November 28, 2024 • 53 mins
Ever had money opinions that seriously clash with your parents? This episode is here to gently (okay, not-so-gently) challenge those outdated views and help you take control. It’s time to reframe the super conversation—not just with your parents but with your partner too. Because fair’s fair, right? If raising kids is a team effort, shouldn’t your retirement be too? We’re also breaking down the sneaky world of credit card interest—how it works, why your statement might not match what you owe, and how to stay ahead of it. And don’t worry, we’ve got all your Friday Drinks favourites too: money wins, broke tips, and a big ol’ serve of laughs. So grab a cocktail (or mocktail), settle in, and hit play!
This Black Friday, invest in you! Our course bundles are on sale—your chance to level up your finances, build wealth, and hit those goals. Click here for all the deets...
The book we’ve all been waiting for—The Business Bible—is finally here! This is Victoria's ultimate guide to levelling up your hustle, career, or big biz dreams. Grab your copy here.
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The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
the Order Kerni Whaltbury and a waddery woman. And before
we get started on She's on the Money podcast, I
would like to acknowledge the traditional custodians of the land
of which this podcast is recorded on a wondery country,
acknowledging the elders, the ancestors and the next generation coming
(00:22):
through as this podcast is about connecting, empowering, knowledge sharing
and the storytelling of you to make a difference for
today and lasting impact for tomorrow.
Speaker 2 (00:33):
Let's get into it. She's on the Money. She's on
the Money. Hello and welcome to She's on the moneyodcast.
(01:00):
That makes finance fun, especially on Fridays. It is again
our favorite day of the week because we get to
get our team together and celebrate you our incredible She's
on the Money community, Mister Grieci is here with some
money wins again from the community. Beck has a number
of Broake tips that she's gonna share with you, and
this week we're going to be answering a money dilemma,
(01:21):
which is all about exactly how credit card interest works
and something that you slid into our DMS about we're
chatting about dealing with what you think is outdated money views.
Speaker 3 (01:34):
Oh, I know that one's going to go.
Speaker 2 (01:36):
But before we get there, as always, we are going
to share our favorite five star reviews from the podcast.
Speaker 3 (01:44):
Miss Beck sayed, yes, how are you? I'm really good?
How are you?
Speaker 2 (01:48):
I am great? Have you got a good review to
share with the team? I do?
Speaker 4 (01:52):
This one comes from Emilee. I just love how easy Victoria,
Jess and the team make money to understand. They make
it really relatable and break down those gender and societal
norms where only the men get to know this stuff.
Speaker 2 (02:05):
And then you realize it's like really easy, and of
course you can do it because like the boys can
do it totally.
Speaker 3 (02:10):
Boys can do a week and do it exactly.
Speaker 2 (02:12):
It can't be that hard. It can't be that hard.
Speaker 5 (02:14):
I've got one this week from Rookie who said, I'm
gonna say it, Victoria divine is truly divine.
Speaker 2 (02:20):
Oh I see we did that, Thank you, Thank you.
This podcast is will take it. My dad says that that's.
Speaker 3 (02:25):
A bit cute.
Speaker 5 (02:27):
Podcast has been such a helpful tool in reaching a
member of your community who has had very limited access
to financial knowledge given my field of work. Thank you
so much for sharing your knowledge, tips and insights. The
skill of turning the dull and dry topic that is
financial literacy into a fun learning opportunity must be applauded.
Have been enjoying the banter from the co host Also
keep up the great work.
Speaker 3 (02:47):
Is that right? Thank you? Thank you is a fantastic groups.
Speaker 2 (02:51):
Thank you nice. I also have another fantastic one. This
one's from Lizzie and she says, longtime listener of the show,
and I've been really enjoying the new vibe since Beck
started last year. Isn't that so cute? It feels like
the show has found its stride again with the three
co hosts, and I am so enjoying your updated format.
(03:11):
I really like hearing Beck's perspective. She and Victoria have
great energy together, which reminds me of Georgia King. So
if you hadn't been around, Georgia used to be on
the show, but then she moved to London. Yes, Beck
got the gig.
Speaker 4 (03:25):
Oh my god, I actually my stomach is like doing first.
Speaker 2 (03:29):
That's so cute and yeah, this is all about you.
I keep picking ones that are just like I'm going
to die, and I really like how Beck represents the
everyday person who might not have as much financial knowledge.
Really enjoying the vibe of Friday episodes and hearing the
three she's on the money ladies, keep up the great work,
and please do some more content on weddings and bridesmaids
(03:51):
and travel.
Speaker 3 (03:52):
Okay, so much?
Speaker 2 (03:54):
Isn't that cute?
Speaker 3 (03:55):
It's really sweet? I love it. I love it.
Speaker 2 (03:58):
But let's get back into the show. Enough ego stroking.
If you would like to leave a review, obviously you
can do that on Apple, So Apple allows you to
type and you could even ask us questions in the review,
which I might. Let's slip through to the keeper, you know, like,
if you've come this far, you're doing us a solid.
Will do you a solid? But onto the community, Jess,
(04:21):
what's happened in our Money Wins and Confessions thread this week? Already?
Speaker 4 (04:25):
Firstly this week we've got one Frihannon that started as
a loss, but it turned into a win. She said
she had to get a tire replaced on her car.
She didn't check when she left it with the mechanic,
and when she came back the next day, they changed
the wrong tire, So she took her back the day
afterwards and they changed. They do that that actually did
to be changed, so she did it with two year
free tires for the press.
Speaker 3 (04:46):
That's amazing.
Speaker 2 (04:46):
How did they change the wrong tire? I know. It's
like when they hear and this is maybe wad to
have my foot amputated, and then you come out You're like,
that is the wrong foot? Fu, how do they get
that wrong?
Speaker 3 (05:03):
He's so bad.
Speaker 5 (05:05):
My partner's a physio and he says whenever someone comes
in for like something that's one like one leg, one shoulder, whatever,
he always has them like point at the one just
in case, because he doesn't want to like, yeah, go
for the.
Speaker 2 (05:16):
Wrong thing, hold on backtrack. If they only have one foot,
he makes them point at their one.
Speaker 5 (05:20):
Probably not in that case. I would imagine there might
be some flexibily there. Next, I've got a money win
from Sammy who said money win. I shopped stasher Bags
Black Friday sale and bought a twelve pack of bags
that seemed like a suspiciously good deal. Turns out the
website had an error and they had accidentally listed the
pack of twelve for the price of one. They have
(05:41):
since offered to ship out the additional eleven bags for
free to honor the purchase as they shoot a point,
get eleven free.
Speaker 2 (05:49):
Also, like Stasher bags are really expensive, so that definitely
was an error.
Speaker 3 (05:54):
Like that's a good win.
Speaker 2 (05:57):
Next, I've got a money win from Alicia, who said
she opened up her.
Speaker 5 (06:00):
Shares his account. She obviously owned the SotM code. She
invested in some shares and she got a divid end.
Speaker 2 (06:06):
Of twenty cents. Incredible for all little things. Big things grow.
That's not even going to get your Maca's cone yet,
but it will will She's going to grow.
Speaker 3 (06:16):
We love that. Incredible.
Speaker 2 (06:17):
Next one from Melinda who said she just did the
New South waleses toll relief rebate online and she got
herself a very tidy three hundred and eighty dollars back.
Speaker 3 (06:28):
So like free money.
Speaker 5 (06:30):
I'm going to tell you, she said, if you go
onto the Service New South Wales website to check if
you're eligible, if you frequent the toll roads in Sydney
it is Sydney specific sad for those of us in Melbourne,
but if you're in the Sydney.
Speaker 2 (06:42):
You do you drive up to the family, So great
to know.
Speaker 3 (06:45):
Jump on there.
Speaker 5 (06:46):
Check it out the New South Wales website service New
South Wales Nose. I've got money from Emmy who said
she didn't feel like cooking on Saturday. I get that
instead of doing takeaways, she went to col She got
herself two frozen pizzas that were on special for dollars
fifty for the duo and a three dollars fifty tharlic bread.
She went to the checkout found out she had a
ten dollars fly by as voucher pizza for two for
(07:08):
six dollars fifty.
Speaker 2 (07:09):
Okay, but like frozen pizzas, the what is the brand?
Speaker 4 (07:13):
It's the like Doctor Restaurante, the rests one, like they're
actually so good, the spinach one and they go on
sale and they're like four dollars each.
Speaker 2 (07:23):
Yeah, you want to make it bougie. This is what
Steve and I do. Okay, we get two pizzas because
like you need a whole one each because they're quite
thin based, like that's a meal. So four dollars for
your pizza and then you get a bag of what
is it rocket or pizza? Yeah, but I'm not putting
on pizza oh side, salad, oh side salad, diet coke,
elite meal.
Speaker 3 (07:44):
Oh that sounds amazing. It was a journey and a pair.
Speaker 2 (07:47):
Oh yeah, but like that's a bit bougie. I'm sorry,
I don't I don't want the pair, but apparently what
you don't put pair in your salad? Pair and parmesan
and salad.
Speaker 5 (07:55):
Yes, I thought you mean on the pizza, and I
was like, that's taking one of.
Speaker 2 (08:00):
Pineapple but worse. No, one of my favorite pizza shops
which is near my house. So I'm not going to
name names, but if you know, you know they also
sell the Blazing Pizza.
Speaker 3 (08:10):
Very good, but they do.
Speaker 2 (08:12):
A pair parmesan and goats cheese like pizza.
Speaker 3 (08:17):
Unsure. No, you wouldn't do you know what? You wouldn't
love it?
Speaker 2 (08:20):
I don't put it beck and I would love it. Yeah,
you'll order your margarita every single day of the happy
I've actually ordered you the margarita from that place and
we've had it together before and you said it was
really really like, I guarantee these pizzas the Blazing Pizza. Okay,
I'm just going to explain these.
Speaker 3 (08:37):
You need to know.
Speaker 2 (08:39):
So it's red sauce pizza bas like salami pepperoni, mint leaves,
married as spokes, valley cheese and lemon.
Speaker 3 (08:48):
Oh no, it's the mint got me the men.
Speaker 2 (08:53):
Oh it's next level.
Speaker 3 (08:55):
Okay, well maybe you can come to my house.
Speaker 2 (08:57):
I'll order the pizzas report.
Speaker 6 (09:00):
Yeah.
Speaker 2 (09:00):
Yeah, they also do a very good chocolate moose.
Speaker 3 (09:04):
I love chocolate moves.
Speaker 2 (09:05):
Okay, so I can sell you. Yeah, anyway, back to
frozen pizza. Four dollars money win pargain.
Speaker 5 (09:12):
Lastly, this week, I've got one from Anna who said
a money lost, but a happiness win. She went to
the Wiggles show with her two toddlers and spent eighty
dollars two bubble ones, so overprized.
Speaker 3 (09:24):
And it kept them entertainer.
Speaker 2 (09:25):
Wiggles, We've got to talk, no wonder you guys are
all rich.
Speaker 3 (09:29):
Literally.
Speaker 5 (09:30):
May I suggest someone has said this in the group before,
But if you're going to a kid's show, a Bluey
a Disney on eye said, pre buy your toys Kmart,
hide them in your back hack and just bring them
out when you get there.
Speaker 2 (09:43):
Kids, get the toys. It's a lot cheaper the bubbles.
Speaker 5 (09:46):
Dollars for bubble ones is certifiedly that's criminal, that's highway robbery.
Speaker 2 (09:52):
Like I actually can't.
Speaker 5 (09:53):
I mean they're a bit of plastic ones probably dollars
quarters for two.
Speaker 4 (09:58):
Still yeah, I know, but still it's like I just
can't imagine.
Speaker 3 (10:03):
Do the pre shop, That's all I'm saying.
Speaker 2 (10:04):
I do the pre shop absolutely when parents go to Disney,
and that's obviously very like niche because it's American, But
like I would be stuffing my bag for like they're
not getting anything at Disney, Like no, absolutely not. Everything
is so expensive. Wow, I got a Mickey cookie cut
up Mickey sandwiches. Like it's just it's not happening.
Speaker 5 (10:21):
You can pray buy like so many of the licensed
things now, like Camar on Target.
Speaker 2 (10:26):
Yeah. And one of the tips that I got when
like someone messaged me while we're in the US, they said,
go to the op shops near Disneyland if you're ever traveling,
because a lot of the merch ends up there, so
you can buy like the popcorn buckets, or you could
buy like the bubble wands or whatever for super cheap
and then you can take them to the parks exactly.
(10:47):
So always check op shops for merch.
Speaker 3 (10:50):
That's a great idea.
Speaker 2 (10:52):
Not bad, not bad. What are your broke tips this
week there.
Speaker 4 (10:55):
Okay, just really quickly, I want to say, with the
person who told us about her car tires, if anyone
wants me to put a video up of how to
change your own that I do the money I do, would.
Speaker 3 (11:08):
Would would show you.
Speaker 2 (11:09):
I'm actually gonna make it gold and cheese on the
money if you're willing to be a actor, a paid
unpaid actor. Yes, yeah, that would be really good content. Okay,
great other day, did you see the other day, I
was like, oh, I can change my own wiper blades.
And I was like, oh, I buy them from wiper Tech.
My dad told me to, like, you don't question my
(11:30):
dad when it comes to cast stuff. So I ordered
them and then I just changed them myself and it
was so easy and so cheap. Yeah, it just it
made sense. But so many people don't know that you
can just do it yourself. Yes, exactly.
Speaker 3 (11:42):
It sounds like it's sponsor, but it's not.
Speaker 5 (11:44):
But that wipe Tech brand is who I use too,
because they've guarantee that if you can't put it on
and they'll just give you money back.
Speaker 1 (11:49):
Yeah.
Speaker 3 (11:50):
I like that's so.
Speaker 2 (11:51):
Yes, but that's a good deal. And I have actually
DMed them and asked them for a discount coach because
like they're surprisingly they're actually a small business. So I
was like, oh, I like that, we're supporting them, and
so I asked for a discount code. Foreshes all the
money yet tear back. But if we get one, I
will pop it in the show notes and I'll like
pop it all over social media, because like we should
(12:12):
just be doing this stuff ourselves. It feels over. It's
like finance. For so long we've been told like, oh,
that's a man's game, like car stuff. It's easy. Yeah,
it really.
Speaker 3 (12:23):
It all makes sense as well, Like.
Speaker 4 (12:24):
I changed my window over the weekends, finally did put
all the panels off blah crazy and you know, your
side mirrors, all these things, like you know, if you
can do it, if one person can do it without
the help of like big industrial size lifters and things,
you can do it in your own backyard.
Speaker 3 (12:43):
So I would love to.
Speaker 2 (12:44):
I love so we're all just changing our wipers, we're
topping up our wash of fluid, we're changing our oil.
I love this for us.
Speaker 3 (12:50):
Yep, completely great.
Speaker 4 (12:52):
I think that's so good. So cool, Well I'll do that.
I wouldn't have been clear out my my boot for
the press. I'll just make it as possible.
Speaker 2 (12:59):
Absolutely love this for us.
Speaker 4 (13:01):
Okay, so my broke tips. This first one comes from Lisa,
who says, stock up on all frozens.
Speaker 3 (13:08):
I'm assuming you.
Speaker 4 (13:09):
Know, like your turkey's your chickens on Boxing Day because
of those things they stay, they stay good, and the
next year you've got it all there. So it's also
even if you paid full price for it this year,
for next year, it will still once you get there
feel like it was free.
Speaker 2 (13:24):
But wait until it goes on sale.
Speaker 4 (13:25):
Everything will go on half price even cheaper, probably when
they get desperate and just stock.
Speaker 3 (13:31):
Up if you have the space.
Speaker 2 (13:32):
So love a Boxing day ham, Yeah, boxing hair, So
like a boxing day ham obviously if you don't like
Christmas ham weird but okay, but like baking a ham
and then having ham sandwiches for the period of time
that the kids are off school and like school holidays,
and like you can use the hambones to make soup
(13:53):
and like there's just so much you can.
Speaker 3 (13:55):
Do with it.
Speaker 2 (13:55):
But ham is usually really expensive. So yeah, that's also
a hot tip, so you're not freezing it, but like
that's a good mulchi purpose item that you could purchase
and your money's worth and you can make like ham sandwiches,
take them to the beach over summer. Like that's my
childhood right there, Ham mustard sandwich with like fresh white bread.
Speaker 3 (14:16):
Yep, fresh with fresh Eric.
Speaker 2 (14:18):
Now it's freshly baked by Eric. My dad's taken up baking.
Oh yeah, he bakes bread now. And so whenever I'm
going down to his house, I like put in a
little bread order. I've been really liking his rice aldo.
Speaker 3 (14:29):
Yeah, will you bring some in?
Speaker 2 (14:32):
Yes, I will bring some Eric bread for you. Thank
you one hundred percent. You will be shocked at how
good it is, because I was too when he said
he was baking. I was like, oh, here we go,
here we go. But it is very good. And also,
do you know what, I'll ask him for the tips
because he buys the really big boxes of bread flour. Yeah,
and he's already done the maths on how much each
(14:53):
loafer is costing him, and he's like, oh, baker's delight,
this would have cost you seven dollars in my kitchen
two dollars eighty. Like he's a wizard. He's a wizard. Yeah, okay,
that could be that far from it could be a
broke tip. Maybe if you get those, yeah, Eric spread tips,
get those to just get that bread.
Speaker 4 (15:14):
Also devon instead of ham. I don't know if you
guys ever dabbled, but anyway, Oh no, you guys call
it something else.
Speaker 3 (15:20):
I don't know. Don't you speak a different language right now?
Speaker 2 (15:23):
No?
Speaker 3 (15:23):
No, I always had devan. You call it true, we
call it. But what do you mean if you ever dabbled?
Speaker 2 (15:31):
That is all I would accept as a sandwich option
growing up. Devon sauce, white bread, and the storm mustard.
Oh that's way too fancy.
Speaker 3 (15:41):
I haven't tried that one, but I will try that one.
Speaker 2 (15:43):
Tomato sauce, stras stras sandwiches Victorians.
Speaker 3 (15:53):
I'm not a meat Jesse also doesn't lack sandwich. I
don't even know. I can't imagine. You got can buy
a lot of love sandwich.
Speaker 2 (16:01):
Like my favorite food, like not not favorite, but my
most convenient lunch is the seven eleven sandwich, like through
and through. Like if you know me in person, you
know I'll be like one sambo like that's I'll shout,
like I will go and get them. I drive from
my office to get a seven eleven sandwich because in
my head, that's the easiest lunch option for me.
Speaker 3 (16:25):
Jessica doesn't eat them. Come on, I'll get a seven
eleven piles something I know you do.
Speaker 2 (16:29):
It's not the point. This isn't sponsored. This is just
me genuinely having a very deep passion for seven eleven sandwiches.
But like good cries, how can you not like an
eggle lead of sandwich?
Speaker 4 (16:40):
I think after a few bites, I'm like, okay, I've
been here, have done that.
Speaker 3 (16:44):
You know, chicken chicken abbow, I like you.
Speaker 2 (16:47):
Like the chicken avo. They also do a very mean
ham tomato cheese.
Speaker 3 (16:50):
I just get really worried about gristles. You know, I
don't like gristly meat.
Speaker 2 (16:53):
Why would they use gristly meat? They would sell no sandwiches.
Speaker 3 (16:57):
Scared someone just literally walked out of my grave. Give
me sorry, Sorry, you got okay. Next one comes with
my friend. Now.
Speaker 4 (17:05):
I know this is it's kind of briefly mentioned before.
I know, I know you've got that commerents. But Victoria,
I know you don't like me reusing, so I don't
think this is a technically round because we.
Speaker 2 (17:14):
Should be getting the most value out of your segment.
I know it gave you your whole segment, and you
keep telling me the same thing.
Speaker 3 (17:22):
I know it's cheating, but this one is a little
bit of Australia.
Speaker 2 (17:25):
But my friend, you have it.
Speaker 3 (17:26):
My friend literally changed the trajectory of her life by
doing a free course manifestation and that too. Oh no,
that was a joke. What's the free course?
Speaker 2 (17:37):
It was how to build.
Speaker 3 (17:39):
A multi level mark feeling skeptical. I'm not gonna lie
to you.
Speaker 4 (17:43):
No, it was one of those you know, Victoria, I
don't know if everyone does it, the free taste, the
free tape courses. Okay, there was actually a good store, yeah,
outdoor something. So she's like to guard and doing like
all this kind of stuff.
Speaker 2 (17:54):
Oh that's cool. So she did a free taste course
and then got a new job. Is that what you're saying?
You like, upskilled?
Speaker 4 (18:01):
She upskilled, But she's like, actually just completely changed. Like
she was a cartographer.
Speaker 3 (18:05):
It's like a map person.
Speaker 4 (18:06):
I don't really understand it now doing outdoorsy stuff, which
is what she actually closed.
Speaker 3 (18:10):
That's her passion.
Speaker 2 (18:11):
And I just feel like Taifa is free too.
Speaker 4 (18:13):
It is free and if you well, you know, particular
courses and if you just like keep checking every year,
I feel like they change, they update, and just just
see what's going.
Speaker 2 (18:21):
We're always looking because Jess and I we keep talking
about wanting to do an olds Land course, but we
haven't found one that's like accessible for both of us
and on days that work, because the Odds Land course
that we want to do, like is like the proper one,
and I think it's our closest one is in the
city and it's on like a night that doesn't work,
and it's just it's not going to work out yet,
but one.
Speaker 3 (18:39):
Day we will get there.
Speaker 2 (18:41):
This might be so cool.
Speaker 3 (18:42):
That would be really cool.
Speaker 4 (18:43):
I know one handed because my Grandma's death, so I
could teach you that, but it's not very universe.
Speaker 2 (18:48):
No, I like it. We've started doing sign language for
Harvey actually, and so we've made sure that it is
oz Land sign language, so I can do some small things.
But maybe Harvey and I are learning together, like he
knows eat and more, and he knows like all done,
and he knows like milk, and he knows water mom
and dad, so like there's like a heap of them
(19:09):
that we've been slowly learning. But I think it's really important.
Speaker 3 (19:12):
That's cute. That's a really really good one to learn.
Speaker 2 (19:15):
Yeah, when you have an audio based product podcast exactly, exactly.
Speaker 4 (19:21):
Okay, So this next one was obviously my own. It
is Black Friday related.
Speaker 3 (19:26):
And it is my Friday days.
Speaker 2 (19:27):
That's perfect is today.
Speaker 3 (19:29):
I was like, when the hell is black?
Speaker 2 (19:31):
Actually today? That's today?
Speaker 3 (19:33):
Good to know, good to know.
Speaker 4 (19:34):
So Woolworths are doing a I don't know if you've
heard of Everyday Extra, but it's like I have, Yes,
you can genuinely if you shop at will Words a lot,
you can genuinely save like a fair bit of money
every year, every month. Even so basically for thirty five
dollars a year, you could save up to one hundred
dollars every month. And so this particularly deal, Everyday Extra
is half price because of Black Friday.
Speaker 3 (19:57):
And I would recommend having.
Speaker 4 (20:00):
A look because if it, yeah, and if Woolwards is
doing it, I'm assuming that like Colds and Flybys and
all this kind of similar deal. So but I just think,
take advantage of these black write things. And if it's
thirty five dollars once off and you're saving money for
the whole year.
Speaker 3 (20:14):
I don't know, that's a win win.
Speaker 5 (20:16):
Yeah, and you get a I remember seeing Emma Edwards
the broke and you get a free thing every so often,
like it's random.
Speaker 3 (20:23):
She was she.
Speaker 2 (20:25):
Wanted the chocolate and then got the peppermints, and I
was like, I would have been so annoyed by that too.
Speaker 5 (20:30):
Yeah, but like you get quite often. I think, like
you get to pick up a little freebie, which is
kind of fun.
Speaker 2 (20:34):
So that's me. I like that. No, I reckon that
is a really good place to believe it. All right,
let's go to a really quick break on the flip side.
I'm excited for this. We've got a money dilemma about
exactly how credit card interest works. And you slid into
our dams about something that I think is gonna get
a little bit spassy dealing with what you think is
outdated money use. I don't go anywhere, guys. Welcome back everyone.
Speaker 3 (21:03):
Let's take a listen to this week's money dilemma.
Speaker 2 (21:07):
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.
Speaker 3 (21:20):
To get involved.
Speaker 2 (21:20):
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. Hi,
she's on the money.
Speaker 6 (21:33):
Look. I work as a banker, and I've noticed that
a lot of people really don't understand how interest works
on credit cards, specially residual interest, and there's a lot
of confusion around that. I think it would be absolutely
awesome if you could explain how interest on credit cards work.
Thank you bye.
Speaker 5 (21:53):
This is a good question because I actually didn't realize
until recently that my credit card interest period is more
than the money. Like I'd always thought in my head
that you whatever you spend in the month, you'll pay
off by the end of the month.
Speaker 3 (22:04):
Is it forty five days?
Speaker 4 (22:05):
It is forty five days. And also it's like from
the date of purchase. So within that month, if I
spent one hundred dollars on the first and then one
hundred dollars on the twenty eighth, I'm not paying the
twenty eighth that much, which I didn't really I don't
know why, like I just had obviously never taken the
time to figure it out for myself. But say again
to me what you're saying. So it's kind of like
(22:29):
a roving period, right. So, like my interest period on
my personal credit card is forty five days, which obviously
no month is forty five days, but it's also from
the date of purchase, yes, like within the month. In
order to avoid paying interest, I only have to pay
for the things that I'd purchased within the last forty
five days. Okay, got you got you got? Yes, And
so I used to think that if you paid for
something on the twenty.
Speaker 5 (22:49):
Eighth, yeah, I fully just thought whatever balance was, which
is really stupid, but I just thought, whatever's on my
card needs to be paid before the end of the month.
Speaker 3 (22:55):
Or a pay interest.
Speaker 2 (22:56):
I mean not sure that's a healthy habit. Yes, it's
a healthy It does give you a bit more flexibility
knowing that it's forty five days. Most of them are
forty five days. But you've got to make sure that
you're privy to the terms and conditions of your credit card,
which I would hope if you are signing up for
a credit card, you read Jessica. But I also think
(23:17):
before we get into this, credit cards like they are,
I think they're the devil, right. I think that they
are one of the worst things that can happen to
people who aren't good at money, But they are one
of the best things that can happen to people who
are great at money and are good at collecting points,
like a few people in my She's on the money team,
a fantastic at using credit cards, like Brook for example,
(23:39):
she is our video producer and does our course content.
She is so good at points hacking that she always
flies business class basically free, like wow, I am always
so impressed. But she's also very financially responsible, could never
be me Jess, very good with her credit card getting
all of her points Beck. It's not that side of
(24:01):
the table, Shu shun the non believer, like, it's just
not relatable. So I think it's really important to preface this.
I don't know, I feel like whenever I talk about
credit cards, I owe you guys a little bit of
an explormation or like a disclaimer beforehand that this isn't
going to work for everybody. But residual interest is something
we should all understand. So residual interest is sometimes called
(24:23):
like trailing interest, so it's interest that follows the loan
happens when you carry your credit card balance from one
month or one period of forty five values to the next,
and it builds up every day, so daily between the
time that your new statement is issued and the day
that your payment posts. So since it accruise after your
(24:46):
billing period closes, you're not actually going to see it
on your current statement like they don't. So say your
statement came out on like the twenty fifth of this month,
on the thirtieth of this month, you would have had,
you know, another five extra days of interest that has
built up. So if you paid out your quote credit
card in full on that day, you actually would have
(25:08):
had this trailing interest that is building up as well.
So if you're planning on paying out your credit card
in full, my recommendation is always call them up on
the day and say, hey, can you please calculate my
balance as at today and I will pay it today,
because otherwise you'll have trailing interest that needs to be
paid as well. So since it accrues, you can't see it.
(25:30):
So even if you paid like the full amount as
I was explaining, your next statement might come as a
surprise because you accruede some interest in that five day
window or in the window between your statements. Does that
make sense?
Speaker 3 (25:44):
So I've written out an example because I'm like, this.
Speaker 2 (25:47):
Is really important that you really get this so you
never have to like calculate it yourself. In fact, it
can almost be impossible to calculate it yourself. Your bank
or your credit card issuer will be able to do
that for you. But essentially you could estimate it, because
it accrues every single day, you don't know at the time, whatever,
(26:07):
you could estimate it. So say you got like a
whole heap of expenses a crew on a credit card
bill and you just couldn't afford to pay it off
all at once, and so you had one thousand dollars
on your credit card from last month's statement, and maybe
say that your annual interest rate is eighteen percent. I
feel like eighteen percent is a pretty normal interest rate
(26:27):
for credit cards these days, because most credit cards in
Australia sit between like sixteen and twenty five percent as
an interest rate. So what you would do is you
would divide your annual percentage rate of eighteen percent by
how many days there are in the year. So you're
going to divide eighteen by three hundred and sixty five days,
(26:48):
and that takes it to being So the answer to
that is point zero four nine three percent. So that's
not going to make a lot of sense right now
to you.
Speaker 3 (26:57):
But when you.
Speaker 2 (26:58):
Multiply this by your current DAN so you've got that
current balance of one thousand dollars, the result is forty
nine point three cents. So that's what you're going to
add to the balance every single day that you don't pay.
So you know how I was explaining, like, if your
bill came on the twenty fifth and then it's due
on the like, or you paid on the thirtieth, and
you've got those five days, you would need to take
(27:20):
that forty nine point three cents per day and accrue
that every single day. Now that doesn't mean it will
be one hundred percent correct, but that's a good way
of like estimating it. So if I guess your billing
cycle for that credit card bill that you you rolled
over from last month because we just couldn't pay it off,
is one thousand dollars, and it begins on the first
(27:41):
of every month, And let's say you pay off the
thousand dollars on the eleventh of that month, you would
be charged approximately four dollars and ninety three cents in
residual interest on that thousand dollars by the time the
payment was received. So does that make sense. So it's
like this tiny amount of interest, which they were clear
(28:02):
to you existed, But residual interest is the interest accrued
between the day you got your bill and it was
clear to you what you owed and then the day
that you paid it.
Speaker 4 (28:11):
And the interest is going on the amount that you
owe or the entire so for example.
Speaker 2 (28:18):
It'll be on the amount that you owe. So, like
as Jess was saying before, like if you're in your
and this is why credit cards start to get real
complicated really quickly. Say you had that one thousand dollars
that rolled over from last month, and that's there on
the first of this month, and then two days in
on like maybe let's say the third of this month,
you made a new purchase. That interest wouldn't apply to
(28:40):
that purchase that you just made because you're in your
forty five day interest free window. It would only apply
to that one thousand dollars. But after that forty five days,
if you had that one thousand dollars and your new purchase,
the interest would accrue for that too.
Speaker 3 (28:53):
Gotcha, okay, gotcha? Does that make sense? It does? It does.
Speaker 4 (28:57):
So let's say, for example, because it's been a long
time credit card, but let's say, for example, the entire
credit card you have used like five thousand dollars of it,
but the actual bill was like one hundred and thirty
eight dollars. Ye, just to clarify the if your interest
is being on that full five thousand, full five thousand, okay. Yeah,
So that bill.
Speaker 2 (29:14):
That you get in the mail, which is really frustrating
to me, Like I want a bill to come in
the mail and be like bexsied you wigh five grand?
Speaker 3 (29:22):
Yeah, okay, But what.
Speaker 2 (29:23):
They're going to do is this is the minimum repayment.
You only have to pay us back one hundred and
thirty eight dollars of this five grand. And you go, oh,
that's not so bad.
Speaker 3 (29:31):
I'll just pay that. Yeah.
Speaker 2 (29:33):
But you know how we always talk about the magic
of compound interest and how sexy that is, and that's
the money that your money makes, and that money makes
money over time. That's exactly how credit card debts work.
But it's upside down. So every single day that you
hold credit card debt, you're essentially instead of paying. Like
(29:53):
we know, the Australian share market, right on average, over
the last thirty years, has returned about nine point two percent, right,
your credit card debt is racking up way more than that.
So like it's at eighteen percent. So like every month
you're paying the bank eighteen percent. So you can now
see why it's such a good investment for banks to
offer credit cards because they're getting eighteen percent return every
(30:15):
single time you don't pay your bill, and it's not
in their best interest to issue a statement that says, back,
by the way, here's the total amount you owe. By
the way, like work really hard to get rid of this.
They're going to go, hey, Beck, so you only also
one hundred and thirty eight dollars because we'll just roll
the five grand over and you can just pay interest
on that. Usually your one hundred and thirty eight dollars
is your interest payment. You just have to pay your
(30:37):
interest and keep it going. So, Beck, I've jumped onto
the moneysmart dot gov dot au website, which we all
know I adore, right, and they have a credit card
calculator which if you have credit card debt you absolutely
should go on here, But we use the example before
you said, V what if I have a five thousand
dollar credit card interest rate, We're going to go with
eighteen percent. If you make minimum repayments of that one
(31:00):
hundred and thirty eight dollars each and every single month, Beck,
that will take you thirty four years and seven months
to pay that debt off.
Speaker 3 (31:09):
Oh crazy, wow?
Speaker 2 (31:11):
Right, And that's at minimum repayments, Okay. That means over
that period of time, you will pay, in addition to
the five thousand dollars that you borrowed, an additional ten thousand,
six hundred and forty seven dollars because you borrowed the
money from the bank at eighteen percent.
Speaker 3 (31:27):
WHOA, it doesn't not just hurt your side?
Speaker 4 (31:29):
I know I can totally see too how I mean,
of course, like it just happened to me, but like
how easy it is to just be snowed under it.
Speaker 2 (31:36):
It's a slippery slope. Because you just got the letter
in the mail and it said, Beck, your minimum repayment
is one hundred and thirty eight dollars, and you said, fantastic,
I'll just pay that then. But what you're choosing when
you pay that as the minimum is you're choosing another
thirty four years and seven months to pay that off,
and you're choosing to pay an additional ten thousand, six
(31:57):
hundred and forty seven dollars on the debt that you
already owe. WHOA Like it's not worth it, is it?
But they don't want you to kind of know that.
So the thing that they will highlight is that all
you have to pay today is one hundred and thirty
eight dollars. I mean, if you look at the rest
of the statement, legally they are going to have you
know your total amount owing and how long it will
take you. But you didn't see that because it's in
(32:17):
the fine print. It's down the bottom. Like they're not
highlighting that. They're highlighting the pretty thing up the top
right hand corner. Usually that says minimum repayment due on
the thirtieth of this month. There's one hundred and thirty
eight dollars. And you think palatable too bad? One hundred
and thirty eight dollars, I mean, oh, five grand, but
at least to have new furniture for the house that
I've just moved into, and it's taken a whole heap
of stress off me. Don't get me wrong, We've all
(32:39):
been in that situation. But this is why we need
to prioritize our debt reduction and paying off our credit cards,
because it's stripping away more than ten grand of your
money by choosing minimum repayments. Yeah, but the credit card
company does not want to educate you on that because
it makes them a lot of money opening They just
(33:00):
turned that five grand that they lent to you into fifteen. Wow, geniuses.
That mean I'll give anyway? So does that make sense? Yeah?
I feel like discussing residual income. That was a good one,
maybe even if it's not like your money dilemma. But
you want to like pop a voice note in and
send us a like, hey, could you explain this on
(33:22):
the show? That would be really cool. I love that. Yeah, definitely,
I love that because like we're always like, what should
we do? What are you guys interested in? Like, how's
that going to add value? You tell us?
Speaker 6 (33:31):
Yeah?
Speaker 3 (33:32):
So true.
Speaker 2 (33:32):
And the intern, terrible intern actually deleted all of our
voice notes that we had on our website. See the
intern is Victoria. Yeah yeah, yeah, then I didn't know
that they weren't backed up. I thought that like they
would save somewhere else and they didn't save anywhere else.
So now we have no voice notes, and we've got
(33:53):
like one or two left. So if anybody is feeling
charitable and would like to help us top up our
voice notes, you can head to our website and hit
the podcast page and then there's like a record a
voice note for the show. You can leave voice notes
about questions you'd like on the show, love notes, whatever
sets your heart on fire.
Speaker 3 (34:11):
That's so cute.
Speaker 5 (34:12):
Excellent, Well, let's set into the spicy spicy DM.
Speaker 3 (34:15):
I can't wait.
Speaker 2 (34:16):
Are you ready for the spicy DM? That's already Okay,
here's the DM we got this week. Hey, she's on
the money. I believe if one person takes a career
break when looking after children, the other partner should contribute
to their super But my dad thinks it's disrespectful to
even suggest this, saying it's the kind of thing that
could drive a partner to walk out the door. I'd
(34:38):
love to hear your views and maybe get some AMMO
to prove to him he's got a very outdated view.
Speaker 3 (34:45):
Oh gosh, to start.
Speaker 2 (34:50):
Hey Dad, did you ever change a nappy?
Speaker 3 (34:52):
Literally?
Speaker 2 (34:52):
It's giving boomer energy? Did you ever change a nappy?
No interesting concept?
Speaker 3 (34:58):
Did you?
Speaker 2 (34:59):
How are you financial supporting mum? Dad?
Speaker 3 (35:03):
I think it's like if you have a child.
Speaker 4 (35:06):
It's so funny when when men say like they can
only really empathize with women when they have a woman
in their life that they care about. It, It's like
I can still, I can empathize with a with a
dog that's being hurt. I'm not a dog. Yeah, I
don't own a dog. But I didn't see that that,
you know what I mean. So I'm like, that's a funny.
But anyway, I'm not to perentuate that.
Speaker 2 (35:24):
I always find it so interesting, Yeah, but not to
perpetuate that.
Speaker 3 (35:28):
Like, you have a daughter, so you should understand.
Speaker 4 (35:30):
But seriously, your daughter could be in a position where
she's financially dependent on someone who is making her life
miserable or literally so many other scenarios that could play
out if your daughter doesn't have any money when it
gets to retirement, you know. So I'm like, it's so
you're saying you would actually prefer the financial freedom to
(35:53):
sit in the hands your daughter's husband. Yeah, so that
if something happens, she's fine financially scrooged and he's Okay.
Speaker 2 (36:02):
So that's okay with you.
Speaker 3 (36:04):
That's what it sounds like.
Speaker 4 (36:05):
It's like, okay, well she might be and you know, Touchwood,
but realistically, at that point when your daughter is ready
for retirement, has maybe like thirteen thousand dollars in her
super hopefully maybe less, maybe more, and you know, obviously
the parents might be gone by then maybe something's happened
to the husband Touchwood, hopefully not, and you're comfortable with
(36:28):
the idea that your daughter has nothing really to you know,
she can't really afford to live, she can't afford to cook,
she can't forward to This is a very extreme.
Speaker 2 (36:38):
Story, obviously, but it's actually, sadly a very real scenario.
Speaker 3 (36:43):
I really know that.
Speaker 2 (36:44):
The biggest demographic of people experiencing homelessness are women in
their fifties and sixties. Yeah, and it is because they
weren't financially supported into retirement or they went through a
divorce or a separation and ended up with no superinuation.
And it's the culmination of all of those tiny steps
along the way, right, Like you might think, oh, no,
(37:06):
it's fine, I'll just take a year off because like
I really want to have a baby, and then you're
letting your partner overtake you when it comes to career progression.
Because so many times, oh so many times, when I
was a financial advisor, I'd see women come to me
and their partners were, you know, had really high incomes.
It doesn't matter what they did, but they had high
incomes because of the sacrifices that their partners made to
(37:28):
stay home and look after the family and contribute in
that way. That then the partner would be like, no,
I worked hard for my money, as though the sacrifice
wasn't held as like the burden was on women the
entire time.
Speaker 4 (37:44):
Yeah, I know, it's so crazy that like two people
are deciding to do this thing together. And let's say,
I know I don't want to like in a baby
too like a pet, but just for this scenario, just
for this story.
Speaker 2 (37:56):
Oh like the other I was sitting at the dining
table and it was like a little bit of ham
for my sound, a little bit of ham for my dog.
Speaker 4 (38:01):
Like, but two people they want to say, for example,
by a dog, imagine one of the two people. Let's
take gender out of this completely, and now we're looking
at just two figures. And now does it it does
sound a little bit more ridiculous when you take gender
out of it and you just look at two people
and you're like, two people have decided to do this thing,
(38:23):
only one of you.
Speaker 2 (38:24):
Sorry, you can't work.
Speaker 3 (38:27):
Actually you can't get any money.
Speaker 2 (38:28):
You can't get any soup, but you can't get any
like for you, actually just none for you, randomly for
absolutely no reason, just some arbitrary reason.
Speaker 3 (38:35):
There is a reason, you know, gap babies maybe need
breast milk or whatever.
Speaker 4 (38:40):
There's there's maybe many reasons why this one figure might
have to stay home. But it's like when you look
at it like that, you're like, but these two people
made the decision, So why is only one getting all
of these consequences? You know, it just seems so unfair,
because yes, an unfair division of labor, sexual relationships work, Beck,
(39:02):
I don't like that, and I just think.
Speaker 2 (39:04):
So don't have a heterosexual relationship. Yeah, true, It's like
I won't, but I think it is. It's super interesting
because I don't even think that's outdated, Like I just
think it's wrong, like even history, Like let's go back,
let's go back to the nineteen fifties, Gregory, let's talk
about it. Did you have a job that could put
(39:25):
food on the table, a roof over the heads of
your family, and go on a family holiday each and
every single year without your partner working. Great, you probably
could have in twenty twenty four, that is not the reality.
In fact, both parents need to work. And I'm sorry
women are still being paid less, Like why aren't you
as a girl? Dad mad that your daughter doesn't have
(39:47):
the exact same opportunities as a boy born on the
same day as her yep, Like I remember the day
that I gave birth to Harvey because we didn't know
his gender, Like, we had no idea if we're having
a boy or a girl. And I remember thinking like
maybe it was the next day, Wow, you're a white male.
Speaker 3 (40:05):
That's going to be good to you.
Speaker 2 (40:07):
And I remember thinking wow, like the burden is never
going to sit that heavily on your shoulders. And I
hope I can educate you enough to understand what that
burden is going to look like for maybe your sisters
in the future, or for your partner, or for your
friends or for your fan like I hope that I
(40:28):
can do this justice and bring up like a feminist
little boy who just cares about other people and wanting equality,
Like I just remember being like, that's a burden to carry, Okay,
no worries, but then at the same time being like, well,
you're not ever going to experience a genda pay cap,
Like it's insane to me that other parents aren't immediately
(40:49):
like protect my daughter protect Like to me, it's a
protective mechanism, Like there's just I couldn't imagine my dad's
saying that. I know anyway, you won't have any quote, ammo.
I just have a lot of disappointment that I suggest
the situation. Of course you can suggest.
Speaker 5 (41:07):
I would say, kind of what you were getting to
at the end, I would almost take gender out of it,
because I think that the additional super contribution should be
applicable regardless of you know, if it's two men, two women,
to non conforming identitied people, if the male is choosing
to be the stay at home parent, regardless of the situation,
I think whatever person is taking time out of the
(41:29):
workforce deserves to have their superannuation contributed. And as you
were saying, my husband and I have spoken about this,
and I have and will contribute to my husband's superannuation
into the future when he takes more time.
Speaker 2 (41:40):
Off because I want more babies. Yeah, that's just how
it's going to work.
Speaker 3 (41:43):
Yes, I think the.
Speaker 5 (41:44):
Argument of that is really just as you are kind
of touching on that, whoever taking time out of the
workforce is being put on the back foot. I feel
like maybe your dad's perspective is also coming from, you know,
a byproduct of again, his generation is largely people didn't
really get divorced back in our parents' day.
Speaker 2 (42:01):
I feel it's cool, mum, mum, when you divorce dad,
don't forget it. And if you're not in Western Australia,
you can take half his supers. So yeah, that if
you get a good lawyer, you could have like sixty
or seventy percent of be super anyway, moving on on, Yeah.
Speaker 5 (42:14):
But I almost think that perhaps it's not safeguarding your
future in that way. Isn't maybe something that occurs to
him because it just simply wasn't something happened and that's
not an excuse, Like I think, I completely agree. I
think it's his mentality quite frankly is wrong from my perspective,
but I think that maybe that's what he's thinking. And
I think in terms of presenting your argument, because that's
(42:35):
what you've asked us about. I would be explaining, well,
God forbid, if something does happen in the future and
I need to leave, Like, do I not deserve to
have the same opportunity the big opportunity cost of not
contributing to SUPER, Because I guess the argument could be made, Oh,
but you have access to the family bank account or
the whatever is that's not compounding at the same rate
as Super. There's also additional tax benefits for contributing to SUPER,
(42:59):
Like there's a lot of it is from choosing to
go that route. And I think the bye and far
the biggest one and the one that should be convincing him,
not that you should need to convince him, is that
it's putting you in the best possible situation. And I'm sorry,
but any man who is going to walk out on
you because you've asked him to contribute to your SUPER
is not a man that she should be married to, dating,
sleeping with, or really breathing in the direction of. Like
(43:21):
that is a recatcher, ridiculous, ridiculous sentiment. And I think
our listener is totally right that that is very much
a byproduct of you know him and his generation but
ultimately the reason that you would do this is because
both people who have chosen to have this child deserve
to continue to have opportunity, regardless of the fact that
the child has been born, and regardless of the gender
(43:43):
of the person who's staying at home. It's genuinely just
about safeguarding the future or your future, and any partner
who loves you should be on board with that.
Speaker 2 (43:51):
One hundred percent. And also any partner that's like, I
don't know why I'm contributing to your super, Jess, I'm
sorry if you got plans to exit this relationship, because
I'm pretty sure that we agreed on what's yours is
mine and what's mine is yours, and aren't we planning
on retiring together, then it's still our retirement fund, whether
it's in my super with your super. The second you
(44:12):
start going, oh but I don't want it in yours,
go but why Yeah, what are you so worried about?
Like we are we not as solid as I thought
that you were, Like, I just I have a lot
of conversations, and I also I am probably on a
very pessimistic side of TikTok at the moment where lots
of women are like, let's just not have partners because
they're burdens. And I'm like, I see you, queen.
Speaker 4 (44:34):
Yeah, like I get it, which I can see you
so unfair, it's actually insane you This is not the same.
But like imagine you're like saying with your best friend,
let's go on a trip to Japan together, like you're
talking about fan but anyway together, and it's like only
one of you pays for it, Like it just seems
so like you know what, I keep li likening it too,
like you're both making the decision.
Speaker 3 (44:52):
You're both making a decision. Doesn't make any sense to me.
Speaker 2 (44:55):
Yeah, I think equality is something that hasn't existed historically,
so it makes a lot of sense that it's just
not your dad's default. But I think it's a really
beautiful learning opportunity to go. Okay, Like, hey, I can
totally see that that might make I don't know, why
would that make you walk out?
Speaker 6 (45:11):
Dad?
Speaker 2 (45:11):
Like is it because you're bringing up this is probably
a good conversation to have about his money story? Like
why would you think that my partner would walk out
if I asked him to contribute to my super So
that I'm okay, Oh, I would walk him straight out.
You don't walk out, I'll hold the door open, don't
let it hit you.
Speaker 4 (45:27):
Yes, seriously, Well, it will change your addresses everywhere for
you'll do with life admin see you later.
Speaker 3 (45:32):
That's it.
Speaker 5 (45:33):
And then flip it around like if you don't want
to contribute my stuper okay, no problems. How about you
be the stay at home parent because.
Speaker 2 (45:39):
I don't want to sacrifice my financial future and.
Speaker 5 (45:42):
Money for my stupor and you'll get nothing and then
see how they feel about that.
Speaker 2 (45:45):
Yes, when we have these conversations before you actually choose
to get pregnant as well, because like red flag run, yeah,
big time. We asked the community obviously, we said what
do you think of her dad's view? Eighty one percent
of you said it's outdated, eight percent of you said
he's got a point, oh what, and ten percent said
(46:07):
I don't agree, but I know lots who do.
Speaker 3 (46:10):
That's hard.
Speaker 2 (46:10):
Another question we asked was, have you or do you
plan to have the other partner contribute to the primary
cares super Forty one percent of you said yes because
it's only fair. For forty six percent of you, I
get this said you hadn't considered it, but now you've
gone right, yes, hopefully, and thirteen percent said no, it's
(46:31):
not for us.
Speaker 5 (46:32):
I said it to all of my friends when they
got pregnant. Every friend I've said you should do your contribution.
Speaker 2 (46:37):
I feel like I've done so well at molding you
into a small, yappy version of me. I tell them
this spread the good word if you would like to
join the church or we also said all right, we
need your two cents. So someone said, if your partner
walks out because of this request, farewell, sucker genuinely. Someone
(46:58):
said voted no, but only because I'm very fortunate my
employer is still gonna pay me super on Matt Leaf.
Oh that's great, great, that is very cool. Someone else said,
I'm so intrigued about the hadn't considered it results. Someone said,
in a separation, wouldn't super get split anyway, But it
is a smart way to maximize contributions.
Speaker 5 (47:19):
But if your super gets split, then you both end
up on the back foot. Yeah, it's fifty percent of
what one person should have had.
Speaker 2 (47:24):
Yeah, and yeah, it's also not a guarantee. So just
because you're going through a divorce, it doesn't mean that
you're gonna get part of your husband's superannuation. Like, if
you have no money and you can't pay good legal
representation and your husband is able to do that, I mean,
this is a very you know, stereotypical example. And your
husband's able to pay legal representation and scare the hell
(47:46):
out of you and wear you down, you walk away
with nothing.
Speaker 3 (47:49):
Yeah yeah, yeah seriously, So, like, can.
Speaker 2 (47:51):
We just set it up properly from the start, Like
there are so many situations where women aren't able to
advocate for themselves, or in a situation where the relationship
has turned abusive and they would actually prefer to not
have any money because they just don't want any confrontation
and they want to walk away from this asap. Like
there are so many reasons why, like bread and butter. Yeah,
(48:12):
Like you would assume that in a separation you would
review all of your finances and split it fairly. However,
that's not always the reality of it. And prevention is
better than cure, right.
Speaker 3 (48:22):
So true, But even if you do hypothetically stay together forever.
Speaker 4 (48:25):
And but one person has like a million dollars in super,
one person has like five thousand dollars in super, I
don't know what the dynamics like there.
Speaker 3 (48:32):
I just don't know that.
Speaker 4 (48:32):
If I go out with my partner and I don't
have any money and she has to pay for everything,
I feel silly.
Speaker 2 (48:38):
But she'sa mamma.
Speaker 3 (48:39):
She is sugar mama. Sometimes she's my sugar mama.
Speaker 2 (48:41):
I like it.
Speaker 4 (48:42):
I like it, you know, like it's still like whether
you separate or not. It's like you still don't want that.
Speaker 3 (48:48):
Yeah, I get it, I get it.
Speaker 2 (48:49):
Someone else said, I said, not for us, because I'm
going through IVF. We still don't have a baby, but
once we get there, there won't be extra cash for SUPER.
Speaker 3 (48:58):
I understand.
Speaker 2 (48:59):
I totally get that. Someone else said, it's either contribute
to SUPER or pay for daycare, cleaner and all of
the other unpaid roles. Which one is it?
Speaker 5 (49:06):
Completely agree, completely agree. And the pain of it, like
even if you went back to work, like as soon
as you were able to, if that's a choice that
you made, you still the time you have to take off,
like you know, even if you push it right to
the end, like a month maybe pre birth, and then
however long post birth or where you physically cannot work.
Speaker 2 (49:24):
No true true. Someone else said, it's giving boomer. I agree.
I agree someone said money is tight or maternity leave.
I can see how asking for super good add more
money stress. So this is true, but we're not asking
for post tax contributions from your budget. We are asking
for your partner to redirect some of their subranuation that
(49:44):
doesn't hit your bank account to be redirected into your supranuation.
So I get this concept that, oh, money's already tight.
It's fine, Like that's a really good defense if it
was coming from your bank account. But I'm actually asking
for part of the contribution that you're employer or sorry,
your partner's employer makes to their super to be split
(50:05):
into two different super funds, one of which is yours.
Your partner's employer is still paying the same percentage of
superannuation to them in total, it's just going some into
your account. So we're not asking for above and beyond.
We're asking for split.
Speaker 4 (50:18):
Yes, I can see how that might be confusing or
like scare people off from doing it, but yes, exactly
as you're same. You also could definitely like add extral
that's definitely part of the conversation. But to you, we're
not asking for the budget to be impacted because I
know how expensive a baby is, Like, I get that
it would be very tight. So that is what I've
(50:39):
brought to the table when it comes to our DM
and I feel like I've gotten a little bit heated.
Speaker 2 (50:43):
So I'm sorry, but I'm also not sorry.
Speaker 3 (50:45):
No, you're doing God's work.
Speaker 2 (50:47):
But I also I just get so frustrated, Like we
just want equality. I just want people to be paid
what the job is worth, not what it is worth
because you're a female. I want, like desperately for parents,
especially in the generations that haven't had it before, to
see the opportunity that this generation is creating for us
(51:08):
in having a quality Like wouldn't you go, wow, that's
a great idea, honey, Like wow, I really do want
you to have everything and every opportunity afforded to you,
and this is another way of doing that. Yes, I
wish that we'd had that information when I was growing up.
I wish I was able to do that for your mum, Like,
those are the conversations I want to be having, not Oh,
that's outdated. Your man will walk out on you. Yeah, Dad,
(51:30):
who are you ridiculous? Still? David, I feel like that's
all we have time for today. But before that if
you have been thinking about changing your money mindset, if
you have been thinking about him, they're sting or doing
our money master class. Our bundle sale is still on
until Monday. I'm going to pop all of the information
for that into the show notes so that you can
(51:50):
have a look. But it is a very good way
of saving a whole heap of cash on our courses,
and they're going to launch in January. It's going to
be like our best year yet. I feel like I've
been using the term thrive in twenty twenty five a lot,
and it's becoming like my mantra, like next year is
going to be the best year we've ever had. Jessica.
Speaker 3 (52:07):
Oh, I hope, So I can't wait.
Speaker 2 (52:09):
All right, have a good weekend, guys, and we will
see you brite nearly on Monday for a money diary.
Speaker 3 (52:13):
Bye, guys, say.
Speaker 2 (52:21):
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
(52:41):
your needs. Victoria Divine and She's on the Money are
authorized representatives of money sheirper Pty Ltd ABN three two
one IS six four nine two seven seven zero eight
AFSL four five one two eight nine
Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
the Order Kerni Whaltbury and a waddery woman. And before
we get started on She's on the Money podcast, I
would like to acknowledge the traditional custodians of the land
of which this podcast is recorded on a wondery country,
acknowledging the elders, the ancestors and the next generation coming
(00:22):
through as this podcast is about connecting, empowering, knowledge sharing
and the storytelling of you to make a difference for
today and lasting impact for tomorrow.
Speaker 2 (00:33):
Let's get into it. She's on the Money. She's on
the Money. Hello and welcome to She's on the moneyodcast.
(01:00):
That makes finance fun, especially on Fridays. It is again
our favorite day of the week because we get to
get our team together and celebrate you our incredible She's
on the Money community, Mister Grieci is here with some
money wins again from the community. Beck has a number
of Broake tips that she's gonna share with you, and
this week we're going to be answering a money dilemma,
(01:21):
which is all about exactly how credit card interest works
and something that you slid into our DMS about we're
chatting about dealing with what you think is outdated money views.
Speaker 3 (01:34):
Oh, I know that one's going to go.
Speaker 2 (01:36):
But before we get there, as always, we are going
to share our favorite five star reviews from the podcast.
Speaker 3 (01:44):
Miss Beck sayed, yes, how are you? I'm really good?
How are you?
Speaker 2 (01:48):
I am great? Have you got a good review to
share with the team? I do?
Speaker 4 (01:52):
This one comes from Emilee. I just love how easy Victoria,
Jess and the team make money to understand. They make
it really relatable and break down those gender and societal
norms where only the men get to know this stuff.
Speaker 2 (02:05):
And then you realize it's like really easy, and of
course you can do it because like the boys can
do it totally.
Speaker 3 (02:10):
Boys can do a week and do it exactly.
Speaker 2 (02:12):
It can't be that hard. It can't be that hard.
Speaker 5 (02:14):
I've got one this week from Rookie who said, I'm
gonna say it, Victoria divine is truly divine.
Speaker 2 (02:20):
Oh I see we did that, Thank you, Thank you.
This podcast is will take it. My dad says that that's.
Speaker 3 (02:25):
A bit cute.
Speaker 5 (02:27):
Podcast has been such a helpful tool in reaching a
member of your community who has had very limited access
to financial knowledge given my field of work. Thank you
so much for sharing your knowledge, tips and insights. The
skill of turning the dull and dry topic that is
financial literacy into a fun learning opportunity must be applauded.
Have been enjoying the banter from the co host Also
keep up the great work.
Speaker 3 (02:47):
Is that right? Thank you? Thank you is a fantastic groups.
Speaker 2 (02:51):
Thank you nice. I also have another fantastic one. This
one's from Lizzie and she says, longtime listener of the show,
and I've been really enjoying the new vibe since Beck
started last year. Isn't that so cute? It feels like
the show has found its stride again with the three
co hosts, and I am so enjoying your updated format.
(03:11):
I really like hearing Beck's perspective. She and Victoria have
great energy together, which reminds me of Georgia King. So
if you hadn't been around, Georgia used to be on
the show, but then she moved to London. Yes, Beck
got the gig.
Speaker 4 (03:25):
Oh my god, I actually my stomach is like doing first.
Speaker 2 (03:29):
That's so cute and yeah, this is all about you.
I keep picking ones that are just like I'm going
to die, and I really like how Beck represents the
everyday person who might not have as much financial knowledge.
Really enjoying the vibe of Friday episodes and hearing the
three she's on the money ladies, keep up the great work,
and please do some more content on weddings and bridesmaids
(03:51):
and travel.
Speaker 3 (03:52):
Okay, so much?
Speaker 2 (03:54):
Isn't that cute?
Speaker 3 (03:55):
It's really sweet? I love it. I love it.
Speaker 2 (03:58):
But let's get back into the show. Enough ego stroking.
If you would like to leave a review, obviously you
can do that on Apple, So Apple allows you to
type and you could even ask us questions in the review,
which I might. Let's slip through to the keeper, you know, like,
if you've come this far, you're doing us a solid.
Will do you a solid? But onto the community, Jess,
(04:21):
what's happened in our Money Wins and Confessions thread this week? Already?
Speaker 4 (04:25):
Firstly this week we've got one Frihannon that started as
a loss, but it turned into a win. She said
she had to get a tire replaced on her car.
She didn't check when she left it with the mechanic,
and when she came back the next day, they changed
the wrong tire, So she took her back the day
afterwards and they changed. They do that that actually did
to be changed, so she did it with two year
free tires for the press.
Speaker 3 (04:46):
That's amazing.
Speaker 2 (04:46):
How did they change the wrong tire? I know. It's
like when they hear and this is maybe wad to
have my foot amputated, and then you come out You're like,
that is the wrong foot? Fu, how do they get
that wrong?
Speaker 3 (05:03):
He's so bad.
Speaker 5 (05:05):
My partner's a physio and he says whenever someone comes
in for like something that's one like one leg, one shoulder, whatever,
he always has them like point at the one just
in case, because he doesn't want to like, yeah, go
for the.
Speaker 2 (05:16):
Wrong thing, hold on backtrack. If they only have one foot,
he makes them point at their one.
Speaker 5 (05:20):
Probably not in that case. I would imagine there might
be some flexibily there. Next, I've got a money win
from Sammy who said money win. I shopped stasher Bags
Black Friday sale and bought a twelve pack of bags
that seemed like a suspiciously good deal. Turns out the
website had an error and they had accidentally listed the
pack of twelve for the price of one. They have
(05:41):
since offered to ship out the additional eleven bags for
free to honor the purchase as they shoot a point,
get eleven free.
Speaker 2 (05:49):
Also, like Stasher bags are really expensive, so that definitely
was an error.
Speaker 3 (05:54):
Like that's a good win.
Speaker 2 (05:57):
Next, I've got a money win from Alicia, who said
she opened up her.
Speaker 5 (06:00):
Shares his account. She obviously owned the SotM code. She
invested in some shares and she got a divid end.
Speaker 2 (06:06):
Of twenty cents. Incredible for all little things. Big things grow.
That's not even going to get your Maca's cone yet,
but it will will She's going to grow.
Speaker 3 (06:16):
We love that. Incredible.
Speaker 2 (06:17):
Next one from Melinda who said she just did the
New South waleses toll relief rebate online and she got
herself a very tidy three hundred and eighty dollars back.
Speaker 3 (06:28):
So like free money.
Speaker 5 (06:30):
I'm going to tell you, she said, if you go
onto the Service New South Wales website to check if
you're eligible, if you frequent the toll roads in Sydney
it is Sydney specific sad for those of us in Melbourne,
but if you're in the Sydney.
Speaker 2 (06:42):
You do you drive up to the family, So great
to know.
Speaker 3 (06:45):
Jump on there.
Speaker 5 (06:46):
Check it out the New South Wales website service New
South Wales Nose. I've got money from Emmy who said
she didn't feel like cooking on Saturday. I get that
instead of doing takeaways, she went to col She got
herself two frozen pizzas that were on special for dollars
fifty for the duo and a three dollars fifty tharlic bread.
She went to the checkout found out she had a
ten dollars fly by as voucher pizza for two for
(07:08):
six dollars fifty.
Speaker 2 (07:09):
Okay, but like frozen pizzas, the what is the brand?
Speaker 4 (07:13):
It's the like Doctor Restaurante, the rests one, like they're
actually so good, the spinach one and they go on
sale and they're like four dollars each.
Speaker 2 (07:23):
Yeah, you want to make it bougie. This is what
Steve and I do. Okay, we get two pizzas because
like you need a whole one each because they're quite
thin based, like that's a meal. So four dollars for
your pizza and then you get a bag of what
is it rocket or pizza? Yeah, but I'm not putting
on pizza oh side, salad, oh side salad, diet coke,
elite meal.
Speaker 3 (07:44):
Oh that sounds amazing. It was a journey and a pair.
Speaker 2 (07:47):
Oh yeah, but like that's a bit bougie. I'm sorry,
I don't I don't want the pair, but apparently what
you don't put pair in your salad? Pair and parmesan
and salad.
Speaker 5 (07:55):
Yes, I thought you mean on the pizza, and I
was like, that's taking one of.
Speaker 2 (08:00):
Pineapple but worse. No, one of my favorite pizza shops
which is near my house. So I'm not going to
name names, but if you know, you know they also
sell the Blazing Pizza.
Speaker 3 (08:10):
Very good, but they do.
Speaker 2 (08:12):
A pair parmesan and goats cheese like pizza.
Speaker 3 (08:17):
Unsure. No, you wouldn't do you know what? You wouldn't
love it?
Speaker 2 (08:20):
I don't put it beck and I would love it. Yeah,
you'll order your margarita every single day of the happy
I've actually ordered you the margarita from that place and
we've had it together before and you said it was
really really like, I guarantee these pizzas the Blazing Pizza. Okay,
I'm just going to explain these.
Speaker 3 (08:37):
You need to know.
Speaker 2 (08:39):
So it's red sauce pizza bas like salami pepperoni, mint leaves,
married as spokes, valley cheese and lemon.
Speaker 3 (08:48):
Oh no, it's the mint got me the men.
Speaker 2 (08:53):
Oh it's next level.
Speaker 3 (08:55):
Okay, well maybe you can come to my house.
Speaker 2 (08:57):
I'll order the pizzas report.
Speaker 6 (09:00):
Yeah.
Speaker 2 (09:00):
Yeah, they also do a very good chocolate moose.
Speaker 3 (09:04):
I love chocolate moves.
Speaker 2 (09:05):
Okay, so I can sell you. Yeah, anyway, back to
frozen pizza. Four dollars money win pargain.
Speaker 5 (09:12):
Lastly, this week, I've got one from Anna who said
a money lost, but a happiness win. She went to
the Wiggles show with her two toddlers and spent eighty
dollars two bubble ones, so overprized.
Speaker 3 (09:24):
And it kept them entertainer.
Speaker 2 (09:25):
Wiggles, We've got to talk, no wonder you guys are
all rich.
Speaker 3 (09:29):
Literally.
Speaker 5 (09:30):
May I suggest someone has said this in the group before,
But if you're going to a kid's show, a Bluey
a Disney on eye said, pre buy your toys Kmart,
hide them in your back hack and just bring them
out when you get there.
Speaker 2 (09:43):
Kids, get the toys. It's a lot cheaper the bubbles.
Speaker 5 (09:46):
Dollars for bubble ones is certifiedly that's criminal, that's highway robbery.
Speaker 2 (09:52):
Like I actually can't.
Speaker 5 (09:53):
I mean they're a bit of plastic ones probably dollars
quarters for two.
Speaker 4 (09:58):
Still yeah, I know, but still it's like I just
can't imagine.
Speaker 3 (10:03):
Do the pre shop, That's all I'm saying.
Speaker 2 (10:04):
I do the pre shop absolutely when parents go to Disney,
and that's obviously very like niche because it's American, But
like I would be stuffing my bag for like they're
not getting anything at Disney, Like no, absolutely not. Everything
is so expensive. Wow, I got a Mickey cookie cut
up Mickey sandwiches. Like it's just it's not happening.
Speaker 5 (10:21):
You can pray buy like so many of the licensed
things now, like Camar on Target.
Speaker 2 (10:26):
Yeah. And one of the tips that I got when
like someone messaged me while we're in the US, they said,
go to the op shops near Disneyland if you're ever traveling,
because a lot of the merch ends up there, so
you can buy like the popcorn buckets, or you could
buy like the bubble wands or whatever for super cheap
and then you can take them to the parks exactly.
(10:47):
So always check op shops for merch.
Speaker 3 (10:50):
That's a great idea.
Speaker 2 (10:52):
Not bad, not bad. What are your broke tips this
week there.
Speaker 4 (10:55):
Okay, just really quickly, I want to say, with the
person who told us about her car tires, if anyone
wants me to put a video up of how to
change your own that I do the money I do, would.
Speaker 3 (11:08):
Would would show you.
Speaker 2 (11:09):
I'm actually gonna make it gold and cheese on the
money if you're willing to be a actor, a paid
unpaid actor. Yes, yeah, that would be really good content. Okay,
great other day, did you see the other day, I
was like, oh, I can change my own wiper blades.
And I was like, oh, I buy them from wiper Tech.
My dad told me to, like, you don't question my
(11:30):
dad when it comes to cast stuff. So I ordered
them and then I just changed them myself and it
was so easy and so cheap. Yeah, it just it
made sense. But so many people don't know that you
can just do it yourself. Yes, exactly.
Speaker 3 (11:42):
It sounds like it's sponsor, but it's not.
Speaker 5 (11:44):
But that wipe Tech brand is who I use too,
because they've guarantee that if you can't put it on
and they'll just give you money back.
Speaker 1 (11:49):
Yeah.
Speaker 3 (11:50):
I like that's so.
Speaker 2 (11:51):
Yes, but that's a good deal. And I have actually
DMed them and asked them for a discount coach because
like they're surprisingly they're actually a small business. So I
was like, oh, I like that, we're supporting them, and
so I asked for a discount code. Foreshes all the
money yet tear back. But if we get one, I
will pop it in the show notes and I'll like
pop it all over social media, because like we should
(12:12):
just be doing this stuff ourselves. It feels over. It's
like finance. For so long we've been told like, oh,
that's a man's game, like car stuff. It's easy. Yeah,
it really.
Speaker 3 (12:23):
It all makes sense as well, Like.
Speaker 4 (12:24):
I changed my window over the weekends, finally did put
all the panels off blah crazy and you know, your
side mirrors, all these things, like you know, if you
can do it, if one person can do it without
the help of like big industrial size lifters and things,
you can do it in your own backyard.
Speaker 3 (12:43):
So I would love to.
Speaker 2 (12:44):
I love so we're all just changing our wipers, we're
topping up our wash of fluid, we're changing our oil.
I love this for us.
Speaker 3 (12:50):
Yep, completely great.
Speaker 4 (12:52):
I think that's so good. So cool, Well I'll do that.
I wouldn't have been clear out my my boot for
the press. I'll just make it as possible.
Speaker 2 (12:59):
Absolutely love this for us.
Speaker 4 (13:01):
Okay, so my broke tips. This first one comes from Lisa,
who says, stock up on all frozens.
Speaker 3 (13:08):
I'm assuming you.
Speaker 4 (13:09):
Know, like your turkey's your chickens on Boxing Day because
of those things they stay, they stay good, and the
next year you've got it all there. So it's also
even if you paid full price for it this year,
for next year, it will still once you get there
feel like it was free.
Speaker 2 (13:24):
But wait until it goes on sale.
Speaker 4 (13:25):
Everything will go on half price even cheaper, probably when
they get desperate and just stock.
Speaker 3 (13:31):
Up if you have the space.
Speaker 2 (13:32):
So love a Boxing day ham, Yeah, boxing hair, So
like a boxing day ham obviously if you don't like
Christmas ham weird but okay, but like baking a ham
and then having ham sandwiches for the period of time
that the kids are off school and like school holidays,
and like you can use the hambones to make soup
(13:53):
and like there's just so much you can.
Speaker 3 (13:55):
Do with it.
Speaker 2 (13:55):
But ham is usually really expensive. So yeah, that's also
a hot tip, so you're not freezing it, but like
that's a good mulchi purpose item that you could purchase
and your money's worth and you can make like ham sandwiches,
take them to the beach over summer. Like that's my
childhood right there, Ham mustard sandwich with like fresh white bread.
Speaker 3 (14:16):
Yep, fresh with fresh Eric.
Speaker 2 (14:18):
Now it's freshly baked by Eric. My dad's taken up baking.
Oh yeah, he bakes bread now. And so whenever I'm
going down to his house, I like put in a
little bread order. I've been really liking his rice aldo.
Speaker 3 (14:29):
Yeah, will you bring some in?
Speaker 2 (14:32):
Yes, I will bring some Eric bread for you. Thank
you one hundred percent. You will be shocked at how
good it is, because I was too when he said
he was baking. I was like, oh, here we go,
here we go. But it is very good. And also,
do you know what, I'll ask him for the tips
because he buys the really big boxes of bread flour. Yeah,
and he's already done the maths on how much each
(14:53):
loafer is costing him, and he's like, oh, baker's delight,
this would have cost you seven dollars in my kitchen
two dollars eighty. Like he's a wizard. He's a wizard. Yeah, okay,
that could be that far from it could be a
broke tip. Maybe if you get those, yeah, Eric spread tips,
get those to just get that bread.
Speaker 4 (15:14):
Also devon instead of ham. I don't know if you
guys ever dabbled, but anyway, Oh no, you guys call
it something else.
Speaker 3 (15:20):
I don't know. Don't you speak a different language right now?
Speaker 2 (15:23):
No?
Speaker 3 (15:23):
No, I always had devan. You call it true, we
call it. But what do you mean if you ever dabbled?
Speaker 2 (15:31):
That is all I would accept as a sandwich option
growing up. Devon sauce, white bread, and the storm mustard.
Oh that's way too fancy.
Speaker 3 (15:41):
I haven't tried that one, but I will try that one.
Speaker 2 (15:43):
Tomato sauce, stras stras sandwiches Victorians.
Speaker 3 (15:53):
I'm not a meat Jesse also doesn't lack sandwich. I
don't even know. I can't imagine. You got can buy
a lot of love sandwich.
Speaker 2 (16:01):
Like my favorite food, like not not favorite, but my
most convenient lunch is the seven eleven sandwich, like through
and through. Like if you know me in person, you
know I'll be like one sambo like that's I'll shout,
like I will go and get them. I drive from
my office to get a seven eleven sandwich because in
my head, that's the easiest lunch option for me.
Speaker 3 (16:25):
Jessica doesn't eat them. Come on, I'll get a seven
eleven piles something I know you do.
Speaker 2 (16:29):
It's not the point. This isn't sponsored. This is just
me genuinely having a very deep passion for seven eleven sandwiches.
But like good cries, how can you not like an
eggle lead of sandwich?
Speaker 4 (16:40):
I think after a few bites, I'm like, okay, I've
been here, have done that.
Speaker 3 (16:44):
You know, chicken chicken abbow, I like you.
Speaker 2 (16:47):
Like the chicken avo. They also do a very mean
ham tomato cheese.
Speaker 3 (16:50):
I just get really worried about gristles. You know, I
don't like gristly meat.
Speaker 2 (16:53):
Why would they use gristly meat? They would sell no sandwiches.
Speaker 3 (16:57):
Scared someone just literally walked out of my grave. Give
me sorry, Sorry, you got okay. Next one comes with
my friend. Now.
Speaker 4 (17:05):
I know this is it's kind of briefly mentioned before.
I know, I know you've got that commerents. But Victoria,
I know you don't like me reusing, so I don't
think this is a technically round because we.
Speaker 2 (17:14):
Should be getting the most value out of your segment.
I know it gave you your whole segment, and you
keep telling me the same thing.
Speaker 3 (17:22):
I know it's cheating, but this one is a little
bit of Australia.
Speaker 2 (17:25):
But my friend, you have it.
Speaker 3 (17:26):
My friend literally changed the trajectory of her life by
doing a free course manifestation and that too. Oh no,
that was a joke. What's the free course?
Speaker 2 (17:37):
It was how to build.
Speaker 3 (17:39):
A multi level mark feeling skeptical. I'm not gonna lie
to you.
Speaker 4 (17:43):
No, it was one of those you know, Victoria, I
don't know if everyone does it, the free taste, the
free tape courses. Okay, there was actually a good store, yeah,
outdoor something. So she's like to guard and doing like
all this kind of stuff.
Speaker 2 (17:54):
Oh that's cool. So she did a free taste course
and then got a new job. Is that what you're saying?
You like, upskilled?
Speaker 4 (18:01):
She upskilled, But she's like, actually just completely changed. Like
she was a cartographer.
Speaker 3 (18:05):
It's like a map person.
Speaker 4 (18:06):
I don't really understand it now doing outdoorsy stuff, which
is what she actually closed.
Speaker 3 (18:10):
That's her passion.
Speaker 2 (18:11):
And I just feel like Taifa is free too.
Speaker 4 (18:13):
It is free and if you well, you know, particular
courses and if you just like keep checking every year,
I feel like they change, they update, and just just
see what's going.
Speaker 2 (18:21):
We're always looking because Jess and I we keep talking
about wanting to do an olds Land course, but we
haven't found one that's like accessible for both of us
and on days that work, because the Odds Land course
that we want to do, like is like the proper one,
and I think it's our closest one is in the
city and it's on like a night that doesn't work,
and it's just it's not going to work out yet,
but one.
Speaker 3 (18:39):
Day we will get there.
Speaker 2 (18:41):
This might be so cool.
Speaker 3 (18:42):
That would be really cool.
Speaker 4 (18:43):
I know one handed because my Grandma's death, so I
could teach you that, but it's not very universe.
Speaker 2 (18:48):
No, I like it. We've started doing sign language for
Harvey actually, and so we've made sure that it is
oz Land sign language, so I can do some small things.
But maybe Harvey and I are learning together, like he
knows eat and more, and he knows like all done,
and he knows like milk, and he knows water mom
and dad, so like there's like a heap of them
(19:09):
that we've been slowly learning. But I think it's really important.
Speaker 3 (19:12):
That's cute. That's a really really good one to learn.
Speaker 2 (19:15):
Yeah, when you have an audio based product podcast exactly, exactly.
Speaker 4 (19:21):
Okay, So this next one was obviously my own. It
is Black Friday related.
Speaker 3 (19:26):
And it is my Friday days.
Speaker 2 (19:27):
That's perfect is today.
Speaker 3 (19:29):
I was like, when the hell is black?
Speaker 2 (19:31):
Actually today? That's today?
Speaker 3 (19:33):
Good to know, good to know.
Speaker 4 (19:34):
So Woolworths are doing a I don't know if you've
heard of Everyday Extra, but it's like I have, Yes,
you can genuinely if you shop at will Words a lot,
you can genuinely save like a fair bit of money
every year, every month. Even so basically for thirty five
dollars a year, you could save up to one hundred
dollars every month. And so this particularly deal, Everyday Extra
is half price because of Black Friday.
Speaker 3 (19:57):
And I would recommend having.
Speaker 4 (20:00):
A look because if it, yeah, and if Woolwards is
doing it, I'm assuming that like Colds and Flybys and
all this kind of similar deal. So but I just think,
take advantage of these black write things. And if it's
thirty five dollars once off and you're saving money for
the whole year.
Speaker 3 (20:14):
I don't know, that's a win win.
Speaker 5 (20:16):
Yeah, and you get a I remember seeing Emma Edwards
the broke and you get a free thing every so often,
like it's random.
Speaker 3 (20:23):
She was she.
Speaker 2 (20:25):
Wanted the chocolate and then got the peppermints, and I
was like, I would have been so annoyed by that too.
Speaker 5 (20:30):
Yeah, but like you get quite often. I think, like
you get to pick up a little freebie, which is
kind of fun.
Speaker 2 (20:34):
So that's me. I like that. No, I reckon that
is a really good place to believe it. All right,
let's go to a really quick break on the flip side.
I'm excited for this. We've got a money dilemma about
exactly how credit card interest works. And you slid into
our dams about something that I think is gonna get
a little bit spassy dealing with what you think is
outdated money use. I don't go anywhere, guys. Welcome back everyone.
Speaker 3 (21:03):
Let's take a listen to this week's money dilemma.
Speaker 2 (21:07):
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.
Speaker 3 (21:20):
To get involved.
Speaker 2 (21:20):
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. Hi,
she's on the money.
Speaker 6 (21:33):
Look. I work as a banker, and I've noticed that
a lot of people really don't understand how interest works
on credit cards, specially residual interest, and there's a lot
of confusion around that. I think it would be absolutely
awesome if you could explain how interest on credit cards work.
Thank you bye.
Speaker 5 (21:53):
This is a good question because I actually didn't realize
until recently that my credit card interest period is more
than the money. Like I'd always thought in my head
that you whatever you spend in the month, you'll pay
off by the end of the month.
Speaker 3 (22:04):
Is it forty five days?
Speaker 4 (22:05):
It is forty five days. And also it's like from
the date of purchase. So within that month, if I
spent one hundred dollars on the first and then one
hundred dollars on the twenty eighth, I'm not paying the
twenty eighth that much, which I didn't really I don't
know why, like I just had obviously never taken the
time to figure it out for myself. But say again
to me what you're saying. So it's kind of like
(22:29):
a roving period, right. So, like my interest period on
my personal credit card is forty five days, which obviously
no month is forty five days, but it's also from
the date of purchase, yes, like within the month. In
order to avoid paying interest, I only have to pay
for the things that I'd purchased within the last forty
five days. Okay, got you got you got? Yes, And
so I used to think that if you paid for
something on the twenty.
Speaker 5 (22:49):
Eighth, yeah, I fully just thought whatever balance was, which
is really stupid, but I just thought, whatever's on my
card needs to be paid before the end of the month.
Speaker 3 (22:55):
Or a pay interest.
Speaker 2 (22:56):
I mean not sure that's a healthy habit. Yes, it's
a healthy It does give you a bit more flexibility
knowing that it's forty five days. Most of them are
forty five days. But you've got to make sure that
you're privy to the terms and conditions of your credit card,
which I would hope if you are signing up for
a credit card, you read Jessica. But I also think
(23:17):
before we get into this, credit cards like they are,
I think they're the devil, right. I think that they
are one of the worst things that can happen to
people who aren't good at money, But they are one
of the best things that can happen to people who
are great at money and are good at collecting points,
like a few people in my She's on the money team,
a fantastic at using credit cards, like Brook for example,
(23:39):
she is our video producer and does our course content.
She is so good at points hacking that she always
flies business class basically free, like wow, I am always
so impressed. But she's also very financially responsible, could never
be me Jess, very good with her credit card getting
all of her points Beck. It's not that side of
(24:01):
the table, Shu shun the non believer, like, it's just
not relatable. So I think it's really important to preface this.
I don't know, I feel like whenever I talk about
credit cards, I owe you guys a little bit of
an explormation or like a disclaimer beforehand that this isn't
going to work for everybody. But residual interest is something
we should all understand. So residual interest is sometimes called
(24:23):
like trailing interest, so it's interest that follows the loan
happens when you carry your credit card balance from one
month or one period of forty five values to the next,
and it builds up every day, so daily between the
time that your new statement is issued and the day
that your payment posts. So since it accruise after your
(24:46):
billing period closes, you're not actually going to see it
on your current statement like they don't. So say your
statement came out on like the twenty fifth of this month,
on the thirtieth of this month, you would have had,
you know, another five extra days of interest that has
built up. So if you paid out your quote credit
card in full on that day, you actually would have
(25:08):
had this trailing interest that is building up as well.
So if you're planning on paying out your credit card
in full, my recommendation is always call them up on
the day and say, hey, can you please calculate my
balance as at today and I will pay it today,
because otherwise you'll have trailing interest that needs to be
paid as well. So since it accrues, you can't see it.
(25:30):
So even if you paid like the full amount as
I was explaining, your next statement might come as a
surprise because you accruede some interest in that five day
window or in the window between your statements. Does that
make sense?
Speaker 3 (25:44):
So I've written out an example because I'm like, this.
Speaker 2 (25:47):
Is really important that you really get this so you
never have to like calculate it yourself. In fact, it
can almost be impossible to calculate it yourself. Your bank
or your credit card issuer will be able to do
that for you. But essentially you could estimate it, because
it accrues every single day, you don't know at the time, whatever,
(26:07):
you could estimate it. So say you got like a
whole heap of expenses a crew on a credit card
bill and you just couldn't afford to pay it off
all at once, and so you had one thousand dollars
on your credit card from last month's statement, and maybe
say that your annual interest rate is eighteen percent. I
feel like eighteen percent is a pretty normal interest rate
(26:27):
for credit cards these days, because most credit cards in
Australia sit between like sixteen and twenty five percent as
an interest rate. So what you would do is you
would divide your annual percentage rate of eighteen percent by
how many days there are in the year. So you're
going to divide eighteen by three hundred and sixty five days,
(26:48):
and that takes it to being So the answer to
that is point zero four nine three percent. So that's
not going to make a lot of sense right now
to you.
Speaker 3 (26:57):
But when you.
Speaker 2 (26:58):
Multiply this by your current DAN so you've got that
current balance of one thousand dollars, the result is forty
nine point three cents. So that's what you're going to
add to the balance every single day that you don't pay.
So you know how I was explaining, like, if your
bill came on the twenty fifth and then it's due
on the like, or you paid on the thirtieth, and
you've got those five days, you would need to take
(27:20):
that forty nine point three cents per day and accrue
that every single day. Now that doesn't mean it will
be one hundred percent correct, but that's a good way
of like estimating it. So if I guess your billing
cycle for that credit card bill that you you rolled
over from last month because we just couldn't pay it off,
is one thousand dollars, and it begins on the first
(27:41):
of every month, And let's say you pay off the
thousand dollars on the eleventh of that month, you would
be charged approximately four dollars and ninety three cents in
residual interest on that thousand dollars by the time the
payment was received. So does that make sense. So it's
like this tiny amount of interest, which they were clear
(28:02):
to you existed, But residual interest is the interest accrued
between the day you got your bill and it was
clear to you what you owed and then the day
that you paid it.
Speaker 4 (28:11):
And the interest is going on the amount that you
owe or the entire so for example.
Speaker 2 (28:18):
It'll be on the amount that you owe. So, like
as Jess was saying before, like if you're in your
and this is why credit cards start to get real
complicated really quickly. Say you had that one thousand dollars
that rolled over from last month, and that's there on
the first of this month, and then two days in
on like maybe let's say the third of this month,
you made a new purchase. That interest wouldn't apply to
(28:40):
that purchase that you just made because you're in your
forty five day interest free window. It would only apply
to that one thousand dollars. But after that forty five days,
if you had that one thousand dollars and your new purchase,
the interest would accrue for that too.
Speaker 3 (28:53):
Gotcha, okay, gotcha? Does that make sense? It does? It does.
Speaker 4 (28:57):
So let's say, for example, because it's been a long
time credit card, but let's say, for example, the entire
credit card you have used like five thousand dollars of it,
but the actual bill was like one hundred and thirty
eight dollars. Ye, just to clarify the if your interest
is being on that full five thousand, full five thousand, okay. Yeah,
So that bill.
Speaker 2 (29:14):
That you get in the mail, which is really frustrating
to me, Like I want a bill to come in
the mail and be like bexsied you wigh five grand?
Speaker 3 (29:22):
Yeah, okay, But what.
Speaker 2 (29:23):
They're going to do is this is the minimum repayment.
You only have to pay us back one hundred and
thirty eight dollars of this five grand. And you go, oh,
that's not so bad.
Speaker 3 (29:31):
I'll just pay that. Yeah.
Speaker 2 (29:33):
But you know how we always talk about the magic
of compound interest and how sexy that is, and that's
the money that your money makes, and that money makes
money over time. That's exactly how credit card debts work.
But it's upside down. So every single day that you
hold credit card debt, you're essentially instead of paying. Like
(29:53):
we know, the Australian share market, right on average, over
the last thirty years, has returned about nine point two percent, right,
your credit card debt is racking up way more than that.
So like it's at eighteen percent. So like every month
you're paying the bank eighteen percent. So you can now
see why it's such a good investment for banks to
offer credit cards because they're getting eighteen percent return every
(30:15):
single time you don't pay your bill, and it's not
in their best interest to issue a statement that says, back,
by the way, here's the total amount you owe. By
the way, like work really hard to get rid of this.
They're going to go, hey, Beck, so you only also
one hundred and thirty eight dollars because we'll just roll
the five grand over and you can just pay interest
on that. Usually your one hundred and thirty eight dollars
is your interest payment. You just have to pay your
(30:37):
interest and keep it going. So, Beck, I've jumped onto
the moneysmart dot gov dot au website, which we all
know I adore, right, and they have a credit card
calculator which if you have credit card debt you absolutely
should go on here, But we use the example before
you said, V what if I have a five thousand
dollar credit card interest rate, We're going to go with
eighteen percent. If you make minimum repayments of that one
(31:00):
hundred and thirty eight dollars each and every single month, Beck,
that will take you thirty four years and seven months
to pay that debt off.
Speaker 3 (31:09):
Oh crazy, wow?
Speaker 2 (31:11):
Right, And that's at minimum repayments, Okay. That means over
that period of time, you will pay, in addition to
the five thousand dollars that you borrowed, an additional ten thousand,
six hundred and forty seven dollars because you borrowed the
money from the bank at eighteen percent.
Speaker 3 (31:27):
WHOA, it doesn't not just hurt your side?
Speaker 4 (31:29):
I know I can totally see too how I mean,
of course, like it just happened to me, but like
how easy it is to just be snowed under it.
Speaker 2 (31:36):
It's a slippery slope. Because you just got the letter
in the mail and it said, Beck, your minimum repayment
is one hundred and thirty eight dollars, and you said, fantastic,
I'll just pay that then. But what you're choosing when
you pay that as the minimum is you're choosing another
thirty four years and seven months to pay that off,
and you're choosing to pay an additional ten thousand, six
(31:57):
hundred and forty seven dollars on the debt that you
already owe. WHOA Like it's not worth it, is it?
But they don't want you to kind of know that.
So the thing that they will highlight is that all
you have to pay today is one hundred and thirty
eight dollars. I mean, if you look at the rest
of the statement, legally they are going to have you
know your total amount owing and how long it will
take you. But you didn't see that because it's in
(32:17):
the fine print. It's down the bottom. Like they're not
highlighting that. They're highlighting the pretty thing up the top
right hand corner. Usually that says minimum repayment due on
the thirtieth of this month. There's one hundred and thirty
eight dollars. And you think palatable too bad? One hundred
and thirty eight dollars, I mean, oh, five grand, but
at least to have new furniture for the house that
I've just moved into, and it's taken a whole heap
of stress off me. Don't get me wrong, We've all
(32:39):
been in that situation. But this is why we need
to prioritize our debt reduction and paying off our credit cards,
because it's stripping away more than ten grand of your
money by choosing minimum repayments. Yeah, but the credit card
company does not want to educate you on that because
it makes them a lot of money opening They just
(33:00):
turned that five grand that they lent to you into fifteen. Wow, geniuses.
That mean I'll give anyway? So does that make sense? Yeah?
I feel like discussing residual income. That was a good one,
maybe even if it's not like your money dilemma. But
you want to like pop a voice note in and
send us a like, hey, could you explain this on
(33:22):
the show? That would be really cool. I love that. Yeah, definitely,
I love that because like we're always like, what should
we do? What are you guys interested in? Like, how's
that going to add value? You tell us?
Speaker 6 (33:31):
Yeah?
Speaker 3 (33:32):
So true.
Speaker 2 (33:32):
And the intern, terrible intern actually deleted all of our
voice notes that we had on our website. See the
intern is Victoria. Yeah yeah, yeah, then I didn't know
that they weren't backed up. I thought that like they
would save somewhere else and they didn't save anywhere else.
So now we have no voice notes, and we've got
(33:53):
like one or two left. So if anybody is feeling
charitable and would like to help us top up our
voice notes, you can head to our website and hit
the podcast page and then there's like a record a
voice note for the show. You can leave voice notes
about questions you'd like on the show, love notes, whatever
sets your heart on fire.
Speaker 3 (34:11):
That's so cute.
Speaker 5 (34:12):
Excellent, Well, let's set into the spicy spicy DM.
Speaker 3 (34:15):
I can't wait.
Speaker 2 (34:16):
Are you ready for the spicy DM? That's already Okay,
here's the DM we got this week. Hey, she's on
the money. I believe if one person takes a career
break when looking after children, the other partner should contribute
to their super But my dad thinks it's disrespectful to
even suggest this, saying it's the kind of thing that
could drive a partner to walk out the door. I'd
(34:38):
love to hear your views and maybe get some AMMO
to prove to him he's got a very outdated view.
Speaker 3 (34:45):
Oh gosh, to start.
Speaker 2 (34:50):
Hey Dad, did you ever change a nappy?
Speaker 3 (34:52):
Literally?
Speaker 2 (34:52):
It's giving boomer energy? Did you ever change a nappy?
No interesting concept?
Speaker 3 (34:58):
Did you?
Speaker 2 (34:59):
How are you financial supporting mum? Dad?
Speaker 3 (35:03):
I think it's like if you have a child.
Speaker 4 (35:06):
It's so funny when when men say like they can
only really empathize with women when they have a woman
in their life that they care about. It, It's like
I can still, I can empathize with a with a
dog that's being hurt. I'm not a dog. Yeah, I
don't own a dog. But I didn't see that that,
you know what I mean. So I'm like, that's a funny.
But anyway, I'm not to perentuate that.
Speaker 2 (35:24):
I always find it so interesting, Yeah, but not to
perpetuate that.
Speaker 3 (35:28):
Like, you have a daughter, so you should understand.
Speaker 4 (35:30):
But seriously, your daughter could be in a position where
she's financially dependent on someone who is making her life
miserable or literally so many other scenarios that could play
out if your daughter doesn't have any money when it
gets to retirement, you know. So I'm like, it's so
you're saying you would actually prefer the financial freedom to
(35:53):
sit in the hands your daughter's husband. Yeah, so that
if something happens, she's fine financially scrooged and he's Okay.
Speaker 2 (36:02):
So that's okay with you.
Speaker 3 (36:04):
That's what it sounds like.
Speaker 4 (36:05):
It's like, okay, well she might be and you know, Touchwood,
but realistically, at that point when your daughter is ready
for retirement, has maybe like thirteen thousand dollars in her
super hopefully maybe less, maybe more, and you know, obviously
the parents might be gone by then maybe something's happened
to the husband Touchwood, hopefully not, and you're comfortable with
(36:28):
the idea that your daughter has nothing really to you know,
she can't really afford to live, she can't afford to cook,
she can't forward to This is a very extreme.
Speaker 2 (36:38):
Story, obviously, but it's actually, sadly a very real scenario.
Speaker 3 (36:43):
I really know that.
Speaker 2 (36:44):
The biggest demographic of people experiencing homelessness are women in
their fifties and sixties. Yeah, and it is because they
weren't financially supported into retirement or they went through a
divorce or a separation and ended up with no superinuation.
And it's the culmination of all of those tiny steps
along the way, right, Like you might think, oh, no,
(37:06):
it's fine, I'll just take a year off because like
I really want to have a baby, and then you're
letting your partner overtake you when it comes to career progression.
Because so many times, oh so many times, when I
was a financial advisor, I'd see women come to me
and their partners were, you know, had really high incomes.
It doesn't matter what they did, but they had high
incomes because of the sacrifices that their partners made to
(37:28):
stay home and look after the family and contribute in
that way. That then the partner would be like, no,
I worked hard for my money, as though the sacrifice
wasn't held as like the burden was on women the
entire time.
Speaker 4 (37:44):
Yeah, I know, it's so crazy that like two people
are deciding to do this thing together. And let's say,
I know I don't want to like in a baby
too like a pet, but just for this scenario, just
for this story.
Speaker 2 (37:56):
Oh like the other I was sitting at the dining
table and it was like a little bit of ham
for my sound, a little bit of ham for my dog.
Speaker 4 (38:01):
Like, but two people they want to say, for example,
by a dog, imagine one of the two people. Let's
take gender out of this completely, and now we're looking
at just two figures. And now does it it does
sound a little bit more ridiculous when you take gender
out of it and you just look at two people
and you're like, two people have decided to do this thing,
(38:23):
only one of you.
Speaker 2 (38:24):
Sorry, you can't work.
Speaker 3 (38:27):
Actually you can't get any money.
Speaker 2 (38:28):
You can't get any soup, but you can't get any
like for you, actually just none for you, randomly for
absolutely no reason, just some arbitrary reason.
Speaker 3 (38:35):
There is a reason, you know, gap babies maybe need
breast milk or whatever.
Speaker 4 (38:40):
There's there's maybe many reasons why this one figure might
have to stay home. But it's like when you look
at it like that, you're like, but these two people
made the decision, So why is only one getting all
of these consequences? You know, it just seems so unfair,
because yes, an unfair division of labor, sexual relationships work, Beck,
(39:02):
I don't like that, and I just think.
Speaker 2 (39:04):
So don't have a heterosexual relationship. Yeah, true, It's like
I won't, but I think it is. It's super interesting
because I don't even think that's outdated, Like I just
think it's wrong, like even history, Like let's go back,
let's go back to the nineteen fifties, Gregory, let's talk
about it. Did you have a job that could put
(39:25):
food on the table, a roof over the heads of
your family, and go on a family holiday each and
every single year without your partner working. Great, you probably
could have in twenty twenty four, that is not the reality.
In fact, both parents need to work. And I'm sorry
women are still being paid less, Like why aren't you
as a girl? Dad mad that your daughter doesn't have
(39:47):
the exact same opportunities as a boy born on the
same day as her yep, Like I remember the day
that I gave birth to Harvey because we didn't know
his gender, Like, we had no idea if we're having
a boy or a girl. And I remember thinking like
maybe it was the next day, Wow, you're a white male.
Speaker 3 (40:05):
That's going to be good to you.
Speaker 2 (40:07):
And I remember thinking wow, like the burden is never
going to sit that heavily on your shoulders. And I
hope I can educate you enough to understand what that
burden is going to look like for maybe your sisters
in the future, or for your partner, or for your
friends or for your fan like I hope that I
(40:28):
can do this justice and bring up like a feminist
little boy who just cares about other people and wanting equality,
Like I just remember being like, that's a burden to carry, Okay,
no worries, but then at the same time being like, well,
you're not ever going to experience a genda pay cap,
Like it's insane to me that other parents aren't immediately
(40:49):
like protect my daughter protect Like to me, it's a
protective mechanism, Like there's just I couldn't imagine my dad's
saying that. I know anyway, you won't have any quote, ammo.
I just have a lot of disappointment that I suggest
the situation. Of course you can suggest.
Speaker 5 (41:07):
I would say, kind of what you were getting to
at the end, I would almost take gender out of it,
because I think that the additional super contribution should be
applicable regardless of you know, if it's two men, two women,
to non conforming identitied people, if the male is choosing
to be the stay at home parent, regardless of the situation,
I think whatever person is taking time out of the
(41:29):
workforce deserves to have their superannuation contributed. And as you
were saying, my husband and I have spoken about this,
and I have and will contribute to my husband's superannuation
into the future when he takes more time.
Speaker 2 (41:40):
Off because I want more babies. Yeah, that's just how
it's going to work.
Speaker 3 (41:43):
Yes, I think the.
Speaker 5 (41:44):
Argument of that is really just as you are kind
of touching on that, whoever taking time out of the
workforce is being put on the back foot. I feel
like maybe your dad's perspective is also coming from, you know,
a byproduct of again, his generation is largely people didn't
really get divorced back in our parents' day.
Speaker 2 (42:01):
I feel it's cool, mum, mum, when you divorce dad,
don't forget it. And if you're not in Western Australia,
you can take half his supers. So yeah, that if
you get a good lawyer, you could have like sixty
or seventy percent of be super anyway, moving on on, Yeah.
Speaker 5 (42:14):
But I almost think that perhaps it's not safeguarding your
future in that way. Isn't maybe something that occurs to
him because it just simply wasn't something happened and that's
not an excuse, Like I think, I completely agree. I
think it's his mentality quite frankly is wrong from my perspective,
but I think that maybe that's what he's thinking. And
I think in terms of presenting your argument, because that's
(42:35):
what you've asked us about. I would be explaining, well,
God forbid, if something does happen in the future and
I need to leave, Like, do I not deserve to
have the same opportunity the big opportunity cost of not
contributing to SUPER, Because I guess the argument could be made, Oh,
but you have access to the family bank account or
the whatever is that's not compounding at the same rate
as Super. There's also additional tax benefits for contributing to SUPER,
(42:59):
Like there's a lot of it is from choosing to
go that route. And I think the bye and far
the biggest one and the one that should be convincing him,
not that you should need to convince him, is that
it's putting you in the best possible situation. And I'm sorry,
but any man who is going to walk out on
you because you've asked him to contribute to your SUPER
is not a man that she should be married to, dating,
sleeping with, or really breathing in the direction of. Like
(43:21):
that is a recatcher, ridiculous, ridiculous sentiment. And I think
our listener is totally right that that is very much
a byproduct of you know him and his generation but
ultimately the reason that you would do this is because
both people who have chosen to have this child deserve
to continue to have opportunity, regardless of the fact that
the child has been born, and regardless of the gender
(43:43):
of the person who's staying at home. It's genuinely just
about safeguarding the future or your future, and any partner
who loves you should be on board with that.
Speaker 2 (43:51):
One hundred percent. And also any partner that's like, I
don't know why I'm contributing to your super, Jess, I'm
sorry if you got plans to exit this relationship, because
I'm pretty sure that we agreed on what's yours is
mine and what's mine is yours, and aren't we planning
on retiring together, then it's still our retirement fund, whether
it's in my super with your super. The second you
(44:12):
start going, oh but I don't want it in yours,
go but why Yeah, what are you so worried about?
Like we are we not as solid as I thought
that you were, Like, I just I have a lot
of conversations, and I also I am probably on a
very pessimistic side of TikTok at the moment where lots
of women are like, let's just not have partners because
they're burdens. And I'm like, I see you, queen.
Speaker 4 (44:34):
Yeah, like I get it, which I can see you
so unfair, it's actually insane you This is not the same.
But like imagine you're like saying with your best friend,
let's go on a trip to Japan together, like you're
talking about fan but anyway together, and it's like only
one of you pays for it, Like it just seems
so like you know what, I keep li likening it too,
like you're both making the decision.
Speaker 3 (44:52):
You're both making a decision. Doesn't make any sense to me.
Speaker 2 (44:55):
Yeah, I think equality is something that hasn't existed historically,
so it makes a lot of sense that it's just
not your dad's default. But I think it's a really
beautiful learning opportunity to go. Okay, Like, hey, I can
totally see that that might make I don't know, why
would that make you walk out?
Speaker 6 (45:11):
Dad?
Speaker 2 (45:11):
Like is it because you're bringing up this is probably
a good conversation to have about his money story? Like
why would you think that my partner would walk out
if I asked him to contribute to my super So
that I'm okay, Oh, I would walk him straight out.
You don't walk out, I'll hold the door open, don't
let it hit you.
Speaker 4 (45:27):
Yes, seriously, Well, it will change your addresses everywhere for
you'll do with life admin see you later.
Speaker 3 (45:32):
That's it.
Speaker 5 (45:33):
And then flip it around like if you don't want
to contribute my stuper okay, no problems. How about you
be the stay at home parent because.
Speaker 2 (45:39):
I don't want to sacrifice my financial future and.
Speaker 5 (45:42):
Money for my stupor and you'll get nothing and then
see how they feel about that.
Speaker 2 (45:45):
Yes, when we have these conversations before you actually choose
to get pregnant as well, because like red flag run, yeah,
big time. We asked the community obviously, we said what
do you think of her dad's view? Eighty one percent
of you said it's outdated, eight percent of you said
he's got a point, oh what, and ten percent said
(46:07):
I don't agree, but I know lots who do.
Speaker 3 (46:10):
That's hard.
Speaker 2 (46:10):
Another question we asked was, have you or do you
plan to have the other partner contribute to the primary
cares super Forty one percent of you said yes because
it's only fair. For forty six percent of you, I
get this said you hadn't considered it, but now you've
gone right, yes, hopefully, and thirteen percent said no, it's
(46:31):
not for us.
Speaker 5 (46:32):
I said it to all of my friends when they
got pregnant. Every friend I've said you should do your contribution.
Speaker 2 (46:37):
I feel like I've done so well at molding you
into a small, yappy version of me. I tell them
this spread the good word if you would like to
join the church or we also said all right, we
need your two cents. So someone said, if your partner
walks out because of this request, farewell, sucker genuinely. Someone
(46:58):
said voted no, but only because I'm very fortunate my
employer is still gonna pay me super on Matt Leaf.
Oh that's great, great, that is very cool. Someone else said,
I'm so intrigued about the hadn't considered it results. Someone said,
in a separation, wouldn't super get split anyway, But it
is a smart way to maximize contributions.
Speaker 5 (47:19):
But if your super gets split, then you both end
up on the back foot. Yeah, it's fifty percent of
what one person should have had.
Speaker 2 (47:24):
Yeah, and yeah, it's also not a guarantee. So just
because you're going through a divorce, it doesn't mean that
you're gonna get part of your husband's superannuation. Like, if
you have no money and you can't pay good legal
representation and your husband is able to do that, I mean,
this is a very you know, stereotypical example. And your
husband's able to pay legal representation and scare the hell
(47:46):
out of you and wear you down, you walk away
with nothing.
Speaker 3 (47:49):
Yeah yeah, yeah seriously, So, like, can.
Speaker 2 (47:51):
We just set it up properly from the start, Like
there are so many situations where women aren't able to
advocate for themselves, or in a situation where the relationship
has turned abusive and they would actually prefer to not
have any money because they just don't want any confrontation
and they want to walk away from this asap. Like
there are so many reasons why, like bread and butter. Yeah,
(48:12):
Like you would assume that in a separation you would
review all of your finances and split it fairly. However,
that's not always the reality of it. And prevention is
better than cure, right.
Speaker 3 (48:22):
So true, But even if you do hypothetically stay together forever.
Speaker 4 (48:25):
And but one person has like a million dollars in super,
one person has like five thousand dollars in super, I
don't know what the dynamics like there.
Speaker 3 (48:32):
I just don't know that.
Speaker 4 (48:32):
If I go out with my partner and I don't
have any money and she has to pay for everything,
I feel silly.
Speaker 2 (48:38):
But she'sa mamma.
Speaker 3 (48:39):
She is sugar mama. Sometimes she's my sugar mama.
Speaker 2 (48:41):
I like it.
Speaker 4 (48:42):
I like it, you know, like it's still like whether
you separate or not. It's like you still don't want that.
Speaker 3 (48:48):
Yeah, I get it, I get it.
Speaker 2 (48:49):
Someone else said, I said, not for us, because I'm
going through IVF. We still don't have a baby, but
once we get there, there won't be extra cash for SUPER.
Speaker 3 (48:58):
I understand.
Speaker 2 (48:59):
I totally get that. Someone else said, it's either contribute
to SUPER or pay for daycare, cleaner and all of
the other unpaid roles. Which one is it?
Speaker 5 (49:06):
Completely agree, completely agree. And the pain of it, like
even if you went back to work, like as soon
as you were able to, if that's a choice that
you made, you still the time you have to take off,
like you know, even if you push it right to
the end, like a month maybe pre birth, and then
however long post birth or where you physically cannot work.
Speaker 2 (49:24):
No true true. Someone else said, it's giving boomer. I agree.
I agree someone said money is tight or maternity leave.
I can see how asking for super good add more
money stress. So this is true, but we're not asking
for post tax contributions from your budget. We are asking
for your partner to redirect some of their subranuation that
(49:44):
doesn't hit your bank account to be redirected into your supranuation.
So I get this concept that, oh, money's already tight.
It's fine, Like that's a really good defense if it
was coming from your bank account. But I'm actually asking
for part of the contribution that you're employer or sorry,
your partner's employer makes to their super to be split
(50:05):
into two different super funds, one of which is yours.
Your partner's employer is still paying the same percentage of
superannuation to them in total, it's just going some into
your account. So we're not asking for above and beyond.
We're asking for split.
Speaker 4 (50:18):
Yes, I can see how that might be confusing or
like scare people off from doing it, but yes, exactly
as you're same. You also could definitely like add extral
that's definitely part of the conversation. But to you, we're
not asking for the budget to be impacted because I
know how expensive a baby is, Like, I get that
it would be very tight. So that is what I've
(50:39):
brought to the table when it comes to our DM
and I feel like I've gotten a little bit heated.
Speaker 2 (50:43):
So I'm sorry, but I'm also not sorry.
Speaker 3 (50:45):
No, you're doing God's work.
Speaker 2 (50:47):
But I also I just get so frustrated, Like we
just want equality. I just want people to be paid
what the job is worth, not what it is worth
because you're a female. I want, like desperately for parents,
especially in the generations that haven't had it before, to
see the opportunity that this generation is creating for us
(51:08):
in having a quality Like wouldn't you go, wow, that's
a great idea, honey, Like wow, I really do want
you to have everything and every opportunity afforded to you,
and this is another way of doing that. Yes, I
wish that we'd had that information when I was growing up.
I wish I was able to do that for your mum, Like,
those are the conversations I want to be having, not Oh,
that's outdated. Your man will walk out on you. Yeah, Dad,
(51:30):
who are you ridiculous? Still? David, I feel like that's
all we have time for today. But before that if
you have been thinking about changing your money mindset, if
you have been thinking about him, they're sting or doing
our money master class. Our bundle sale is still on
until Monday. I'm going to pop all of the information
for that into the show notes so that you can
(51:50):
have a look. But it is a very good way
of saving a whole heap of cash on our courses,
and they're going to launch in January. It's going to
be like our best year yet. I feel like I've
been using the term thrive in twenty twenty five a lot,
and it's becoming like my mantra, like next year is
going to be the best year we've ever had. Jessica.
Speaker 3 (52:07):
Oh, I hope, So I can't wait.
Speaker 2 (52:09):
All right, have a good weekend, guys, and we will
see you brite nearly on Monday for a money diary.
Speaker 3 (52:13):
Bye, guys, say.
Speaker 2 (52:21):
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
(52:41):
your needs. Victoria Divine and She's on the Money are
authorized representatives of money sheirper Pty Ltd ABN three two
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AFSL four five one two eight nine
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