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.
Let's get into it.
She's on the Money. She's on the Money.
Hello, and welcome to She's on Them the podcast for millennials who want financial freedom.
Today is Friday, which means it.
Is time to sit back with Jess and I with maybe a bevy in hand, to unpack our favorite moments of the week, and of course to celebrate you how She's on the Money community. As always, we're going to be sharing our money tips and tricks. We're going to talk about our favorite money wins, and we're going to be discussing what's making news in the finance world. And we're going to be helping to answer a juicy juicy money question, which this week is about where the best
place is to keep a large sum of money. But first it is time to recap the week that was, and I'm going to start with our money diary for Monday. Miss Jesskrichi, which this week's money tarist. What would I say?
Just she flawed me. She was incredible, as all of our diarists are, but she essentially landed her dream job and realized it wasn't her dream job, like it was just not what she wanted to be doing, and she had a lot going on like so much so at the same time as realizing that her dream job wasn't her dream job, basically having crippling anxiety and finding herself crying on the floor most nights, she found out that her sixteen year old dog was really unwell and after
a year and a half of vet bills that added up to more than twenty thousand dollars, Jess her pooch passed away.
Which was really sad.
But while that was happening, her dad's cancer returned and he was given a really short time to live and he passed away in July of last year. But putting all of her job and stuff on hold, she was able to go and spend a whole heap of time with her dad, which was really really beautiful, and she got some amazing memories with him. And obviously that wouldn't have been possible if she'd stayed in the job and
stayed committed, because it was literally interstate. So it was just such a story where you're like, wow, like that's such a process and so much emotional trauma going on at the same time. But then to also see how she was leaving her values at the same time as going through a traumatic time, like, yes, her dad was really struggling and her dog had passed away and it
was really really awful. But she was also like, do you know what I got to prioritize, you know, spending time with my family and moving back home and doing these things that really were of value to me. And now she works in her real dream job, which is a complete pivot from where she was, which is a not for profit job where she does earn more, but she says her cup is more full, and I just think, how good are values? Like it makes me so happy that our community is finding their feet not.
Just oh, I'm really rich, Like that doesn't matter.
Honestly, it's so much more than money, and I just, yeah, I really liked this because I think a lot of people would be able to resonate with just the anxiety part, or even the dog or even a parent being unwell, and just she was a beautiful human and I want to be her best friend.
Chesss Oh we love.
A happy ending. How exciting. I'm so happy for her.
Yeah, Well, moving on from that, because that was beautiful, but also our deep dive was good. We were helping around some festive topics, Jessica your favorite.
What were we talking about this week?
So this week we tackled navigating social and financial anxiety around Christmas time, which we know statistically that people's mental health tends to take a bit of a downturn at this time of year.
Even mine does.
And I've got no reason, but yeah, I just feel like it's the overwhelm at this period of year, and you're just.
Like, look, yes, so much, right, so much going on. I think for people, the financial burden is really heavy.
On top of that, people who already have maybe poor relationships with family or friends, or people who are feeling isolated might really feel like that's heightened at this time of year because there's that narrative around spend time with your family, do this, do that, and not everybody has that same experience, and that can be really tough for people keeping up with the joneses, getting the best persons family.
There are so many things that can stress people out, and so we really wanted to talk about what those things look like, some coping mechanisms that you might be able to use, and just kind of really hopefully reaffirming for people that as much as I am the biggest fan of this time of year, it is also just another day, you know, in the calendar of life, like another day is going to come, and we don't want people to be putting themselves in that position where they're
stressing themselves out over something that ultimately, in the scheme of things, it doesn't it doesn't matter.
And I was thinking about this the other day because as you know, I also I love Christmas.
I can't get on board your.
Haween love and passion, but I will get on your festive train. I was just thinking about it the other day, like Christmas doesn't matter to some people other days of the year, do though, like some people all about birthdays, you know what some people all about Valentine's Day. If you're just kaariki, you're about every single day of every single year that has every single kind of festival.
Can you dress up for it?
Jess is in exactly like, but it's really interesting seeing people's values play out. And I don't think there's anything wrong with just going I don't really do anything Christmas or.
I celebrate Honika.
Yeah that's fine.
Like there's so many things that just it doesn't matter. And I think there's so much social pressure to have the best day ever on Christmas Day. And I was talking to one of my girlfriends and all of her family is into state, and she's like, oh, we're not going into state.
This year ended up being too hard.
Like her parents are divorced, so it was going to be like on two ends of the spectrum, like either she went with her mum or she went their dad, and then everyone was doing different things, like one was going to breakfast and then lunch, and she just was like, I'm not flying all the way there to go for a lunch. That then everyone has to be out by two to get to this other thing because there was
driving involved. She's like, so, I think I'm just hoping for a hot day on Christmas Day and I'll just go to the beach or something and read a new book.
And I was like, how good is that?
So I just think, let's celebrate having a day where you put yourself first, and let's celebrate having a day where if it's just too.
Much, you do get to opt out. It's your day.
If mentally you're just like, I don't even want to go see these people, don't Yeah, don't absolutely it would go to Christmas with a friend, do it. I've invited so many of my friends that I know are going to be orphans on Christmas is what we've been calling him.
Why don't you come over to mine? My mam will love it. Yeah, Mom will be.
Like sick more children to feed, Like she's gonna adore it. But I just think that it's so dated when you talk about the traditions of Christmas, because the nuclear family, I would just say is Dand at this point.
Yeah, it's shifted and it's changed. So hopefully a lot of people listen to that episode and fell a little bit reaffirmed in the decisions that they're making or felt a little bit more comforted by it because we felt like it was a really important thing to touch on, because, as you said, we've been feeling it a little bit, and we have no doubt that other people have been as.
Well, one hundred percent. So we hope you have a good day regardless of what you are doing. And if you don't have a good day, there's tomorrow. But let's get onto our budget direct money wins and confessions from this week, Miss Jess Garci, what are you bringing to the table for us?
All right?
So are they all festive?
No, they're not.
Come on, and you've let yourself down.
That was a rookie mistake by me. But I do have some good ones. So I'm gonna start off with Courtney, who has a couple of small money wins for us. She said, Number one, I found an old Mikey card that had expired three years ago. I rang up and I got the balance that was on the card refund it. Oh what, I don't even know? That was a thing literally me too.
Hot tip though, you can register your Mikey's, and I recommend this as a gal who used to always lose her Mikeys and thus the money on the Mikey if you register them. If you lose the card, you can just cancel the card and transfer the money to a new one.
Jess, Oh, that's.
A good tip. Well, she said. She used the money from her refund to pick up a ticket to the She's on the Money International well Perth event, which we haven't even spoken about.
Oh my gosh, no, I'm so excited. We released what was it like two weeks ago? We released the tickets to the She's on the Money International Women's Day events and I am so excited because we just haven't been able to do it in the way that we did. Like last year was our first and like I think people assume because we are a big podcast.
That sounds so funny to say, but when we're a.
Big podcast, they're like, oh, they must have so much money, Like why an't they coming everywhere? It's like we're actually a little small business and we have a lot of expenses because we have a big team, and like, I'm so grateful to be able to pay it. But like last year we could only do Sydney and Melbourne and it was beautiful, But now what are we doing Jess?
Sydney Melbourne, Brisbane and Perth.
We're going to see our Perth friends.
And I feel like that was the one thing on International Women's Day last year. I had so many messages from so many people being like, hey, next year, do you think you could come to Perth? Like no one was angry. Everyone was just so sweet and so cl and I was like, of course, Like I'll try so hard, but obviously Perth is probably going to be like, let's be honest, sissus sheese. On the money, we can talk
about the financials. It's going to be our most expensive city to go to because we have to get our.
Whole team over there.
We have to ship all of out because we do gift bags, obviously, we have to ship everything over to that side of the country. We have to get all of our audio recording equipment. We have to get everything to the other side of the country. We then have to pay for flats and accommodation, and that's going to be more than just like flying to Sydney for the day, which is what we did last time. I'm so excited to pay for all of these. Yeah, but how good is it that we're now at a point in our business.
Yes, Perth gets included.
I know we've doubled the number of cities, and we're starting messages from people being like, come to camera, come to Adelaide. We love to we try, we're doing our best and so hopefully this year, you know, if Perth is really successful, it'll set us up for the year after or maybe for another event later in the year to get to my places. We would love to be everywhere if we could. But for the meantime, we're so excited to be going twice as many cities as we
did like Lush. Yeah, so Courtney, we will see you in person.
I'm so excited.
I have so many other ideas as well, like I want to do a workshop tour. I want to do like other podcast tours like but like, let's not talk about that now because I could go on and on about it. But I think twenty twenty three is going to be a very exciting year.
Jess I think so as well. But let me tell you my next money win, which comes from Jessica great name.
Ten out of ten.
She said, I had an urgent plumbing issue where both toilets bottom inlet valves went at once. Don't know what that means. I don't know what that means, but it sounds expensive, disastrous. Late night plumber call out one hundred and fifty dollars he quoted eighteen hundred dollars for parts and installation for toilets.
For a toilet going to Bunnings and buying a new one myself, I will do it.
Well, well, wow, Jessica said, not today, Satan. She bought the parts from Bunnings for forty seven dollars and self installed. Total cost one hundred and ninety seven dollars, saving nearly sixteen hundred.
Do you know what that's embarrassing for that plumber? Well, yeah, you tried to take advantage of that poor girl who you thought didn't know what she was talking about. She just trotted down to Bunnings and was like, I'm a dolf.
Yeah, that much money you get a queen.
The markup is absurd. Next win I've got today comes from Aaron who said money win. I used my shop back balance to pay for my annual car service, and I was.
Like, what are you doing?
Oh my gosh, talking about shop back balances, jess The other day I redid my computer. Long story short, I had to uninstall Chrome and reinstall it, and none of my extensions were there, so I had to redownload the shop back extension. But that means you have to like go on the website and login anyway. Really easy. Making it sound more complicated than I promise. It's really easy. I looked at my shop back balance because how much
I have, Jess, how much? Two hundred and eighty dollars stop, I'm rich.
That's a that's.
Money I got back that I am now absolutely spending on Lulu Lemon leggings.
Oh my god.
Okay, you do you think I'm going to save that for Christmas?
No, save it for me as you should treat yourself, Queen. My next money win comes from Katie, who said she got her first paying client for her new photography business and they upgraded and bought the full gallery. I am unbelievably excited and proud of myself.
I turned great Angel.
That's for you, Katie. That's so exciting.
Oh my gosh.
That makes me so excited because I'm hoping in twenty twenty three we bring back the business Bible. I just want to have more small business conversations. Yeah, I feel like this community needs more love, and I've been a bit busy recently, but business Bible, she's coming back.
My loves.
We see you small business side hustlers, and we have got you. Next win comes from Emily, who says, long story short, I caught up my car insurance and I legally changed my name. I had a terrible experience with the person on the phone. I had a really big cry, both on and off the phone. But then I took a deep breath and reminded myself that I am a boss queen.
Yes you are.
I don't know anybody money for a service that I'm not happy with. So I got a quote from RACQ with the exact same details as the prior insurance, paid it out right and saved myself seven hundred dollars a year. Sorry, what, queen, Yeah, that is boss queen behavior.
She's started.
No, she was not wrong, and then.
You're allowed to cry. But then we get up and we fix it.
Yeah, and you save yourself seven hundred dollars in the process, And that is a win if I've ever heard one. My very last money win for today comes from Crystal, who says, I joined Cherseas a year ago and have consistently put money in every single payday, no matter what else I had going on for the entire.
Year, I saw that, and I think that's so special. Good on you, crist is so hard to commit to an investment plan because sometimes you're just like, oh, that money could go to something else, because it's so hard to see the bigger picture.
But like future you, she's so proud and we are proud of you too.
Good on you, one hundred percent, Well Jess, as always, it has been great celebrating some of your budget direct money wins, Budget Direct winner of cans does Insurer of the Year odd twenty twenty two Budget Direct Insurance solved.
All right, guys, today I want to chat all about an article I read recently talking about overtime, which I know is a bit of a contentious topic, but some research has been done which showed that underpaid overtime is costing Australians ninety two billion dollars a year billion billions.
So Australians are working the equivalent of six extra full time weeks a year in unpaid overtime, equating to over eight thousand dollars in lost wages for the average worker, leading to that total of ninety two billion dollars overall. The research was done by the Australian Institute. Its surveyed over one thousand workers and it shows that the average worker worked four point three hours of unpaid overtime a
week on average, which doesn't sound like a lot. I suppose if you go, oh, four hours a week, you know, if it's twenty minutes a day, it's happened to the best of us and you kind of just don't notice the time disappearing. But obviously when you look at those bigger numbers, it's adding up really significantly, and the outcome
there is a lot of lost cash for workers. Industries such as agriculture and miners worked the largest amount of unpaid overtime and average of five point eight hours a week, and managers worked the most unpaid overtime of five point seven.
Hours a week.
I'm not surprised by that, No, neither am I. It's really sad though.
I just feel like we should be getting paid for the work that we're doing, Like, why is it so hard?
Yess?
Well, yeah, most participants said that they've performed over time seventy one percent of them, which again doesn't surprise me. Almost half of those who have done so say they do it regularly, and I thought it was interesting to talk about. You know, there's a few things I think missing in terms of information from this research. But at what point do we go enough is enough?
How do you even have that conversation though? And Jess, you and I were talking about this when we were saying earlier before recording the episode, like, oh, what are we going to talk about today? And I said, Oh, I think this is a really good conversation to have.
And you know, like example, a job like yours, your salary and way journer, and I hope I'm not overstepping the mark by sharing the information in your employment contract are with one point ten million people, but in your contract it says and reasonable time to get the job done. But I feel like that's a reasonable inclusion because sometimes we're really busy and sometimes I'm like, ah, yes, just take the afternoon or you know, we we're quite flexible.
But then I look back at our histories. Do you remember when we both used to work in retail and we have had this conversation before. So I worked at the shoe store, Jess used to work at a clothing store. Both of them were relatively well known and Jess, what did you used to get in trouble for or they'd be like, oh, don't I jess to do that.
Oh. They'd ask everyone to come in ten minutes early to their shift to like get familiar with the.
Stores if you've never been there before and hadn't worked there for the last three years.
Yeah, like, oh the VM's changing the week or whatever. The expectation is that you're here ten minutes before your shift. We stuff put away, and you do a walk around and familiarize yourself with everything. And I'd say, are you going to pay me for those ten minutes? And they would say no, And I'd say, no problems, I'll see you on the dot of my starting time, ready to work. Because ready to.
Work then absolutely. I used to get the oh can you just stay back like and close. So remember our store worked on Chapel Street, so it was quite busy, and our store would close at six pm, and that meant that I was only getting paid till six pm. But on like a Saturday, six pm on Chapel Street is pretty busy, like and for those of you playing along at home, Chapel Street is a very big shopping strip.
Here in Melbourne and it would close at six pm and then for us to you know, revm the store clean up and you know, do cash up and all of that. After the doors were locked, we would be there for a minimum of like half an hour forty minutes. And we brought that up in team meetings so many times because I was like, hey, like, you know, if we close the door at six, like, it's rude to start cashing up before, you know, when there's customers in the store, Like, we can't do that, we can't close
the door ten minutes early or whatever. And they'd be like, oh, yep, that's part of your job. And I'd be like, okay, but if I'm expected to be here till six thirty every single night and that's a consistent expectation because that's the way this works, shouldn't I be paid for it? And they were so offended that I'd asked, Yeah. They also used to have pizza parties at eight pm on like Thursday.
Oh my god, a staff meeting. That's mandatory that you have to be out and.
I'm not gonna be paid, but they did pizza.
I actually I don't think i've put it out yet, but I found a bunch of tiktoks on this topic because retail at Christmas really do be trying it on and I'm not here for and I was always that person who knew my rights and would be like no, sir.
So I can see how.
These like billion dollars of unpaid over time at least, because even I copped it when I was at UNI working in retail, and like I loved my job in retail. I was so good at it, Like I love talking to people. I mean half the time I wasn't even selling product. To'd be like what are you up to today?
Oh? Yeah, did you get a smoothie? Like what's up anyway?
I used to have so much fun, but it just it would absolutely take the mickey. I remember it got to a point where they were asking us to come in half an hour early because they didn't want people to be late. I'm like, I get that you don't want us to be late, Like that's something that you can, you know, discipline us for if we are consistently late, But like, I'm not coming in half an hour early to stand out the back half an hour before my shift.
Thirty eight percent of workers in the survey said that working overtime was expected in their workplace, and I feel like it's becoming more and more the standard, particularly as after COVID. You know, we've rolled into a little bit more flexible working, which works in favor in some ways, but I think it's also shifted the expectation a little bit as well. So for someone like me, when we're not in the office, I save anywhere from three to four hours of driving time because trackic is crazy and
I live quite far out of the city. But for me, I go, oh, great, Like if I'm not spending that time in the car and I've got something that i need to do, of course, I'm so happy to work through it, because I am also the kind of person who just gets stressed out by knowing there's something that's sitting there. But I think that's very different from the
culture that is developed within certain industries. I know marketing is really bad for it, because I have a few friends who work in that industry where if your work finishes at five o'clock and it's five h five and you get up and you start packing up your things, people go, oh, where are you going?
I'm going home because you're not paying me anymore in saying that, I see that passion in my husband. See, he works in digital and analytics, and he gets up and like he always starts early. He's probably online from just before eight every morning, but then he has a team overseas and they don't come online until like three or four pm. I think it is so he'll work through till eight pm most nights at a minimum, and then be answering emails on his phone while we're watching
Netflix at night. And like it's fine because I know he loves his job and like he manages these people and adores it. But I'm like, I know that's not builty, and that's so much extra over time. Yeah, that isn't catered for. And it's fine because you know, he's quite a independent strong man who knows how to, you know,
define his own boundaries. But I just think we need to consider the impact on work life balance, Like, yeah, you might love your job, but like at what cost, And if it's costing us billions of dollars, maybe we do need to be paid over time.
Yeah, so for people who are finding themselves doing that, particularly people in industries where overtime is something that's meant to be paid like nurses, and you know, our laborers and people who do have an hourly overtime rate that they're meant to be paid, tracking that, raising it with your manager where appropriate, And if you're on a salary and it's built in and you feel like you're doing overwhelming amount of overtime, keep a track of it because
I think you lose those minutes and you go, oh, it's only half an hour here, an hour there, But then you add it up and you go, oh, in the last six months, I've done wow, six hundred hours of overtime.
But you need to be communicating that with your boss as well. And you know we've talked about this on the podcast before. I genuinely believe that there's like one of two outcomes, like if Jess, your job isn't able to be done in the thirty eight hours a week that I pay you for, either you're not very productive during that thirty eight hours a week and maybe you do need to stay back a little bit because maybe you fluffed around and chatted to the team around the
water cooler for a little bit too long. Or I've over allocated work to you and therefore it's on me as your manager to reassess what that looks like and take some work off you so that you have better work life balance. It's either one of those two things. And if we're not meeting that, like what is it? And I think that then there's a little bit of a gray area where Jess, you're very guilty of this, and that's being very passionate for your job. So sometimes
I'll be all making put you don't. I'll be like, Jess, what are you doing online? It's eight pm. You be like, I just had this idea and I really wanted to document it and I really appreciate it. But it's what is overtime versus what is passion? Like if you are happy to, you know, take on another client and you know that it's going to take extra time, is that
overtime or is that you being excited? I think we need to also know how to manage our own boundaries as well, because going, oh, but I've taken on so much extra stuff and then you go to your boss six months from now they're like, well, I didn't ask you to do that. I don't know why you're doing that, and then expecting additional remuneration, like when that's not an expectation of the role.
So I don't know.
I think that there's a fine line to tread of is this overtime that I'm choosing or is this overtime that you know I actually have to do to continue to be successful in my role. And I think that those two are different things, because if it's overtime that you're choosing because you're just super passionate about your job, I think we need to be a little bit more aware of our own work life balance, which is why, yes, I jumped down your throat so often about it.
Make sure that you're looking up yourself, make sure that you know you're looking after your work life balance.
And I think most people don't have those conversations because a boss often just wants their employees to work as much as possible.
So I don't know.
I just from an employer's perspective, I'm like, well, let's work out what this means, because I don't want you doing unpaid over time because I have an appropriately allocated work to you.
Like, that's just not fair.
Super interesting food for thought. Should we have a listen to today's money dilemma?
Of course we should.
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, Victoria, it's Fatalana. Quick question. I've only got forty five seconds. So basically, I've got an account for my daughter and I opened it when she was seven months. It's purely an account that my mum actually transfers ten k into it each year for her tax purposes, what the accountant taught her to do, and she's transferred that for basically Miller's education. So merely can't touch that until
she's about twelve years old. We can, however, Look, it's probably not best sitting in a bank account with you know, inflation and everything. Is it best to put in a term deposit or invested into something else so that money can sort of build up a little bit until she is at a right age.
Jess, I feel like this is a really interesting one, and I'm glad that people are talking about it because when it comes to the inflation rate in Australia, I don't mean to scare you, but four days ago it was published that our current inflation rate is seven point three percent. Consider me scared. Don't be very scared. But
our savings accounts aren't returning that. So if you're getting like, let's call it one percent, which is currently very very good in this current economic environment, if you are getting one percent on a savings account, every single year that you have that money in that account, you are going backwards by six point three percent because you're only making one percent.
Does that make sense?
So I think it's really important to consider what you're missing out on by not investing. And if we look at the share market over the last thirty years, we know that it has returned eleven percent, and that's just the Australian share market, not the share market as a broad figure. And over the long term, the share market, you know, is a very reliable returner. However, not in the short term, so you wouldn't invest for one or
two years. But if you've got a daughter and you've got twelve years or something to go investing might be something that you consider as an option for not only creating wealth, but maintaining the wealth that you are putting aside. Like if you're putting money aside and you want it to go further, like, that's a great option. I would be looking at something well diversified, something that is relatively
low touch, because it is for a child. You're not going to go out and pick individual shares and you know, make a punt. So talking to a financial advisor or talking to some one on six park or even just going on shareesas and picking something that makes sense for you might be a really good idea. And I get so many questions about this topic in my DMS each and every single week because people are like, oh, should
I put it in a term deposit? Well, I mean, if you can find a term deposit that makes sense for you and your financial circumstances, please also let me know, because I haven't seen a term deposit recently that's returning more than one percent. So it really really depends on your financial circumstances and whether it's a good idea. But weigh those up, do a little risk profile. If you haven't listened to our podcast, on ascertaining your risk profile,
Go and do that. If you haven't listened to our share episodes. We did a mini series a little while ago on how to invest and what an ETF is, and what to manage fund is and what it means to directly invest. Have a listened to all of those things. Educate yourself and I feel like that might put you on the right track to create success because investing for a child is not much different to investing for retirement.
And when I say that, you don't need a fancy structure, you don't need to go in set up a trust, you don't need to do a lot of things. I mean you can, but you don't need to do these things. You actually just need to look at the long term outcomes and a long term strategy because when investing for kids, thankfully, we're not talking about one or two years. We're usually talking about ten or twenty years, which is a really good thing in the investment world.
Yeah, and while you're diving into the shoes and the money archives, go back to our episode on setting up investments for kids.
That's a good one. Maybe I should have mentioned that you're here.
It'll give you a little bit more info and a little bit more insight because we cover it in depth. It's a full standalone episode all about it. But I feel like that's about it for today.
That is all we've got time for today. So we'll see you next week, Angels. Have a good weekend.
Bye.
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