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Chapter 1: What is the main topic of this podcast episode?
My name is Natasha Bamblett. I'm a proud First Nations woman and I'm here to acknowledge country. Hello, beautiful friends. We gather on the lands of the Aboriginal people. We thank, acknowledge and respect the Aboriginal people's land that we're gathering on today. Take pleasure in all the land and respect all that you see.
She's On The Money podcast acknowledges culture, country, community, and connections, bringing you the tools, knowledge, and resources for you to thrive. She's on the money. She's on the money.
Hello and welcome to Shiz on the Money, the podcast that makes personal finance fun, especially on a Friday. Bec and I are back with another edition of Friday Drinks where we get together to celebrate you, our incredible Shiz on the Money community. While Victoria is away, we'll be sharing all of your money wins and broke tips to help push your dollar further.
Speaking of, this week's money dilemma is all about spending, specifically how to spend responsibly when you've grown up frugal and how to spend responsibly when you've grown up frugal. And as always, we'll be answering a left of center question from our community and a DM that asks whether it's okay to withdraw your investments if you've got a killer business idea.
If you've always wanted your money dilemma answered on the show, please head to our website and record your message on the podcast page. We love hearing from you and your dilemma might just help another listener who's going through it. Now, Bec, I... Hello. How are you? I'm good. How are you?
I'm good.
It's always fun when it's the two of us together. I know. So cute. So cute.
I can just tell that you are raring to share a review with us. Oh, my goodness. I'll say one of our favourites because we have a couple of favourites in this episode. The whole thing is our favourite. The whole thing is our favourite. One of our favourite parts of the episode is the five-star review. And the rumours are true. It is time for a five-star review.
And this one comes from Jenna who says... but just wanted to say what a vibe. Your genuine laughter is so contagious. Perfect drive to work, listen. Impossible not to smile. Thank you. Side note, I started investing in shares years since listening to your podcast. $50 a week on auto invest.
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Chapter 2: How does a frugal upbringing affect spending habits?
Exactly right. And we really appreciate you. Now, are you ready for this week's question of the week? Yes, please.
Yes, please.
They've been really good lately. I feel like Victoria is missing out. And Jess, excellent name, would like to know which fictional character would you recommend She's on the Money to? Whoa, that's a good one. I'm going to go like a Cinderella. Cinderella. Well, because I think... She comes from nothing. She's got no money. And all of a sudden she's really rich because she's married a prince.
True, true, true, true. It simply makes sense to me that you'd want a little bit of financial literacy. Don't rely on a man.
Yes, yes. And this is like prime, not that it would be intentional, maybe, maybe not, prime financial abuse dependent situation because she's like never known money.
Pre-significant women's rights.
Exactly, exactly. So I'm like, yeah, she needs it. I just want her to be looked after. Oh my God. Well, I was on the same train as you, but I'm like, I didn't want to like recommend to just women. I wanted to recommend it to Squidward because I feel like he is, he's, I don't think he's financially the trend. Of course. I mean, he can't be carried that.
But Mr. Krabs is, and then SpongeBob is silly. And then he's in the middle. I feel like he's got the bones for it.
Is Mr. Krabs taking advantage of Squidward? I don't think so. Have you seen SpongeBob?
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Chapter 3: What are the pros and cons of withdrawing investments for a business?
All I'm saying is sometimes it pays to have a winch. Exactly. Exactly. Well done, Morgan. Next, I've got a money winch from Kimberly who said, I took a phone call from a relative on my birthday after ordering my takeaway coffee. The shop assistant overheard and told me I could pick something from the cabinet for free. Oh.
She scored a free gourmet muffin and it made her day as a working mum who was on her way to work on a Sunday on her birthday. Oh, my God. Happy birthday, Kimberley. I hope you had a great day and good on you for hustling hard. And how nice of that girl at the cafe too.
I know.
That's so sweet. I love a little community moment. Next, I've got one from Kayla who said, I've been getting so many kids' clothes on clearance, which I'm buying for next season for my girls just by purchasing the next size up. She said, I'm literally buying them for $2 to $5 per item. Genius. Crazy as well. And kids go through clothes so quickly. Yeah.
Like they either ruin them at daycare, so I've heard, or they just grow out of them really fast.
Yeah.
So buying up a couple of sizes, just having them tucked away, especially if it's two bucks. Totally. Very, very clever. Yeah. Then I've got one from Cleo who said, I tore my ACL and hobbled to the medical center, which had after hours, and just asked for some crutches. I didn't need to see anybody because I've done it before. So sorry to hear, Cleo. The ACL is never a fun one to do.
They said they'll give me the crutches to hire, which will be $60, but I have to see somebody first, which would be another $60 for the appointment. So I said, no, thank you, and just hopped away. I asked a large-ish group chat if anybody happened to have a pair of crutches, and I got given them straight away." Great. So I saved myself $120 and I got to keep them.
I mean, consider me really something. Lucky maybe, also ignorant maybe, but I just didn't know you had to pay for crutches. But also like, yeah, where do they come from? But that sucks.
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Chapter 4: What tips can help overcome spending guilt?
Smack it there. No, so I bring my arm and I think they temporary slinged it with just a big bandage, but then the one that you can wear constantly and wash and stuff. Yeah, you have to buy it. And I'm pretty sure they weren't cheap either. Jeez. My boyfriend's a physio.
He's constantly bringing home compression things and different wraps and it's stuff that people have to buy and it can get pretty pricey from what I've seen. Jeez. Then I've got two money wins, both from Jessica's. There's a lot of Jessica's coming around.
So Jessica Jessica, that's what her name is on Facebook, said, my client cancelled their shift just as I was turning into their streets, which you'd think would be a money loss, but I still get paid for it. So I'm counting it as a money win. Hell yeah. And then the other Jessica said, I visited the Hague's Chocolate Factory when I was on a weekend trip to Adelaide.
They had a second section which was a lot cheaper but tasted just as good. Such good value basically because the chocolate wasn't poured symmetrically.
Oh. Haze is beautiful too.
Yeah, totally.
It's like the odd bunch of haze is what I would get.
Yes, yeah, 100%. Like ones that are a little bit wonky or don't meet the standard. That's so fun. We'll take it. Absolutely. And then lastly this week, I've got a money win from Kayla who said, I have been looking at IKEA wardrobes as a project at home. I found exactly what I wanted with additional add-ons from a seller on Facebook Marketplace.
$550 out of pocket with the total value being over $2,500. Massive savings and even more storage than I had planned and budgeted for. Gorgeous. I hadn't thought to look on Facebook Marketplace for wardrobe stuff. And as someone who is getting ready to do that for the new build when it's done, I will be trolling.
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Chapter 5: How can budgeting change your spending mindset?
I'll give you a list, babe. Yes, please. It's always fun. I love to window shop.
Oh my gosh. Well, the community is absolutely killing it, but you know this already because you've been reading their broke tips.
Yes, ma'am. What good ones have you got? Okay, so this first one, I just thought I'd start off nice and light, but just I think it's interesting. You know when you get those Lebanese cucumbers and they come in like the plastic? Yes. Why are they in plastic? I don't know.
I don't know, to be honest, but I just know that, I don't know how you do it, but I like slice it off and I take the whole thing off and then I just like do whatever. Yeah. But I saw this thing on TikTok. This TikTok was sent to me by Yana. Thank you so much, Yana. And so you get that long plastic sleeve and you don't fully cut it off. You just like fold it.
You kind of twist the top and then on the side, it's really hard to explain, but you do this thing. But I'm getting some beautiful hand gestures while you. Oh, my God, I just realised. So that is a thick cucumber. I'm so sorry. You're so fine. I understand I'm a hand dogger too, which is very funny. Well, it's not something I'm used to, but you twist the plastic wrapping.
I'm saying anti-clockwise until almost like, you know, when you're like watching a movie, it's like robotic doors like kind of close all the way into a circle. It's like that is happening at the top of the cucumber. I know this doesn't make any sense. Maybe we'll link the TikTok in the description box.
Or we'll cut this video into socials and put it maybe on one of ours because I don't think that's making it to the feed.
So fair. If we could maybe dub something over the top because the hand gestures don't really go with this cucumber analogy.
We can put it on TikTok and maybe somebody can, like, put their own captions on.
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Chapter 6: What are some creative ways to save money?
That's cheaper. And so, like, if you order it in a certain way and they have no obligation to say, hey, this is actually this thing, it's a little bundle, then you'd be charged more, I assume.
That's so annoying. Clever, clever, clever. Maybe when you go up, you just need to say, hi, can I get a tea and toasty combo? Yeah. And then it doesn't matter what you say first because you're like clearly saying I want the deal, you know?
Totally. You should try that with everything. I feel like maybe there is a combo somewhere and they're like, whoa, how did you know? That's a great one. Thank you so much. My one is really dumb and I'm scared that everyone's going to Hate me for it. But this is my... Because I'm new to the lash game, the beauty game, you know?
It's just... I'm just trying to, like, take care of my skin these days. And so I just... My friend went and got a lash perm. And I was like, well, I don't really have, like... I don't know, however much it is. Maybe, like, $80 or something. And so I was like, well, instead, I went and bought a lash curler. And now I curl my lashes every single day, twice a day, which is maybe really bad.
And that is... It's almost as effective, if not, like, the... Same as a lash perm and way cheaper. Did you guys know that? That's way cheaper.
Your eyes are looking good. You can also get kits to do them yourself at home to do your own lash perm.
True, you can. And then also I haven't tried that serum where you get like longer lashes. I don't know if that's real or not. Yeah. It seems like magic. But if anyone knows of any good ones, let me know because I'm really, I'm going through a skin face beauty change transformation. That's very exciting. Thank you so much. I've got some things I can give you.
Great.
Thank you.
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Chapter 7: How can you test a business idea without significant investment?
No. And that's ā so I just don't want that to ever feel like that's what I'm saying. I just mean in general. Like, it's really good to ā but ironically, it's like you've got to spend money to do that. And it's like you don't really want to ā that might be a tricky thing as well. I mean, it should be free, but that's a story for another time. Therapy or I think just, like ā
Honestly, listening to ā we have some episodes about mindsets and ā I know it's more than a mindset. It's deeper than a mindset. It's like I don't want to minimize it. But I think that it would be helpful if you, in the meantime, or if you're not in therapy right now or you can't afford therapy right now, to listen to some of those episodes about mindset. And I find Reddit really helpful.
I know this probably is not very helpful, but I find Reddit really helpful when it's like I will type in the most niche-specific thing and then put Reddit at the end. And there will be people who have been through the exact same thing have the exact same experience and they will talk about how they kind of got out of it.
And I think, yeah, just like following other people's journeys, Googling it, going on Reddit and seeing how people kind of maybe were in the same situation and manage that a little bit. So I think it's really helpful.
But yeah, as someone who unfortunately grew up on the other end of the spending spectrum, I don't think I can offer too much useful advice in terms of how to spend because for me it comes far too easy.
Yeah.
I would like to go the other way. I'd like to.
I think that's a really good chat. We have a full episode on managing spending guilt. It is a few years old now, but I think it's a really good episode, especially because a lot of people deal with this. I think exactly as you said, our childhood experiences play such a pivotal role in our money stories and really inform how we feel about a lot of those things as adults.
So you're definitely not alone in the experience that you're having, whether people are on either end of the spectrum, it is more common, I think, than you would believe. So we'll link that in the show notes along with any other episodes we think might be helpful for you.
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Chapter 8: What are the community's thoughts on cashing out investments?
I mean, it's hard to know. How sure could you be? And is it exactly $35,000? Is that all you need to spend? Or is it like, I'm just so curious about this whole thing. But I think that genuinely, if you only need to spend $35,000 and you won't see that you're taking out all of your shares and then going into debt as well, then... I think maybe it's worth it. Could you get a business loan?
I don't know. Are they, like, financially better? I don't know. Oh, I guess what you could do is figure out how much interest you're gaining on that $35,000 and then figure out how much interest you'd be paying on a business loan.
When you say how much interest you're gaining, do you mean what your potential growth in your shares and or dividend payments would be?
Exactly. Potentially. Let's say it's, like, on average 90% per annum and then you're only paying, like, 3%, I don't know if that's a thing, per annum on a business loan. I'm like, well, it seems to me like maybe that's a better idea. Maybe. I mean, I'm not a financial anything.
So does that sound right? I think that pulling money out of your shares is not the worst idea. People sometimes have invested for the long term and then pulled some of their growth out beforehand. house deposits or for big purchases. What you're kind of referring to is basically weighing up the opportunity costs.
So what would the potential growth in your shares be over time versus not only what you would lose to a loan, but what is the potential growth of this business? And it's obviously really hard to project success in a business. I think especially in this economy as well. I don't want to be a negative Nancy, but it is tough out there for businesses, especially small businesses.
So if you haven't already, I would definitely be making sure you're doing some really solid market research around the product or the service or whatever it is that you're planning to offer, have you checked that there is an appetite for it? Have you checked if there are competitors? Have you checked to see what the cost for your raw materials or overheads would be?
Have you factored all of those things in? Because yes, it might take $35,000 to get it off the ground. But generally speaking, there are also long-term operational costs with running a business, especially it sounds like if you're needing to invest some capital, I'm assuming you've probably got some product or maybe you need to invest in some equipment or something of that nature.
So it's not just a matter of paying your upfront costs, but also making sure that, well, if this business is not profitable, which there's a very good chance that it won't be because a lot of small businesses start off in the red. Mm-hmm. Are you going to be able to sustain that or are you going to find yourself in a pickle 12, 24, 36 months down the track? Great point. Thank you.
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