Debt Deception Dilemma

Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

Let's get into it.

She's on the Money, She's on the Money. Hello, and welcome to She's on the Money, the podcast for millennials who want financial freedom. Today my loves it is Friday, which means Jess and I are here together to celebrate you ow incredible. She's on the Money community. Today, we're going to be sharing our favorite money wins. We're going to be helping to answer juice money dilemma, which this week is all about cheating on or breaking up with your mortgage. Broke it in pursuit of a better deal.

Oh my god, New York was amazing. We had the best time to stay bagels, We ate bag we ate pizza, We went to Broadway, we lived the dream. We recorded some fun podcasts which we did.

We have so many guests International baby so fancy.

We got to have a look at Square Space, have a chat to there.

We went to the head office and I did a whole like financial literacy workshop with them, which I am genuinely so passionate about. But also, jess I did a financial literacy workshop.

In New York.

How cool? So big dog.

And anyway, now this week we've been in New Orleans. We've been at fin Corn, which has been super fun.

We came last year and I feel like you and I left last year feeling so motivated. Yeah, to like smash. She's on the money out of the water for the next twelve months, and I feel like this year was just like a no brainer for us.

Yeah, we're really excited. You're doing a keynote. I'm on a panel, which is really fun, and we just get to hang out with some of our friends from home.

My keynote is tomorrow, which is a little bit scary because I've never done an international keynote.

She's going up in the world.

I'm loving this. This is so wild.

If you want us to fly to your country and get talk hit us up would be very expensive though, it would be very expensive, but also very fun.

I'll do it anyway. We'll do it on zoom on zoom totally. Alright. So we have had honestly pretty good weeks. Like when it comes to a work week, Jess, has there been better?

I don't think so.

No, neither. Oh. Actually, remember the time we went to Disneyland, of you know what?

That was pretty good.

Yeah, Like, we don't really do work it. She's on money too. All right, let's get into it. I know you have a number of community money wins. Even though we are international guys, we are still creeping on what is going on back home. So Jess, what are your favorite community money wins of the week this week?

First money win this week I have comes from Tara who said I was the first caller to read the radio station when they hear the cuter call, I want one hundred.

Dollars cash money win. Love that money win. That never happens.

I feel like I never hear about people winning those things, so that was just really exciting for me.

I mean I hear all the time because, like Jess, our studio back in Melbourne is literally in a radio station. True, but the phones go off the hook. Like sometimes if you're walking past the studio you can kind of see the switchboards light up. Remember when they were giving away Taylor Swift tickets or they broke the phones.

Yeah, like it literally just stopped functioning, which I don't blame you.

And all of them were like calling reception and reception. Josh a reception was literally like can you not, Like I can't get you tickets.

I can't help you. If I could get tickets, I would be getting the ticket.

And Josh like I didn't even get tickets go Away.

Next, I got I'm on even in from Tigan, who said the tire repair shop didn't charge me for my puncture repair.

Oh that's really kind.

Small and really sweet. Tina said, I decided to look into solar panels for our home. Who knew, not only can you put them on a payment pan with no interest.

Fees, I didn't know, there's also.

Government rebates from one to three thousand dollars off the panels.

Oh, money win.

We saved twenty eight hundred dollars with our government rebate, and it will reduce our power bill from seven hundred dollars to around three hundred, maybe even less, which is potentially saving US eighteen hundred dollars over the year.

Money win. I love this.

Love that she did the mask stunning. I've got a money win from Samantha, who said I've been listening to She's on the Money for a little while now, and this week I finally downloaded my first investing app and then in brackets She's got chares Is obviously, and I invested for my very first time.

Congratulations, my angel, you're an investor now. Yeah.

I'm in my late thirties, so I feel a bit late to the potting, but better to start now than not at all.

Also, did you use the code SotM to get a free ten dollars when you signed up?

I hope so. How exciting, Samantha West, that's amazing, proud of you.

I love this.

Next, Laurence said, I picked this up free from the curb and I've got a happy little man. And it's a picture that she put in of this really cute little like wooden theater, like puppet theater. Oh my gosh, what adorable She's popped in so sweet a photo. I don't know if she's maybe done it up a little bit, but it is. It looks so cute and it was free. How toddler looks like they are definitely enjoying that. He's

I love this so much. You're a Deep Hop girlie.

I love a Deep Pops.

I know I have been checking there when I'm looking for like dresses that I wished I got last season but didn't purchase, and then I find them there for like fifty bucks and I'm like money win huge. My favorite is, actually this is very self centered, so I

I believe in those values.

Yeah, wholeheartedly, and they're like this is actually so funny, and I'm like, thanks for the dress, Gabe.

Oh my gosh, that's so hold s. All right.

Beck not here because she's not in the country, but I am going to do the broke tips from the community this week. She's provided them, and I also have a tip from Beck because I was like, we didn't do one last week. You're not getting on this week. Send me once.

She's here and Spirits is here in Spirits, so the first break tip comes from Rachel, and Rachel said try one month of just buying everything with no brand name on them.

So like at the supermarket, includes food, clothing, if you need to buy it, et cetera, drinks, you are going to be so surprised at how much the savings add up, and you'll finally try all the home brand things you've been questioning.

And everyone always says the home brand things are made in the same factory. They just have.

They're not label they have to be because do you really think, like down the road there's going to be like no name pasta factory, Like it just makes no sense to have an entire factory that pumps out no name pasta.

Yeah, so there you go. Maybe you'll find something to be like this is literally exactly the same exactly.

And can you please tell us what your favorite home brand items are because I want to know, like what are the winds because a few times right I have been pleasantly surprised. My favorite is Pringles. So the sour cream and onion pringles are my favorite type of Pringles. Don't come for me. I'm not having a fight green one. So the only ones that I will let you have red, no go away purple? Are you joking? Save that for Smiths? Like crinkle cut chips.

Huh.

Anyway, we could fight, but we're not going to because you're all going to agree that the green ones are the best. But they have shrunk in size, so Pringles are no longer as great a value as they used to be. Cole's home brand Pringles though are They are the exact same size as the old Pringles and they taste exactly the same and they're like one ninety nine for a tube.

You know what. They did that with the red Rock deli chips as well, that are now like eight dollars bag or something. A bit know. Coles do like a deli chip that tastes literally exactly.

The same, and it's just better. It's trees, it's cheaper, and you're like, I can taste the savings, taste the saving, I can taste them. Osh, So definitely try those. The next one is from Tory, and Tory says, recycle as much as possible if you find yourself with recyclable waste before you put it into the recycling bin, so if you can try and get a few more uses out of it, For example, a box from a parcel that

Or I don't know I had one. It's like an older fashioned concept you would have it. I feel like it's from our mum's generation. But you would collect things for your future home while you still lived with your parents, and it would go in your glory box. So maybe what Yeah, so maybe for like Christmas or birthdays, or if you saw something on sale.

You would buy tea appointing pizza.

No, it's not a disappointing pizza at all.

So you'd like buy tea tails and put them in your.

Glove Yeah, or pans, like your pans went on sale, Like if there was a super clearance somewhere and you were like, oh my god, well one day I'll have a house. On any pans, you'd buy the pants and they'd go in your glory box. And then the idea was when you moved out. You didn't get hit with all of the expenses the bus. Stop laughing.

I can't give a straight face. Why is it called a glory box?

Glory to God? Maybe I don't know. That's not my Let me google it for you one time.

No, I don't even want to know.

Am I going to get some questions?

I think you're going to get some questionable pictures and videos, Jessica.

I've googled it. It says the origin of the expression of glory box is unclear.

Well, that makes sense, gloryby I'm mon clear of what a glory box is? Have you found any other definition?

According to the Australian National Dictionary Center, glory box is probably related to the British dialect expression glory whole.

No, it's not. Did you just make that up?

Denoting a place for storing odds and ends?

Oh? Okay, do you know what? I think we might move on? Because this is a very g rated podcast? Was I right, jess in thinking what I was thinking? Cool? I was? Thank you. Tory also suggests that we say that our pasta sauce jars, because she said it could actually become a really cool drinking glass. A small vase, a candle, et cetera. And we really should be trying to recycle first anyway before it actually goes in the

I need bex help lay it on me.

Yep, all right, So Beck says, check out the free section of Marketplace first. I feel like this is channeling from your money win section Lauren, who said she got that place enter thing from the curb, but she said, check out the free section of Marketplace. You could find a money win and also you could find something that's not well marketed take home, clean it up, flip it for a profit.

I've seen people do that on TikTok I. It's a genius, really smart and recycling.

Beck also said when I messaged her, she said, I furnished my house over the years with heaps of free things from Facebook, Marketplace and gum Tree. You'll be super surprised if the qualities. Sometimes people just want to get rid of their things and they don't actually want money. They just want it gone and moved, and they don't want to have to like negotiate delivery fees or pickups or whatever, and like they're just like take it, yess, I don't want this anymore.

If you're willing to put in the work, and if you or someone you know is strong, very something to be said in that, because I remember when my friend moved. She lived in an apartment and it was a really narrow staircase and she was on like the third floor, and she was like, over my dead body, am I carrying this couch down? And so she literally put a whole nice couch on Facebook marketplace for free. She's like, the only catch is you have to get it down the stairs.

Yeah, that's fair. That's a good game.

Imagine how many people would do the same thing. They like that. I just can't be bothered moving it, but it's yours because then I don't have to pay for like a junk removal.

So yeah, no, that's true. Also another hack that Beck threw in, she said, your location to the wealthier suburbs. Ah, it's so smart, genius.

Find out when they have their hard rubbish collection.

Well that's a good one as well, how do we find that out?

Be trawling those rich suburbs.

Maybe, yeah, go on their council websites, see what's up. Literally, be like, I'm not paying your rates, but I definitely will look at when you're hard rubbish collection days.

One rich person's trash is definitely treasure for the rest of us.

One hundred percent. Alright, let's go to a really quick break on the flip side. We're going to be talking about cheating on or breaking up with your mortgage broker. And we're also going to be discussing a like spicy little DM that someone slid into our messages about and said, I have a fiance and they have a secret credit card and it's been maxed out. What do I do? Don't go anywhere, guys.

Welcome back, everybody. Should we take a listen to this week's money dilemma?

Hi? There, have you got a money dilemma you just can't solve? The She's on the Money team is here to help. Every week, we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a short voice recording and you might just find yourself on the show. Now, let's take a listen to this week's money dilemma.

Hi, she's solemn money. So I plan on breaking up with my mortgage broker or potentially it's cheat. To give you some background, I've bought my home with my first mortgage broker already and they were great. However, I'm now looking into an investment home and they said there's absolutely not thing I can.

Do because of cash flow.

I've asked whether there's anything else we can do and they said it's a hard no. Hence I want to get a second opinion, but I still want to stick to this mortgage broker to refinance our first home. So my questions are, can they see on their system if I engage in a second mortgage broker for our investment home? And so are there any negatives with engaging your two mortgage brokers at the same time.

Thank you, This is giving me. If you're at flags, Jessica, red Flags, Yes, more so, you either, from my perspective, trust your mortgage broker inherently or you do not. If you do not trust your mortgage broker inherently, you go find a second opinion and you don't want to refinance with them, So I would be interested to know why you want to leave your first loan with your mortgage broker that honestly, you're telling me you don't trust because

Yeah.

If they go, oh, I see some more credit inquiries, you go yeah, Yeah. I was really frustrated with the outcome because I really really wanted to buy an investment property and you say cash flow was an issue, So I got a second opinion. You're right, Greg, Like, you know, cashlow was an issue. Every other broker couldn't do it. So I'm back here, like, I don't think that's a bad thing, but I definitely wouldn't be trying to be sneaky.

Yeah, particularly if there's a clawback.

Yes, so that's also a really good point if you and it depends on the term of your loan. So clawback is where so you don't pay your broker jest, So your broker works for you individually for free. They get paid by the bank, but the bank says, in order to get paid by us, your client has to stay with us for a minimum of twelve months. It

Speaking of keeping secrets, though, this week's community DM has a little bit of it secret plot in It doesn't that.

You are correct, Jessica, it's a little bit spicy. Are you ready? I strap yourselves in? My fiance has a secret credit card. Crying face. It's crying face emoji, hi ladies. On top of trying to budget for a wedding, dealing with the cost of living, and trying to get in a better financial position for our future. My fiance's credit card statement came in the mail and it showed us that we are in five thousand dollars worth of personal debt, which he has maxed out and I didn't know about.

Now, Oh my gosh, that's awful. It's your fiance, so you're going to be married, and I feel like it is a very big secret to keep, and I don't want to shame anyone for their debt. And I understand that that we.

Should be talking openly and honestly about it, especially if you've got shared big financial goals.

Well, it's interesting because I noted our listener said, I found out that where in five thousand dollars a personal debt.

Like I kind of like the way she framed that, though, because if Steve had that, I would immediately go, that's an US problem, not the problem, because we're a team.

Yeah, so maybe it's that I do like, I do really like it, but I also am very conscious of the fact that that's what one thousand dollars is a lot of money and a lot of debt to put yourself in, and it's a bit concerning that the partner is sounds like burying his head in the sand, paying only minimum repayments, not being open about the fact that he is in that debt. If that was me, like if I found that out, bebit salty, I'd be real salty.

I'd be straight in it. I'd be like, oh, whoops, I was opening mine and I accidentally opened to this one. Ha ha. It wasn't an accident, Steven.

Yeah, but it's like it's a hard conversation to bring up, like, hey, by the way, I know you've been lying to you.

So if you can lie to me, at least turn off the mail coming like I get paper, have your e statements sent to you be better at lying. We asked the community, all right, Jess, So we said, do you have a secret credit card that your partner doesn't know about? Thankfully, ninety eight percent of you said no, two percent of you said yes, two percent two percent. We said, how would you feel if your partner had a secret credit card? Sixty percent of you agreed with us,

Yeah.

We also asked if you're in a relationship, do you and your partnership finances it spassy. Sixty percent of you said yes, some forty percent said no. Again, there is no right or wrong way. I just really think this is let's see it as an opportunity to grow closer and you know, foster a bit more trust. So like if you were in that situation, Jess, and we were in a relationship, which we'd be real hot couple, yes,

Well, yeah, I feel like the bigger red flag for me here than the credit card is the fact that it was kept a secret. Yeah.

No, I agree, I absolutely agree. And there's going to be a reason they got it. They might have been like, oh, I'm really overwhelmed with their finances, or I've had it for years and it just never came up. There's going to be a reason, right, And I think that it tells you a lot about your relationship. We also asked the community, Jess as always, would you like to hear what they had to say?

Absolutely so.

Someone said, this is really concerning for me? Is this habitual?

Yeah?

Good question. Someone else said, nothing wrong with having one if it's manageable, But this seems really deliberate that he hid it from her, which is true, and that's where I see the issues.

How you want to start a marriage either.

One hundred percent like maybe you two desired to get a credit card because you know stuff's tight. Yeah, great, I get it. But it's a joint decision, and a joint financial decision. Someone said, I watched my parents deal with this back and forth for years run it only gets worse.

Oh no, No, this.

Is an opportunity to set expectations in a relationship and have beautiful, open, honest money conversations and you know what, five thousand dollars to be on the right page. So that's the money win.

It's an investment in your relationship.

Done. Someone said, credit card, No, it would be impacting your borrowing if you're planning on purchasing your property, which is true. True would have come up at some point because you can't hide lines of credit. You need to have a secret emergency account though.

Yeah, anyone, everyone should. We've said that before.

A squirrel account is what I've been calling it recently, because you squirrel money away like a little squirrel, and then you forget about your nuts and then it's there, exactly, it's there for a rainy day, like the squirrels in Central Park in New York. Because we were there last week, so cute. By the way, did you know, we went to New York. I'm glad that we're all on the

Oh that's so awful.

It's a deal breaker for me. Fair. Also, thanks for sharing that, because that's big. Someone said, it's not the credit card. It's actually the secrecy that's the problem. It's okay to need one, but you need to be talking about it. Your debts are shared once you get married. And someone said it's his secret love, so it's his problem to deal with, not yours. I'm raven a hard price. Yeah, I'm rocking a hard place. I just think it's an

But I think you're right, Like if you have the conversation and if you set those expectations, it's an opportunity potentially to really deepen your relationship with each other, to reaffirm that you do approach things as a team, to reaffirm that you do do them with kindness, and that you are there to support each other. Because maybe that's why was kept a secret, because your partner was embarrassed or unsure of how you'd react or something like that.

I agree, And I also think it's important to see that there is in a relationship a different between secrets and things that might not have come up because you're not comfortable yet. So like when I got into a relationship with Steve, I was in personal debt. I had not told him yet because I was so deeply ashamed of the debt that I carried, I was so worried about his judgments on me. It actually wasn't me trying to keep secrets. Yeah, Like I wasn't out having an

Come back and let us know how it goes. I'm super interested.

I know, all right, Jess. It is Friday. Tomorrow is Saturday, and we are going to a Halloween parade in New Orleans, so we better go get our costumes. I am so excited about this. Sorry that you're not here, my friends, but you are living vicariously through us. And if you're following as if you're following us, If you're not following us, unlucky.

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