,
and I promised myself that I would never ever end
up in that position again. Fast forward a few years,
and while I've been making my loan repayments, I've somehow
(26:39):
managed to build up another eight thousand dollars on my
credit card due to rising living costs and a few
unexpected expenses. I'm not missing payments, but I feel like
I'm constantly juggling debt rather than actually getting ahead. Do
I focus on paying off the credit card first, or
do I throw everything at my personal loan? Or is
there another strategy I should be considering. I'm feeling pretty overwhelmed,
(27:02):
and honestly, I'm a bit ashamed that I found myself
back here.
Speaker 5 (27:05):
I know this feeling all too well, like I found
myself here just moments ago when I quit my job,
you know, just on a whim, and then just also.
Speaker 3 (27:15):
Like yeah, lokay, that was diabolical, silly, And then also
just like from me, I was just like mac queen,
I get it, I get it, But money also important.
Speaker 5 (27:24):
I know, silly, but I was also like, oh, it's
gonna work out, and then sometimes it doesn't, but that's okay.
But also just having like just the anxiety of you know,
getting yourself into dead or like not being able to
pay for things. And I know this is not the
same story as our listener who wrote in, but there's
a feeling of like anxiety and a feeling of stress
and a feeling of like, oh my god, I'm so broke.
(27:46):
And I think that like what I told myself in
this moment was I can feel anxious or I can
feel anxious and also ashamed. It's like there's no point
being ashamed. I don't want to be ashamed, and I
don't want to put that shame on myself. It's so
easy to feel shame because we can see people around
us like really, I guess like getting this shit together
or they've got their shit together and they don't have
(28:08):
these saying they can't relate to these struggles. And also
the words use when people are like, oh, I'm so broke,
I've got to have to dip into my savings and
you're like, I don't have many savings.
Speaker 3 (28:16):
That makes me feel so much wa When I say broke,
I mean like broken, like there is nothing bad back.
Speaker 5 (28:22):
On exactly, there's no family, there's no savings, Like you
have family and friends of course, but like it's a
different comfort of your parents who might have heaps of money,
you'd be like, oh yeah, just borrow whatever. And so
like this feeling, I think that our listener just first
of all, should just like remove shame, because no matter
like even if you're brought up in a different way,
like our brain's all wired differently, the way we view money,
(28:43):
the way we are in situations that we're in, Like
we're all wired differently, and you are here because of
the way you are, and there's nothing wrong with the
way you are. And money is a man made, human
made concept, so it's not like this inherent thing in us.
It's like there's something broken inside me. It's like, no,
you don't know how to juggle something that is completely unnatural,
(29:04):
a human made thing, and that's so fine. So I
think that like just remove the shame from it all.
In terms of what I would do, I don't think
I would be the best person to ask, because I
also am always in the same situation. But I reckon
tackling one at a time, whichever one has the least interest,
(29:27):
I would tackle last.
Speaker 3 (29:29):
Does that make sense?
Speaker 5 (29:29):
Yeah, Like if your credit card has less interest, then yeah,
your personal loan, then tackle the personal loan first, or
both would be ideal.
Speaker 3 (29:38):
So Okay, I'm gonna tell her exactly what I told
you last week, and that's we, you and I. We're
going to sit down and we're finally going to do
a budget, and your bloody going to stick to it, yes, ma'am,
because it's something that I think we all are so
avoidant of, and I get it because you're just like, well, V,
I'm not good at money, or V I just I
don't want to do that because I don't want to
(29:58):
change my lifestyle, or you might find it really confronting
because it sucks, Like you know, you and I are
sitting down together, and this is going to be more
personal than what this person's going to get. But I
do this in my money masterclass. There is a free
budget on our website, like those resources are a plenty,
Like we have so many like playlists of getting out
of debt, Like I'm about to bring out a get
(30:20):
out of Debt free course, like I'm so excited about it,
and by the way, that course will be free. There's
no way I'm going to charge people to get them
out of debt, Like Queen, I will charge you and
sell you a course when we're talking about wealth creation
and getting ahead and picking the right shares and how
to do that. I feel like that is fair game.
But I would think I don't know from me that
(30:41):
that is predatory. If you're like girl, I am spiraling,
I need to get out of debt, and then I
charged you for a course, vile not happening, So that
course will be free. But I know you're not missing payments,
but we need to get the structure right because you're
not spiraling, but you're also not thriving. And I think
so many times we're just so avoidant of this idea
(31:02):
of sitting down and doing our budget because it's bloody confronting,
Like you don't want to sit down and be told
by somebody else like don't spend this, or do spend this,
or hey, Beck, you've only got this amount to spend
per week and if you're done, you're done. That feels restrictive,
but it's actually the most freeing thing in the entire world.
Like just knowing that nobody's going to come knocking on
(31:24):
your door asking for a debt repayment. You know that
next week you're always going to have money. That's a
crazy concept, like just the idea that if beck I
structured your budget and it gave you some food, fuel
and fun money, which is what I call it in
my course, I gave you that money. I said, but
this is the way you've got this week. Do you
know what you're really good at? You are actually already
(31:45):
good at making money stretch, thank you. You are so
good at it that that has been your survival mechanism
for the longest time, Right, So what if I structured
everything else and then said, beck, all you have to
worry about this week is one hundred and fifty dollars
or twohundred dollars, everything else catered for, don't touch it.
But if you run out of this money, rice and beans, yeah,
(32:05):
nothing else until next Thursday. And you go, okay, I
can do that, Like we can all do that because
everything else is being fed in the background, everything else
is being paid off, and then automatically you get your
two hundred dollars again, and we start from scratch, like
we don't have to make this overwhelming. It doesn't have
to be something that feels like trash. But what you're
(32:29):
going to do is go back to the drawing board.
I need you to be really confrontational with yourself. You're
going to print off three months of your credit card statement.
You're going to print off three months of your bank's statements.
You're going to get probably a really nice glass of
wine or a cup of tea. I don't care, Beck,
you're probably gonna ask me for a soda water. But
(32:49):
we want to sit down for a good hour, like
we're not talking like, oh, just quickly flip through it,
like this is a tusk, this is a job. I
need you to commit to this. You're going to get
two colored highlighters and we're going to go through and
with one colored highlighter. We're not judging ourselves by the way.
We're just highlighting all the things that we can't change.
So you know, maybe in a green we're highlighting you know,
(33:13):
our rent, our you know, grocery bill, because like at
the end of the day, we have to spend money
on groceries. Like it's debatable as to how flexible that is,
but like we can talk about that later. You know
your gas bill, your electric you know your my key,
your public transport, you know fuel stuff that we can't
really change. Then with another color, we're going to go
through and highlight the things that you know, we didn't
(33:35):
have to spend money on, but we did. We're not
judging ourselves. This isn't a list of like, oh my god, Beck,
this is all the stuff you shouldn't have done. But
you know what that is going to do. It's going
to give you a color contrast. And I'm a visual learner.
I'm going to quickly see like, oh, half of the
transactions that I make are actually transactions I didn't have
to make. Or you might find you've done your whole
(33:56):
budget and you're like the like everything is actually like
setting stone. I can't change this, at which point we're
going to give ourselves a little bit more grace.
Speaker 4 (34:05):
Yeah.
Speaker 3 (34:05):
But also, what if we go through this and like
I'm not attacking you personally, but what if we go
through this and it's like pub pub vape pub or
but do you know what I mean, like it's dining out,
it's stuff that you could change. I'm not saying don't
do it. We just want to be aware of it.
And then we're going to go, Becky, you comfortable with that?
And you might go yeah, like I really like my lifestyle,
(34:28):
and I go great, but at what cost? Like what
could we change? Like, oh, look at this, let's quickly
have a look at one of those line items. Oh
you spent twenty five bucks here, and you go, yeah,
I probably didn't need to do that, like I was
just doing it. Yeah, oh great, Well look what we
could free up if just one time per month we
didn't do one thing. Yeah, could you do that? And
(34:49):
you're going to go yeah, but I'd have to be
more conscious of it. Okay, we could do that. What
if we put a system in place to make you
super conscious? You go yeah, okay. I don't want you
to change your lifestyle. I don't want beck to not
be beck. I want everybody to have financial freedom and
feel like they are completely in control. And it turns
out I've got the key to that golden ticket. So
(35:10):
let me do that for sure. But what we're going
to do is lay everything out on the table. We're
going to do our little like review. It sucks. I
know nobody likes being confronted with their own spending, but
then we're going to look at what we need. Right.
So you said that you're not missing payments, money win,
but you're not getting ahead. So you've said, should I
(35:31):
be throwing everything at my personal loan? Well, I actually
want you to step back for a hot second, and
do you have an emergency fund? Right? Because even though
you're in debt, I still think that people should have
an emergency fund in debt because, Beck, what happens if
you're in debt and you're throwing every single dollar towards
that debt and then another emergency expense comes up. Yeah,
(35:54):
what do you do? You're just stuck in the cycle
of debt exactly. And what narrative do you tell yourself?
You tell yourself your shit at money? Yeah, you tell
yourself that you're not capable. You tell yourself that, oh
far out this popped up and I wasn't ready for it. Yeah,
because every single dollar you were throwing at your debt, like,
we weren't planning for the future. We were just treading water. Yeah,
(36:16):
that's not a good place to be. That's exhausting. So
what we're going to do is we're going to build
up an emergency fund. We're going to try and work out,
even if it's ten dollars a week, what can we
put aside so that if something in the future pops up,
we could pay for it. And you know what that does,
It helps break the cycle. It changes your mindset because
when that rego pops up that you went ready for,
(36:39):
or when that you know, electricity bill comes in and
it turns out you and your housemates have been using
the heater a lot more than you thought you were
going to and you need an extra fifty bucks. Babe,
that's not debt anymore. That came from cash. That feels good.
And then we build back up our emergency fund. We're
still paying off our debt for sure, but we have
an emergency fund we can lean on to break the
(37:00):
cycle so we don't fall back into it. And you've
said in your DM I fell back into it like
life got expensive, And I'm not saying that it's not.
It is. We need to be super conscious of these things,
but we also need to make sure that we're getting
ahead instead of just trading water. Because if we're just
treading water and doing what we're always doing and wishing
for a different outcome, like wishes unfortunately don't come true.
(37:23):
Wishes need to be action. So what we should be
doing is getting our little emergency fund up. Then we're
going to look at your credit card, and we're going
to look at your personal loan and back to what
you were saying, which has the lowest debt immediately last
priority or are we going to reconsolidate. That's something that
a lot of people lean on, but it's a bit
of a catch twenty two because you reconsolidate, take the
(37:45):
pressure off yourself, and then we fall further into debt
because we didn't do anything else about our budget. Because
now we're back to the idea of I just have
a personal loan and I'm not feeling the pressure of
being out of control. I don't want you to be
out of control. If we are going to reconsolidate, we
need to make a plan to get out of debt again,
and then we're going to talk about our goals. So
(38:06):
many of us are not setting goals because we're in debt.
And like, if I see people who are in debt,
down and what are your goals or do you want
to achieve? They go, oh, nothing, don't worry about it.
It doesn't matter like, oh, I'll do that when I
have more money. I'll do that when I camel. Yeah,
you're still allowed to dream, like You're still allowed to
have aspirations and things we want to achieve, like goal,
(38:28):
you want to go to Thailand. I want you to
go to Thailand. But here are the things that we
have to achieve to get there. Do you know how
much sweeter Thailand feels if we achieved all of those things.
We need to get out of debt, and then the
money that we've been paying off debt with holy crap, Beck,
we can reallocate that the amount of money that you're
paying off debt is actually the amount of money that
(38:48):
you're completely capable of saving each month without changing your lifestyle.
We just have to get rid of the debt. Yeah,
So for me, I would be saying, I get it.
It is overwhelming, It is all consuming. And you know what,
as somebody who got themselves into forty thousand dollars worth
of consumer debt, I was not just ashamed. I lied.
(39:09):
I would lie to people. They'd be like, oh haha,
I would never have a credit card, and I'd be
like neither, I know, why are we like this life
and money gets out of control, and that is fine,
but we can take back control with a little system,
and mine's free. It's on the website. Go download the budget,
Go listen to our get out of Debt playlists, and
(39:32):
put yourself in the driver's seat again. Because you're not
not capable like Beck. It's something that we've just never
been taught totally, Like where did you learn about money?
Not the place you learn about trigonometry.
Speaker 5 (39:46):
No, we's worn with this. I'm like, oh, I don't
know how to develop empathy. It's like, well, you know,
money's not in us, like from birth.
Speaker 3 (39:53):
Something you do have to be. It's external. You do
have to be taught about it. And if you're not,
then you should not be ashamed. It's diabolical that we're
not taught how to live in the society that we created.
But I was talking to one of my friends. At school,
we had home ch class and I remember learning how
to make coconut jam drops. Yeah I could do that
back of my hand again because I learned in home
(40:16):
economics class in grade eight. Yeah, yeah, totally. Where was
the budget and so where was the money management? I
know it's boring. I know it's not getting to take
jam drops home and eat them during class. Money win
or life win? But like, do you know how much
more powerful I would have been if I left school
knowing how to budget, or what a credit card actually was,
(40:36):
or what superannuation could do for me? Totally, I had
no idea. No, I just ticked random boxes on my
super fun form because I was like, Ah, that one
in brackets says most popular. I'm a pick that, yeah,
for sure. What did the community have to say?
Speaker 6 (40:49):
So?
Speaker 3 (40:50):
First things First, I asked the community, have you accumulated
debt due to circumstances outside of your control, for example,
like illness or separation or job loss. Thirty eight percent
of you said yes, I'm glad it's not more, but
also that's a big chunk of our community. The next
question I asked was do you feel debt is one
of the biggest barriers to achieving your financial goals? Seventy
(41:10):
percent of you said yes for sure. Then I asked,
if you were in this situation, would you focus on
paying off the credit card or your personal loan? First?
Eighty six percent of you said credit card okay, and
I get that because it's probably the highest interest rate. Yeah,
and to be honest, that's where I would be going
as well, because like we just the higher the interest rate,
(41:31):
the more money you're going to pay towards it, like
get out of debt sooner. And then we asked for
your two cents. And this one, I feel like was
really special because so many of the responses were like,
oh my god, me too, Oh my god, I'm so stressed,
Oh my gosh. I haven't spoken to my friends about this,
Like yeah, diabolical, because I just I don't want my
(41:53):
community to be feeling this totally. But also just girl,
you're not alone turns out or just doing it, just
not talking about.
Speaker 5 (42:01):
It exactly, and that's where the shame comes from. And
seeing like no one else is like me. It's like
everyone can relate to this feeling.
Speaker 3 (42:06):
Yeah, and even if they're not in that situation right now,
Like you know, if you saw me on the street,
you might go, ah, she looks like a nice girl.
She's probably not in any debt. I'm struggling. I wonder
if i'd ask her a question. Obviously you know me
as she's on the money, so you know my story,
but like you don't know a thing about me, Like
if you're just passing me on the street. You don't
(42:27):
know my history, you might make some really grand assumptions.
So she's got a nice T shirt on, Like, oh,
she wouldn't be experiencing what I've experienced. Girl, I got
myself into forty thousand dollars worth of crippling debt. The
only way I got to where I am today is
because I went through that experience. Like, if we don't
talk about it, we can't help people. Totally, we can't
(42:48):
help ourselves. If I didn't start talking about it, she's
on the money, wouldn't exist. True, that's pretty big. Yeah,
that's to me sick. But also it's pretty good incentive
to not get back into debt again. He's like, low key,
that would be embarrassing. No, but I also am in
a lot of debt because I've got a home loan,
(43:08):
so like that's different. Sure. We also had a lot
of people saying, pay off the credit card first, and
then counsel it. Talk about consolidation. Another person said, why
not look into some financial counseling. It could help because
you're obviously feeling a lot of shame and these people
are really really approachable. Another person said, and this is
the most diabolical one. Okay, I feel like that's my
(43:33):
word of the week. Diabolical. Yeah, I like that word. Yeah,
it just feels really impactful. I agree, we're not going
to do this. By the way, this terrible suggestion. They said,
listen to Dave Ramsey. Who in the world is that. Oh,
I'm glad he is. I would say he's the barefoot
investor to the Americans. Oh, he is like the biggest
(43:55):
finance guru. He also doesn't believe in gay rights. Also
has been quoted to say, if you are in debt,
you should not see the inside of a restaurant. He
has been sued. He has been sued because he has
like enforced his Christian beliefs on his staff. Okay, this
(44:17):
man is horrific.
Speaker 5 (44:18):
I'm shocked by people who can't understand that their experience
is not everyone's experience.
Speaker 3 (44:24):
But also to say that's somebody in debt, like and
he's very like heavy on the shame, like they're like,
if you're in debt, you're like, you're an idiot, Like
I can't believe you get yourself in this situation. He
has a whole bloody talk show. It's horrific. Like I
can't stand it because every single time I like look
at one of his videos and read the comments, I'm
(44:45):
just like, why can't people see that this man is
shaming other people for things that were arguably beyond their control.
Speaker 5 (44:53):
I want to assume that there's no aspects of his
identity that make it harder to find a job or
and I.
Speaker 3 (44:59):
Don't want to you know, No, he's a mediocre, middle
aged white man. Well, this is what I'm thinking, is
like the whitest of white. Yeah.
Speaker 5 (45:05):
So he has a very like, you know, very nice,
normal life, and he's giving people advice based on his experience.
Speaker 3 (45:12):
And I'm like, that's dangerous. Yeah. But also the idea
that if you're in debt you shouldn't see the inside
of a restaurant, that's crazy. That's diabolical, diabolical. So, just
so you know, we're not listening to Dave Ramsey, good idea.
Don't shut it, Dave, Yeah, don't do that anyway. Lots
of people back on track were very productive, though they
(45:32):
said high interest rates, first, pay off the smallest step. First,
have a look at the snowball versus the avalanche method.
A lot of people say, just cancel the credit card,
and then pay it off. And then someone else said,
and I'm going to leave it here. Hey, I don't
have any advice, but I just want to share some
empathy for her situation. I hope she feels better about
it soon.
Speaker 4 (45:52):
Thank you.
Speaker 3 (45:53):
Yes, it's exactly what we need. That's exactly what we need.
Like nobody should feel shame. Do feel shame anyway, misspec
say ed Yes, it's been a pleasure chatting with you.
Or I feel like I went on a rant at you. Hey,
that's okay? Is that okay? I'm sorry. I just am
really passionate about debt, of course, and I think it's
all it's all very useful information. So thank you anyway.
(46:14):
Thank you again for sharing the Friday Drinks couch with me,
and I guess for everybody listening being part of our community.
We'll be back next week early Monday morning for a
money diary, and until then, please take care, look after
your friends, and have a great weekend. Bye guys. The
advice shared on She's on the Money is general in
(46:35):
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 Divine and She's on the Money are
(46:56):
authorized representatives of Money Shofer Pty Ltd. A b N
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