She's On The Money - FRIDAY DRINKS: With V Away, It's A G & J Friday!

Episode Date: August 25, 2022

With Victoria away, celebrate your your Friday Jess and Georgia! This week they share money wins and losses from our community, plus recap the week that was. And, how do you ask for a pay rise? This is one of the MOST common dilemmas in our community and the girls get into it on the week's Money Dilemma.And...income guilt! Do you have it? Having spoken about it on the pod before, we recently put it out to you guys on Instagram to open up the chat. And the conversation took an interesting turn. Listen in to hear the girls unpack!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, which means it's time to sit back with the girls with a bevy in hand to unpack our favorite moments of the week. And of course, to celebrate you, our incredible She's on the Money community. As always, we'll be sharing our favorite money wins. We'll be discussing what is making news in finance, and we'll be helping to answer a juicy money question, which this week is all about asking for a pay rise and exactly how to do it. But first, it is time to recap the week that was. Jessica Ritchie. Hello.

What happened on Money Diaries this week, my girl? This week, we had like a really good, I think, solid diarist. So she was working really hard to educate herself around finances. Her husband was on this journey with her, which was really lovely to hear that they were doing it together and trying to, you know, just educate themselves. they have a young daughter and their end goal is that they want to invest so that they can educate her and elevate her future and kind of give her opportunities that maybe they didn't have, which I think if you're a parent is what all parents want, right? Absolutely. For your kids to have the things that you didn't and for them, the next generation to live a better life. So

it was really wholesome. And, you know, it was one of those diaries that I think a lot of people can relate to because a lot of us are on that journey currently still. And so to hear that they were doing it and supporting each other. Incredible. Improving for the future. You love to see it. You love to see it. I think, Jay-Rick, we've also done an episode in the past about investing for your kids and how it works from like a tax perspective and all of that. So if you are someone who has a little bubba and you want the best for them and you want to try and invest, but you're not sure how to do it, head back. Great episode. Scroll back. Great episode. Yes. Also, just diving in here, Victoria's not here. We didn't even acknowledge that. Who needs

her? It is just the two of us today because the big woman is hitting the slopes overseas. as you do. Tell me all about Wednesday, George. Absolutely, girl. It was part two of our recession series. So exciting. But this time it was all about preparing your finances for a recession, which was really good. It was packed full of tips. And I think personally for me, it made me feel far less stressed. We talked about the many ways that the potential looming recession could impact us. So if you are worried, definitely have a listen. It will ease your fears. There's nothing to worry about. It's all going to be fine, Jess. It's not stressful at all. It's all fine, but the house is on fire. No, I feel like those episodes are really good.

Like the two-parters, obviously, last week we did part one where we discussed what is a recession, what does it look like, what are the markers, all those kinds of things. And it's something that for people our age, if we lived through it, we were probably relatively young. Just because, and I say that very broadly, the average age is pretty close to ours. And so we might not have really understood the impacts of it. We don't understand something, it's really scary. And so I think I really liked that that episode made me feel a little bit prepared and, you know, having tangible tips. And some of them might have seemed a little bit obvious, but I think when we panic, we forget our basics. And sometimes those basics are what give

you like a really solid grounding. So it was a really good episode. And if anyone like me is a little bit of an anxious queen, hopefully you feel a bit better now. Exactly right. We also spoke about what to do with your debts, your job, your investments. So if you're worrying about all of those things. It's the place to go, Jess. Oh, I love that. All right. Well, have you got some budget direct money wins there, Georgia? Girl, you know I do. I'm so excited. We got some wins, we got some losses, we got them all. The first win of the week, it comes from Caitlin. Two money wins. I went on a pub crawl on Saturday and I still had cash in my wallet when I got home. How good's that, Caitlin? The second win for Caitlin is that a friend gave her a lift to the airport

this morning, saving her a cab fare. That's huge. That's love. Friendship. We love to see it. The next win comes from Katie. Money win. I've moved to Canberra for uni and found the rent is phenomenally expensive here. I was initially planning to pet sit for the first month, but I've lined up two more month-long gigs and I'm considering pet sitting for as long as possible to save money while I study my master's. Plus, I get all the puppy cuddles and none of the vet bills. That's so good. I remember Emma from The Broke Gen, who we love. She used to pet sit a lot, and I can't remember the name of it, but there's an app where you can literally find, and actually Charlotte, who used to work for Zella, did this as well. Charlotte, yeah. I know. Hope you're having

fun over there, Queen. She's in Europe. But there's an app that you can use to find people who are looking for pet sitters and will give you board in exchange. Oh. Crazy genius. I mean, if you're a pet person, I remember for a while I couldn't have pets and I was like, I will cuddle someone's cat. Absolutely. Give it to me, put it in front of me, and then you get board as well. That's huge. Do you remember, was the app named Mad Paws? I feel like it's rough for us to throw it out there and not tell the girlies. Yeah, Mad Paws? I think it might have been Mad Paws.

Check it out, friends. Yeah, if you need somebody to rent, if you're in Canberra, give it a go. Apparently it's working. Give it a go. The next winner comes from Brianna. Money win. I've been discussing a favourite wine with my co-workers and I looked it up to see that it was on sale at Dan Murphy's for $15. I messaged my partner to pick up a bottle for dinner while it was a good price, only for him to venture out and find Dan's had closed, so he headed

to another store to find it on sale for $5 a bottle. You're making money, gents. Naturally, he grabbed all seven bottles that were left on the shelf, spent $35, and we still can't believe our luck. Well done, Brianna. That's so good. Naturally. After what wine it was.

All seven bottles. Yeah, they did the right thing. The next win comes from Jacinta. Money win. I got myself a podcast mic at half the price. Yes, queen. Go Jacinta. I wonder what the potty is. Good luck with it. The next one comes from Madeline Moneywin with the question mark. I made a summary with my partner of all of our streaming services

and monthly subscriptions, which was getting a little out of hand. We then went through and unsubscribed from most things we didn't need and combined the separate subscriptions. I was shocked and now we are looking at saving over 1.1k annually that we're not going to be spending on those services that is going into our savings instead. It's a great feeling getting it done. How good's that? Good tip. That's huge. It adds up.

We don't think about it. That's how they get you. So I'd pay $4.99 a month. A hot deal. Yeah, and then over the course of your lifetime. Yeah, six subscriptions to every streaming platform known to man. Millions of dollars. Yeah, down the drain.

Well done to you, Madeline. The next win comes from Bethany. Money win. I've unsubscribed from all the retail marketing emails I was receiving, including my favorite stores, and I haven't spent a cent on the Afterpay Day sales. I've paid off more of my Afterpay account and I pre-ordered the new Investing With She's on the Money book for 33% off on Amazon. Well done, Bethany.

We love it. When does that one come out, Jux? September 20. Thank you for supporting. Holy dooly. That is very soon. That's weeks. And as we're recording this today, I believe it is still on sale on Amazon.

Fabulous. If anybody is looking to get your little nips on it. That'd be such a bargain. Exactly right. Beautiful. The last one, Jess, for the day. I liked it. It's from Tish.

Money win. I found security cameras we really wanted for our house for $349 online. We went to Bunnings and they were $409. So I got them price matched to get the 10% better deal. They came down to $315. What's Bunnings' little slogan? If you find a cheaper price, we'll beat it by 10%. And they do. They really, they do it. So well done to you, Bunnings. Well done to you, Tish. Their marketing department also clearly doing very well because we both know that. That is all for the Budget Direct Money Wins this week, my girl. Yes, it's been great celebrating your Budget Direct Money Wins of the week.

Budget Direct, insurance solved. Let's head to a break, George. And then when we come back, I have got a really fun topic for us to chat about. Stunning. See you then. Alrighty, George. This week, it's not a news article. It's a little happening from the She's On The Money Instagram.

Fran at She's On The Money AUS, if anyone wants to follow us, come over. We have little spicy convos. We put up a post about income guilt and we basically, it was just a question. We said, do you have income guilt? And in the caption, we were talking about the fact, and we have spoken about this on the pod before, how sometimes, particularly women, when we're out earning our peers, our partners, we feel a little bit guilty, which we should not. And so that was kind of where we thought the conversation was going to go. But interestingly, people were talking about it going the other way, which was something that I hadn't really considered. So if you're not earning as much as your peers, feeling guilty about being behind or, you know,

not having reached, I guess, your potential is what I saw someone say, which I thought was a really interesting concept to unpack because it seems like everybody's just feeling guilty. Yeah. And we shouldn't be. Yep. So I wanted to talk about the how and the why and, you know, is this something you've ever experienced, George? Jess, I remember, I think we've spoken about this on the podcast before and we were talking

about feeling guilty or not really feeling guilty about out-earning our partners. Oh my gosh, yes. And we were both like, we wrong. And there was no guilt there, really. But I think, yeah, I do kind of feel it to a point, probably from an under-earning perspective. I think I'm like a quietly competitive person. Oh, same girl. Yeah.

So there is a little bit of that. And I don't really know explicitly what my friends all earn, but I think some of them are on a better wicket and I am like, oh, I should be working harder. But there's also just no time. And even what I just said, I should be working harder. That's incorrect because hard work doesn't equate, but it also doesn't equate to a higher salary necessarily or, you know, more money that way. So what is it?

Something that I struggle with and I'm thinking that it's a very female thing. Once again, we feel guilty about most of the things that we do, Jayree. is it something that you've struggled with? Yeah I think it's interesting because it kind of relates back to I don't know if FOMO is the right word but that concept that you're just never doing good enough and I remember on a Friday drinks episode not too long ago we answered a money dilemma about goal setting and celebrating your little wins and in that conversation I said that for me achieving the goal is you know enough but it's always kind of directly onto the next And I think a byproduct of that mindset is that you kind of am always chasing the next

thing and you're always trying to get to the next place. And so you're maybe not always feeling entirely fulfilled, which is getting very dark and deep, but, you know, it's that, it's that concept of, oh, well, I've achieved this thing. I can do better. I can achieve something better and bigger. And absolutely, I think, you know, in the industry that we both work in, we work in creative industries, you see people, you know, absolutely killing it and doing their own thing and making his money and traveling the world and doing all of these amazing things that we all

would love to do. And you forget that there's probably someone looking at you going, oh my God, she's got it all. She's got it figured out. And it's definitely a total trap that I'm very much guilty of falling into. And, you know, salary is a part of that as well. I earn a good salary in my job I also freelance as well by all accounts I feel like I'm doing pretty fine but I definitely am always going I want to be investing more or I want to be saving more I want to be donating more like I just want more and it's so hard because then I feel guilty about not being happy with what I've got so I'm guilty because I'm not earning enough and then I'm guilty because I'm not satisfied and it's just this big guilt shame spiral yeah that can be a little bit hard

to dig yourself out of sometimes. Yes. Well, I think it's worthwhile reminding that that's capitalism, baby. Like that's what we're living under. And it's pretty, I don't know, is gross the right word? Yeah. Like I think sometimes we do need to tap into why we're doing what we're doing. And I know a lot of us, we're not working in careers that we love and we are just earning money to put food on the table. But it is, it's worth reminding yourself that why do you want more. Do you need more? Yeah. I know for me, like over the last 12 months, I earned more money than I've ever earned. Woohoo, go George. You don't really notice it because there's that lifestyle creep. You get taxed more when you earn more. Yeah. The difference isn't that large. So I think

it's also maybe worth reminding yourself of that as well. But yeah, it's just capitalism. It's it's really it is it's awful and it's a really hard spot to find yourself in and so for everyone who was you know joining the conversation on that post firstly thank you for being so candid yeah we're all right there with you regardless of which end of the spectrum you're on it seems like there are a lot of people that are feeling it just the same as you and I would encourage you and this is also a reminder to me to you know exercise a little gratitude not to say that anyone's being ungrateful but I think sometimes taking stock and being like wow this year I earned more than I ever have. That's incredible, George. That's so exciting. And as much as we're trying to

move on to the next thing and trying to always be better. And on some level, yes, that's important because that's how we improve ourselves. Also being thankful for what you've done and recognizing the hard work that you put in to get there because you're just doing the best that you can. Exactly. And that's amazing. Yeah. And another thing to add to that, Jess, I think would be asking yourself what your measure of success is. Is it the money that you're earning? Yeah. I know for me, I've never met someone and been like, oh my God, that person earns 300 grand a year. What a legend. Let's be friends. Like money does not come into the conversation. You get drawn to people's aura, their energy, their personalities. It's like the least interesting thing about a person. Yeah. So

yeah, I think probably questioning why you think money is the key to success. I mean, traditionally it has been associated of course and it's so nice to be financially comfortable but fleshing out what you think success is and what you value in other people is a really good way of understanding how to value yourself I think. 100% well said by you. Are we therapists? Maybe. Who are we? Oh my goodness well should we take a listen to the money dilemma for this week? Let's do 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. Hello, ladies. My money dilemma is how is the best way to ask your employer about a pay increase. Cost of living is going up and I really want to have a sit down conversation with my workplace. Trouble is I work for a disability company and they have told me in the past that I am being paid above what the normal award rate is for my position. So how do I go about checking to see if this is still applicable, if I can ask for an increase. I'd just really like some help and clarification around this issue. Thanks. Alrighty. We did touch on this in our how to have difficult conversations with your boss episode, but I really wanted to talk about the

element of this dilemma, which was the award rate. Yes. Which is a term that gets thrown around a lot in my opinion, by employers. An award rate, if you're not familiar, most people fall into an award. Essentially that's a category of employment. So there's a retail award, there's a building award, there's, I'm going blank, but there's like a million and one. And if you want to figure out what award you're in, you can actually go to the Fair Work website and there's a questionnaire that'll prompt you and find the correct one. An award outlines essentially, what would you call it like your rights as an employee so hours worked because it can differ industry to industry penalty rates will vary award to award as well the only time an award is not applicable I believe and

I'm not an expert please is if you're on an enterprise agreement and an enterprise agreement is an agreement that a company will sign and you essentially waive your award rights to fall under a new set of rules so it's a company-wide thing you would have to sign a document it's a whole we think. But generally speaking, a lot of people will fall into awards. And so this person's employer is saying, we're paying you the award rate, which is minimum wage for your job. So there's a national standard of minimum wage, but within different industries, there's different expectations. So like, you know, minimum wage for a teacher might differ for minimum wage for a retail worker, for example. And that's based on, you know, skills and hours. And I don't know who

comes up with these things. Somebody puts it all together and goes, that sounds right. So when they're saying that we're paying you above award rate, they're essentially saying we're paying you above minimum wage. Now, how much they're paying you above is really the question because you could be paying me a dollar an hour more. Yes. You're paying me above award. It doesn't mean that you're paying me in line with what the industry standard currently is. Yeah. And the award rates, I would argue, are definitely in a lot of cases not reflective of the market right now. We know, we've spoken about the fact that it's a candidate poor market. There's a skill shortage in a lot of industries, salaries need to increase to keep up with the rising cost of living. But the award

rates haven't really shifted too significantly. In fact, in some industries like retail, they've removed penalty rates for like Sundays and stuff. You're joking. Yeah. And I mean, that happened a little while ago. That's not super recent. But when I was still working retail, they were scaling it back. So it used to be double and a half, then it went to double, then it went to, you know, and it was like over a few years, it would steadily decrease until it was just flat across the board. and I wouldn't be surprised if other industries were the same but for me I feel like their employer is kind of using this as a bit of a crutch and saying oh well we pay you more than what we have to yes I'm a good guy exactly and I don't necessarily know that that's the case but

what do you think George I feel like I'm just talking out no no I'm loving it I agree with you that's what I was going to say I don't really care for the tone of the employer here by saying we already pay you above the award rate I don't like that yeah so in terms of going for a pay rise, I definitely start by asking them. So just tee up a meeting with your manager, have a chat about it, bring that evidence. In terms of evidence, sorry, I mean like examples of you going above and beyond or doing things outside of your role description so that you can really show your manager that you deserve this pay rise. We're not just entitled to them because we want one. Yeah. I tried that in the past. It didn't go well. And it in tears for me. It's

embarrassing. So come armed with your evidence, with your story. And if they don't go for it, I'd be prepared to walk away. Well, this is the thing, because I would argue that if you're saying that you want a salary increase, it's because of one of two reasons. It's because you feel like you're not being paid in line with other people doing the same thing, maybe, you know, for other companies or in other industries, or it's because you feel like you're going above and beyond in your role. And either way, they're very reasonable reasons to ask for an increase. And if it's the first one and you're looking at, you know, Sally over here is doing the same job as you and she's earning 20k more a year for another company, go work for Sally's company. I actually think that

there's a point at which you don't owe your employer anything. And I think as people, sometimes we can get really caught up in loyalty and we can be gaslit a little bit into thinking you're not going to do better anywhere else. Like I look after you really well. And that's actually not true. If you have good skills, if you are a nice human being, there are other companies that will meet your expectations and as employers I think there's a responsibility on them to look after their staff because if you don't ultimately you're putting yourself out because you're losing a good employee and I can't remember what the number is but I remember reading a stat about how much it costs an employer to replace an employee and more

often than not it's more expensive than just giving them the pay rise that they want because you have to hire and you have to advertise you have to train and it's a drain on resources in that sense. And so I think that if what you're asking for is reasonable, and I mean, only you can really determine that. And if they're not prepared to meet it, then be prepared to go, cards on the table, I'm going to go elsewhere. Yeah, yeah, you do. You need to understand your value. And as you said, it costs so much money for employers to employ new people. But you do, you need to think of yourself as like your own little business. Employers, like they've cut throat. They have to do what they have to do to keep their business afloat. I think it's helpful

to kind of adopt that mindset from your own perspective. Even if it does feel a little bit personal, it's not. It's business, baby. You've got to look after yourself because no one else will. And if you don't ask for this pay rise, then it's not going to happen. So yeah, I would ask. And if they say no, walk away. Yeah. Look around. There's nothing wrong with that. And yeah, know that we believe in you. We think you deserve it. We believe in you big time. And if you need more tips and tricks, go back to that episode. And we've done a couple of others as well on negotiating. and there was an episode way back in Season 1 called She Works Hard for the Money

that was specifically about pay rises. So head to those for some extra tips. But yeah, I reckon that's about all for today, George. Oh, we've got time for? What are you feeling? Girl, bloody love an episode with Jay Rook. It's always a pleasure sharing the mic with you. Stop.

Do we want some boring but important stuff? Yeah, hit me with it. Alrighty, 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 a financial decision. And we promise Victoria Devine and She's On The Money are authorised representatives of In Focus Securities Australia, Proprietary Limited, ABM 47097 797 049 AFSL 236523. We will see you on Monday, team. See you then. Bye, guys. Thank you.