She's On The Money - She's On The Money Radio Recap - 5 November

Episode Date: November 5, 2022

Put more savings in your Saturday with She's On the Money Radio Show. Incase you've been living under a rock, Victoria is getting married this weekend, so the gang talk all things wedding costs! Plus speaking of expensive there has been yet ANOTHER interest rate rise, and the team have feelings. All this and more on today's show!You can catch us live on the KIIS network, or listen to your heart's content via the iHeartRadio app every Saturday from 9am - 10am. See omnystudio.com/listener for privacy information.

On air and iHeartRadio. Money, money, money. She's on the Money Radio Show. Money, money, money. With Victoria Devine. Starts now. Hello and welcome to the She's on the Money Radio Show podcast. The radio show podcast for millennials who want financial freedom.

And weddings. I was going to say, I absolutely nailed that because I know that this whole thing is going to be about you, Victoria Devine. So I wanted to get my little moment in the sun before we talk about your wedding. ...is now when I tell you that I'm the she and she's on the money. Oh. Yeah. Sorry.

I'm actually the he, so the S actually just stands for sex and then the he is actually me. Oh, that's fantastic. The other day I came into the studio and Trav had put a sign over the S, so it just said he's on the money and I was like, you know what, I'll just see myself out. Thanks for having me. Nice day.

Enjoy your day. Could you imagine a financial show with just me and Mitch? To be honest, it would be quite good. A train wreck. The content would be elite. People would be so engaged. I mean, they're probably screwed for retirement. But that's okay because they had a good time, right?

That's all right. The key sponsor would have to be Hungry Jacks because all the tips would just be drive-through hacks. No, no, no. It'd have to be Macca's. It'd be me and my Macca's app. Yeah, 100%. I'd be the one with the listener questions.

What's the thing in your wedding where you were like, oh, my God, I have to have that, and it doesn't matter how much it costs? What was that one thing that you got? Oh, that's a good question. I think Do you know what I think there's two things

One There was a non-negotiable That whatever wedding venue We had My dog had to come Because I needed her there I thought that that was You know

Cute Obviously everything I do Is with the dog She's a flower dog right Yeah she's a flower dog She's also now the ring bearer She's got a little collar With a clip on

Ring bearer holder thing So she's Oh no what if she eats And then you're going to have to Sift through the poo The next morning Yeah look That

Thankfully I've got a wedding planner That can be her problem True true Sorry Shay sorry Or Gabby, who's sitting in the studio here, your EA. That's your job, Gabs. The other thing was shoes. I really, like, I've got a thing for shoes.

I've talked about it on my podcast a million times before. I really wanted a beautiful pair of shoes. And so we kind of just didn't think about the budget on that one. And thankfully, they ended up being far more reasonable than I thought they might end up being. But that was where I was like, no expenses. The other thing, am I allowed more than one thing? I feel like this makes my wedding...

Well, you've already had two, mate. So keep going. Sorry. I really wanted live music. I didn't realise how much things would add up over time, but I really wanted live music. So we've gone with that. So who did you get?

We went with three different people. Oh, my God. Oh, I really wish you didn't ask me that because that makes it sound terrible. But the wedding goes for a really long time, so we've broken it up instead of paying someone for, like, the entire period of time. It actually doesn't finish until Friday, next Friday.

Yeah, it goes for an entire week. Strap yourselves in. No, no, no. We've gone for three different people over that period of time. Like, they're not overlapping or anything. And to be honest, it ended up being about the same price as it was going to to have someone for that entire period because you just pay, like, their hourly fees and stuff.

Do you know the funny thing is, Mitch, I was at a wedding last week And I know that you, you know, the term DJ is very thrown around quite lightly these days, but it's pretty easy just to hit play on something. These guys literally did nothing and they charged like two and a half grand. Are you serious? I'd be so salty because I can do that with the Spotify playlist. Mate, that is essentially what they're doing. That is money win for us, Mitch.

Wedding DJs, highway robberies, yeah. Can we do a little tag team and get your mind out the gutter, mate? I'm talking about being DJs, mate. Well, Trav and Mitch. Yeah, do you know what? Trav, you'd be a sick wedding DJ. Would you turn up to someone's wedding for two and a half grand? You absolutely would.

You'd probably do it for free. I'd do it for nothing. Yeah, exactly. You are coming to your fucking wedding. Trav, you DJ and I'll emcee the wedding and then we just split the money. It's perfect. Do you know what? That's a dream team.

One of the hardest things when working out what the wedding was going to look like and, you know, whose job was what, was actually an emcee. Who do you have? We actually have hired our celebrant, Megan, to come and emcee the rest of the wedding because I just felt like we'd been to so many weddings and I feel like every time it's like the best man or a friend and they all have to stay really sober and remember what to do and keep people on track.

And having a job at our wedding is not something I want a close friend to have. Because I'm just like, that does not feel fair for you to come and have to essentially work. Because, you know, you guys probably understand this a bit more than the average bear. Like, emceeing is actually full work. Like, it's not like, oh, can you just tell them to go inside now? No, there's, like, a run sheet and timing and pulling everyone together.

Yeah, it's on you if something goes wrong. And also trying to be funny at the same time as being emotional and getting the point across. I mean, that's really hard for Mitch, but easy for me. No, I experienced that on the weekend. Didn't have a beer until 10 o'clock because it was hectic. And it's the balance, though, of going, okay, I see the bride and groom are mingling,

but we really need to get this show on the road here. Yeah, exactly. Like, it's your job to pull things together. and I think that people really underestimate that role and just go, I could get their mate to do it or their cousin. And, like, unless they've got experience, it just makes me a bit anxious because I've seen it go south before. And so, yeah, we ended up having someone come in and do that.

And I feel like it obviously hasn't happened yet, but I think that's going to become one of the best decisions we made because it's also just a little bit nice. We've got a professional doing it and everyone's going to be able to have a chill evening. You know, we chat about that and more, right? all the other stuff that goes into funding and costing and throwing a wedding. I was about to say, yeah, we've actually spoken about spending a heap of money in this podcast here.

So let's get into the show right now where we can save you some money. Have a great wedding, Victoria Devine. We love you, babe. We do. And the She's On The Money radio show starts right now. Yeah, for your Saturday morning, it is She's On The Money radio show right across the country with Australia's number one finance podcast, Victoria Devine. We've got Mitch Turi in here as well.

Hello. I tell you what, I don't know what's going on in the news, but every time I try to watch the block, I get a breaking news update that says interest rates of the big banks are about to decide and about to release their statement. Interest rates have risen highest inflation in 40 years. I guess, V, you'd be the one to ask, can you explain why this is happening? And maybe even in layman's terms, like how does interest rates affect us? Because it can be boring and dry.

Yeah. So it actually happened to spite you, Mitch, so that it's even more unaffordable for you as a millennial or a Gen X or whatever the hell you are these days to get property. Zillennial, yeah. So do you feel spited? Is that what it is? No, you know, I walked past CommBank the other day

and the attendant at the teller looked at me and gave me Stankai and I thought the interest rates were about to rise. I just had a feeling. I knew it was because of me. Honestly, that's exactly how it works, but you are right. It is the seventh consecutive month that we have had an interest rate rise here in Australia, and I'm not going to lie, I kind of felt like this one was coming.

Having spoken to our brokers in the business, they were like, yeah, it's just going to happen like everyone's talking about it. And I was like, surely we're not going to tip into the seventh month. But we have. On the 1st of November, they announced that they were lifting the cash rate again by 25 points. So that meant it went up by 0.25%. So it's now at 2.85%.

But basically it means that the back-to-back rate hikes that have happened over the last seven months have added $815 per month to a $500,000 mortgage. Oh, my God. So, when's it going to stop? Like, do you think we've reached critical mass? Like, is this the cap or the RBA just going to keep on hiking it up? They can't just keep doing it.

No, they can, though. Really? So, they can because we currently are in a circumstance where our inflation is so high. So, pushing mortgages off the table, we are actually talking about everything being more expensive. I'm pretty sure my Macca's Chippies were more expensive the other day, Meech. So, wait, wait, wait. So, the cash rate can influence everything, even my steamed Macca's cheeseburger with an extra slice of bacon. So the cash rate is usually increased, which is happening right now, to try and mitigate what's happening with inflation and with this rising CPI.

So what is happening is CPI and inflation is basically the increasing costs of goods and services. So CPI is the Consumer Price Index. And that's basically if you got a basket of groceries and I said, Mitch, 10 years ago, go to Woolies, buy groceries up to the value of $30. you'd be able to put way more groceries in that basket 10 years ago than you would today because everything is just so much more expensive so in order to try and balance that out and make sure that inflation doesn't keep going through the roof what our government does is increase our cash rate because they want things to be a little bit more expensive at top dog level so the bottom dog level i.e. us buying steamed buns at Macca's everything isn't going to be feeling as impactful

So it's important. Obviously, I said before, it's adding an extra $815 per month to the average $500,000 mortgage, which to me is insane. Like, imagine being told one month, by the way, you have to find this much more to cough up, which is insane. I think the misconception here is that this only impacts people with mortgages, but it doesn't. It impacts absolutely everybody in our economy at this point in time.

God, so what you're saying, V, is someone, I don't know, for example, would be crazy to have a wedding in the middle of an economy like this. It's like, you'd be just so stupid to throw a wedding. It would be so dumb, honestly. I don't even know who gets married these days, especially on a day like Saturday the 5th of November. Like, honestly.

Do you know who's committed to their job, Mitch? Me. Speaking of budgets, V, you wouldn't have had one for your wedding, would you? Oh, well, I probably should have thought about this before today. It's literally hours away you're getting married. We have a live stream of the church now. Let's just connect that through to the...

Oh, they're getting ready for Victoria the Bells. You're going to be as disappointed as some family members. I'm not getting married in a church. Oh, no. Yeah, I was going to just light up in flames, so I decided that would probably ruin my wedding dress. Oh, my God. I can imagine.

Well, hold on. We just spoke about the cash rate, inflation rates. It's at an all-time high. What actually goes into getting married? Because I know it sounds dumb, but I think like, all right, you get the dress, that's like $1,000. I don't know, you get like a nice cake. sure get like some flowers and some tables and hire a venue like 10 grand max like that's where

my brain goes am i wrong look no it's it's a lot more than that in fact before this episode i was like do you know what i'll brush up on the averages and it's made me feel a little bit sick because i what are they gonna be over the average so money smart.gov.au says that the average australian wedding costs 36 000 and that 82 of couples dip into their savings to pay for their wedding Another 60% of couples get a loan for their wedding and 18% of couples are putting everything on their credit cards. Oh, no. Is that bad or is that good?

I don't think you should be starting a marriage with debt, especially to have a one-day party. Please don't get me wrong. I am so excited for my wedding, but one thing that my partner and I were on the same page about is making sure that everything that we are doing is being paid for in cash. And to be honest, it's why we're getting married

so late in our relationship, in a way. like we've been together like what nearly eight years or so so a while but we've had these open honest conversations where we were like you know what we don't want to get married until we've bought a house like to us that was the priority and getting on the property ladder was something that we really wanted to do before we got married but each to their own like I'm not going to judge your values as long as you don't judge mine but to contrast that I saw another stat somewhere The average Australian wedding has been increasing post-COVID and the new average is looking closer to $54,000.

So that's up from $36,000. That is just so much money. That's more than a family minivan, guys. Okay, that's two Turagos. Give me some cost-saving tips because I don't know if you've announced this and I don't know if we're allowed to talk about it, but Trav, she might yell at us because she told us this in the break. And if you're a guest going to Victoria's wedding, getting ready,

listening to us, you ain't getting no cake at this wedding. She skimmed on the cake. No, I skimmed. Cake is trash. We're not having wedding cake. Why? Look, I grew up doing weddings as a waitress, but every single wedding, after all the guests had gone

and we were clearing the reception tables, there'd just be a plate of cake with a little bit of berry coulis and like a scoop of the whipped cream. A lot of fondant. And a lot of fondant, and nobody was eating it. So when it came to our wedding, I was like, Stephen, we are not having a cake. Like, let's just do something that's more aligned to us.

So instead of having a fancy cake, we've just picked our favourite dessert, which is obviously apple crumble, and we're having that at our wedding. And I kind of don't mind what people think because this day isn't about them, is it? If you're going to the wedding, maybe stop by 7-Eleven and get some Krispy Kremes because you're going to need them. B-Y-O cake. From cake dilemma to money dilemmas, if you're struggling with your cash flow, you got yourself in a little bit of a situation,

you can hit us up anytime on She's On The Money on socials. This is She's on the Money Radio Show. Guys, it is time to do this. Money, money, money. You know, this segment every week reminds me that, Victoria, you really are a wealth of knowledge, a source for all of us to dip into when we are at our darkest times. I can send these to your future husband.

He can add them to the vows because that would be really good. Oh, actually, that would be really good, yeah. I don't know how he's going with vows, if we're honest. Is that something you should think about just in the moment? Like, bring it from the heart. She'll be right. From the heart. Well, this is definitely from the heart.

every week we do a money dilemma and we get someone's financial story on the air to get victoria's advice louise sent us a dm about her mum's superannuation she says hello v my mom is in her early 60s she's just retired from work and she doesn't have any savings she's going to be relying on her super payout until she gets her pension age uh she doesn't have a lot of super due to her age of course i would really like to be able to support her how can i best do this and what advice would you give me mom this is a good question because all of us think and mitch you and I are probably in the same boat not as Trav because Trav's like basically old already so like yeah he's probably like all over this super thing I'm actually retired yeah exactly what the cane's

for but when we talk about superannuation it feels so far away that it doesn't seem like a priority in the moment but it really is because these are the circumstances that a lot of people in their 60s are now stepping into so caring about super is really important because it's going to put future you in a good financial position. In saying that, a lot of people in their 60s right now didn't have compulsory super because that was brought in in 1992. So, everybody in this circumstance might have grown up in a time where contributing to super didn't happen until they were in their 40s or something like that because it just wasn't something that's been around forever. So, it's important to care about it. But the best way you can actually support your mum during this

time is to sit down and do some budgeting and some cash flow. It's not about just throwing money that way. It's about actually fully comprehending and understanding your circumstances. So when we're talking about super, yeah, it's great. It's a tool that you can use, but I would actually be reaching out to either a financial advisor or a financial counselor or someone that can help you understand how to best marry superannuation with that potential pension so you make the most of both circumstances and also to review where your mum is at today because there's a rule called deeming and I mean I'm not an accountant so don't quote me on this you will need to talk to one but your financial life will be audited and they'll look at the assets you have and based on the assets you

have and how much money you have in super is going to tell the government how much to pay you in a pension so it's worth thinking about now so that you can best prepare yourself for the future because a lot of people think oh my gosh I'm gonna have to sell my family home to get the pension but your family home isn't included in this deeming it's actually excluded so being on the right page getting the right advice is going to put you in the best possible circumstance so the advice that i would give to your mum is just be educated on this space don't bury your head in the sand because it doesn't feel like the place you want to be right now i totally get that but what you can do is be really empowered by that circumstance and go all right well

this is what we're working with how do we make the most of it and also louise don't forget i I mean, I'm not the financial advisor here. I'm not either anymore, Mitchie. I retired. Neither of us are financial advisors here. However, you've got the negotiating power. You say, Mum, you put me in the will and I'll give you a bit of pocket money, okay? You know, I'm just saying you've got some power.

Sounds good. Mum, if you don't put me in the will, I'm going to put you in the home. Oh, yeah, that's good. Hey, if you've got a question for us, just hit us up. Search She's On The Money anywhere on social. Let's save some people some money with this. Super Saver Saturday. Yes, every single Saturday morning,

Victoria gives us some sneaky tips on how to keep more bucks in her bank account. In your bank account, actually, and hers, because she uses them, too. Oh, my God. You go to a coffee shop with Victoria. She gets a notes app out. She goes, what hack do I have for a ham and cheese croissant? She's got a hack for everything, Victoria. So, what do you have for us today?

Yeah, do you know what my hack there is? And it worked last time we were at the cafe. I was like, oh, Mitch, I forgot my wallet. And then you paid, so I was 10 out of 10. But if you did not think that I was going to make these hacks all about me and the fact that I'm getting married today, you were sorely wrong. Because the first tip I've got. After going through everything, and while I don't regret how much we are about to spend on florals

for this wedding, I do realize that they're really, really expensive. And if you're not having a massive wedding and you do have the time, why not think about doing like a non-bridal bouquet because inflation is crazy. Things are definitely like, please don't get me wrong, I see so much value in the vendors that we have, but oh my gosh, the wedding tax is absolutely true. I feel like the second you inquire somewhere they're like yeah here's our packages oh it's a wedding oh double totally okay i totally get it maybe i should have been smarter when inquiring on places like oh i'm just having a celebration yeah we're having brunch and we're all wearing white yeah there'll be 150 people there but it will be brunch yeah we have dermatitis we'll all be in veils but it's

the sun it's a conference it's conference everyone's going to dress up um and it's going to be really fun all right what's the next tip the next tip is instead of invitations because wedding stationery can be so expensive and it's not just the design because obviously if you're getting a graphic designer to do the work yep pay them for their time but the paper that it's printed on is really expensive then you're probably going to want the matching envelope what you're not forgetting is that if you're anything like me then you also want the little stamp on the back like the little wax seal and stuff because i'm fancy gorgeous but then on top of that a dollar ten to send one invitation out and then you know what has to happen your guests have to send back your rsvp

so that then costs them a dollar ten and a dollar ten doesn't sound expensive until it all starts adding up screw that send them a text for god's sake like it's the modern world i'll go you want better do an email or there are so many websites sounds really complicated and that's why i didn't do enough research into it until post actually sending out the invites and they're all actually done for you and they are made for people like me who have never done a website before it's a bloody money win from my perspective all right last one but you got to get to the wedding v i've just got a text from the priest he said where is v there's no priest at my wedding so you're just making absolute junk it's your dad sorry um my tip number three is photography and videography

can get really expensive when it comes to weddings have a look for someone up and coming who maybe isn't charging as much at this point in their career i'm sure that they are going to put in just as much love. All right, you've got to get out of here. We've got to get married. Oh, my God, Trev, that's the live feed from the wedding. Poor Steve-O's been standing there since 8 o'clock this morning. Hey, if you've got a tip, you can hit us up on socials anytime,

but we're going to catch you next week. Make sure you stick around. Mitch Turi, you're going to do the Life Uncut radio show next. Yes, yes, I am. We are out of here. Happy wedding, Victoria. We love you. Have the best time.

And listen, get that garter down and have some fun. There will also be no wedding garter, no cake, no garter. There's a lot of no's at my wedding. All right. We'll see you when you're a married woman. Ew, bye. See you next week, V.