She's On The Money - How to Reach $100k By 35: Skills For Supersized Savings

Episode Date: September 8, 2026

Some of us want to buy a house. Some of us wanna retire early. Some of us want a little more coin on the other side of our retirement. No matter what your financial goals are, here are our very best tips for making $100k by the time you turn 35.  Join Victoria and Bec on the Deep Dive couch as they discuss how to tackle this goal in three parts: earning, spending and managing your money. Plus, some things you can do to ensure that there aren’t any leaks in your budget, or in your ongoing income. And if you happen to be on the other side of 35 already, these solid money habits are still worth considering to amplify your wealth in the long run. UNHINGED WAYS TO EARN: Take us back. Tune into Jess and Bec’s episodes on unhinged hacks for saving a little extra coin over here and here, or search Unhinged savings hacks wherever you get your podcasts. BROOKE’S FIRE PLAN: Stream it and see if it might work for you over on our Youtube channel: youtube.com/watch?v=NsuXtMcFLM8  GET THAT BAG: Asking for a pay rise? Here are some tips to help you have the chat over on our blog, search payrise at shesonthemoney.com/blog EXTRA SHIFTS COMIN’ RIGHT UP: Earn a little extra on the side with the Supp platform over at suppapp.com/  Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au) 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. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 4451289.See omnystudio.com/listener for privacy information.

She's on the money. She's on the money. My name's Natasha Bambler. 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. Acknowledge is culture, country, community and connections, bringing you the tools, knowledge and resources for you to thrive. Hello, our lovely listeners and welcome to She's on the Money. podcast that helps you feel more in control of your financial future. You've joined us for another deep dive where we'll be taking on an ambitious but achievable money challenge. Do you reckon you could save up 100K by the time you hit 35? No, because I'm already 35 and so I can't work in the past, Rebecca. Well, I'll tell you what, VD. You could have fooled me. You don't have a day of a 25.

Thank you. Thank you. That's all the Botox that's in my forehead. It was really working. Thank you. Thank you. Maybe you're only a few years away, or maybe like a few of us on the team. That milestone has well and truly sailed. No matter where you sit, this episode is packed with ways to reframe the way you earn, spend and manage your money, with learnings for well beyond this bracket. I'm Beckside and the brilliant Victoria Devine is here to help me dive head first into this subject from start to finish. I am here and I am very excited about this episode because I feel like $100,000 in savings before. 35 is a really ambitious goal. But I really guess that depends on where you're at and what you're

saving for. And I don't know, I feel like there are a few ways that we could get you saving a hundred grand. How could it be? How could be? Boys do it. I'm 34 and so that's possible still. Let's say it's possible. So you just wanted to remind me that I am still the oldest. I did want to tell you that, hey, listen. You're welcome. You're not the springiest chicken in this. I'm not. I'm not. And you know what? I was just thinking, as you were talking, that my Botox isn't working as hard as it should. You were like, you don't look a day over 25. And I'm like, babe, I do, but I do still feel like I look 35. That's wild. You definitely don't. No, no, no. Like, that's not me fishing for compliments. Like, being 35's a privilege. I'm not mad about it.

But like, at what point do I get the opportunity to age backwards? I know you mean. Biohacking, not for me. Yeah, no, it's too late. But look at Chris, Chris Jenner. Oh, no, that was a whole facelift, babe. That was a whole facelift. You buy a new face at any point. That's actually terrifying. No, let's talk about money, which is terrifying, but not as terrifying as them peeling off your face and re-sticking it somewhere else. Okay, let's do that. All right.

So, I guess, VD, if you'd approach me by early 20s and said, here's how to make 100K, I think you're firstly a scammer and secondly delusional. So I'm definitely keen to hear how to make this feel practical. know? Absolutely. And I can promise you right now that I'm not a scammer, but if you could just send me your bank account, no. And I feel like that's the name of the game that we are playing today, Beck. I want to tackle this in a way that feels approachable and a way that actually makes sense and means that you could probably do it. But that means I have to break down the goal. And I always talk about breaking down the goal. But today we're going to break it down into three parts, what you earn,

what you spend, an ongoing money management. So hopefully by the end of the end of the episode, you're going to feel really empowered to make money moves that essentially amplify your wealth, or at least leave you with the mindset that shifts you into being able to reframe what your next financial goals are going to be. But first, coffee break. We are going to take a quick break and right after we will dive straight in. All right, Ms. Beck-Syad, before we get into the how, I wonder if people care about the why. Yeah. I mean, the why is, it seems, like not the most important bit, but honestly, like, who wouldn't want 100K? It seems like a safe amount of money to have saved up and ready to go, ideally. Like, it's a crazy amount. But I feel

like you might aim for this goal even without having a clear reason behind it. So does it matter if we have a reason? I mean, you don't need a reason, but a reason's going to help you achieve your goal quicker. Because otherwise, I'll be like, Beck, but you're saving. And you'll be like, for what? It doesn't matter. Like, you don't have any drive. But I feel like finding a reason to reach this milestone is going to make it more real. And it's kind of what takes it from being an arbitrary number to one that has actual personal significance. Some people in our community who have saved $100,000, because there are lots of you, they say that it was just a nice round number. Or they might say, oh, that's the number that makes me feel comfortable. Or there might be a really

specific thing they want to achieve with $100,000. But instantly, I can think of a few reasons. And I'm happy to share why you might aim for this. goal, maybe you're super eager to get into the property market and you're saving up for a house deposit and that might be on the cards for you. And based on the current research that you're doing and property prices across Australia, a standard 10% deposit, which is what I'm seeing the most in Zeller money. So most of our first home buyers are only buying with the 10% deposit. That puts you at about 100 grand in savings because the average property in Australia is sitting at about a million dollars. It's crazy. It really is. Terrifying. So,

There are a few grants so that you can access as a first home buyer. Oh, totally, totally. And if you're a first home buyer, you might be eligible for like a grant or a concession. So this is a complete derail. But the first home buyer's 5% deposit scheme means that you only need 5% for a deposit to purchase a property instead of the standard 10%, which brings your deposit closer to that $50,000 mark based on average property prices, which honestly is a really big deal because people often forget that the building is. isn't the only expense involved in buying a property, and you very likely will need funds to cover a conveyancer or to complete a building inspection prior to settlement. Okay. And like furnishing the place, fridges, things like that, it all adds up. Oh, they're so expensive white goods is a conversation for another day.

Oh my God, I know. So you might be saving for a house. What are some of the other reasons to save? So you might be thinking, V, I just don't want to work over the age of 35. I want to retire early. and maybe then saving up $100,000 might be part of that long-term investment plan where you want to create a portfolio that is so strong that you could live off the dividends and never have to work another day in your life. Gorgeous. That's someone on the team is doing that, right?

Yes, absolutely. So Brooke, who is on our team, is on the path to fire, which is very cool. That stands for financial independence retire early. And it's this idea that you grind during your like early years and your early 20s so that you can set, yourself up to retire in your 30s, but let's be brutally honest, I don't think it's for the faint-hearted. Like, that's a lot. It involves saving really aggressively, and I'm talking between like 50 to 75% of your earnings for a relatively long period of time. And last time I checked in with Brooke, she's saving like 70% of her income. That's wild. I'm really proud of her.

Like, that is the coolest thing ever. Yeah. But someone can be doing something cool, and I can recognize that that would not work for me. Absolutely. I really, really admire that. That sounds so challenging. Because when you think about your teens and your 20s, for example, like it's a time where you coincidentally also might want to spend more freely, or at least your friends might and you kind of feel like you've got to keep up.

Exactly. And it does definitely involve a certain level of frugality and being able to live below your means and being able to think about the bigger picture and having a really great sense of delayed gratification and honestly it's not for everybody. Yeah, and what if you already have some pretty big financial commitments or like kids or things like that, you know? Exactly. And I think that that's what makes it so attractive to only a certain group of people.

Whereas if you said to me, Victoria, you're going to do fire. Like my lifestyle actually just doesn't allow for that. Like, honestly, there is absolutely no way that my husband and I could save 70% of our income. Totally. Like it's just not happening. I now have two kids. I have a mortgage. I have, you know, lifestyle costs that I don't really want to change.

It's just not going to work for me. And that's cool. That's fine. But it's just not going to work for me. I mean, it's not impossible, but those things do make it significantly harder. And I mean, if that is something that you're interested in, though, and you've decided, wow, V, I would really like to do fire. You can change your whole life.

You can restructure everything. Like, technically, Steve and I could sell our property. We could change the way. that we live our lives and we could maybe make it work. Don't want to, though. No. If you really want to, I would strongly encourage you go back and listen to our episode with Brooke and her investing strategies, so I'll make sure that's in the show notes.

But, like, that's fun. Yeah. Okay. It's a good, like, concept. I feel like it wouldn't work for me either. But so property, fire, what about some other goals? What if you are planning to study later in life? Very cool.

Very cool. You might have already done maybe like an undergrad. and you thought, one day, I'm going to go back and, like, do my master's or a PhD. And maybe after I've, like, had some more life experience, though, don't want to do it immediately. But I also can't afford to study full time. So you might want to be able to, like, afford to study full time instead of having to work and study, which can be a lot. Like, you might also just want to travel the entire world. You might want to, you know, do that and have a reliable income to support living overseas for an extended period of time.

Or maybe you've already entered the property market and you just want to renovate or build. Like you go, V, I really want new bathrooms and a new kitchen and a new kitchen's 100 grand. Yeah. And unfortunately, in this economy, very likely. Oh, man. I mean, you might have aging parents or relatives as well. And, like, that's something to consider. Maybe you're a carer and you know you'll need extra money to help support the people you care about in the future.

Exactly. There are so many reasons, Beck, and so many good reasons why you. you might want to save $100,000 by the time you reach 35, but the real question is, how the heck do we do it? So let's look at the ways that we're spending and earning money. So it would be remiss of us to talk about increasing our savings if we are struggling with spending or debt. Like so silly.

Saving when you owe money can feel like an uphill battle. Yeah. One that I get because I've been there. So if you're listening to this and you're thinking, Victoria Devine, what are you doing? cannot possibly save $100,000, let alone $1,000. I get it. I've got you. I've actually created a bunch of resources like playlists and spreadsheets to help you consolidate debt and ultimately get rid of it. And you can apply that across everything from credit cards or loans or buy now, pay later situations. Like any type of debt can be tackled. You can change your life.

While we have these strategies to help eliminate debt, we also kind of have to dig a little bit deeper to understand the mindset behind this spending that you have. Because if you don't understand it, I promise you'll do it again. True. Like, if you don't understand why you got into that debt, you're going to get into it again. Because you might go, hey, V, I've got, like, let's do a little scenario. You've got $20,000 in credit card debt. You feel overwhelmingly swamped.

You go, I've got to get rid of it. You knuckle down. You listen to our podcast. You download my free budget. You download the savings trackers. you have smashed this $20,000 debt out over two years. You are debt free. We haven't looked at why you got into debt in the first place. So you just feel free. It's time to live a little. It won't matter. You didn't close your credit card, did you? Hopefully not. No. Let's go again.

Exactly. And do you know how many times people relapse into debt? Yeah. Astronomical amounts. Yeah. So we need to understand why are you chasing a dopamine hit? Do you just really like doing a tapy, tapy? I get it. is lifestyle creep meaning that you're responsible for regular splurges or you're spending beyond your means. Like one of the things I've talked about so consistently on this podcast is lifestyle creep and what it actually looks like. Sure. So way back when, and, you know, Becky, you don't buy makeup.

No. Because you're a better person than me. It's not true. I used to buy makeup at the supermarket. And like, you know, if my Mabeline mascara was on sale, money win, eight bucks. but then my life got more expensive and I discovered Mecca and everything got really expensive and I justified that because I was older I deserved it. That was what lifestyle creep looked like for me and my spending got out of control.

You need to deeply look at where's your spending going? Because you might go, oh, Victoria, I spend money on cosmetics but I have to spend that amount of money. No, you don't. You absolutely don't and you are just diluting yourself when it comes to the reality. of your situation. Maybe you're falling prey to like present bias where we really overvalue the benefit of having a shiny new thing today over the pain of pain for it tomorrow. You go, I'll just work it out later.

Doesn't matter. I'll just get it today. I'll work it out later. I won't do it again. But then what do we do, Beck? We do it again. We do it again. Hopefully like I feel like I'm a combination of some people out there might be listening being

like, oh, I couldn't find a job for a long time. That's a different story. Unfortunately had to. And in that case, maybe there's no underlying issue where you will do it again and again. No, life just got hard. Exactly. It's very different. So I just wanted to mention that in case you're listening and like, hey.

We get you, though. But that's why I'm saying things like lifestyle creep or getting a dopamine hit or, you know, you really like shiny things and you haven't really thought about having to pay them back tomorrow because you think it's a tomorrow problem. And it is always a tomorrow problem, right? Yes. I'm not saying, oh, life got really expensive and you had school fees coming up and you didn't want your kids to go to school without shoes. That is not the circumstance I'm talking about here.

And if you are going into debt for those reasons or you're going into debt to put food on your table, pop off queen. Absolutely. I back you. I don't want you to be there forever, which is also why we have all these tools and resources and you still need to kind of like be on top of it. Yeah. But like, I will never crucify someone. And got nothing to worry about in that case. Exactly.

But what we do need to do. is get to know why you spend the way that you do so that you can kindly adjust your mindset to better support your money goals. So what if say like you've sorted out your mindset, what are some practical tips to help you spend more responsibly? Automate your pay. And you know what, Beck, you still haven't done this. I know you haven't done this because I just know that this would be something that really

helped you. Yeah. Because you chase dopamine in the same way that I do. And if the money is in my account, I'm a doer spending. That's true. I'm going to do it. So I actually need a bigger system than myself to take the money away from me and stop me from spending it and transfer it automatically somewhere else.

And this is something that we mentioned in our episode on investing in 20s, 30s and 40s and beyond. And if you haven't already, please go back and listen to this. But essentially, if all your money gets allocated to things like rent and bills and petrol, it is so much harder to commit to things that are outside of your budget. Because like in your immediate debit card that you actually do the spending on, it's not there. And you have to go, oh, I wonder, but I've already separated off the money for your rent back and you know that's rent money. That becomes much harder to spend because like, yeah, actually, that's rent money.

Yeah. Like I'm making it harder for you on purpose. And this behaviour is going to prioritize saving as an automated behaviour. Because honestly, we're human beings. Sometimes we just can't be trusted. Like, even with ourselves, but it's going to reduce the strength of tempting purchases. So you can also bolster this with a spending buffer for any, like, non-essential purposes. I'm not saying don't have fun.

But if you want to do some spending, maybe waiting 24 or 48 hours before dropping the money on an online sale is a really good idea because you actually don't want those leggings. Totally. Yeah, I thought I really, really, really wanted them. And then all of a sudden the spending dopamine high wasn't there. And now it just becomes a logistical thing. I have to go back and I have to find it and have to put them back in my cart. And I just can't be bothered. Totally.

And actually, like, a step further, if you imagine yourself receiving the package and then having to throw away the packaging, put the thing away. You got to find a spot for it. And what if it doesn't fit right? And what if it doesn't look like on me, what it looked like on the model? And then you've got to take it back to the post office? No. Oh, no.

And you all know I'm not going to take it back to the post office and it's just going to be a giant money loss. Save yourself. So, okay, this buffer is really smart, especially if you love an impulse buy. Yes. But back to automation. How do you know how much to automate are there any helpful rules or spreadsheets and things we can offer to our listeners? Okay. So I hate this, but I'm going to mention it because the community talks about it a lot, not because I believe in it.

Because I'm going to talk about really quickly like a percentage-based rule. Cool. And I'm going to do it because it might work for you. And I'm not one to gatekeep stuff just because I don't think it works for me. Sure. I'm just going to give you the information. Why don't I think a percentage-based budget works? Because, Beck, if you earn $40,000 and I tell you to save 20%,

immediately you feel like trash. Yeah. Because I've said, Beck, you need to save 20%. You go, Victoria, I don't have 20% to save. You're already. I'm already behind. And then because I said 20%, you go, well, anything less is a failure. Yeah.

Yeah, that's true. That makes my community feel like trash. But some people have been really liking applying what they call the 50, 30, 20, 20 rule. And it means keeping 50% of their earnings for things they need, 30% for things that they want, and 20% of their income for savings. Okay. Now, do I think that in this economy that works perfectly?

No, because for some of us, 50%, that's actually just our rent. Like, exactly. That's just rent and it's already gone. But I think sharing these, you might go, oh, V actually, I just cannot Victoria get my head around doing a whole budget. I'd really like just to be told transfer, you know, 20% of my income and then we're just going to call it. Like, I don't want to think about it. And if that helps you pop off, Queen, I'd love that. But for a lot of people, that's just not going to work.

But of course, you might also choose to adjust this plan based on a monthly target or an investment plan. And I'm going to explain what I mean by this later in that episode. But it could also be about like applying a ratio. Okay. Additionally, free on our website, we have so many resources that you can just download print, you know, use as a spreadsheet to help you establish yours on your way to 100K so you can work that out. But the first step is really recognizing what you spend each and every single month, which can be very confronting. And I'm sure if I said, Beck, can I see your bank statements right now? You'd be like, no, maybe later.

Do you know what I mean? Like, not all of us are comfortable with that. I'm not even comfortable with that. If you said, Victoria, can I see your bank statements? I'd be like, no, no. Yes. And that's okay. But I promise, just doing it with yourself.

Like, you don't have to show anybody else. It's confronting, but it is worth it. Because when you have a very clear idea of what you've been spending, in a normal month and we can add it up. I can go back, did you know that you spent X on X? You go, far out, that does add up. It is going to help you change your behaviours more significantly than me just saying, hey, that thing you do, I don't think you should do it. Yeah. Cool why? For sure. Like, I need to give you a really solid reason. And then you'll be able to set like a really clear runway of what you need to save and what you need to earn in order to move forward and keep managing your

money. Okay. So let's say we've done the audit and there are a bunch of things in buying every month that fall under the wants list. Yes. So what can we do then to help reduce outgoings without compromising on what we enjoy? Yeah, because I love a coffee. And I think you and I are on the same page. We adore Brooke. We think she's absolutely fantastic. And I am so proud and honestly in awe of the fact that she is saving 70% of her income and plans to like be in a situation where she could retire by the age of 35. Crazy. You and I, that's not, that's not our journey. Couldn't be us. Couldn't be us. And that's okay. But I suppose you have to ask yourself, how much do you want to achieve this goal of saving $100,000 by $35 and what it might mean to you? Is it more meaningful

than a nice matcher that cost you $8? Is it worth swapping a coffee date for a walking one? Is it, you know, a subscription? Is it necessary? Or could you find another source of entertainment that's maybe more affordable in the meantime because I'm not saying that you can't do these things. But unfortunately, in life, we have to compromise. Sure. And you get to choose what you compromise. It's a great call. I do hear a bunch of people are going back to DVDs.

Oh, that's chic. I know. If there's something that you enjoy, like maybe you have a streaming service, you're like, hey, go back to DVDs or buying secondhand or learning how to mend clothes and repair things There are heaps of new social groups popping up where people are skill sharing, save money while building community. Yeah, like Jess, and how she goes to sewing class. Yes, isn't it cute? It's actually the most wholesome thing ever.

Like, I love it so much. I was telling my sister the other day because she was like, oh, because for some reason, I was the one paying attention when my mom taught us to sew. And my sister was always like, no, go away. I'm going to my room. And like, she never learned to sew properly. And she's like, maybe I'll go to sewing class. And I'm like, do it. That's cute.

Anyway, you can live below your means or find thrifty ways to enjoy things that you love, I promise. Again, you might have to step out of your comfort zone to work out what that looks like, but that's okay. And maybe you start going out less or you just say, you know what, when I go out, I'm not going to order a wine because that all cost me $14. I'm just going to swap it for like a non-alcoholic one and yes, I'll still order myself a nice drink, but I'll just have a Coke or something. and we can start saving in really small ways because all of those things add up in the long term. Beck, let's pivot. Yeah. Because you can only save so much.

Like, you can only save on things and scrimp and, you know, re-justify your spending. Yeah. Like, and I think if you've gotten this far in the episode, you're thinking, Victoria, not having the $8 ice matcher and not having a $14 wine when I go out is not going to get me to $100,000. My queen, you would be correct. Because we need to talk about earning. Yes.

At the end of the day, if you don't have money coming in the door, how you think you're going to save it? Very true. Now, Beck, you might be thinking, saving $100,000 by the age of 35 would be easier if I just earn more. And I mean, that's definitely one of the levers that you could pull, but it is not the be-all end-all. And if you haven't already thought about it, I want you to see whether you can negotiate your

worth in your current job. It might be hard. It might be overwhelming. But if you haven't asked for a pay rise in a while and you've worked for that company for a few years, my queen, what are you doing? Sure, yeah. Can you maybe make a case for a pay rise or a salary review? If you're not sure how to do this, Beck and I have your back, don't worry. Or maybe it's your first rodeo and you're like, I just don't know what to do. I know that you've got my back. I would start with our blog that I'm going to link in the show notes, which is completely dedicated to asking for a pay rise, including scripts and things like that that you can use in an email to start the conversation because sometimes just starting the conversation is the hardest part.

For sure. So you're like, I don't know what to say. I don't know what to do. And also, I'll tell you what you don't deserve a pay rise for because I'm not going to be like, oh, Beck, just ask for more money. Yeah. Like, that's not realistic. And of course, another way to get a pay rise and employers are not going to like this

is to consider switching workplaces, which can often result in a bigger leap in income. I have, and I'm, I don't know if you've noticed Beck, but I'm born to Yap. Crazy. I had noticed. I have been yapping to some girls in my Instagram DMs recently. And they were like, V, I want to earn more money, I want this, I want that. And I told one of the girls in my DMs, I said, look, being really blunt, you are, like, because she actually worked in the financial services industry in a broken role.

Being quite blunt, you are being very underpaid. and, you know, she showed me the email because I'm pervy. I was like, show me the email that your employer, like, sent back about you not getting a pay rise. And I was like, they are disrespecting the hell out of you. I'm so sorry. But, like, for them to send you that and have the audacity to do what they were doing, oh, my God. Why don't you go shopping?

I was like, go shopping. Like, you know how sometimes you go shopping back and you don't buy anything? Yeah. And that's okay because you still went shopping and then you went home and you were like, maybe like, oh, well, the jeans I have already are really good because, like, the ones that I went shopping for, they didn't fit quite right, and so I didn't get them. Yeah. I said, go shopping.

Go see what other jobs are on the market. Like, you're not accepting a new job. And I think sometimes people get a little bit angsty. You're like, oh, I don't know, Vee, if I want to, like, leave my current role. We'll go shopping. Just have a look. Just have a look. Yeah.

See what's out there. See what other jobs are playing at. Yeah. And she did. And she got a $20,000 pay rice. Oh, my God. That's so good. And I'm just so happy that I got to be part of that, like, live journey.

Yes. Because I was like, no, do it. She's like, I'm really anxious. I'm like, nah, queen, get it. Like, go to this interview. And if you don't get it, like if they say no, who cares? Because you already have a solid job. For sure.

Like the best time to interview is when you don't desperately need the job. Exactly. Right? Because you're not anxious about getting it. You'll probably show up as your more authentic self anyway, which is exactly why she probably got the job. Exactly. But that's why I said employers aren't going to like what I have to say,

because I want you to take a look around. I want you to see what other employers are paying and you can go from there. Can you get like an extra 10% per year? Could you get more? Have you listened to any of our other episodes about what that 10% could mean for your future wealth? Like we did a whole episode on superannuation salary sacrificing and that was based on 5%. Yeah.

And that got most people to having a million dollars in their super. What's 10% going to do for you? Exactly right. Oh my God. Sky's the limit. What if you're a nurse or something or someone who works in a rural town or in an industry where it's harder to just demand a pay rights. Oh yeah, that advice does not work for everybody

because some people like our nursing friends who like you guys need to be paid so much more but that's again a conversation for another day. You're on a salary band. You're like, I actually can't be legally paid more than this. Like I'm never going to get a pay rise. Of course, things like location and your industry and even your gender are going to be affecting

how much you are getting paid before you've even had a say in it. Totally. This is not, I'm not saying that this advice works for everybody. And if you're wondering what gender has to do with this, please check out one of our episodes about the gender pay gap to learn much more about that and what I'm talking about. Because again, conversation for another day.

But let's say you're in an industry where unpaid placements are completely unavoidable as a part of your career progression. I hate them. Oh, it makes me so mad. I know. And it's full time too. Like one day, sure. Full time, unpaid.

And how do you survive in this economy, even any other economy? How is that reasonable? I know, I cannot believe that's a thing. I got so unnecessarily mad when I was building she's on the money because somebody suggested to me to get unpaid interns to help with the work. And I was like, I can't even justify that. And they were like, well, you know, the nursing industry does. And I was like, sickening. Gross. I know. So gross. But let's just say that you're in that space. How do you think you could earn more when your position and your seniority? and your industry dictate your financial situation, Beck. Exactly, exactly.

So, I guess we've got to get creative. We get creative, exactly. Now, there is a whole episode that you and Jess actually recorded. I remember this one. Because I was like, I'm having nothing to do with this one, you two psychos. It's dedicated to unhinged ways to earn extra income, which our listeners might want to return to, or at least used to inspire their future earnings.

But some of the suggestions included things like selling second hand items or flipping thrifted clothes online or taking up a side hustle or value creation. So there are a lot of them and there are literal episodes that we have dedicated to this. Totally. And I think I mentioned like how I got extra hospo shifts by using the platform or the app called SUPP, which we can include in the show notes, but you can apply for full-time jobs or just single one-off shifts. That is so cool.

I didn't know it had changed into an app because years ago and I'm talking like, like, oh, this would be like 2010, 2011 when I was in early uni. And I had two jobs because, again, I was crazy, but also I had to fund my life and it turns out life is expensive. I also worked with this group and I don't know if it's still around. It was called Octopus. Oh, that sounds familiar. And I worked for a group called Peter Rowland as well. And so they were like, HOSPO kind of like contract jobs. And we didn't have an app. An app would make it much better. But They used to send around emails, and it was basically first in best rest as to who replied. And they'd be like, hey, we have a random shift.

And this is how I ended up working at the most random locations. Hey, we have a random shift at the Melbourne Aquarium for a wedding. Right. Great. I'll do it. Hey, we have shifts for the Melbourne Cup. Hey, we have shifts for like these events that would come up. And I'd go and be a waitress or I'd go and work behind the bar.

And if you've got those skills, maybe like something like that could work. Because if they came up and they didn't sue me, I didn't take them. But if they came up and I'd be like, oh my goodness, like, yes, I would like a Sunday shift. Yeah. Because I was getting double time and a half to do some hospo stuff. Yes, of course I'll take a four-hour shift. Why the hell not? Exactly.

So that is a very cool way of going about it because you don't need to commit to an ongoing like every single Saturday shift or in every single weeknight shift. You can be like, all right, I'm going to knuckle down. This could even be for a holiday. I'm going to knuckle down. I'm going to pick up some random. shifts of stuff, just get it done, get some extra cash in my gang, can be ahead. So cool. And if you have a mode of transport, so if you've got a car or you've got a bike or you've got a little scooter, Beck, you could be like a door dasher and earn like, you could join Uber and you

could earn a little on the side by making deliveries. And maybe you're also like a multi-disciplinary queen and you do some sewing or maybe you do some babysitting or dog walking on the side. All of those things can help add to your earnings and eventually savings potential. For sure. And recently, I've joined a few, and this is because I'm really stepping into my millennial era, I've joined some local Facebook groups for my community. And I'm seeing lots of people post, hey, like, I would love to walk some people's dogs, like for some extra cash on the side.

Those posts pop off. Yeah. So like, maybe like local Facebook groups and stuff, if you're like Victoria, I don't know where to get babysitting shifts, put an ad up in your local Facebook group. Absolutely. How cool. That's such a great idea. And I know Jess mentioned creating things that can be sold on Pinterest or, I don't know

you could sell on Pinterest, but you can sell on Pinterest. You can sell on Etsy. You can sell on Facebook marketplace. Yes, exactly. There was maybe another one. But yeah, that's, well, I can remember now, I actually did take the Etsy advice and put some random PDFs up there. Did you actually?

How good? I know. And so I'm like, you know, why not? Because someone had, in the thing, someone had. sold like $5,000 worth of just a little times table or something like that they had up there that was. Yeah, 100%. I'm like, this is such a great idea. So yeah, definitely go have a listen. Exactly. And good suggestion, because have a thing. Is there a way that you could create some value and also generate some passive income, like selling a PDF? Like, even if it's a couple of dollars here

and there, that's a couple of dollars you didn't have before, but exactly right. And I mean, passive in that it's something that you set up and create once that continues to earn you money over and over again. So like things like your PDFs or printables or like an online course or a workshop, that sort of thing. Really, really smart. For sure. And all of these are good ideas, but I feel like earning an extra $100,000 won't help me reach $100,000. I agree. And I don't want you being like, Victoria, you're so out of touch. That's not going to get me to 100K. There are lots of people in our community and it has got them to 100K. So like, is it that out of touch if someone has done it before? Well, true. We can learn from them. But that's also where,

investing comes in. So if you're in your early to mid-20s, my friend, you are in an excellent position to be able to save $100,000 by the time you turn 35. Why, you might ask, because you've got time on your side. And unlike Beck and I, we're not going to be able to achieve that, but we might also still be able to achieve that by 40. That's very cool. Yeah. Because you've got time on your side, things like compounding interest can really help your money, earn money. And it's not a secret, but that is my favourite. And according to the Australian Financial Review, the share market returns an average of 7% per annum, which is a relatively conservative reflection of how well Australian shares or ETFs are performing adjusted for inflation. So if you invested $550 per month from the age of 25, the market continues to perform at 7%. Well, yep, you're going to reach 100 grand by the age of 35. Wow. Okay. Isn't that cool?

Yeah. So just for a little bit more context, that's roughly $138 a week. Do you reckon that over the next 10 years we could find $138 a week? It's going to be hard, but maybe. Like when you say it like that, it kind of seems. But if you really want something, yeah, yeah, yeah. You would go, well, 138 bucks after tax. Like that could be a four-hour hospice shift.

That's true, actually. That could be a few things that you do in your free time. Yeah, that could be, you know, you know, doing some hustle. online, like with your PDFs, it could be, you know, maybe not $138 a week, but combine that with some dog walking or combine that with the fact that, you know, babysitters cost on average nowadays like 40 bucks an hour. If you do babysitting and you get a little reputation in the area, I can almost guarantee you'll be booked out.

So true. That does sound, that seems real. But slow and steady wins the race and it's just like these small things that could add up. And we're not even talking about you saving any of your like income that you. earned from your job. Those were just additional things. Additional. But if you could find $138 from your current income back, that could become $100,000 in 10 years.

Yeah, true. That's very cool. Okay. It does sound more achievable, actually, when you say it like that. And do you want to do some maths? Yes, please. Well, I don't. You want me to do the maths.

If you could do the maths. Yeah, okay. Well, I'm happy to do the math. Thank you. So, if we go back to that formula ratio that a lot of people in our community are using, that 50, 30, 20 ratio, and we applied here, $138 a week is roughly $552 a month, which is 20% of $2,760. So if you had earned $2,760 a month, which a lot of people in our community are earning more, and you put away 50% for your needs, 30% for your wants and 20% away for savings by investing

it, you might expect to reach the 100K mark within 10%. years. And that's if you're earning under the mean gross annual income for someone aged 24 in Australia, according to Canster, which is roughly at the minimum, like, amount is $64,000 a year for full-time income. Okay, okay. That's pretty doable, it sounds like. But that's like rent ain't that cheap. So no. And that's why I'm like, look, let's use this model because it might click for someone. body. Sure. But for me, that might work. Like, and it kind of like extrapolated out, right? So, like, if you earn $40,000, me telling you to save 20% wild. Like, that's so rude. If you earn $400,000, I'm so sorry. If you're not saving more, or saving and investing,

more than 20% of your income, you're doing something wrong. Like, imagine earning 400 grand a year and not being able to save or invest 20% of it. Yeah, true. I guess. Like, so it doesn't actually, like, extrapolate out well. Sure. But some people in the community have been asking me for different strategies and like, oh, can you give me a percentage base? My friends, this is why I haven't given you a percentage base. But I want you to go back and have a look at, well, how much is rent? How much are my bills? How much is left over after that? And what can I do with that? And that's where I would be heading. So, Beck, while we let that sink in and simmer, we're going to go for a really quick break. And when we return, we're going to be talking about some of the ongoing things that you can

do to manage your funds along the way. Welcome back, everyone. So we left you on a bit of a cliffhanger. NVD, you let us know how we're going to maintain or even get to our savings goal of 100K. We're trying. We're trying. And I feel like there have been some glaring oversights in the first half of the episode. Sure.

And we've just mentioned some things like how do we build ongoing skills to maintain good savings habits so that we don't self-sabotage. So would you like to get into that? Yes, please. All right. So there are some things that you can do to ensure. sure that there aren't any leaks in your budget or in your ongoing earnings. And the first one, it's super easy. Okay. You're going to get rid of buy now, pay later. Okay. That's really sad. Is it? Okay. We can do it. What's sad about it? But I just love to have things now.

Okay. And at what cost? God, that's a great question, VD. And see, there's a little bit of work to do on me here, but I will listen to you. I will listen to you. It's okay. But like, work in progress. still progress. Exactly. Still progress. That's a beautiful way to look at it. I'm not mad. Like literally, I think people think, oh my God, Victoria would be so disappointed. No, Queen. Like, you're here. You're listening. You're trying. And like, that's the best thing that we can ask for, right? So it is easier said than done, I suppose. But like, that is putting you in such a bad position. Like, they represent too much of our country's debt, particularly across us, millennials. And also Gen Zs.

There's another one, super boring, but really important. Okay. Do you have an emergency fund? If not, I need you to set one up. And we are slowly working our way towards having three months of our living expenses in there. And I say this because you might be well on your way to reaching your goal, but then, like, life happens. Pets get sick. Cars need repairing.

And maybe you need a surprise wisdom tooth out. And that's when your budget is going to leak. expect it for some reason in my life and I don't know about your life Beck but the big costs they're like wait in the background until you have already just made a big purchase or you've already done something and then they're like ha what about me and you're like oh my goodness why why did you do that why didn't you tell me about you the week before so it could feel more in control exactly exactly that's what our emergency fund is for right an emergency fund can help you remain on track so that you don't have to dip into your investments to free up some cash so that you

don't have to rely on a buy-now pay later so that you don't have to rely on a credit card. Because if you keep going back to those same habits that got you in trouble in the first place, you're on a path to self-sabotage. Like you are not helping future you. Yeah. And I care a lot about future you. For sure. That's a really great call.

We could also think about like insurances. What about insurance? Like what if you need to take some unexpected time off? Exactly. And please make sure you check on your insurances inside super. scratch that. Just check on your super as a whole. Let's have a look at everything. Check to make sure that money is actually going in every single payday and your employer is paying your super. Because if you right now just trust that they're doing it and they haven't, it's going to be a really big problem

down the line. And now we have payday super. That just means that every single time you get paid back, money should be being deposited into your superannuation. If that is not happening, bring it up with your employer ASAP. Also, let's just make sure that we don't have more than one account where we're paying exorbitant fees and that you aren't paying unnecessary fees on multiple accounts and for multiple insurances. And you can do this through the ATO portal. And finally, just make sure you're not bleeding fees.

Compare your super to other super's on the market. There's a website that you can go to that is government run that just compares your superannuation or make sure that the link is in the show notes. But you could be getting the same. coverage, you could be getting the same performance for less fees money win. Or you could go talk to to your friends at SkyWalth, who will sort all your insurances for you? Easy money win. Money win. I hate surprise fees. Everybody does. Don't worry. I know. And so are there any ways to like safeguard your savings? Well, if you need a holding account for your savings before any of it

is invested, that sort of thing, you might want to look at opening a high interest savings account. So that way your money is earning money each and every single month based on the latest interest rate, which I just checked was excellent for savers. It's more than 5% money win. Stressy for those who have a mortgage. I see. Because if your savings are doing well, your mortgage is usually a little bit high and vice versa.

But before you do, please make sure that you've read the fine print to ensure that you understand how your rate is affected and if and when you need to withdraw it and what that looks like. Our team wrote a really good blog recently, which was identifying the top five savings accounts in Australia that don't have any who.

hoops that you need to jump through to get your interest, go have a look at that. So, Begg, I feel like we're running out of time. But what do you think? Have I made the runway to 100K a little bit more manageable? Actually, it was pretty intimidating at the start, but it does seem more achievable. Like, I think it was the $138 a week part that that kind of did it for me, especially when I think that, oh yeah, you can just like, well, not everyone, but you can kind of pick up a little side hustle here or there. Just like, yeah, I reckon it's doable. I reckon it's doable. Exactly. And what a privilege it is to have that opportunity. And these strategies can be applied whether you're in your 20s or you're in your 30s or you're even in your 40s because they're actually not about age. They're just about organizing a money habit. And to be honest, it was a really good hook to be like, 100 grand before 35. I knew I'd get you guys with that one because say, listen, you're still here. So you still want to save money. So let's just do that. And what if your goal isn't to reach that 100K? Maybe it's to reach a million dollars in your superannuation. My friend, you can also.

apply that to make your superannuation have a healthy balance. Oh, I could go on forever. Honestly, lovely listeners, unfortunately. I'm so sorry, this is all we have time for today. But if you found a juicy little tip bit in this episode, please tell a friend or leave us a review wherever you get your podcasts. We'll be back on Friday with another, I would say, very entertaining edition of Friday drinks. And until then, thank you for being here. Thank you for being part of our community. And have a lovely week. Bye, guys. The advice shared on She's on the Money is generally 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. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's on the Money are authorised representatives of Money Sherper Pty-LTD, ABN, 321649. 27708, AFSL 451-289.