She's On The Money - FRIDAY DRINKS: Another Big Bank On The BNPL Bandwagon!

Episode Date: June 16, 2022

Happiest of Fridays angels! Join us for the best way to end the week and another episode of Friday Drinks! We wrap the week, celebrate your Money Wins and commiserate the losses, plus the ladies answer a sticky Money Dilemma about transitioning from fortnightly to monthly pay. Submit your Money Dilemma here.Plus there's more buy now, pay later chat to be had with NAB jumping on the bandwagon! The ladies discuss the ins and outs and speculate on whether this is bad or could help with further regulation of the BNPL industry as a whole.Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements.The advice shared on She’s on The Money is general in nature and does not consider your individual circumstances. She’s on The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. Victoria Devine and She's On The Money are Authorised Representatives of Infocus Securities Australia Proprietary Limited ABN 47 097 797 049 AFSL - AFSL 236523.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

Hello and welcome to She's On The Money, the podcast for millennials who want financial freedom. Today is Friday, my loves. We are back. We've been watching TikTok, so that Money Don't Jiggle Jiggle song is all that is stuck in my head. And it is time to unpack our favorite moments from the week that was, and of course, to celebrate the incredible She's On The Money community. As always, we are going to be sharing our favorite money wins. We're going to be discussing what's making news in the finance world. And we're going to be helping to answer a very juicy money question, which this week is all about being paid fortnightly and having to move to monthly pay, which I think is a sticky situation a lot of us have found

ourselves in historically. But first, it is time to recap the week that was. Miss Jessica Ricci, what happened to Money Diaries? So this week's Money Diaries was an international student. She came to Australia from the Philippines and she's been here for over five years. And whilst she was here, she was actually diagnosed with BPD, which is borderline personality disorder. Yes. How frustrating. I know. And it was really interesting to talk to her about the symptoms and how that manifests for her, because one of the main symptoms she was talking about was impulsivity and how that impacts her because she would save and save and be really smart. But then if she had a bad day, it'd all be gone. So super interesting to talk about that. And actually a chance for me

to plug something that we're working away on in the background, which will be a little series on neurodiversity and how that relates to your money, because turns out you can't actually sometimes help the things. You can have all of the positive habits in the world, but you can have the cash flow and then you can be like me and have ADHD and just be really impulsive and want to change things. And there's not a lot we can do about that except education, right? And the more we know, the more power we have and the more power we have, the more likely we are to stick to our habits and goals that we set. Yeah. If your brain's wired differently, sometimes it just means that you need a different approach. And turns out, as we've said before, the world is made for a certain

type of person. And once upon a time, they'd be like, screw everybody else, fit in or get out. and we're not about that. We got up. That's what we did. We didn't get out. We got up. So yeah, that's something that you can look forward to hopefully in the second half of this year. Yeah, getting in really early on that one, but I'm super excited about it. Me too, now that I know it's on our radar. So that's nice. You knew that. It's funnier if I pretend I didn't Jess. Something we've really seen on TikTok actually is with people being more open and honest and even within our community about their habits and their experiences, sometimes seeing that you have these habits is a trigger for you to realize that you might actually have an

undiagnosed condition, which I think is super interesting. It's super powerful. Yeah, now that we're talking about it more openly, I think that is such a fantastic outcome because as women, we're statistically more likely to go undiagnosed with things. Yeah, because it's also a man's world. So when it comes to medicine and the way things are portrayed, it's always how it's portrayed in a man, which is why so many things go wrong. So yeah, a big thank you to our diarist for being so candid with us about her experience, because that's something that we're really hoping to chat more about later this year. And she was really, really, I think, a powerful episode. Yeah, I love that. Jigging, what happened on Wednesday? So this week was another tax episode, ladies. But it was

really, really interesting. Did you like that? Did I sell it? You're not selling me. Oh, gosh. Okay. Jess told me before off air that I had to be more excited about the tax episodes. and they have absolutely no intention of pretending. I'm excited about them. Listen to the episodes. I am, I would argue, very engaging. I'm a very nice lady. I did some very good content.

I did some very good research. You were high energy. When you say, oh, how are the tax episodes? I kind of just like low-key laugh because, like, who says that? Who says, how are the tax episodes? There are a lot of people who have been asking for tax content and they're going to be excited. We have been giving the people what they want.

It's true. The community wants it. I want it. As you guys know, I love paying tax because I genuinely think it's a massive privilege and I want to talk about that more. But yeah, what happened on this week's Tax Tip? So this episode was all about whether or not your side hustle is tax compliant, which is super helpful because obviously in our community, so many of us are side hustlers.

I'm a side hustler, Jess is a side hustler. Everyone's side hustling. You're the biggest hustler, this side are the worst. Oh, I thought you said hussy, but that's okay. Same, same. But this week, we actually got to hear from one of my good friends, Tiffany, who spoke about the pickle she found herself in when she actually was side hustling and got some bad tax advice. So it's really important to trust your gut is what I got out of that. Trust your gut.

Always ask for a second opinion if you need one. And just remember that you are actually more powerful than you know. Like you have the ability to research this and look it up yourself and find out a lot of answers that arguably if Tiff had done that, she might have found herself in a better position. She just trusted the person who was giving her the advice. So I think it was good. I'm very grateful to Tiff. Tiff, love you. Thank you for sharing that with us because I feel like it just added another dimension to the podcast that really contextualized the topics that we're talking about because obviously I can say a million times over like, Jess, this is so important. And you go, yeah, cool. Like to who? To who though? And this one really put that in perspective for

you guys. So I was really grateful for that. But let's get into it. I'd love to hear, Georgia King, what are your budget direct money wins this week? What are the shout outs going to be? I've got a few goodies. Yeah, once again. Okay, so the first one here comes from Julia. I returned 133 bottles at $0.10 each last week for $13.30. I really want bottle recital. I know that they've said that for Australia.

You'd be so good at it. I would be that person, like, combing bins, going to, like, park. Like, it's so smart because it's so good for the planet and you make money. What states do it? Just South Australia? No, New South Wales does it as well. Well, I don't know. I just know that we don't do it because that's what I care about.

Come on, Dan Andrews. Let's get it together, son. Son. I actually love Dan Andrews. I actually kind of like that. So sorry. Let's move on to Morgan. Money win.

I started using Shopback but must have done it wrong as the purchase didn't go through. Then I put a claim in and they've given me the Shopback for that purchase. Yeah, they give it back. Is that the same Morgan from last week who had a money win? Do you know Morgan's a very hot topic? No, the spelling of this one's different. Oh. So there you go.

She also wrote money loss. It was my birthday, so I got heaps of birthday vouchers and emails from lots of retailers, so I spent a fortune. That's a little trap to be mindful of, ladies. I thought you were going to say money. Don't you want vouchers on your birthday? Like, that's a good thing. Well, but it does inspire you to spend.

Correct. Correct. I'm learning, V. The next win here comes from Emily. I needed a new top for a birthday dinner, and I found one in Witchery for $69.95. I didn't have a Witchery account, though, but my mum did, and she was with me, and she had $70 in credits

that were about to expire, so she let me use them. Thanks, mum. Free top, money win, happy birthday, Emily. That actually leans into the money win I had on the weekend, guys. Went to the bookshop to pick up a book recently, thanks Stimics. Went in. They asked me if I had an account. I didn't, turns out, which is very strange

because it turns out I've been putting it all under Steve's. And so I gave them Steve's mobile number. Massive flex if you know your partner's mobile number off the top of your head right now. But they were like, oh, he has $20 in credits. Got my book for free. Amazing. Yeah, I'm exactly like her.

How good is this? I thought you were going to say you pointed to the book and were like, do you know who wrote that? Your book. Oh, no, I do do that. I ask Jess every time we fly, which has been arguably every single month this year. We've done a lot of travelling.

I'm loving it. We have been doing a lot of travel and going back and forth to Sydney. I literally point at the same bookshop every single time in Sydney Airport. I'm like, look, Jess, that's me. And she's like, shut up. Get over it. Get over it.

You wait. It's going to be two by September. I'm going to be like, look there and there. It's gone bare wild. The next win comes from Jennifer. Money win. I sold a washing machine on Marketplace. Hubs wanted $50 for it, but I put it up for $80,

and the guy who bought it paid $100 instead. What? Yeah, not bad. No, that's not how it works. That's the opposite of how that normally goes. So that is not how that works. What ulterior universe or alternate universe do you live in? Because that's not how Facebook Marketplace works.

What happens is you should have put it up for $100, and they would have bartered you down to $10. She was in luck. All right. the next win comes from Chloe's small money win here. I took my little two and a half year old to the supermarket yesterday and they have one of those cars where you put $2 in, they move and the kids are always so attracted to those. You know the ones I'm talking about. Well, someone had left this one going. So little Missy jumped in and went for a short ride. It made her day and I didn't

have to pay for it. I cannot tell you the number of times I've sat outside my local cafe and there's a little thing next to it, a little toy. They must make bank. Do you reckon that's someone's side hustle well it's like the vending machine thing like just anybody can own a vending machine and put it somewhere which blew my mind so do you need a permit you'd probably I mean it would probably vary council to council but like most of the time I think I've been watching them on TikTok people just get permission from like a shop owner or a business and say hey can I put this here and you get like I pay you a fee to like yeah great incredible little side hustle imagine if your side hustle was carousels not bad that would be really cute I would ride it all the

time just no seriously if your side hustle is carousel please call me oh my god money diary okay okay okay just outing amy lenardi again who is one of our favorite people in the she's on the money community she had a carousel at her wedding so yeah she had a full-blown carousel and now i want one because it could be someone's side hustle true that sounds really expensive to know from me what's your next win the final win of the day comes from shay i got a brand new dress with tags on it for $12.50 from the Up shop and it's still $130 online. Oh my gosh. Money

win. Monkey face. Yep. Little monkey face. Little monkey emoji covering its mouth. Yeah. I love that. I love that. I love it when you describe them to me. It was like that time that you used to explain all of the emojis to me. It was a long time ago. I need to bring that back. That was like season two. I was a listener then. I

didn't work here. Were you like, Georgia sucks. Did you used to think George was so cool and then you met her and you're like, oh, because that's how you felt about me. No, I feel like if anything, you exceeded my expectations. Oh, season two was dark for me. Excuse me? Why was season two dark? I didn't know how to podcast. No, you did. You did such a good job. Thanks, mate. You did such a good job and you only cried a couple of times over that. Yeah, exactly right. Oh my gosh. Well, it has been so good celebrating some of your Budget Direct money wins for reward winning insurance. Search

Budget Direct. Budget Direct insurance solved. Let's go to a break. And when we get back, we are talking about being paid monthly instead of fortnightly. And we have some hot tips that G King's going to put on the table. All right, we are back and we are going to talk about the spiciest topic that the She's On The Money community talks about. What is that you ask? I can hear you. Look how excited Jess is. It's buy now, pay later. And the question on everybody's lips, i.e. mine, is why does every single bank feel like they are coming out with a buy now, Pay Later app at the moment? And where are their ethics and why are we doing this? Yeah, we've been slammed with DMs this week from people sending us screenshots because

NAB has just announced they're joining the foray of the Buy Now Pay Later platforms. Why are you doing this? Everyone wanting to know now that I suppose a more quote unquote formal or official institution is doing Buy Now Pay Later, because historically it's just been platforms that exist that only offer that. So like an Afterpay or a Klana or one of those other platforms where that's just their whole wheelhouse. Whereas now, you know, you could go to a bank for a home loan, you could go to a bank for a personal loan, you could go to a bank for a bank account, or you could go get a buy now, pay later there. So some of the questions we've been seeing, V, that I want to get your

thoughts on are, is this going to impact potentially the way that banks view buy now, pay later? Because, you know, historically we've said could impact your, you know, your serviceability for your loan. I don't think they care, to be brutally honest. I think what they care about, and this is me being very glass half empty, is making money from you as a consumer, right like they're a bank they're a business obviously mortgage products are one product that they could offer you and if G King walks in and says hey I'd love to work with you like can I get a mortgage product they'll be like yeah okay let's look at your spending and make sure that our risk has been accounted for so that if they lend money to you you're going to pay it back

but from my perspective and this is my again very cynical approach on this because it actually really frustrates me. I just, I can't understand companies not caring more. I just can't understand why they're not putting people in better positions. But given the property market, obviously mortgages are quite inaccessible for most people nowadays. This for me feels a bit like they're getting the low hanging fruit. They're like, all right, well, if we can't get G a mortgage, how about we just find another product to make money off her for? And that happens to be buy now, pay later. A lot of people have been using, you know, as you said, Afterpay and Klana and, you know, all these other options. I feel like if it's then being issued by your bank,

you're going to feel safer about it. Not that that's what you should feel, but it's not that much of a step. It's not another company, right? Like I already bank with NAB. So how hard is it to then step into buy now, pay later? Like so easy. It's all through one app. Like to me, it just feels a little bit like they're taking advantage of the low hanging fruit and going, well, how else do we make money from other demographics, which is exactly what they're doing. They're a business. And if you look at it from a business perspective, it's probably a very smart move given how big Afterpay and Klarna are and how big every other buy now, pay later platform is. It kind of makes sense that the biggest dogs in the game, i.e. the banks are

like, well, we want in on this because they're losing customers to companies like buy now, pay later. So it just, it makes sense, but it just makes me, it gives me the ick guys. So on the NAB website, there's not a whole heap of information out yet because apparently early access is coming soon. They're currently building the hype. But it does say that there is no interest or late fees, which makes me wonder how they actually will be making money off of something like this, maybe with an annual fee. Yeah, I was looking into it.

It says it's going to be launched in July 2022, which means their PDS is not available yet, which as a financial advisor, guys, I really need to read your PDS so I can judge you. like I really need to know how you're actually making money because from my perspective it kind of makes sense that they're doing this but how are they making money like how is this profitable if there's no late fees or interest charges like are they actually doing this to put people in a better financial situation I mean on paper no interest no late fees sounds like a step up but without that information being available you would think that people couldn't launch or tease a

product or a financial product anyway without having that pds and information available So I was a little bit surprised about that. But we'll keep you posted once it does launch. I'm sure we'll have lots of thoughts and opinions. The one other thing I was going to say that I found really interesting when I did a little bit of research was it's got the how to get started in four easy steps. So you need to have an app account. You download the app.

You need to be over 18. And then all you need to do is pass a simple repayment assessment when you apply. Which I kind of like. And that leans into the question and I guess the thing I've jumped up and down about for a very long time, which is calling out for better regulation on buy now, pay later. And it hasn't happened yet, but you look at it and go, maybe they are going to be a little bit more responsible about this. There's a thousand dollar limit on it, which is obviously a lot of money, but having a limit is kind of good. Maybe with this survey that you were mentioning before,

there's probably better regulation. So maybe it is in the space of buy now, pay later to pay Deville's Advocate. Maybe it's a really positive step in a bad industry. Like maybe it's a really positive outcome of people needing to use this, but maybe here's a way that you can use it that isn't as detrimental as it could be. Saying that, obviously I'm not standing behind those words until I see a PDS and can break it all down for you because I don't know why they would do that if they're not making money from it. So how are they clipping the ticket along the way? And that's the question that should be on everybody's lips whenever you look at any type of product that jumps up and down about it being free. Like how are you making money then? Because if they're not

making money by charging you as the customer? Are they making money by selling data? Are they making money by doing something else? In which case, you deserve to know how you are being profited off. So I think it's a good question. Feel free to slide into my DMs, Nab, and hit me up and let me know. Having said that, Vee and J Rick, do we think that maybe it's just the big boys? You said the other banks are doing it as well, kind of reasserting their authority in that space. It feels like that for sure. Like all of a sudden, how many have we seen pop up from banking institutions in the last, let's call it four to eight weeks? What, three or four of them? It's actually insane. There's been three or four of them come up your right. And

the interesting thing you said before about target market, that's actually a part of their compliance regulation nowadays. So they have to do what's called a target market determination form. So you know how I always say, have a look on the website, read the PDS, make sure you know what the product disclosure statement says. So we need to do that as well. But with banking and finance products, they will also release something called a TMD. And a TMD is a document that tells you who they're trying to attract, because there's been so much backlash recently about, or even just since the Royal Commission, of people targeting the wrong people, i.e. afterpay, trying to, you know, if you can't afford it and you're broke, use afterpay, like vibes. And it's just so unethical.

whether they actually stick to that with their marketing or not is a different story nab to be honest and the bigger banks have been very good at this so this is not me being cynical of them and being like oh my god they don't stick to their target market determination but i do think it's interesting that that exists and you can actually have a look at it like if you go to the nab website there's a pdf you can download that tells you who their target market is for nab personal loans and it's interesting because it says consumer needs and objectives they actually have what their perfect client has in terms of financial situation. So it says here, for someone who wants a personal loan from NAB, it's a person that requires a minimum credit amount of $5,000

up to $55,000, has access to sufficient income to satisfy NAB's credit assessment requirements and to meet the following payments. So the principal amount due, the interest amount due, the application fee and the monthly fee. I think it's really interesting because it's probably one of the first times that you guys are probably going, wow, that's me or it's not me. But it's also interesting to see other players in the market that aren't the banks doing these TMDs. And then I would say going a bit rogue on what their actual marketing strategy is. Because if you look at their TMD, they're saying people with consistent incomes who can pay back this, who can do that. And then the marketing just feels like maybe that's not right.

Their marketing is like, can't afford something, which is the exact opposite of what you just especially and to talk about it again and I know we've mentioned it on the podcast before but during the Royal Commission Afterpay was actually asked to stop targeting young millennial women but I don't believe that that has actually happened I would just say they changed their TMD to say no we're not doing that but then like look at the marketing who does it most like resonate with I would feel we're still in the firing line my friends regardless of what their TMD says going back to what you're saying before about kind of waiting to see whether this kind of, you know, is a good step in the right direction in terms of seeing perhaps an example of how buy now,

pay later could be done better or more correctly. Do you think that now that the big banks are doing it, we might actually see it become regulated? I would hope. I would pray. Something that we've kind of kicked up a fuss about in the past is the fact that buy now, pay later is not regulated. It's not considered a financial services product. Yeah, it's insane. It's insane. If he's offering it, I would argue that absolutely it's a financial services product, right? Look, I would love to think, and this is where I want to see people walk the walk, not just talk the talk. I'd love to see what actually happens here and the way they actually

implement it because banks have a lot to lose if they do this wrong, but a lot to gain if they do it the right way. So I would think that it's going to be more regulated by reading through whatever information is available on the NAB website. It does sound arguably like a better product offering than what's on the market. I still don't agree with buy now, pay later, because I'm very much a values-based human being, right? Like I really want the purchases you're making to be thoughtful and in line with your values and in line with your beliefs and in line with everything that you're trying to achieve. And we're working towards, you know, financial freedom together. So that's where I stand. But if there's a better way to do it, and it's a product

that works for some people, like at the end of the day, it's a very privileged position to sit in to say, don't use buy now, pay later. Because there are a lot of people where this really works for them and it does the right thing for them and their cashflow. And as we've seen in our community, there are actually a fairly big handful of people who are using buy now, pay later companies quite strategically or using it to bolster their cashflow or put them in a better position or pay off something they were definitely going to purchase anyway, and it doesn't financially impact them anymore. So I think we need to see it from the place of privilege, but I also think we have rights as a consumer and as, I guess, a community that supports the consumer to demand

better and to demand that we are looked after and that, you know, people aren't deceptive with their marketing. So yeah, I think I've got a lot to say on that as you guys. I've just turned my laptop around to the little marketing banner on the NAB website. You have? It's a millennial A hot-looking 30-year-old female having the time of her life and it says now, now, now behind it. So that's not like a family sitting around looking at the bills, is it? No, it's not. It doesn't really match their other marketing.

So just flagging, I'm a little worried, but I hear your point. And I feel like that's where we are very fair in being cynical and we want to see it happen. And I think it's important to acknowledge privilege here and say, well, actually, I do feel quite privileged to not be in a position where I need this. Because, like, imagine how great buy now, pay later would be if you need to pay for an expensive dental appointment

that you couldn't have otherwise afforded and now you don't even need a credit card to do that or you don't need to negotiate a payment plan like I think there are so many good examples of where buy now pay later could put you back in the control seat but unfortunately too many of us are driving drunk really we're just like oh this is wild I can buy a dress for a Friday night and then never wear that dress again or I can buy things like food now on after pay or beers out with your mates or espresso martinis I just think let's be more thoughtful and responsible with our money and actually lean into these products to support us doing that as opposed to you know being really irresponsible I'm sure with the nab one you can probably buy some espresso martinis

because like why would they have less accessibility than the other players in the market available anywhere visa is accepted there you go arguably arguably could be a positive thing though with what you were saying about because by now pay later platforms the way they work at the moment is they have approved retailers and those approved retailers are often paying a hefty fee to be on that list, which is why a lot of small businesses can't offer it. So it could be potentially a good thing because it opens up the world of dentists or chiros or kind of more necessary purchases that you need to make and you might want to break down. But anyway, we've spoken about for more than long enough. But that's what it would lead into, right? That's potentially

how NAB's going to make money. So they're going to lean into charging the retailer. What does that actually look like? And the question for me is around, are we actually happy with charging our retailers more like for small businesses I don't want them to have an extra cost wherever possible I'm not using after pay so it's just it's an interesting conundrum I think we can continue the conversation around in the future yeah anyway we've spoken about that for more than long enough because we have a money dilemma we sure do let's hear it hi there have you got a money dilemma you just can't solve the 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 quick voice recording and you may just find yourself on the show. Now, let's take a listen to today's Money Dilemma. Hi, ladies. For the past 10 years, I've been getting paid on a fortnightly schedule and set up a budget appropriate for that. But I've just got a new job, which I'm really excited to start, but I'm going to be getting paid on a monthly schedule instead of fortnightly. And I'm just wondering if you can give me any tips for how to budget properly when you've got a budget for a month at a time rather than a fortnight. Thank you very much. All right. I feel like I've got some hot tips here, guys. I have so many hot tips, but do you know who has hotter tips?

Jessica Ricci because she gets paid monthly. As we all do. Such a good point. I think that I actually really like it. Do you actually? I've been paid monthly. We can negotiate this. We can change it if you really need. Take this off the air. No, I've been paid monthly for as long as I can remember because a lot of corporate pays monthly. And I quite like it because one day a month. You feel real rich. No, but one day a month, all of my money comes in and I know exactly what that looks like. And it makes it really easy for me to immediately implement the breakdown of my budget. Yeah. It's like one day a month instead of consistently. And you can have all of those auto-transfers set. It's a little bit less confusing for someone like me, who's not a huge

numbers person because, you know, there's not an equal amount of weeks in every month. And so, you know, I'm getting paid 12 times this year. Don't say I don't do anything for you, Jess. You make my life so much easier. And spoiler alert, no one's going to be surprised to hear this coming out of my mouth, but the secret is budgeting. Don't tell them the secret. We're to have no content left for the podcast. I know. But yeah, I feel like that's the answer, right? It's all about automation, right? And a budget is going to mean something different to each and every single person. I think we really need to step away from a budget having the same connotations as a diet. Like it's not restrictive. Like a budget is actually fully comprehending how many

dollars come in and what's going out and feeling really empowered about that. It's not about going, okay, Jess, so on the 15th of every single month, you're going to get paid. And on that day, you need to set a budget and you have to stick to it. Like it's not about that. It's actually about understanding what's coming into your account and going, all right, of that, I spend this on coffees and I spend this on espresso martinis with my girlfriends and I'm going to go out for brunch with Steve on Sundays and this is what this is. Like it's actually taking that power back and putting the energy back into your money so that it's funneling in the ways you want it to. And I'm obviously so biased, low key going to plug my own budget and cashflow masterclass,

But I would argue that for someone who is paid monthly, that's a game changer because if you are someone who's like, look, V, I see what Jess is saying every single month, that feels really big and overwhelming. It puts you back in the control seat of only having to worry about a weekly budget. It puts you back into this cash hub style of functioning when it comes to a budget where you have a cash hub and all your money goes into this one account and then it gets distributed it out to different accounts. And then once every single week, it doesn't matter what day it is for me, it's Thursdays. I have a set amount that goes from my cash hub to my debit card. And I know that that's my food money, my fuel money, and my fun money. So I know that I have enough to, you know,

you go to Frisbee, Jess, I have enough to pay for Frisbee. I have enough to go to the supermarket. I have enough for my brunches, but I am working on a smaller amount of money that doesn't take into consideration rent or bills or overarching expenses that I need to allocate each and every single year like my rego, that's already done in the cash hub because I've already set up that functionality to work for me so that I know when rego comes, I have that $1,000 sitting in that account that I can instantly pay it with. I'm not like frittering away at a bank account because I only have one and I go, oh my gosh, I blew out on this because I completely forgot that in a month they have rego or insurance due, or there's this one overwhelming cost. So I think it's about taking

the power back, but actually having an automated system that works for you, that's going to make you feel really empowered and puts you back in the seat of going, all right, well, this is where my money's going and this is how it works. And I say that because I know you use my budget and cash flow system, Jess. Well, that's what I was going to say is I do like use that spreadsheet. That is where my budget is based. And the thing that's really nice about it is the way that you've set it up. If you plug in all your numbers for your spending, which you do when you set it up, there's a drop down tab on the side and you can actually with a single click change it from monthly to fortnightly to weekly and it works it all out for you which again for someone like me

who's not like you don't have to do it you don't have to do anything you just put in your expenses and what you're spending plug it all in and you can change it twice a day if you want to I didn't build that spreadsheet so that you could do the work yeah I built that spreadsheet so you put in all of your expenses and it spits out your cash flow plan it doesn't just go hey Jess here's how to work it out, do the maths. It says, hey, Jess, how much do you spend on groceries? Put it in this box. Hey, Jess, how much is rent? Put it in this box. Hey, Jess, how much are you saving for your home deposit? Put it in this box. And then it spits out an automatic cash flow plan that says, okay, Jess, sit down. This is what comes into your cash hub. This is what has to go into savings.

This is what goes into your investment each and every single week or month or fortnight or however you want to calculate it. And this is how much your weekly spending is. So pop this on a debit card each and every single week so that you can put yourself back in the control seat. And then every week, Jess, all you have to worry about is what's on your Up card, right? Yeah, exactly. Subtle plug for Up because we still love them. Yeah, that's so true. And I think ultimately the biggest thing to remember is just because you're shifting to less pay cycles doesn't mean you're going to have less money. You're earning the same amount. Yeah, I think that people freak out a little bit because they go, oh my God, I'm only getting paid once a month. But you have the same

amount coming in. I mean, if you've changed jobs, maybe your pay has changed slightly, but like ignoring that fundamentally. But I get that. So I get that. And the reason people shy away from monthly pay is because it puts more responsibility on you as an individual on having to do the right thing with a bulk amount of money. Whereas, you know, being weekly paid, Jess, like you only have to meet those things short term. And if you blow money all in one week, then it's all right because you're getting paid next week. And that's the mentality. And that's not healthy, but it's the way people see it. Whereas if you got paid monthly and then you blew all of your month's pay, it's another month until you get it so I think that that's the thing that puts anxiety inside

people when it comes to money and budgeting and allocating it which is why I'm such a staunch advocate of a really solid budgeting cash flow system which I'll do absolutely for you saying that this is a very good time to plug our budgeting cash flow masterclass Jess so if you use what is it what's the code pod 50 yeah 50 bucks off you're welcome you're welcome don't say we don't do anything for you I'll literally do your entire budget cash flow literally anyway George can you wrap the boring but important stuff of course i can already guys please remember that the advice shared on she's on the money is general in nature and does not consider your individual circumstances she's on the money exists purely for educational purposes and should not be relied upon to make

an investment or financial decision and we promise victoria divine and she's on the money are authorized representatives of in focus securities australia proprietary limited abn 470-977-97049, AFSL 236-523. See you on Monday, guys. Bye. See you.