July 20, 2025 • 30 mins
Feeling the cost of living squeeze? This week’s Money Diarist is too. She’s a vet, a mum of two, and part of a household doing all the “right” things… but still feeling seriously stretched. With interest rates climbing and every non-essential cut (yep, even the home internet), she’s in one of those seasons where money stress is just part of the daily juggle. This one is real, and way too relatable.
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Acknowledgement of Country By Nartarsha Bamblett aka Queen Acknowledgements.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
My name is Tatasha Bamblet. I'm a proud First Nations
woman and I'm here to acknowledge country t Glenn Young
Ganya nianar Kaka yah y and beIN Ahaka nian Our
gay In Mbina, yakarum Jar, Dominyama, Domaga Ithawaka, Waman dam
and Imlan Bomber bang Gadabomba in and now in wakah
Ghana on yak rum jar Watnada. Now Hello, beautiful friends,
(00:23):
we gather on the lands of the Aboriginal people. We
thank acknowledge and respect the Abiginal people's land that we're
gathering on today. Take pleasure in all the land and
respect all that you see. She's on the Money podcast
acknowledges culture, country, community and connections, bringing you the tools,
knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money.
Speaker 2 (01:07):
Hello, and welcome to She's on the Money, the podcast
that lets you be pervy about other people's money habits.
Speaker 4 (01:13):
For educational purposes, of course.
Speaker 2 (01:15):
Welcome back to another one of our money daries, where
I get the absolute pleasure of sitting down and talking
with one of our incredible She's on the Money community
members all about their journey. Let's jump straight into it,
because this week I got a message and it sounded
just like this, dear, she's on the money. I feel
like I'm doing everything right and still going backwards. My
(01:36):
partner and I both earn really good money, around one
hundred grand each. We bought a home well under what
the bank said we could borrow, and we've cut every
non essential from our budget. We've got two kids under two,
and I even went back to work early to help
make ends meet. We're trying to do all of the
right things, but we don't feel like we're getting ahead money. Diarist,
(01:58):
Welcome to the show. I feel like this is going
to be so relatable for so many people in our community.
Speaker 5 (02:04):
Hi, welcome.
Speaker 2 (02:05):
I am genuinely very excited about this, because you know,
so often we get money Diress, and like, you know,
I'm from overseas and I earn a million dollars or
you know, I've found my way into tech and I,
you know, earn all of this big amount of money,
and like that's cool. I love learning from people. But
like what we haven't heard on the show recently is
like I feel like I'm doing absolutely everything right and
(02:28):
I'm not getting ahead and let you clearly earn good money.
So let's get into it. I want to know first,
cab off the rank. If I asked you to give
your money habits a grade from A through to F,
what would that grade be?
Speaker 5 (02:39):
I'd say, even though we feel like we're going backwards
at the moment, I think how money habits are still okay,
So I'd give myself a B plus.
Speaker 2 (02:47):
I feel like that's a pretty good place to start. Now,
let's talk a little bit more about it. I want
to dive in. Can you tell me a little bit
more about your money story?
Speaker 5 (02:56):
Yeah, So with money, I think it's one of the
things that I grew up, And I grew up in
a family that always had like just enough to get by,
Like we weren't necessarily missing out on things, but we
also weren't living lavishly or anything. And I think that's
sort of growing up. I was good at saving and
frugal and things that didn't matter, but I was also
(03:17):
willing to spend money on the important things. Though. Also,
I feel that because I did sometimes miss out on
a few things growing up, I may spend a bit
more than I should on opportunities and experiences.
Speaker 2 (03:30):
Now that I'm an adult, I mean, that's not the
worst thing. I feel like that's super relatable. Tell me
what money looks like now that you are an adult,
because I feel like I don't know what you do
yet and we'll get there. But I feel like once
you get to an age where you're earning six figures,
like you feel like, I don't know when I was little,
that in my head was you've made it, and you
don't feel that way right now. You just feel like
(03:51):
you're training water and in fact you're like no v,
I'm going backwards.
Speaker 5 (03:56):
I think for me, like travel is something that I
really at the moment it is a case of more
just local trips away, like a weekend away locally where
it's just a few hour drive or something where previous
to kids it might have been like either an interstate
or occasionally even an international holiday, but definitely now it's
(04:17):
rained back in. And then other things like just being
able to catch up with friends and be able to
have like lunches out and all that. They're probably more
the experiences that I'm spending money on, yeah.
Speaker 2 (04:28):
And I feel like they're the things that you're like, no, sorry,
Like I've cut everything. I'm not cutting that too, Like,
don't take my entire social life away. So talk to
me a little bit more about I guess what this
looks like. Because you said you have two under two
and that you and your husband, I'm assuming this was
like planned, right, like because you've said, I don't know,
it seems very I don't want to be rude, but
(04:49):
very stereotypical. We went to the bank, we have a
good loan, I'm married to my husband. We now have
two kids under two. Like, was this the game plan?
Did you go okay, cool, like we're in a really
good finance position, and then you found yourself maybe having underbudgeted,
or like, how do you find yourself in a position
where you're like, v I still feel like we're not
getting ahead.
Speaker 5 (05:09):
I feel we like we got married and we had
decided to have kids before all the prices in housing
and everything went up. So initially when my husband and
I started planning to have kids, we actually did have
an investment property as well, which was a good thing
because when everything went up, interest rates mortgage repayments went
(05:30):
up as well, and meant that we did have that
safety net to sell that investment property in saying that
all the money that we made from that investment property
we lost within the first year, or like not lost,
but we used it, allowing me to be on that
lead for six months with my son.
Speaker 2 (05:46):
Right, And that's so hard, right because you're like, oh,
this will be fine, and then you're like, hold on,
we worked so hard for this, and that's not how
we saw in our heads that working out. Was that
disappointing or was that like nope, we're really happy with that,
because I fee like so many times.
Speaker 5 (06:01):
It felt like we had put ourselves, like we had
tried to get ourselves in the best position as we could,
but then it seemed like things out of our control
just meant that we couldn't keep those things and it felt.
Speaker 4 (06:15):
Like we're going backwards.
Speaker 5 (06:17):
Not that we regret having kids, they're still like we
had a second one after that anyway, But yeah, you
were like, this is actually the.
Speaker 2 (06:23):
Best, but it's not the point.
Speaker 5 (06:26):
It just is, Yeah, we weren't able to maintain that
good financial position that we thought we were in prior
to having kids.
Speaker 2 (06:34):
Yeah, no, that totally makes sense. So tell me a
little bit more. What do you and your partner do
for work and how much money do you earn?
Speaker 5 (06:40):
So I'm a VET, I earn about one hundred and
ten thousand dollars pro rata. At the moment, I am
going back like part time, so that's one hundred and
ten thousand parora full time, though I will probably be
going back full time in February next year.
Speaker 2 (06:55):
And what would your salary look like in February?
Speaker 5 (06:58):
So going back it will be the one hundred and
ten thous and currently it's I think this financial year
was about sixty seven thousand because Matt Lee part time.
Speaker 2 (07:06):
Yeah, of course, of course. So tell me what does
your husband do.
Speaker 5 (07:09):
He's a building designer and he's also on one hundred
and ten thousand a year.
Speaker 2 (07:13):
Okay, how cute you're like matching salaries. But also sorry,
you're a vet. You are insanely smart, aren't you. You're
a ductor? You laugh, but like that's actually very serious.
Speaker 5 (07:25):
Sometimes I definitely feel like I've got my baby brain.
Speaker 2 (07:28):
Oh honestly, like I haven't lost mine, which is, you know,
a little bit disappointing but not surprising to anyone who
has kids.
Speaker 4 (07:36):
So talk to me about this, because I feel like a.
Speaker 2 (07:38):
Building designer and a vet like that sounds very established
to me. I'm like, girl, you have studied for ages
to become a vet, and I'm sure that your husband
had to put in some pretty hard yards to get there.
You are thirty, Tell me where did it all start
to kind of feel like v I'm really not getting ahead, Like,
did you have and this is me just trying to
get some context. Did you your heads in the sand
(08:01):
before this? Or have you always been good at money?
I feel like you might have always You had an
investment property, so tell me about that, and like, how
then the money just became maybe not enough.
Speaker 5 (08:11):
I think I was accidentally okay with money. It wasn't
very intentional, I think because I wasn't necessarily spending a
lot of money on things that I didn't deem important.
I did put, like unintentionally put money in savings, and
I think that's probably my shot for is I wasn't
intentional about it, it did mean because I was trying
to save money on tax I did do salary sacrifice
(08:33):
into my super when I was younger, which meant I
did actually have I'm still above average even after taking
two matt leave breaks for my age, which is nice.
But I think because I wasn't very intentional. It was
just more that I knew as long as I spent
less than I earned, i'd be okay, which was fine
pre kids, but now post kids, it seems like I
(08:56):
need to be a lot more intentional to be able
to maintain budgets and things.
Speaker 2 (09:02):
And I feel like that can be a really big
mindset shift, especially if you've kind of gone I don't know,
you've gone from being like, you know, very educated and
you're like, no, I worked really hard so I didn't
have to be as like, I'm assuming strict with your
budgeting to like completely flipping and being like, okay, cool,
we have cut back literally every non essential from our budget.
(09:23):
What's that like? Because I'm assuming you didn't go great,
like once we have kids will really knuckled down with
the budgeting.
Speaker 4 (09:29):
That was probably something you probably didn't bargain for.
Speaker 5 (09:32):
No. I think because when we first planned kids, the
interest rates were really low, and we were hearing that
like the RBA weren't going to increase for a little
bit yet, and we're like, I think we made the
mistake of going, oh, yeah, that will work, Like the
RBA won't increase interest rates until after I go back
to work from at Lee. But no, it happened right
(09:53):
as I was due that all the interest increases were.
Speaker 2 (09:56):
Going, Oh, that's so stressful. So then trying to sell
the house while I was in labor. Excuse me, while
you're in labor, you're trying to sell a house.
Speaker 5 (10:06):
Yeah, I was trying to sell the house while I
was in the middle of labor. Like the real estate
agent was like calling me, going like these are the
offers and everything.
Speaker 2 (10:14):
So that was a little bit stressful. Oh my god,
And you were answering when I was in labor. I
have my phone on, do not disturb, Like I did
not have my head in the game. Like if you'd
ask me any logical question, I would have been the yes,
whatever you say, sir, like not an option for me.
Speaker 5 (10:30):
I did get to the point that I'm like, I
authorize you to make these decisions with my husband.
Speaker 2 (10:34):
You don't have to.
Speaker 5 (10:35):
The problem was the house was solely in my name,
so they kept on calling me, and I'm like, I
give him full permission to make all these decisions, like
stop calling me.
Speaker 2 (10:43):
And did this real estate agent know that you were
in labor?
Speaker 5 (10:46):
We did tell them, and I think they did eventually
after that point, start talking to my husband instead.
Speaker 2 (10:52):
Okay, but like leave the whole family alone. Oh I'm
mad about this. I'm like, sorry, your husband had a
job in that moment and it was to support you,
not not apply to the real estate. Oh h anyway,
so tell me when you say, look, we've cut every
non essential from our budget. What's that like? Have you
gone and done a really big spreadsheet? Are you doing
(11:13):
it on the back of an envelope? What does that
budgeting process look like?
Speaker 5 (11:16):
I did. I like Excel sheets, So I went through
one year of all my bank details, so the offset
account as well as our spending account, and I put
everything into Excel and then I diviated up into like categories.
So from there, like we cut out gym memberships. We've
even gone to the point that sorry, that's my girl,
(11:37):
hi baby.
Speaker 2 (11:39):
Hey.
Speaker 5 (11:40):
So we got to the point that, like we've even
cut out like internet because we have so much phone data, so.
Speaker 2 (11:46):
So literally everything, literally everything.
Speaker 5 (11:49):
And we've given ourselves like a fifty dollars a week
discretionary budget that we can spend all fifty dollars for discretionary,
fifty dollars for takeaway, and that's it. So like, if
we want to do like a family outing or something,
and it's going to be like one hundred dollars, we
either have to take from like one of the other,
like next week's budget or like allowance, or take it
(12:12):
out of the takeaway allow It's like we're trying to
cut way back.
Speaker 2 (12:15):
Yeah. Wow, And is that having an impact? I feel
like you mentioned, Look, it just doesn't feel like we're
getting ahead. Is this like a forever thing? Do you
think interest rate drops are going to help? Or when
you go back to work, like, where's the light at
the end of the tunnel? Work? What are we looking towards?
Speaker 5 (12:32):
I think because with my job there does seem to
be a bit of a high demand. I think once
I'm back at work full time and I can potentially
pick up extra shifts, hopefully our budget won't be as tight.
I did a budget for this year while I'm on
matt leave, and it's not possible to break even with
all our expenses. But next year, once I'm back full time,
we should be able to actually start to put money
(12:55):
aside in savings or investments.
Speaker 2 (12:57):
Again, yeah, it looks like you've got a plan. What
does it mean to not break even does that mean
that you're relying on credit cards or you know, relying
on savings or you mentioned you sold that investment property.
What does that look like savings? Yeah, I mean that's
a good position to be in. Like, I'm so glad
you've got them.
Speaker 5 (13:13):
We currently are just relying on our savings and our
savings account. It's we're not dipping into it too much,
and it hasn't got below like our emergency fun level,
but we have been like dipping into our savings. Fortunately,
we've been able not to rely on personal loans credit cards.
Speaker 2 (13:31):
I do have.
Speaker 5 (13:32):
An overdraft account, but we haven't needed to touch that either.
Speaker 4 (13:36):
See that's it.
Speaker 2 (13:37):
I know that you don't feel like you're getting ahead,
and I know that it feels I don't know, it
always feels really personal. But at this point in time,
I feel like so many of us are just treading water.
We're waiting for interest rates to come down or the
cost of living crisis pressures to like literally ease up,
and it just it feels like we're not getting anywhere.
Are you able to in this period of time have
(13:58):
big money goals you like?
Speaker 1 (14:00):
No?
Speaker 2 (14:00):
V We are trading water until I get back to
work and I have like a little bit more freedom.
Speaker 5 (14:05):
I do have big money goals, Like our big long
term goal is to pay off the mortgage, be completely
debt free, as well as like invest enough that when
we get to fifty, we have the option of just
like working part time and hopefully get to the point
that we can live off dividends. I mean, we haven't
started properly investing yet, but it is something that I
(14:28):
would love to.
Speaker 2 (14:29):
Do long term and short term.
Speaker 5 (14:32):
Just want to get us to the point that we
can start saving again. And we want more than two kids,
so we want to save up and off that I
can afford to go on that leave again.
Speaker 2 (14:40):
I love that what are we looking at? We're looking
at just like maybe one more for three? Or are
we doing five? Like I wouldn't ever ask someone how
many more kids do you want? Like you open to
that door or me, Yeah, ideally we would love four kids.
I love that so much. Like literally, I have one baby,
and I'm like, give me all the baby, like I
(15:01):
love it so much.
Speaker 5 (15:02):
Pri my son, I was good with two maybe three kids,
and then after I had my son, I'm like, I
want four.
Speaker 4 (15:06):
I want them more.
Speaker 2 (15:07):
I love that I've got one of my girlfriends has
four and like chaos. But at the same time, I'm like,
that just looks so fun. Like when people are like, oh,
you must be so busy, I'm like, girl, you must
be having so much fun, Like, imagine that so cool. Also,
in the cost of living crisis, the idea of four
children gives me like anxiety.
Speaker 4 (15:27):
But we can talk about that later.
Speaker 2 (15:29):
Let's go to a really quick break because on the
flip side, I have a lot of questions for you,
and I really want to talk about your super. So
you guys, don't go anywhere, all right, we are back
a money direst I want to talk about investing. So
you mentioned when you.
Speaker 4 (15:45):
Were a little bit younger.
Speaker 2 (15:46):
You said, Look, I wasn't very intentional, and I also
wanted to, like, you know, make the most of my
tax situation, so I was really loading my super. What's
your superannuation look like at the moment.
Speaker 5 (15:57):
It's Joshi have one hundred thousand I think last I checked,
I was like nine eight thousand.
Speaker 2 (16:01):
Okay, and you're only thirty. That is looking very attractive.
Speaker 5 (16:05):
Yeah, so I'm glad past me did that because yeah,
I have not been topping up my super when I've
been on Matt leave.
Speaker 2 (16:11):
Yeah, honestly fair and at this point in time, you
I can almost guarantee you said you have a four
month old. You gave birth before the first of July,
which is when the contributions to superannuation kicked in for
people on Matt leaf, which honestly, I just think is rude.
I know.
Speaker 5 (16:27):
And then the fact that they don't start giving it
even after first of July you have to have your
baby after.
Speaker 4 (16:32):
Get rude, so rude. Like, I just have thoughts and feelings.
Speaker 2 (16:35):
I mean, I'm glad we've got it, but like, if
you're already on Matt leave, come.
Speaker 4 (16:39):
On, cough up.
Speaker 2 (16:40):
Yeah, I wish now money, dirist. I want to know
more about your investing plans because you mentioned before my
husband and I would love to be part time by
the time we're fifty and live off dividends, et cetera.
But we haven't started investing like properly yet. What does
investing look like for you guys? You're having conversations about
it obviously right now we don't have extra cash, so
(17:01):
it makes sense that we're not, But like, where are
the conversations at.
Speaker 5 (17:05):
Yeah, so at the moment, it's just the micro investing
with charez Eas as part of like the non negotiable
in our budget. I had been putting aside twenty dollars
per child into their bank account. So I've now actually
switched that to putting that into like charez Eas, just
to try to build up what I would have been
pain anyway.
Speaker 2 (17:25):
So at the moment, it's.
Speaker 5 (17:25):
Yeah, forty dollars a week, not much, but the chare
Ceas account is at about twelve hundred.
Speaker 2 (17:31):
Yeah, and I mean that's very good. Like the fact
that you're investing already and you are like not failing ahead.
What you're telling me right now is maybe you're a
little bit more ahead than you think you are because
at the moment, you're in the middle of that season
of life where you don't have as much of an
income and you are going I guess a little bit
quote backwards, but you're going to get forwards, which is
also really exciting.
Speaker 4 (17:52):
So talk to me about debt.
Speaker 2 (17:55):
You said that you had an investment property sold that
use the profits for your first maternity lead, but you
also own a property at the moment, and I guess
interest rates are what's really like keeping you guys a
little bit back. Tell me about what that debt looks like.
What did you purchase when where?
Speaker 5 (18:10):
How So with the house, we purchased Gold Coast, which
was nice, and we purchased at the end of twenty
twenty one this house, and we sold our investment property
in twenty twenty three. Fortunately at that point the house
values had both risen, but there was a little bit
(18:31):
of problems with the investment property with getting it sold
because problems we weren't.
Speaker 4 (18:35):
Aware of came up.
Speaker 5 (18:37):
As far as debt, the mortgage that we currently have
five hundred and ninety five thousand remaining on the mortgage.
I think at the time we were allowed to borrow
up to I think one point one million, but we
only borrowed six hundred and fifty thousand for our house
because we wanted to borrow a lot less than we needed.
Speaker 2 (18:58):
To honestly smart, and I'm sure that you are thanking
past you for that decision, because I can't imagine the
financial pressure you would have been under if you had
borrowed one point one million dollars at this point in time,
like chaotic, I feel like you might have been forced
to sell. So tell me a little bit more you
borrowed six hundred and fifty thousand dollars for this home.
(19:21):
What do you think it's currently worth if you purchased
it in twenty twenty one?
Speaker 5 (19:25):
For what we can see like on real estate dot Com,
it's worth over just over a million.
Speaker 2 (19:29):
Now, okay, see this isn't as bad. I feel like
the more I get into your money story, the more
I'm like, okay, cool, Like, it probably feels like you're
drowning and you're just like not getting ahead, but as
time's going on, you're like supers ticking away. I'm sure
that your husband has a relatively healthy super account doing
what he does. You've got a nice amount of equity. Like, girl,
(19:51):
if you've got five hundred and ninety five thousand remaining,
you've got nearly four hundred thousand dollars worth of equity.
And that doesn't mean that we are cashing out and
borrowing more. But how good if like, let's be honest,
the sh one t hit the fan and you needed
to sell, knowing that you'd be sitting on a nice
amount of cash, I'll take some pressure off.
Speaker 5 (20:11):
Yeah, it definitely does.
Speaker 2 (20:12):
Absolutely, And then also in the future, once you go
back to being on your like full time, because you
mentioned before you're like, look, pro rather, I'm earning what
like sixty seven thousand dollars this last financial year, but
you're going to go back to one ten, Like you're
going to have some more wiggle room. We probably have
some more investment opportunity, and we could even potentially talk
about investment property like you guys aren't so behind that.
(20:36):
Oh my goodness, Like I don't know how we're ever
going to get back. But it still doesn't feel good,
especially when you are two incredibly educated human beings who
are doing their best and you're like, I can't even
work out how to do this, Like how are other
people doing this? Because I'm giving myself literally fifty bucks
a week, and if I want to do stuff with
the kids, I've got to use that cash. Yep. So
(20:56):
we're asset comfortable and maybe hash flow poor.
Speaker 4 (21:01):
At the moment. Yeah, that would be it.
Speaker 2 (21:03):
I feel like that's not the worst position to be,
but also not the most fun position, given you've had
to really knuckle down over the past little while. What
do you think your best money habit is?
Speaker 5 (21:14):
I can be very disciplined with money when I want
to be so once I realized that we were cash
flow poor and I put in the budget. We've been
really good at sticking with it, so we put that
in place back in May. And May and June were
like the first months that we actually spend less than
we're budgeted to spend, which.
Speaker 2 (21:33):
Is very cool and very exciting. Do you think that
will continue?
Speaker 5 (21:37):
Yeah? I think so. Now that we're both being a
lot more mindful with how we're spending money, I think
that will definitely rain in the amount that we're losing
or spending.
Speaker 4 (21:46):
Absolutely.
Speaker 2 (21:46):
And I feel like I talk to people all the
time about budgets, right, I'm like loke obsessed with budgeting
and cash flow and finance. I don't think that's a
secret in this community. But it's really interesting going through
your budget and realizing where your money is flowing. What
do you think was the most surprising thing that you
were going through your budget going hold on, that's costing
us what? Because I don't think it's surprising when you go, oh,
(22:08):
oh cut out this, like gym membership, but like, was
there a spending category that shocked you? Oh?
Speaker 5 (22:14):
It's one that I hear all the time on money diaries.
But I think it's the takeaway. The amount that we're
spending on takeaway was almost half our grocery budget, which
was ridiculous. Like my husband and I we enjoy, like
our thing to do together would just be to go
to a nice cafe and spend some time together at
a cafe. So I think we did a lot of takeaway.
So now we're just being a bit more mindful. But
(22:36):
it was, yeah, probably half of our grocery budget. We'll
spend in on takeaways.
Speaker 2 (22:41):
Yeah, when I went on my leg very short, but
when I went on maternity leave with Harvey, I was
tracking all of my spending and like I hadn't tracked
my spending as aggressively as I had until I had,
you know, a little bit more breathing room.
Speaker 4 (22:55):
And I was like, oh, I do the budgets because.
Speaker 2 (22:57):
Like any normal person on their matt leave, that's exactly
what they want to do. It's not but I was
very excited about it. I was shocked at how much
and like I should know, right, like we're smart people.
But like the little coffees, the fact that I would
go to the cafe and like use it as my like, oh,
Harvey and I going out like you know, I've got
a four week old baby. I thought I was on
top of the world, you know, even getting out of
(23:19):
the house in the morning for a walk on my own,
by the way, because like, to me, that was a
big feat. Are you telling me? Like I'm walking the
dog and pushing a pram at the same time by myself,
Like to me, that was massive.
Speaker 4 (23:31):
So I would get to the cafe.
Speaker 2 (23:32):
What do you mean and almond croissant is nine dollars
and at the time, I was like, yep, just an
Alma cissant and a latte. And then I'd reflect on
my like budget, and I'd be like, hold on, this
is like getting a bit embarrassing. And I was like, Steve,
did you know they've we spent like, you know, over
this week. I think it was like two hundred and
fifty dollars or something at cafes And I was like,
this is just a week. And he's like, well, how
(23:54):
did that happen? Because he didn't believe me, And I
was like, well, you know, we spent sixty dollars on
the Saturday, and then on this Sunday we spent thirty
dollars because we both had like a little you know,
treat and a coffee and I've been spending some money
during the week and then your coffee's added up, like
it just added up. And I was like, that's a
bloody grocery budget. That was so embarrassing, Like cut that out,
(24:16):
don't worry. But it's really confronting, isn't it.
Speaker 5 (24:20):
It is? And it's so easy to do, I know.
Speaker 2 (24:23):
I feel like they're the little treats that I'm like, no,
surely that doesn't eat into the budget too much, and
it really does. So I'm not cutting out coffee. I
think I've said that on the show before, not cutting
that out, but I will cut out the additional little
sweet treat or maybe we can have a few pieces
of toast before we go for our walk and just
have a coffee.
Speaker 4 (24:43):
Yeah.
Speaker 5 (24:45):
So yes, going out with the pup and the bub
together is a big.
Speaker 2 (24:50):
Feat when you're a new mom too. I feel like
people underrate that right, Like I remember my husband came
home and I said, guess what I did today? And
he was like what, And I was like, I went
for a w awk with Lucy and Pavey and he
was like, congrats, I guess, and I was like no, no, no,
I walked the dog and pushed the premp and he
was just like looking at me like I was crazy. Sorry,
(25:11):
I felt so naked. I was like, this dog that
is incredibly well trained, for some reason in my head
was going to be the worst trained dog in the
entire world. She was probably going to run across a
main road. In my head, I did it. And I
don't think we talk about that enough because to me,
I got out of that. And do you know what
I was wearing clean active wear?
Speaker 4 (25:29):
That's also an achievement.
Speaker 2 (25:31):
It's do you know what I had it made? I
had it made it four weeks.
Speaker 5 (25:36):
Yeah. I think sometimes just washing your hair when you
have the new bubbers an achievement as well.
Speaker 4 (25:40):
Do you know what I reckon that that needs to
be the priority.
Speaker 2 (25:43):
Like, you need a partner, a partner, birthing partner, friend,
come over watch my baby for the twenty minutes that
I'll be in the shower. You come out, you feel
like an entirely new human being. Like sometimes you just
need a shower and to step away from the baby
for like ten minutes. I know you don't want to,
but you will be six million times better as a
mum after you've had that shower promise.
Speaker 5 (26:05):
It makes such a difference.
Speaker 2 (26:06):
Now at money Dirives, we need to flip the narrative here.
What do you think your worst money habit is?
Speaker 5 (26:11):
I think because we both were earning a decent amount
before I went on that leave, it was so easy
to have lifestyle creep and just justify it. Like if
I picked up an extra shift before having my bub
I would just be like, oh, well, I've WoT this
extra shift. I'm having more money that justifies me having
takeout lunch, at a coffee or all those things. So
(26:32):
I definitely think lifestyle creep unchecked definitely ate up a
lot of potential savings.
Speaker 2 (26:39):
Yeah, and I feel like it's nice to reflect on that,
but also sorry, I enjoyed those things as well. Money
darist at the start of the show, you said, I
reckon I'm a B plus because we might not have
heaps of cash at the moment, but we're not bad
with money. What do you think it would take to
get you to like an A or an A plus?
Like what would have to change? Is it just an
increase in cash or they're like things You're like, nah,
(27:02):
I would need to do ABC and D Like, what
does that look like for you.
Speaker 5 (27:05):
I think at this point in time, an increasing cash
flow will be the majority of it, and the other
thing will be sticking with the budget longer term, because
at the moment it's got like a lot of momentum
having had the budget for about three months and been
doing well. But I know previously I've done all this,
done the budget, and about the six month mark, I
get a bit sloppy with it, and lifestyle creep starts
(27:28):
to creep back in, and so I think for it
to get higher, I need to be better at reevaluating,
sticking to the budget, and then tweaking it is needed.
Speaker 2 (27:36):
I've been saying this to my team. Actually we need
to get like a little group. And I don't even
know how to facilitate this, but like maybe a reminder
where we all get every three months to hey, we
know you're starting to slip off your budget train. Now's
the time to redo it. Because we all do it.
I'm guilty of it. Like I get in a mood
and I do my whole budget and I am perfect
(27:57):
for a week and then things start to slip or
there's something that popped up in my budget that I
forgot to budget for and then I'm like, oh, I
fix that later, and then all of a sudden, it's
three months and I haven't looked at that spreadsheet.
Speaker 4 (28:09):
I feel like we're all guilty of it. So we
need to find some way in.
Speaker 2 (28:12):
This community to foster more group accountability, because that would
be I don't know, for me, a lot more motivating.
Speaker 5 (28:19):
Yeah, have the what Monday money wins and every three
months are budget need to come up with a catchy
phrase for it?
Speaker 2 (28:26):
But yeah, exactly, And I'm not even sure if money
win is like that catchy, but I've said it so
often that people who have just adopted it and we're
just not gonna question it. So I'll think of some
kind of catchy like accountability something. But there's no day
of the week that starts with an A, So I've
got to get crafty.
Speaker 4 (28:45):
I might ask my friend chat GPT money darist.
Speaker 2 (28:49):
This has been such a good money hirie. I feel
like it just disreally relatable, like so many people in
our community are earning what you're earning and feeling justice stuck,
and I feel that it is a point of maybe
not contention, but a point where you're like, oh, I
feel a bit embarrassed because you're not a low income earner,
(29:09):
so you don't want to be seen to be like complaining,
but you also are working really hard for the money
that you've gotten gotten to that stage, and you go,
hold on, but I want to talk about it as
well and make sure that I'm on the right track
and doing the right things. And it would be so
nice to be able to share this load with somebody,
But then you don't want to because you feel like, oh,
I know, I'm not in the worst position ever, right,
(29:31):
So this I think has been the perfect little conversation
so many people who are in your position, My love,
Thank you. It has been an absolute pleasure getting to
share your story. Thank you so much, and I know
the community is just going to.
Speaker 4 (29:44):
Love the fact that this was just so relatable. I hope.
Speaker 2 (29:47):
But we get to cross pubs at some point in
Person two so that I can meet that little lady
who's been snugging you the whole time we've been doing
this money diary.
Speaker 5 (29:55):
Well, thanks so much, it's been so much fun.
Speaker 6 (30:04):
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in nature and does.
Speaker 2 (30:08):
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purely for educational purposes and should not be relied upon
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Speaker 6 (30:20):
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and Imlan Bomber bang Gadabomba in and now in wakah
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(00:23):
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thank acknowledge and respect the Abiginal people's land that we're
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Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money.
Speaker 2 (01:07):
Hello, and welcome to She's on the Money, the podcast
that lets you be pervy about other people's money habits.
Speaker 4 (01:13):
For educational purposes, of course.
Speaker 2 (01:15):
Welcome back to another one of our money daries, where
I get the absolute pleasure of sitting down and talking
with one of our incredible She's on the Money community
members all about their journey. Let's jump straight into it,
because this week I got a message and it sounded
just like this, dear, she's on the money. I feel
like I'm doing everything right and still going backwards. My
(01:36):
partner and I both earn really good money, around one
hundred grand each. We bought a home well under what
the bank said we could borrow, and we've cut every
non essential from our budget. We've got two kids under two,
and I even went back to work early to help
make ends meet. We're trying to do all of the
right things, but we don't feel like we're getting ahead money. Diarist,
(01:58):
Welcome to the show. I feel like this is going
to be so relatable for so many people in our community.
Speaker 5 (02:04):
Hi, welcome.
Speaker 2 (02:05):
I am genuinely very excited about this, because you know,
so often we get money Diress, and like, you know,
I'm from overseas and I earn a million dollars or
you know, I've found my way into tech and I,
you know, earn all of this big amount of money,
and like that's cool. I love learning from people. But
like what we haven't heard on the show recently is
like I feel like I'm doing absolutely everything right and
(02:28):
I'm not getting ahead and let you clearly earn good money.
So let's get into it. I want to know first,
cab off the rank. If I asked you to give
your money habits a grade from A through to F,
what would that grade be?
Speaker 5 (02:39):
I'd say, even though we feel like we're going backwards
at the moment, I think how money habits are still okay,
So I'd give myself a B plus.
Speaker 2 (02:47):
I feel like that's a pretty good place to start. Now,
let's talk a little bit more about it. I want
to dive in. Can you tell me a little bit
more about your money story?
Speaker 5 (02:56):
Yeah, So with money, I think it's one of the
things that I grew up, And I grew up in
a family that always had like just enough to get by,
Like we weren't necessarily missing out on things, but we
also weren't living lavishly or anything. And I think that's
sort of growing up. I was good at saving and
frugal and things that didn't matter, but I was also
(03:17):
willing to spend money on the important things. Though. Also,
I feel that because I did sometimes miss out on
a few things growing up, I may spend a bit
more than I should on opportunities and experiences.
Speaker 2 (03:30):
Now that I'm an adult, I mean, that's not the
worst thing. I feel like that's super relatable. Tell me
what money looks like now that you are an adult,
because I feel like I don't know what you do
yet and we'll get there. But I feel like once
you get to an age where you're earning six figures,
like you feel like, I don't know when I was little,
that in my head was you've made it, and you
don't feel that way right now. You just feel like
(03:51):
you're training water and in fact you're like no v,
I'm going backwards.
Speaker 5 (03:56):
I think for me, like travel is something that I
really at the moment it is a case of more
just local trips away, like a weekend away locally where
it's just a few hour drive or something where previous
to kids it might have been like either an interstate
or occasionally even an international holiday, but definitely now it's
(04:17):
rained back in. And then other things like just being
able to catch up with friends and be able to
have like lunches out and all that. They're probably more
the experiences that I'm spending money on, yeah.
Speaker 2 (04:28):
And I feel like they're the things that you're like, no, sorry,
Like I've cut everything. I'm not cutting that too, Like,
don't take my entire social life away. So talk to
me a little bit more about I guess what this
looks like. Because you said you have two under two
and that you and your husband, I'm assuming this was
like planned, right, like because you've said, I don't know,
it seems very I don't want to be rude, but
(04:49):
very stereotypical. We went to the bank, we have a
good loan, I'm married to my husband. We now have
two kids under two. Like, was this the game plan?
Did you go okay, cool, like we're in a really
good finance position, and then you found yourself maybe having underbudgeted,
or like, how do you find yourself in a position
where you're like, v I still feel like we're not
getting ahead.
Speaker 5 (05:09):
I feel we like we got married and we had
decided to have kids before all the prices in housing
and everything went up. So initially when my husband and
I started planning to have kids, we actually did have
an investment property as well, which was a good thing
because when everything went up, interest rates mortgage repayments went
(05:30):
up as well, and meant that we did have that
safety net to sell that investment property in saying that
all the money that we made from that investment property
we lost within the first year, or like not lost,
but we used it, allowing me to be on that
lead for six months with my son.
Speaker 2 (05:46):
Right, And that's so hard, right because you're like, oh,
this will be fine, and then you're like, hold on,
we worked so hard for this, and that's not how
we saw in our heads that working out. Was that
disappointing or was that like nope, we're really happy with that,
because I fee like so many times.
Speaker 5 (06:01):
It felt like we had put ourselves, like we had
tried to get ourselves in the best position as we could,
but then it seemed like things out of our control
just meant that we couldn't keep those things and it felt.
Speaker 4 (06:15):
Like we're going backwards.
Speaker 5 (06:17):
Not that we regret having kids, they're still like we
had a second one after that anyway, But yeah, you
were like, this is actually the.
Speaker 2 (06:23):
Best, but it's not the point.
Speaker 5 (06:26):
It just is, Yeah, we weren't able to maintain that
good financial position that we thought we were in prior
to having kids.
Speaker 2 (06:34):
Yeah, no, that totally makes sense. So tell me a
little bit more. What do you and your partner do
for work and how much money do you earn?
Speaker 5 (06:40):
So I'm a VET, I earn about one hundred and
ten thousand dollars pro rata. At the moment, I am
going back like part time, so that's one hundred and
ten thousand parora full time, though I will probably be
going back full time in February next year.
Speaker 2 (06:55):
And what would your salary look like in February?
Speaker 5 (06:58):
So going back it will be the one hundred and
ten thous and currently it's I think this financial year
was about sixty seven thousand because Matt Lee part time.
Speaker 2 (07:06):
Yeah, of course, of course. So tell me what does
your husband do.
Speaker 5 (07:09):
He's a building designer and he's also on one hundred
and ten thousand a year.
Speaker 2 (07:13):
Okay, how cute you're like matching salaries. But also sorry,
you're a vet. You are insanely smart, aren't you. You're
a ductor? You laugh, but like that's actually very serious.
Speaker 5 (07:25):
Sometimes I definitely feel like I've got my baby brain.
Speaker 2 (07:28):
Oh honestly, like I haven't lost mine, which is, you know,
a little bit disappointing but not surprising to anyone who
has kids.
Speaker 4 (07:36):
So talk to me about this, because I feel like a.
Speaker 2 (07:38):
Building designer and a vet like that sounds very established
to me. I'm like, girl, you have studied for ages
to become a vet, and I'm sure that your husband
had to put in some pretty hard yards to get there.
You are thirty, Tell me where did it all start
to kind of feel like v I'm really not getting ahead, Like,
did you have and this is me just trying to
get some context. Did you your heads in the sand
(08:01):
before this? Or have you always been good at money?
I feel like you might have always You had an
investment property, so tell me about that, and like, how
then the money just became maybe not enough.
Speaker 5 (08:11):
I think I was accidentally okay with money. It wasn't
very intentional, I think because I wasn't necessarily spending a
lot of money on things that I didn't deem important.
I did put, like unintentionally put money in savings, and
I think that's probably my shot for is I wasn't
intentional about it, it did mean because I was trying
to save money on tax I did do salary sacrifice
(08:33):
into my super when I was younger, which meant I
did actually have I'm still above average even after taking
two matt leave breaks for my age, which is nice.
But I think because I wasn't very intentional. It was
just more that I knew as long as I spent
less than I earned, i'd be okay, which was fine
pre kids, but now post kids, it seems like I
(08:56):
need to be a lot more intentional to be able
to maintain budgets and things.
Speaker 2 (09:02):
And I feel like that can be a really big
mindset shift, especially if you've kind of gone I don't know,
you've gone from being like, you know, very educated and
you're like, no, I worked really hard so I didn't
have to be as like, I'm assuming strict with your
budgeting to like completely flipping and being like, okay, cool,
we have cut back literally every non essential from our budget.
(09:23):
What's that like? Because I'm assuming you didn't go great,
like once we have kids will really knuckled down with
the budgeting.
Speaker 4 (09:29):
That was probably something you probably didn't bargain for.
Speaker 5 (09:32):
No. I think because when we first planned kids, the
interest rates were really low, and we were hearing that
like the RBA weren't going to increase for a little
bit yet, and we're like, I think we made the
mistake of going, oh, yeah, that will work, Like the
RBA won't increase interest rates until after I go back
to work from at Lee. But no, it happened right
(09:53):
as I was due that all the interest increases were.
Speaker 2 (09:56):
Going, Oh, that's so stressful. So then trying to sell
the house while I was in labor. Excuse me, while
you're in labor, you're trying to sell a house.
Speaker 5 (10:06):
Yeah, I was trying to sell the house while I
was in the middle of labor. Like the real estate
agent was like calling me, going like these are the
offers and everything.
Speaker 2 (10:14):
So that was a little bit stressful. Oh my god,
And you were answering when I was in labor. I
have my phone on, do not disturb, Like I did
not have my head in the game. Like if you'd
ask me any logical question, I would have been the yes,
whatever you say, sir, like not an option for me.
Speaker 5 (10:30):
I did get to the point that I'm like, I
authorize you to make these decisions with my husband.
Speaker 2 (10:34):
You don't have to.
Speaker 5 (10:35):
The problem was the house was solely in my name,
so they kept on calling me, and I'm like, I
give him full permission to make all these decisions, like
stop calling me.
Speaker 2 (10:43):
And did this real estate agent know that you were
in labor?
Speaker 5 (10:46):
We did tell them, and I think they did eventually
after that point, start talking to my husband instead.
Speaker 2 (10:52):
Okay, but like leave the whole family alone. Oh I'm
mad about this. I'm like, sorry, your husband had a
job in that moment and it was to support you,
not not apply to the real estate. Oh h anyway,
so tell me when you say, look, we've cut every
non essential from our budget. What's that like? Have you
gone and done a really big spreadsheet? Are you doing
(11:13):
it on the back of an envelope? What does that
budgeting process look like?
Speaker 5 (11:16):
I did. I like Excel sheets, So I went through
one year of all my bank details, so the offset
account as well as our spending account, and I put
everything into Excel and then I diviated up into like categories.
So from there, like we cut out gym memberships. We've
even gone to the point that sorry, that's my girl,
(11:37):
hi baby.
Speaker 2 (11:39):
Hey.
Speaker 5 (11:40):
So we got to the point that, like we've even
cut out like internet because we have so much phone data, so.
Speaker 2 (11:46):
So literally everything, literally everything.
Speaker 5 (11:49):
And we've given ourselves like a fifty dollars a week
discretionary budget that we can spend all fifty dollars for discretionary,
fifty dollars for takeaway, and that's it. So like, if
we want to do like a family outing or something,
and it's going to be like one hundred dollars, we
either have to take from like one of the other,
like next week's budget or like allowance, or take it
(12:12):
out of the takeaway allow It's like we're trying to
cut way back.
Speaker 2 (12:15):
Yeah. Wow, And is that having an impact? I feel
like you mentioned, Look, it just doesn't feel like we're
getting ahead. Is this like a forever thing? Do you
think interest rate drops are going to help? Or when
you go back to work, like, where's the light at
the end of the tunnel? Work? What are we looking towards?
Speaker 5 (12:32):
I think because with my job there does seem to
be a bit of a high demand. I think once
I'm back at work full time and I can potentially
pick up extra shifts, hopefully our budget won't be as tight.
I did a budget for this year while I'm on
matt leave, and it's not possible to break even with
all our expenses. But next year, once I'm back full time,
we should be able to actually start to put money
(12:55):
aside in savings or investments.
Speaker 2 (12:57):
Again, yeah, it looks like you've got a plan. What
does it mean to not break even does that mean
that you're relying on credit cards or you know, relying
on savings or you mentioned you sold that investment property.
What does that look like savings? Yeah, I mean that's
a good position to be in. Like, I'm so glad
you've got them.
Speaker 5 (13:13):
We currently are just relying on our savings and our
savings account. It's we're not dipping into it too much,
and it hasn't got below like our emergency fun level,
but we have been like dipping into our savings. Fortunately,
we've been able not to rely on personal loans credit cards.
Speaker 2 (13:31):
I do have.
Speaker 5 (13:32):
An overdraft account, but we haven't needed to touch that either.
Speaker 4 (13:36):
See that's it.
Speaker 2 (13:37):
I know that you don't feel like you're getting ahead,
and I know that it feels I don't know, it
always feels really personal. But at this point in time,
I feel like so many of us are just treading water.
We're waiting for interest rates to come down or the
cost of living crisis pressures to like literally ease up,
and it just it feels like we're not getting anywhere.
Are you able to in this period of time have
(13:58):
big money goals you like?
Speaker 1 (14:00):
No?
Speaker 2 (14:00):
V We are trading water until I get back to
work and I have like a little bit more freedom.
Speaker 5 (14:05):
I do have big money goals, Like our big long
term goal is to pay off the mortgage, be completely
debt free, as well as like invest enough that when
we get to fifty, we have the option of just
like working part time and hopefully get to the point
that we can live off dividends. I mean, we haven't
started properly investing yet, but it is something that I
(14:28):
would love to.
Speaker 2 (14:29):
Do long term and short term.
Speaker 5 (14:32):
Just want to get us to the point that we
can start saving again. And we want more than two kids,
so we want to save up and off that I
can afford to go on that leave again.
Speaker 2 (14:40):
I love that what are we looking at? We're looking
at just like maybe one more for three? Or are
we doing five? Like I wouldn't ever ask someone how
many more kids do you want? Like you open to
that door or me, Yeah, ideally we would love four kids.
I love that so much. Like literally, I have one baby,
and I'm like, give me all the baby, like I
(15:01):
love it so much.
Speaker 5 (15:02):
Pri my son, I was good with two maybe three kids,
and then after I had my son, I'm like, I
want four.
Speaker 4 (15:06):
I want them more.
Speaker 2 (15:07):
I love that I've got one of my girlfriends has
four and like chaos. But at the same time, I'm like,
that just looks so fun. Like when people are like, oh,
you must be so busy, I'm like, girl, you must
be having so much fun, Like, imagine that so cool. Also,
in the cost of living crisis, the idea of four
children gives me like anxiety.
Speaker 4 (15:27):
But we can talk about that later.
Speaker 2 (15:29):
Let's go to a really quick break because on the
flip side, I have a lot of questions for you,
and I really want to talk about your super. So
you guys, don't go anywhere, all right, we are back
a money direst I want to talk about investing. So
you mentioned when you.
Speaker 4 (15:45):
Were a little bit younger.
Speaker 2 (15:46):
You said, Look, I wasn't very intentional, and I also
wanted to, like, you know, make the most of my
tax situation, so I was really loading my super. What's
your superannuation look like at the moment.
Speaker 5 (15:57):
It's Joshi have one hundred thousand I think last I checked,
I was like nine eight thousand.
Speaker 2 (16:01):
Okay, and you're only thirty. That is looking very attractive.
Speaker 5 (16:05):
Yeah, so I'm glad past me did that because yeah,
I have not been topping up my super when I've
been on Matt leave.
Speaker 2 (16:11):
Yeah, honestly fair and at this point in time, you
I can almost guarantee you said you have a four
month old. You gave birth before the first of July,
which is when the contributions to superannuation kicked in for
people on Matt leaf, which honestly, I just think is rude.
I know.
Speaker 5 (16:27):
And then the fact that they don't start giving it
even after first of July you have to have your
baby after.
Speaker 4 (16:32):
Get rude, so rude. Like, I just have thoughts and feelings.
Speaker 2 (16:35):
I mean, I'm glad we've got it, but like, if
you're already on Matt leave, come.
Speaker 4 (16:39):
On, cough up.
Speaker 2 (16:40):
Yeah, I wish now money, dirist. I want to know
more about your investing plans because you mentioned before my
husband and I would love to be part time by
the time we're fifty and live off dividends, et cetera.
But we haven't started investing like properly yet. What does
investing look like for you guys? You're having conversations about
it obviously right now we don't have extra cash, so
(17:01):
it makes sense that we're not, But like, where are
the conversations at.
Speaker 5 (17:05):
Yeah, so at the moment, it's just the micro investing
with charez Eas as part of like the non negotiable
in our budget. I had been putting aside twenty dollars
per child into their bank account. So I've now actually
switched that to putting that into like charez Eas, just
to try to build up what I would have been
pain anyway.
Speaker 2 (17:25):
So at the moment, it's.
Speaker 5 (17:25):
Yeah, forty dollars a week, not much, but the chare
Ceas account is at about twelve hundred.
Speaker 2 (17:31):
Yeah, and I mean that's very good. Like the fact
that you're investing already and you are like not failing ahead.
What you're telling me right now is maybe you're a
little bit more ahead than you think you are because
at the moment, you're in the middle of that season
of life where you don't have as much of an
income and you are going I guess a little bit
quote backwards, but you're going to get forwards, which is
also really exciting.
Speaker 4 (17:52):
So talk to me about debt.
Speaker 2 (17:55):
You said that you had an investment property sold that
use the profits for your first maternity lead, but you
also own a property at the moment, and I guess
interest rates are what's really like keeping you guys a
little bit back. Tell me about what that debt looks like.
What did you purchase when where?
Speaker 5 (18:10):
How So with the house, we purchased Gold Coast, which
was nice, and we purchased at the end of twenty
twenty one this house, and we sold our investment property
in twenty twenty three. Fortunately at that point the house
values had both risen, but there was a little bit
(18:31):
of problems with the investment property with getting it sold
because problems we weren't.
Speaker 4 (18:35):
Aware of came up.
Speaker 5 (18:37):
As far as debt, the mortgage that we currently have
five hundred and ninety five thousand remaining on the mortgage.
I think at the time we were allowed to borrow
up to I think one point one million, but we
only borrowed six hundred and fifty thousand for our house
because we wanted to borrow a lot less than we needed.
Speaker 2 (18:58):
To honestly smart, and I'm sure that you are thanking
past you for that decision, because I can't imagine the
financial pressure you would have been under if you had
borrowed one point one million dollars at this point in time,
like chaotic, I feel like you might have been forced
to sell. So tell me a little bit more you
borrowed six hundred and fifty thousand dollars for this home.
(19:21):
What do you think it's currently worth if you purchased
it in twenty twenty one?
Speaker 5 (19:25):
For what we can see like on real estate dot Com,
it's worth over just over a million.
Speaker 2 (19:29):
Now, okay, see this isn't as bad. I feel like
the more I get into your money story, the more
I'm like, okay, cool, Like, it probably feels like you're
drowning and you're just like not getting ahead, but as
time's going on, you're like supers ticking away. I'm sure
that your husband has a relatively healthy super account doing
what he does. You've got a nice amount of equity. Like, girl,
(19:51):
if you've got five hundred and ninety five thousand remaining,
you've got nearly four hundred thousand dollars worth of equity.
And that doesn't mean that we are cashing out and
borrowing more. But how good if like, let's be honest,
the sh one t hit the fan and you needed
to sell, knowing that you'd be sitting on a nice
amount of cash, I'll take some pressure off.
Speaker 5 (20:11):
Yeah, it definitely does.
Speaker 2 (20:12):
Absolutely, And then also in the future, once you go
back to being on your like full time, because you
mentioned before you're like, look, pro rather, I'm earning what
like sixty seven thousand dollars this last financial year, but
you're going to go back to one ten, Like you're
going to have some more wiggle room. We probably have
some more investment opportunity, and we could even potentially talk
about investment property like you guys aren't so behind that.
(20:36):
Oh my goodness, Like I don't know how we're ever
going to get back. But it still doesn't feel good,
especially when you are two incredibly educated human beings who
are doing their best and you're like, I can't even
work out how to do this, Like how are other
people doing this? Because I'm giving myself literally fifty bucks
a week, and if I want to do stuff with
the kids, I've got to use that cash. Yep. So
(20:56):
we're asset comfortable and maybe hash flow poor.
Speaker 4 (21:01):
At the moment. Yeah, that would be it.
Speaker 2 (21:03):
I feel like that's not the worst position to be,
but also not the most fun position, given you've had
to really knuckle down over the past little while. What
do you think your best money habit is?
Speaker 5 (21:14):
I can be very disciplined with money when I want
to be so once I realized that we were cash
flow poor and I put in the budget. We've been
really good at sticking with it, so we put that
in place back in May. And May and June were
like the first months that we actually spend less than
we're budgeted to spend, which.
Speaker 2 (21:33):
Is very cool and very exciting. Do you think that
will continue?
Speaker 5 (21:37):
Yeah? I think so. Now that we're both being a
lot more mindful with how we're spending money, I think
that will definitely rain in the amount that we're losing
or spending.
Speaker 4 (21:46):
Absolutely.
Speaker 2 (21:46):
And I feel like I talk to people all the
time about budgets, right, I'm like loke obsessed with budgeting
and cash flow and finance. I don't think that's a
secret in this community. But it's really interesting going through
your budget and realizing where your money is flowing. What
do you think was the most surprising thing that you
were going through your budget going hold on, that's costing
us what? Because I don't think it's surprising when you go, oh,
(22:08):
oh cut out this, like gym membership, but like, was
there a spending category that shocked you? Oh?
Speaker 5 (22:14):
It's one that I hear all the time on money diaries.
But I think it's the takeaway. The amount that we're
spending on takeaway was almost half our grocery budget, which
was ridiculous. Like my husband and I we enjoy, like
our thing to do together would just be to go
to a nice cafe and spend some time together at
a cafe. So I think we did a lot of takeaway.
So now we're just being a bit more mindful. But
(22:36):
it was, yeah, probably half of our grocery budget. We'll
spend in on takeaways.
Speaker 2 (22:41):
Yeah, when I went on my leg very short, but
when I went on maternity leave with Harvey, I was
tracking all of my spending and like I hadn't tracked
my spending as aggressively as I had until I had,
you know, a little bit more breathing room.
Speaker 4 (22:55):
And I was like, oh, I do the budgets because.
Speaker 2 (22:57):
Like any normal person on their matt leave, that's exactly
what they want to do. It's not but I was
very excited about it. I was shocked at how much
and like I should know, right, like we're smart people.
But like the little coffees, the fact that I would
go to the cafe and like use it as my like, oh,
Harvey and I going out like you know, I've got
a four week old baby. I thought I was on
top of the world, you know, even getting out of
(23:19):
the house in the morning for a walk on my own,
by the way, because like, to me, that was a
big feat. Are you telling me? Like I'm walking the
dog and pushing a pram at the same time by myself,
Like to me, that was massive.
Speaker 4 (23:31):
So I would get to the cafe.
Speaker 2 (23:32):
What do you mean and almond croissant is nine dollars
and at the time, I was like, yep, just an
Alma cissant and a latte. And then I'd reflect on
my like budget, and I'd be like, hold on, this
is like getting a bit embarrassing. And I was like, Steve,
did you know they've we spent like, you know, over
this week. I think it was like two hundred and
fifty dollars or something at cafes And I was like,
this is just a week. And he's like, well, how
(23:54):
did that happen? Because he didn't believe me, And I
was like, well, you know, we spent sixty dollars on
the Saturday, and then on this Sunday we spent thirty
dollars because we both had like a little you know,
treat and a coffee and I've been spending some money
during the week and then your coffee's added up, like
it just added up. And I was like, that's a
bloody grocery budget. That was so embarrassing, Like cut that out,
(24:16):
don't worry. But it's really confronting, isn't it.
Speaker 5 (24:20):
It is? And it's so easy to do, I know.
Speaker 2 (24:23):
I feel like they're the little treats that I'm like, no,
surely that doesn't eat into the budget too much, and
it really does. So I'm not cutting out coffee. I
think I've said that on the show before, not cutting
that out, but I will cut out the additional little
sweet treat or maybe we can have a few pieces
of toast before we go for our walk and just
have a coffee.
Speaker 4 (24:43):
Yeah.
Speaker 5 (24:45):
So yes, going out with the pup and the bub
together is a big.
Speaker 2 (24:50):
Feat when you're a new mom too. I feel like
people underrate that right, Like I remember my husband came
home and I said, guess what I did today? And
he was like what, And I was like, I went
for a w awk with Lucy and Pavey and he
was like, congrats, I guess, and I was like no, no, no,
I walked the dog and pushed the premp and he
was just like looking at me like I was crazy. Sorry,
(25:11):
I felt so naked. I was like, this dog that
is incredibly well trained, for some reason in my head
was going to be the worst trained dog in the
entire world. She was probably going to run across a
main road. In my head, I did it. And I
don't think we talk about that enough because to me,
I got out of that. And do you know what
I was wearing clean active wear?
Speaker 4 (25:29):
That's also an achievement.
Speaker 2 (25:31):
It's do you know what I had it made? I
had it made it four weeks.
Speaker 5 (25:36):
Yeah. I think sometimes just washing your hair when you
have the new bubbers an achievement as well.
Speaker 4 (25:40):
Do you know what I reckon that that needs to
be the priority.
Speaker 2 (25:43):
Like, you need a partner, a partner, birthing partner, friend,
come over watch my baby for the twenty minutes that
I'll be in the shower. You come out, you feel
like an entirely new human being. Like sometimes you just
need a shower and to step away from the baby
for like ten minutes. I know you don't want to,
but you will be six million times better as a
mum after you've had that shower promise.
Speaker 5 (26:05):
It makes such a difference.
Speaker 2 (26:06):
Now at money Dirives, we need to flip the narrative here.
What do you think your worst money habit is?
Speaker 5 (26:11):
I think because we both were earning a decent amount
before I went on that leave, it was so easy
to have lifestyle creep and just justify it. Like if
I picked up an extra shift before having my bub
I would just be like, oh, well, I've WoT this
extra shift. I'm having more money that justifies me having
takeout lunch, at a coffee or all those things. So
(26:32):
I definitely think lifestyle creep unchecked definitely ate up a
lot of potential savings.
Speaker 2 (26:39):
Yeah, and I feel like it's nice to reflect on that,
but also sorry, I enjoyed those things as well. Money
darist at the start of the show, you said, I
reckon I'm a B plus because we might not have
heaps of cash at the moment, but we're not bad
with money. What do you think it would take to
get you to like an A or an A plus?
Like what would have to change? Is it just an
increase in cash or they're like things You're like, nah,
(27:02):
I would need to do ABC and D Like, what
does that look like for you.
Speaker 5 (27:05):
I think at this point in time, an increasing cash
flow will be the majority of it, and the other
thing will be sticking with the budget longer term, because
at the moment it's got like a lot of momentum
having had the budget for about three months and been
doing well. But I know previously I've done all this,
done the budget, and about the six month mark, I
get a bit sloppy with it, and lifestyle creep starts
(27:28):
to creep back in, and so I think for it
to get higher, I need to be better at reevaluating,
sticking to the budget, and then tweaking it is needed.
Speaker 2 (27:36):
I've been saying this to my team. Actually we need
to get like a little group. And I don't even
know how to facilitate this, but like maybe a reminder
where we all get every three months to hey, we
know you're starting to slip off your budget train. Now's
the time to redo it. Because we all do it.
I'm guilty of it. Like I get in a mood
and I do my whole budget and I am perfect
(27:57):
for a week and then things start to slip or
there's something that popped up in my budget that I
forgot to budget for and then I'm like, oh, I
fix that later, and then all of a sudden, it's
three months and I haven't looked at that spreadsheet.
Speaker 4 (28:09):
I feel like we're all guilty of it. So we
need to find some way in.
Speaker 2 (28:12):
This community to foster more group accountability, because that would
be I don't know, for me, a lot more motivating.
Speaker 5 (28:19):
Yeah, have the what Monday money wins and every three
months are budget need to come up with a catchy
phrase for it?
Speaker 2 (28:26):
But yeah, exactly, And I'm not even sure if money
win is like that catchy, but I've said it so
often that people who have just adopted it and we're
just not gonna question it. So I'll think of some
kind of catchy like accountability something. But there's no day
of the week that starts with an A, So I've
got to get crafty.
Speaker 4 (28:45):
I might ask my friend chat GPT money darist.
Speaker 2 (28:49):
This has been such a good money hirie. I feel
like it just disreally relatable, like so many people in
our community are earning what you're earning and feeling justice stuck,
and I feel that it is a point of maybe
not contention, but a point where you're like, oh, I
feel a bit embarrassed because you're not a low income earner,
(29:09):
so you don't want to be seen to be like complaining,
but you also are working really hard for the money
that you've gotten gotten to that stage, and you go,
hold on, but I want to talk about it as
well and make sure that I'm on the right track
and doing the right things. And it would be so
nice to be able to share this load with somebody,
But then you don't want to because you feel like, oh,
I know, I'm not in the worst position ever, right,
(29:31):
So this I think has been the perfect little conversation
so many people who are in your position, My love,
Thank you. It has been an absolute pleasure getting to
share your story. Thank you so much, and I know
the community is just going to.
Speaker 4 (29:44):
Love the fact that this was just so relatable. I hope.
Speaker 2 (29:47):
But we get to cross pubs at some point in
Person two so that I can meet that little lady
who's been snugging you the whole time we've been doing
this money diary.
Speaker 5 (29:55):
Well, thanks so much, it's been so much fun.
Speaker 6 (30:04):
The advice shared on She's on the Money is general
in nature and does.
Speaker 2 (30:08):
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.
Speaker 6 (30:20):
The PDS TMD and obtain appropriate financial advice.
Speaker 2 (30:23):
Tailored towards your needs.
Speaker 6 (30:25):
Victoria Divine and She's on the Money are authorized representatives
of Money. Sheper Pty Ltd A b N three two
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