Hello, my name's Santasha Nabananga Bamblet. I'm a proud your
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She's on the Money, She's on the Money.
Hello, and welcome to She's on the Money the podcast Millennials who want financial freedom. Welcome back to another Shop Back Money Diary Monday, where we get to chat to one of our community members to learn about their life and their story and their relationship with money and all the juicy bits in between.
Victoria Jesse Car how are you. I am excited.
I have a really interesting diarist today. Let me tell you all about them. They said, Hey, She's on the Money team. Being a twenty two year old first gen immigrant from Sri Lanka, my life has always revolved around finances. My financial wellbeing has taken a dip in twenty twenty two thanks to the compounding effect of trying to afford rent, study, my master's in psychology, work three casual jobs, and all the whilst dealing with the worst economic crisis my home country has ever seen.
Holy Moly.
Like a lot of other immigrants, I find myself getting caught between the struggle of wanting to live the twenty two year old carefree life and the pressure of having to have my shit together so I can provide for my parents because they have no retirement funds. Whilst my story is not unique, I feel like it's a valuable discussion to have with this community and I can't wait to share.
Well that's giving me groose bumps. Money Diarist, welcome to the show. Thank you for joining us.
Thank you so much for having me. I really appreciate it.
Oh my god, don't be silly. I hate that you said. Oh my money story isn't unique, Like yes, city is that everybody's is. You might have some shared experiences, but I promised nobody in this entire world has a matching money story. It's kind of like a fingerprint. But how about we get into it. I really want to hear about this one. All right, money diarists, can you tell us a little bit about your money story?
Okay, So I feel like I have a bit of a anxious attachment to money, like a true sych but this manifests an almost a scarcity mindset when it comes to money, and that's probably heavily related to my childhood. So for context, I am a twenty two year old first gen immigrant from Sri Lanka and growing up, my
family would be classed's low income. So we grew up receiving family benefits from you know, Centralink and youth Allowance, which I just want to say, like, we're so privileged to live in a country that has such good social security, so very grateful for that. And my parents are really you know, smart, skilled, hard working people. But because of certain circumstances, my dad had to live in Sri Lanka while my mom essentially raised us on her own in
Australia in a new country. Props to her so amazing so in terms of family income, So even when Sri Lanka wasn't going through a financial crisis, converting a Sri Lankan salary to Australian dollars is obviously not that stellar. And because my dad was the I guess, primary income earner. And additionally, my mom had to retire early or stop working early because she had a workplace injury, so she
was predominantly a stay at homer. So safe to say that money was very tight growing up, and there was a lot of rhetoric about being able to afford things, and I was very very conscious of the concept of money from a very young age. But I guess I'm saying that, like, I'm really grateful for where I came from, and I feel so blessed that everything that my parents did for my sister and I, and I genuinely didn't feel like I missed out on anything as a child.
It was more the sacrifice was on my parents' end. You know, they kind of sacrifice living with their partner. They didn't really indulge in any discretionary spending, you know,
buying clothes or going out to eat. But most notably, they didn't invest into their financial future in the conventional Australian way of you know, super and investments, So instead they kind of funneled all their money into us and our education and in a weird way where kind of their investments and sometimes I feel like there's a huge pressure to almost be a good return on that investment and be able to take care of them financially and
help them retire and actually enjoy their life. So yeah, that's kind of my money story in a nutshell.
Is your dad here now?
No, he still lives in Tri Lanka, so he's not a citizen, whereas like the rest my sister, my mum and I are So he.
My gosh, that must be so hard for you guys.
Yeah, it was pretty tough, especially for my mum, like obviously being in a new country. At one point she was working full time and trying to look after two toddlers, which I just can't imagine how crazy that would have been. So yeah, she's honestly done such an amazing job. Wow.
Yes, it sounds like it is there any plan in the future for him to join you guys, it's.
Kind of tricky. I feel like eventually, yes, and I think it would be easier for him, you know, to live here long term, just because the rest of his family does. But in terms of wrapping up kind of whatever's going on in TL like right now and figuring that out. It's kind of hard for him to move here. And also we're kind of waiting till me and my sister get jobs and we start earning an income, so if he does leave, then we can kind of cover things.
Oh wow, that's such an intricate but special place to be. I know it's not the ideal outcome, but like that also feels like a lot of pressure on you money diarist.
Yeah, definitely a lot of pressure. But I've got my sister to share the pressure with.
So totally all right.
I want to know you mentioned in your writing that you have three casual jobs. What do you do for work at the moment? How much money do you actually earn?
Great question. So, as I said before, I'm a full time master's student in like a psychology master's student, which takes up most of my time between like clients and admin and classes. So my main job would be something I picked up in the middle of this year, which is essentially like a tech job at my university, very random. My second job is like casual academic work, so I teach a couple of tutorials after hours and also mark
student assignments. And my third job is doing some casual like research assistant work for the lab that I did my honors with, which is really cool. But in terms of the actual number, it's really hard to pinpoint because it can just vary so vastly depending on how many
shifts that I pick up. But I kind of estimated between five hundred dollars to one thousand dollars a week, and I would say collectively, I probably wouldn't be earning more than thirty five to forty thousand dollars in a year as a full time student, but I'm very keen to finish studying and actually starting a full time.
Wage understandably, So al right, I want to know. Sounds like you're pretty clear on this, but what is big money goal? What are you currently working towards?
So one of my more short term goals is to save a bit of money so I can do some solo travel after my masters, because I didn't really do much of that when I was younger, so I think that's a really important thing to like experience different cultures. My second big money goal would be to, like many others, like get an investment property one day, but honestly, the idea of that, like navigating that space seems so daunting because I don't really have any, like I guess, mentors
in that area. So that's kind of something that I just am hoping for down the line, and I guess the biggest one would be to earn enough to support myself and also my parents.
Yeah, of course, of course, all right, next question, do you currently invest?
Yes, I do have some investments, the best one being super so I tried to contribut as much as I can, and I think I have around fifteen thousand Tuck dawayne there at the moment.
Who is she cas I you're working full time?
Masters has a massive investment portfolio that's unrelatable content, my love.
I've also got some stock investments as well, so I think collectively, across a few platforms, I've got about fifty seven thousand in there at the moment.
Wow, what oh my gosh, A queen A few other investments.
A couple, just a couple has a sneaky entire house deploset plus some hidden away.
But like a huge disclaimer, I lived at home during undergrad so even like paying bills and board, this does not amount to how much it actually costs to live out of home of course, So yeah, I'm very like privileged to be able to but I'm proud of that amount.
And technically this is an investment, but I've got about nine thousand in my emergency fund and that I feel like is an investment in myself because it just helps me sleep at night and knowing that if something went wrong, there wasn't anyone that I could really rely on without putting them in a worse financial position. So having that buffer is just so important to me. So I call it an investment.
I think it's an investment, absolutely, and I think it's really special for you to be in that position because I'm sure that's a position your parents would you know, never have even dreamt of being in themselves, which would I'm assuming make them so proud of you and know that you're absolutely killing it and the sacrifices they've made, is you know they're really paying off?
Yeah, I think they are. I think they are pretty proud, which is Yeah, it's a nice.
Feeling, understandably. So all right, money diarist, I want to know. I think the answer to this, Jessica is a no. But do you currently have any debts? I don't have any personal debt or like credit card debt. But I do have quite a hefty amount of HEX debt because obviously studying psych. So it's currently sitting at thirty four thousand at the moment, thanks indexation, but it will actually go up to thirty eight thousand once I finished my masters.
Yeah.
Yeah, so that's a bit stressful, but it could have been worse. I got lucky with this CSP funded place, but I definitely know lots of psych people who have like HEX sets nearing the hundred thousand dollar mark because cough, Victoria divine. So yeah, it's such a long process.
Oh my love, I feel you like, it feels like a lot, And I now don't worry about it at all because I feel like I have a way better education on it. But when I did my undergraduate degree that added up. Then I did my postgraduate, then I did a master's, and then I've gone back and done some random other things, and like, we're currently sitting at one hundred plus thousand dollars and that gives me mad anxiety when I look at it, because I hate the
idea of debt. But at the same time, I'm like, no, it's got me here, Like we've been doing pretty well so far. Yeah, And you know, I guess reframing that really helps because as much as it's a debt that doesn't carry any interest, which is nice, it does still have indexation, so we do have to be careful of it. But at the same time, I get why it's not a priority for most people to pay off because I'm not making it a priority because it hasn't gotten in
my way of creating wealth or buying a house. And I like the idea that if I wasn't making any income at all, they're not going to chase me for it, whereas that is not the case with a mortgage or a personal loan. Money diarist, I need to know you sound pretty savvy. Do you currently use shopback?
Yes?
I do. I've been using it, of.
Course she does, Yes, now a couple of years. Of course you do.
I checked my lifetime earning that it was one hundred and eighty dollars, which, yeah, I'll take that.
That has a lot of cash. Like that is a shopping spray on the iconic for me. What was your last shot back purchase?
Was it? I think it was something from the kind of actually.
Yeah, relatable content.
I love to say it all right, next question, I feel like you're gonna have a really good tip for us here. What is your best money habit?
I would say my best money habit is, if I do say so myself, my work ethic and discipline when it comes to earning and saving money. I've been working since the age of twelve with like netball, umpiring and whatnot, and I've taken a couple of years break in like later high school. But yeah, working since the age of twelve and kind of saving always been a good saver, full credit to my parents. But I'm also I feel very disciplined when it comes to spending money on things
that I really value. So, for example, I don't really value eating out as much, so I'm really good at like making my food at home and taking it to work in school. But on the other hand, I really value like living in a really nice space that's like close to UNI and work, and also really value the gym, So I'll spend a bit more on those things, but then I'll save one things that I don't really care too much about. Yeah.
No, that makes absolute sense.
And I feel like this is a really common theme, Jess that we see in a lot of our money. Diarist kids of immigrant parents are absolute queens with money, Like they just are so good and I feel like have such wholesome values and have parents that just go above and beyond for them. And you guys need way more credit because we have so much to learn from you. On the flip side, what is something we don't want to learn from you? What is your worst money have it?
I guess I touched on this in the intro in the letter that I wrote, But my worst money habit would be I don't know if it could be classed as a money habit, but it's the level of guilt that I feel when I spend money on discretionary things, knowing that there are people in worse situations that are struggling to make it out, just make it out here. And yeah, just the guilt of spending things that are not seen as like productive or actually contributing to anything.
It's just very stressful and like you want to assimilate and kind of do all these like really fun things and go traveling and whatnot, but then you also think about, Okay, that money could be allocated to you know, family, you might need it more or back into your future to
give yourself that financial backing. So the guilt that I feel whenever I do spend money on, Like I spent like one hundred dollars in a night out the other week, and yeah, I just respiraling just thinking about how much money that I kind of just blew like that.
So, how are you working through that?
Because I feel like that's a really big piece of the puzzle for a lot of people in your situation, because you know, I understand the guilt. I totally get it, especially when it's so I mean, every single one of us has that on us though, like you know, there is always quote a better thing to spend it on. Does it mean you shouldn't spend it? Absolutely not. But I would love to know are you working through that? Is that something that you're like, oh, like I haven't
really addressed it. I mean, you're working in psych you're doing your master's. Is this something you've spoken to someone about, Like, I feel like this is a really big thing that we need to talk about more in our community.
That's a really good question. And I try to remind myself that it is okay. And I think even the decision to kind of so I moved from my home states. So I used to live in Victoria and I moved to like Brisbane to kind of challenge the idea that I always have to take the route that is going to be like the cheapest or I'm going to like
save the most money, and that I could you know. Yeah, So I've kind of taken actions that will force me to spend more money but allow me to kind of grow in other ways and see that I guess the benefit of spending money in certain situations, like for example, on that night out, Yes it wasn't productive, but I really had a really good time and it set me up for like a good week. So trying to reframe things like that, but it's definitely easier so than done.
Oh one hundred percent. I totally get it.
And I mean it all goes back to you being able to be your best self, because when you're your best self, you can fill other people's cups in the best possible way. And if you feel really constricted, that ultimately is going to lead to some form of burnout or tiresome or you might feel some level of, you know, being overwhelmed with the responsibility that's on you. So I think we need to find a happy balance. But I do think it's quite normal to want to talk about it as well.
And go oh, I feel so guilty.
But also you shouldn't, my love, like you are doing the best that you possibly can. In fact, you're doing way more than most of us. So always always look back at that money dire. If we forced you to give yourself a money grade, what would you rate your money habits?
I would probably give myself an A. You know, I think I've developed some good money habits over my life. Yeah, there's some like skills and goals that I need to work towards, but I think I've done okay.
I would not agree more, my love.
All right, let's go to a quick break, and right after the break, I want to dive a little bit more into your money story.
Don't go anywhere.
Welcome back to She's on the money and money Diaris. I want to start by adding a little bit of additional context, if that's okay. You mentioned in your letter obviously there's a really severe economic crisis going on right
now in your home country of Sri Lanka. For anyone who's not familiar or hasn't been kind of keeping up with that, can you just give us a really i guess, high level summary of what's going on and how that has kind of then impacted your family and what you guys have been going through.
Absolutely, So Sri Lanka is basically going through their worst financial crisis, so they declared bankruptcy. And what's kind of happening is people are struggling to get access to essential goods. They're like food, fuel, and medicines. People are experiencing daily power cuts for like twelve to thirteen hours because of
resource shortages. I remember a couple of weeks ago, I was trying to speak to my granddad but he could only spare like a few minutes because he had to reserve like his phone battery in case, like there was an actual emergency or he had to use it for other reasons. So, yeah, it's incredibly sad to see, you know, especially so many kids that are at school trying to learn and they can't because they're like paper shortages, power cuts, and they obviously really do want to learn a lot
of them. The inflation rate is at seventy percent I think that was in September, which is crazy to even fathom.
And the andy has also like plummeted, worsening the financial situation of many families, including myself because obviously my dad still lives there, Most of my family on my mom's side still lives there, and so yeah, it's just looking pretty grim in terms of how they're gonna come back from that, and especially because businesses can't really operate when there are these power cuts and there are these shortages, and people aren't getting the right nutrition or their basic
needs aren't being met. So yeah, a lot of people are definitely negatively affected by this, and I don't really know what the solution would be.
It's absolutely awful, and I think we definitely, I absolutely am guilty of forgetting how privileged we are here. You know, we've been talking about our rates rises and you know, inflation here and we're like, oh my gosh, it's so bad, and then you look to somewhere actual anker and you're like, it's seventy percent. Like how can anybody even afford to be a love, let alone to do anything or enjoy
their life on any level? You know, you said before that it's really tricky obviously with everything going on, getting your dad and the rest of your family back over here. How has that I guess kind of impacted the choices that you have made and that your sister have made, because you've said the investment that they ultimately made within you guys and in your education, And that's a big way to carry on your shoulders to know that the future of your families, I guess kind of resting on you.
And then overlaid over the top of that, there's obviously all of the anxiety you must be feeling around their safety and their well being and can they access food and water and things that no one should ever have to worry about. Has that shaped the choices that you have made for yourself in terms of your career and the opportunities that you're trying to seek out.
Definitely, I think I don't know if the christ has happened like earlier, I don't know if I would have even moved into States, So yeah, I think that would have really impacted my decisions and changed my priority just because it was more expensive and my money could have been put to better use, I guess. So yeah, In terms of now, it's me just trying to make sure that I can finish my education as soon as possible and look for full time work and not really taking
a break. I suppose I wonder when and if I will burn out at some point, which is yeah, but just trying to finish things as soon as possible and not really you know, it's filling my day with either work or UNI and just working like seven days a week, trying to do everything so it doesn't take me extra time that I don't really have because obviously my parents are getting older as well, and like my granddad as well, like trying to figure out how we can look after everyone.
So it's it's very much that like collectivist culture as well, where you don't really think about yourself and you have to think about the whole family unit and what that looks like. So I hope that kind of.
Is that's a big sacrifice from you to give up not your use. That sounds very dramatic, but you know, to give up things that you want to do. You said you want to travel and you want to live your care free life. To give that up and go, oh, like, I probably am going to burn out and I'm just going to have to deal with that when that comes. That's a lot for you to take on and for
your sister as well to take on. I can't imagine how hard it is, but it's very impressive that you guys are doing everything that you can and that you still seem so positive and so happy, and yeah, I just can't imagine being in that situation.
It's a lot you kind of want to articulate it as that's a really big burden to carry. But I would never want people to feel like their parents or their family is a burden. But you know what I'm getting to, like, it's kind of like it's this weight that you carry, but it's like obviously a choice as well, Like there's an element of this isn't a choice, but
also it's a total choice. And I just think that that's really beautiful that you, I guess, lean into that and you clearly are so on that train of like I want to help my family, I want them to be in this position. I just I really admire that. I have a lot of respect for it and anyone else who's going through that circumstance. It's just so damn impressive.
Yeah, thanks, just out of curiosity.
When do you graduate.
I'll graduate at the end of next year, so I've finished my masters.
That is very exciting. Tell me about what type of job you want after your masters. Obviously there's like, what is there seven streams of psychology? Which one are you going into?
My love?
So I'm in the edend of education and developmental stream at the moment, I don't know. I'll be doing X and ships next year, so I think i'll get a better idea of what I'm actually into. I don't think it will be private practice. I feel more community based work. But honestly, yeah, I have no idea. I thought i'd figure it out.
You have heaps of time and thankfully studying psychology. There are so many different options. I think I've spoken about it on the podcast. I thought I was going to be a counseling psychologist, and then I ended up going into organizational psychology, which I.
Didn't even know existed.
Before I started psychology, I was like, what do you mean the science of people at work?
That's not a thing.
So there are just so many different ways to use a psych degree. And look at me now, I'm not even in psychology, but I use it literally every single day.
So there will be something, I promise, And I can't wait for you to find something that you love and that you adore and that you feel like you have a really big impact in because I think that most people who do psych they do it because they want to fix things and they want to, you know, have an impact in this world, and it just is another testament to how much.
Of a special human you are.
So thank you for joining us Money Diarist, Thank you for having me on.
Oh my gosh.
Of course, before we let you go, I'm sure that there will be a lot of people listening to this episode who might be hearing about the economic crisis for the first time and might be wondering what they can do to help. Are there any resources or charities or anything that you could recommend people look into if they are wanting to help out.
Yeah, there's a few different fundraisers, and also I know of a lot of local artists that have been creating some like merch and the proceeds go to people in Sri Lanka. So I could potentially actually send you guys some links to thing.
Yeah, that would be great. We'll put them in the show notes.
Yeah, that'd be good. That'd be awesome.
Yeah, that'd be so great. So Sense of Links will make sure that they're in their show notes. So if anyone wants to give a helping hand or even just do some more research and become more educated on this. There will be a few links in the show notes, so definitely check them out. But with that, I think that is a beautiful place to leave it. Money Dirist, thank you for joining us, and as always jessic Ricci, it has been a pleasure doing another money diary with you.
See you guys on Wednesday, See you then.
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