On radio.
She's on The Money Radio Show.
With Victoria Divine.
Starts now, Hello and welcome to that.
She's on the Money Radio Show podcast, the radio show podcast for millennials.
Who want financial freedom.
I was gonna say, I absolutely now that, because I know that this whole thing is going to be about you, Victoria Divine, So I wanted to get my little moment in the sun before we talk about your wedding.
Is now when I tell you that I'm the she and she's on the money.
Oh sorry, I'm actually the he. So the S actually just stands for sex, and then that that he is actually me.
Oh that's fantastic. The other day, came into the studio and Travid put a sign over the S, so it just said he's on the money. I was like, you know what, I'll just see myself out. Thanks for having me. Nice day, enjoy your day.
Could you imagine a financial show with just me and Mitch?
To be honest, it would be quite good. Elite people would be so engaged. I mean, they're probably screwed for a diamond, but that's okay because they had a good time.
Right, that's a right.
We just sponsored have to be hungry jacks because all the tips would just be drive through hacks.
Me and my mac is at I'd be one with the listener.
Questions, what's the thing in your wedding where you were like, oh my god, I have to have that and it doesn't matter how much it costs.
What was that one thing that you got?
Oh, that's a good question. I think, you know what. I think there's two things. One, there was a non negotiable that whatever wedding venue we had, my dog had to come because I needed her there. I thought that that was you know, obviously everything I do is with the dog. She's a flower dog, right, Yeah, she's a flower dog. She's also now the ring bearer. She's got a little collar with a clip on ring bearer holder thing, so she's.
Oh no, what if she eats and then you're gonna have to see it through the pool the next morning.
Yeah, look that. Thankfully I've got a wedding planner that can be her problem.
True.
Sorry, sorry, or Gabby who's sitting in the studio here, you're ea, so it's your job?
Was shoes? I really like I've got a thing for shoes. I've talked about it on my podcast a million times before. I really wanted a beautiful pair of shoes, and so we kind of just didn't think about the budget on that one, and thankfully they ended up being far more reasonable than I thought they might end up being. But that was where I was like, no expenses the other thing? Am I lab more than one thing? I feel like this makes my wedding.
We've already had mates, so keep going.
Sorry, I really wanted live music. I didn't realize how like how much things would add up over time, but I really wanted live music. So we've gone.
So who did you get?
We went with three different people. I really wish she didn't ask me that because that makes it sound terrible. But the wedding goes for a really long time, so we've broken it up. Instead of paying someone for like the entire period of time.
It actually doesn't until Friday next Friday.
Yeah, it goes for an entire Week'll strap yourselves in. No, no, no, we're born for three different people over that period of time. Like they're not overlapping or anything. And to be honest, it ended up being about the same price as it was going to to have someone for that entire period because you just pay like their hourly fees and stuff.
So the funny thing is, Mitch, I was at a wedding last week and I know that you you know, the term DJ is very thrown around quite lightly these days, but yeah, it's pretty easy just to hit play on something. These guys literally did nothing and they charged like two and a half grand?
Are you serious? That's just so salty because I can do that with the Spotify playlist.
That is essentially what they're doing. That is munny win for us. Wedding DJ robberies.
Can we can we do a little tag team and get your mine out of the gun? Mate, I'm talking about being DJs mate.
Well travel Mitch, sick wedding DJ, would you turn out to someone's wedding for two and a half grand?
Absolutely for nothing?
Exactly?
Trav you DJ, Y, I'll MC the wedding. Y split the money. It's perfect.
You know what, that's a dream team. One of the hardest things when working out what the wedding was going to look like, and you know whose job was what was actually an MC because we actually have hired our celebrate Megan to come and MC the rest of the wedding. Because I just felt like We've been to so many weddings and I feel like every time it's like the best man or a friend and they all have to stay really sober and remember what to do and keep
people on track. And having a job at our wedding is not something I want a close friend to have. Just like that does not feel fair for you to come and have to essentially work, because you know, you guys probably understand this a bit more than the average bear,
Like MCing is actually full work. Like it's not like, oh, just can you just tell them to go inside now, No, there's like a run sheet and timing and everyone trying to be funny at the same time as being emotional and getting the point across.
I mean that's really hard for but easy for me.
No. I experienced that on the weekend. Didn't have a beer until ten o'clock because it was hectic. And it's the balance though of going, Okay, I see the bride and groom am mingling, but.
We really need to get this show on the road.
Yeah, exactly, Like it's your job to pull things together, and I think that people really underestimate that role and just go like get their mate to do it or their cousin and unless they've got experience, it just makes me a be anxious because I've seen it go south before. And so yeah, we ended up having someone come in and do that, and I feel like it obviously hasn't happened yet, but I think that's going to become one of the best decisions we made because it's also just
a little bit nice. We've got a professional doing it and everyone's going to be able to have a chill evening.
You know.
Well we chat about that and more right, all the other stuff that goes into funding and costing and throwing a wedding.
I was about to say, yeah, we've actually spoken about spending a heap of money in this podcast here, So let's get into the show right now where we can save you some money.
Have a great wedding. Victoria Devine, I love you.
We two and that she's on The Money Radio show starts right now. Yeah, for your Saturday morning it is. She's on the Money radio show right across the country with Australia's number one finance podcast of Victoria Devine.
We've got mixtury in here as well.
Hello, I'll tell you what I don't know, what's going on in the news. But every time I try to watch the block, I get a breaking news update that says interest rates or the big banks are about to decide and about to release their statement. Interest rates have risen highest inflation in forty years. I guess v you'd be the one to ask, can you explain why this is happening? And maybe even in layman's terms, like how does interest rates affect us? Because it can be boring and dry.
Yeah, so it actually happened to spite you, Midge, so that it's even more unaffordable for a person's a millennial or agen x or whatever the hell you are these days to get Propertiesnial. Do you feel spited? Is that one? Now?
You know?
I walked past CommBank the other day and the attendant at the teller looked at me and gave me stank kind I thought the interest rates were about to rise. I just had a feeling. I know, I knew it was because of me.
Honestly, that's exactly how it works. But you are right. It is the seventh consecutive month that we have had an interest rate rise here in Australia, and I'm not gonna lie. I kind of felt like this one was coming. Having spoken to our brokers in the business. They were like, Yeah, it's just gonna happen, like everyone's talking about it. And I was like, surely we're not going to tip into
the seventh month. But we have. On the first of November, they announced that they were lifting the cash rate again by twenty five points, so that meant it went up by point two five percent, So it's now at two point eight five percent. But basically it means that the back to back rate hikes that have happened over the last seven months have added eight hundred and fifteen dollars per month to a five hundred thousand dollars mortgage.
Oh my god, So when's it going to stop? Like do you think we've reached critical mass? Like is this the CAP or the RBA just going to keep on hiking it up? And they can't just keep doing it now.
They can though, so they come because we currently are in a circumstance where our inflation is so high, so pushing mortgages off the table. We are actually talking about everything being more expensive. I'm pretty sure macers, chippies were more expensive the other day, Mitch, So.
Wait, wait, wait, so the cash rate can influence everything, even my steam macus cheeseburger with an extra slice of bacon.
So the cash rate is usually increased, which is happening right now, to try and mitigate what's happening with the inflation and with this rising CPI. So what is happening is CPI, and inflation is basically the increasing costs of goods and services. So CPI is the consumer price index.
And that's basically if you've got a basket of groceries, and I said Mitch, ten years ago, go to Woolies, buy groceries up to the value of thirty dollars, you'd be able to put way more groceries in that basket ten years ago than you would today because everything is
just so much more expensive. So in order to try and balance that out and make sure that inflation doesn't keep going through the roof, what our government does is increase our cash rate because they want things to be a little bit more expensive at top dog level, so that the bottom dog level, i e. Us buying steam buns at macs, everything isn't going to be feeling as impactful.
So it's in important obviously I said before, it's adding an extra eight hundred and fifteen dollars per month to the average five hundred thousand dollar mortgage, which to me is insane. Like imagine being told one month, by the way, you have to find this much more to cough up, which is insane. I think the misconception here is that this only impacts people with mortgages, but it doesn't. It impacts absolutely everybody in our economy at this point in time.
God, So what you're saying, V, is someone I don't know, for example, would be crazy to have a wedding in the middle of an economy like this. It'd be just so stupid, it.
Would be so dumb. Honestly, I don't even know who gets married these days. On a day like the Saturday, the fifth of like on, do you know who who's committed to their job?
Mitch me speaking of budgets, V. You wouldn't have had one for your wedding, would you.
Oh?
Well, I probably should have thought about this before today.
It's literally hours away you're getting married. We have a live stream of the church. Now, let's just have to connect that through to the to the Oh they're getting ready for Victoria the belt.
You're going to be as disappoint owned as some family members. I'm not getting married in the church. Oh no, yeah, I was going to just slid up in flames. So I decided that would probably ruin my wedding.
Oh my god, I can imagine. Well hold on, well, we just spoke about the cash raid inflation rates. It's at all time high. What actually goes into getting married? Because I know it sounds done, but I think, like, all right, you get the dress that's like one thousand, I don't know, you get like a nice cake, Sure, get like some flowers at some tables in the higher revenue like ten grand max. Like that's where my brain goes, Am I wrong?
Look, no, it's a lot more than that. In fact, before this episode, I was like, do you know what, I'll brush up on the averages and it's made me feel a little bit sick because I think what I'm going to be over the average. So moneysmart dot gov dot AU says that the average Australian wedding costs thirty six thousand dollars and that eighty two percent of couples
dip into their savings to pay for their wedding. Another sixty percent of couples get a loan for their wedding, and eighteen percent of couples are putting everything on their credit card.
Oh no, is that bad or is that good?
I don't think you should be starting a marriage with debt, especially to have a one day party. Please don't get me wrong. I'm so excited for my wedding, But one thing that my partner and I were on the same page about is making sure that everything that we are
doing is being paid for in cash. And to be honest, it's why we're getting married so late in our relationship in a way, like we've been together like what nearly eight years or so, so okay, but we've had these open, honest conversations where we were like, you know what, we don't want to get married until we've bought a house, Like to us, that was the priority, and getting on the property ladder with something that we really wanted to
do before we got married. But each to their own, like, I'm not going to judge your values as long as you don't judge mine. But to contrast that, I saw another's stat somewhere. The average Australian wedding has been increasing post COVID and the new average is looking closer to fifty four thousand dollars, So that's thirty six. Like that is just so much money, Like that's more than a family minivan.
Guys, okay, that's two Toiragos. Give me some cost saving tips. Because I don't know if you've announced this, and I don't know if we're allowed to talk about it, but travs she might yell at us because she told us this in the break but me, and if you're a guest going to Victoria's wedding getting ready listening to us, you ain't getting a cake at this wedding. She's skimmed.
No, skimped cake is trash. We're not having a wedding cake. Wow. Look I grew up doing weddings as a waitress. But every single wedding, after all the guests had gone and we're clearing the reception tables, they'd just be plate of cake with a little bit of berry coolie and like a scoop of the whipped cree and a lot of fond it and nobody was eating it. So when it came to our wedding, I was like, Steven, we are not having a cake. Let's just do something that's more
aligned to us. So instead of having a fancy cake, we just picked our favorite dessert, which is obviously upple crumble, and we're having that at our wedding. And I kind don't mind what people think, because this day isn't about them, is it.
If you're going to the wedding, maybe stop by seven, I'll having get some Crispy cremes because you're them by oka.
From a cake dilemma to money dilemmas. If you're struggling with your cash flow, you got yourself in a little bit of a situation. You can hit us up anytime on She's on the Money on Socials.
This is She's on the Money radio show.
Guys, it is time to do this.
You know. This segment every week reminds me that Victoria, you really are a wealth of knowledge, a source for all of us to dip into when we are at our darkest times. I can send these to your future husband. He can add them to the vows, because.
Actually that would be really good. Yeah, I don't know how he's going with ours. If we're honest, is that something you should think about just in the moment, like from the heart, She'll be.
Right from the heart. Well, this is definitely from the heart. Every week we do a money dilemma and we get someone's financial story on the air. To get Victoria's advice, Luise send us a DM about her mum's superannuation. She says, Hello, the me. Mom is in her early sixties, she's just retired from work, and she doesn't have any savings. She's going to be relying on her SUPER payout until she gets her pension age. She does doesn't have a lot of super due to age. Of course, I would really
like to be able to support her. How can I best do this? And what advice would you give me?
Mom? This is a good question because all of us think and Mitch, you and I are probably in the same boat, not as trap because tribes are like basically old already, So like, yeah, he's probably like all over the super thing. Actually, yeah, exactly what the canes for. But when we talk about supernuation, it feels so far away that it doesn't seem like a priority in the moment, but it really is, because these are the circumstances that a lot of people in their sixties are now stepping into.
So caring about super is really important because it's going to put future you in a good financial position. In saying that, a lot of people in their sixties right now didn't have compulsory SUPER because that was brought in in nineteen ninety two. So everybody in this circumstance might have grown up in a time where contributing to SUPER didn't happen until they were in their forties or something like that, because it just wasn't something that's been around forever.
So it's important to care about it. But the best way you can actually support your mum during this time is to sit down and do some budgeting and some cash flow. It's not about just throwing money that way.
It's about actually fully comprehending and understanding your circumstances. So when we're talking about SUPER, yeah, it's great, it's a tool that you can use, but I would actually be reaching out to either a financial advisor or a financial counselor or someone that can help you understand how to best marry superinuation with that potential pension so you make the most of both circumstances, and also to review where your mum is at today, because there's a rule called deeming,
and I mean I'm not an accountant, so don't quote me on this. You will need to talk to one, but your financial life will be audited and they will look at the assets you have, and based on the assets you have and how much money you have in super is going to tell the government how much to
pay you in a pension. So it's worth thinking about now so that you can best prepare yourself for the future, because a lot of people think, oh my gosh, I'm going to have to sell my family home to get the pension, But your family home isn't included in this deeming. It's actually excluded. So being on the right page, getting the right advice is going to put you in the best possible circumstance. So the advice that I would give to your mum is just be educated on this space.
Don't bury your head in the sound because it doesn't feel like the place you want to be right now. I totally get that. But what you can do is be really empowered by that circumstance and go all right, well, this is what we're working with. How do we make the most of it?
And also, Luise, don't forget I mean, I'm not the financial advisor here, but.
I'm not either anymore, Michie I retired.
Neither of us are financial advisors here. However, you've got the negotiating power. You say, Mum, you put me in the wheel and I'll give you a bit of pocket money. Okay, you know, I'll just say it sounds good.
If you don't put me in the will, I'm gonna put you in the home.
It's good.
If you've got a question for us, to hit us up search. Sheees on the money anywhere on socials. Let's save some people some money.
With this sper save a Saturday.
Yes, every single Saturday morning. Victoria gives us some sneaky tips on how to keep more bucks in her bank account in your bank accoun actually and hers because she uses them too. Oh my, you got a coffee shop with Victoria? She gets a note tap at she goes, what hack do I have for a ham? And Cha's croissant? She got a hack for everything? Victoria, So what do I have?
Frut?
You know what my hack there is? And it worked. Last time we were at the cafe. I was like, oh, Mitch, I forgot my wallet and then you paid because I was turned out. But if you did not think that I was going to make these hacks all about me and the fact that I'm getting married today. You were sorely wrong because the first tip I've got after going through everything, and while I don't regret how much we are about to spend on florals for this wedding, I
do realize that they're really, really expensive. And if you're not having a massive wedding and you do have the time, why not think about doing like a non bridal bouquet. Because inflation is crazy. Things are definitely like, Please don't get me wrong, I see so much value in the vendors that we have, but oh my gosh, the wedding tax is absolutely true. I feel like the second you inquire somewhere, they're like, yeah, here's our packages. Oh it's
a wedding. Oh double totally okay, I totally get it. Maybe I should have been smarter when inquiring on places like, oh, I'm just having a celebration.
Yeah we're having a branch having a brunch. We're all wearing why.
There'll be one hundred and fifty people there, but it will be brunch.
Yeah, we have dermatitis, will all be in veils.
But it's the sun it's a conference.
It's a conference. Everyone's going to dress up and it's going to be really fun. The next tip is instead of invitations, because wedding stationary can be so expensive. And it's not just the design because obviously, if you're getting a graphic designer to do the work, YEP, pay them for their time, but the paper that it's printed on is really expensive, then you're probably gonna want the matching envelope.
What you're not forgetting is that if you're anything like me, then you also want the little stamp on the back, like the little wax seal and stuff, because I'm f But then on top of that, a dollar ten to send one invitation out and then you know what has to happen. Your guests have to send back your RSVP, so that then costs them a dollar ten, and a dollar ten doesn't sound expensive until it all starts adding up.
Crue that send them a text for God's sake.
World, I'll go you one better do an email or there are so many websites. It sounds really complicated, and that's why I didn't do enough research into it until post actually sending out the invites and they're all actually done for you, and they are made for people like me who have never done a website before. It's a bloody money win from my perspective.
All right, last one, but you got to get to the wedding. V. I've just got a text from the priest. He said, where is V.
There's no priest at my wedding, so you're just making absolute chua to dat.
Sorry.
My tip number three is photography and videography can get really expensive when it comes to weddings. Have a look for someone up and coming who maybe isn't charging as much at this point in their career. I'm sure that they are going to put in just as much love.
All right, you've got to get out of here.
Got to get married.
Oh I got trapped. That's the live feed from the wedding.
Poor STEVEO has been standing there since eight o'clock this morning. Hey, if you've got a tip, you can hit us up on socials anytime. But we're going to catch you next week. Make sure you stick around, Mitch Cherry, You're going to do the Life Uncut radio show.
Next I am out of here. Happy wedding, Victoria.
We love you. Have the bedtime and listen. Get that garter down and have some.
Also be no wedding garden, no cake, no garden. There's a lot of nose at my wedding, So we'll.
See you when you're a married woman.
Wake v