Hello, my name's Santasha Nabananga Bamblet. I'm a proud Order
Order Kerni Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
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She's on the Money. She's on the Money.
Hello and welcome to She's on the Money podcast and millennials who want financial freedom. Today, my friends, it is Friday, which means it is time to get my little team. It's actually just Jessica together to celebrate you, guys, my incredible She's on the Money community today, misterss Gricci. She's got a heap of money wins that we are going to be sharing from our community. I get to share
Bex Broke tips, which I'm very excited about. We're going to be helping to answer a very juicy money question, which this week is all about X repayments. I promise it's more exciting than just EX repayments. And we're going to be unpacking something that you slid into our DMS about which this week we are talking about sharing the cost of visiting home when you're living overseas with a partner that you moved away for. I feel like that'll
be really good. But before we get there, Jess, where's Beck?
She's enjoying sunny Queensland?
She got a girlfriend and bushed us. Oh my god, one out of ten cannot recommend.
But the picks are real cue, so we can't be too.
She looks really cute. I mean, I recommend that everybody goes on holidays, but like, does she have to leave last? We miss you? Yeah, but how's your week being Jess? You didn't come on holidays?
Sadly no, But there's been lots going on this week. She's in the money HQ where shooting lots of content for something very exciting, which she's coming out soon.
What have I been trying to kill me? Because I keep trying to share it online? And she's like, stop telling people what we're working on? Is she in this room?
No, she's not.
It's the investing course.
So that's been really fun. Apart from that, just working our lives away. Nothing exciting to report in my world. How do the things have been in your world?
As shit show? So last weekend my husband was playing soccer and got in a little bit of a bingal. He jumped ahead the ball, which sounds real fancy. I'm like, oh yeah, my husband heard of the ball. Well he didn't, well did he? Because he got knocked, fell down, got taken to the hospital and we thought, okay, cool, Like he's got a concussion. That's a pretty standard I would say injury for playing soccer. I didn't think it was that much of a contact sport. Turns out it is.
Because the man has two broken ribs, a punctured lung, a ac separation in his shoulder, a fractured scapular, and is recovering from a concussion. He did a really good job go hard or go home, and somehow, in addition to all of that, he managed to dislocate his sternam as well.
Just to cheirund top, just go hard or.
Go home, sir. So we went from our local hospital, we went to Cabrini and they said this is a bit too serious. So we spent a few days in the Alfred where everyone was so nice. I actually met a few nurses who were like, yep, so Steve, you've got your medication. Yep. Also, we love your podcast.
I was like, oh, thank you.
It was a lot. But we are now at home, thank god. I'm working out what next steps are. Oh, so that has taken up. I would say most of the week we have been doing content, but we also recorded a business Bible episode before and I was alluding to how the business doesn't stop with you're the owner, and I feel like this is the perfect example. I'm like, I have so much going on in my personal life, but like work just has to get done, doesn't it. Jess,
It's crazy she could call in six. Sometimes we're all.
Sending all of our love to poor Steve. O you. He now has to do double the way he.
Is lapping it up. And I laughed before because I'm barthing my baby and my husband now.
Pulling double duty.
I love it. All. Right, let's get into the episode, Jess. I want to know what community money wins have you brought to the table this week?
Alrighty, first thing, this week. I've got a money in from Chelsea who said money win. My daughter paid for her coffee and my coffee using her own money for her money box, which is so cute, really wholesome, teaching good habits. Next, I've got a money win from Robin who said it was her birthday last week. Have you had a birthday? Took full advantage all of the freebies she got them from Sophora, from Mecca, Crispy Kream and Boost Juice as.
Wow, okay, genius. I always say I'm going to do that and then always forget.
Yeah, the one I will always remember is Mecca. But like there's so many out.
There because Mecca are really good at it.
You can collect it for a while.
Yeah. Like they also send me an email reminder and say your little birthday gift is here. And I got mine in June and it was like full like a skin care range be.
For real amazing. Ye. Next, I've got a money you win from Alana, who said money win. I was able to put one and twelve dollars towards the little actionable steps to moving my family over to Australia. She said. This is the first month she started planning to help them make this move and she feels like she's making really great progress. Oh, I love this, absolutely incredible. Then I've got a money you win from Caitlin, a bit
of a theme this week. She said, money win. I went to collect my very humble Level one Mecca Beauty Loop box, but they were out of level one boxes and they were out of level two boxes, so she got a level three box.
Oh my gosh, money win. I feel like Mecca are going have to start paying us.
Joel.
If you're loosening, you just call me up, because not only have we spoken about you on the last two episodes, I did a money diary yesterday Jess with a girl who works at Mecca, and all she did was like rave about how I've been there for five years. It's the best job I've ever had, Like it's incredible, and I'm just like.
What are we Like the staff discount is schmick too.
Yeah, you used to work at Mecca.
I miss that. Like I said, have to hit her money to her stuff. Anyone's to share their meke a discount with us, We'll make your budget for you. Lastly, this week, I've got a money win from Kim, who said she has set up an auto investment every four night so that the money is going to auto debit into her micro investing account. Oh, I love this, and
I just think that that's such a good habit. If you're someone who forgets turn on the auto debit, let it just tick away and then you're investing without even having to think about it.
I feel like that's genius. Jess, like, as always, I'm going to definitely advocate for everybody investing because like, you can literally invest with one cent nowadays, Like, where's your excuse? Yeah, be for real, Well that's not even an ad I'm like, just go invest. I don't even care what platform you use. Just put your money where it needs to go to put you in the best possible position when you're getting older.
Yeah, and even just the little bits. I know, cost of living is really hard right now, but a lot of platforms, I know shares Us does it, I know quite a few others do it. You can round up your purchases so if you spend a dollar, ninety five five cents goes into your account and you can choose to invest it. And I think I know that it's really hard because it seems like we all are so
skint right now we are. It's really really tough to prioritize things like that, but those little features that can get you started, even if you feel like it's small, it adds up. Just like some of our our listeners were saying, all.
Right, Jess, I have the broke tips. They have actually come from Beck. Beck has given me two community ones, and then I'm going to have to come up with my own. She didn't help me with that, which I feel like is quite rude. So my first broke tip to share with you guys is from Jess. Jess sent Beck a lovely message. It says, hey, Beck, I love your work. I have a broke tip for you. I understand it doesn't apply to everybody, but potentially get a
job that provides accommodation. I have been doing this for four years and it has allowed me to save so much money which I'm now able to use to pursue so many of my goals and save lots along the way. Jobs in agriculture, healthcare and mining, in home care so like elderly or childcare or becoming an no pair are the main industries I know of that do this, but I'm sure there are so many others. I hope this helps.
That is actually such a good tip. I know that if you do snow season a lot of the time, if you work at the resource, you can stay out there for free. A lot of your meals and stuff are covered too.
Like turbo charges your savings because you'll have way less bills and you won't have to pay rent.
Yeah, which is the biggest expense arguably for me.
That's a good one, So thanks Jess. Also, great name. All right, The next broke tip jests comes from Gladys. And I say Gladys because this broke tip has come from someone who said, can you please make up a name for me instead of my actual name when you read it out, so it goes, Hey, guys, I have a broke tip. Because you were discussing cleaning products the other day. Everyone forgets we do though. I have a whole highlight section on my Instagram for me cleaning things
if anyone's interested. So, dishwashing powder is so good and so cheap. Don't waste your money on pods. It's four dollars and lasts for ages. You can also sprinkle a little bit into the dishwasher directly, as well as in the tablet holder, so it uses the detergent in the pre wash and saves water as you don't need to rinse before it goes in. I feel like that's so smart. I haven't thought about dish washing powder in a really long time.
No or where to put it either. To be honest, I never would have even thought twice about that. Very smart.
So smart do you use rinse? Aid?
Is that the thing that you eat the liquid?
Yeah, it's like the liquid. It's often blue, and it goes in your dishwasher where the little flashy light will be. I feel like we used to.
I think that's something that like cozy living life like, haven't thought about that in a long time.
Oh okay, so I've always thought about that because like rinse, that sounds like a scam to me. It reads scam. I'm sorry, morning fresh, like be for real. I just fill it up with vinegar.
There you go, and it works like the really well the Alan Key of the cleaning world. She does it.
All all right, Jess. I have a broke tip and it involves washing washing machines, not dish washes. So we're on theme for today, and it involves making sure that you are washing all of your clothes in cold water instead of warm water. Okay, so quick back of the envelope calculations over the period of an entire year, assuming that you are doing one load every single day of the year, like a lot of laundry. I'm sorry, I've
got a baby art fair, so this makes sense. But you're running with a kilowatt average ofero point three four, So thirty four cents per load of power is used. Quick back of the envelope calculation means that it will cost you eleven dollars for a year of cold washes versus ninety nine dollars for a year of warm washes.
There you go. You're welcome.
Also, if you're using hot, it would be more, but I didn't work that out.
You're using hot, you might shrink You're really nice, yellow jumper, and then you'll be sad.
Washes.
Do you actually use your washing machine on hot Jessica?
Yeah, well not anymore. I think, wow to me in my brain, it makes it cleaner, don't don't. It's like when I wash the dishes, I will burn my hands skelting hot because I'm like, it's cleaner than if I washed it in like kind of warm water.
I mean, boiling water is definitely like sanitized. Yeah, but like is warm water cleaner than cold water?
Probably not.
I get where the logic is kind of kind I.
Didn't say I was an expert. I just said I thought what I thought.
But I've always done things on cold because I'm always so anxious of ruining stuff. And the other day I ruined a whole load of washing by putting Harvey's baby stuff all together. And now his white baby cloths are blue because I put a new pair of like those dungarees in the wash that were navy blue, and so now everything's blue. But lucky, here's a boy, and that all makes sense.
Perfect. It's just new clothes.
It's like having a whole new wandering exactly. So don't do what I do, because that's not a broke tip. But cold washing machine cycles, it's not going to be cleaner if it's hotter.
It's a game changer, exactly.
You're going to save money, and we love this for us also, Jess, it's better for the environment.
Okay, Julian, let's go to a.
Really quick break on the flip side. We're going to be talking about hex repayments. Which don't sound that sexy, but we're going to make them sexy. And we are also going to be unpacking something that you slid into our DMS about this week. We are going to be talking about sharing the costs to visit home when you've moved overseas to live with a partner, so guys, don't go anywhere.
Welcome back, everybody. Let's take a listen to this week's money dilemma.
Hi. There, have you got a money dilemma you just can't solve? The Sheese on the Money team is here to help. Every week, we tackle your dilemmas, both big and small, to answer your most burning life, 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.
Hello. I'm reaching out because I'm in a bit of a pickle as my hex debt is currently sitting at ninety eight thousand dollars. I did two undergraduate degrees and then followed by a master's which obviously took up a large chunk of that, and I graduated in twenty twenty two. I'm making the compulsory repayments out of my pay however, saying thanks to our friend indexation, it is going up
and up. I've recently received a large amount of inheritance at about one hundred thousand K around that, and I don't necessarily feel comfortable putting my family's harder and money towards my HEX. But I'm only learning now, I guess the real repercussions of having such a large HEX set, whether it comes to my tax return, borrowing capacity. And it's just on my mind constantly how it's got so so big, and yeah, my compulsory or payments aren't doing anything.
But I don't really know where to go from here. And I'd love some advice.
All right, Jess in this situation, what would you do?
It's hard because I totally understand the sentiment of not wanting to, you know, feeling like it's not a good use of the money. But at the same time, I kind of think that you know, you're acknowledging it to reducing your borrowing capacity, it's causing problems a tax time, all of those things. I think removing that mental load from you is something that your loved one would see
as a good thing. And if using that money to pay off that debt is going to make you feel a bit better, I also see value in that as well. But that being said, you know we've said before you don't have to diresh to pay off your HEX. Yeah.
I've worked in the inheritance space for a number of years now, and I mean I don't now technically, but I would be fiercely protecting that inheritance so that it can go towards something thing that is tangible. So it can go towards, you know, your first property, or it can go towards shares that are going to help you in your future. Your HEX debt is something that while it does reduce your borrowing capacity, it's not the end
of the world. Like, if you lose your job tomorrow right now, you have that plus hundred thousand dollars asset that's going to help you. Nobody is going to come for you to keep paying off your hextet if you can't work tomorrow. And I think that that is the difference here in making sure that you're putting future you first. Like, yes, being in debt, it is not sexy, It is not nice, But HEX kind of sits in the middle of being
a good and a bad debt. It's what we often refer to as an okay debt because ultimately, if you're in financial distress, you're not going to be paying it back. Yes, it does reduce your borrowing capacity, but if you then pay off your HEX completely with that amount of money, you're not going to be talking about borrowing capacity because
you don't have a deposit. So I think it's really important to go, well, how do I actually on this money in the best way possible, And that might be by not paying off your HEX and putting it aside, putting it into an investment for the short period of time so that it can make some money, maybe a high interest savings account, so that it is working while
you're doing life and making a decision later. Potentially paying off your HEX will mean that, yeah, you kind of get back to ground zero, But is that actually something that is honoring the money and the life of the person who gave it to you? And I think that to me, that would be the more important factor here, Like, yes, pragmatically you could pay off your HEX step, but is that that tangible asset that hopefully creates long term family wealth, probably not. And HEX over the long term is not
going to be the thing that cribbles you. Yes, it takes back your taxable income, but I don't think that that's the worst thing in the entire world.
Yeah, and if you want more info on that, we've got two episodes that I think that you will find really helpful, how to treat an inheritance with the respect it deserves and Indexation and Hex, which will link in the show notes for you.
All Right, Jess, I feel like that it's up the Hex conversation, So let's dive into our juicy DM. Are you ready?
Oh?
Yes, all right, So this week we got a DM. Hi, guys, I need advice. I met my partner when I was living abroad in America. We did a couple of years long distance before I finally decided to move there permanently. It was a really hard choice because ideally I wanted him to move to Australia and leaving my family, who I'm very close with, was really hard. But in the end it made the most sense as I didn't have a job at the time and he was trying to
grow his career where he was. I've been here for more than a year and a half now, and I've flown home to see my family three times. I've asked him to contribute to the cost of the flight, as it's very expensive for me to fly twenty plus hours, but he said it's not him flying, so it's not his cost to pay. He also doesn't think I need to be visiting as often as I do. I think he should be contributing, seeing as I'm the one that moved and the reason I'm coughing up thousands of dollars
on flights is due to this decision. I don't regret it at all, and I love our life, but it's starting to feel really unfair.
What do you think, Oh, it's hard. I fully agree that. I think that you've picked up your life, You've uprooted it's I think it's extremely reasonable to expect a level of contribution to that. Like if the roles were reversed and he'd moved here for you, and you were saying, my partner wants me to contribute his flights home, I would say, yeah, sounds fair. To be honest, three times in a year and a half feels like a lot to me. I don't know like hard to saybe.
There's like weddings or something along the way I really had to come home for. But there's also like no hard and fast rule of how many times you should be.
Completely especially if you're really close to your family. I can understand that being far away from them would be really challenging, and so I think I do think it's reasonable for you to ask him to contribute in some way because you've literally had to start over. Like for him, it's been really easy, like his partner's come to live with him, and you know, he's just living his life as normal. But you may had to find a new job and probably buy a heap of new stuff because
it would have been hard to ship everything over. And you've left your family, and you've left, you've got to make new friends, and you have to find a new favorite yoga studio area. You've really started from ground zero, And I don't want to minimize that, because that's such a big thing to do, even if it is for somebody that you love. It seems like the least he could do is help you pay to fly home, because he doesn't have to do that.
I agree, but I think we need to also zoom out a bit on this conversation and ask how as a couple you guys are managing finances completely because we know from the message you sent that he's focusing on his career and at the time you didn't have a job. So how are you splitting rent? How are you you know, are you living in his house rent free?
Like?
There are lots of conversations to have around this, but I would actually zoom out and have a chat about how is a couple do we manage finances? I'm assuming this is a very serious relationship. You were together for a number of years before you moved overseas, and then you've moved literally overseas for so I would assume this is a very serious relationship when we need to talk about, well,
how is a couple of you managing finances? Which is perfect because I recorded an episode yesterday or managing couple finances? I did a little solo rant Jess like it was a solo episode, so it'll come out as a bonus very very soon fighting, which is very fun. But I think it's quite interesting that you're like, I think he
should be paying and he thinks he shouldn't. Yeah, we actually need to then step back and go well as a couple, like these are expenses that I'm going to incur for the rest of my life, Like I'm consistently
going to be coming back to see my family. So even if right now it's not impacting you as my partner, in the future, maybe we have children, maybe we have you know, a family, or you know, overheads, we might get a mortgage, how are we still going to fit this thing in that's really important to me into our budgets and into our lives. And I think that that's where the conversation should ideally start, not well, I'm going to mum and Dad's you know, in February next year,
and I think you should help pay. We actually need to talk about why he might be on the same page about that, or why he might go Well, actually, if we're going to as a couple manage this expense together, what's a reasonable amount of time, what's a budget for this? How does that work? Because to be honest, you've just moved. It's only been a year and a half, so I'm assuming it's pretty responsive. Like I want to go home
and see my family. Oh, I'm free at this stage moving forward, is it going to be once a year. Is it going to be twice a year? Like, what does that look like?
Yeah?
Because that's really expensive. Yeah.
The other thing i'd say, if you're not already and we're definitely not recommending that you get a credit card, but if you are using one already, is it earning points?
You know?
Are you banking the most of it?
Yeah, there's lots of different options out there. If you are using one, can you end points when you do your groceries as well as when you travel all those sorts of things. Are there ways that you can minimize the cost of flying overseas? Are you booking during sales? Are you booking far in advance when it's cheaper? Things that you can do to lessen that cost as well? Because we all know if you book a last minut a flight, a meet from three grand.
So, like, I think the summary of my thoughts around this is it's a much bigger conversation. Like you've permanently moved overseas. This is going to be ongoing.
This is your life now.
Yeah, Like, is this a couple costs? Is it a single cost? What does this look like? We did ask the community, as always, so we asked them do you think the partner should contribute some money. They're on your team. Just sixty seven percent of people said yes, they should be splitting the cost, but thirty three percent said nope, not their cost to pay.
Interesting.
We also asked if your partner had moved for you, would you be happy to assist with the financial costs of flights home? Would you?
Jess before I answer it, I think it's only fair, like in my mind, as I said, I.
Would, because I've got the good deal. Yeah, you moved to me.
Your life hasn't changed. I think that that is a cost of that convenience. Yeah, and if you don't like it, flip the narrative, be like, okay, well why don't you move to Australia with me for a bit and I'll help you fly home. How you like that?
Yeah, see how you like it?
Put the tote for tone on it.
But let's see how it works for you, sir, Yeah, exactly right. Fifty six percent of you said yes, of course, they were the ones that moved, you will help pay, Forty one percent said only if we discussed it before the move, and then two percent of you said nope, not part of the deal. Like I feel like in you know, international relationships. It kind of is part of the deal. Like one of you has moved, you've decided to continue a international relationship. There are going to be
financial ramifications. It sucks, it's not fair all of those things come into play. But pragmatically, you guys have decided. It's even like when you're living into state.
Yeah, it is how it is right.
We've got family in Queensland, Jess, you and I'm going to have to jump on a plane at Christmas time. It's a cost of choosing to live in Melbourne. Yeah, and wanting to maintain those relationships exactly. So we asked for your two cents. We said, do you guys have any thoughts? Miss Bech say it. You couldn't be here today. Actually responded five times to this and said, so you're ready.
So be Beck does have an opinion here. This is anonymous for everybody else but Beck for those of you listening. So Beck said, guys, I'm not here, so I'm chiming in here. Both their emotional needs need to be met and hers are currently not being met and needs to be so he needs to chip in for sure. There's so much to say that these boxes are so small.
I can cure it in our voice.
So Beck thinks that he does need to pay, which is fair and also hilarious because where's Beck Jess in Queensland. She's in Queensland seeing her partner's family. But for those of you who are in the community and not on the pod, a lot of you said, this is something that you should have talked about before. Yes, absolutely, and I think it's a good reminder if you're in a long distance relationship, maybe have that conversation.
Say that every week should have spoken about it previously.
So man, they did it. Yes, Any people jumping DMS and they're like, oh, they should have already talked about this, So I'm like, okay, sis, but they didn't and now they're on the show.
Yeah.
Literally, but here's your advice. Don't listen. Someone said it's a couple's values mismatch. His value for wealth is higher than hers is for family, and it's going to cause friction in the future.
Oh that's very insightful.
Yeah, I wish I could tell you who that was. Someone else said, I'm responsible for my own life. I also want to visit home more often than he probably might, so I think it's my cost. That's fair.
Ye.
Someone said this has all the traits of being a really big old red flag.
Call it all right.
Someone else said, it doesn't sound like right now their relationship it is equitable. We definitely need to be having more conversations about money and how it's going to be divided, especially before they start a family. Someone else said, it's an spoken rule. I go home whenever I want. Lucky for him, it's only Perth and getting there is really not that expensive, but I pay for it, okay. Someone else said, my partner and I live in Australia but
are from the US in Ireland. Early on, we realized seeing our family's list was a sacrifice we'd have to make for our relationship.
Yeah.
I feel like that's also a really good part because, like, don't get me wrong, I'm so glad that you've been able to fly home and see your family three times, but there are so many people who even flying home one time during that period of time would be completely unfeasible, especially after an international move.
Like that's yeah, I think, no matter what, you've got to be on the same page. It's not gonna work. If one of you thinks one thing, and one of you thinks the other like, you've got to find a compromise somehow.
Yeah, a lot of people actually did say in the comments. Three times in a year and a half is a lot. Yeah, And I mean I don't know your relationship. I also don't know your financial situation. And that's not what I'm commenting on today. I'm literally just talking about how you manage money with your partner. Someone saying, I'd be reassessing if the person really loves me and I want to
be with someone like that. That's the dramatic, but okay, And then someone else said, it's bizarre because she's moved all the way across the world, yet he's not trying to even help her get home.
Yeah.
I feel like there's a lot of nuance in this, but I guess it comes down to what it comes down to always, mister Scricci, and.
That is communication. He's key.
So I think there needs to just be more conversations. And I say this time and time again when in doubt, zoom out and look at the bigger picture, Like, yes, you want him to pay for this flight, but this is an ongoing issue that is going to exist for the remainder of your relationship, if not life. And how often are you traveling home? Is this financially viable? Because if you're traveling home three times a year, that's a
three times a year international flight. I can almost promise you that's going to get in the way of buying property. I can almost promise you that's going to get in the way of your wealth creation in the future. So what does it look like?
Yeah? Thanks, about to leave it. I think I agree.
We'll be back next week with miss beksayed. Until then, we hope you have a beautiful weekend and we'll see bright nearly on Monday for a money diary. Bye. 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.
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