I want the fairy tale. I want the prince charming.
She how do I put this? Isn't a fan of my kissing style?
Boyfriend and girlfriend from about twelve hours.
He's in a trash bin.
He's non recyclable, catching her.
Mut I love being love. I love love.
On today's episode of Where's Your Head At, we are sitting down with Julian Morrow, founder and CEO of Morrow Accountants to chat all things finance, tax and when to talk money with your partner.
Look, money certainly does play a part in relationships, so we can't wait to ask Julian the hard hitting questions such as when to start talking money with your partner.
He will also share his best tax tips and how to handle debt.
Stay tuned.
Where's Your Head At is a podcast that talks all things relationships, breakups, reality TV, trending shows, and everything in between.
This is your new go to destination for laughs, gossip, intimate details, advice, and much more.
Hey Julian, Welcome to the podcast.
Hey guys, thanks so much for having me.
Good morning and welcome.
We know that this is your busiest time of year, so we are very grateful to have you on to give everyone all of the all of the money tips, and I'm not the best with my finances, as you know, being my accountant, Matt, would you say you're good with finances?
I have gotten better in recent years. I was very poor in my early twenties, like I sucked.
And I'm going to say that you've gotten better over the years or still a learning process?
What would you say?
There's a lot of inside jokes. Yeah, no, no, look, you're getting better. But like everyone, it is a learning thing. It's on something you learn in school, so naturally that's why it makes sense to talk about, especially at this time of the year where it's at everyone's forefront of the mind as well.
Yeah, I'm not gonna lie. I feel that Anna would be pretty terrible and it would be really as an accountant.
There would bet I'm like an accountant's worst nightmare. And I totally hold my hands up and admit that. And if you're listening to this episode and you also feel that you're not good with finances, this is the episode to listen to because Julian just really simplifies things. He makes it easy, he makes it fun, and I mean.
Anna called me a couple of weeks ago and was like, hey, do you remember when we bought the new phones?
And I was like, what do you remember that? You were trying to figure out the date because.
It was asking me what I was Probably I would have been for some kind of record keeping that that wasn't done properly. But I'm sure we got there at the end, didn't we Anna?
Yeah?
But you know what's interesting is like once I buy something, it just does not like it doesn't cross my mind ever again, Like I was asking that, like what did I buy at this time of year?
And you were like, we bought an iPhone?
And I was like, did I? How would we? How would how would you remember that?
I remember because I remember that story. So let's jump in.
What are some good top tips for the end of financial year? Julian.
Funnily enough, I almost reckon it's like it gets in the financial year, so it's almost planning for the new financial Yet, as weird as that sounds, so people always thinking backwards, so maybe it's like what did it work this year? Right, because like you said, you're already behind the eight ball, so it's like what can I do differently for the next year? I like, and as boring
as it sounds. A lot of it is the record keeping, so finding a system that works, whether it's the Ato deductions app, whether it's like a drop box where you just chuck receipts as you go, could be something more fancy, like you know your accounting programs zero all that could be as basic as a spreadsheet. But I think it's really just having something because that's the basis of everything that goes to the accountant. So without that, you're already kind of like chasing your tail a little bit.
I put on my receipts and just as ziplocked back, just put them in a fit of my wardrobe.
That's my account.
When I was moving house, like very recently, I actually found this box that my dad told me to keep the accounts. But they're like from two thousand, like nineteen.
I'm surprised the ink is still actually visible, if at all. I don't know if you've went through that.
Process on the receipt I was just going to say, so, obviously I still have a hex stet, and a lot of people around Australia still have a hex stet. What are your thoughts on the increase in the indexation rates?
That was a bit rough wasn't it the hike? And I can see it from both perspectives. So I read an interesting article the other day and the way that they worded it, and this is on the side of the government for example, right, I'm on the fence eyes where it is. But they pretty much said, let's just say you've got a ten grand hex stet and you know it takes you whatever ten years to pay it back. And by the time you pay it back, that ten grand,
right because of inflation, is only worth eight thousand dollars. Right, So there's a two thousand dollars gap that the government wants to still collect on their money. So what they would usually do is, if they don't do this indexation thing for inflation, they'd probably try and get that money through, say increasing taxes. So indirectly, it's going to come back to us as the tax payers to kind of put
that short little bit of the heck stet. So that's kind of you know, bringing it forward in terms of it doesn't make sense, like yes, based on you know what inflation is and all of that, do we like it? Definitely not? And can we do anything about it? Not? Really? So what are your thoughts on it?
I was pissed, like I was kind of like I meant number one.
I didn't even want to go to UNI.
I was basically forced into it by teachers, parents and all of the above. Didn't had no idea what I wanted to do. Basically did like a two year couse.
Did you stay there for two years?
Yeah, I have like a fuller ex set props.
It's a solid, solid time for someone that didn't want to do it in the first place.
Well, do you know what's interesting though, I kind of use all of the Like I started with media communications, which I technically use everything I did for that. Then I moved into pr still use that, so I mean it technically.
Didn't go to waste.
I do use it in my everyday life, but also still annoying. And I think the bigger the hex step, the more it really like implicated you. For instance, like a friend of mine, he was about to buy a house and because he had such a huge lump sum, it was going up like dramatically, and he then couldn't buy a house because he was like, I need to put the money into paying off the hex sets.
So I don't get like, you know, it's it's kind of a catch twenty two. So you want to pay it off, but you want that money for a house deposit with the hex stet the bank you know, he has a lower borrowing power, so because you've got this tex step, they won't give you as much of a loan. So you know, it's all so just like constantly there to deal with. But yeah, the more you make you start to learn that they really law that money back real quick once you're on.
Yeah, for someone who hates talking about finances, like maybe grew up in a house where you know, talking about money was a bit, you know, a taboo topic, and then what are some ways for them to deal with their finances and maybe be more better with an account and something like that and get on top of it.
Yeah, Well, I find a lot of our clients that actually come to us because it is a younger demographic, do come from that background. So they're bury the head in this end. They don't want to deal with it, and it's quite frightening. So I think it's it's one probably finding a professional that you can relate with. I suppose accountants, financial plan is mortgage brokers. Generally, it can
be quite daunting and intimidating. Nowadays, there are younger practitioners out there, so maybe why it's just aligning with someone that you can listen to and not feel intimidated by it. And then maybe it's even doing your own research initially, so you know, you feel like you're going into the conversation with something. There's so many podcasts out there, there's reading you can do online, There's endless amounts of information. So,
like anything, I think knowledge is power. You know, empower yourself, learn some things, and then align yourself with the right people, which I think, you know, it's like anything in life. You can't avoid tax. You can't avoid a lot of this fine and stuff as you grow up. So the quickly you get a handle on it and get some level of comfort, I think the better it is for everyone.
Yeah. I used to definitely put my head in the sand with all things money and tax. I just didn't want to deal with it. I was like, that's a future me problem. But then I was like, nope, still.
There, still there.
I thought I would think about it and then get like anxious, and then I talked to my account and then should tell me a bunch of stuff and it would just go in one it sounds like you know what you're talking about.
Solly, what Julian said is completely accurate. Like I think because you're younger, it kind of makes me feel a bit more comfortable. It's just like, you know, roughly around the same age. I can just have like a normal chat with Julie. And I think if you don't want to deal with tax having a good accountant is key really because then it's like, Okay, you can help me sort all of this thing that I just don't get.
And as much as you know, I love that that method the whole like handball to the accountant and will know. I try and like drill a bit of education into clients so they are still at least learning as they go and getting better where the professionals will draw the nitty greedy, but at least you know, over time you understand what's going on, because I think that's a missing
piece of the equation as well. People just pay people to do things, but it's like, hey, let's understand what's going on at the same.
Time, absolutely make your job easier as well.
I'll assume correct it has many times I don't and I store this journey. It's all we're still at the start of our journey three years in.
What are some like handy tips for someone who's maybe in debt and they don't know how to kind of claw their way out of it, or maybe they feel embarrassed to grow to an accountant or you know, there's no judgment.
Right, No, not at all. So I suppose when you talk about debt, it's like, you know, is it ato debt? Is a credit card debt and all that kind of stuff. So I think anything ATO related people kind of freak out. But I always prefense it with if you've got something to pay, the aho really aren't scary. They're open to payment plans like they do two three years, no questions asked,
and they can do longer than that as well. So I think it's just being open, being realistic in terms of other debts, I think that's a more kind of holistic thing to look at. So, you know, can you consolidate debts, can you get lower interest rates? Do you have a credit card? Do you actually need a credit card? Like all these little things, even though small in nature,
have to pay credit cards, Carlo and text debts. After a while, it can feel quite overwhelming when you've got all these things lingering over it, So I think it's kind of yeah, getting it all together, trying to make a little plan.
Yeah, what I did with my credit card, I am obviously like a lot of kids when you went when you were younger overseas, you got a credit card to like help you through it. I eventually ended up just like cutting it up and putting it away so I couldn't use it.
When I got back, I found myself.
I did not trust yourself.
Yeah, every time I make a payment on it, and you know, you go through like I'm cold for your grocery shop, and like I have my money on my actual account. But for some reason, I was like, I'll use my credit card because there's less of a chance of it like declining with this cute girl, so I would attack that then.
Yeah, So eventually I was like, nah, I got rid of it, and just yeah.
I think that's also like after pay, you know what I mean. You might actually have the money, but because you're presented with the option of after pay, you're just like, why would I pay my money. I'll use their money and pay it off slowly, which I don't necessarily agree with. Sometimes I feel like, if you if you've got the money, you know, use it. If you don't have the money why you're buying it, maybe you wait out a little bit longer. Yeah.
There's like two types of people though, in the world, right there's people who love a credit card, and then there's people like me who I've never had a credit card in my life. I'm scared of it. My parents have like drilled it into me, like, never get a credit card, you'll be in debt. But I've now somehow realized I think through TikTok, maybe through Julian, that actually credit cards can be beneficial. Can you explain to us how credit cards are beneficial?
Yeah, it's funny that you say that, because it really must be TikTok, or maybe it's just like something that's gone on, because all of a sudden, I am seeing everyone talking about credit cards, and I'm like, what's happened recently? But in short, I think the thing that excites people is about the rewards points, whether that's like when you sign on to a credit card, I give you a bunch of points, or when you spend you get kind of credit card points. You can eventually use the flights
and you know, vouchers and things like that. So in its simplest form, as long as you're paying the credit card off ye straightaway or you're not forgetting to you're not disadvantaged by using their credit card, and you get the points as an extra little reward or so to speak. Sometimes people get a bit carried away with that, and you've got to kind of remember that you do also pay your credit card fees and all that kind of stuff. But there are definitely bargains out there to be had
by joining up to a credit card. They give you a bunch of sign on points. And as long as you're good with your money and you remember to make the payments to the credit card and you're not actually using it to live on your me it's like Matt said, then you can actually get ahead from that point side of things.
Speaking of points, because we talked about this on the podcast the other day, and do you want to ask Julian, this is your time to.
Well, yeah, what's the best credit card for the best points system?
Yeah?
Yeah, well, I my credit you tell me the one I.
Was telling you about before my bank ended up sending me an email saying I had X amount of points to use from when I used to use my credit card, but I was told you about before, and I went on to like the link and I followed the link ended up only being a ten dollars Amazon gift, Like, oh.
Well, okay, naturally, I feel like you're bank sending going to promote their product, which is fair. I almost feel like you need a degree in credit cards because there are so many things to consider, So it's like, what's the annual fee, what's the sign on bonus? How many
points do you get per dollar you spend? And they're all constantly running promotions and competing against each other, so it's almost suggests going to like those compare websites, putting in how much you're going to spend, what's applicable, and it'll just spit out kind of who's got the best sign on promotion, who's got the cheapest rates, how many
how many points do you get? And go with that, because I don't think there's one kind of like this card is the is the goat and then you go with that.
When I was younger, or when I was growing up, my parents would say get a credit card, pay like a bill on it, and then paid off straight away. So your credit score is why is there any truth in that? Or is that an urban legend?
No, No, the parents are onto something. It's the credit card is an interesting one. So people think like they should get one purely because they need a credit score, like they won't to eventually buy a home, and without a credit card it won't work. So we've done homelans for clients and they've never had any form of debt at all, and they just got the home loan.
Right, Sorry, there are you to say.
We've done homelands for people who don't have a credit card.
And I was like me and then he said debt.
And I was like, oh not me, got some other debts over here. Yeah, So you don't necessarily need those things to you know, be able to get home loans and all that kind of stuff. But it can just build a bit of street credit in the bank world to show that you've got some repayment history, like there's something that's lodged on your file. But obviously it works
on the flip side. If you stuff up and have late repayments, then they're like, you know, they see that when you go for home loans, and then you've just got to explain it, So as long as you're on top of it, it can help you, but you can also get ahead without it as well.
What's what I've seen? What's a good credit score?
Mate? To be honest, the credit scores. I don't like do credit score. So when we do a home loan, right, the banks kind of had their system, so I think from memory it's like a thousand to maybe twelve hundred, depending on what system you go with in terms like the best. But yeah, you'll I just.
Checked mine the other day, so I thought I might as well.
What did you get?
Is that? Is that worth disclosing on?
End?
Yeah?
What did you get out of one thousand and I got eight hundred and ninety eight?
Now that's good. Yeah, that's like that's like a very good to excellent kind of range, mate, I'd be pretty happy.
Yeah, banks listening, I'm ready for a mortgage.
He's ready.
Obviously, inflation is such a big topic at the moment. How do people save when inflation is just feels like it's going up and up and up.
Yeah, it's a good question, and I think you know, with savings, it's kind of like increasing income or decrease expenses. That's that's how I look at, you know, when I'm talking to businesses, and increase profit, like they're the two options.
So obviously, increasing income is hard when you're with an employee and you can't get a pay rise and all those types of things, So I do you know, I'm sure you guys see it more often these days, see people doing the side gigs, doing little online jobs, contracting, gig economy, selling clothing, all that kind of stuff. So I feel like just tapping into any kind of passive source of income is definitely going to help. Two, it's probably the boring side of it, which is kind of
prioritizing and almost just like being more accountable. So even though that sounds really kind of like I can't say, because my income's not going up, maybe there's still room for you to maximize your spending. So once a month, sit down, have a SaaS C where you're spending on. You might have subscriptions that you're paying for that you don't actually use anymore. Electricity is all gone up from the first of July, and maybe you're not on the
best package anymore. Health insurance, car insurance, just like so many things that we just subscribe to and just like set and forget. It's probably liked a review of everything, and see where there's room to say.
I reckon getting rid of Ubery's. I would save so much money, you would use.
It so much. I don't. I refuse to pay the livery.
Julian has seen how much. I don't know if you would remember, because you've probably done everyone's tax I've my Uber eats is out of control.
Yeah, I just refuse.
I am like an independent. I can't react when I see people's bank accounts. But every now and then I'm like, it's a lot of bats.
Well I spoke, it's something I really want to like cut out, Yeah, right now, do it right now.
But the way it works with the adduritudy, you re installed, like it's got all your history there. They make it really easy for you just to jump back on board, you know what. I like.
They give me discounts except when I haven't ordered, like dinner, they like at dinner time, at like five o'clock, just before they send me a little notification to remind me they're there.
I'm like, yeah, you must be like a previous and that can't be a good thing.
I've got like the what is it?
The Uber.
Rewards thing or something where you spend ten dollars and then it gives you discounts and then you actually end up saving.
It's bad. I'm a sucker for a program on that.
I was speaking to my Max, mostly looking at getting the property market as Anna recently did, and I was like, he owns three properties, and I was like, how, like, what do you give me some advice? And he just said the best thing I can say is just go without. He was like, you need, you know, like make sacrifices, like.
When you prioritize. Yeah. Correct. I think, like anything, whether it's business, property work, Like I think we see online all these success stories like zero to one hundred people just buying properties, but there usually is like a real hustle behind it. So in the instance of what we're saying inflation and you're like I can't get any more income, It's like, yeah, go without prioritize what don't you need so you can get into something like the property market and yeah, enjoy that space. Ye.
Advice I have now is coffees. That's the only thing that I am. I'm not coming it out lata. So I was like, you know, going random trips to the shops and buying clothes.
Cut that out.
You know how many coffees a day?
How many I'd have between four or five?
Okay, so I had four bucks at four bucks a pop.
Well I got soy milk a medium, so.
That's about that's about eight fifty in Melbourne.
Yeah literally. Yeah, So that's a big vice.
That's a big vice, it is.
But you know it's better than buying, Like I usually go to the shops every weekend.
And but I told you should get the statchels.
Yeah you did. I should probably do that.
But like I said, I'd go to the shops buying you like routh Ren or Tommy shirt like one hundred and fifty, then go to the bar and spend god confidence.
Amount of money. Yeah, I'm just you know, saving my coin.
Just buying coffee saving coin.
Ye, my coffee saving coin change. You can take anything from me, but not my coffee. Put that on a T shirt. That's a great little slogan.
What age are you seeing people now getting into the property market. There's been a real shift in people buying houses just because it's so so expensive.
I look, to be honest, I think thirty or early thirties is kind of what I'm seeing, and it's not like no one's shocked about it, no one's embarrassed about it. It's kind of the normal. I still deal with people that are buying in their mid to early twenty late twenties. Sorry, but once again, it could just be you know, the deposit is usually the hardest part of a homeland. So people could be in a good job by the time they're late in late twenties, but they haven't saved the deposits.
So you get people that have kind of family guarantels or inheritances which are always going to kind of get them there earlier. But otherwise for people that are paying rent and you know, still living their life, traveling and all that kind of stuff, I feel like you're prioritizing
all you're savings. So, you know, thirty is kind of what I've seen, and there's just still so like a lot of uncertainty out there, interest rates, house prices, and it all contributes to people's going to appetite for it as well.
Yeah, Matt's like, Matt has a deposit, but he's worried about the repayments. Do you have any advice from that?
What are you actually worried about.
That, just in terms of like, yeah, like I went and looked online the other day at real estate and I was looking and it gives you, like, you know, the calculated amount, and I was just like, yeah, you know, looking through that and I was like, well, it was only a couple of hundred bucks more than when I was paying rent.
Yeah for sure.
Yeah, so I thought I can do it, but I don't know a commitment sort of gives me the.
It's just what I tell people is the bank isn't going to lend someone the money if they can't afford it, because people will be able to afford it, So the bank's aren't going to give you what you can afford anyway, and they already build in a buffer like to to reduce what you're paying. So if the bank's comfortable doing it, it's then just a bit of a mentality thing. And I think until you get the home loan and in that mindset, you're always not going to be one hundred
percent ready for it. But once you're in, I think you just kind of to learn to deal and you just kind of it's just really adulting. One oh one. I think it's just scary having that loan over your head. But yeah, it's like.
It's like, well, do I want to do that or do I want to you know, take off to Europe and not come back pretty extended amount of time, and you know, yeah, so it's sort of like what do I do? But yeah, if something, if something I like comes along, I'll definitely look into it.
Okay, Well, we've got some great advice from Julian. We are going to come back in a moment and talk all things money in relationships. Okay, Julian, So when is the best time to start talking about money with your partner? Because this one is like an icky one. People get a bit weird about this one.
Obviously, not first date.
I mean it'd be a good story, you know, the track if it worked out. What did you guys talk about? Don't think there's a role or right. I also feel like there's like little milestones that'll force you to talk about it even if you don't want to. So you know, for example, it's like, do you want to start ranting together, moving together? Are going on a trip? Is it serious? You know, to the point where you're talking about buying a house together, and naturally you just can't not talk
about it, so I feel like it's fine. Initially you know, like hey, what do you make? What do you do? That's a bit weird. But eventually, like as you guys start to do things as a unit, I feel like it's going to all start start coming up. I mean, what did you like in prior dating? On what side of the fence were you open? Pretty hesitant?
I'm pretty open.
I never talked about it ever.
Yeah, I'd be pretty open. I'd have nothing to really hide.
A lot of each one of my exes have Actually, how do I say, like not helps me financially, but helps me mentally get better saving and it helps me like like my most recent X, she was very like she like gotaby savvy, got me onto like a new bank to say, put my money in the one before that helped me pay off my debts and like, you know, save up a bit of coin.
It's not all doom and gloom, you know. I think we always speak in the bad side, like I'm opening myself up. I'm vulnerable, you know, with my finances. But the flip side is they come in from a different perspective, have their own situation that can help you as well.
Yeah, It's interesting though, like I kind of roughly knew what Michael was making, but it wasn't until we got the home loan that I actually saw everything laid out like it was. It's the first time I've ever seen that from any of my ex boyfriends, I mean, any partner. So I was like, oh, this is interesting, Like this is like I felt like I was kind of like intruding on his privacy a little bit.
Yeah. I think when you go down the path of the home loan, everything's on the table because the banks will pull out everything. So and also that could be like the cause of some arguments amongst cup like for example, if you have debts that they didn't know about and that's an added stress on the relationship and then it all kind of comes out at that point in time. So then it raises a question like when you should I actually tell them about it as well.
Yeah, because I've seen a lot of things like that, saying like a lot of the times the reason why couples break up is due to finances.
Yeah, I think it's financial stress and even just like the trust element of it. So if you think about it, if one person in the relationship is making big purchases without talent the other one, Well, that's going to be a huge show if they've got account or debts that they're not disclosing with the other person. Once again, it becomes like a trust thing. So I feel like it's
really heavy in relationships. And then obviously just like financial stress, and is there an imbalance in the relationship as well from a financial perspective, even though you don't want that to be, you know, part of the relationship, at the end of the day, it's forced upon you. So you've got scenarios where one person earning a lot, one person might not be earning as much, Like what does that do for the couple's dynamics? How do they kind of
balance that out and make sure no one feels guilty? Like, it's pretty complex.
What do you think, Like, let's just say, if you're renting with your partner and one person's earning like double the other person, how does that go with like rent paying? Should the person who's earning double be paying more rent? Like how do you think it kind of works? Or should it all be fifty to fifty?
Yeah, that's good, that's a good question, is what I mean. So I feel like you can't force the person's making more to pay more. Yeah, I think you're you're almost going to have the conversation before you move into the place, because otherwise I could lead to disaster because if they don't agree, you can't. It's just assume. But if you want it to be like accounting and be like, let's do it as a proportion of what you earn. That makes sense on paper, but relationship and personally what you know,
it could be a different scenario. So yeah, I think, yeah, everything has to presume fifty fifty unless you have the chat to be like they comfortable pay more because they make more.
I prefer to pay fifty to fifty, I think, just because I would feel a bit like uncomfortable even if my partner was earning more to be like making I.
Agree as well. I think that it saves any not resentment, but like yeah, or like control over the like you know you're not financially clential control everything.
It just keeps it very like do you know what I mean? Down the line? Yeah, no gray area on that though.
First dates who pays men or girl?
So what you do is you pulat your pace, lifts at the table and you look at it.
I agree. I agree this week.
Yeah, I think I reckon you go down just the path of whoever organizes it. I reckon they can run with doing the first date. Yeah, but obviously, like I think everyone's pretty mature these is. Actually I don't know daily world, but after a few days, I think it's like an open chat, like it's fine if you split it. It's fine. If someone gets one, you get the next one. It's that kind of thing. But yeah, for the first one, I reckon ever organizes it just sort of.
Out and then someone picks up.
That's why I never organized the first day.
I think, Yeah, I agree, and I agree whoever pays the main bill, the other person picks up, you know, drink afterwards or.
Yeah yeah yeah, and you still do you know, you still offer to pay. I still think that's nice. You don't go in with like the expectation. Yeah, yeah, I'm over that.
Don't even bother with that for me. No, you have to do stretch.
You need to stretch for the wallet.
Otherwise they're like, you're.
Like, oh, you know, like I can get it in their arms like this.
Yeah.
Yeah. Do you think it's wise to keep bank accounts separate? When you're in a relationship or is there a time that comes where you should merge.
I think you could have the best of both. I think you can still have joint accounts, so like you have joint goals, savings, et cetera. But then you've still got kind of your personal accounts that you live through to some extent. So I think it's pretty complex in
terms of like what you're both spending on. It could be like you've got a and this is kind of getting more into like not really a relationship, more like a marriage or something quite serious, where you've got, you know, you work out your savings goal and then you've both got a discretionary spend per week and then maybe that's what goes through your personal accounts. But like anything, I think it's just communication. You're both on the same page.
There's no wrong or right. But definitely you can still have personal bank accounts. Everything doesn't have to be joint from the get GOA.
Ideally you'd want a savings account that you have like holiday savings, and you have a bills one, then you have the one that you pay the mortgage in and you transfer to that, and then whatever you have left you have a great amount you both trans for whatever's left over.
Free game is yours free game? Yeah, if you want to get.
That, I reckon that. I reckon that works unless you get into that situation, Matt, where one person's earning double so then they've got this massive excess. It's like, well this is this is good to spend, isn't it, Because that's the issue.
Yeah, well then you'd you'd go back and reflect on a percentage of your pace.
You're good.
What issues can arise if you do share a bank account, like let's just say you split up. How does that all kind of unravel?
Look, I don't know, Like from a legal perspective, I think that is like a law question. But I think if it's in a bank account, there is still somewhat of an accountability like that you can see who's pulled the money out, like if there's debts, like you're both liable for them. It doesn't just fall into one person's you know lap. But in short, I haven't seen that
too much, so I don't actually know. It's a little bit scary, Like you hear about horror stories and people take all the money or just like financial blackmail and all that kind of stuff.
So it's a very legal question.
Like financial control is such a scary thing in a relationship, and I think like it, like you do see it like a little bit around.
Have you from my ex used to like, you know, for everything, and then she's like, give me her card and it would notify her. And then if I go into the shops and I pay for my money, why don't use my card?
I should get annoyed.
That's right.
I mean, I would say that's called like living the highlighte.
What's that.
For me?
Don't be bad when you break up? But while he was in it.
Yeah, I don't know.
I don't know when he gets out of the relationship, but he's like, I was financially controlled.
She made her money against my will. I've saved all this money, but she Maybe.
What about if let's just say this is not I'm not asking this personally, but I just thought it would be an interesting question. If you buy a house with someone and then you break up, how does that work?
Is that a legal question as well?
Maybe?
So let me just grab that lawyer in the other room. You're both on the title and you've got joint ownership. Obviously, the legal parties kind of when you sell it, how do you sell it? All that kind of stuff, making sure it's an independent kind of sale. But at the end of the day, the mortgage has to be cleared, you know, agents need to be paid. Whatever's left theoretically gets paid fifty fifty to you. I think it's probably just more complex in terms of what stage of the
relationship are they. Is it a divorce, what's the divorce settlement? He's a fifty to fifty. That's why I'm like, is it a legal question? But in the simplest form, it's like, if it's all shared, then it makes sense that it gets a clear get.
Your cash fitty fitty. I'm not planning on breaking up anytime soon, so.
No, yeah, get into the property first.
What are some ways that you can make better money choices just on the daily? Would you say, obviously, maybe five coffees a day is probably not the best money choice by Matt.
What about that app that you pay through and then if it's five dollars thirty it rounds it off to six dollars. What's that I can't remember the name of it, and then it gives you the seventy cents into a savings account.
Yeah, yeah, yeah, there is something like that. I mean, that's that's good. I feel like that's kind of what's two questions Is one it's like we want to save more, and then like little apps like that can help. And then two itch is kind of like are we are we spending more? So I think it's a mixture of one. I mean, setting some goals without a goal, I feel like it's hard to make anything actionable because you kind of think to yourself, what's five bucks, what's fifty bucks,
what's one hundred bucks? One doesn't say say five grand for the end of the year for a trip, right, makes you accountable? Two then it just comes down to actually going through and seeing where you're at, being accountable, staying on top of the spending. So day to day you don't need to look at it, but at the end of a month, reassess and see where you're at. Otherwise, you know, three months, six months slips and you've done all this spending and you're not on top of it.
And then maybe just yet find the system that works to track it easy. So whether it is like I said earlier, like an app or just putting aside half an hour a month to go through your spending. I think that's the stuff that's going to make you accountable and actually help you just get a little bit ahead and not bury your head in the sand. Do the whole thing.
Yeah.
Yeah, my mum once said, look after the hundreds and the thousands will.
Come, it all ends up. Is Yeah, that's what I'm saying.
You might think, oh, it's just a hundred bucks, you know, buy that at that dress, and then you're like, you know what, that's a hundred bucks.
So still bus Yeah, still can saving.
Yeah, well, Juliane, we better let you go because it is tax time and we know that you are very, very busy. So thank you so much for making the time for this. I'm also going to need to send my tax about to say, filtering for your receipts that you're thinking.
I will continue make so much guys.
Thank you so much.
Thanks, I appreciate it. Chat s