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 My the podcast for millennials who want to financial freedom. Today is Friday, which means it's time to sit back with the girls with a bevy in hand, to unpack our favorite moments of the week and of course, to celebrate you are incredible.
She's on the Money community.
As always, we'll be sharing our favorite money wins, we'll be discussing what is making news in finance, and we'll be helping to answer a juicy money question, which this week is all about asking for a pay rise and exactly how to do it. But first it is time to recap the week that was. Jessica Ritchie, Hello, what happened on money Diaries this week?
My girl?
This week we had like a really good, I think solid diarist. So she was working really hard to educate herself around finances. Her husband was on this journey with her, which was really lovely to hear that they were doing it together and trying to, you know, just educate themselves.
They have a young daughter and their end goal is that they want to invest so that they can educate her and allivate her future and kind of give her opportunities that maybe they didn't have, which I think, if you're a parent, is what all parents might absolutely for your kids to have the things that you didn't and for them the next generation to live a better life.
So it was really wholesome, and you know, it was one of those diaries that I think a lot of people can relate to because a lot of us are on that journey currently still and so to hear that they were doing it and supporting each other and incredible improving for the future, you love to see it, and you love to see it. I think Jack We've also done an episode in the past about investing for your kids and how it works from like a tax perspective and all of that.
So if you are someone who has a little bubba and you want the best for them and you want to try and invest, but you're not sure how to do it, scroll back that episode. Yes, also just diving in here. Victoria is not here.
Probably knowledge that who needs it.
It is just the two of us today because the big woman is hitting the slopes overseas.
Yes, you do tell me all about Wednesday, George. Absolutely, girl.
It was part two of our recession series, so exciting, but this time it was all about preparing your finances for a recession, which was really good. It was packed full of tips and I think personally for me it made me feel far less stressed. We talked about the many ways that the potential looming recession could impact us. So if you are worried, definitely have a listen. It will ease your fears. There's nothing to worry about.
It's all going to be fine. Stressful at all, It's all fine. But the house is on fire.
No, I feel like those episodes are really good, Like the two part is obviously. Last week we did part one where we discussed what is a recession? What does it look like now? The markers, all those kinds of things, and it's something that for people our age, if we lived through it, we were probably relatively young. Yeah, just because, and I say that very broadly, the average age is pretty close to ours, and so we might not have really understood the impacts of it. You don't understand something,
it's really scary, exactly So. I think I reallyacked that that episode made me feel a little bit prepared, and you know, having tangible tips, and some of them might have seemed a little bit obvious, but I think when we panic, we forget our basics, and sometimes those basics are what give you, like a really solid grounding. So it was a really good episode and if anyone like me it's a little bit an anxious queen, hopefully you feel a bit better now.
Exactly right.
We also spoke about what to do with your debts, your job, your investments, So if you're worrying about all of those things, it's the place to go.
Jess Oh, I love that all right. Well, have you got some budget direct money wins?
There?
George Gill, you know I do. I'm so excited.
I got some wins, We've got some losses, We've got them all. The first win of the week it comes from Caitlin. Two money wins. I went on a pub crawl on Saturday and I still had cashim wallet when I got home.
Gives that Caitlin.
The second win for Caitlin is that a friend gave her a lift to the airport this morning, saving her a cab fair.
That's huge. That's love friendship. Yeah, we love to see it. The next win it comes from Katie money win.
I've moved to Canberra for UNI and found the rent is phenomenally expensive here. I was initially planning to pet sit for the first month, but I've lined up two more month long gigs and I'm considering pet sitting for as long as possible to save money while I study my Masters. Plus I get all the puppy cuddles none of the it bills.
That's so good.
I remember Emma from The Broke Gen who we Lave Queen. She used to pet see it a lot and I can't remember the name of it, but there's an app where you can literally find and actually Charlotte, who used to work for Zella did this and hope having fun over there, Queens.
It's huge in Europe.
But there's an app that you can use to find people who are looking for pet sitters and we'll give you bored in exchange. Oh crazy, I mean if you're a pet person. I remember for a while I couldn't have pets and I was like, I will cuddle someone's cabsolutely, give it to me, put it in front of me, and then you get bored as well.
That's huge.
Do you remember it was the app named mad Pause. I feel like it's rough from us to throw it out there and yeah, tell the girl.
Yeah at mad Pause. I think it might have been mad Pause.
Check it out friends, Yeah, if you need some made a round if you're in Canberra, give it a currently, it's working.
Give it a go. The next thing it comes from Brianna Money.
When I've been discussing a favorite wine with my coworkers and I looked it up to see that it was on sale at Dan Murphy's for fifteen dollars. I miss my partner to pick up a bottle for dinner while it was a good price, only for him to venture out and find Dan's had closed, so we headed to another store to find it on sale for five.
Dollars a bottle. You're making money, Jess.
Naturally he grabbed all seven bottles that were left on the shelf ten thirty dollars and we still can't believe our luck.
Well it's on Brianna. That's a Naturally bottles. Yeah, they did the right thing.
The next one comes from Jacinta money Win. I got myself a podcast mic at half the price, squeek, just Cinta. I wants what the potty is? Good luck with it. The next one comes from Madeline money Win with a question mark. I made a summary with my partner of all of our streaming services and monthly subscriptions, which was getting a little out of hand. We then went through and unsubscribed from most things we didn't need and combined
the separate subscriptions. I was shocked, and now we are looking at saving over one point one k annually that we're not going to be spending on those services. That is going into our savings in stead. It's a great feeling getting it done. How Coul's that good? That's huge.
It adds up. We don't think about it.
That's how they get you sided play a month a hot deal.
Yeah, and then over the course of your lifetime.
Yeah.
Six subscriptions to every platform streaming platform known to.
Man, millions of dollars. Yepes down the drain. Well done to you, Madeline. The next week, it comes from Bethany money Win. I've unsubscribed from all the retail marketing emails I was receiving, including my favorite stores, and I haven't spent a cent on the after pay day sales.
I've paid off.
More of my after pay account and I pre ordered the new Investing with Shees on the Money Book for thirty three percent off on Amazon. Well, Bethany, we love it. When does that one come out?
Joe September twenty thank you for supporting Holy Dooley. That is very really soon. And as we're recording this today, I believe it is still on sale on Amazon if anybody is looking to get your little nibby sack bargain exactly right.
Beautiful the last one Jess for the day. I liked it.
It's from Tish money Win. I found security cameras we really wanted for our house for three hundred forty nine dollars online. We went to Bunnings and they were four hundred and nine dollars, so I got them price matched to get the ten percent better deal. They came down to three hundred and fifteen dollars. What's Bunning's Bunnings is little slogan if you find it, and they do they really they do it. So well done to you, Bunnings World.
Unto tish the marketing. That is all for the budget Director of Money Wins this week, My girl.
Yes, it's been great celebrating your budget Direct Money Wins of the week. Budget Direct intureance solved.
Let's head to a break.
George, and then when we come back, I have got a really fun topic for us to chat about stunning see them or Brady George this week. It's not a news article. It's a little a little happening from the She's on the Money Instagram at Sees on the Money aus. If anyone followers, sure, come over. We have little spicy convos. We put up a post about income Gill and we basically it was just a question, We said, do you
have income guilt? And in a caption we were talking about the fact and we have spoken about this on the pod before. How sometimes particularly women, When we're out earning our peers our partners, we feel a little bit guilty, which we should not. And so that was kind of where we thought the conversation was going to go. But interestingly, people were talking about it going the other way, which
was something that I hadn't really considered. So, if you're not earning as much as your peers, feeling guilty about being behind or you know, not having reached, I guess your potential is what I saw someone see, which I thought was a really interesting concept to unpack because it seems like everybody's just feeling guilty.
Yeah, and we shouldn't be. Yep.
So I wanted to talk about the how and the why and you know, is this something you've ever experienced.
George just I remember, I think we've spoken about this on the podcast before, and we were talking about feeling guilty or not really feeling guilty about out earning our partners.
It's like were wrong and there was no guilt there really.
But I think, yeah, I do kind of feel it to a point, probably from an under earning perspective. I think I'm like a quietly competitive person.
Yeah, so there is.
A little bit of that and I don't really know explicitly what my friends all earn. Yeah, but I think some of them are on a better wicket, and I am like, oh, I should be working harder, but there's also just no time. And even what I just said, I should be working harder, that's incorrect because.
Hard work doesn't but it also doesn't.
Equate to a higher salary necessarily or no, you know, more money that way. So what is it something that I struggle with? And I'm thinking that it's a very female thing. Once again, we feel guilty about most of the things that we do. J Rid, Is it something that you've struggled with?
Yeah, I think it's interesting because it kind of relates back to I don't know fomo's the right word, but that concept that you're just never doing good enough. And I remember on a Friday Drinks episode not too long ago, sort of a money dilemma about goal setting and celebrating your little wins, And in that conversation I said that for me, achieving the goal is you know enough, but it's always kind of directly onto the next And I think a byproduct of that mindset is that you kind
of am always chasing the next thing. And you're always trying to get to the next place, and so you're maybe not always feeling entirely fulfilled.
She's getting very dark and deep. You know.
It's that concept of oh, well, I've achieved this thing, I can do better. I can achieve something better and bigger. And absolutely, I think you know, in the industry that we're both working.
We work in creative industries.
You see people, you know, absolutely killing it and doing their own thing and making his money and traveling the world and doing all of these amazing things that we all would love to do, and you forget that there's probably someone looking at you going, oh my god, she's got it all. She's got to figure it out. And it's definitely a total trap that I'm very much guilty of falling into. And you know, salaries are part of that as well. I earn a good salary in my job.
I also freelance as well. By all accounts, I feel like I'm doing pretty fine, but I definitely am always going I want to be investing more, or I want to be saving more, I want to be donating more, like I just want more, And it's so hard because then I feel guilty about not being happy with what I've got, So I'm guilty because I'm not earning enough, and then I'm guilty because I'm not satisfied, and it's
just this big guilt shame spiral. Yeah, they can be a little bit harder to dig yourself out of sometimes, Yes, well.
I think it's worthwhile reminding that that's capitalism, baby, Like, that's that's what we're living under, and it's it's pretty I don't know.
It's gross or word.
Yeah, Like, I think sometimes we do need to tap into why we're doing what we're doing. And I know a lot of us we're not working in careers that we love and we are just earning money to put food on the table. But it is it's worth reminding yourself that why do you want more? Do you more?
Yeah?
I know for me, like, over the last twelve months, I earned more money than I've ever earned with Hugo George. You don't really notice it because there's that lifestyle creep. You get taxed more when you earn more. The difference isn't that large, So I think it's also maybe worse reminding yourself of that as well. But yeah, it's just capitalism.
It's it's really it is.
It's awful and it's a really hard spot to find yourself in. And so for everyone who was, you know, joining the conversation on that post, first we thank you for being so candid. We're all right there with you, regardless of which end of the spectrum you're on. It seems like there are a lot of people that are feeling it just the same as you, and I would encourage you. And this is also a reminder to me to, you know, exercise a little gratitude.
Not to say that.
Anyone's being ungrateful, but I think sometimes taking stock and being like, wow, this year I earned more than I ever have. That's incredible, George, that's so exciting. And as much as we're trying to move on to the next thing and trying to always be better, and on some level, yes,
that's important because that's how we improve ourselves. Also being thankful for what you've done and recognizing the hard work that you put in to get there, because you're just doing the best that you can exactly and that's amazing.
Yeah.
And another thing to add to that, Jess, I think would be asking yourself what your measure.
Of success is. Is it the money that you're earning. Yeah, I know.
For me, I've never met someone and been like, oh my god, that person earns three hundred grand a year.
What a legend.
Let's be friends. Like money does not come into the conversation. You're drawn to people's or are their energy, their personalities. It's like the least interesting thing about a person. Yeah, so yeah, I think probably questioning why you think money
is the key to success. I mean traditionally it has been associated, of course, and it's so nice to be financially comfortable, But fleshing out what you think success is and what you value in other people is a really good way of understanding how to value yourself.
I think one hundred percent well said.
By are a therapist. Oh my goodness, Well, should we take a listen to the money dilemma for this week?
Let's do it, Tom, Hi, there, have you got a money dilemma you just can't solve that. She's on the Money team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. 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.
Hello, ladies. My money dilemma is, how is the best way to ask your employer about a pay increase? Cost of living is going up and I really want to have a sit down conversation.
With my workplace.
Trouble is, I work for disability company and they have told me in the past that I am being paid above what the normal award rate is for my position. So how do I go about checking to say if this is still applicable, if I can ask for an increase. I just really like some help and clarification around this issue. Thanks.
Alrighty, We did touch on this in our how to Have Difficult Conversations with your Boss episode, but I really wanted to talk about the element of this dilemma, which was the award rate. Yes, which is a term that gets thrown around a lot, in my opinion, by employers, an award rate. If you're not familiar, most people fall into an award. Essentially, that's a category of employment. So there's a retail award, there's a building award, there's I'm
going blank, but there's like a million and one. And if you want to figure out what award you're in, you can actually go to the Fairwork website and there's a questionnaire that will prompt you and find the correct one. An award outlines essentially what would you call it, like your rights as an employee, so ours worked because it can differ industry to industry. Penalty rates will very award to award as well. The only time an award is not applicable, I believe, and I'm not an expert, please
with it is if you're on an enterprise agreement. And an enterprise agreement is an agreement that a company will sign and you essentially waive your award rights to fall under a new set of rules. And so it's a company wide thing. You would have to sign a document, it's a whole we thing. But generally speaking, a lot of people will fall into awards. And so this person's employer is saying, we're paying you the award rate, which
is minimum wage for your job. So there's a national standard of minimum wage, but within different industries there's different expectations. So like you know, minimum wage for a teacher might differ for minimum wage for a retail worker, for example, and that's based on you know, skills and hours, and I don't know who comes up with these things. Somebody
puts it all together and goes that sounds right. So when they're saying that we're paying you above award rate, they're essentially saying we're paying you.
Above minimum wage.
Now how much they're paying you above is really the question, because you could be paying me a dollar an hour. Yes, you're paying me above a ward it doesn't mean that you're paying me in line with what the industry standard currently is. And the award rates, I would argue, are definitely in a lot of cases not reflective of the market. Right now. We know, we've spoken about the fact that
it's a candidate poor market. There's a still shortage and a lot of industries salaries need to increase to keep up with the rising cost of living, but the award rates haven't really shifted to significantly. In fact, in some industries like retail, they've removed penalty rates for like Sundays and stuff. You're joking, yeah, and I mean that happened
a little while but that's not super recent. But when I was still working in retail, they were scaling it back so it used to be double and a half, then it went to double, then it went to you know, and it was like, over a few years it would steadily decrease until it was just flat across thought. And I wouldn't be surprised if other industries were the same. But for me, I feel like their employer is kind of using this as a bit of a crutch and saying, oh, well,
we pay you more than what we have to. I'm a good guy exactly, and I don't necessarily know that that's the case. But what do you think, George, I feel like I'm just talking about No, I'm loving it. I agree with you, That's what I was going to say. I don't really care for the tone the employer here by saying we already pay you above the award rate.
I don't like that.
So in terms of going for a pay rise, I definitely start by asking them, so just take you up a meeting with your manager, have a chat about it. Bring that evidence. In terms of evidence, sorry, I mean like examples of you going above and beyond or doing things outside of your role description, so you can really show your manager that you deserve this pay rise. We're not just entitled to them because we want one. I tried that in the past, didn't go well.
And it in tears for me. It's embarrassing.
So come armed with your evidence, with your story, and if they don't go for it, I'd be prepared to walk away.
Well, this is the thing, because I would argue that if you're saying that you want a salary increase, it's because of one of two reasons. It's because you feel like you're not being paid in line with other people doing the same thing, maybe you know, for other companies or in other industries. Or it's because you feel like you're going above and beyond in your role. And either way,
they're very reasonable reasons to ask for an increase. And if it's the first one and you're looking at you know, Sally over here is doing the same job as you, and she's earning twenty k more a year for another company, Go work for Sally's company.
Yeah.
I actually think that there's a point at which you don't owe your employer anything.
Yep.
And I think as people sometimes we can get really caught up in loyalty and we can be ghastly a little bit into thinking you're not going to do better anywhere else, Like I look after you really well, and that's actually not true. If you have good skills, if you are a nice human being, there are other companies that will meet your expectations. And as employers, I think there's a responsibility on them to look after their staff because if you don't, ultimately you're putting yourself out because
you're losing a good employee. And I can't remember what the number is, but I remember reading a stat about how much it costs an employer to replace an employee, and more often than not, it's more expensive than just giving them the pay rise. Yeah, because you have to hire, and you have to advertise, and you have to train,
and it's a drain on resources in that sense. And so I think that if what you're asking for is reasonable, and I mean only you can really determine that, and if they're not prepared to meet it, then be prepared to go cards on the table, I'm going to go elsewhere.
Yeah, yeah, you do. You need to understand your value. And as you said, it costs so much money for employers to employ new people, but you do. You need to think of yourself as like your own little business.
Employers like their.
Cutthroat They have to do what they have to do to keep their business afloat. I think it's helpful to kind of adopt that mindset from your own perspective, even if it does feel a little bit personal, it's not. It's business, baby. You've got to look after yourself because no one else will. And if you don't ask for this, parisee and it's not going to happen. So yeah, I would ask. And if they say no, walk away.
Yeah, look around. There's nothing wrong with that. And yeah, no that we believe in you. We think you deserve.
We believe in you big time.
And if you need more tips and tricks, go back to that episode. And we've done a couple of others as well on negotiating. And there was an episode way back in season one called She Works Hearts for the Money that was specifically about payrisis, so incredible. Head to those for some extra tips. But I reckon that's about all.
Your bloody love an episode with Jay Rock. It's always a pleasure sharing with you.
Do we want some boring but importance to.
Yeah, hit me with that.
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 She's on the money are authorized representatives of in Focused Securities Australia propriet To Limited, ABM or seven zero nine seven seven nine seven zero four nine AFSL two three six five two three and we will see you on Monday, team see you them, Bye, guys,