She's On The Money - When Bridal Parties Turn Into Money Dramas

Episode Date: November 21, 2024

Let’s talk bridal parties and the money dramas that no one warns you about! This week, we’re tackling a juicy listener dilemma: what happens to your money when you drop out as a bridesmaid? Is it fair for them to keep the cash, or is that just bad friendship vibes? We’ve got opinions (so many opinions). But that’s not all—we’re diving into another sticky situation: how honest do you really need to be with your bank? Plus all the usual Friday Drinks shenanigans. It’s fun, it’s spicy, and it’s packed with tips you need to hear! This Black Friday, invest in you! Our course bundles are on sale—your chance to level up your finances, build wealth, and hit those goals. Click here for all the deets... 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 that makes personal finance fun, especially on Fridays. It is our favourite day of the week this week because we get the team together and celebrate you, our incredible She's On The Money community. Today, Miss Jessica Ricci is going to be sharing her favorite money wins. Miss Bex Syed is going to be sharing her favorite broke tips. We're going to be helping to answer a juicy money dilemma, which this week is all about whether you have to tell your bank if you move and start renting out your home. And we unpack something that you slid into our DMs about what happens to the money you've already paid when you drop out of the bridal party.

Wedding stuff's always so juicy, isn't it? So juicy. We've got a lot of opinions. And if anybody follows me on social media, you already know my opinions. But let's get straight into it. This week, we got a few new five-star reviews. Miss Bex Syed, could you share with us the five-star review you picked out to read on the show?

This one comes from Fiona. She says, I absolutely love She Isn't No Money. Educational, empowering, and fun. Victoria is amazing at explaining finance in a non-judgmental and very consistent way. The co-hosts are so fun and great. If you're not listening, you should be and you won't regret it. The co-hosts are the best part, let's be honest.

Who are us? That's true. Hey, I love that. It's a team effort. I love that. This is just like a boost the team's ego session before we do the Friday episode and I am so here for it. Jess, what have you picked out this week?

I've got one from Chu Kwan who said, I found this one incidentally, and I'm now hooked onto it. So relatable, very helpful, supportive and informative podcast about money by women for women presented in a fun and enjoyable format. I love that. We're making finance fun, which is something that I never thought I would say. Like, let's be honest, go back like 10 years. Hey V, you're going to work in finance and you're going to make it fun. I'd be like, I can't think of anything worse. So thank you. anyway look at us now look at us now all right i have one and it is from fari so fari has said i have binge listened to she's on the money podcasts for years now and it keeps me consistently

coming back victoria is truly passionate about financial literacy and every word she utters sounds genuine it is sometimes unhinged but it is um i love jess's humor and independent thoughts Beck's lightbulb moments are the cutest. The diversity of the interviews is a very strong point. I'm not ashamed to admit that your podcast and books have changed my life, V. Keep up the great work, ladies, and thank you for your weekly shows. Oh, my God. Isn't that cute?

That's really sweet. Thank you so much. Your little lightbulb moments. But it's so true. Like, one of my favorite things about this show is when I'm explaining something in a deep dive to you and you go, oh, yeah. And I'm like, so you get it, get it? Yep, yep, yep. Because we all knew that you didn't read the script before we recorded.

Absolutely not. Was it in your inbox? Yes. Yes. Did you read it? No. But, I mean, YOLO, you do what you can do. I just want to hear it from the horse's mouth.

Yeah, that's fair. That's fair. That's fair. And, Jess, I mean, someone thinks you're funny. I will take that. Because I say to you guys all the time. You're like, I'm not funny. I can't be funny.

I'm not a funny person. People that say that are always funny, though. But that just made my day. This can be the woman fuzzies, you guys. I think it's so funny and I didn't point out, oh, someone thinks you're funny, Jess, because I'm being mean. I'm literally like, Jess always says, I'm not funny, because I'm always like, why are you so funny?

But in the background she'll say stuff. She's a bit more reserved on the show because she's like, oh, I don't want to seem silly. Jess, she's a cracker. Yeah, she is. She really is. She is. She's a silly goose.

Yeah, she actually is a silly goose. All right, Jess, what have you got when it comes to money, wins and confessions from the community this week? There were so many good ones this week on the thread, you guys. You should definitely, if anyone's listening and hasn't read it, you should go have a look because I have so many that I screenshot it. So I'm going to like rapid fire through them. What have we got? Firstly, I've got one from Chantel. She said money win. Last week, I took up Uber Eats driving on the weekends when my kids are with their dad so I can stop myself from doing the social media doom scroll and get out of the crappy dating scene. We've all been

there. And she said, plus I'm saving the money to get my kids to Fiji next year to celebrate me turning 40 what an iconic mom queen behavior and I love I always forget that you can just pick up like an uber eats or something like if times are tough it's not a commitment right like you just do it when it suits you and like how good that you've got some flexibility I know that like obviously most people don't go into a relationship have a kid with the idea that you'll co-parent one day but like I love the idea that you're using the time where your kids are away to really help you financially and put you in the best possible position because it means that when your kids are you, you can spend more quality time with them. Like, isn't that cute? Yeah. Well done, Chantel.

Next, I've got one from Riley who said, money win. We did our frozen embryo transfer and paid $1,985 out of pocket, but turns out we got $1,642 back thanks to Medicare rebates. Cool. That's actually so cheap. I didn't realize, I mean, I'm sure there's probably lots of other bits and pieces she's had to do and pay for, but that's a great thing from rebates. I didn't realize it was such a significant coverage yes also sending all of the sticky baby love yes that is a very sticky baby a hundred percent next i've got a money win from sarah who said i'm in love with the stanley cup aesthetic but i'm terrible with drink bottles and didn't want to waste the money if i ended up hating it and then she hashtagged i don't even know how to say it

audi hd life like au dhd life like yeah or take an adhd oh the combo yeah and also hashtag drink goblin which made me giggle you're a drink goblin aren't you jess absolutely jess has her stanley cup and like it's a full aesthetic like last year for christmas jess bought me because i also have a stanley cup jess bought me a little like gadget that goes on the top of my stanley cup that i can keep my snacks in yeah oh that's clever it's really it's so cute yeah i've never seen you not drinking water she is a hydronautical but sarah said she got a dupe from kmart it was only 15 dollars and she's in her hot car all day she loved it it still had ice in it 24 hours after filling it up so if you don't feel like dropping what is that like 60 bucks or something on a

stand it's more than 60 now oh it's so expensive and also like we just needed to wait a little bit of time and then kmart came through with the goods like i saw those i'm always in kmart i I didn't buy it because I was like, I already have one. But I was looking at them. They're identical, except they just don't have the logo. Like someone is mass producing them and importing them. And like, I'm here for it. Yeah.

$15. You can't go wrong. Next, I've got a money win from Danielle, who said she was preparing for mat leave. And she read a comment on an old Facebook post in a group that said to contact your super fund because they might be able to pause the fees for the period that you're on maternity leave. So she checked in with her super fund and turns out they do, in fact, do it. She just needed her work to do some paperwork for her.

But she's really happy because her super was about to crack 100K and she didn't want to slip back under with fees while she's not working. Iconic. Oh, yeah, cool, cool, cool. So there you go if you're going on mat leave. I love that. Also, maybe start talking to your partner if you have a partner and you're going through the, you know, mat leave journey

about splitting some super off into your account so that you don't go backwards. Yes, agreed. Like that could be a very attractive conversation. Absolutely. That could be fun. We love to see it. Next, I've got a money win from Natasha who said, because it's officially Christmas season,

queen, I've been looking for a big bow to go on my front door, which this is a very like this is in your area. But also this is so relevant because Jess, I've been sending you videos of people decorating their houses and putting bows on their doors on every platform. I've been like, see this Instagram video, see this TikTok video. Oh, YouTube shorts. Hey, Jess, look at this video of people putting bows on things. Everything in my house will in fact be covered in bows.

and Natasha said she originally was looking for the big red door ones you guys have probably seen. They're like $45 to $70 on Amazon and then she went to the Reject shop and they had the same style for $20. Are you going to put one on your door? I think so. On your front door? I feel like it's very cute.

It is cute. It is cute. It's like your house to the present. Yeah. Yeah, okay. Or maybe not. That's maybe not what the vibe is. That's the vibe.

That's the vibe. Yeah, yeah. You like wrap your front door. It's really cute. I'll send you a picture. Natasha did in fact put a picture in the group so you can see hang on let me zoom in for you oh god like that oh that's very cute yeah oh the door is in fact oh and it's like tulle as well yeah it looks like one of the really nice ones and tulle's really expensive because I was at

spotlight the other day because I am actually in my like home crafting era of course I didn't realize this was going to come back out because like when I was younger I used to do a lot of like I was really cool so just so you know debating of course debating team captain did mathematics all of those things um but I used to when I was 16 be really into embroidery so I'd make lots of things and now I have a baby and it's coming into Christmas season I'm like oh my god like I want to make him everything so I'm currently making him a Santa sack and like I'm embroidering a couple of like t-shirts for Christmas so he's got like little Christmas T-shirts. Like I just, I have this overwhelming urge to make things for my child and decorate my

house more obnoxiously than I ever have before. But tulle at Spotlight, incredibly expensive. So that's actually a really good deal. Yeah. There you go. I'm excited to see how all your little crafties turn out. I can't wait. She'll come over because like my partner doesn't care that much about putting the Christmas tree up. Right. Exactly. Exactly. Oh, start again, babe. My fill-in partner, Jess, comes over and we drink cocktails, festive cocktails. Ladies? What did we have last year?

We had cranberry. It was something red. Yeah, we had cranberry, I think, martinis or something. Yeah, cute. And we played Christmas music and we put my tree up and we danced with our cat. Oh, sorry, my cat. It's her cat, kind of.

And we dressed the pets up and then my husband came home and was like, what are you two doing? And we were like, get out. Get on board and get out. You need to come along now. Get out. I can't wait. We looked at him like, you know, stunned tears, being like,

what have you come across? But you're just Harvey's little elf this year. You've been adorable. Oh, my God, that's so cute. I have two more money wins. Sorry, I have so many. No, please. One from Leah who said she's been saving her Flyboys points

for a new barbecue and she claimed it yesterday. So she got a whole barbecue from Bunnings because she exchanged the points for Bunnings vouchers picked it up it's like a big fancy one look oh we love a photo I love a photo like I feel like pet taxis really good obviously that will continue to be a rule in our group but also show me what you're up to absolutely feels like group chat yeah oh yeah oh you got a new barbecue I want to see it yeah don't just tell me too so redeem those points if you can and lastly good coming into Christmas maybe you could like try and redeem some points at Christmas time to use for presents.

There's a lot of gift cards and stuff, which I think makes it a lot easier. Lastly, this week I've got a mail-in from Kerry, which I'm going to look into this because I'm doing this. She said she downgraded her Apple iCloud subscription, which is normally $14.99, which is I know what I pay, to $5. How? She said, I took screenshots because the whole process was difficult to downgrade and she thinks this is intentional

to make it like hard for you to get it cheaper. Of course it is, yes. And then apparently they charge you at the old price and she had to email them to say, hey, like, I doubt it. It was a whole thing, but they cancelled it. They issued the refund and she says if you adjust your pricing for the year, she managed to resubscribe to the $1.99 a month. So she only pays like $24 for the year instead of $180.

Oh, great. That's so good. That's worth them. Big saving. The muck around shouldn't exist, but that is worth putting the work in. Yes. And, yeah, Carrie said, just wanted to let everyone know, check your subscription, see if you can downgrade.

So everyone this weekend. She's a smart girl. That's what we're all doing, right? That's what we're all doing and we're cancelling our Netflix or our Stan that we don't actually use. I can always get it back. You can downgrade to $7.99 Netflix for the ad version. I am so mad that they are charging me to have ads.

If you're having ads on your show, your show should be free. Yeah, well, that makes sense, doesn't it? Otherwise, I'll be watching free-to-air. Is it less frequent than TV ads? Yes, that's the thing. It's actually not that bad. Probably like one ad every movie. Yeah, and it's also because we're in Australia.

so like not that many advertisers no not that many advertisers have gotten Netflix advertising yet and obviously if you're like a telco company then we're not going to have AT&T be advertised here so like in America I've heard when I say I've heard I've watched a TikTok we all do that right like oh my god I was reading something the other day no Victoria you were on TikTok you just are chronically online and you're trying to downplay that I was watching TikToks about how the American Netflix is really addy but ours kind of got in the way a little bit it's got free for For now. For now.

Take a footage. Absolutely. Downgrade. I like that, Jess. Good job. There you go. Jess is going to update her Christmas door. She's going to look into her flyby's points.

She's going to downgrade her Apple. Like, is she going to start Uber Eats driving? Like, I feel like there's just so much. Yeah, maybe. Genuinely, I'm thinking about it. That's a fantastic idea. I feel like this was a very Jess list of the Stanley Cup, like, honestly. Bec, what have you got when it comes to broke tips?

Okay, just really quickly on the subscription thing. if anyone's listening could tell me I have a $1.49 charge from Apple that constantly comes out no matter. Storage. Even if I create a new account, I don't even have an Apple anything. I'm an Android girl. You have a MacBook. You have a MacBook.

That's a work one. Do you reckon that still counts? I don't know. In every single account I've ever created without putting any details in, an Apple charge comes out. I don't know how it's happening. But anyway, if anyone is listening and knows the answer. We don't know the answer.

But you know what you could do? Email Apple. Oh, you know, I don't really like life. You know what? You're right. Ask 1.8 million people on the She's On The Money podcast instead of one email to someone who actually knows. Well.

You do you, boo. But what are your broke tips? I'll try. I'll try. Okay, so this first one comes from one of our listeners and they sent me a TikTok that's basically, you know, if you have like any herbs or anything. Some research, yes.

You know, we have different ones for that where, you know, you can propagate. There's ways to like make it last longer. I'm propagating herbs at the moment. Yeah, I think it's a fantastic idea. You can do it with basically anything that comes from the ground, right? Also, sorry, sidetracked completely. I am in my local Facebook group for my postcode,

which is obviously very niche. I know you're in a state one. I'm in one too, actually. People the other day were posting, where are herbs? And they were like, oh, on Barclay Street, there are a few rosemary bushes and whatnot. Check your Facebook group. And if the Facebook group doesn't have it, ask because so many people have like free herbs in their front garden and coming up to Christmas, don't spend $4 on a packet of rosemary.

Yes. Like we all know that you're probably going to need to because you're last minute, but have a look around. Have a forage. Have a forage. Yeah, it's actually fantastic. And do you know what my best tip is? What? if you're going to pick the rosemary or you're going to pick any type of herb that has been

free range, is that the right word? I don't know, you know, out in the wild. Just make sure it's above dog pee height. Oh, true. No, it's a fantastic idea. It's a great point. It's a great point. It's a good tip. And like, dude. Yeah, like just drunken male. Drunken male yes yeah like above whiz level ideally ideally um so that's my tip for today sorry for the sidetracking but yes propagate your plants that's actually a great one and check your like yes check your local community page if you have one if you're a part of one and if you're gonna do sorry i'm a plants lady as well embroidery plants lady i'm just in a wholesome era yeah anyway that's very cute thank you if you get mint you just strip off the bottom leaves and chuck it

in a cup of water that's it yeah yeah yeah that's it and mine already have little tentacles there you go they're called roots but tentacles yeah they do look a bit spooky for the first few months but okay so this one is similar to that but the tiktok showed um someone putting a bunch of herbs in like a little mason jar with water and then putting a larger mason jar on top and then this doesn't make sense right now but you put the lid on the bench you put the little mason jar on top of the lid and with water with the bunch and then you put the bigger mason jar on top you screw it together like a snow globe so like a snow globe exactly so it's like airtight sealed and it's a mason jar that makes it last longer I think in the fridge or whatever because you know how you

put your herbs in the fridge and it dies in like a couple of days honestly that sounds so complicated that I'd prefer my herbs to die I promise I made it sound way way way more complicated but that's a good tip what's your next one okay the next one comes from actually a friend of mine who um I do this too I know it's a bit cheeky but if you're going away if you're going to like stay at a hotel or going to a restaurant or whatever. Take all the tiny toiletries. You can take the tiny toiletries if you want. I have a bag full of them from every time we're staying at a hotel.

I basically just tip it upside down to my luggage. If you're not allowed, honestly, if you're not taking the tiny toiletries when you stay at a hotel. The kettle. No. That's not the tiny toiletries. No, if you're not taking the tiny toiletries, you probably live a far more privileged life than any of us ever have.

That's true. But you need the tiny toiletries. I've never had to buy a nail file or a shower cap. True. I mean, yeah, I guess they just throw them out sometimes. I feel so bougie when I steal their toothbrushes because then if I have friends stay over, I'm like, toothbrush? Yeah. That's a flex when you're like, oh, I actually have a spare toothbrush.

Yeah, and it's like a hotel one and you get it in the box and you get the tiny toothpaste. Oh, my God. You've got your life together. Exactly. Because I'm a thief. But in the same vein as that kind of thing, I think if you're going to a restaurant, to a hotel, whatever, If you mention that it's like an anniversary or a birthday, things like that or whatever it is, I mean,

this has happened to me a couple of times. Free dessert. Not always. Little cake. But, yes, we walked into, me and my best friend Liv stated the soft tell for no reason. We just had a bunch of money one day and we were like, let's just go crazy.

And so we say in the soft tell, we told them that we were dating, it's our anniversary. We got a bottle of champagne. We got macaroons. Macaroons, is that what you call them? Macarons. Macarons. They're different things.

Oh, macaroons and macarons are just the circle one. You got macarons. Which are the French ones And the macaroons They're actually coconut based Oh that's right Yes They're delicious

Not those coconut ones The other ones Yes But what if it's a coconut flavoured macaroon Oh wow Now that's a That's a tricky one Oh my brain's hurting

Macaroon Everyone's already stopped listening Bye guys If you're still here Thank you so much But yeah I'll just say You know

Throw it in there Just say it's an anniversary Or a birthday Or something Whatever other Just remember If you go to the same place multiple times they might put like a note on your file so and that's true yes just change switch up

your hotels but if you go to hotels all the time for the free champagne you probably can afford the champagne true that's true that's true so maybe if you have enough money to be going to these places don't be doing it just kidding you can still but also I find it low-key embarrassing at restaurants if they know it's my birthday and they come across the room so like if anybody goes to lunch with me and it's my birthday I will actually find you and I will harm you I love it everyone's what they're doing it looks like they're clapping everyone's attention for a second I was at dinner the other night celebrating our actual like my wedding anniversary with my husband a couple of weeks ago and it happened to a table like they were having a birthday and like the

waiters were like clapping in the air and all the other tables got involved and I just had secondhand embarrassment i was like i am so glad that when we booked we didn't tell anybody why we were coming and when they when they were like oh are you celebrating anything special when we walked in i was like no no we just come here all the time this is my brother we just come have a meal okay yeah we're coming for a for a pub dinner yeah yeah exactly um what's yours mine's been different like a money win but also like a broke tip but it's all it's kind of common knowledge anyway so i bought these like sachets sachets from wars you can also get really good ones from How do you, you know, those like cappuccino ones.

Oh my gosh, I love those. Minimal, like minimal sugar. Like if not, you know, some have no sugar. Oh no, I want the ones with the sugar. I know me too personally. But if you're like conscious of that, you can get the ones that are just like a little bit milky, a little bit coffee, you know. You just know that they're full of like palm oil, but you just don't think about it too.

I don't know, but I just. Out of sight, out of mind. Yeah, exactly. Like they're good for the soul. Totally, totally. But I would say, yeah, if you can, hopefully you can find an ethical one that's sourced. Oh, no, no, no. That wasn't even talk about ethics. I'm talking about your health here. Like ethics, sure. But like, they're probably just full of trash.

Hey, that's okay. Basically what I do is I, every time I make myself one of those, I put my soy milk, I got those little, like, you know, there's $1, like the buzzers. Yeah, I've got one of those. That's exactly how I do it too. Yes. And you just froth your milk like that. And it actually turns out pretty similar. So every time I do that, cause it's like 10 pack for five bucks. It's a good deal. And get them on sale. They often go on sale. They do often go on sale.

And they actually taste really delicious. My favorite is, I think it's at Nescafe, but they have a milky bar one. So it's coffee with chocolate in it. I told you, I don't pick the healthy ones, but it's delicious. That does sound good. Yeah, that actually sounds great. So yeah, you just basically every time I make one of those, I would usually have spent $6.50 on my coffee.

That's how much my coffee is. Yeah, because you get the large boy. I do get a large and soy milk. So every time I do that, instead of paying for the coffee, I transfer that exact amount to my savings. You're a genius. Thank you. I right now have nothing because I have depleted that account again.

But the money was there for you to deplete. Exactly, exactly. So you don't think about it because you're just buying coffees and then that money's gone. Does that mean that Syed now has a savings account? Yeah, because that's what you're saying. Sorry, have you been playing with your budget and cash flow? Just a little bit.

You know, nothing to write home about at the moment. But it exists now. It exists now, yeah. I am so proud of you. Thank you, guys. That's exciting. Look how active you'll be. Thank you so much.

Does it feel good? It feels really good. I love this. Sometimes it's $13 in there, but that's more than enough for me. That is so much more than you didn't have. Exactly. And I feel like so many people are like, what's the point? And it's like even if over a year, like let's be honest,

times are frigging tough. Even if over a year you end up with like $50 in that account. Yeah. Bill pops up. Yeah. Like you have cash instead of having to rely on debt. And it feels good knowing that there's some money sitting to the side. Exactly.

That you can lean on. Exactly. It's a good feeling. Yay. Well done. That's me. I love this for you. Thank you so much.

So much. All right. Let's go to a really quick break because on the flip side, I'm really excited to talk about this. First, we're going to be talking about whether you need to tell your bank if you move and start renting out your home, which is very relevant because I talk about purchasing homes all the time but then something a little bit spicy that you split into our DMs about this week we're going

to be asking what happens to the money you've already paid when you drop out of the bridal party I'm going to need to know why you dropped out of the bridal party like there's just so much there all right guys don't go anywhere welcome back everyone 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. Hi team. My money dilemma is that I'm thinking of renting

out the property that I've lived in and owned for six years while I go work interstate for one or two years. But does this mean I have to change my home loan to an investment loan? They often have high interest rates. I plan on returning to the property and living in it again in one to two years. I just wasn't really sure if I have to tell my bank if I rent out my property for a short time. Thanks. I'm going to be so for real. I didn't even know that investor loans were a thing, much less what the difference is or what you do with them. So I'm going to handball this one straight to you, BD. Well, Jess, you wouldn't know that because the process that you're going through and when you sat down with one of the Zella Money brokers, they would have said, what do you want?

And you said, I want to purchase my own home. And they would have said, do you plan on living in the property. And you would have said, absolutely, I do. I'm very excited. So, they would have gone down the route of what's called an owner-occupier loan. And those usually carry lower interest rates than an investment property loan. And there's a number of different reasons for this. Obviously, the risk is higher when it's an investment because it's not your family home, more likely to be like damaged or whatnot. But then also, you're able to claim an investment on tax. of course right so the bankers i won't say they're taking advantage but like i don't like that they're different but they are very different in fact there's been a few times and this is why you

have to be really honest with your broker when you know a broker has been applying for an owner loan so they've been applying for a loan where you're going to live in the property and then the client's like yeah yeah i'm gonna rent it out and their broker's like oh, I can't legally sign you up to this because once your broker knows some information, they can't not do anything about it. We are, at the end of the day, ethical and moral and we can't lie on your behalf to a bank. We don't want to lose our license even if you're like, but I just want the only OCC loan because it'll be lower interest rate. I get that. But also the investment is what lines you up. So too long, didn't read. Yes, you do need to tell your bank that you're

moving it's actually in your terms and conditions of the loan that you have with your bank yeah there are a heap of them so like when you sign up you'll get all your banking docs and in that it will say if you move you need to tell us also did you know you need to tell your bank if you're renovating really yeah you need to tell your bank but like they technically own your property jess like they're the ones that have looked at your property and gone hey jess we are going to lend some money to you to purchase this particular property and they're putting a security over that property that if hypothetically Jess wasn't funny anymore and she left she's on the money and she lost a job like they could sell the property and make their money back but if you

bulldoze the bloody house yeah it's worthless so they don't want you to do that without approval so this is where reading your terms and conditions is really important because it will say in your terms and conditions that you need to keep the bank aware of this. Any changes, even if you go, oh, it's only small, I'm just redoing the bathrooms, bank needs to know. They're not going to care that much, but also it'll probably add to the value. So it's not a bad thing. But if you're moving out, you do need to talk to somebody. I have heard stories, this is because I live on AusFinance on Reddit, where someone was literally dobbed in by a friend to their bank. isn't that dodge that's so mean exactly but they were dobbed in by their friend who called the bank

and said did you know that jess has moved out of the property and is no longer owner ok and the bank just changed their loan without any conversation without any permission up to a higher interest rate and moved them over to an investment loan as opposed to an owner ok loan and like i was like that's rude they didn't even check to make sure this is not i know inaccurate. Anyway, I just thought that's obviously one dog of your friend to kind of delve you in. That is not a friend indeed. But also, I didn't realize that they took it as seriously. Whereas we've dealt with clients who are like, oh, V, because obviously I own a mortgage breaking company. Oh, V, we're going to move out of the property and do X, Y, Z. And it's fine.

We've called the bank on their behalf. And some banks are like, oh, what's their plan? Oh, they're moving back in in six months. They're just moving. The bank's like, don't worry, we've put it on file. They're not going to change it because they're going to be moving back in. But it's a conversation to have with your lender because at the end of the day, it's all about risk. It's all about making sure that you're doing the right thing. And they could actually be like, hey, we're no longer going to lend to you. So you need to sell up the property. Oh, scary. Really? What if they found out? If they found out, they could absolutely take action. At the end of the day, if you're renting out your home while paying it off,

it has to be an investment loan. It's not sexy. It's not nice because obviously it's a high interest rate. But if you do decide while you are living in your home to rent out your home and go from an owner-occupier loan, you're probably going to need to refinance. And if you lie, there are some pretty serious consequences. I mean, they'll give you warning. But one of the examples when I was looking into some terms and conditions is that the bank, this bank that I looked into, not naming and shaming. The bank said, you've got 30 days to pay off the balance that is owing, at which point the lender might sell the property to recoup the money. Oh, that feels aggressive.

So it can be really aggressive, but it's really important to understand that, guys, it's 2024 and data matching and whatnot exists. And the bank will report to the ATO because the ATO is going to care about what you're claiming, right? So if you move out of your property, you're probably thinking, it's an investment now. I'm going to be able to claim a heap of expenses. And you're claiming investment things, but then the bank finds out that you're not actually paying the right loan. You could be found out. So, it's not like they aren't on top of it. And banks and lenders all have their own processes for checking on whether you are actually an owner-occupier. And banks are going to have their own processes for checking if you are an

owner-occupier or not. So, they might check if you live at the property for the majority of the year. they might have a look at your documentation. So they might request a tax return and see that your tax return or your driver's license doesn't have that address on it. It has the house that you live in. Or they might see someone apply for a loan and go, that address is Jess's house. What's going on there? Did two families live at that address? And then you go, no, no, no, we're renting it off, Jess. So I think it's really important to just be on top of it and be truthful it doesn't mean that the bank is going to charge you through your nose but it could also be something that you call the bank and ask them hey what would happen if i moved out hypothetically

what's the process yeah but also that should be a part of your decision making process if you are planning on taking like a job out of state or something to make sure that you're not financially putting yourself behind yeah totally anyway i know you guys are shocked by that um nothing to add for me except i had no idea that was a thing you're like that's crazy yeah filing that away for later The only I want to add is I'm assuming this makes rental prices higher than they maybe should be for... Because of the higher cost of the loan. Exactly.

Well, yeah, and that's something to take into consideration as well. And, I mean, there's a lot of conversation about being an ethical landlord and, like, there's a very big push when it comes to people who are purchasing property, right, and you hear it on Money Diaries where they're like, oh, I have a positively geared property where the amount of money that they earn from their property in rent actually covers all of the mortgage and that's really attractive. But if cost of living happens and your interest

rate increases, but your rent hasn't increased, that's why a lot of landlords would then turn around and be like, hey, Bec, I'm going to increase your rent because they don't want to be financially out for it. And I think at some point you need to be an ethical landlord and say, hey, I took this on as an investment. And one of the risks was that at some point I would have to tip in some of my own money. It's actually not Bex or Jess's responsibility to pay more on my mortgage just because the bank's now charging me more. Like, I think you should be charged market value. But that's probably a whole damn podcast in itself. Sure, true. Yeah, I just got served a notice of rent increase. Again? It's been a year. Oh, I feel like time does fly when you're having

fun, doesn't it? Yeah, they cranked out 30 bucks a week. A week? Yeah, like an extra 30 bucks a week. Because when I first read it, I was like, oh, 30 bucks a month, that's not so bad. Like, Obviously, I split it with my partner. Nah, you're taking the mickey. A week, so it's literally like another $100 a month. Be for real. You can't even get brunch these days for $30 a week. Yeah, crazy.

Hate that for me. All right. Well, are you ready to stop this conversation and go into our spicy DM? Yes. All right, so here's the DM we received. Hi, She's On The Money team. I would love to hear your thoughts on this. I was part of a bridal party and four months out from the wedding,

due to personal reasons, I decided I could no longer fulfill this role. I had transferred my share of the payment for accommodation for a hen's weekend and was told I wouldn't receive this back upon deciding to no longer go. However, the hen's party has just gone and I've seen that they didn't stay at the apartment we had booked and I thought we paid for. The accommodation provider's website state that they don't take prepayment and provides a full refund up until a week prior to the booking. It doesn't seem right that they used my money to book and or pay for something else is it reasonable to want my share of the payment back thanks I don't like it I don't like it I don't like it it feels very icky it feels like it just got worse as I

read it out didn't it yeah it seriously did because it's like let's let's ignore the fact that maybe someone somewhere must have lied about the pre-payment situation ew but like there someone's idea is that like oh here's a pool of money and with this pool of money we will either you know book this really fancy hotel or whatever it's like that's not actually how it is working it's like everyone's paying their own kind of slice of the pie and if the pie is now smaller then because i'm assuming that someone collected all the money for say 10 people and then one person pulls out and like oh cool we have the money for 10 but we now just have to divide it by nine you know and it's like that i understand if you couldn't get your money back you still have to stay at the

same place but they've taken that money not even considered the person who has to drop out probably for some good reason I assume and is like thank you so much for giving us a little bit more we're gonna go here instead and now we just have a little bit more cash to splash I just think that's really really mean and that's not actually how it works yeah and I mean I'm so interested in why you dropped out but I have a sneaky suspicion it's because you have terrible friends yes and and it's just like a big financial burden. That sounds really mean by me. I meant it.

Jess, what do you think? I agree. I think like as you said, Bec, if I hadn't been able to get the money back and you had pulled out, I think that like you've already committed. I don't think it's reasonable to ask for the money back because then people have to cover you. But the fact that they changed the venue, unless they had already changed the venue ahead of time

and she didn't know, I don't know. It just, yeah, I agree. I think that it's a bit icky that they had maybe the flexibility and didn't give it back because, as you said, theoretically you're covering X amount of rooms. If everyone's put in X amount to cover X amount of rooms and you need one less room. Yeah, but we all know, I was about to say,

we all know on like a bridal trip people are sharing rooms or getting apartments that, you know, oh, one of us will sleep on the couch. Like, I don't know, I'm not justifying it because I think that she should have got her money back, but I think that her friends might see it a little bit differently that they were like, oh, well, when this person was involved, we let everybody know we could have this type of accommodation but now they've pulled out, we would have to change it

so we're going to keep their part of the budget in. I could see maybe as we're talking about it, maybe if you had two girls to every room, for example, and then you go, okay, well, one girl's going to have a single room because her friend put down, are we going to judge her more because she doesn't have someone but then if she pays the same amount as everyone else, is everyone else going to be pissed off because she's got a single room but they're all paying the same amount like I can see how it does

get a little bit messy ultimately I think like it's probably a conversation they should have had with you like they should have said hey like xyz we've already allocated like we've pre-booked a different hotel or you know we're gonna have to charge someone double or whatever at least had the conversation yes I think you're well within your rights to ask her back or to at least raise it and say hey like you know I understood that if it was non-refundable like I was never gonna to ask for that money back but it turns out it was refundable so like is there a chance for that money to come I think that's a very reasonable conversation to have I would put together a nice message and basically ask that I think on the flip side as well as somebody who has had to I wasn't

in the bridal party but I had to pull out of a hen's party because I was really pregnant and this is back when I had so I had like preeclampsia when I was pregnant right so my entire day every single day when I was pregnant was really dictated by my blood pressure so I would wake up and I would do my blood pressure and if I did my blood pressure that day and it was often 180 over like 110 which was cooked I'd have to go into the hospital and like deal with it it was actually the biggest shit show remember Jess like it was very it was like oh hey Jess sorry I was about to come into recording now I can't come into recording because I have to go to the hospital or like the flip side where it was like really high and my doctor would say if it's this level you actually

just have to stay in bed that day, like not moving. And then some other days my blood pressure was fine. And I'd be like, Jess, it's on. Should we like get some more podcasts out? Right. So like every day was different, but I remember having to literally pull out the day of, of a hen's party and be like, Hey, really? Sorry. I can't come. One, I was like 38 weeks pregnant. So I was pushing it already, but can't come, would have loved to come, but I'm not allowed. And at that point, I just knew that that was a cost that the entire time I might lose but I wanted to be involved and I I wonder if at this point when you paid that's the cost of now missing out like that you paid that yes you had to pull out but like is that just a lost cause like I don't know like does it go to

other things too like if there's a dinner or an activity like a you know flower crown making or perfume making or whatever you're doing like has something else been paid for that maybe it's been Shout out to the person that has to organize the hen's group chat and like collect payments because that's hard because you're right there might not have been any pre-payment so like you might be on the website and it might say oh you can have a complete 100% refund but like I have been the person that has organized a hen's before and I'm like okay cool so drinks and food are going to be this and we'll make sure that we have you know pre-drinks at the hotel and then there's like some accommodation okay guys it's $250 a head I don't have at the time I didn't have the budget

to cover all of that so before I booked in anything I was asking all the girls can you just transfer me the cash because like this is how much I need and then I would go and book everything out like at that point the other way yeah what if someone didn't transfer and you had to cover it yeah which always happens like just if you commit to doing something just transfer the cash I get it or have an open conversation and be like hey V I really want to be involved but I don't have 250 bucks but these events in December is there any way I can like pay you off over time or like what can I do and at that point I might be like oh don't worry girlfriend I only need to lock in the accommodation and like that's not the full amount so like just transfer what you

can and we'll like work it like we'll work it out but so many people go like stone cold silent and don't have these because money is awkward but like have the conversation because I can promise someone coming to me and being like hey I don't have the 250 or whatever it has been decided is the amount but I'll get it to you on this date or I'll do this I don't care like I'll work it out but like if you just go radio sign do you know how awkward it is to follow you up I hate that don't do that to people yeah so it sounds like our listener did the right thing like they let them know early but it just maybe was a failure of the friends to have the communication that they need to have so I think like ask for it back and see what happens but 100% so we asked the

community do you think it's fair for the group to keep her money 73% of you said no she's owed her money back I kind of agree I was trying to play devil's advocate and like be like oh but what if and then 27% of you said yep she stepped down it's a sunk cost the next question I asked was would you ask for a refund if you were in her shoes 67% of you said absolutely they changed plans and 33% of you said no just take it as a loss and move on I would always ask for a refund i feel like always if you don't ask you don't care exactly and if you're kind about it like hey i know i pulled out i am hoping this hasn't like financially impacted anybody but i was wondering given you know and give them a little bit of info so like you know that the way

like the hotel was refundable yeah i know the hotel's refundable so i was just wondering if i could get you know the money i transferred you back yeah like if they say no you are well within your rights to say hey i'd love to understand a bit more about like why like where is it gone like surely it's just sitting in your account because they don't charge you until you check in like have that conversation because you might learn oh well actually you transferred a hundred dollars and the accommodation per head was actually 50 and i've spent another 50 on the entertainment and the food and the drip like and that's been and that's been painful and like now we're gonna have to like spread your cost across the other girls and i don't feel like it's fair

to charge Jess and Beck more. Like, do you know what I mean? Like, they could explain it and you go, oh, actually, that makes a lot of sense. Thanks for having a chat. Totally. And when you can see that there's a good reason for it, because I'm sure that this other person has, like, some valid points,

it makes you just feel better knowing, like, oh, okay, I have lost that money, but now I understand why. But at least I don't feel like I've been taken advantage of. Yeah. Yeah, exactly. Like, in that example, I could give you, like, the room portion back, but not the food that, you know, they couldn't refund or whatever. Yeah, 100%.

And I guess it's a good reminder that before booking in anything for hen's parties or group things like have in the group chat a conversation about budget it can feel awkward bringing it up but be like hey guys we want to do like a weekend for Jess because she's getting married I don't even think Jess wants to get married but like hypothetically we're having a weekend for Jess um and I just want to know like what what budget would you be happy to allocate to this and some people we've done I've done this before reply and be like hey I have a hundred dollars that I could allocate but if you guys did like a house thing I wouldn't have to stay like I'd go home that night and like ask people because like they might have kids or they

might have different plans or they might not want to do a sleepover so that you can get a guise on like okay cool well you know 20 people will come but six of those people actually want accommodation yeah so that you're not biting off more than you can chew and charging people for more yeah do you know what I mean yeah it's very true anyway we did go to the community and said what is your two cents and I have a lot of different opinions to share with you guys. So first person said, what they did sucks, but I'd be burying the hatchet and keep a map of where you leave it, as per Tay Tay.

Someone else said, what brides expect of others to spend for their wedding is too much. It's just a day and it's theirs. Good point. I don't want to say too much here, but I agree. I don't think that we should be spending any money on someone else's. I get it sometimes. I agree.

So I'm a bit spicy and I have been crucified for this before, but none of my bridesmaids paid for a thing. And that's very entitled because obviously I had the budget for it, but I was very much of the opinion, as was my husband, that we didn't want to get married until we were in a financial position where I didn't make my wedding a financial burden on somebody else. And potentially that's, you know, because I'm in finance and I talk about it all the time and you hear these things and we have these conversations but like I just remember being like bridesmaids dresses I will be paying for because it's the dress I want you to wear and again being a little bit spicy you're a bit delusional if you think you're gonna pick a matching bridesmaids dress and then try and

convince Jess that don't worry babe like if you spend four hundred dollars on this dress you'll probably wear it again you can just hem it and wear it again nobody's gonna hem it and wear it again nobody like nobody yeah anyway I've just got a lot of opinions about this but I was very much of the opinion that my wedding day shouldn't put a financial burden on other people yeah and so we paid for everything does that mean that I think everyone should do that no because everybody has different budgets but I think everybody should have open honest conversations about that like if I was to ask you Beck to be my bridesmaid we should be having a bit of a conversation up front like oh my god do you want to be my bridesmaid and you go I'd love that but like also what are

the expectations. Totally. Because I got the money for bridesmaid status. Yeah, exactly. But if I said, hey, Bec, I'd love you to be my bridesmaid, by the way, I wouldn't ever want this to be a financial burden on you. I'll be covering everything. You might go, oh, okay, I would actually love that. Like, I would love to be involved. Like, thanks for thinking of me. But you're right, Bec, it's not your day. Why are you paying so much? We're in a cost of living crisis. We are all worried about groceries. We're worried about our electrical bills. And then all of a sudden, your mate's getting married and a $300 dress seems to be reasonable to ask you to purchase. I know. Stressful. Makes me anxious. You need matching shoes. Like I have a pair of

nude shoes. Why can't I just wear those? Anyway, it's like a whole conversation. I just obviously am a little bit heated about it, Bec. I completely get it. More comments from the community. One person said if they stayed at the original accommodation, she would have had to take the lost, but they didn't. So she should get her money back. Someone else said, there's never any harm in asking. That's what VD would say. If they say no, I'd take it. Yeah. Someone else said, people are real weird about hens. You'd need to be willing to lose a friendship or the money. They do seem like they can be dramatic sometimes, don't they? Yeah. It's actually terrifying. Someone else said, I wouldn't let the money in this instance come between what I assume is a close relationship,

but also where's the goss like why don't we know why i know you said personal reasons but like girl it was anonymous i need to know i need to know can you send us a message yeah like we need to know um someone else said people kept pulling out of my hands and it got super frustrating and hard oh i can understand that i totally get that perspective i totally get that and if you've already paid and then people are pulling out of the hands party because you've probably allocated of the budget but we're talking about bridal party like one of your bridesmaids has left and if that kept happening to you I'm so sorry yeah that would be really hard I had like three bridesmaids can you imagine if people kept pulling out I would have had nothing and someone else said

and we'll leave it here it's not fair on the other bridesmaids to absorb the extra cost from her pulling out fair it's a bit of a push and pull isn't it like you've got to you got to kind of figure out what happened, why it happened, where the money did go. And, you know, I think that will probably inform whether or not some of it can come back. But I think just, yeah, have the conversation. Why not? What's the worst they can say? No. Exactly. Exactly. That's so true. I think with that, let's take this conversation offline. Let's go buy a $6.50 coffee and talk about a real thought about people paying for hen's parties. All right, guys, have a good Friday and we hope you enjoy the weekend and we will see you bright and early on monday for a money diary bye guys bye

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