Hello, my name's Santasha Nabananga Bamblet. I'm a proud or
the Order Kerni Whaltbury 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 impactful tomorrow.
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 that makes personal finance fun, especially on Fridays. It's our favorite day of the week because we get our team together and we get to celebrate you the incredible She's on the Money community. Ms Jess Grichi's here and she's going to be sharing our favorite money wins from the community. Miss becksay Ed is here as always, and she's got a number of really good broke tips for us, and we're going to be helping to answer a money dilemma
this week. It's all about how to get a better rate on your mortgage. And something that you slid into our DMS about is whether you should start a side hustle with your friend. Woh, I feel like that's going to be a good one. There are friends that I have, Yeah, definitely I would, And then there are friends that I'm like absolutely not, like that would ruin our friendship. But before we dive into all of that, which I cannot wait for, how were your weeks?
Yes, you go first?
My week was good, you know, nothing crazy, nothing exciting, just you know, an average week for me. Nothing true, poor, yeah, gorgeous. Sometimes it's nice.
No news is good news, very true.
How about you?
Really really good week? I have, you know, started another one of my I feel like you'd get this, you know when you're just like you always have a different hobby and you just like focus. So obviously it was like crocheting, and then and then pottery. I dabbled in a few other things, like I was like, maybe I'll be into gardening. I just I can't personally do it. But I've gone back to pottery. So I feel like I'm cheating by hyperfixating on something I've already been doing.
And also you you're not gonna like this very much.
But I am not gonna like this as though I've ever judged you on anything you've ever done.
That's true.
When have I ever been like Beck.
I don't like this.
Are you getting this your mind?
Or like this?
I joined another gym and.
Hold on, hold on, hold on, hold on. You're right, you're right. No, Beck did not lie. I don't like this because share with the community, because this hasn't been on the podcast. True, it's so spactrack Miss Bech say ed you like coming to the gym?
I do.
Yeah, And you've been trying to find the right gym, find the right gym, and I I get it. That's a journey. It can be hard. But how many gym memberships do you now have?
Okay, so this would be way fifth, but I am actively canceling three.
But have you canceled them already or is it like a pipe dream at this point?
One of them? I'm canceling, but I have to, like I have to repay, like not repay, but I have to pay like the outstanding of americ.
Okay, okay, but tell me how many? How many are you paying for right now? The way you're answering these questions, it's giving Bill Gibson, okay, right now paying for three? Okay, so you've got three gym memberships? And is this your fourth gym membership?
This is my third?
This is your third. So you have three active gym membership.
The active two just recently canceled. Okay, cool money. You did have five? I did have five?
Okay, so you had five gym memberships, you now have three. Talk to me about why we've got three active gym memberships because I don't even go to the gym once a week. Honestly, I just like, well, okay, so I hate these like fluorescent lights, Like I just want a gym that's like dark and it's got the neon lights. Anyway, finally to try and see if they've got that right, are you like checking first?
Unfortunately I did join without checking first.
But it is it's perfect right in my house.
It's it's brand new as well, so it's like a fund a foundational memberships. It's like really cheap.
Oh that's a good deal.
Yeah, it's called base attack just in case it needs to best sort of. And also I can bring a friend for free for thirty days.
I love that.
If you guys want to come with me.
Be in it to win it. But what are we doing with the other two that aren't as good because you've obviously joined a new one.
Well, immediately after this recording, I'm going to cancel them, Okay if I remember.
Well last my next thank you. It's a good week round, honestly, how good and like that's a good brug tip canceling subscriptions you don't.
Need exactly exactly.
I love this. Yeah, we can reframe this into a money win. Yes, thank you, Yeah, it's possibly. I have had a very productive week. For those of you who don't know, I don't work on Mondays anymore because I it's like my stay at home day with heart. And on Monday, Harvey and I picked up a cozy coop from Facebook Marketplace.
That's sounds so cute.
Yeah, do you know what a cozy coop is? You were the like little red and yellow car that little toddlers go in and they push it with their legs, like the plastic like little tykes brand one. Yes, yeah, So we picked up one of those and it cost me like twenty bucks on Facebook Marketplace, which is a money win. There's so many of them on there, and I'm currently converting it into a golf cart. I have painted the whole of the outside. I went to Kmart and I got these. They were like seven dollars for
like little kid's golf set. And yeah, I like organized his first birthday, which is going to come as no surprise as golf theme. That's very cute because his dad is obsessed with golf, like ever since Harvey was born. So he's like, when do you reckon? He'll have an interesting.
Golf like not for least.
Not for a while, but that's okay. He can't wait to buy Harvey his first clubs, and like, I'm all about a kid's birthday party, like that's just fun, but when they turn one, he doesn't really have any interests yet. So like, I feel like this is the only year that Steve and I are allowed to pick the theme. Yeah, because like next year he's going to be two and probably like blueye or something, you know, Yeah, and that's going to navigate or tell us what theme should occur.
I don't even know if he's going to get annual birthday parties, but who knows. Yeah, but this year we picked golf as the theme, and his theme is whole in one. I think that's that's cute.
You gotta take advantage of these formative years.
I think it's going to be really good. Like this sounds like it's a really big party, it's not. We're actually just going basically for a barbecue in the park. But he's going to have a golf cart that I've made out of a cozy coop.
You're going to make a book marketplace Women's Weekly Golf course.
No, but we have the Woman's Weekly Cookbook and Steve and I were literally talking about it yesterday, like what one we should make, and Steve's committed. He's like, I really want to make the train. I always wanted the train as a kid, like and my husband's a train kid. So yes, we'll see.
He's cute.
But the cake at a golf pub, That's what I'm thinking exactly. That's the current dilemma, which is honestly the biggest thing stressing our relationship at this point.
I'm stress.
But let's get further into the show, less about me, less about my cozy coop journey. I am sharing it all on Instagram for those of you who are interested. In Victoria's rogue DIY side note, I did get in trouble from my husband.
Spray paint.
Yeah.
I looked at that and I was like, good lord.
So I took it out into the garden and I spray painted it.
Yeah, but on the grass, that's fine, like hair just grows out.
Well, I told Steve, I can fix it, babe, don't worry. I'll just spray paint the green, because we've hit green as the golf cut color. I'll just spray paint over all the black green.
Yeah, that's great. I said that.
That's not going to fix it.
No, that's a great idea.
I thought it was good too. It happened, It didn't matter. It's just grass. Like you'll mow the grass and chop off all the paint bits.
Yeah, or what does it like kill it or something?
Look, I actually didn't think about it too deeply, but man.
Bugs in the grass.
Oh I didn't.
Give it a little bug?
Maybe did I until now? But the amount of people that are angry at me in my DMS as well, Oh lordie, you should have got newspaper. You should have done this on cardboard. What are you doing, Victoria? That's so bad? For the environment. I'm thinking I have ADHD. Like I decided last minute to go get this Facebook marketplace thing and go to the shops and get spray paint. I did it so quickly that I had to make three Bunnings trips on Monday because I literally didn't have
any of the stuff I needed. And it turns out you need more than one spray can of paint.
Is the end of it. You're like, I may as well have just bought a golf cart.
Well, yeah, like the paint is definitely going to cost me more than the actual golf cart. And the fact that I then got on the internet and was like, oh, you know, like the stick on silver molding for cars, I bought some of that.
Yeah you got to Yep, you can do that.
You can get custom number plates.
Oh you gotta get cut So I got a little it.
Was ten dollars, but like custom number plate for the back. And then I'm like, do you know what would be cooler if I google golf brands and then message old mat Jesse Richie. He's obsessed with her cricket, which is a laser cutter. Is it a laser cutter? Kind of like a like a fine point cutter. It's got a fine point cutter for vinyl.
That's cool.
Asked her to cut out a golf sticker so we can put it on the side of the cozy coop.
Yeah, right now, that's a.
Very funn What else do you get a one year old?
Yeah, exactly nothing.
It's fun, it's dy, it's made with love. It looks like it's made with love. So I just will be taking photos of it from far away. Would you guys like to hear a five star review that we received this week? Yes, surely. We also received a one star review this week. It said that I had a receding hairline. So I'm just not going to read that one out, but I will read you the five star one yet perfect is so me. I was like, oh, did you notice.
I give it a one star because sorry, I don't like your hairline?
Yeah?
How cute?
Right?
Anyway, So this is the five star review got cord hairlines. This is from thanks, I agree with myself and using it myself too. This is from Tash, and Tash says scene and support it. Thanks so much to all the wonderful humans, and she's on the money for making me feel seen and supported with this podcast, I've been able to develop some financial literacy and reframe my mindset towards money. Although this is a long work in progress, it's happening.
Last year I was in my final year of UNI and for my honors project, I actually used the She's on the Money podcast as a treatment group for my experimental study. My project was on studying cockertoo dance behavior. You TVD Beck and Jess for your explanations, insights, vulnerability, and kind words. Thank you for changing the trajectory of my money journey. Finally, thank you for being part of my UNI journey. My project is in the progress of being reviewed to be published.
That is so cool.
Although I am just picturing cockatoos with like little like headphones, like yeah, yes, that's not I think it's roughly Yeah.
I was involved like She's on the Money podcast as a treatment group for my experimental study. Like are you saying that I got to talk to cockatoos? That's really that's so cool.
A whole thing is really nice and really sweet and thank you so so that must be some actually good research as well, because as someone who also did her honor year and that was stressful, it's like next level to finish your like your piece of worse work or your thesis, then you have.
To like apply and have viewed to be published. Like that's a completely different ball game and so stressful. So congrats because that's actually such a huge feat. That's huge, like my receiving hairline. Yes, exactly, thank you, thank you. All right, let's move on because I'm excited, Jess. You said earlier that you have some pretty good community money wins to share. Let's kick it off.
I'm going to start off with one that I'm quite jealous of from Nat, who's.
Oh, that's what it is, money win.
I've just found out I've been picked to work in Antarctica. Whoa, she has to pass all sorts of tests and it will be very cold, but the money will be super worth it, as well as the experience.
Excuse me, sorry, Like, how cool is our community?
I know that's so cool.
I always wanted. We've got people doing cockatoo research projects. We've got somebody going to Antarctica. Like, yes, you guys are so.
Cool, fairy tail, I know, I'm very very gelalous. Have a great time, Nat. Next, I've got a money win from Sophie who said she entered a competition on Instagram where you gets a number between one and a hundred. She guessed it correctly and she won a free nights stay case.
My partner and I try.
To do a date night once a fortnight, so we saved ourselves quite a bit of money by doing that.
That's actually so cool.
Yeah, And I feel like people sometimes say to people, ever win Instagram competitions, and as a company that runs them, sometimes people do in them, and.
It's so fun to tell me that they want them, so nice win right, Yeah, so you can't join no beck, Sorry you work here. Sorry rules sadly.
Next, I've got a money in from Amber, who said she booked a media holiday by converting flybas points to Velocity points, and she had flights and five nights accommodation are fully covered. They just had to pay for the additional three nights and a little of spending money for their trip.
Oh. I love that. I have been points hacking to hilt recently and just like doing all the maths for the behind the scenes of like what my points are worth if I like changed them to Velocity, or if I bought gift cards, or like what that looks like I've just been trying to make the most of it because yeah, I feel like my points hacking era yeah yeah, yeah, and I just want to be able to points hack, not just on a credit card. Yeah, and there's lots
of free points. I also side notes, sorry, did you know that you can add your fly buys to your Apple wallet? Yeah? Oh, look at this, Look at this. My flybys is just on my Apple wallet every single time. I'm going to see myself out.
Next, I've got a money in from Sheridan who said money win. I found chocolate bars and chocolate blocks in the clearance section of my local BW, so I've stashed them away for Easter. We've got four kids and chocolate is halla expensive this year. Side note, has anybody's seen the price of Eastern chocolate yet?
Shooked?
She is discussed and even like a block of chocolate seven dollars.
Sorry, a big block of Capri dairy milk is now eight dollars and big or like a family block, okay, eight dollars like maybe a year ago it was five dollars a block.
Yes, I feel like five dollars in my head is what a block of chocolate costs. Yeah, big like, that's to me a sweet tree.
It's like it's a huge yes, But those like those regular blocks of chocolates seven dollars.
I'm really sorry that should be illegal. I know Easter chocolate should not be subject to inflation. I'm sorry. We're in the cost of living crisis and we all know that kids benefit from Easter chocolate as well as Jessica Ricci. It should not cost more each year. It's crazy.
I saw someone post about it online. So you know the linked bunny rabbit, Yeah, little little small gold ones and yes, lint is normally like a little bit.
Link bunnies are the bee one correct.
On special at Coal's they were two for twenty five.
Special. That's not on, that's not on.
I couldn't believe it, like the you know how you get that that's what my mum gave me a like twenty dollars.
Absolutely not.
I was what's a humpty dumpty cost one moment?
Yeah, really, I really need to know what a humpty dumpty cost?
A humpty dumpty iconic?
What about these little egg boxes?
And also, while we're on the chocolate train, one of my favorite things, and I know one of jess Goci's favorite things at Easter time is the Malteser Bunny multi bunny checkout, Malteser Baby to check out. It's a dollar. It's a dollar. You get your little Malteser Bunny. Jessica, it's kick cat. Oh they've changed it. It's not a Malteser bunny anymore. It is a cat bunny. And that should have been illegal because I picked one up. I
wasn't looking. I was at checkout. I'm an impulse purchaser, so I was like, yeah, I want a Malteser Bunny. I deserve this sweet treat. On my drive home, pick it up, don't even think about it check out. I'm like eating it, thinking this doesn't have the same crunch Like there's not the crispy bits you know in the malt Teser one, if you know, you know, like the little crunchy boy, like the bull bits. That's my favorite. I don't even care that it gets stuck in my teeth. It's my favorite.
It's it's great when you get stuck, you teeth get a little bits a flavor throughout that.
This has gotten stingy. This has gotten bad to the point where I checked the wrapper and it said kickat and I was like, hold up, I just got I just got duped.
You nine dollars fifty this year. I know what it was previously. Oh that feels like two grand.
That's that's little. And look at that. That's not even No, that's the little one.
I'm sure it was five dollars at some point in my lifetime.
Yeah, I feel like or Easter chocolate should be.
I'm just really surprised by the prices this year. So extra good win there from Sheridan to pick up something and stashed away for later.
H my god, sorry Sheridan, I forgot where we started.
My goodness. Also di I wise like Easter di wise this year, I think are in Yeah, like finding little baskets and stuff on Facebook and the little chicks, Yes, the chips from the reject shop.
Yeah, what else you got, Chess, I've got money in from Mikayla, who said she challenged a parking ticket and she won.
She said, got the law and a.
No ninety dollars sign for her. She's say, well, I'm Kayla, stick to the man.
Oh my gosh, I actually am going to do that this week too. The other day, Jess and I went to Plarties together and I ended up with a parking ticket. I was off it and I just realized that it happened one minute like on their thing, it happened one minute after the allocated time.
Oh you can just say that you're after I mean, I was fined. No, but you could be like I was getting a new ticket orderer.
Yeah, Like I just I give it a crack. I'm going to give it a crack because I was so salty on it because at the time, I was like, I really don't think I'd overstated it. I didn't think it was that like that close. I was like Plati's class was like an hour. The parking spot was like an hour, so yes, but I did run in late, remember, like we ran down the street. So anyway, that's me. I just don't want to pay it, Mum, I know I don't like I could find that.
And last night It's a month of Money one from Gabrielle, who said money Win Disney's price jump of three dollars per month was just too much for us, So we're canceling our eighteen dollars per month subscription, which will save us two hundred and fifteen dollars.
A Yeah, that's actually really good. Yeah, exactly little essentially, so good money win tip for people with kids. Obviously you can't share Netflix anymore, but you can still share Disney and you can do that with all of the other mums in mum good scroup. Not that I would do that, definitely, I wouldn't do that.
Also, I do want to say Netflix with ads is what I'm paying. It's like eight dollars a month, which is still like that was the original price, and that's fine, but it's there's honestly not that many ads. And also I kind of like it a it's a little like intermission.
We and our team definitely would not share our logins to different platforms. We would we would never never save money, never, no, no, except for Netflix, which we tried and it still doesn't work.
Can you just be traveling?
Yeah, I'm always traveling, But then it sends you like a code to your emails. It's a whole thing like not that we would have tried. We definitely we've never tried praying for all of our own subscriptions.
Absolutely.
All right, let's move on, Miss becksa ed. I think that was a good break tip from me, but what.
To the table snatched one right out of my hands. So I've got, as always, two from the community, one for myself. This first one comes from Hannah, who sent me a reel of It's very funny. It's very on my alley. This brand called nineteen twenty. They sell what looks to be like a bag that also turns into a raincoat. And this bag you can, like if you're traveling.
This is more so if you're traveling. I suppose like you just chuck all your things in the bag and then when you put the raincoat on to get onto the plane or whatever, so you don't have any checking baggage. The pockets are so deep, but the whole thing's puffy, so you wouldn't even notice if you had a whole last laptop in one of your pockets. Like it just like kind of all blends in. Yeah, I can send this like and you can, you know, put it where you like, But just that people have an idea of
what I'm talking about. It's a big, puffy long I would say, yeah, like a Poppa jacket, because.
I was gonna say, what do you do with the stuff that was in the bag? When yes, from bag.
Too, and exactly, well, that is all for your gigantic pockets. So you can either put all your clothes on or literally stuff them in the pockets and you're good to go. You'll probably be taking up a lot of real estate, but it doesn't look weird.
Yeah, and then when you're on the plane, you can put it back in the bag, so you don't have to wear exactly.
You just fold that back up into a bag.
That is genius. It's so funny though, I was like, why would you be putting a ring? It doesn't rain on the plane.
It doesn't. You're scared and you're crying. So this next one comes from Emma who says that her and her partner do this thing called Invisible Guest kind of like it's.
Like it's yeah, it's kind of like mystery shopping.
Yes, exactly exactly. So you sign up, you do have to be like relatively good at writing because they do kind of like check to make sure that you're You basically go in and you have to review everything. But when I say review, I mean like not even just the food, like the entry and it's like, is there like clear signs to the toilets like everything?
Yeah?
Cool? So you be on, but you can also just like wear a GoPro and secretly film everyone.
Like you nodded it out, producer, because we all know that, like our producer actually does that, and like that's like from her. She's like very she's on the money. Coded oh yeah, oh we read this.
And the benefit is that you get invited all these different restaurants and you get like a certain amount to spend. It's not like thirty bucks. It's probably like you know, in a couple of one hundred. Yeah, yeah, it's wild. It is wild.
So I would definitely review my dinner for a free dinner. Absolutely, I would review invisible guest. Invisible Guests, you sign up.
I believe there's like a bit of a wait list, but you just sign up anyway, sign up right.
Now, sign up, and then if you get on, you get on, and then yeah, your partner can have free date night exactly.
It's kind of cute because I loved reminisce and debrief after a date and so even if it's just literally.
Literally just like reminiscing and you're like actually sharing that, well, I'm technically being paid for this exactly.
And then we kissed under the Moodlight.
Reviews would be so detailed. They'd be like, this actually has nothing. Why was she sharing what she was thinking about? The ice cubes in my bitters were perfectly shaped.
Her eyes were listening, and I would just be talking about my visceral reaction to everything. Anyway. Yeah, but yes, so I think it's really really great. And then the next one is because you know, it's kind of like I'm clean onto valopan and stand but you guys, But I always want to preface this by saying, like I never mentioned these things like give myself like a paddleback or a round of a pause. I literally just.
I literally don't think that you do.
Okay, I literally want to tell people.
I want I want to know what you did on your Valentine's Day and how it worked and your tips and tricks. Because I booked a beautiful dinner for my husband and I and then I had gastro so that was my Yes, well you know, so tell me what did you do?
So I'll just give you one because I don't want to bore the people. So I we decided to reboard. We're like, what next, you guys, So we decided not to buy anything we're just going to make stuff, and so I got literally I'm not joking. Also, if anyone doesn't know this, you can get free cardboard boxes from Bunnings, like moving boxes. So I went and got cardboard boxes from Bunnings. I got some fabric glue, some fabric from Spotlight.
Buy the fabric from Spotlight. She's circumventing the rules here.
I think.
I know that's true. But it wasn't that much money. You can tell adjusts, It's okay exactly. So you just get some cheap fabric, whatever color you like. And what I did was I like built this, like not built. I'm saying, like, oh my god, I'm so anyway, I made this old school chocolate box. You know, there's like, you know, heart shaped chocolate boxes, literally just cardboard and paper, duct tape and.
Fabric covered it in fabric. And then if you.
Are ever at a point where you can afford a Ferrero a share, then maybe you can.
Chuck those or a share boogie. That's actually Jess's favorite chocolate.
Yes, but if only never buy them for yourself, which I respect. But I think you're allowed to.
I think you're allowed to. But I just don't think that they would taste as good.
No, they wouldn't taste as good. That's so true.
I just I feel like the flavor would be off, but.
The taste as good if you're buying for someone else and you're eating them.
Yeah, absolutely. I also feel like I'm convinced if you purchased them for yourself and took them home, you'd open the Ferrero Ro share and I can almost guarantee it would be one of those ones with the little white spots on them.
Yeah, that's true.
Get got, you'd get got? Would that would be calmer?
Yeah?
For buying your own.
Exactly, not allowed. But yeah, and then you can fill that with whatever the hell you want. You can do little notes, you can make little chocolates at home, do it cheap. Get some Aldi chocolate, anti chocolates. Good chocolate is elite. Yes, But yeah, so that's that's that's my gift broke tip is make make Make.
I love that and also free cardboard boxes at Bunnings for your craft. It's true.
Mainly, that's a good one.
That's a good one. All right, guys, let's go to a really quick break because I am chomping at the bit to get into what we're talking about this week a money dilemma all about how to get a better rate on your mortgage, which you guys know I'm wildly passionate about. But on the flip side, then we get to have a chat about something that's leading to our dms out and we're chatting whether you should start a side hustle with a friend. Don't go anywhere.
Welcome back, everybody. Let's take a listen to this week's money dilemma.
Hi.
There, have you got a money dilemma you just can't solve? The Sheese 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, girls, I'm just looking to decarrise my interest rate
with my banks. I'm not wanting to do a full refinance, as that's a lot right now, I don't have the energy that I was just wondering how do I go about calling up my own bank and just seeing if I can get a lower interest rate currently on about six point one four and I've seen online that they've got ones available for you know, five point nine or something like that, and I know it's not a huge difference, but I still would like to take advantage of that.
Is there a certain amount of times that you can do this? Is there a limit? I've just got heaps of questions about it, and I really just need like.
A full overview of that. Thanks. This is a really good question. First off, you said, oh, I don't want to refinance at the moment, like that's too hard. If you go and see a good mortgage broker, they do all the work, like you don't have to do anything, and you could get an even better rate. But you've asked, basically, how do I get a better rate with my current bank? You negotiate jess On our website, we have a free template of how to negotiate a better deal, and you
can use it for like your car insurance. You could use it for your gas and electricity. You could use it to call your bank and say I want a better rate. But what I would do is just pick up the phone and have a chat to them and say hey, Like, I just want to talk to the right people about getting a better rate on my home loan and not just taking the first no as a no, because they're going to go, oh no, sorry, that's for new customers only, or that's for you know, a limited
period of time or whatnot. But there is not an issue with you saying oh no, Like if you can't help me, can I please speak to someone who can. It's like, whenever we are trying to negotiate something, the most important thing to do is always maintain your call
like we aren't angry, we are super kind. I promise you lose your temper, lose your opportunity, like you are not going to be getting a single thing from anyone, whether that is you know, a girl that you're asking about a refund policy in a retail store or the person that you're calling on the phone when talking to
the bank. I promise you. In the background, they're in the lunch room being like this woman was so rude to me, I was absolutely not going to help her, Like I can't be bothered with that energy, not today, satan.
So you could ruin someone's day, which is also just not nice one.
Hundred percent, like just not worth it. Be kind, but then we are asking for a better rate and articulating what you've seen online. So sometimes banks actually have policies to say no, sorry, like I don't actually have a better rate available for you, but if you mention the rate that is advertised, they actually have to do something about it. The same is actually true for your phone plan. So if you called up your phone provider, a lot of them are like, hey, cool, no, sorry, we can't help.
We can't help. But if you mentioned a competitors pricing and said, oh, well, this other network is actually thirty nine dollars a month, they go, oh okay, let me put you through to our return team because you've like triggered something in their process. So what I would do is I'd be really clear and have some research in front of you so you can without doubts say well, actually, on your website it is advertised at four point eight four,
So I'm just wondering if I could get that. If the person on the phone says no, again, we're being super kind and saying thanks so much, I can see that you can't help me. Is there someone that this could be escalated to that I could discuss this with and they might say oh no, sorry, like the buck stops with me, and which point you can say you've tried.
But if it gets escalated, you can have that conversation again and be like, hey, cool, the person before you couldn't help, and I'm just wondering if this could be escalated. I'd really like to be able to get a better rate on my mortgage XYZ for whatever reason. You don't even have to justify it. You can just ask for a better rate, and if that doesn't work. Something that can often be quite helpful is saying, Okay, no worries, I have been thinking of leaving if I didn't get
a better rate. Yes, you don't have to leave. They're not going to cancel your mortgage if you say that, and banks are going to hate me for saying this. But if you say that you are partently going to leave, you are very likely going to be put through to what they call their retention team, which want to give people better deals so they don't leave. So calling them up and saying like, hey, cool, well actually I don't know, maybe i'll leave. Can you send me the release forms?
Because them just sending some forms doesn't mean you're signing them and sending them back, but it does tell them no, like seriously, I would consider other options and you will lose my mortgage very likely to be put through to the retention team.
Yes, I was going to say, like, is that a thing if you call up and say, hey, you guys, I am thinking refinancing. But I just wanted to see if that.
Yeah, absolutely, you can say it however you would like, there's six million different ways you could do it. But like you could say, hey, I've been looking at refinancing, but I wanted to give you guys the opportunity first to give me a better rate, Like that might be a really good way to go about it. You could blame me and be like, oh, I've been listening to this podcast and the woman on it keep saying that
we need to refinance. Excitingly, we had the first cash rate drop, So the RBA announced this week first cash rate drop since twenty twenty, which is so exciting, and that means that the cash rate has now dropped to four point one zero and that is going to bring up a lot of questions for other people who are thinking about refinancing. So side quest conversation, if you have been thinking about refinancing, yes, now is the time to
think about it. In saying that right now the RBA has said the cash rate has dropped, that doesn't mean that the rate discounts have been passed on by your bank yet either. So actually have some dates. So for nab Anz, CBA and Bank West, all of those are going to be articulating their rate discounts on the twenty eighth of February. On the twenty seventh of February, U Bank is going to be articulating THEIRS and then the Bank of Melbourne wbcing those three banks are going to
be announcing it on the fourth of March. So if you've been thinking about refinancing, the best thing to do is actually have a chat with a broker now, but not looking for a better rate until after the fourth of March, when basically all the banks have put on the table what their discount is going to be, so that you're broker is able to get the best possible rate.
It's like in my business at the moment, we're actually you know where possible, pushing clients off a little bit and saying, hey, beck I know that we want to like get you pre approval right now, Can you wait till the fourth of March so we can get the best possible deal, because if it's issued today, you'll get a good deal, but it won't be including the new RBA rate discount. Does that make sense? So, like, if you're thinking about refining, now is actually a really good time.
In fact, because the RBA has dropped the cash rate, that is going to mentally trigger a lot of people to go and go, oh, I can rEFInd now the cash rates dropped like that hasn't happened since twenty twenty,
So brokers are going to be busy. We are really busy, but like we are so excited to refire so many people's loans and get them better deals because I've been chomping at the bit because it's just been going up and up, like it's felt like we've got no And this community member who's sent us a really sweet voicemail, she said, oh, it's not much. Actually it is, like that amount, even though it's like less than a percent different is actually going to mean tens of thousands of
dollars of savings in the long term for you. So even though you might go, oh, like it doesn't actually matter. The difference between a six point eight to four interest rate and a six point two to four interest rate is actually significant. You might not go, oh, well, it starts with six, so they're both the same. Like I get it, and like in the bigger picture for you, maybe like things are fluctuating, but like, I'm just so
keen to save so many clients. Heaps the cash and it's going to be We're keeping a tracker in the office. I'm just so excited about it. Yeah, how many we save clients this week?
I mean, mortgages will go down.
Mortgages are going to go down. Rent not rent. It does mean actually a cash rate drop. Side note, cash rate drop actually means that your savings account is going to see a decrease in any interest rate that's applied. So when a cash rate drop happens, it's actually saying that our economy is stabilizing. It's a really good thing. But that means that property prices are probably going to increase,
which is not that sexy. But it does mean you'll increase your serviceability, so you'll be able to borrow more money because when cash is cheap, you're able to borrow more. And it does mean that your savings account is going to start decreasing. So I feel like over the last four or five years, we've had really good savings rates, so we've been able to Sorry, this is like a complete finance side note, but I'm hoping it's semi interesting.
We have had really great interest rates on our savings accounts because our economy has been a little bit tumultuous, right, and like during times of economic stress, which you know we've been talking, you've probably heard it around the traps. People are saying like, oh, we had it for a recession and all of that stuff thankfully didn't happen in Australia.
But people stop investing as harshly, people stop purchasing as many houses, people stop transacting as much, and they want to keep all their money in a savings account because the interest rate is a little bit higher and it
feels really cozy. But now is the time that you actually need to start considering what your investment plan is right, because if the interest rates are coming down and the cash rate is coming down, your savings aren't going to be getting as many interest rates and the economy is going to start coming back up. So now's the time if you haven't been investing, or you have been thinking about investing and you're just not sure, Like I would say,
can you just get in now. I'm not saying that there's ever a good time or a bad time to invest, because from my perspective, the best time to invest is when you are personally ready. I don't care because we're dollar cost averaging, but just come on, come.
On, do it.
Just consider what your own investment plans are, have a look at your super make sure it's invested. Anyway, I've just got lots to say about investing. I'm probably excited because I was talking to the girls in the team that she's on the Money Team yesterday because we're re releasing our Investing masterclass, and like we're talking about what bonus content can we do, how do we redo this, how do we make it even better? And I'm really
excited about that. Sorry, Sorry, Let's move on to the DM we got this week, because I'm pretty sure you're sick of my cash rate chat never, Jess, It's like never, I've been hearing it for the last week. Sit down. Also, by the way, how she's on the Money Content team predicted the actual cash rate at four point one, and they were so confident that it was going to be four point one after all of their research. They made the Instagram post and then live streamed the RBA meeting
because like, we're that cool. And then when the cash rate was announced at four point one, they literally hit posts so that we got to be the first people to renounce it.
Good.
Not that anybody else noticed that, but we were cutting a really big party.
I did say yesterday, Wow, they're on the pulse.
We are we are right, We're on the money, absolutely all right. So our DM this week, hier, I need some advice. So I spent somemerhole alldays with a good friend and we came up with this great business idea. She's still so keen and ready to go, but now it's time to actually put money in, and I am freaking out. We said we'd both put in five K, but now I'm just staring at my bank account, like do I really want to risk this? What if it flops? She keeps saying it's just money and we need to
take risks to make money. But it's not just money to me. It's my emergency fund and my safety net. I can already tell she's getting a bit over it, like I'm holding us back and I hate feeling like the bad guy. I also don't want to let her down. But also what if this ruins our friendship? Am I actually being smart? Or am I just totally overthinking this? Please help?
I guess it's like, I mean, I know, I've probably already know what the right thing to do would be, and that is like, don't be spending your emergency find on something that's not an emergency and something that's so risky, so such high risk. Isn't it like you could like this could flop or it could go really well. It's
possible to say. I would say they're disposable. If you have any savings that are like, oh, I'm saving for a holiday or I'm saving for a I don't know, fancy night out or something like that kind of money, sure check it in there. That could be wrong, but I wouldn't be touching the emergency fund is anyway, Maybe you could like put in less and your friend can
put in more. At the end of the day, though, if your friend is like, hey, give me all your money, every single thing you've ever worked for, or I'll not be your friend anymore, then that's probably not a good friend. If not, if they're not worried about you and your literal life, Like if something actually does happen touch Wood and you're not you're like, oh wait a second, all my money is tied up in this business or this this little side hustle or whatever it is, then yeah,
you'll be kind of screwed. So I would say, see if you can put in a tiny bit less or just like maybe a little bit to start with, or or at least just maybe push this back and start saving for that and have like that intention in mind, like I'm saving for this amount for this side hustle and we'll do it by this date, so you kind of have the motivation and you can save, and then when you get to it, it doesn't feel like so like oh my god, I'm giving away so much money.
You'll feel like, oh, yeah, I saved this money for this and here here you go. So if you can do that, but yeah, if your friend is not happy with you giving away your life savings, then that's probably not a very nice friend.
So also, we're not needed here anymore, Jess.
You're all true, and see you guys on Monday.
Just what are your thoughts on this. Yeah, I agree.
I think there's like several components within this message. I think you're fully right back, like, you shouldn't be putting your emergency fund into anything that is not an emergency in my opinion, if it can be avoided.
Yeah, that's not spending money. That money shouldn't have even been.
Like, it's not an option on the table. So I think that that in itself, for me, it's a pretty clear I know you shouldn't be putting that money into it. When it comes to the risk of a business, I think you have to look at it as an investment, and like any investment, there are risks. Have you really done your research for the business? And if you're not sure what to look at, We've done some really great business Bible episodes, I'd go back and look at have
you done your customer avatar? Have you checked competitors? Are you filling a gap in the market?
Like is it just a good idea? Have you actually done your research?
Yeah?
Also, have you done a budget?
Yeah?
Like, where's this five grand coming from? Why do you need ten thousand dollars to start this business? I don't have enough insight because it might be like, oh, well, actually we've done a budget and we need to register our business and that costs this, and then the equipment we're buying is eight and a half thousand dollars perfect, otherwise we can't start. Yeah, like, oh okay, then that makes sense. But where's this coming from? Yeah?
Totally. So I think, like, have you like set yourself up. Theoretically when you're going into business, you should have a relatively good idea of like who you're selling to what you're selling, Like you should have done all that background work. Like I think we've all kind of sat around the table with and gone, oh my god, imagine if we
started this cool thing. But to get from A to B successfully, you really need to have set yourself up with a plan, and that includes, as VD said, a budget and cash flow, like a strategy, like you've done
all of your research. If you've done all those things, I think you probably would be feeling a little bit more confident in what you're doing, and also hopefully you and your partner or your business partner would be a little bit more on the same page about things, because if you're seeing cracks now, I would say that that's a very big red flag to me, because right now you're in the easy part of business, like you're.
Not in the trenchship easy.
Yeah, it gets a lot harder and a lot more challenging the longer you're in it. And so if you're already not quite on the same page, I can only imagine that that would employ get worse.
I did, like, yeah, it's a slippery slope.
Yeah, And I think a poor business partnership because you can be a really great friend with somebody but not be made to work well together or not be right to be business partners together.
I never preaching to the converted, no matter how my accountant has bound me from other business partners.
Yes, yes, I'm fully on board of that. Like, no matter how much you love them, Maria, how much get along, if you're not going to be good business partners, it's not going to be a good experience for either of you. So I would the whole thing. I would say, proceed with caution y yeah.
Yeah. And then on the flip side, I'm like, okay, cool, I totally get that. But also, if you're entrepreneurial, you're like, well, I am willing to risk my emergency fund. I am willing to put every single dollar into it. Like I look back on my business journey. I didn't have an emergency fund when I was starting my business. Terrible idea, like absolutely terrible. Like I would never tell people to do things in the same way that I did. I didn't pay my super for years. I didn't do all
of these things that you know. I have a business podcast and I do now have two multimillion dollar businesses. So like I'm walking the walk, but I can't sit here and say that I was a gold star business journey to look at. I know how you should do it now, and I can help you along that journey, but I cannot say that I did it. So like, at the same time as you, like I'm listening to you guys say yeah, this is this is right, and
that's the advice I have as well. But on the flip side, like I get it if you've got a good idea and you're wildly passionate about it and you're like I'm so ready for this, like I would put all my dollars into this, Like girl, I get it. But on the flip side, you've said that you're freaking out, So I want you to like sit down and maybe write a letter to yourself about why you're freaking out. Is it because you're taking risk? Is it because you're not sure if it's a good idea? Is it an
oversaturated market? Like where's this freaking out coming from? Because I'm not saying spend your emergency fund, but I am saying do a little bit more research and also write up a budget, like what research have you done? And I preach this on the Business Bible all the time. You can do an entire budget and plan the entire business without spending as cent. You can look up how much it's going to cost to register. You can look up all of the like things that might you know
if there's any compliance. You can you know, if let's say you're selling candles online. You can look up suppliers for your candle jars online. You can send inquiries. You can understand how much that's going to cost, what shipping's going to cost, what shipping insurance is going to cost. You can look at you know what your products are going to look like, where you're going to source them, labels, all of that, and you can create a comprehensive budget.
You can work out what your sale price per unit would be I'm telling you right now, all of that will go out the window because things change and develop, and you might get your sample jars and be like, oh my god, that supplier is terrible. But like, you've got a really comprehensive idea of what this is going to cost you, and I can almost guarantee if you have that, you're going to be very confident in spending
the money. So what I'm hearing is that you're freaking out a little bit, and often that's happening because of a lack of planning and a lack of clarity. So that's where I'm at. And i'd also be honest with your friend, like pick up the phone and say, Hey, I know that we're at this point. Why am I freaking out? Like, oh, I feel so nervous? I go, oh my god. I know. Maybe they don't know what's your last five grand and they've got like thirty in the bank and they're just taking five of that, do
you know what I mean? Yeah, maybe they're in a different situation. Surprisingly communication is the key, Jessica, I would have not did everybody else say so? We asked the community, what would you do if you were in this situation? Twenty six percent of you said I'd just trust that it would be successful, thirty five percent of you said try to put in less money, and thirty nine percent of you said I'd back out before I was involved in see. Next question we asked was would you ever
start a business with a friend. Three percent said yep, we're friends for a reason. Sixty six percent of you said depends on the friend, yes, yes, and thirty one percent of you said no way. Business and friends don't mix.
Fair.
I'm in that boat. I had to learn the way, the really hard way. And then we obviously said, guys, what is your two cents? Someone said in very big capital is scary and there's a hashtag and an at sign in the word that starts with F and nz in K. Yeah, so it says don't f with your emergency fund.
Amen. Yeah, yeah, yeah, that's nice, loud and clear, we hear you.
Someone else said, I think you have to be one hundred and ten percent committed to the cause in order to have a successful business. Amen. Someone else said if it's not a heck, yes it is a heck. No, trust your gut true. Another person said, accountant here, they need to get on the same page first in relation to their intentions, risk profile plans. Yes, but I also do want to acknowledge that, like lots of businesses, we
just go roke. I'm not saying it's the right thing to do, but like sometimes it's three am, you have a great name and then whoops, you've accidentally registered a business name.
Yeah, there's lots of things happening without investing too, Like they can build the social media, yes, oh you can register me all of those things that don't necessarily require an upfront ten thousand dollars investment that you can still use to test the waters and stuff getting things going true?
And what does that actually look like? So like, if you're both putting five thousand dollars each in, I'm assuming that you're operating this business equally, so you get fifty percent, I get fifty percent. But then who's working in the business? Like are we relying more on one person's skill set over another? Like is one person going to work every single day in this business and you've got a full time job, it can only help on the weekends. Like what type of labor is going to be? I've just
got lots of questions. Yeah, I love I love small business. Another person said, a man wouldn't bat an eyelid back yourself.
You've got this, yeah, fair point.
Yeah, but I also think that, like there's a reason women are better investors, you know.
Yeah, is that as a reason men die earlier than women?
So positive, I love us. Another person said, are there other ways you can get involved in the business that aren't financial? Said, do you really believe in this business idea? If you don't, don't do it. If yes, then do a lot more research. Someone else said, if you can't communicate openly right now with each other, this is probably a really good reason to not be in a partnership.
That's a great point.
Yeah.
And then the last person said, maybe you could negotiate who does more of the business I'm me in or financial organization? Yes, last one, I'll share, and then I'll give you a tip from my dad. So last one is the best business partner is yourself. And my dad told me a long time ago, and I didn't listen until recently, that the best number of business partner is an odd number of less than three a riddle. Yeah, thanks dad.
If you are a small business owner, though, and you've got questions, Vet You've got a little webinar coming up soon that people might want to do. It might be handy.
This is a really good plug. This is not a paid for plug. I'm just sharing it on the pod because I feel like if you listen to all that business chat and you're like, yeah, I want to learn more. I'm running a free webinar with my friends from Constant Contact online. It's actually quite soon, so you'll have to RSVP. But it's on Thursday. What is it? Just Thursday, the twenty seventh of February, and then it's at eleven am. And the coolest thing, or I think the coolest thing
is Constant Contact are so excited about this. They said that anyone who attends and then signs up to Constant Contact, which is like an email marketing platform, that is honestly really cool. They're actually going to send you a copy of my book, The Business Bible for free, Like you don't have to spend a dollar. All you have to do is come to my webinar. But obviously t's and c's apply whatever. I'm just going to disclaim with that. But Jess, we can put all of the information in
the show notes. But I think that that will be really cool because it's like a marketers meet up and we're going to just talk about like marketing and branding and like, you know, how to take your business to the next level and like really own it yourself as opposed to just being on socials.
Yeah.
So I just think I'm wildly passionate about this, and if you are a business person as well, maybe that's of interest. Also Free book money Wait, we love it. That's so cool.
You can't make it live. I believe there will be a replace, so still in so we have your email because we'll send it out to anyone who attended.
One hundred percent. I love this. I also feel like maybe they've bitten off more than they can chewne. They don't realize the power of the She's on the Money community. So, like you said, free book, we love the money in. We sure do like this could work out well for them. This could also be an ad mid nightmare because they're going to have to fulfill these books, individuals.
Pour team posting out the books. I can only imagine we might have to.
Give them a hand. But anyway, I think that is all we've got time for today. Guys, have a beautiful weekend and we will see you bright and early on Monday for a money diary.
Bye guys.
Hi.
They ad buy shared 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 all financial decision. If you do choose to buy a financial.
Product, read the PDS TMD and obtain appropriate financial.
Advice tailored towards your needs.
Victoria Divine and She's on the Money are authorized representatives of Money sherper P t y lt D A b N three two one six four nine two seven seven zero eight AFS L four five one two eight nine