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Chapter 1: What is the main topic of the inheritance dilemma discussed?
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.
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Hello, friends, and welcome to She's on the Money, the podcast that makes your personal finances feel fun, especially on a Friday. I am not Victoria Devine. I'm Jess Rickey, and this week I am joined by Bec Syed for a very special edition of Friday Drinks. Victoria is away, so we get to have you all to ourselves.
As always, Friday is the day where we celebrate you, our beautiful She's on the Money community. So I will be sharing some of your money wins for the week. Bec's going to be bringing some trusty broke tips just in time for end of financial year. Mm-hmm.
As is the custom, we'll be chatting through some of your money dilemmas, including what one listener might do with their earnings from their side hustle, plus a DM about gracefully navigating tricky family finances. If you've got a money dilemma that you're just dying to share, please do send us a voice note.
We'll have a link for that in the show notes, or you can find it at shesonthemoney.com, where you can record your message. We'd love to answer it on the pod, and who knows, it might just help somebody who is in a similar predicament.
Gorgeous.
Well, I feel like that was a lot for me, a lot of words.
Yeah.
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Chapter 2: How should side hustlers allocate their earnings effectively?
Correct.
No, that's correct. Sorry, I had to think it through in my head for a second. No, that is correct. I agree, but I also just think it's absurd to hand someone a piece of pizza without a handle. Just the triangle bit off the bottom. How are you going to eat that?
Yeah, and how are you even giving it to them and how are they receiving it? Like, what are you holding?
And by definition, I think if you're holding the crust, that makes it the top. And also, if you think about the pizza as a circle to begin with, and the crust is the outside, and therefore it must be the top. Top. Right.
Sorry, I don't know why I'm repeating everything you're saying. That's correct, though, I think. Yeah. I love these kinds of questions. These are so fun. I know. Oh, my God. But then also, if you've got a tire, would you say the outside of the tire is the bottom of the tire because it's on the floor?
If you cut a tire into a pizza-shaped slice, I think I would still say the rubber bit is the handle. Okay, yeah, yeah, yeah, yeah. I understand what you're saying, like it's the bottom because the tyre is touching the ground. But see, by nature of a tyre, I think that the top of the tyre is the bit that's touching the car and the bottom is the bit on the ground.
And so the top could well be the bottom if it just spun around.
Because we're all just on the hamster wheel of life. Well, that's exactly right. Well, that's exactly right. And so profound. Come to us for more insightful advice. Thank you, Shona, for helping us see the whole pizza situation from a new angle. I'd love to know what everybody else thinks. If there's a single person out there who says the tip is the top...
I don't know what to tell you, my friend, but... Yes, sorry. Let us know in the comments on Spotify. If you've got a question that absolutely must be answered, send it in. We'd love to hear it. We love reading them. We love responding to them. The sillier, the better, may I just say. Yes, please. But before we get into your bro tips... Would you mind if I shared some money wins? Of course.
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Chapter 3: What are some creative ways to split financial contributions in families?
That feels a bit mean, but I'm not paying you $150 for something that I can get for free from the government. That is really good to know. Don't pay for extended warranties. That's crazy. And how long are you covered under consumer law? Well, it depends. So consumer law says that it's like a scale based on costs.
Like if you spent $5,000 on something, you would expect it to last a reasonable number of years. Whereas if you spent, you know, $100 on something. I think standard consumer law covers things for two to three years. But then beyond that, like if you bought something really expensive, you absolutely can argue that at the price you're paying, you would expect a longer life out of it. Yeah, exactly.
Yeah. Oh, my God. I really want to say that next time.
It's a little mic drop moment. Thanks. It's covered under consumer law. Yeah. Wow. I just think it's, yeah, stop selling junk insurance. Nobody needs it. Next, I've got a money win from Rhiannon who said money win. I worked on Sunday, which I don't normally do. I had the longest shift of anybody in the day and I made my whole week's wage in that one shift. Oh, my God. Isn't that crazy?
Yeah, that's crazy. She must be getting Sunday rates. Incredible. Incredible. Nice. Next, I've got one from Alice who said, a medical practitioner I've been seeing regularly forgot to put through my Medicare rebates for a few months and I've only just noticed. You can obviously claim them, you know, in back pay and I got over $1,000 coming my way this week. Amazing.
Next, I've got one from Kimberley who said, a small win. I've finally got intentional with where my money is going instead of letting it disappear during the week. Good on you, Kimberly. Great. And then last one for the week from Kayla, another small but mighty win. I'm with the original, which I've never heard of, for the internet and gas.
I logged into my app the other day and saw that they had a My Rewards tab. I already use this for a petrol discount, but they also have movie tickets that you can book through the app to all of the major cinemas at a very, very discounted price. Great. Not to mention things like a sneaky iconic discount as well. Okay. The original.
The original.
Never heard of the original. Just check the things you're using because it was only through this show that I realized that through NAB I can get discounted petrol at 7-Eleven.
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Chapter 4: How can you navigate tricky family financial discussions?
And let me tell you, when petrol was like $2.30 a litre, that was doing a lot for me. Oh my God. How much discount? It changed like week on week. But I think one time I got 10 cents. I think one time I might have got 15 cents. Okay. Enough to be well worth it. Yeah, seriously. I feel like more and more platforms are doing rewards programs, gifts programs, whatever.
So I feel like it helps to have the apps. They're not only apps.
And thank you. Yeah. Look into it. Well worth it. It is a good lesson because I also see these notifications in any app that's ever existed and I just ignore them because I'm like, oh, it's not for me.
Don't ignore.
But maybe it is for us. I do have some broke tips. So this first one comes from Nadia, who sent me a post from Tightasses of Melbourne. And this one says, $29 bottomless steamed pan-fried and deep-fried dumplings for 90 minutes at Welcome to Brunswick, The Hall. $30 for bottomless steamed pan-fried and deep-fried dumplings. For 90 minutes. I'm like, that'll fill you up for the day.
I do love a dumpling. Although I do think you hit a threshold where there's only so many dumplings that one person can eat. Yes, that's true. But I feel like if you are like just going through a rough patch financially and you're like, I'm going to need this to fill me up for lunch, dinner, everything, then I'm like, you can squeeze it in.
And I think because there's steamed, pan fried and deep fried, it feels like different types of food you're eating. Yeah. And then in that same vein at the Howler, also in Brunswick. Sorry, everyone. I feel like this is just a complete coincidence. But there would be something similar in every part of the world. For $15, you can get entire burger range with chips and free trivia from 7 p.m.
Tuesdays. So happy hour, $15 burger and chips, free trivia, 7 p.m. Tuesdays at Howler. And I'd say that's probably a very cheap date if you want to go on a date. And for, you know... People who want a cheap or like kind of cost effective way to see their friends. I think it's a really great idea. And I'm sure that you have something similar in your area. I'm really sorry.
This is only relevant to people in Melbourne and more specifically people in and around Brunswick maybe. So I do apologize for the exclusivity. Next one comes from Jacinta who says, Hoyt's are giving away $12 movie tickets on Sundays. $12? Yeah, I know. That's so cheap.
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Chapter 5: What are some effective broke tips for managing finances?
I would be inclined to uphold the system because I'm assuming that you've created this structure for a reason. You're investing a huge chunk of your money. 40% is a lot. So I'm guessing you're maybe trying to do fire or working towards some kind of significant goal there, make up for some lost time maybe.
If you feel like you are living super frugally, like that 50-40-10 split is really pushing you a little bit, then maybe you can consider using some of it for fun money. I would maybe steer away from using all of it because I think you're working so hard. You're working a side hustle in addition to a full-time job. Let's make sure that that money is working hard for you as well. Sure.
But, you know, you can take a little portion out of it each week if you wanted to say you have your pool of money that's come out of your side hustle and 80% of that goes into your system. So then, you know, 40%, 50%, 10% and 20% of that gets set aside as fun money savings for something that you want. Like that could work.
But I think if you've gone to the effort of setting up a structure, stick to the structure.
Yeah.
Don't make life hard for yourself.
Yeah, I tend to agree. That's a really good point, though, paying for the business out of the profits of that business.
Yes.
Because there could be heaps of outgoings. Like, you know, if it's a cafe, you've got to buy the cups and the lids. Yeah.
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Chapter 6: How can you balance fun money and savings from side hustle profits?
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