Chapter 1: What is the main topic discussed in this episode?
Welcome to I owe you some money education because we owe you and you guys owe me some money education because I didn't really learn it growing up.
We're Soph and Vic from The Curb and we have roped in Lucy Blackison from Shit You Should Care About so that she can ask all the questions that you wish you could.
And if you want to watch this episode on YouTube, click the link in the podcast show notes below. And please leave us a comment, rate, review, share with your friends. We'd love to hear it.
Oh, my God. And actually, also, if you want to see me learn how to implement everything that they've tried to teach me, we have IOU, the practical lessons where there's actually a course where you can do everything we've taught you how to do. It's really easy. It's really fun.
Chapter 2: What is an emergency fund and why is it important?
The link for that is also in the show notes. Coming up in this episode, we spoke all about emergency funds, which, again, was something that I didn't have set up, even though I'm someone that can be quite prone to an emergency.
I really loved this one because we kind of talked about how much or how many months you should have in your emergency fund to make sure that if you needed to get out of some sort of situation or if you...
had a car break down or you needed to I don't know move house really quickly you had enough money to make sure that you were safe and you could do that so it was a really important episode but then it was also quite funny because you all sent in the most unhinged things that you had spent your emergency fund on and honestly some of your animals sound like pure admin but we know you love them and
That seems like, if it's up your alley, a great thing to spend your emergency fund on. So I think you're going to love this episode, as I say, every single month, but I promise you, you will.
This episode of IOU, Some Money Education, is proudly brought to you by the Bank of New Zealand. When you're just starting out, managing your money should feel easy so that you can focus on winning at whatever you're doing.
Whether you're flatting, saving to travel, or making a career move, they have all the tools to help you master your money from the get-go.
Thanks so much to the Bank of New Zealand for making IOU, Some Money Education, possible. Don't forget to check out IOU The Practical Lessons to put what you're learning into practice. Find the details in the podcast show notes. So we are back for episode three. I know. And I also must say, like, when it comes to reflecting on my money, a whole month, so much happens. Yeah.
It's like having therapy twice weekly where you're like, it's actually not enough. Every two weeks, too much shit happens in my life.
Twice weekly.
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Chapter 3: How much money should you have in your emergency fund?
I'm not even actually really a concert girl because I'm really short and I get quite claustro. But I went to Laneway and Laneway is just the one that I will always go to. And just because it has a great line-up.
Do you drink alcohol?
Yes. Does the Pope Catholic? Does the Pope a Catholic? Does the Pope shit in the woods? What does that even mean? I know. I don't even get that.
Chapter 4: Where should you keep your emergency fund?
Is that a saying or did you just make that up? No, it's a mix of does a beer shit in the woods and is the Pope Catholic? Like the answer to that yes. Yes and yes. Yeah, I drink alcohol. Is that okay? What sort of alcohol? Honestly, I love wine because like my brother and my best friend are both winemakers and I come from Blenheim, which we make a lot of wine.
Anyway, kind of irrelevant, but not really because maybe I'm in the red because I was at this festival. I had to get accommodation. I was flying up to Auckland. You buy a lot of alcohol. You have a great time. Festivals are expensive. The tickets are expensive, but it's my one thing, one festival that I will go to every year.
Are you the person that will shout rounds of drinks and then the next day be like, why did I do that? I won't be like, why did I do that?
But I will be like, drinks on me. Yeah, I'm more like shots, shots, shots, shots. I brought my brother to Laneway this year.
I love how close you and your brother are.
It's really cute. It is cute. But anyway, he can't afford drinks.
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Chapter 5: What are some memorable listener stories about emergencies?
So I do end up being the one that shouts. And you know what? I don't mind it because I know he would do the same for me. Yeah. Yeah. Soph, you?
I don't feel comfortable sharing mine. Can you go first? Yes. Okay. I'm also in the red. I've just had a really great friend's wedding. Oh. And it was... Yeah, a lot of accommodation, flights. There was, yeah, there was a lot. A destination wedding? A new outfit.
Okay, well that's why I'm kind of vetoing weddings from now on.
No, but I'm glad that I was back to go and be there. But I am hoping next month. But you're back into the green. We're always hoping to be in the green, aren't we? It's a bit flip-floppy for me. Red, green, red, green, red, green.
What? Okay, attention seeker. Guys, I just... Okay, here's the thing. So, I'm single and I've been dating... For all of those listeners who are paying close attention to our personal lives, I just want to let you know that this episode was recorded a little while ago when I was dating. For anyone that's now wondering why I'm talking about dating and they're like, what?
You've been talking about being in a relationship, that is why. Okay, enjoy the episode. And I have found myself on one too many dates that someone has suggested a restaurant and I thought, fun, surely they're going to pay for it, that they're the one that suggested it. It was their call. And then I end up... And basically, I'm in the red because I have not budgeted for this shit.
And dating's expensive.
It is expensive.
So now I'm in this weird position where I'm like, I don't want to be... I don't know. I'm conflicted on this. And I'm kind of keen to hear your thoughts actually on this, Lucy. But I personally feel like...
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Chapter 6: How can you start building your emergency fund?
Yeah.
And I actually, do you know what for them as well? Yeah. I actually broke up, not broke up. I was sort of dating someone quite casually. This is when we lived in Australia actually. And I, yeah, it was like, I just, he was so, it's really interesting. Now I reflect back on how I dealt with the situation. Definitely could have done it better.
But basically I actually phased him out, which was immature. And I wish I hadn't done that. But then he asked me afterwards, hey, what happened? Because she was really into that. And I was like, yeah, I just felt like you were a bit weird with money. But I didn't, which, terrible for me. And I wish I could go back and redo this.
But he basically would, we would like, he would have stayed at my house. We would have like gone out the night before. I would have paid for drinks. We would have gone out for brunch in the morning. He got breakfast and I got like a matcha and I paid for the whole thing. And I was kind of like, this just feels shit. And I feel like I'm being used. But rather than communicating it,
You just ran away. I just kind of ran away, which is dumb and I wish I hadn't done that. But anyway, pointers. Yeah, I'm finding it like I want to date. What about going to the park? Going for a walk?
Going to, I don't know.
It's just all that sexy and romantic. You kind of want the context to be this could be fun and sexy. And I feel like let's do a round of the block is not really giving that.
No. I think because dating is so low on my agenda of things I want to do, if it was also draining my finances and it was spending time with a man, that's like two red flags. I'm not doing either of that. Yeah, right. But I'm in a different phase of life. I'm full independent Lucy right now.
Why did I think at some time in the recent future, like recent future, recent past, you were talking about hinge? Did I imagine that?
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Chapter 7: What types of emergencies should your fund cover?
All on my own. I got my conscience. No.
I was enlightened at eight years old and I thought, no more free socks for me.
It's funny how your little brain thinks, right? When you're like, oh, hang on. Well, that like... I could do this for you. Yeah. Anyway.
I used to call the push play hotline. It was like 30 minutes ago you got to push play.
Oh.
And then you ring it and they send you a free beach ball. And I got like so many free beach balls. Fun.
Yeah. Okay. I used to sell my sister's clothes on Trade Me. That's fucked up. She'd left them behind if she went to uni or something. Well, you're not going to wear it.
My sister would borrow stuff and she'd be like, I gave it back. And I was like, you didn't. I know. And then she'll put it there. We like something goes on Instagram. She's like, sorry. I'm like, oh. Not, like, great. Could you give that back? Yeah. And then I get the object impermanence thing and I forget that I even had it. Yeah. Then now it's her wardrobe.
Sometimes I do that with things that I order online. It's not good. Like, it just will never arrive. And I've forgotten that I've ordered it.
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Chapter 8: What accounts are best for an emergency fund?
Yeah, I agree.
You gamify it.
Yeah, it's actually fun. Especially if you're quite like a... Like for me, I'm quite good with goals. So I think if I then have a goal and I'm trying to hit it, I get dopamine from like checking my account or like having spare leftover that I could move into. I don't know. I find it like quite... Fun rather than stressful.
And I actually think a hot tip for anyone that hasn't done the practical yet is doing like, especially in the beginning when you first start learning how to split your pay, is giving yourself a bit of a money date, like doing once a month sitting down with yourself and just like kind of re-looking at it. That's nice. For me, something I found I had originally, mine was the opposite to you.
I had actually, I was putting quite a bit in my surplus thinking I had it, but then I was actually finding myself so stretched every month. So I actually pulled back on my surplus and it's taken quite a few months to get to a place and it's still, I don't put much in now because otherwise I'm too stressed and I can't spend money on everything else.
And reminding yourself that you're actually allowed to spend money on not just your needs, but your wants and you've budgeted for that. Yeah. Because I feel like when you're at school, it's like, well, no, you really should limit all your wants.
And not live life at all.
But being like, okay, no, I'm aware of what I spend on things that I love just because I love doing them is really nice. And also makes you feel good that you make enough money and you can control it well enough to do the things you want. That's so good. So this extra credit was actually really slay for me.
And again, you should watch the practical because you can see how I actually split it all up.
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