Would You Pour Your Savings Into a House That’s Not Yours? And Is Chasing Money Really Worth the Burnout?

Hello.

My name is Sanatasha Nabananga Bamblet. I'm a proud yor

Let's get into it. She's on the Money. She's on the Money.

Hello and welcome to She's on the Money podcast that makes personal finance fun, especially mainly on Fridays.

Welcome back.

It is our favorite day of the week because we get to get our team together and celebrate you ow incredible. She's on the Money community, mister Griccy. She's here with our favorite money wins of the week. Beck has gotten ready. She's got three broke tips for us, and we're going to be helping to answer a money dilemma, which this week is all about what do you do when chasing money?

Nothing very exciting this week, just plodding along, live life, loving any.

And crafts, any side projects. I feel like you've always got something on the go, Jessica. Yeah, I'm trying to.

I don't think I do at the.

Moment about the sewing machine. Where's the sewing machine gun?

I did think about this very resales. Oh I've done that thing where I like got the hobby and then didn't. But I want to say myself a new tote bag for ballet. So that's I've cut the pieces.

I just need to sew the piece. Okay, we're halfway through a project. But I also think of sewing machine and that skill. Yes, it might have been a hobby. Having it means like you can whip it out, you can hem some pants.

Totally.

Yeah, I feel like it's a good investment. It's not like my polymer clay addiction, where I went and bought every single color of polymer clay and started making these teeny tiny little jelly cat like creations. And that's been good, but like, I haven't done that in a long Yeah.

So yes, that's a bit different to a sewing machine, but they were. It was fun. That lasted. Look, it was fun. Well that lasted, and I'm sure I'll go back there at some point. I just like it.

I can like literally copy things. Yeah anyway, don't come for me and seeming jelly cat like I can't afford your soft toys anymore.

Yeah, like what the hell? Why are they so expensive? But they're so cute.

C there's a little fuzzy peach one that I want to get for my because I'm like, it's so unbrain I tried to.

Buy that for me the other day and it sold out. The twenty twenty five fuzzy Peach one adorable. I saw it in the shop meet Meek in Chadstone, and I remember being like, oh my god, that is so jess. I should get that, and then like didn't think about it, and then I was like, nah, I am going to go back and get.

That, and it was like were like, oh no, we sold out of that.

So I was like, this is my life mission. I will turn up with a fuzzy peach for you sometimes I will. I will have it, I promise. Is everyone waiting for the mozzarella ball to come out? Oh my god, the past but not the past one. It's got like a little bray. I think it's made it happen.

To stop it.

It's a little berat Morella.

I can't really remember what it looks like now, but but that's been waiting for a year, you know what I was thinking about.

Jelly Cats are the modernday beanie kid. Because I was.

A beaty kid kid. I had bed hundreds of them.

Beck, you didn't come to the Sheese on the Money Christmas party. But I don't know if we told you that. We did a past the parcel because like She's on the Money Christmas party, Like we don't just want to sit there informally talk about our work performance, like we had fun.

We did pass the parcel, but in every.

Layer of the past the parcel was a jelly cat ring and then in the middle there was a big Christmas themed jelly cat. Yeah.

It was so my god, maybe it was you were right. Sometimes I ended up with two, so maybe you should have the other one. I think, yeah, you had a Christian on my bag. And then I have the Turtle, which I actually think is very on brand. His name's Timmy Turtle. He's got my face you next week, I reckon you love me?

You could sell that's sod.

That is so cute.

You're so cute.

Thank you so much.

But we never passed the parcel and it was a lot of fun. It's the best thing ever.

It was actually very funny, though I'm sorrying our producer Emma under the bus because I don't think Emma understood how cool jelly Cats were or that there was like a cold following and she got the big one in the middle and everyone was like, I listed an addition like Christmas tree, and then Emma's.

Like, cool, no, it's wasted story above her.

She's in the room with us, so we're not like throwing shade while she's not watching.

But would you guys like a five star review? Yes please?

I am ready this person's username She's on the Money fangirl, Oh.

Life changing podcast.

I started listening to She's on the Money during COVID and Binge listened to all the episodes I had missed and Vic and team you have truly changed my life. Thanks to Vic's advice on one of the earlier podcasts, my husband and I made the decision to take out additional insurance AKA I forced him one day because he was a typical treaty that thought he was invincible, hoping

Oh wow.

Because of that, we are now a young family who is completely mortgage free. My husband is still recovering, but this has helped ease our stress immensely, meaning we can focus on him.

Rather than having the added.

Stress of can we afford to pay our mortgage over this expensive time in our lives.

Wow, I'm really sorry.

That is so trashy, and like, I love that you shared that, because insurance to me is so important. Like when I was working as a financial advisor, you see the worst of the worst, Like it's everyone who says this will never happen to me, and like invincible tradees all say.

Yah, help me right, it will never happen to me.

But then something does happen, So get your insurances in order that as much as I want none of this to happen to any of you, when you write in and say we listen to your podcast and we were covered for that girl, your mortgage free, like the stress that would have lifted. Oh, I love that for you at the same time as hating that you had to go through through that.

Sending lots of love to you. But thank you for that review. That was so kind. Yeah, thank you so much.

If any of you want to get your insurances sorted, I'm going to put a link in the show notes to Sky Wealth because they are going to get it sorted for you in a very cost effective way. Anyway, moving on, my friends is just grichy. Can we have the money wins of the week? Absolutely you can.

Firstly, this week I've got a money win from Maddie, who said she asked her private Health if they could offer her any deals as Booper were currently running a six weeks free someone mentioned this in the group. She saw it, so she hit up her health insurance. They gave her twelve weeks of health insurance for free. She said it saved so isn't that crazy? So again reminder ask you know mentioned maybe that Booper are running that promotions weekend?

Yeah, because that is wild.

Yeah. Next, I put the money win from Jess, excellent name. She said she went to wash her car on half priced day to try and save some money.

I didn't know that existed, but like cool, very is very expensive.

But Jess drove into the bay and the time I still had thirty minutes on it. So she washed her car for free.

Oh God, my brain and somebody who lives on the peninsula. When she said I drove into the bay, I'm like, would you do that?

You drive into the ocean?

Yeah, that'll clean it. I have a very good example of that. For our next one, I've got a money in from Wander he said, definitely a money win. I was in a coma over my spending and transferring too much out of my emergency fund into ETFs. I've been more mindful this month after exporting my transactions into a spreadsheet and have managed to have my spending mostly just by being mindful on spending food and now I can

I see. I was like, oh my god, that's hilarious. Well, I guess he very me coded, like just skim reading something and being like.

Whoa, next, I've got money. Went from Cassandra, who said she got petrol for a dollar fifty two per litera which included four cents off the majority of plays at the time in the area where a dollar seventy five at least. It makes me cringe though, because I now I'm like, wow, do you like to do that?

So good? I remember when I wouldn't pay over a dollar twenty so expensive? I remember, so.

I remember back in university, I used to have this very old and very loved Toyota Avalon, so very similar to a Camri but like the Grandpa version, and it had been converted to LPG, and I remember it was like forty five cents a litera to fifty cents a liter. And I remember being like fifty cents a liter that's cooked that's so expensive, girl, what what? Why did you ever get rid of that car? Like that car was

I think the next I've got money in from Kate who said her old Macpack backpack got repaired free of charge because the zipper pocket stitching had started coming undone. Do you know what's a sligh you being able to get that out of your mouth?

And that the Macpack?

But she said, thanks Mackpack having a great policy save this from landfill.

I love that.

But idea to I know that Patagonia have a really good repairs policy. I think Lula Lemon as well, So like maybe when you're shopping for things checking what places offer, you know, maybe you pay a little bit more upfront, but if they have a really good, you know, quality policy, it's hard money.

Leggings replaced from Lulu Lemon.

I've also had them taken up for free from Lululemon because sure, girl problems like you can buy any length of them and they will shorten them to what you need. And I have also had like stitching on one replaced for free for free.

Amazing, and Lulu Lemon is eighteen percent cash back on trip back. Oh it was, I don't if it's still amazing. Lastly, this week, I've had a moneyment from Eve who said she's been completing the my Medibank Live Better challenges religiously over the last few months. Every day she's got herself a pair of AirPods coming that she didn't have to pay a cent for money good for me, and a nice treat when points add up. So if you're a

It's very cool and you're already doing the activities anyway, and it's a good motivation too. You love it, Queen, Miss Jessica, and she miss beck Si Yet I want your three broke tips. I want him hard, I want them fast. I want to know what, yes, ma'am.

Okay.

So this first one comes to my friend who is I didn't realize, but a lot tighter than I thought.

I mean, but I like this.

Yeah, she's a budget queen. I didn't realize it's.

Actually secretly frugal, secretly frugal, Yeah exactly, But she did run through so many things that I probably can't share.

On the podcast, but that's okay, But the ones that I could. She said that some vegetables and fruits, fruits and vegetables it's.

Weird saying the other way around, it's not right.

And fruits fruits.

She said that some of these don't have to like it's more expensive to buy organic, but you don't need to, is what she's saying. So things that like, you know, thicker skins, like for example, banana, avocados, mushrooms are some examples. I don't really understand the mushroom thing because there's.

No skin, and also there's like a lot of mushroom drama going on right now.

There is a lot of mush and druma.

My friend is actually right now she's doing the doco on that.

That's very good. No, no, don't say anymore. Don't say anymore, very exciting.

So that's a good tip though, Yeah, good tips. So some things don't need to be organic, so just have a little Google before you go. If you are buying things organic, just double check that it's worth.

It to just buy the regular.

And my other tipcums I add to your fridge vegetable broke tip absolutely so, like I am now a parent that has to financially recover from buying so many damn berries.

My son loves to eat berries, and I buy a lot of them. Yes, we go through them relatively quickly. But I learned to tip on TikTok that if you fill a bowl with water and add a good splash of vinegar and then your berries in and rinse them in, that your berries will.

Last three times longer.

And I tested it and it worked like I ran a full controls thing in my fridge. Yea, I like, did one punnet of raspberries that I didn't wash and one punnet that I did, And yeah, the one that I did lasted so much longer, and the one that didn't like had mold on it by the end of the week. So wash your vegetables and fruits in vinegar to make them last longer.

Wow.

I think that's a.

Good one, right, That is a really good one, especially like berries and stuff, because vinegar is safe to consume.

But vinegar also killed mold.

That's why you should wash your shower and stuff with vinegar, not with bleach, because bleach doesn't kill mold. Spores vinegar does, so the science science.

Is behind it. Yeah, yeah, soft, I don't know why.

Instead of your fabric Softna, it's we didn't take over from your broke tips if you don't continue.

No, no, I'm really happy with But like, does it make your close?

I use it? God, that is everything.

Maybe we should do a whole segment what does VD use vinegar for?

And you know what dipping a hot chip.

In the restaurant remaining Ye're delicious? Okay, So this next one comes from my partner's sister. Currently, I'm sure we all see these, like whenever you go to uber eats or something and it always pops up uber one, Uber one. I don't want uber one, okay, I don't want to know that I'm using it so often that this will be beneficial for me.

But right now uber one.

Basically what happened was the other day my partner and her went to the movies and they got twelve dollar tickets, unlimited popcorn, free refills.

So it was, what is that about?

And it's expensive free refield that's exactly right, And so I stole a ticket.

So are we living in two thousand and nine?

I know?

And so I was like, how did this happen?

And she said because she joined uber one and it's I'm assuming if I'm a.

Member of uber one, can I please have access? Yeah, it's I think.

It's it's running ntil September, so.

Right, I get so I can access it? Yeah, you can access it.

Money When is that? So you're saying you're enabling my uber eats habit. Yeah, thank you, that's very kind. Money tip my broad tips. Sorry Jess comes with money tips, you come with broake tips.

I do am I one this week.

I'm so sorry it is only for the Melbourne people, but I'm sure there is an equivalent elsewhere. As I always say, so, A restaurant has opened up in Brunswick East, brand new restaurant.

It's a wine bar.

Sorry I should say it's called Times New Roman Bar.

I love that name.

I know isn't cute.

And they're doing very very cheap eat. So for example, these people got their bread which was three dollars Barada and pickles six dollars Barada. I've never seen Barada under seven hundred dollars, so.

Barada seen in under one thousand dollars, so that makes sense. And then they're like tiny.

Totally and a half port of passes six dollars was like a really lovely part of it happens to the Roman.

Is such a good name. Yeah, I'm still stuck on that.

Is there a bark or comic sands or is that not cool? I think that that could be Windings, Windings.

I'm sure there's Windings. No one speaks any language in Winding. They just took like simmish. Yes, So that is my break tap this week is that if you live in Melbourne, if you can access it, try and hit up times in your Roman bar and get very cool food.

I love it. Let's go on a date there.

Yeah, all right, let's go to a really quick break because on the flip side, we're going to be talking about what do you do when chasing money is starting to impact your health and something that you slid into our dams? But what do you do when you're pouring your savings into a house and you're.

Not even on the mortgage. 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 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.

Hey, She's on the Money. I am currently twenty one years old and I'm a disability support worker. I have recently started a new job and at the time I said, yes, give me whatever hours you can. I'm happy to work, you know, big hours. Anyway, fast forward are doing fifty to sixty hour weeks, sometimes seventy and starting to take

Please help, oh girl, girl, we need to do something about that, because that is no way to live.

Like.

Don't get me wrong, people are going to be listening to this and go, well, I work fifty or sixty hour weeks and that doesn't happen to me. Sit down, your privilege is showing because when you are a disability support worker that is so physically and mentally taxing that it makes sense you are not physically well, but like care about yourself because if you are not putting yourself first in this situation, you're going to burn out real quick and then you won't be able to earn money

Yeah.

I think that if you literally cannot survive without doing that many hours, that's probably a different conversation. You probably need to look at either getting like a pay rise or a whole a whole new job. But if you can survive off less hours, but you just are really really happy with the money that you're getting and you feel like you're getting ahead, I totally get that feeling. But maybe just try and either see if you can like condense your days. Maybe you could do like four

Yeah, there's no point earning all the money if you're then so unwell that you can't spend it or enjoy it. There's like money is it's counterintuitive, but like it's not the most important thing. Like obviously, to a point, we need money to be able to exist in this world, to put a roof over our heads, et cetera. But if you're not able to enjoy the fruits of your labor,

A safety issue as well, because you're not well and you're taking that unwell body to work, something's going to happen to work.

Yeah, definitely.

So I think, yeah, it's pretty clear from all three of us it seems.

Really don't do that money. It's not worth it at all.

You've got to look after yourself. You can't pour for an empty car.

It was just about to say that discorrectly.

Wow, exactly.

Also, I know that all of our advice is like, you know, step back, it's not worth it, right, Maybe you're thinking, well, I think it's worth it. I think we need to look at the bigger picture as well, because if you're working that many hours, how are you supporting your health and well being outside of those hours, Like are you still going out? Are you, you know, not nourishing your body in the way that you should?

Thing can be imbalanced right now.

So like getting enough sleep, putting the right nutrition into your body, you know, fostering positive relationships around you. Have you got people that you can talk to about this, because that will make the load feel even lighter, Like what support is available to you? So like just hitting the nail on the head with that as well. But ultimately, if you're in that position where you can step back, that's what I would be doing, sitting.

Lots of love. I hope you look after yourself my.

Life absolutely all right, guys, do you want to get into the juicy DM we got this weekly. I'm excited you said yes because I was going to do it anyway. So this week our DM high shees. On the money, I have a financial dilemma or question. My in laws have offered for us to build on a block that they have in an area we would never be able to afford to buy in. We would just need to pay for the mortgage repayments for the cost of the build. It's financially a great opportunity, and I have a great

It's really it is a tricky one.

I don't know.

I feel like I don't know enough about this, so I apologize in advance.

But we can make some assumptions.

Yes, And also but I don't know the like that much about like owning a home or anything like that in general. But I think, yeah, if you could, if you put like some sort of like financial something in place to make sure that you'll protect I don't know the whole thing.

To me, really, I am a person who's like, oh, too hard basket.

I kind of like, and that's why i'm, you know, financially not getting ahead because I'm always like it's too much work. So but I feel like it's maybe too much and I would just be like, oh, don't worry about it. I also feel like, is this a place you want to move to or are you just like like if someone said to me, like, oh, you could own a house in Vall Clues in Sydney, I'll be like that sounds great. It's just for context, very expensive area.

Assuming she wants to because she said, oh, in an area that I couldn't afford, Like, because I'm assuming when you say what I mean in an area I can't afford. It's like we would love to live there, but like we can't afford a block.

You know what I mean?

I know, but that's what I mean, is like, is it that's what I meant.

The cost of living going to be higher in this area? Is that kind of what you're getting out, like if you live in a more affluent area.

I guess, so, I guess what I'm getting at is like, was that an area you wanted to live in. Was that an area that you were like, oh my god, I would love to live here, or is it like WHOA, I would never usually be able to afford this, but I didn't want to live here.

I just you know what I mean, So figure out that's what's going on?

Yes, jess what are you doing?

From a contractual perspective, I would probably be looking to put a clause in. I mean, honestly, first and foremost, I would just be relying on a lawyer personally, like.

Yeah, get that advice from that lawyer, baby, Yeah, that you value our opinion, and obviously we're going to tell you what we think.

But like I would be putting my faith in someone who does this day in and day out for their job. The kind of clause I would be looking for is perhaps something that would say because wills can be changed, and that would be my concern. So, like if the will was to be changed or if you know, God forbid you and your partner were to break up or go separate ways or something like that, you would be repaid the money that you had put into the house.

Yeah, so you can do that.

I when I was a financial adviser, had to client that went through this because his family were really wealthy and they like the reason they didn't want to like gift the property was like it was quite complex, it was in a trust. They would have been a whole heap of capital gains to like pay to get it out, Like there was a good reason for it, but binding financial agreement with contribution clauses. We want to sit down

Yeah?

Like if it's not in my name, is that my responsibility? Can we get clarity on that? Also, if I do start paying the rates for that property, do I have any entitlement to asking for that land in the future if we separate. There's a lot of questions that I can't answer because I'm not a lawyer. Go talk to a lawyer. But those are the things.

You can ask.

Yeah, what everybody else say oh, there was a lot of conversation. So first question we asked to the community, would you enter in agreement to build a house with your in laws like this? Twenty two percent of you said yep, if it means I could have a house, thirty percent said no, way to messy, and forty eight percent of you said, well, it depends on the in laws. We asked another question, what do you think should happen if the relationship ended? So thirty five percent of you

You need an exit. I don't care who you are.

Jess is going to buy her first home at some point soon and I'm so flipping excited about it. But one of the first questions I will ask her, what's your exit strategy. How would we sell this? How is it structured? Like just might be like it's my family home. I never want to sell it. Cool, but we always have an exit strategy. Anyway, we ask the community, what are your two cents? First person, I thought my in laws were great too until they weren't get it in writing. But seriously find another way.

Yeah.

Next person said, just speak to a lawyer. Cover all your bases. If you split up, you or the in laws, death happens, changes happen, make sure you're covered.

I agree.

Another person said, you need to consider any ramifications are the ato with avoiding damp duty, which is true, and it's also probably one of the reasons why they don't want to transfer it into your name because you might trigger a cell and you might trigger a transfer of assets and some stamp duty, because stamp duty happens, whether you like it or not, when you transfer property from

Baby.

Someone else said, and this person's user name has like the word legal in it, so like, oh yeah, and.

She prefaces it with as a property lawyer. There you go. My opinion is this is hands down.

A very terrible idea. And then she uses six red flag emojis.

Oh that's the person I'm listening to. Yeah, I'm going about she.

Has legal in her user Yeah.

Another person who does not have legal in her username said, I'm so surprised at how many people would be happy to sign this. Yes, I have a three party one for you. This is again not a legal representative that has disclosed. Someone said, I'm in a similar situation. My in laws helped my fiance buy a property, and I'm expected to pay off the mortgage. They wouldn't accept having my name on it. We are getting a binding financial agreement,

Yeah, so that person, I'd be saying, just pay market value rent them. Yeah yeah, yeah, Rather so my mortgage contribution will be in line with what I would pay, but that.

Would be logical. Yeah, don't be here with your logic. Someone else said, and I'm just going to give you two more. Someone else said, generous in laws who clearly love you, take the deal with an arrangement in place. Again, everyone has but everyone has different opinions.

Right, that's true.

And then last one.

I'll share is in laws will always protect their own blood. Do you have your own money to go to court if it doesn't work out?

Well, that's a very good point.

I think that's a very good point. But anyway, good.

Luck, talk to talk to a lawyer.

Have a good weekend. I think we're going to wrap it up here.

So have a good weekend, my friends, and we'll see you on Monday, bright and early for a money Monday Diary.

Bye, guys, Money Monday Diary. Just think about I'll see you later.

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