June 30, 2025 • 15 mins
As the new financial year kicks off in Australia, it’s the perfect time to reset your money mindset. In this episode, Ash sits down with financial adviser Jayde Jenkins to share 6 powerful tips to help you make smarter money moves - without the overwhelm.
Whether you’re thinking about buying a house, starting a family, or just want to feel more in control of your finances, this episode is packed with practical insights that can save you thousands and set you up for a stronger financial future.
In this episode, we cover:
The home loan trap most people fall into - and how to avoid it
Superannuation tips your future self will thank you for
How to prepare financially for parental leave
What your insurance might be missing (especially inside your super)
Why financial visibility in your relationship matters
Quick wins you can do this week to reset your finances
How paying just $20 extra on your mortgage can save over $32K
The surprising amount of lost super and cash in Australia (and how to claim it)
Tools to check your super and unclaimed money
Follow Jayde on Instagram: https://www.instagram.com/jayde_financialadviser/
Work with Jayde: https://maziwealth.com.au/contact-us/
Follow Ash on Instagram : https://www.instagram.com/ashcam____/
Website: www.resetworkplace.com.au
Financial Disclaimer: Jayde Jenkins is an Authorised Representative (No. 001002540), and Mazi Wealth Pty Ltd ATF Mazi Wealth Trust is a Corporate Authorised Representative (No. 1295178), of Spark Advisors Australia Pty Ltd (ABN 34 122 486 935, AFSL 380552).
General Advice Warning: The information in this podcast and the links has been prepared for general information purposes only and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this podcast, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product, together with the Target Market Determination (TMD).
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:06):
Hey, welcome back to reset. It is the first week of the new
financial year and this podcast is all about hitting pause each
week and learning a little bit of new information to make our
lives better. So what I thought very on theme
on topic for this week is to invite the lovely Jade back into
the studio. You might remember Jade from one
(00:28):
of our earlier episodes or the workshop that we did here in the
studio. She is a financial advisor that
has come armed with all the stats.
Jade, welcome back to Reset. Thanks Dad.
Thanks for having me back. So good to have you back.
So for this episode, I thought what we could do is well,
actually, we prepped it. Let's we prepped this episode, I
(00:50):
said to Jade. Hey, most people know that
finance is important but maybe they don't like talking about it
too much so how can we just likehit them with punchy 6 things
that we all need to know like moving into the new financial
year and Jade has come back to me with some dot points and I'm
just going to read these promptsand then let her go for goals.
(01:10):
Let's do it. Let's do it.
So I feel like if all of us listening just actioned one of
these six things, we'd be miles ahead.
If we can do 2 high achievers, let's go.
So first one, Jade, don't just pay the minimum on your home
loan. Why?
(01:30):
Why? Yeah.
So this isn't always going to befor everyone.
Obviously you've got to make sure we've got cash flow to do
this and there's also considering other future plans
that you might have. But just speaking, if you take
out a 30 year mortgage, so in Australia, the average mortgage
is about $660,000 now, which is kind of hard to believe, but it
is if we pay that over 30 years at an average of 4 1/2%
(01:55):
interest, the interest amount alone is sitting at around
540,000, meaning we're going to pay around 1.2 to $1.3 million
for that house. So if we're just looking at just
like if your credit card, if youjust take the minimum, it's just
going to take you so long to payit off.
You're going to pay so much interest.
If you pay just $20 a week extra, you pay your home loan
(02:18):
off 18 months sooner. Oh, sorry, $20 a week extra in
18 months? Yeah, OK.
You save $30,000 in interest. And if you want to get a little
bit more serious, so let's say you put in $100 a week, you're
saving around six years, six whole years and.
(02:38):
Six years. I can own my home sooner if I.
Pay OK $100 a week and 130,000 in interest.
Damn, yeah. And so like six years on a 30
year loan might not, you know, seem significant, but if you're
getting to the end of it, it is going to feel significant that
you've paid it off a lot earlier.
(02:58):
It also sets up good habits thatif you're focusing on paying
something extra, maybe if you get a pay rise, you might
increase that to $120.00 a week.And then all of a sudden, a few
years down the track, you're really eating into your loan and
laughs just a little easier. Later on.
Amazing. How do we do this?
Is it something we need to talk to the banks about?
Can we set it up ourselves? Yeah, you can just set up a
(03:18):
direct transfer yourself. That's probably the best way,
because then you've got full control over it if you do ever
need to stop it or reduce it or if you want to increase it.
OK boom, we started big. We started big.
Next one you told me you want totalk about is take control of
your super. Yeah, so a lot of young people,
I guess, don't even have a loginto their super funds.
So it's a really good starting point.
(03:40):
So log into your super, know where it's at, make sure you've
got a beneficiary listed. The beneficiary can't be mum or
dad or your siblings. It has to be a spouse or someone
in the interdependency relationship with you or your
children. That's interesting.
Yes. So just check who you have
listed there. And we also want to just make
sure all that contact details are up to date so it doesn't
become lost super. And we also just want to make
(04:03):
sure that your employer is making contributions which you
will see in your transactions listing and where your money is
actually invested. If you want to get really
involved in it, you can always Google the name of the
investment that you have and it will come up with where your
money sits in the world and how much you have in Australian
shares and international shares.And you might even be lucky
(04:23):
enough to actually see some of those companies listed in your
investment portfolio. I feel like, did you write this
one specifically for me because I still have super sitting in
the UK that I need to work out how to get every year.
Yeah, OK. We'll talk a little more
challenging. We'll talk about that later.
All right, point #3 you want to talk about is something to do
with family planning? Yeah.
(04:45):
So this is something I speak to like a lot of women about when
they're talking about family planning and a little bit of
confusion around the government paid parental leave and your
employer around to leave. So your employer usually needs
to keep your job open for 12 months, but they don't need to
pay you. But some employers, especially
government or large companies inAustralia will actually pay you
(05:05):
a number of weeks of your full pay.
So for a lot of people, this is actually between 14 and 20
weeks, whether you're in, you know, local or state government,
big companies. And you can actually get that on
top of your paid parental leave from the government as well.
That's good to. Know, yeah.
So if you're someone who knows that they're going to have
children in their future, that may be some career decisions
could be made around the companies that you work for
(05:27):
paying that as well, having a parental leave policy.
If you're looking for a new job or in a different industry, it's
worth kind of exploring what that looks like later down the
track. I know some of my friends who
have taken that strategy. They have to find you have to
work for the company for a certain amount of time before
some. OK, there are some, I won't name
them in a country that don't have a minimum work requirement.
(05:52):
In place. Interesting.
Yeah. Yeah.
So then you can do subsequent. So I personally got this.
I worked for a pretty big company when I had my kids and I
went back for three months and got pregnant again.
So I took two lots of leave. I basically had two years off in
the three-year period that I wasthere.
I was very grateful obviously that I had been given that those
two lots of leave during my timethere.
(06:12):
But I was worried too. I was like, oh, do I have to
come back for 12 months and thentry and have a baby and then
take the leave? But yeah, you just talk to your
employer and see if there's an option there.
OK, and if someone finds themselves in in a situation
where they think their employer is not following the guidelines
correctly or not holding their job, this might be more of a
question for a lawyer, but what should they do about it?
(06:33):
I'd probably start with Fair Work website, government
websites around that. There'll be lots of resources
and contacts available. Okay, yeah.
Good to know point #4 you want to talk about insurance?
Yes, so a lot of young people will just have default insurance
within their superannuation. Great starting point.
Don't cancel it unless you've got something good to replace it
(06:54):
with. But a lot of the insurance
within your super is only based on your age and nothing else.
So what I've found is I've actually had unfortunately some
clients whose partners have passed away and they haven't had
appropriate cover in place and it's meant some quite
significant life changes to them.
So a couple of points to note with insurance, so for example,
total and permanent disability insurance, that's where you'll
(07:16):
never go back to work again within a superannuation.
It is based on an anti occupation definition.
Now what this means is your Superfund was not the Superfund
itself, but the insurer within the Superfund and send you back
to work to do something that youcould be reasonably retrained to
do. So that might mean a significant
pay current or a totally different job altogether.
(07:40):
There is something called TPD own occupation where you can't
be I guess forced or you can't be encouraged to return to any
other work. It has to be your own job that
you're qualified for. So that's not available on
occupation within your Superfund.
It's something that you'd need to seek out with a financial
advisor. There's also no trauma insurance
available within your superannuation, which is payouts
(08:02):
for things like cancers, heart attacks, things that are not
necessarily going to keep you off work forever, but they might
keep you out of work for a little while.
So there are some shortcomings. So I would encourage people,
especially people with family planning, to seek advice from
financial advisors around appropriate levels of personal
insurance. Gosh, we're learning so much.
The next point, and I love that Jade's just given me this list
(08:24):
and I'm learning as we go. So, taking notes Bank accounts,
What do we need to know about bank accounts?
Yeah, Make sure we have visibility.
We want to make sure that we know where all our money is.
So both partners having logins to bank accounts, no one kind of
being locked out of having any access to finances.
So this is something that I think is really common where
there is one person that does a lot of their banking and the
(08:45):
bill paying and the finances just to make sure that I guess
that everybody is on board and knows what's actually being
spent within the household. Everyone needs to have access to
their own and shared bank accounts.
It also helps prevent a level offinancial domestic violence as
well, which obviously we can. We can talk more to at a later
episode. Last one, some quick wins for
(09:06):
us, yeah. OK, so here's quick, six quick
points. What are we 1st of July today,
so a nice fresh way to start thenew financial year.
First of all, this is one that gets talked about all the time
and probably as you get more subscriptions kind of forget
what you're using, cancel unusedsubscriptions.
So anything that you're not really using today, I actually,
(09:26):
well, I went to cancel my gym membership and then they said,
do you know, you can have a parttime membership?
And it was like half the cost togo half the amount of time.
And I was like, you know what, I'm not making it to the gym
more than three times a week anyway, So I'll take that.
So turn off auto renew on any other subscriptions.
So a lot of us might actually use them and then we might
forget about them for a while and not use them anymore.
(09:46):
And then that's kind of how we get locked into paying,
especially things you have to pay for like upfront that might
renew annually, negotiate your utility bills, your phone bills,
Internet, all those things, yourinsurance, especially car
insurances. My house insurance doubled last
month after the cyclone. So that's lovely.
But you can always negotiate these and not.
How do we negotiate these you? Ring and ask for a better deal
(10:08):
You. Say just from the same provider
that. You're good.
Just just ring your provider andsay am I on the best rate that I
could be? I'm shopping around, you know,
I'm looking to go elsewhere. Can you offer me something
better than this? I mean, if they say no, then go
elsewhere then I suppose. But yeah, you can definitely ask
for a better rate. And I have done this multiple
times, especially with car insurance.
And I've always come back with something.
(10:29):
They've always come back with some form of discount, a loyalty
discount or whatever it is that they, yeah, decide to give.
Oh. My gosh, the sort of doing that
makes me uncomfortable. But like if I can just be brave
one day and just smash out all these calls.
These days, like the online chatboxes.
Where you can chat to people. Rather than call as well.
So if someone doesn't like to dothat, because it can be quite
(10:49):
overwhelming having to ring and say, well, you know.
I can, I have a yeah, I I think if there's a chat box option,
we'll all be taking that all right.
Try and find a way to have a chat with your providers about a
lower cost. OK Use cash for your
discretionary spending. So if we're just not making it,
if we've done a budget, we have discretionary spending or a
(11:11):
little bit of money that we're allowed to spend each week guilt
free. If you keep it in cash, it is
really easy to identify how muchyou are actually spending to
help reduce overspending. And then we don't really use
cash much anymore. So it used to be really easy to
visualize as money went out the door, whereas now we're, we
don't even really look at our bank accounts.
I wouldn't think too much compared to having cash in our
(11:32):
wallet. So we we end up overspending
just simply from losing track ofwhat we spend our money on.
I mean, a coffee, a lunch, something in the evening, it all
kind of adds up quite quickly. But if you're having to pass
cash across the counter, then itactually feels like it's
actually leaving you. Yeah.
So you're likely to spend less. OK, what a good tip.
(11:53):
Yeah, I'm also making meant to note like right budget 1st and
then budget. 1st of course, but if you listen to our first
episode. Yeah.
Then you would know that's important.
I should re listen as well, yeah.
OK, this is goes without speaking close down, buy now,
pay later accounts if we can. So we really want to try and
close those off if we're in a position to.
But again, this comes after we've done our budgeting And
(12:14):
last one check for any unclaimedmoney.
So in Australia, we have about $2.1 billion of lost cash and
shares. How do we get ourselves some of
that? Yeah.
So you have a state registry that will have it all listed per
state. Go on, Google lost money and it
will come up with all of their relevant state authorities that
hold the money for us. Put your name in, put your
(12:35):
friend's name in, put your family's name in.
Let them know that they might have some money there to claim
it. You do need to go through a
process of identification, so you can't just take anyone's
money. But yeah, you'll be able to find
potentially a little bit of lostmoney there.
A lot of it is old, what we callwhole of life insurance policies
that our grandparents or our parents might have had, which
are no longer offered anymore, but often get lost in the mail
(12:56):
when people change addresses. And not a lot of these policies
were ever online based, so just easily got lost.
And the next one, then probably the most important one is that
there's about $21 billion in lost super circulating.
Oh. My God.
Yeah, a lot from like a random job you had as a teenager, early
(13:18):
20s or something, and then you've changed and you've just
forgotten about. Yeah.
So how do we find this money? Yeah.
So you should have a mygov account.
Most of us now need to do our tax through there.
So you can log into mygov. There is a superannuation, I
think it's in the Ato section and there's a superannuation tab
and it will have a list of your accounts there.
You can also just Google loss super and it will take you
(13:39):
through the steps in the processand where to find it.
And about making sure our account details are always up to
date, like contact details will ensure that you don't end up
with loss super in the future and not just automatically
taking you know, when you when you start a new job, your
employer can give you their default super fund or you can
give them your own details. Try to give them your own
details so you don't end up withmultiple super funds.
(14:02):
Amazing, Jade, thank you. No worries.
That has been fun. And I think, yeah, we can, we
can list out those tips in the show notes as well in case
people are like, oh, what was tip #4 But yeah, I think finance
is one of those topics that whenwhenever I'm researching for
this podcast and looking at like, what are the things that
are causing us the most stress in our life, finance always
(14:23):
comes up. But I think as women
particularly, we can be so quickto say, you know what feels too
hard? I'll just push it to the side
and I won't think about not it anymore.
So it's cool to maybe take this list to your next girls brunch
and be like, hey, I'm gonna set myself a personal goal this
financial year. Absolutely.
To get myself being more of an adult.
(14:44):
I'm going to do X Yeah. Keep yourself a little bit
accountable and just set future you up for a more financially
happy life. Yeah.
I think if you do things in bitesize pieces, it's far less
overwhelming, yeah. Jay, thank you for joining me on
the couch again. Thanks for having me.
Hey, welcome back to reset. It is the first week of the new
financial year and this podcast is all about hitting pause each
week and learning a little bit of new information to make our
lives better. So what I thought very on theme
on topic for this week is to invite the lovely Jade back into
the studio. You might remember Jade from one
(00:28):
of our earlier episodes or the workshop that we did here in the
studio. She is a financial advisor that
has come armed with all the stats.
Jade, welcome back to Reset. Thanks Dad.
Thanks for having me back. So good to have you back.
So for this episode, I thought what we could do is well,
actually, we prepped it. Let's we prepped this episode, I
(00:50):
said to Jade. Hey, most people know that
finance is important but maybe they don't like talking about it
too much so how can we just likehit them with punchy 6 things
that we all need to know like moving into the new financial
year and Jade has come back to me with some dot points and I'm
just going to read these promptsand then let her go for goals.
(01:10):
Let's do it. Let's do it.
So I feel like if all of us listening just actioned one of
these six things, we'd be miles ahead.
If we can do 2 high achievers, let's go.
So first one, Jade, don't just pay the minimum on your home
loan. Why?
(01:30):
Why? Yeah.
So this isn't always going to befor everyone.
Obviously you've got to make sure we've got cash flow to do
this and there's also considering other future plans
that you might have. But just speaking, if you take
out a 30 year mortgage, so in Australia, the average mortgage
is about $660,000 now, which is kind of hard to believe, but it
is if we pay that over 30 years at an average of 4 1/2%
(01:55):
interest, the interest amount alone is sitting at around
540,000, meaning we're going to pay around 1.2 to $1.3 million
for that house. So if we're just looking at just
like if your credit card, if youjust take the minimum, it's just
going to take you so long to payit off.
You're going to pay so much interest.
If you pay just $20 a week extra, you pay your home loan
(02:18):
off 18 months sooner. Oh, sorry, $20 a week extra in
18 months? Yeah, OK.
You save $30,000 in interest. And if you want to get a little
bit more serious, so let's say you put in $100 a week, you're
saving around six years, six whole years and.
(02:38):
Six years. I can own my home sooner if I.
Pay OK $100 a week and 130,000 in interest.
Damn, yeah. And so like six years on a 30
year loan might not, you know, seem significant, but if you're
getting to the end of it, it is going to feel significant that
you've paid it off a lot earlier.
(02:58):
It also sets up good habits thatif you're focusing on paying
something extra, maybe if you get a pay rise, you might
increase that to $120.00 a week.And then all of a sudden, a few
years down the track, you're really eating into your loan and
laughs just a little easier. Later on.
Amazing. How do we do this?
Is it something we need to talk to the banks about?
Can we set it up ourselves? Yeah, you can just set up a
(03:18):
direct transfer yourself. That's probably the best way,
because then you've got full control over it if you do ever
need to stop it or reduce it or if you want to increase it.
OK boom, we started big. We started big.
Next one you told me you want totalk about is take control of
your super. Yeah, so a lot of young people,
I guess, don't even have a loginto their super funds.
So it's a really good starting point.
(03:40):
So log into your super, know where it's at, make sure you've
got a beneficiary listed. The beneficiary can't be mum or
dad or your siblings. It has to be a spouse or someone
in the interdependency relationship with you or your
children. That's interesting.
Yes. So just check who you have
listed there. And we also want to just make
sure all that contact details are up to date so it doesn't
become lost super. And we also just want to make
(04:03):
sure that your employer is making contributions which you
will see in your transactions listing and where your money is
actually invested. If you want to get really
involved in it, you can always Google the name of the
investment that you have and it will come up with where your
money sits in the world and how much you have in Australian
shares and international shares.And you might even be lucky
(04:23):
enough to actually see some of those companies listed in your
investment portfolio. I feel like, did you write this
one specifically for me because I still have super sitting in
the UK that I need to work out how to get every year.
Yeah, OK. We'll talk a little more
challenging. We'll talk about that later.
All right, point #3 you want to talk about is something to do
with family planning? Yeah.
(04:45):
So this is something I speak to like a lot of women about when
they're talking about family planning and a little bit of
confusion around the government paid parental leave and your
employer around to leave. So your employer usually needs
to keep your job open for 12 months, but they don't need to
pay you. But some employers, especially
government or large companies inAustralia will actually pay you
(05:05):
a number of weeks of your full pay.
So for a lot of people, this is actually between 14 and 20
weeks, whether you're in, you know, local or state government,
big companies. And you can actually get that on
top of your paid parental leave from the government as well.
That's good to. Know, yeah.
So if you're someone who knows that they're going to have
children in their future, that may be some career decisions
could be made around the companies that you work for
(05:27):
paying that as well, having a parental leave policy.
If you're looking for a new job or in a different industry, it's
worth kind of exploring what that looks like later down the
track. I know some of my friends who
have taken that strategy. They have to find you have to
work for the company for a certain amount of time before
some. OK, there are some, I won't name
them in a country that don't have a minimum work requirement.
(05:52):
In place. Interesting.
Yeah. Yeah.
So then you can do subsequent. So I personally got this.
I worked for a pretty big company when I had my kids and I
went back for three months and got pregnant again.
So I took two lots of leave. I basically had two years off in
the three-year period that I wasthere.
I was very grateful obviously that I had been given that those
two lots of leave during my timethere.
(06:12):
But I was worried too. I was like, oh, do I have to
come back for 12 months and thentry and have a baby and then
take the leave? But yeah, you just talk to your
employer and see if there's an option there.
OK, and if someone finds themselves in in a situation
where they think their employer is not following the guidelines
correctly or not holding their job, this might be more of a
question for a lawyer, but what should they do about it?
(06:33):
I'd probably start with Fair Work website, government
websites around that. There'll be lots of resources
and contacts available. Okay, yeah.
Good to know point #4 you want to talk about insurance?
Yes, so a lot of young people will just have default insurance
within their superannuation. Great starting point.
Don't cancel it unless you've got something good to replace it
(06:54):
with. But a lot of the insurance
within your super is only based on your age and nothing else.
So what I've found is I've actually had unfortunately some
clients whose partners have passed away and they haven't had
appropriate cover in place and it's meant some quite
significant life changes to them.
So a couple of points to note with insurance, so for example,
total and permanent disability insurance, that's where you'll
(07:16):
never go back to work again within a superannuation.
It is based on an anti occupation definition.
Now what this means is your Superfund was not the Superfund
itself, but the insurer within the Superfund and send you back
to work to do something that youcould be reasonably retrained to
do. So that might mean a significant
pay current or a totally different job altogether.
(07:40):
There is something called TPD own occupation where you can't
be I guess forced or you can't be encouraged to return to any
other work. It has to be your own job that
you're qualified for. So that's not available on
occupation within your Superfund.
It's something that you'd need to seek out with a financial
advisor. There's also no trauma insurance
available within your superannuation, which is payouts
(08:02):
for things like cancers, heart attacks, things that are not
necessarily going to keep you off work forever, but they might
keep you out of work for a little while.
So there are some shortcomings. So I would encourage people,
especially people with family planning, to seek advice from
financial advisors around appropriate levels of personal
insurance. Gosh, we're learning so much.
The next point, and I love that Jade's just given me this list
(08:24):
and I'm learning as we go. So, taking notes Bank accounts,
What do we need to know about bank accounts?
Yeah, Make sure we have visibility.
We want to make sure that we know where all our money is.
So both partners having logins to bank accounts, no one kind of
being locked out of having any access to finances.
So this is something that I think is really common where
there is one person that does a lot of their banking and the
(08:45):
bill paying and the finances just to make sure that I guess
that everybody is on board and knows what's actually being
spent within the household. Everyone needs to have access to
their own and shared bank accounts.
It also helps prevent a level offinancial domestic violence as
well, which obviously we can. We can talk more to at a later
episode. Last one, some quick wins for
(09:06):
us, yeah. OK, so here's quick, six quick
points. What are we 1st of July today,
so a nice fresh way to start thenew financial year.
First of all, this is one that gets talked about all the time
and probably as you get more subscriptions kind of forget
what you're using, cancel unusedsubscriptions.
So anything that you're not really using today, I actually,
(09:26):
well, I went to cancel my gym membership and then they said,
do you know, you can have a parttime membership?
And it was like half the cost togo half the amount of time.
And I was like, you know what, I'm not making it to the gym
more than three times a week anyway, So I'll take that.
So turn off auto renew on any other subscriptions.
So a lot of us might actually use them and then we might
forget about them for a while and not use them anymore.
(09:46):
And then that's kind of how we get locked into paying,
especially things you have to pay for like upfront that might
renew annually, negotiate your utility bills, your phone bills,
Internet, all those things, yourinsurance, especially car
insurances. My house insurance doubled last
month after the cyclone. So that's lovely.
But you can always negotiate these and not.
How do we negotiate these you? Ring and ask for a better deal
(10:08):
You. Say just from the same provider
that. You're good.
Just just ring your provider andsay am I on the best rate that I
could be? I'm shopping around, you know,
I'm looking to go elsewhere. Can you offer me something
better than this? I mean, if they say no, then go
elsewhere then I suppose. But yeah, you can definitely ask
for a better rate. And I have done this multiple
times, especially with car insurance.
And I've always come back with something.
(10:29):
They've always come back with some form of discount, a loyalty
discount or whatever it is that they, yeah, decide to give.
Oh. My gosh, the sort of doing that
makes me uncomfortable. But like if I can just be brave
one day and just smash out all these calls.
These days, like the online chatboxes.
Where you can chat to people. Rather than call as well.
So if someone doesn't like to dothat, because it can be quite
(10:49):
overwhelming having to ring and say, well, you know.
I can, I have a yeah, I I think if there's a chat box option,
we'll all be taking that all right.
Try and find a way to have a chat with your providers about a
lower cost. OK Use cash for your
discretionary spending. So if we're just not making it,
if we've done a budget, we have discretionary spending or a
(11:11):
little bit of money that we're allowed to spend each week guilt
free. If you keep it in cash, it is
really easy to identify how muchyou are actually spending to
help reduce overspending. And then we don't really use
cash much anymore. So it used to be really easy to
visualize as money went out the door, whereas now we're, we
don't even really look at our bank accounts.
I wouldn't think too much compared to having cash in our
(11:32):
wallet. So we we end up overspending
just simply from losing track ofwhat we spend our money on.
I mean, a coffee, a lunch, something in the evening, it all
kind of adds up quite quickly. But if you're having to pass
cash across the counter, then itactually feels like it's
actually leaving you. Yeah.
So you're likely to spend less. OK, what a good tip.
(11:53):
Yeah, I'm also making meant to note like right budget 1st and
then budget. 1st of course, but if you listen to our first
episode. Yeah.
Then you would know that's important.
I should re listen as well, yeah.
OK, this is goes without speaking close down, buy now,
pay later accounts if we can. So we really want to try and
close those off if we're in a position to.
But again, this comes after we've done our budgeting And
(12:14):
last one check for any unclaimedmoney.
So in Australia, we have about $2.1 billion of lost cash and
shares. How do we get ourselves some of
that? Yeah.
So you have a state registry that will have it all listed per
state. Go on, Google lost money and it
will come up with all of their relevant state authorities that
hold the money for us. Put your name in, put your
(12:35):
friend's name in, put your family's name in.
Let them know that they might have some money there to claim
it. You do need to go through a
process of identification, so you can't just take anyone's
money. But yeah, you'll be able to find
potentially a little bit of lostmoney there.
A lot of it is old, what we callwhole of life insurance policies
that our grandparents or our parents might have had, which
are no longer offered anymore, but often get lost in the mail
(12:56):
when people change addresses. And not a lot of these policies
were ever online based, so just easily got lost.
And the next one, then probably the most important one is that
there's about $21 billion in lost super circulating.
Oh. My God.
Yeah, a lot from like a random job you had as a teenager, early
(13:18):
20s or something, and then you've changed and you've just
forgotten about. Yeah.
So how do we find this money? Yeah.
So you should have a mygov account.
Most of us now need to do our tax through there.
So you can log into mygov. There is a superannuation, I
think it's in the Ato section and there's a superannuation tab
and it will have a list of your accounts there.
You can also just Google loss super and it will take you
(13:39):
through the steps in the processand where to find it.
And about making sure our account details are always up to
date, like contact details will ensure that you don't end up
with loss super in the future and not just automatically
taking you know, when you when you start a new job, your
employer can give you their default super fund or you can
give them your own details. Try to give them your own
details so you don't end up withmultiple super funds.
(14:02):
Amazing, Jade, thank you. No worries.
That has been fun. And I think, yeah, we can, we
can list out those tips in the show notes as well in case
people are like, oh, what was tip #4 But yeah, I think finance
is one of those topics that whenwhenever I'm researching for
this podcast and looking at like, what are the things that
are causing us the most stress in our life, finance always
(14:23):
comes up. But I think as women
particularly, we can be so quickto say, you know what feels too
hard? I'll just push it to the side
and I won't think about not it anymore.
So it's cool to maybe take this list to your next girls brunch
and be like, hey, I'm gonna set myself a personal goal this
financial year. Absolutely.
To get myself being more of an adult.
(14:44):
I'm going to do X Yeah. Keep yourself a little bit
accountable and just set future you up for a more financially
happy life. Yeah.
I think if you do things in bitesize pieces, it's far less
overwhelming, yeah. Jay, thank you for joining me on
the couch again. Thanks for having me.
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