Hello, my name is 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 impact for tomorrow.
Let's get into it.
She's on the Money. She's on the Money.
Hello and welcome. She's on the Money. That makes personal finance fun, especially on Fridays. It's our or my or I don't know. I think everybody loves it. But it's our favorite day of the week because it's the end of the week. But also we get our beautiful team together to celebrate you the incredible She's on the Money community. Miss Grigi is here to share our favorite money wins
and confessions for the week. Miss Bech Sayed is here to share some hinged andn hinged broken here and we're going to be helping to answer our money dilemma today This week unrelatable, but it's about someone who got a surprise car from their parents. Oh wow, but there are some financial strings attached of course, where the dilemma comes in and something you slit into our DMS about this week, we're talking about how to split housing costs with your
partner when one of you owns the wholehouse. I feel like this will be as good a conversation to be having. But before we get there, how have your weeks been? My loves you go first? Yes, please, very exciting.
If you're listening to this first thing in the morning, it happened to be in Melbourne. We are currently right now at the Australian Open, probably to do a live podcast.
What do you mean probably? We are definitely at the Australian A good time. Six am. Yeah, like we're not up.
I'm not there am definitely, But if you're around twelve pm at the top court, awake for us. Give us a squeeze. We're so excited, so cool.
Actually no, I'm really not just to watch the tennis. This is probably not what the Australian Open want me to say, because like we should be saying, go to the Australian Open. Just watch the tennis, that's what it's all about. But like they have that top court, like it's all about the ground pass, Like there are installations and activities like Mecca is there, Like they always have
a beautiful apparel sprits stand. Like it's about the vibes. Yeah, so you get to watch the tennis obviously elite, but also the installations, the music, there's always like it's festival vibes, your festival Melbourne. I adore it. It is so fun. But like, also, guys, we're doing a live podcast in the Australian.
I'm sick.
I'm sick, I'm sick. So fun, but Beck, that's what Jess is excited about. Are you excited about anything this week? I can't say the same thing.
For letting me go first.
Damn well that's all I had.
No, I'm just kidding. I am actually today is it is confusing to say this because we're right now maybe sleeping, maybe the Australian Open, but also today is also my move in day because I finally prefer it rental.
My friend, goodness, I'm going to ask you about this offline. I know you your actually answer on the podcast the dress and stuff like, do not give that information away. That's so fair.
We had been flying for like a long time and it's just like hectic. We went to a few open like what open home for inspections, Open for inspections, thank you, Yeah, because I open homes a first selling house and we were renting. But we went to a few and it was like a concert in these houses. It was like packed with people, and I was like, we're never ever ever moving getting back together. We were applying as a couple, so I think that's still relevant that update updates.
But we you're living, we're living with your partner.
Now no, my friend's partner, but we're pretending that we're a couple.
I missed a step.
I know.
Sorry, I didn't know it was. I just wanted to give to justify you.
Are pretending to be in a relationship with We thought that, yeah, just because we thought they would work on it. Turns out it did.
But the house we applied for straight because that would be even funnier it would be.
But no, it's actually also a girl. So I love that you didn't have to go too far.
I was, yeah, I was worried about like, oh my god, bo, it's a homophobic but no one else applied for this house, so that's what we got because it's very ugly. But I'm very excited and that's.
What I'm excited for.
What you make it.
You make it exactly, And he's so much stressed that it must be a big relief.
Oh my god.
It's sometimes to be like other searches over you guys, such as oh can you help moving.
After the AO? They are so sweet. I think I'm just going to do it.
I think I'm going to do it tomorrow. Yeah, instead going to do this.
But whatever sore we go, you'll be too tired. We would have had a few soda waters. Yeah exactly.
I'll be well and truly so hydrated by them.
Exactly exactly. All right, let's move on. But before we get there, I'm carrying on what we picked up last year. I'm going to read you guys a five star review that someone has left us. Can't wait. So they user name is I love Chaers East. I get it, I get it, I get it. They said, I absolutely love this podcast. I love money Darries and listening to all their different stories from listeners Friday episodes are so fun listening to the girls. Love the dynamic of the three
of you together. I'm a in quotation marks elder millennial and have learned so much about investing and my husband and I both have a Chazy's account and love comparing together. Well done, ladies, empowering other women with skills and knowledge. Who runs the world? Girls incredible? Use a name like I'm going to send that screenshot to the CHAS team and be like, guys, I get it. I mean the passion for like you've started picking up on your passion for chairs.
That's all I think about.
I feel like you're always like there. I invested a little bit more today and I'm like, yeah, cool in what You're like the same thing.
I'm like cool, But okay, that's great.
Consistent.
I check it like three times a day. I don't know why it's like the same number every time, but yeah, I love Cheza to whoever you, I get it.
Relatable content. All right, let's move on because we have a whole heap of money whens and confessions from the community. Just take it away.
I'm going to start off this week with one from Justine, who said she bought a pair of Christmas earrings for this coming Christmas. They were marked down to like for like five Christmas old dread. This is this week's thread. It was six dollars marked down to fifty cents, and then she used her daughter's friend's staff discount shut down to forty cents.
It's long's this stuff discount on a fifty cent paper as well?
Someone went to me and said it's peak broke tips using a staff discount on a fifty cent transaction. I agree, every bit counts so true.
That ten cents in probably ten years is it going to be worth like, I don't know a dollar money, We never know. Well, chances right now actually compounding interest is probably only you to be worth twenty cents point. Well done, Justine.
Next, I've got a money in from Ida who said, if you live in Perth over the school holidays, public transport and the associated parking for public transport is free.
Oh oh, she's actually really cool.
Yeah, she's saving herself as a tidy thirty dollars a week, which I thought was both for anyone over in wa Hey.
That's nice, like obviously a little money win, but also some free cash flow for mom and dad to spend some money on the school holidays.
So it's genius, never going to go astray. Next, I've got a money win from Avin and I did have to look up how to say your name, but I think we got it right.
It's a bit of a story.
To bear with.
Me Avin said that they had bought Quantus vouchers for Christmas pre COVID. Obviously COVID happened, had.
To cancel them.
They were to voucher fast forward. It's now been a couple of years. They used the voucher to book refundable flights to travel from Sydney to Perth. Unfortunately they had to cancel and Quantus told them that they couldn't refund or even reissue the vouchert because it was over three years old.
No, that's not how it works. We're going straight down to consumer refests.
Not even an issue because apparently the day she was going to fly, Quantus called her and said we're overbooked.
Will you take a refund?
And Avin was like, oh, I must, but she got a cash back.
She got a cash back.
I hope you asked them for like the compensation you get for canceled flights as well. You didn't send an email girl go hard or go home, But I always hooked that whole. That's a great story, really good story from start to finish. There you go.
So we learned a new Irish name. Can you actually spell that out? Because absolutely so? Like her name's Aven's beautiful? How do you spell aven?
Imagine my face, you guys, when I pull up my money win and I realize this is the name that I have to pronounce A O, I, B H E A.
Double N, which I get it. It's an Irish name, like it's like nive and that's spelling. They don't make a lot of sense. They're beautiful names when you say them verbally, but like, I am going to literally ruin your name if I have to say it the way it's spelled. So weally it turns out another beautiful Irish name.
We listened to a long, long, long start of video and then finally make sure that we were doing You had to make sure that's so true and know that's so true.
I didn't want to massacre a name like that's rude. How many people say her name wrong?
She says, you still did in nailor. I'm going to be a little bit upset. We really tried call me next time. Got a money win from Emily, who said she bought a cricket maker secondhand and it was still under warranty. She bought it for one hundred and fifty dollars. She's been saving for months and now she has heaps of money leftover.
Oh that's some money win. You love your cricket.
I love my cricket, and now you've got lots of money to put towards extra craft supplies, which I think.
I told my mom that you had a cricket, and she bought herself a cricket.
Did she?
Oy?
What are you using a cricket for? Are you talk about cricket the sport? No?
No?
Oh sorry, it's like a vinyl It's like a vinyl cutter.
This is weird.
Sorry. It's like a vinyl cutter. So you can like put pieces of like sticky vinyl in and make your own stickers and stuff. Oh that's cool.
A lot of people use them for like wedding diys or party d I wise you.
Know, so yeah, like vinyl cutting. But then also you could like replaced the blade with a pen and it will like draw on your things or like Yeah, it's very cool. I haven't cut wood like.
It's a very thin wood like.
Yeah, it's like a little crafty thing.
For the sake of this episode, I'm gonna pretend I know, but I'm.
Absolutely gonna have to google, like not pitch or anything. I show you another YouTube video.
Yeah, we play the school day longer, the better longer it takes together.
Lastly, this week, I've got a money in from Cindy and had a little bit of a journey but a great ending. She said she had a small diamond fall off of her wedding band a few months ago. She luckily she was able to save the stone and had it repaired by a jeweler. Unfortunately, it fell off again a couple of weeks later, and this time she didn't notice,
so the stone was gone. She hesitated to go back to the jewelry shop to let them know what had happened, but eventually got up the courage went in and turns out the staff were actually very apologetic assured her that they will repair it and probably replace the lost stone free of charge. So she's gonna go in later this week to confirm.
The girls just but sorry as they should.
Yeah, well, yeah, truly they didn't go very well.
Yeah, like that would be really annoying and often jewelry, especially if you're spending money on getting it repaired, I'm assuming has some level of sentimental value, like yeah, you're fixing it, but like, yeah, I.
Would, I don't want to be losing it because.
Yeah, exactly exactly. Well, those were fun and also I feel like Beck and I jumped on it really quick and we're like, Beck, I want to know what are your broke tips of the way, Yes, let me bring them up for you guys.
So this first one comes from Live, who says, apparently.
Your friend Live, you's been getting your friends to do your work for you. Again always honestly exactly.
This is from a different friend Live and also someone haven't met yet, someone who's a listeners just a friend and friend exactly. Live says delete and redownload the MACS app for unlimited tool lattes.
Oh my god, that's such.
A how does that happen? My mind was blown. I haven't tried it yet because we're going to try it.
Because I'm into French press at the moment, but I would like.
To try the French press.
Yes, I'm actually percolated girl now sounds very.
I don't put anyone talking to me or looking at anyone.
I'm I currently have a hyperfixation on a mont Blanc coffee cream. Yes, so it is a cold brew coffee at the bottom, it has a sugar syrup that has elient orange in it in the coffee. No, no, it works. It's giving Terrries chocolate orange. Okay, okay, and everybody loves the Terry's chocolate orange. Are you joking? I do love orange orange chocolate too.
Sorry, but I'm with you. I'm still hearing you.
I do not. I'm sure you could forgo the orange from you could forego the purpose is orange like it is orange.
Sorry.
Well, in that case, my husband was like, why would you want to mix orange juice with coffee? Are you in?
I completely agree.
Then they top it with like a cold foam, so it's like a cream mixed with orange, and then there's nutmeg and orange rind on the top, and it like, maybe I'm not telling.
It that sound orange sounds delicious. While a maca is latte may not be mont Blanc, that's true. Constant free lattes.
Soft, It's just that LTEs Jessica. Sorry, yeah, maybe we'll try one day, all right, We're gonna try it because I love a Macco's coffee. Yeah, this is so so good. That is such a great I feel like I'm not a very good Melbourne coffee snob though, and people always ask me because just you don't drink coffee, but you do drink coffee. But like, I love a seven eleven coffee same like, and that's not a sponsored conversation. I also love a Maca's coffee. Do you know what I love?
I love consistency. I didn't love it when neither of them offered like oat milkn like my preferences, because I was like, oh, like, I don't really like drinking cow's milk because it makes me feel icky. So like that's the reason I was turned off it. But a seven eleven coffee, yes, you know how hard they would have thought about, like the blend, the coffee beans, the actual machines they put in store so that you always get a consistent experience.
Totally, and they do soy milk now they do?
Oh yeah, yeah they do. I feel like I want to take credit for that. I think you can't think, but I'm there every day. I was there this morning, Like, I'm mixed and you are a protein girly, right, you know the rope Bees. Oh yeah, I love those. Yeah. So Rogeb's is a protein smoothie. So you go into seven eleven. This is my hack of the week. Apologies, this is a new segment. You go into seven eleven and you get the iced coffee cup, so it's a
cup of ice. You put a double espresso in the bottom of that, and then you pour the rope Bees over the top, and then you have a thirty gram protein coffee.
Wow, oh my god, Victoria, I have I'm a genius.
You can say that. You can say it. It's okay, everybody else is. I'm literally going to do that as soon as we finished. Yeah, and like it doesn't fit the whole thing. So you think you have a little bit of the roge Bees, but like vanilla, roage Bees tastes like melted ice cream. So I'm not mad. I'm going to drink that, get rid of the bottle. Then I'm having my coffee and it's a protein coffee and live.
Luff feeling as well. That's a whole meal.
That is a whole meal for a couple of bucks exactly money may thank you, sorry, thank you for no, don't ever go for my ted protein talk.
So this one comes from Savannah. I love the wording of this, so I'm just going to use it and I'm so sorry that if it's disgusting for anyone else.
But where the carcass from? Your wise chicken? This good chicken soup material, which I totally.
Agree with because you know, you get your roast chicken and that's the word for it.
Yeah, it's the word for it. Give me a little shiver.
Yeah, have you not seen my Instagram stories on the whole chicken thing? So you buy a chicken, Yeah, if you do it, at the end of the day, it might be fifty percent off money in you can take all of the chicken off that and you can make the chicken salad mix and you can have that in sandwiches for the week. You're then going to make chicken stock with the carcasse. You are right, that is a great broke tip. You are going to put, like, honestly
so easy. You're going to take jess with the carcass, but you're gonna like just chuck a carrot and onion some celery. What Honestly, if you've got vegetables that are dying in the bottom of your fridge, those all go in too. Dead stock, maybe some ginger, maybe some garlic. You're going to put that on the stove on low overnight or in like a slow cooker. Yeah, it's just it's just how you roll. We did not make that
recommendation anyway. You're going to cook it for a long period of time so that you then pour off the stock. Then you're going to pour some pasta into the stock that is left over. So like you've taken your chicken stock off, save that for later, chicken soup for dinner. Okay, three meals, one chicken, fifty percent off of money.
When I don't acknowledge the car veedetarians of the vegans, because I used to be vegetarian, I'm not anymore. And that's like, you know, I can't like always that's my claim to face, like, oh, I used to be vegetarians.
I used to be vegan. Yeah, that's truextra pregnant and all I did. Also, that's it's a public service announcement because sometimes I post things on my Instagram story like the rogue beest this morning, I posted that I had made like a protein coffee and someone replied, aren't you vegan? Right, you would not be wrong if that was two years ago. But I got pregnant and then all I did was crave red meat. Yeah yeah, yeah yeah, And for a long time I was like not not just then what happened.
We went through the steak fritz phase and it was delightful.
I wanted to do was eat steak and chips, and we did that every day for a week when I was pregnant. It probably is why I put on more than thirty kilos during my pregnancy, pure mustard, no regret.
Absolutely absolutely, And then my broke tip. Yes, so this is just a suggestion because they don't have any proof that it works.
But when I was fantastic stuff. But I do have proof that people can be interested. Anyway.
The point is when we were looking for rentals, and when I have historically looked for rentals, I would go on real estate dot Com and sort from oldest to newest and be like actually very smart, yes, And then I would see, like, you know, some places obviously ugly, and I think when you're like me, or if you're like desperate, you don't actually care how ugly it is because.
You just yeah, you wouldn't know. I didn't even know you could saw oldest totally.
It's like no one's these have been up here for ages, no one's renting them. And then when you go to for just ay that's it. When you got to apply, you put it actually like the the box where it has the rent and that's not blacked out. You can actually put in there what you would look like to pay. And then I have had times when I was looking for rentals by myself where I and this is pre
rental crisis. This is like a few years ago, I put ten dolls less and the real Tota agent would call me every time and be like, oh, yeah, no worries, I'll see if the landlord is okay with this. I ended up getting a share house, so I don't know that they would have gone through with That's just a good tip anyway, I just try.
It, especially if it's an It wouldn't work if you're applying for as you were saying, like a property that heaps of people applying for, But if you're picking old ones that have been on the market for weeks and weeks and they just want to get a tenant in Yes, you might get lucky.
You might get lucky.
Don't get that's it the week. That's actually a really good tip because I feel like in the new year, people are starting to think about, oh my gosh, like I do want to move this year, so we're all thinking like should we shouldn't we? Like, that's a great tip. I love that. All right, let's go to a really quick break because I am chomping at the bit to get to the part where we get to talk about how to split housing costs with your partner if one
of you owns the house entirely. But then we also are going to be answering a money dilemma that's going to come first about someone who got gifted a car from their parents as a surprise, but then it came with a whole heap of financial strings attached. And I just think that's going to be juicy.
So 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 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 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, she's on the money team. When I was seventeen, my parents surprised me with a car. I knew they weren't going to contribute financially to the car, but I was still extremely grateful for the surprise. My understanding was they purchased the car with their savings and I would pay them back. Prior to this, my budget was never discussed. The car ended up costing twenty one K. I had two hundred dollars in my savings at the time and
personally wouldn't have chosen a car worth that much. I'm now twenty two, and I paid the car off mid last year, but still contributed money afterwards into my parents' account as it was for savings. I ended up saving an extra ten K to contribute to my house deposit, putting me on track to purchase my first home this year. However, I've only just found out that my dad had actually gotten a loan out in his name to pay for
the car. He didn't tell me, and now I owe ten k in interest from the loan he took out. My dad doesn't seem to think it's a big deal and gets really annoyed and dismissive when I try to speak to him about it, which extremely frustrates me. A loan is a big deal and that should have been my decision to make. I also would have made more of an effort to pay my car off quicker to save more on the interest. There's a side of me that feels like I shouldn't have to pay it, even
though I'm obviously going to. I love my dad to bits, but he's put me in a really annoying situation. He's also sent me back ten kay on my house deposit. I would love your thoughts on this. Thank you.
Oh my gosh, honey, I am so sorry.
That's crazy.
That is a lot that is not no. When I saw the topic, I was like, Oh, this will be interesting. A surprise car. We don't listen to the voicemail until we're on the show. Our producer does and obviously knows that it's going to be a good one, but like to get our authentic reactions, I don't answer no one on the show here's it. Until then I think we're all a bit like.
What Yeah, I think we're all kind of like speechless.
It just makes no sense that like, no, none of Like she just kept saying things and I was like.
What, wait, it gets more, it gets worse. Oh my gosh, that is honestly heartbreaking because it's obviously a challenging situation for you. I am a bit shocked that he took out alone to do that and then surprise like I don't know, I'm trying to see it from their point of view and put myself in their shoes, and they probably really wanted to surprise you with a car, but that's not how you do that.
Not not discussing what the spend will be, not letting you know that there's injured, Like, there's just so many things that I go, how.
Did this eventuately?
How did that make it?
Because I agree, like I'm sure that they probably were like really excited to give you a I'm assuming at that price point, probably a relatively new car, the big bar on it for whatever. I'd be like, oh my gosh, here you go like you can pay us back over time, but like not factoring in the conversations around how much and you know how long you've got to pay it off on that sort of thing is It's just mind boggling.
But it will also just give you a shout out because it sounds like even though.
She sounds so kind, right, she sounds kind.
But also the fact that you were able to still save on top of that, like that would financially cripple me. I'll be like, that's it for me, and I'm out, and I'm never all my hopes and dreams of like maybe owning an apartment one day, I'm like, I'm not going to worry about that for the rest of my life because I am financially cripple. That's stressful, right, that's stressful. I couldn't like you've had the choice taken, not your choice exactly exactly, and to be able to still save
on top of that is really really impressive. Absolutely, I want to completely one hundred percent valid feelings.
Because your feelings are very that I get, I'll stress enough, very very valid. I think this is coming from a place of your dad having a lack of financial literacy because making that decision doesn't come from someone who fully comprehends how loans work and how that situation would eventuate. And I obviously want to be able to see the
best in everybody. So I'm assuming that he thought this was a really good idea for you, Like maybe he thought you couldn't get the loan in your own name and you were going to pay back the loan anyway, and he didn't understand how the interest was going to work on it, so it would cost more. And now he's finally worked it out. Maybe he's feeling and I'm not justifying this, but maybe he's feeling a bit embarrassed and he's like, no, no, no, is your loan the whole
time because he can't afford to pay that. But at the end of the day, I feel like this is obviously a financial issue, but also a relationship issue, and he's quite evasive of having that conversation. So is there a way that you can, like, I don't know what your ideal outcome is, so maybe sitting down and going, Okay, the ideal outcome is my dad takes over that ten thousand dollars of debt, or the ideal outcome is I feel comfortable paying that or working out what your situation is.
And then maybe instead of trying to approach your dad and being like, hey dad, can we talk about XYZ, saying hey, maybe in a text, hey I want to sit down and have a conversation about this when works because I want to go through all the semantics and just really nut out what this means and why this happened and how it worked. Because sometimes when a conversation like this comes up, money is hard to talk about. We need to give people warning that we want to
talk about it. It's like if you've been listening to this podcast for ages and you're like, Oh, I can talk about money. This is so good, and then you go to your partner who hasn't been listening to the podcast and isn't ready, and then you're confused because you're like, hey, just do you want to talk about this? And they're like oh what no, and they get defensive and you're like, wait what. It's just because they may we are not
ready for the conversation. I'm not saying that that makes it better, but sometimes we need to give people warning to have these conversations. The other option I would explore is maybe having a written conversation that also gives you a lot of time to ponder your responses and maybe take the emotion out of it and just like jot down how you're feeling and what that means, and like go, hey, Dad, I'd love you to have a read of this and
respond like if that's something that could work. But I wish I could be like, this is what you do. But I don't think there's a right or wrong answer here. At the end of the day, there should have been a lot more communication about this situation, and now we're in a pickle. What do you do? Back you said you'd just be ruined and you bury your head in the sand.
Yeah, I would, But it is tricky because I feel like if it's like a relationship, like a yeah, like a parent and child, and you obviously don't want to like throw that away.
Oh, if a friend did that, we're done. But like it sounds like you have a good relationship with your dad, so it's not if a friend did that.
I think that would maybe be easier in a way because it's like you're not throwing away the friendship, but it's like you're obviously friends for a reason. You're obviously friends because you have you share the same values and stuff like that, and you probably could I know, it sounds weird. You could probably get through to a friend easier, like I'd be like, hey, like this, like let's let's have a chat.
I don't want to know this friendship you know you'd be.
But when it's a parent, it's like there's a completely different upbringing and dynamic and and maybe like your parents of the older generation might not fully understand the financial pressure of today's world, so there's a lot of differences. But where whereas if it's like a friend or someone like your age or around your age, you can kind of explain that a little bit better. I think that personally, I would just I wouldn't want to build a resentment.
I would feel like I would start feeling quite resentful, Like, oh my god, you literally have changed, whether no matter how small or big, You've changed the trajectory of my life in a way that I didn't ask too. Yeah, I didn't want. And I'm like trying to get on top of things. And this is just like this thing that I'm I am grateful for, but I also have to be grateful for has kind of ruined a few things about the way I saw my life going, and no matter how big or small whatever, So it's like
it is a tricky one. I would say, I know, we always like communic, communicate, but yes, I think saying maybe your parents or your dad doesn't know it is so deep for you, and maybe you've just got to make it that deep, just be like on a human level. I really want to talk about this because it is actually affecting the way I communicate with you, affecting the way I feel about seeing you. It's affecting all these things. And I want to have a really good, strong relationship.
I want to maintain that, and I want you to hear me and just make like, make it deep, make it emotional.
And that's a really good take back. I really like it. I feel like that's probably the best take good I've heard on this table. We haven't heard just this like true. It might be better that.
I completely agree about approaching it from like an empathetic human side. I don't know if this is because I haven't had a.
Car Loan the math isn't mathing to me, or it can math in that situation.
Be alone at fifty percent interest.
Not fifty percent. He could have got like a payday loan for the sick, could have been a really high interest loan. It might not have been through like a
Tier one banking or lending partner. I'm going to make some grand assumptions about the lack of financial literacy in this situation and say that we were taken with it, Like I was actually having this conversation the other day, and I did some maths on my phone, completely separate, but I think it will provide a bit of context here that you may or may not be interested in.
So the other day, and this is just to talk about I guess how a lack of financial literacy or just like not getting it ends up ultimately impacting you significantly financially. So the other day I was posting about a company called before Pay, and this is their ad. I'm just showing the girls. It says, repay only one hundred and five dollars for every one hundred dollars you borrow, simple, right, And then the ad goes on to say no interest,
no late fees. Like that sounds pretty good rights from me, right, So you're implying yeah, so they're implying flat five dollar loan fee, like if you're in a situation where you need to access cash fast, or like get like your pay today. I think that a lot of people would find that really attractive and appealing. But if you go and assume that that is five percent interest, you would be incorrect because the example they have used is not
an annual interest rate, so they haven't annualized that. They've just said, hey, if you borrowed one hundred dollars and you paid it back within the month, it's a five dollars fee, and that's great. But if you calculated an effective annual rate, which is essentially taking that payment, dividing it doing some maths. I can share with you guys the maths if you want, or you can just google
effective annual rate formula and it will come up. But when I did it, it actually comes out as an effective annual rate of eighty one point six four percent
when it is viewed as interest. So even though beyond pace fee is like a fixed amount of five dollars, they are misleading you because if you extrapolate that out to the entire year, it becomes an effective annual interest rate of eighty one point six four percent, and the rate kind of shows you that the cost of borrowing over a short period of time is similar to a
pay loan and like short term credit. But then you compare it to like I guess stand loans and credit cards and the interest is so much higher, which is why some of the people using this c the fees as comparable taigh interest loans, or they are really comfortable with it because they're like, oh, it was only five dollars and they signed up to it, but then they had it for a longer period of time and it became an exorbitant amount of money.
Oh, so is that five dollars added every single So it's more about taking that five dollars and extrapolating it over the year so as an effective annual interest rate.
So if it is five percent, they would have just said it's five percent because that's a good loan, like a five percent personal loan. You don't get that personal loan start at like fifteen percent. Credit cards go up to twenty four percent here in Australia. So like they're advertising something that feels a lot sexier, feels a lot
more obtainable. It's only five bucks back, it's not five dollars it's not five percent, because if it was five percent, I would be lining up borrowing money for five percent and investing it in the share market, which on average returns nine point two percent each and every single year over the last thirty years and making bank. That is not how that is working, because I'm telling you right now, if that's how it worked, people with wealth and financial
literacy would abuse that system to make themselves even wealthier. Well, but they are not, because that's not how it works. Okay, So that kind of shows Jess that, like you're like, oh, that math isn't mathing. They could have gotten caught up in a bowing system or a scheme that made a lot of sense, and they're like, oh, it's only an annual fee of like three hundred andety five dollars, like that's so fine. I can pay that. Then my daughter is going to get this loan and it will be fine.
But they haven't looked into the terms and conditions and how that actually works. So if you do the maths, sometimes it doesn't work out, and you have to triple check the maths because you're like, that can't be eighty one. It can't be an effective annual interest rate of eight.
It is, yeah, I would say, and maybe it's the skeptic in me, but if you are now effectively responsible for this loan, I'd be asking to look at the documents because it is a little I don't want to be the person that like, it's your dad and I know that you want to trust him and love him. But at the same time, it's a little bit suspicious to me that you're like, Wow, I've saved ten thousand dollars and that is exactly the amount of money that he owes on the interro.
Maybe I'm a no, you might show me. Yeah, I did not even think it. Maybe Jess is the one with a whole brain cell and then you and I either share between.
Us, maybe we are while that's yeah, I just think that and the way that you go about it, I would still very much echo what you say, go about it with kindness, but I think like you are very much well within your rights if you are responsible effectively for this loan. Yeah, to say, hey, like I'd really like to look over the paperwork and understand how it all worked, and like, you know, just you know, find a way. Obviously, don't accuse anybody, but if you.
Could also, like just to add on to that, you could also then call the lending facility and be like, hey, I'm in this bit of a pickle situation. Didn't realize what can we do? And if you actually have the ten thousand dollars, this is like a money hack. I suppose if you owed, like let's say you have a credit card just of fifteen thousand dollars and you had ten grand cash sitting in your bank account, you can call them and be like, hey, I can get rid
of this entire debt today. I've got ten grand for you, but you have to wipe the slate clean get rid
of that. I'm not saying they will every time, but more often than not, a company is willing to take a really big sum of money as a lump sum payment and wipe off a bit of it because the likelihood of them getting the entire amount is very low and they love that so like I have seen lots of people in our community renegotiated and not saying you'll get five grand off, but I've seen people who have said, oh, if I did this ten thousand dollar credit card, if maxed it out, can I pay it all out for
eight grand today anyway, and they've said yes, So maybe even if that is the case, and like, let's pretend that your dad's story is absolutely legitimate and you do have ten grand doing, maybe you could negotiate it down a bit and just see what you can get back. Because if you don't ask, you don't get that's so true. That's a good way to ask your dad so that he doesn't think that you're thinking dodgy.
Up him totally. But yeah, that's kind of my take on it. Should we get into the DM for the week, I'm so ready he is our DM of the week. Heysha's on the money. I need some help because I'm so confused right now. My partner recently moved in with me, and since I own the house, the mortgages, or one hundred percent of my name, I'm trying to figure out what's fair for them to contribute. I want to be fair, but I'm worried about creating a weird landlord tenant vibe
in our relationship. At the same time, I don't want to end up carrying all the costs alone, because anyone figured out a balance that works. How do I navigate this without overthinking or feeling guilty, Please help a girl out. I want to make Jess to it because like that's her plan. Yeah, I think the just one should be a big dog and own her own had. Yeah, twenty five is going to be the everyone twenty twenty arrived baby.
So the way that I would plan on doing it because a similar situation, I would be buying the house one hundred pcent by myself. My partner would be living with me. I would kind of treat it like a rent situation, wherein he would pay market value rent and I would be responsible for the upkeep, so you know,
your rates and things like that. I don't foresee that being an issue because I mean, and it's going to it's so personal to your relationship, right, But he's not in a position to buy a house and I am. And that's kind of the meat in the middle point of making both of us happy. The one thing I would say is if you are looking to split the expenses, which is what our listener wrote in and said she
doesn't want to carry all of those things herself. Be aware and again not to sound like the really skeptical doom and gloom person.
But that's kind of us, Like that's our label. Yeah, we are skeptics at our core totally.
I would say, just be aware that you are then impacting I guess the divisibility of the asset should anything go wrong, God forbid. But I am very much of the opinion and the reason that I personally want to structure you know, when I do buy house. So the reason I want to structure it that way is because the most important thing to me personally is ensuring that my asset that I worked really hard to be able to buy is protected. It's protected and remains my asset.
So once your partner and I'm not a lawyer, let me preface this, aren't you.
Yeah, I would definitely chat for you.
Sure not. The last time I checked on your resume.
May have fluffed that one a little bit.
So you know, maybe talk to someone about what the options.
Are finding financial agreement.
Correct, Like, once you start co contributing to things, should anything go wrong down the line, there is grounds for an argument that they contributed and maybe entitled to a portion of the probaby. So it's just something to keep in mind. I know obviously, like we all love our partners and we don't ever think that anything's going to
go wrong. And you know, maybe if you share all of your finances, this may be a less relevant conversation to you, but it's something that I want you to consider because you know, knowing that you've worked so hard and bought your house all by yourself, it's true proud of you, and it's just something I want you to
keep in mind. Yeah, the way I would structure it would be kind of to be tenant landlord, not officially obviously, Beau, I don't want to be paying that money on tax, but you know, I think that it shouldn't have to impact your relationship.
And the way that I.
Would keep it from doing so would be kind of just going okay, like you pay market value, look at houses that are around you. Like if we were to render house somewhere else, what would your half of that rent be. That's what you're contributing to pay it off. And I would hope that you guys, if you're in a long term relationship and you're living together, can have a good conversation about that, and if someone is feeling a bit weird about something, you can chat it through
and come to a resolution. Like two full grown adults in an ideal world, we all ride right, perfect.
Twelve, you know, but you're not wrong, Jess. And to be like again a little bit of a skeptic. Fifty of marriages and in divorce in Australia, that does scary just the other in death. So I'm not sure questions. I know right up with that, I feel like no one gets married or like into a long term relationship being like, do you know what, let's set ourselves up financially so that if you leave me or if I leave you, we're financially screwed. Does that sound good? Let's
do that? Like no one does that, but I feel like, yeah, it's very personal. That is good advice, Jess Beck. What would you do if you were moving in with your Jess?
Yeah, I mean well, I when I lived with my best friend, she was like not really working much, she had an injury, and I was working. So we did like an equity thing where it's like she I think I paid like two thirds and she paid one third, and that did that felt right? So I feel like I would just carry those exact same things into that dynamic if I lived in with Jess, or I moved in with a future partner or whoever, like it would
be very much. The same would be like if we're making drastically different amounts, we would kind of like calculate that. But I think when it comes to like, and this is what I was going to ask you, Jess, like furniture and food and utilities, if all that is split down the middle, you're saying that they could.
Talking about so like if they're paying rates.
Yeah, so when you own a house, there's a number of other feat So you have your annual rates that you pay.
Okay, that's kind of utilities. No, No, so rates are like council rates, land tax. You have to pay that you've never had to pay back because as a renter you don't even see that because legally, your landlord just pays his like my assume it's a mail because live love laugh. They pay that and legally they have to,
they can't pass that on to you. So these are things that if you were like trying to get your partner to split, they'd be like, well, I've been paying for the maintenance and upkeep of this property, not just for rent.
Oh if your air conditioner broke, for example, yeah, and you split that, you would go, well, they've contributed to the up whereas furniture, someone can take take that rosary bills and stuff that's totally sick and make.
Them by the really big I think even without that knowledge, it would just be like for me, I would automatically be paying for anything that a landlord would pay for, like yeah, you know your maintenance, Yeah, yes, yes, yes, So that's like almost like a default for me. But when it comes like rent and contributing to the inside of the house, that would all be split down the middle. But then the rent would probably be like, yeah, an equity kind of situation.
Is that my using with them? Yeah, that's that's good. I feel like if I were to do it, I would actually take my partner completely out of the situation and pretend he didn't exist for a hot second to live my best single life. No, I would I would sit down and go, Okay, cool, so I've bought a house. This is my house. I'm going to pretend that there's a spare their dream I'm renting out. What would I do in that situation and go down your route Jess and be like, well, what would fair market rent be
for a beddreom in my house? Okay, maybe it's like three hundred dollars. Okay, no way's it's three hundred dollars a week. If I got a housemate to live in my house, how would I do bills?
Oh?
Well, because we you know, maybe leave in a body corporate. I have to pay all the water, but like they can split the rest of it. Or okay, well, I'd never pass on rates because my housemate would never have to pay rates. I would probably just go what's the housemate rule? If that makes sense, even if you are sharing it, and then all of the fluff can happen
on top of that. I Am going to take it one step further though, and like maybe have a little rental agreement with my partner, even if it's one that I've just emailed to them and been like, hey, here's the rental agreement. This is how much you have to
pay me per month. This is how much should be direct debited into my account, just to get everything sorted and make it really easy and clean, and just in that email, like it's not an official rental agreement, but maybe you could do that if you're crazy like me.
Does that then have tax implications if you're officially.
I mean technically, if you are receiving rent. You should be paying rental income full stop. End of story. That is all I will comment on that. But if it was me, I would want to pay portrayal. I'm not submitting this to the government. I'm not sharing it with the tax man. I am putting it into our inboxes so that if ever one day we split up, I can be like, oh, actually, Jess, here's our rental agreement.
You don't own half my house. To remember when it literally said, because I own the whole house, and we'll continue to own the whole house. Like that stuff, even though it's not super official, will stick and carry weight because you emailed it, it was timestamped, it's official. Does that make sense? Will tax come after you? And be like, okay, well now that I mean, yes, I'm probably not. Like I feel like if your partner was going for half your house, you'd be very happy to pay tax on
the rent come you received. So that's the route I'd be going down and just documenting everything like oh, we'll split all utilities and we'll split groceries. But like, that's also just a good idea in general to have this finance conversation when you're moving in here to someone like understand if I'm moving in, we do you bet? Like what's the expectations? Like olive oil eggy exorbitant right now? Like are we splitting that? Do you use olive oil?
Like are you going to use mine? Like, let's have the conversation so nothing awkward happens, because Jess, I remember you talking about your old housemate to just used all your condiments.
Yeah, yeah, all my laundry powder.
Yeah yeah, And I know that because it's so emotional she just told me before. But like, we'll have these conversations before we move in, So that's what I would be doing. And yeah, the community had a lot to say they did. So we asked the community, obviously, we want to know your two cents. We said, how would you work out costs in this situation? Twenty four percent said fifty percent.
Of the mortgage They pay fifty percent of them, Yeah, which I feel like that makes sense if you are fully combining finances. I would, just, like I said before, be aware that in that case, the house is not solely your asset any longer.
But people don't often know that, right, Like they go, oh, well, it costs me one thousand dollars a week to live here, so it has to cost you five hundred Like, yeah, that sure might not be market rates for what that room's going for, so you need to be careful. Forty two percent said market value rent, and then thirty four percent of you said, I would actually base it on.
Income, lovely, a little bit of everything in that.
Little bit of everything. Then we said what about costs like repairs and maintenance, So twenty four percent of you said, the owner is going to pay for everything, thirty one percent of you said, split everything evenly, and then forty five percent of you said, owner pays for repairs, and then you share upkeep, which I think is fair.
Yes, yes, yes, up keep, up keep, upkeep.
I see. So yeah, Like if there's gardening costs, I understand you would pay that as a renter, so yes, that's you could do gardening yourself.
Yeah.
Anyway, we then said to the community, all right, we want to know your two cents and you gave us your peace of mind. So first person said, instead of sharing the mortgage, the partner could pay for all the groceries and the utilities.
Another great option.
Yep.
I feel like that's good because then you don't have that conversation about that income sitch. Someone else said, a binding financial agreement to protect yourself from him making a claim on your asset. Yes, someone else said exactly. I mean I would never suggest a binding financial agreement someone else. It would be b FA across my forehead. Someone else said, unless he has an equity share, maintenance and repairs have
to sit with the owner. Another person said, be careful on ownership of de facto, though I'd make it clear in writing before moving in. And that's where I really like the idea of an email. Maybe this is just me being a business owner and having dealt with lawyers previously.
Lawyers love an email because it is time stamped. You can't fake an email, like to be able to go into someone's account and be like, oh well, actually, on the twenty first of November, I sent you XYZ and you replied this, And that's a clear example of you understanding the situation and agreeing to it. Like, I'm not saying that that will forever be legal, but like it's a really good starting point and it doesn't cost you
anything to send an email. Someone else said, register them as a tenant in case you break.
Up, fairy.
Another person said, I charged my partner enough to cover bills, which was one hundred dollars a week, and then we got a section twenty one prenup. Oh yeah, yeah, yeah, so this person must be from America. Someone else said, if you enter in this is a two partera. Someone said, too harder. So if you enter into a mortgage by yourself, surely you were prepared to pay for it all yourself. I'd feel weird if my partner expected me to pay to repair their house that they picked out without me
and will sell and profit on without me. I actually I thought I didn't think of yeah, but you're gonna sell the air conditioner, bro, and I'm not going to see a dollar from that air conditioner.
It really comes back to like your view on finances, because there's some people who are like, very what's mine is yours? Like, if you're in there all in half half, that wouldn't be.
It means, if you're buying two bedroom because you have another person that you assume you're gonna live with forever, then.
That's different kids or something like that.
Yeah, But if you get.
Yourself a one bedroom that you've chosen for yourself, then maybe that's different.
Actually I didn't think about that.
I don't know.
I don't know. I'm obviously in a different situation. I'm married, I have a kid, Like, my circumstances are different. But like I can I pretend to be Jess for a hot second, please look at me. I'm still pretty. But if I'm pretending to be Jess hypothetically, like, you have a good income, you can pay a mortgage. But it, like I would say, it's a stretch. You've got your partner living with you, so that's going to take some pressure off because they're contributing financially. But if you broke up.
In my head when I was purchasing that property, I'd probably be thinking, okay, cool, Like I'm purchasing it, my partner's going to move in, leave love love, like we're going I live happily forever. But I'd low key want to have a separate bedroom in that house. So if my partner ever moved out, I could rent it out and I could have a little bit more financial freedom, because I like, I'm assuming that the entire mortgage on
its own would be financially restrictive. Can you afford it? Yes, I know you can afford it, but affording it and affording your life style of different things. So often when I talk to and you guys know, I own a mortgage broken company. I literally have these conversations all the time. Often if I'm talking to especially women, because obviously I'm passionate about this, about purchasing their first home, and they're like, oh, it's a one bedroom, my partner's moving in with me.
I do ask, would that if they moved out financially restrict you, Like, what would that look like? And sometimes they say, oh, I hadn't thought about that. I would have to move out and rent it out. And like maybe they're happy with that solution, but if you're not happy with that solution, sometimes you do have to think about Okay, cool, Like I'm buying a three bedroom house because I don't want housemates, but like, if something happens,
I could get some housemates and financially I wouldn't be crippled. Yeah, Like, I'm not saying that's your ideal outcome, Jess, but like having it in the back of your head that you could create a level of financial security to me is important.
Hope for the best, but prepare for the worst absolutely fantastic sentiment.
And then I have a last one. You guys are going to be very surprised by this person said, get a BFA in place. So yeah, anyway, I don't have any thoughts or feelings. I believe so face it has been really good. I loved this episode. Do you know what I love though? The fact that we are at the Australian Open today.
Hi, if you're here, plea, please please please.
I don't want to see any of those messages that we sometimes get after events where you're like, oh my gosh, I saw you, but I was too scared to come up, Like no, we're more scared of you than you are of us. Please come say hi, y, please come and say hello. We are going to have the best day anyway. That is it from us. Have a good weekend. We will see you brighton early on Monday. For a money diaryes by Guys by the advice 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 or 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. Sirper Pty Ltd ABN three two one is six four nine two seven seven zero eight a f s L four five one two eight nine