Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr the Order Kerni Whoalbury 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 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.
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She's on the Money, She's on the Money.
Hello and welcome to She's on the the Podcast Wallennials who want financial Freedom. Today is Friday, which means it is time to sit back with the girls with a bev in hand, to unpack our favorite moments of the week and of course to celebrate you how incredible She's on the Money community. As always, we're going to be sharing our favorite money wins, We're going to be discussing what's making news in the finance world, and this week we're going to be helping to answer a juicy money
question on tax on multiple incomes. But first, as always, it is time to recamp the week that was. Miss Jez GERRICI, can you talk to us about Monday's Money Diary episode? This week Monday's Money Diarist was a woman. She has two children, and I found her story so
interesting because she had a career in military nursing. Her partner also works in the military, and they made the decision as a couple that she was going to take a step back from her career to look after the children so that he could pursue his And the reason I found this so interesting is because this narrative I think was very common twenty thirty forty years ago, but nowadays I think it is happening less and as someone who I think is steadfastly in the opposite perspective, I
just found it really interesting to talk to her about how they came to that decision and what that looked like for them as a couple, because once upon a time, I guess it kind of would have just been assumed that the wife would stay home and raise the kids, but in twenty twenty two that is less and less the case. And she said, look like we really thought.
About it, and you know, I loved my career and I really enjoyed what I was doing. It wasn't as if she had always had this desire to leave the workforce, but ultimately, with both of their careers, with I guess the income and the circumstances.
It had to be compromised.
Yeah, and it was what made sense for them as a family. And I think it was really cool to hear about how those conversations were had, because you just know that that's not an easy thing when you've worked your life away to you know, get a degree as a nurse, you have to go to UNI and spend all of these years doing everything that you do to kind of build yourself to then have to go, Okay, I'm stepping away and that's just the choice that I'm
making and potentially forever. And you know, she was saying that she did work part time.
I think now she works in ebbs and flows because her partner's job means he's here sometimes and then away a lot of the time. So when he's here and obviously they have a bit more support or like she said that her mum comes down and stays like maybe for a week at a time, which means she can go in as a nurse to like pick up a week's worth of work, And I thought that was pretty cool, given there's a little bit of flexibility, which means she can still say engaged in her career, which is something
we talk about. When women do take big hiatuses from the workforce, it's really hard to you know, stay relevant. And you know, if she does decide to go back to work after the kids are at school, and if you've got two kids, maybe that's like a full ten years out of work completely. The one good thing that I think comes from that is going well, actually she's
not completely out of the workforce. If she goes for a job, she can say no, like, I'm definitely up with you know, what's been going on in the health care industry. Whereas if you've been out for ten years, so much can change in ten years, so I can totally get that you might feel a little bit behind.
So if you can do that, great. But the other thing Jess that really came out of that, I guess wasn't what she said, but more what I took from that session, and that's that, you know, she seemed really unsure about her financial circumstances and her and her partner were thirty, like they were sitting on a fair bit
of cash. Her husband had more than three hundred thousand dollars in his superannuation and she was close to I think Jess it was like two hundred grand, so that they they were both doing very well, so well, right, So like talking to me, I don't have nearly that amount, Like I have been self employed for a very long time and therefore not prioritize SUPER in the way that I should have. And I've definitely, you know, only been paying myself the minimum during that period of times. My
SUPER is definitely not something to write home about. However, it's interesting to see when you start talking to people about their financial lives, they compare themselves to the circle
that sits around them. We were talking to the beautiful woman who clearly was very deep into the military life style, so she was comparing herself to other women in the military lifestyle and the fact that other people who had bought houses and you know, we're doing more with their investments or buying shares, And it was just interesting to see that she didn't think she was doing that well. Whereas Jess and I were sitting across the table being
like wow, like that, I'd kill for that. That's crazy. So I just I wanted to talk about it here, and I don't know how I wanted to talk about it, but just this like comparison culture of often we compare ourselves just to people who are within arms reach, right, Like George, you might compare yourself to Jess and I and I might do vice versa. But then the other comparison we draw is only to people who are really visible to us, which is like social media influences and
people who are in the public eye. And you just go, that is that actually really valid? Like a lot of people listening to that money diary might have been like, wow, like she's thirty, has two kids and has been able to contribute to super Like she's miles ahead of me, Like there are so many people in our community who have two kids, you know, still have a husband, but are living in massive amounts of debt because they just can't get on top of the cost of living. So
I just, you know, it's not to shame it. I just found it so interesting because that's her journey. That does not mean that her experiences are not relevant and are not valid. She absolutely feels behind from where she expects herself to be, and that's totally okay. But it's interesting to see that there are people in her life that she's comparing herself to, whereas you know, you or
I might be comparing ourselves to different communities. And I just found that really interesting because I hadn't taken the time to step back and go, wow, Like, as much as we say don't compare yourself, we all do it. We just have to take everything with a grain of salt. Remember a lot of things, right, Remember that debt's invisible,
and that we don't always see everybody else's journeys. And you know, I could go on and on, but I just think it's a relevant point to bring up because I know that a few people listening to that might have been a little bit disheartened by going, oh, she thinks she's behind. Oh my gosh, imagine what she thinks of me, my friend. She's not thinking of you, She's just thinking of her own expectations for how her life was going to go about thinking that someone's less man.
So anyway, I just wanted to say that because I think it's important there.
Yeah, that's an inspirational note to kick us off. I think, sorry, sorry, it's good, it's good.
Let's move on though. What happened on our Wednesday episode Georgia On Wednesday you could selfie and the glorious Jessica Richie. We're already booting you off the show. Yeah, yeah, still hanging on.
You guys discussed credit cards, so you spoke about what we need to be mindful of because obviously they can be slippery slopes.
They are very slippery suckers, exactly, the devil's plastic I believe they call it on the internet nowadays.
I like that.
I don't so as well as the negative sides to credit cards, which I feel like most of our listeners are already across the case, we spoke about the benefits as well, so it was a really balanced conversation. Obviously they can be a really useful tool, that they can also be the devil's plastic.
Yeah true, right, But I also think you know she's on the money. Isn't about vilifying certain offerings, right, Like, we know credit cards exist. My pain point with it is that my community runs into too many issues with it. So I feel an obligation to protect you guys from that and educate you so that you make the decision that's right for you. I have best friends that literally fly around the world for free on the points that
they get from their credit cards and muxis. I wish I could do that, but I'm just not organized enough, and so I see all of the benefits. I really get it. It's kind of like buy now, Pay later, Like we jump up and down about it all the time, but the reason we do is because people don't use
it to their advantage. And I've spoken, you know historically, even on season two, like one of the first episodes you were on g Well speaking about how one of my best friends always uses a buy now, pay later company on the Iconic so that she can order a range of different dresses and then send them back in the cash doesn't go out of your account. And I'm like, you're way more organized. I always lose the packaging. I can't return anything, Like I just know I can't trust myself.
So I think it's good to bring a balanced conversation. But at the end of the day, you guys need to educate yourselves and make the decision that's in line with how you function around money.
Yeah, exactly right. So cracking episode, ladies.
All right, well, I guess it is time now as always, to hear some of your budget direct money wins of the week. You got some confessions as well. What are you bringing to the table mostly wins this week?
Yeah?
One, las, all right, let's jump into it. The first win comes from Tomorrow money Win. I found expensive swimmers on sale for ten dollars each, so instead of paying sixty dollars apiece, I walked away with three items for thirty dollars.
Money all right, So obviously side note, I'm going on honeymoon soon looking for swimmers because obviously I'm a nikini yep, going to show my husin. No, we're not getting a new bikini. I will just be taking the swims I have. I did not. I forgot how expensive swimwear was. They are really expensive. You go wherever Tomorrow went. I'm gonna callender a DM. What else you got?
The next win comes from Alisha money Win. I sold my first item on marketplace to one hundred dollars plus postage.
Kay, following the footsteps of Miss Jessicarchi.
Right money loss. My post office charges sixteen dollars forty five a postage and not sixteen to thirty, so I lost fifteen cents.
We'll get it quite a bit of way that Yeah, that's that's of course. It's a sensation of cross jack.
The next weeon it comes from Jessica. It is a classic, but after around five years, I finally deleted after pay Yes, I tax returned to pay it off and the rest will go into savings. I can't lave I'm finally after pay free. What a cool club to be a part of.
It's the coolest club on the little Chef's kissche emoji.
I like it.
The next win it comes from Katie money Win. I waited a few weeks to buy some outfits, as I like to be sure I want to spend the money.
Genius.
I waited long enough that they were twenty percent off. Not only that, but I was totally sure I wanted to spend the money, and it was much more satisfying that way. When when yeah, genius, she's clearly as she's on the money OJ, I die hard. The next weon it comes from Shannon, a small money win. I found a near new espresso machine in hard rubbish in my area and I sold it online for forty dollars. Partner and I used it to go out for a nice
lunch together. That's cute, dear, isn't it crash to treasure exactly? Harps and I moved fairly recently and we've kind of discovered that we have a lot of stuff that were like, should we just throw it out?
No, you should sell it away.
Even if you sell it like five dollars, I always think it add that's five bucks you didn't have before current you could buy yourself half a coffee grim alright.
The final win of the day is very wholesome. It comes from Beck Future Money Wins.
I am not a millennial.
I'm forty nine years old, but I really love the podcasts and I also listened to the audio.
Boys we Love You Talking, which I loved We Do.
I've also managed to get my twenty five year old son to listen to some of your podcasts Baby Steps, and he has now started micro investing, which is a very Muma moment. His Christmas present will be at your first book and book for.
What a good present I want to present? Pick it up Ax or something or I'm pretty sure Amazon has like a little bundle deal going just get a little sneaky slip in there. My book came out ten days ago, so yeah, just pump up those sales.
On go on.
She finished off her win by saying, the podcasts and book have really spurred mine and my husband's financial literacy and goals on in the past twelve months, and we've paid off so much bad debt and we're now saving we've never saved before.
Isn't it sick that people do stuff? It's pretty like like, oh my god, I listened to your podcast. But then when people like I'm out of debt, I'm like, what, Like, I know people are literally doing it themselves. Like it's not me getting them out of debt. But like the fact that our content has just move on, Just move on. I'll go on and on.
Sorry.
Sorry, So it's good to be reminded of that. That was my last win of the day, but it should.
Be very well. I mean, they were all very good budget Direct money wins, and as always it has been fabulous celebrating them with you. Budget Direct winner of Cancers Insurer of the Year Award twenty twenty two. Budget Direct Insurance Solved. Now we're gonna head to a really quick break and after the break, we're going to be talking
about tax and multiple incomes. But the community, guys, has not stopped messaging me about the big W lay by fee that was announced like a couple of weeks ago, and you all won't stop talking about it.
So we're gonna do some maps and talk about it after this, all right, guys, like v D said, we're chatting about the big W layby fee now layby, I feel like not everyone in our community, because we do have some younger people are gonna know what layby is, what's lay by, lay by walk So buy now, pay.
Later could run.
So buying our pay later, as you know, breaks it down. You get your thing and you pay overtime. Layby was a similar concept, but you didn't get your item until you had paid it off. So whatever store that you're purchasing from, you would take your pair of shoes up to the counter and you would say I would like to lay these please, and they would put them away in the back room and every couple of weeks or I don't think there actually was a set time on it.
I think it was like within a six or twelve month period because people would lay by for Christmas.
Do you remember them. Do you remember I don't know if you guys remember this the Target toy sale. Oh my gosh, yeah, yeah, the Target toy Saale. I think it was like in July and my mum used to take us and she'd get us to quote pick our favorite thing for each sibling, Like I would pick my sister's thing, but it would actually be me picking my own Christmas present because like Mum didn't trust us to pick for each other, which you knew, we'd just pick
what we wanted. Anyway, we'd go and we'd put things on ay by and then pre Christmas, Mum would go pick them up and wrap the mum and put them under the tree. But it was a really good way of like managing cash flow and budget. And not every family can go and drop hundreds of dollars on Christmas or hundreds of dollars in general for stuff. And I just think, anyway, Jess, what's the problem with Big W's layby.
Yeah, So originally it would be that you would pop your things aside, you'd pay I'm pretty sure it was very flexible, so you'd pay whatever amount you wanted over a said amount of time, and once you had paid for it, in full, then you could take your items. It's delayed gratification, all of those fun things. I didn't know Layby was still around, to be honest, I thought it had kind of been phased out because of all
of the buying our pay later platforms that exist. But apparently at least it b W it's still there, and people are mad.
I'm mad.
I think this is wild because it's making the hurdle for using this even higher. Yeah, so the store introduced a fifteen dollars service fee on all Laybys, and then a twenty dollar penalty if you cancel. So I don't think either of those fees existed previously. Maybe a cancelation fee. But it's hard because you know, if you're spending one hundred dollars, that's fifteen percent of your purchase, which is much higher than the fee if you were to use
a buy now pay later platform. Yeah, and when people have obviously been quite angry about this and complaining, and a spokesperson actually said, for those looking for alternatives to lay By, we offer buying now pay later options, including after pay and z it pay.
They're just not the same, like as you said before, fifteen percent on one hundred dollar purchase thirty percent on a fifty dollar purchase, Like, to me, that is wild. And let's also think about the demographics that are engaging these services, Like, if you've got the cash, most people will just head down and purchase the item. Usually it's a budgeting and cash flow issue or you know, you
trying to be savvy with your money. If you're trying to be savvy with your money, having a thirty percent service fee get in the bin, Like that is not putting consumers first. And to compare it to a buy now, pay later company, after pay has no fees on the loan and will only charge a late fee of ten dollars if you're late. So if you use that service perfectly and paid back everything, it costs you nothing to use.
And while I'm not advocating for this, like it really upsets me that now after pay is looking like a better option to layby, which before I adored because from a psychology point of view, there's the instant gratification versus delayed gratification, and like, you know, if you're putting something layby, you're really having to think do you really want this? Like GF I was like, do you want this dress,
and you're like, yeah, I'll put it on layby. You're thinking about that for the next three months that you're paying that off. You really want it, You're working up to it, and that dress is the reward for you paying off the amount, whereas with after pay you might just go, oh, yeah, I'll get the dress and then three months it's in the back of your wardrobe. You're
never wearing it, but you're still paying it off. Like it just for me, from a money mindset point of view, is really negative and it just it is wild to me that that is the case. I mean, I have been a very big advocate. There's a company called Laybyland dot com dot a not sponsored. Never even spoken to them. Surprised I've never spoken to them, to be honest, because I've shotowed them out a few times. Guys, my damn, let's chat. But lay by Land is probably one of
the best alternatives I've seen. No fees. You can literally lay by things through their website and once you've pet it off, they'll send it to you. So if you're looking for an alternative, maybe have a look there. But yeah, just to me, it seems wild, especially because of the demographics that are utilizing those services, So.
Can I ask ladies, are we thinking that Big W's reasoning for doing this is to maybe turn those customers who do use that lay by product towards by now pay later services to then encourage further spending, which is dangerous or die are they doing it as well?
If you think about the towey sail example, people putting trolley fools of things on layby for Christmas or things like that storage they have to put it somewhere, and as we know, retail operates generally speaking on a relatively high turnover of products, so it's inconvenient for them. I would imagine to have to hold stuff out the back people don't collect it, which may be where that late
collection fee or cancelation fee came in. But it also concerns me in terms of demographic Like you were saying fee around, not everyone who uses these service fits into this category. But for example, like one of my really good friends, her grandparents, they do it for kids for Christmas, and they'll always talk about, you know, oh, we've pupped it on layby. I can't wait, like we're paying it down.
It's just so wholesome.
Yeah, But it's a usability thing, like they would not be able to get on an after pay app and use it or remember, like they would genuinely not have a clue. And I think that it's an additional barrier to people who maybe arnest tech savvy or you know, are as familiar with those apps and those platforms and their offerings. It's just going to make it a lot harder for them. And so it's kind of like they're going to pay the fee because they don't feel like they have a choice and that sucks.
Yeah, And another overlay to the staff to speaking to a lot of people in the community is actually a social aspect to this. So a lot of people utilizing layby. You know, you might be retired and you're on the pension and you get your pension once every two weeks and then you have another errand so you have the errand to go down to Big w and pay off some of your layby, and that's a social interaction for
the week. You might grab a coffee, you might you know, go down with your partner, like it's something that they do. Whereas layby is taking that pain point out of it, right, like you no longer have to head down to the store and do that thing. And I know that for a lot of people that's easier. But for a lot of people that's their outing for the two weeks, like they might do grocery shopping and then that. But I just I think there's a lot to it that is
actually quite cultural that we're not taking into consideration. And fifteen dollars like that could be someone's, you know, grandchild's entire budget for their Christmas present, because you know, if your grandparents are heading down then they don't usually just have one grand kid. Like if I think of my grandparents, they have plethoras of them and I know my grandparents used that service when they were around. So as much
as times are changing, I think that fee. I get people getting rid of it because it doesn't work for them, but I think that fee is you know, taking the mickey a little bit because you know, thinking about it, fifteen percent as a surcharge on top of a hundred dollar purchase. No, absolutely not from me. But is that all we've got to say on that topic today? My friends?
I think so time for a money dilemma. Perhaps, let's hear it, Hi, there, have you got a money dilemma you just can't solve. The shees 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 quick voice recording and you may just find yourself on the show. Now, let's take a listen to today's money dilemma.
Hi guys, my name's Tomorrow. I have a bit of a tax money question. So I have about six different jobs, but I only ever work one job at a time, so I do a lot of contract work. I'm gonna so I do a lot of remote contracts. But I'm with six different companies. But because I only work with one company at one given time, does that mean that I can claim the tax free threshold on all of them or not? Because I haven't been. But I'm just not sure if that was the right thing to do.
Thanks.
Six different jobs, Victoria, Divine, that's a lot of different jobs. I don't have six different jobs, but you have multiple.
I know.
How do you manage your tax with the help of an accountant? Okay, see outsource it, Jessica, you have a few income streams. What are you doing? You just outsource it to your accountant too, No, I do it well.
This year is the first year that I used an account for my tax But generally speaking, I pick my biggest job, usually my job that has someone else working out the money, so not my freelance work, and I'll claim my tax free threshold there. Thank you BD for looking after that too.
Welcome, You're welcome. So that the tax free threshold is I guess what we want to talk about first here. So you have six different income streams. However, you are only able to claim the tax free threshold on the first eighteen thousand, two hundred dollars that you earn. So that could be with multiple jobs, it could be with one.
But from my perspective, and again I'm not an accountant, however, I would only be claiming it on one job, and arguably I'd be picking the job where you earn the most income so that you meet that quota as fast as possible.
Right.
But if you are in a circumstance where you have ticked the box for yeah, I want to claim the tax free threshold on a few jobs, because you're like, oh, this is smart, it's not smart, because you're not going
to have to pay that tax. Your income is going to be calculated as such, and when tax time comes, you're going to have to pay it back because the government's going to collate it all and bring it together and be like, oh my gosh, she claimed the tax free threshold on a number of things when that shouldn't be the case. It should have only been on that eighteen two hundred dollars and that is it. She needs
to pay it back. So if you aren't doing your calculations right and not claiming tax properly in those jobs, you could be up for a little bit of a nasty tax refund time, because they won't be a refund at all. You'd be, you know, giving some more money to the taxman. So from my perspective, it would be
really about managing what that looks like. To be honest, it shouldn't be too complicated if you've got a number of different income streams, and as she said, she's only engaging in one at a time, so it should be pretty cut and dry. But this is where I literally would go talk to an accountant. They can make sure that one you're claiming what you can claim for all of those different jobs, because different jobs might have different things that are claimable. But then also there might be
overlap periods. So say in one month you actually work two different jobs or even three different jobs, and as much as you're not working them at the same time, you might have got like you know, three full solid weeks of work. Therefore, you will be taxed at a higher amount, or you should be taxed at a higher amount because you're earning more and it's increasing your taxable income.
Whereas another month you might only do like one or two shifts with one company, and then at the other end of the month you do one or two shifts with another and your income is quite low that month, so it all comes out in the wash. However, when you have multiple incomes, the probability of you owing money at tax time is higher, and that's why I would engage an accountant to make sure that you're not in for a nasty.
Surprise, and if you are working multiple jobs or if you've changed jobs, because it's happened to me when I was younger, and I had no idea what was going on so bad and I did just take the box. I was like, oh, yeah, that sound about right, ticktick, And then at tax time I owed.
Luckily, see I want the tax free throat at all. If you don't know what it is like, I would ticket again.
Yeah, And I was lucky that it was closely the end to find angel Are. And you know, I didn't end up owing eighteen thousand dollars, thank god, but I owed a little bit. And so I would encourage anyone who's changed your job, or if you do have multiple employers, just email your accounts team or email your manager and say, hey, I just wanted to check. Am I not currently claiming
the tax free threshold? Just compare notes, because if you are in this situation and you've ticked the box at six different employers, you're going to want to try and fix that full tax time or it's going to be very painful.
And if you're a bit stressed right now listening to this and you're like, oh my gosh, I definitely have done that, first thing you want to do is confirm it with your employers and then go and chat to the accountant. Because as much as you could be up for that amount of money, yeah, you have to pay back, you're not getting out of it. Sorry about that, but you can work out a payment plan with the ATO, so it might not be as painful. But who wants to be on a payment plan? Who wants to have debt?
So we want to avoid that at all costs and the best way to do that is to stay on top of it and have open, consistent conversations with somebody in the know. So for me, my friends love it. Georgia King, can you wrap the boring but in and stuff?
Absolutely?
I can.
Alrighty guys, Please remember that the advice shed 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 a financial decision. And we promise Victoria Divine and Shees on the Money are authorized representatives of in Focused Securities Australia Proprietary Limited ABN for seven zero nine seven seven nine seven zero four nine AFOSL
Two three six five two three See you next week, Guy Buys