She's On The Money - Is the Holiday Worth the Debt Hangover?

Episode Date: June 27, 2024

The team is back together this Friday and celebrate your money wins and confessions and share some broke tips. Plus today's Money Dilemma is from someone who has received a bittersweet inheritance that will help them get on the property ladder. However, they aren't sure how to manage this with their partner who isn't quite on the same page. And, have you ever booked a trip away with a bestie who then changes their plans and leaves you holding the debt? Well tune in for a JUICY D.M on today's show.  Check out Bec's list of cheap fun things to do this school holidays! 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. 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 - 451289.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. My friends, today is Friday, which means it is time to get my little team together and celebrate you, our incredible She's on the Money community. Today, Ms. Bex Syed is going to be sharing her broke tips. Ms. Jaskarici has pulled out a whole heap of her favorite money wins from the community to share. We're going to be helping to answer a juicy money dilemma, which this week is all about buying property from an inheritance in a relationship. And we're going to be unpacking something juicy that you slid into our DMs about. This week, we're talking about covering costs when travel with friends changes.

Bec, I feel like you're going to have a few comments on this one. So I can't wait because I feel like you've traveled a lot, but you also have had like lots of things change and like, anyway, I can't wait to get to it. But before we get there, how were our weeks, my friends? Good. Welcome home. Thank you for having me. Very excited to have you back.

I'm really glad to be back. like don't get me wrong the biggest privilege to be able to travel especially with a baby a lot of hard work like don't get me wrong like it wasn't easy but I don't regret it like if anyone's thinking about traveling and they have it in their budget to be able to travel with a young baby do it like you're gonna have to parent whether you're here or whether you're there like so true I'm telling you right now it was a lot easier getting up in the morning being like I haven't slept, but I'm in Rome. Yeah.

If you're going to be overtired, might as well be overtired somewhere fun and pretty. Yeah, exactly right. Where the Aperols are easier to obtain. And I mean, it's rude not to drink Aperol if you're overseas. It's illegal, I think. Yeah, I'm pretty sure it is illegal. But enough about me. Jess has had a good week.

Bec, how's your week been? It's been really good. We both, we missed each other for like six weeks because I went to Japan. It was like low-key rude. How was Japan? it was incredible I saw the photo so I know it was incredible it was incredible and I don't like contrary to what I probably portray I am not like I'm not huge on travel I don't like walking around with like dirty clothes and I don't like transiting every two days I don't enjoy it but Japan I am so

excited to go back it was the best said the same thing yeah you said that oh Japan wasn't really like something that was super on my radar and then you went you're like I'm going back like That was the best holiday I've been on. I'm yet to go and you guys are making me go, maybe that's my next location. Yeah, you really, really need to. I'm never craving a travel, I'm never craving a holiday even, but there's something about Japan I just cannot wait to go back.

I love that. Yeah, it was really, really cool. How good. Team trip to Japan. Yeah, let's do it. And I know that a lot of people have been following your employment journey back. Oh, yes.

We have been rooting for you, and I think everyone was like, oh, my God, she got made redundant. What is she going to do? We were talking about budgets for the last couple of weeks before I left. Have you got any interesting news on that front? No, let's move on. I'm just kidding. I do have a new job officially as of July 1st, finally.

I'm so excited. Thank you so much. I honestly like, and it's in the same building. It's in the same company. So you got made redundant, and then the other side picked you up. I love that. Yeah. I mean, that just tells everybody that she's really good at what she does.

That's so nice. Thank you so much. Honestly, I could have cried when they told me because I was like, it's over. It's over. It's over. Like, I guess that's how lots of people who have been made redundant feel. Like, Jess, you've spoken on the show before about being made redundant. And you're just like, I feel like I'm in limbo.

It's awful. Yeah. Well, I'm really glad. And I know the community is going to be so proud of you, but so excited to hear because like, it's just nice to know what you're up to, my friends. That is so sweet. Thank you so much. I want to get into it, though.

Mr. Scruicci, have you got some money wins and confessions from the community that you'd like to share? Absolutely, I do. First one I've got this week comes from Hannah, who said, I've officially paid off both my car loan and my credit card, which is two huge debts gone and a big fat weight off my shoulders. How good is that? Congratulations, Hannah. Two debts, not just one, two.

And do you know what I love about that? So, like, complete side note, when people write into our group or comment on one of our threads and say, I'm out of debt, you just know that the intention is not to get back into debt. Because, like, how many of us have paid off our credit cards and been like, yeah, okay, like, I'll put it in my back pocket and I'll just use it again. Like, I feel like when they're commenting, they're like, line in the sand, like, I'm not going to do that again.

And I just, I'm just so excited for all the change you guys are making. And I love seeing everyone get around each other, too, whenever someone comments. That's so sweet. So wholesome. I know. Next, I've got a money win from Chelsea who said money win. My flatmate and I have been discussing buying a dinner table for months now. She then tells me that a lovely wooden IKEA dining table has been sitting abandoned behind

her parking spot, which is like allocated in their apartment. They have specific parking spots. Since she moved in, no one's ever come back for it. So now they have a beautiful dining table for free. Money win. Love that. Maybe someone eats dinner there every night. Don't say that.

But you've never busted him. That's true. That makes me sad. You're about to sit on the floor now. Next, I've got a money win from Ella, who said she was shopping around for a new phone service provider because it is getting very expensive. Turns out that Optus offers students a discount,

so it's $39 for 100 gigs over 12 months, so $20 cheaper per month than what she was paying previously, which means she has saved $240 for the year for double the data. I love that. Money win. I didn't think you could get a student discount on something like that. No, that's really nice. Always ask.

I was really salty when I lost my student discount that I used to have on my old phone plan. It was only $5 a month. The plan was $5? No, the student discount was $5 a month. Locking me down. Imagine if it was $5 a month. I'd be like, guys, everybody go. No, it used to be $5 a month.

And I just remember being like, oh, I don't have a student card anymore to upload. because every year I had to upload my student card to, like, keep the discount. And then they took it away and I was like, I mean, it's fair because I have a full-time job, but I don't really like this. My boyfriend was a matured student and his student ID expires at the end of this year,

but he graduated, like, two years ago. And I'm really sad because we still use it to get cheap movie tickets. Yes. Okay, so, like, I feel like this is a Beckbrook tiggle. No, no, no, no, no, no. I feel it's not expired. Well, that's it.

It's like a driver's license. Yeah, that's what I think. Well, I have a car, but the license isn't expired. He's got the ID. He's got the ID, but this is like a Beckbrook tip, so I'm sorry for stealing your thunder. It's also probably borderline not okay to do, but I'm going to share it because I just saw it on TikTok.

And it was this guy and he had his student ID and he got nail polish remover and he like rubbed out the expiration on his student ID so he could still show it, but it didn't have an expiry on it. Low-key genius. So, I mean, if hypothetically that was in James' best interest. He's going to be a student forever. Yes.

He really could do that. I mean, is it worth the $5 a month? Maybe. I don't know. We're in a cost of living crisis, guys. Movie tickets are like $30 a ticket. So, if we can get them for half of that, I'm like all for it. A hundred percent.

Anywhere you go, there's adult and then there's concession and then there's, I don't know, senior or children or whatever. I feel like the movies are so expensive too. Like, don't get me wrong. it's a luxury it's not something that everyone has in their budgets but like Steve and I wanted to go see was it June or something there was like a new June movie and Steve's obsessed with June read all the books and we're like let's go I was shocked at how expensive it was to go like don't get me wrong we didn't like do gold class or anything like that we're just buying

normal tickets and I was like far out like this is so expensive I mean two people and tickets and popcorn it's still like 80 bucks yeah and I was like do you think that maybe we could just wait until it comes out on Netflix and the look he gave me definitely said no. So we went but I was just like, this is like a thing that we're going to have to think about if we want to keep going to the movies or do stuff like that. Like it wasn't a cheap

date night. And in my head when we were at uni, the movies was a cheap date night. It's a cheap date night. I'm almost shaking at how perfect this is because my brogue tip is very, very Oh is it? Oh, she's baiting us. Very cinema related. Excellent. Alright, Jess, what else have you got because I want to get to that.

and then we'll get to you. Alex said money win. I had two expired $100 gift cards that expired last year. She asked the retail store if they could be honoured so that they could still be utilised during the end of financial year sales and they said yes. You know why they said yes, Jess? Because legally they have to.

Ah, exactly. So if anyone has any expired gift cards, they're not expired, my friends. They have to legally honour them. I don't know why they still put an expiry date on them if they have to honour them no matter what. Do they still do that? I think they do, but I feel like at least one person out of like a thousand is going to be like,

oh, it's expired, like I'll just chuck it out. Yeah, I was going to say, do you reckon they're just hoping that people just go, oh, it must be expired? Probably. That's so shady. I hate that. Yeah. I hate that.

But if you have any expired gift cards, definitely go and get them. No, you don't. Like definitely go and redeem them or be really cheeky. One time I had an expired gift card and I swapped it. I like went in and said this is expired and they were like, oh we can honor it whatever I had that conversation and then I got them to give me a brand new gift card and then I used it for a present for someone else that's a good one that is such a good idea because I hadn't used it I was like well I feel like at some point if you haven't used the card

or the present like you don't deserve it anymore be kind of a re-gift yeah but like a money re-gift yeah I mean everyone likes gift cards yeah I don't know why people you know there's that stigma like don't get people gift cards not like no like I want a gift card but also if you're gonna give gift cards this is just my personal opinion give the most option like don't just go and buy like a store gift card go and buy them a visa gift card yeah yeah so like I can use it for my groceries if I want yeah great idea because like if you really wanted to be savvy you'd use that gift card for your groceries and then you'd transfer the money that you would have spent on your groceries to your savings oh okay we're just hacking it here Bex mine just blew Bex like you

You could do that. Just one more money win for me for this week from a Beck. Great name. Beck said, I just went to turn off recurring billing for my Microsoft payments so I can put it through under my shop back when it ends. Genius. And they offered her two months of Microsoft for free. This is good.

Yeah, this is a good tip. I feel like that's something you've said before. That was like your broke tip for Adobe, wasn't it? That's the best memory. That's so sweet. That was your broke tip. You said like, go and pretend to cancel and then they'll give it to you cheaper. Yes, anywhere, if that's a gym, it's Adobe, they give it to you cheaper

or they're like, take a few months on us for free. Have a little test, a little try. Yeah, so always do that, always pretend. So you can do that financially, but don't do that in a relationship. Like I can't recommend testing the waters and being like, I'll leave, like that's just toxic. But if the relationship is with your gym, absolutely. Yes, absolutely give it a go.

Okay, so do you feel ready for it? Oh, I'm so ready for your break tips. Ready, willing and able. So they are a little bit different because I didn't actually, I was a bit lazy this week and I didn't source anything from the community, but I have like three from just me, which is very selfish. Oh, okay. Is that okay?

Okay, she's gone rogue. Take the wheel. There were a couple of months there where you're like, guys, like off air, you'd be like, guys, I don't know what my broke tip's going to be. And now you're just rolling back in with it. I'm not going to look at the community this week. I'm going to give you three tips of my own. She's not even like stockpiling them for coming weeks.

I know, that's really silly. You're going to screw all of them away for the winter. I love it. What are they? Yeah, I'm not great with money. I'm not great with, like, figuring out how to properly organise my broke tips. Are we doing them in ascending or descending order? Like, is it the best one first or the worst one first?

I think we'll do, describe best. I think the best one is first, but then you might find more joy in the last one. Oh, I'm excited. Okay, all right, all right. What are they? Let's go. Okay. Also, I want to say the middle one is just, like, a silly one that no one will ever listen to.

But anyway, so the first one, similar to what you guys were saying before, cinemas are very expensive. and I did talk about how I turned my house into a pub a few years ago. Anyway, as you know, I'm dating. I have a girlfriend. Do you? I do. Have you seen the posts that they're putting on Instagram? If you don't follow Beck on Instagram, you are missing out

because they are really cute. That's so sweet. Thank you. Anyway, I went to pick her up the other night and I was like, it's just going to be like a chill night. Like we'll just like have like a frozen pizza. The pizzas were on specials, like $5 a pizza. Is it those Ristorante ones?

Yeah, I love those. They're so good. And when they're on sale, oh, they're so good. Cheap dinner, 10 out of 10. Totally. So I feel like I spent maybe $10 on dinner. And then what I did was the night before I went to Kmart and just got like a bunch of coloured paper.

I mean, I'm not a big fan of like the amount of waste that I probably used. I didn't have to. So you can do this a lot smarter than I did. You don't have to disclaimer it. In fact, I think Jess and I, we are both just really envious that you have a partner that wants to do creative dates. I think both of us are sitting here being like,

damn, we should have been lesbians. because I personally have a partner that if I said I went and got some craft paper he'd be like you can put that straight in the bin well actually no to be fair my partner would also say the same thing so this was I was doing this before she arrived so I like I put like signs on the walls one that was like cinema eight on my door and then like a little thing that said please put your phone on silent like a little and then like on all the walls was like coming soon and then I just like photoshopped our face onto like a grease poster and then on the tv it was like um these fake everything was out of paper these fake like you know those those big curtains that they have

in the cinema and little like silhouettes on tv um and then there was like a candy bar and so in total honestly i'm gonna say that this thing cost me maybe 50 60 dollars but that's because i've also bought snacks that's still cheaper than most date nights less than we spent going to the actual cinema exactly and it was just really cute night it was just a really sweet like it's so nice being in your own home when you like reframe your house like because you're like i don't want to be in i don't want to stay in for the night but like if you pretend that it's something else then all of a sudden you're like wow it is really nice actually watching a movie from home i can like wear no pants if i want to i can eat wherever i want you can't do that at the cinema legally yeah you can

pause it and have a chat and like you can't do you can be on your phone if you want to which is also I spent more than that going and seeing June don't get me wrong I know June has a cult following but I fell asleep halfway through it so I didn't even get the whole value of spending that amount and you don't have any snack you've ever dreamed of at your fingertips for free no you're not even allowed to take any snack you want to the cinemas they don't let you exactly ends up being quite an expensive thing and if you want to drink you get a five dollar bottle of red yeah a 75 cent bottle of soda water like if we could have got our audi lemuel oh i beg yours what do you mean i beg yours i think it is common knowledge that my favorite wine is the rose from audi called lemuel i'm sorry

i didn't know that i'm gonna buy you a bottle i'm gonna buy you a bottle and bring it i shouldn't say what i heard um but i remember that laugh always fills me with joy when jess loses it you know it's gonna be a good podcast oh yeah from here on out it's gonna be a great show sorry if you've listened this far already and it was just average yeah which it was up until now so that's my first broke tip turn your home into something really i I love that so much. Jess, I feel like that is a really good example of if she wanted to, she would. Completely.

Completely. My boyfriend would rather just pay $10 for a single Coke and call it a day. Same. And I feel like, please don't get me wrong, I have a beautiful partner. I am not mad about any of it. I do feel like sometimes I hear back stories and I'm like, I'm pretty jealous. I'm going to have a word to your partners. You can, but he's not going to listen.

We'll send them this clip. We'll clip it and send it to them. I'll be like, Steve, the expectation has been set here. You're about here. Bec's here. Well, but I'm a bit extra. I feel like if anyone is seeing your partners, they're probably showing love in their own wonderful way.

Love languages. You're right. Love languages. You don't have to be that extra. But it is money saver at the end of the day. I love it. What's broke tip two? Number two, I feel like I always talk about this.

Now that I'm working again for this company, I am fully on their Instagram. I saw the other day they posted, what's your go-to I'm broke meal? And I thought that was a really great thing to just quickly skim through. So we should put that as a thread in our Facebook group. Yeah, we'll do that today. So as of Friday, there'll be a thread in our Facebook group of like, what's your go-to I'm broke meal?

I feel like that's a good thing to share. Yeah, it really is. Because if you're running out of ideas and you actually have no money, then it's really great to just like consider what everyone else is doing. Ristorante pizzas on sale. Yeah. Yeah. Oh, yeah.

100%. That's, like, such great value. So a lot of people mentioned tinned spaghetti and cheese, like, as a toasty, which I think is a great idea. A little Jaffel moment. A little Jaffel. And that, like, that really wouldn't be more than a few dollars. I think that's a great idea.

It has to be Wonder White bread, though. Like, I know other bougie bread options exist, but if you are making a Jaffel, I'm pretty sure legally it has to be white Wonder White bread. It does, yeah. No, that's correct. That's correct. Thank you.

Absolutely. We've got microwave popcorn, which is what we did in the fake cinema, which is, yeah, obviously if you're going, maybe if you're going to the cinemas, you microwave your own. You just chuck it under your jacket. You walk straight in. It's like, what is it, like a dollar for a microwave popcorn? You've got to have the conviction, though.

And, like, I would get to the front thing and be smuggling it and be like, by the way, I'm smuggling popcorn. Like, shaking, you just can't hold it anymore. I can't. I'd be like, are you going to arrest me? Like, the 17-year-old working at the cinema wouldn't give a shit. Like they're on their phones not looking anyway. I'm paid like $14 an hour.

Do what you want, babe. Exactly. Screw the system. But you do get those random ones that are like weirdly, really. Power trip. They're on the power trip. They're like, no. Exactly.

You got to look out for those ones. Another person said breakfast dinner, which is like toast or cereal, which is like a great idea. Miga ring, of course. And yesterday, so I went to Coles and I obviously, as I always do, I am broke and went and I was like what can I get two meals for four dollars is all I had and I got a little pack of those I had said this for the sardines is 90 cents each two of those and then a little thing of two microwavable rice yeah and that's it and that's that did me for two

whole days I want you to know I also had bread in the the office kitchen yeah okay yeah yeah so that's I think if you want to like jump on that thread and the one that we're going to put up as well but i think this was like kiss one on one or something if you follow on instagram just have a little browse through and see what you know see what that's a good tip i know you said that we were going to be disappointed no one would do it but like now we've got a whole facebook thread coming for the community because of that tip you're a genius and now yesterday as you guys know i got a job i'm now working for gold um so she's an employed woman employed woman i wrote an article about free and fun activities to do in melbourne this school holidays do you want me to

like give you guys the link is that oh yeah we'll chuck it in the show notes okay cool don't read it out because that would be way too complicated but we will put the link in the show notes i guess i'll just like i'll read some really really quick ones so there's the chocolate factory diorama at north melbourne library completely free uh lego chocolate factory diorama at library at the dock you can like create your own creations it's all free it's all free to do this school holiday when you say school holidays is there like age limits on this this is the thing i was reading these and i was like oh my god i kind of could go yeah oh yeah your jess and my jess will all go together cute it can be a group date that would be really cute but like not a group date but like

a group date jess and i will do the things together that our partners won't do yeah that's what girl friendships are for exactly exactly we've also got wonka's wacky workshop where you can create and craft your own sweet treats oh um cute sounds delicious i love a nerds gummy cluster and i think they're wonka so the girls in the office the girls in the office this week Like they had nerds clusters and I hadn't ever had one. It was a textural experience. I thought it would just be a whole heap of nerds stuck together, but it threw me back to like, do you remember in high school,

maybe they still have them, the nerds ropes? Yeah, it's like a sushi nerds rope. It was like, yeah, it was like gummy in the middle with nerds stuck. It was an experience. Really good. Not for me personally, but why? Yeah, I wasn't that sold. That's why I was like, it was an experience.

That sounded really, really nice. It was a sensory experience. Last one is this really cool science thing, which is like a South Bank library at Boyd. It's George's Marvellous Medicine Mix-Up, where you like make your own colour-changing medicine thing. Anyway, so. You make medicine.

You're going to have to give us more. I, like, it's not just a drug class for kids, Bec. It's actually, no, it's more of like a science experiment. It's like a science experiment. So it's also for adults. You can't just go on your own. I feel like I actually will. I have a baby now.

Yeah. Which I think gives us all of the rights to be like, Harvey, he might be four months old, but he wants to go to the zoo. Yeah. All the fun activities. All the fun activities. Jess and I, we're going to be in. Oh, we'll have to take the baby to that.

Oh, we have to. It's going to be real hard. Yeah. Oh, your life is just like, your world has opened up. I know. The world is your oyster now. Thank you. Thank you.

I'm so excited for you. All right, let's go to a really quick break. On the flip side, we're going to be talking about buying property from an inheritance while in a relationship. and we're going to unpack something that you slid into our DMs about. We're chatting this week about covering costs when travel with friends changes. So, guys, don't go anywhere.

Welcome back, everybody. Let's take a listen to this week's Money Dilemma. 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 short voice recording and you might just find yourself on the show. Now, let's take a listen to this week's Money Dilemma. Hey, guys. I've recently come into quite a large amount of inheritance and I'm looking into buying my first home with this. It's such a bittersweet time and I'm so grateful for this life-changing opportunity

and I want to ensure I honour it. I've been with my partner for just over four years and we have all the intentions to continue. while we share our bills 50 50 we don't share finances or own major assets together and we don't intend to have kids or get married my partner hasn't got enough savings yet to put down a deposit i'm a little unsure about how to go about buying a house and sharing with them my options would be to buy the house independently and have my partner pay rent or maybe have them share a very small portion of the deposit both feel like there is some gray area we are currently

in the share house and dying to have her own space i want to help us both but i do know of horror stories where someone is able to get half a house they haven't paid for i'm wondering what your thoughts are on this thank you what do you guys reckon i didn't even think about the last bit where like you if you're like de facto maybe you can get half of a property or like the money from that property because initially i was like oh yeah just buy it yourself and then it's yours it's yours but I did not think about that is that like how much of a concern is that like is that a real thing like if you just yeah so like technically speaking from what I understand you like but I mean it happens when you just live with someone like technically my partner and I have lived

together long enough that like we qualify for like a share like we could go after each other's like super 100% all of those sorts of things so in Australia I was gonna say in Australia a de facto relationship is when two people are not married but live together or have lived together as a couple on a genuine domestic basis and a family law court can make decisions if there's no agreement so essentially even if you were like not boyfriend and girlfriend because you hadn't put a label on it and then they moved in like after two years you are actually de facto when it comes to the eyes of the law so you actually do have to be quite careful about that because your assets do get mixed up into that. And I mean, there are conversations to be had about what

assets you owned pre-relationship and then what assets you acquired during the relationship and whether they come into play. But as a basis, what happens is, and I mean, the courts are going to look at things differently if it goes that far. But yes, they are able to go for your stuff, I guess is the really short story. This is going to change depending on what state or territory you live in or even what country you live in. I know that in Australia, Jess, you mentioned like, oh, we could go for each other's super. And that's absolutely correct because Jess lives in Victoria. Whereas if you lived in Western Australia, that's not the case. So in Western Australia, that's the only state that you can't go for your partner's super, which to be honest, I don't like

because I feel like that significantly impacts women more than it impacts men. And if you think about it a little bit deeper, a man might have been able to be in the workforce for their entire career and had a stay-at-home mum for their entire career. And then they decide to get a divorce once the kids have grown up because they stayed together for the kids for their whole relationship. And now the mum is significantly worse off because she has no retirement savings and she can't actually access any of that, even though you and I would probably agree that, yeah, she probably should be able to access some of his super. So there's a deeper conversation about that to be had and I know that there is a lot of conversation about that changing which is really positive

but ultimately these laws exist to protect both parties in a relationship because if you acquire something in a relationship back when you and I are all happy and hunky-dory there's an assumption that it was both of our relationship and our you know supporting each other that got us to that whereas a inheritance that's a different story and you and I might might live together because like cost of living is really high and at the end of the day I do feel like lots of people they just move in together because it's honestly convenient like Beck life's expensive you're staying at my house five nights a week anyway why don't you just move in like it wasn't that serious of a relationship but like let's just do this for now if we break up you just move out right really easy

but what if you got an inheritance I'm then legally able to be like oh well we broke up but like you got that during our relationship I can have half of that yeah I feel like gives me the like a good thing to bring up is that like regardless of whether you buy a house or whether you use the cash for some other asset theoretically they may be entitled to that regardless of what you do with it so like putting it in a house or not putting it in a house isn't the difference between yeah it's not and not protecting it yeah like the cash is up for grabs and it's not necessarily immediately up for grabs and this is where you need to get a financial advisor or an accountant involved to discuss this because often what happens and this is probably going

on a little bit of an inheritance tangent and we'll put in the show notes a couple of links to episodes where I've spoken in more depth about inheritance. However, when an inheritance gets transferred, right, let's say I passed away yesterday and I've put back in my will, what often happens is I might have established a trust, which will then become a testamentary trust because it's testamentary because I've passed away and that's the only way a testamentary trust can be established. That money sitting in that trust, if it's in the trust, is protected until you take it out of the trust. So often people go, I don't need the trust. Let me just get rid of that right now because, you know, I'm going to have to do a tax return for that trust

and that's money that I don't really want to be spending. That's expensive. But what you're forgetting is the protection that trust is currently affording you. Because if it was inherited to you, and don't get me wrong, this isn't legal advice. This is just how I've seen it happen with previous clients, if it's in the testamentary trust still and you haven't dissolved that structure, you are going to be in a position where it's protected from your partner. The second you pull it out and put it in your own bank account, even if you don't want to make a decision on it right now, it's now an asset that they have access to. So we need to make sure that if it's been left that way, it's there. But then you also need to be talking about, all right, well, how do

I protect this money? Let's say it just got transferred directly to your bank account. talk to your accountant about setting up a trust to begin with that maybe you put that in talk to your accountant about maybe working with them or working with a legal advisor to set up a binding financial agreement that outlines okay i got this and if we break up i don't want you to be able to take it any sane reasonable human being would be like yeah of course beck that's you know money from a family member or a loved one that's really important to you and i actually have no claim over that. To me, it's a red flag if they were going, oh, but like, what if I break up with you? Like, what do you mean I get nothing? I'm sorry. Sorry, sir. Absolutely not. So I think

it's important to have those conversations. But then also, even if you're like, oh, but I'm in love with Beck, which I am, Jess. Of course. I get it. But we're never going to break up. This money is for us to create our future and build our future. The best time to be talking about what would happen if our relationship dissolved is when we're in the best possible position, right? Like right now, nobody's cheated. Right now, there's no animosity in our relationship. I want to sit down with you and have a chat about the best possible outcome. And usually protecting an inheritance is really smart. So let's say that you purchased a property with some inheritance and you use that inheritance as your deposit. Bec, let's pretend for a second that the inheritance

is from me. Like it's come through me. We're in a relationship. You didn't have a house deposit. all of a sudden I've got this inheritance, we have a house deposit, but you're going to pay 50% of the mortgage. So maybe we put together a binding financial agreement that if things don't work out between us, I can pull out my inheritance and put it back in my bank account from the profits of the sale of that property. And then we split things 50-50 after that. So I think there's a conversation. It doesn't automatically mean that you get my stuff. You're obviously benefiting from it because we're getting into the property market together. However, I think there needs to be a deeper conversation around, well, actually, if this doesn't work out between you or I, like I

want to walk away with what I put in. And the same is true for anything. Like, you know, Jess, for example, is talking about purchasing property. She's been very open on our podcast about that and she's doing it on her own. I have been in the background being like, Jess, if you don't have a binding financial agreement, I'm coming for you. Like, you want my help? This is what you're going to do. Not because I don't love her partner. I think her partner's great. I don't think they're going to break up. I think that they're in a really solid relationship, but Jess is the one putting forward a deposit and he's going to move into the house. Like there's a lot of things that I go, we as women need to be protecting ourselves and making sure we're in the best possible

position. Even if the relationship we're in is a hundred percent sound. Like these are things we need to be considering because I don't think anyone gets married because they go like, it's all good. Let's spend like, what, a hundred grand on a wedding or something for us to get a divorce later. Like no one gets married if they think they're going to get divorced. No one goes into a relationship and says, Jess, let's move in together. I love you so much. Can't wait to break up. To have to go through the pain of breaking up and moving out and being like, are these your pots or my pots? Who gets the microwave? No one wants that, right? Like you don't get into a relationship because you know it's going to end. So I think we always get into things with the best

intentions. And as humans, we are internally very optimistic about relationships. But I think that we need to protect ourselves no matter how much we love someone and that can feel negative because you're like I don't want to bring up what could happen with my partner if we break up but you have to they're the rules I made them so I feel like I've got nothing else to add I think that's very very thorough and well again if you want more information on inheritance we have done a couple of podcasts on them and we'll make sure that the links to those podcasts in the show notes this week because I think it's an important topic like at the end of the day it could be five hundred dollars it could be five hundred million dollars but that money

needs to be treated with respect and i think that often we get analysis paralysis around these things and i've said it before we often also carry a lot of guilt when we have an inheritance about you know honoring it and doing the right thing with it and you know i think that's a really big topic that if you know you're in that position please do some more research yeah yeah completely agree let's so should we should we oh yeah 100 go to the juicy part favorite time of the week beck you are right i think it is time to slide on into something juicier are you ready for this week's money dilemma yes all right let's go so here's the dm that we received hey team question for you travel related and then the like little airplane emoji i'm going away to bali with a

friend and all has been locked in for a while now we are spending two weeks together before going our separate ways to do further travel. Very nice. All right. She has had a last minute change to itinerary, which now means she'll leave me two nights earlier than we had planned. For this accommodation, we were paying $200 a night each, so a total of $400. We were splashing a little bit because this was our final destination. Now she's leaving, she said that she won't be paying her half of the room we have already booked. I can't afford it on my own, so I'll have to change accommodation, which is really annoying for me. But on top of this, as it's such a last minute change, I'm talking this is next week, other accommodation is looking at being about $300

a night on my own. She isn't willing to put anything in, but I think she should. What do you think? And what do you think I should do? Oh, you gotta pay for it. Yeah, exactly. A week before is crazy. Yeah, like if you can cancel it, like as she's saying, like everything else is really expensive and also leaving a week out you kind of like starve for options but when I was in Japan I kind of told my friends like I don't know that I'll make it to the last leg but everything had already been booked so obviously I'm gonna pay for it like that is that's not even a question like that's so I agree you just you obviously gotta pay for it otherwise like this listeners whole plan would have been different I'm sure they would have maybe like gone somewhere else

are just like left later or whatever you just you must there's no question about it's black and white you must but how do you deal with that now that's a that's a tricky thing well i feel like it's shooting them in the foot as well because it's like all right well if you're not going to be there for the last two days we are planning on going our separate ways but even if she wanted to fly home early and go all right well i can't afford that accommodation like i'm just going to go home a little bit earlier she's probably going to have to pay fees to change her flights like yeah and fee changes on flights are expensive so it'll probably cost her 400 bucks to do that anyway so I just feel like that's not fair like I can see that her friends like oh plans have

changed but also you agreed to that like you can't just back out and be like oh by the way you're in a foreign country and now you're gonna have to change accommodation I don't know about her but I also at $400 a night in Bali that's expensive to me I don't know if that's just you guys like I don't know what your previous budget for accommodation was like you know you could spend $30 a night in Bali and get something and you could also spend $1,000 a night so who knows but I'm the type of person that likes to feel really safe and secure when I'm traveling especially in foreign countries so I wouldn't have been okay with like a $30 a night option so like maybe that $400 was being spent because it was like you know the safe secure and now you're

going to leave your friend high and dry to go and find more accommodation and spend beyond her means to have that same level of safety like I don't know I don't feel okay about that no I'd be curious to know why she changed like did an emergency come up and she's got to get home early because someone's unwell is she just deciding that she wants to go to a different country because it's close but like I think that that definitely plays into it and it sounds like maybe she hasn't thought about it because if they can change their accommodation I'm assuming that maybe it's one of those maybe you pay a small deposit up front and you pay the balance when you get there and so maybe the friend has just gone oh well we haven't paid for it yet right so like it's not

like you're out maybe it hasn't computed in her brain that that's actually a good decision and maybe she just kind of went oh like it'll be easy like you can just find something by yourself like we've done all of the rest of the trip cheaper you know you'll be fine so I like which I think is very selfish don't get me wrong but maybe the way that our listener can approach it is to kind of highlight these things and say hey like I've looked there are no other options it's going to be so expensive that I can't afford it like you're really kind of screwing me over effectively by doing this and we had agreed and it's so soon that there's not much that I can do I feel like that's how I would kind of approach bringing it up because I agree like I think it's very unfair

to do that to somebody and if you had to change plans if it was me I would say oh well I'll still pay my half it is what it is but maybe you know to play devil's advocate maybe the friend has just not realized the impact and has gone oh well if we haven't paid for the accommodation it's fine like it's not like you're out of pocket not really thinking but it's the week before that's yeah and I can tell that they've already had this conversation as well because she said she isn't willing to put anything in but I think she should because that's telling me that you've already had the conversation and she's like well i'm not willing to do that like what are you talking about so this is like a secondary conversation so to me that's even harder it's not like oh i

think she should put something in how do i approach it like this is the second like these said no how do i go back to her and say well actually i really think you should be doing this i don't know it's an awkward conversation to have as well like but it's also what do you do if she just said if she sticks to her guns and says no like you can't shake her down for money do you know what i mean like it has the potential of the trip to ruin yeah the experience while traveling which is a little bit of a concern yeah i don't like that at all i feel like she definitely should be paying for her part because that was what was agreed to when you booked the trip when you booked flights and accommodation it's not oh my friends decided that her budget is different like i've just gotten

back from a holiday as you guys know and for part of that holiday my best friend rose she joined us but it was a conversation that we had. I said, okay, like how much are we budgeting per head for this trip before we even booked the accommodation? And she was like, oh, I want to spend about this much, you know, per head. And I said, great, no worries. And then, you know, obviously I've got me and Steve and Harvey, like we were working it all out. We stayed in an apartment together, but we'd had that solid conversation. If she'd backed out, let's be honest, like she wouldn't, that's not very her, but like, I have no doubt she'd be like, well, we agreed to a certain amount. And then you went and booked this like particular apartment because

it accommodated all of us. Like, I feel like she would be like, I can't come that I'm going to pay for my part. Like, that's just how that would work. So I just look at it and go, I'd be pretty miffed too if someone backed out and I was up for more money for something that could have been different from the beginning. Yeah, totally. What did everybody else say? So we went to the community as always because we want to know what you think about this like we've got to get the tea so we said have you traveled with a friend before and run into disagreements about money 43% of you said yep I swear it happens every time and 57% of you said nope I've had no issues that's been us 57% of people could you uh just give us your tips and tricks for not having that

happen because I've traveled with friends before and there's always conversations about money Yeah. There's always like a, oh, we want to go and do X, Y, Z. And someone's like, no, the tickets are too expensive. I don't want to do that. I want to do this. And then you go, well, I'm not willing to spend that on this. Like it happens every time. We also asked, do you think the friend who is leaving should still contribute money towards the accommodation? In a surprise to not anybody sitting at this table, 86% of you said, yep, it's unfair to pull out so last minute. But 14% of you said, nope, they aren't staying there at all. So they shouldn't pay. Well, 14% of you don't want to go on holiday with you. You're not invited on

friends group trip. Like not happening. No, no. We then said, give us your two cents because obviously we're going to need that. Any more thoughts? Who's in the wrong here? And you guys had opinions. So let's read out a few of them. Someone said, if you don't have $400 extra for potential travel emergencies, probably shouldn't be traveling. Okay, but. Savage, but true from my perspective, unless you're Beck. YOLO. Absolutely. Going back on that before I read out the next one. Yeah, sure. But you wouldn't do that to a friend. No, I wouldn't do that to a friend. No, you might not have an additional $400, but you're not going to not pay for what you agreed to. Is that right? Exactly. But also if someone had done it to me and I didn't have

an extra $400 to pay their bit, yeah, I would probably be screwed. But that doesn't, I shouldn't be penalized for and be like, oh, well, you shouldn't be traveling anyway. Yeah, exactly. You don't have any wiggle room. I agree. I agree. It's up to you, but it shouldn't be your responsibility. Totally. Someone said there's so many accommodation options in Bali. OP, find something mid price and lux for the same amount. It's a good point. You definitely could do that, but I don't think that's fair to have to do that. Someone said the friend needs to fork out for changing plans. That's the cost of them changing their plans.

Someone said she should still offer to pay for the accommodation given she's pulling out last minute. Someone else said I would suggest looking for a new place and then if that's not feasible, saying I would cover it. I think that's fair. That's true. I like that. Is there any chance you could change accommodation to something cheaper

so that, like, I don't have to spend this? Right. That would be a nice way of putting it. And then if I go, look, I really couldn't find anything, it's still going to put me out. All right, no worries, I'll cover your part. That could be an easier way of going about it. Then everybody might end up happy.

Yeah. But she said she'd looked and there wasn't really anything available. Yeah, she said that it was going to cost at least $300. Yeah. But that's clearly not how the conversation went. Yeah, true. It could have been a way to approach it to begin with. Someone else said, they're going to Bali,

there's so many nice villas for like $50 a night. If you could send me those villas that are $50 a night. group trip you guys see someone said it would suck but would you want to pay for a hotel when you're not staying there no way i mean no but it's not about paying for a hotel when you're not there it's about paying for as you said changing your plans yeah like if you didn't want to be up for that cost don't change your plan like i don't know what your plan was and as you said before just we don't know it could be yeah it could be an emergency and like you know she has to spend money on flights home. But like, I don't think that's the case here. And we're just

assuming it's because she's gotten a better offer is what I'm going to assume. Yeah. She's gotten a better offer. She wants to go somewhere else with a different friend now. Like, no, I don't necessarily agree. I think that while it does suck, you have to pay that fee for changing your plans. And if you can't afford that, well, don't change your plans. Yeah. Someone else said the friends should be paying the difference of the $100 a night for the $300 hotel oh that's potentially a good compromise like instead of paying 200 bucks you pay 100 your friend yeah everyone kind of wins a little bit yeah yeah and then the last one i'll share is um if you don't have a cash buffer you shouldn't be going on holiday which seemed to be a conversation that

lots of people wanted to have but beck disagrees so i disagree you just gotta go and win it but that's why money is so fickle right like you shouldn't and it's all about financial literacy and I say you shouldn't because from my perspective you shouldn't but you go YOLO I know that that's your opinion Victoria and I do it anyway and it's like Jess you've said before that how many cents did you have in your account when you came back you couldn't need like 36 cents or something couldn't get a chocolate bar at the airport yeah but like we've all been there yeah does that mean we shouldn't have done it yeah well I mean in hindsight we probably should have been better prepared but did you die no no exactly you have a great time probably yes don't get me wrong my

job is to give you the financial literacy that I think you deserve what you do with it up to you babes yeah you want to go on holiday to Japan and not have any buffer and you're comfortable with that I'm proud of you thank you so much but you know yes like I don't want to say you know better but you know what my opinion as a financial expert actually looks like and you're given the opportunity to choose. I don't think it's fair when you don't have the opportunity to choose the best thing for you. I feel like this is a very good lesson ultimately in why you should have a buffer ideally when you travel because you never know when something like this is going to happen or when you're going to hurt yourself and you need to fly home or like whatever. Like our

listener is saying she literally can't pay for this accommodation. Well, is the choice going to be between either, you know, ending up in some real sketch last minute $20, not that being cheap means it's sketchy, but you know, just finding something she can afford that maybe isn't the safest option or like convincing her friend to stay. Like I guess to me, it's such a good example of why that buffer is important so that you're not stuck with that choice of like, oh, well, if my friend doesn't pay me, what do I do? Yeah, exactly. And that's not something travel insurance is going to cover. That's not how that works. And I guess that's where I want to leave it. If you can afford to travel, you can afford travel insurance. That's all I'll say about that.

You don't want to have a buffer? I don't care. Just have travel insurance. That's my only non-negotiable when it comes to travel. I just want you to have the financial education. What you do with it is actually none of my business. So let's leave it there, guys. I hope you have the best weekend and we'll see you bright and early on Monday for a Money Diary. I am back and I am so excited about it. Guys, see you soon. Bye, guys. Bye.

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