She's On The Money - Why Your Dad’s Super Advice Might Be Costing You Thousands

Episode Date: November 28, 2024

Ever had money opinions that seriously clash with your parents? This episode is here to gently (okay, not-so-gently) challenge those outdated views and help you take control. It’s time to reframe the super conversation—not just with your parents but with your partner too. Because fair’s fair, right? If raising kids is a team effort, shouldn’t your retirement be too? We’re also breaking down the sneaky world of credit card interest—how it works, why your statement might not match what you owe, and how to stay ahead of it. And don’t worry, we’ve got all your Friday Drinks favourites too: money wins, broke tips, and a big ol’ serve of laughs. So grab a cocktail (or mocktail), settle in, and hit play! 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... The book we’ve all been waiting for—The Business Bible—is finally here! This is Victoria's ultimate guide to levelling up your hustle, career, or big biz dreams. Grab your copy here. Join our She's on the Money community...Instagram and Facebook Group 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 finance fun especially on Fridays. It is again, our favorite day of the week because we get to get our team together and celebrate you, our incredible She's On The Money community. Ms. Jessica Ricci is here with some money wins again from the community. Bec has a number of broke tips that she's going to share with you. And this week we're going to be answering a money dilemma, which is all about exactly how credit card interest works and something that you slid into our DMs about. We're chatting about dealing with what you think is outdated money views. Oh, I know that one's going to be good. But before we get there, as always, we are going to share our favourite five star reviews from the

podcast. Miss Bex Syed. Yes. How are you? I'm really good. How are you? Oh, I am great. Have you got a good review to share with the team? I do. This one comes from Amy Lee. I just love how easy Victoria, Jess and the team make money to understand. They make it really relatable and break down those gender and societal norms where only the men get to know this stuff. So then you realise it's, like, really easy and, of course, you can do it because, like, the boys can do it. Totally.

If boys can do it, we can do it. Exactly. It can't be that hard. It can't be that hard. I've got one this week from Rookie who said, I'm going to say it, Victoria Devine is truly divine. Oh. I see what you did there.

Thank you. Thank you. I'll take it. My dad says that. That's a bit cute. podcast has been such a helpful tool in reaching a member of your community who has had very limited access to financial knowledge given my field of work thank you so much for sharing your knowledge tips and insights the skill of turning the dull and dry topic that

is financial literacy into a fun learning opportunity must be applauded have been enjoying the banter from the co-host also keep up the great work that is great thank you isn't that cute that is a fantastic review thank you really nice i also have another fantastic one this one's from Lizzie and she says, long time listener of the show and I've been really enjoying the new vibe since Beck started last year. Isn't that so cute? It feels like the show has found its stride again with the three co-hosts and I am so enjoying your updated format. I really like hearing Beck's perspective. She and Victoria have great energy together, which reminds me of Georgia King. So if you haven't been around since the start, Georgia used to be on the show, but then she

moved to London. Yes. Beck got the gig. Oh, my God. Actually, my stomach is like doing flips. That's so cute. And yeah, this is all about you. I keep picking ones that are just like complimenting you because I know you like them. I'm going to die. Are you ready? Yeah, I'm ready. And I really like how Beck represents the everyday person who might not have as much financial knowledge. Really enjoying the vibe of Friday episodes and hearing the three She's on the Money ladies keep up the great work. And please do some more content on weddings and bridesmaids and travel okay thank you so much isn't that cute it's really sweet i love it i love it but let's get back into the show enough ego stroking thank you if you would like to leave a

review obviously you can do that on apple so apple allows you to type and you could even ask us questions in the review which i might let slip through to the keeper you know like if you've come this far, you're doing us a solid, we'll do you a solid. But onto the community, Jess, what's happened in our money wins and confessions thread this week? Alrighty. Firstly, this week, we've got one from Rhiannon that started as a loss, but it turned into a win. She said she had to get a tire replaced on her car. She didn't check when she left it with the mechanic. And when she came back the next day, they changed the wrong tire. So she took it back the day afterwards and they changed the one that

actually needed to be changed. So she ended up with two new free tires for the price of one. That's amazing. But how did they change the wrong tyre? I know. It's like when I hear, and this is maybe way more. Surgery thing? Yes. Oh, it scared me.

The idea that you're like, oh, I need to have my foot amputated and then you come out and you're like, that is the wrong foot. Can you imagine? Like how do they get that wrong? It's so bad. My partner's a physio and he says whenever someone comes in for like something that's like one leg, one shoulder, whatever, he always has them like point at the one just in case

because he doesn't want to, like, go for the wrong thing. Hold on, backtrack. If they only have one foot, he makes them point at their one foot. Probably not in that case, I would imagine. There might be some, you know, some flexibility there. Next, I've got a money win from Sammy who said money win. I shopped Stasher Bags Black Friday sale and bought a 12-pack of bags that seemed like a suspiciously good deal.

Turns out the website had an error and they had accidentally listed the pack of 12 for the price of one. They have since offered to ship out the additional 11 bags for free to honour the purchase. As they should, Queen. Buy one, get 11 free. Also, like, stasher bags are really expensive. So that definitely was an error.

That's a good win. Next, I've got a money win from Alicia, who said she opened up her Sharesies account. She obviously used the SOTM code. She invested in some shares and she got a dividend of 20 cents. Look, from little things, big things grow. That's not even going to get you a Macca's Cone yet, but it will. It will one day.

It will one day. It will. She's going to grow. We love that. It's incredible. Next one from Melinda who said she just did the New South Wales toll relief rebate online and she got herself a very tidy $380 back. How do you do this?

How do you do this thing? It's like free money. Just wait. I'm going to tell you. She said you go onto the Service New South Wales website to check if you are eligible if you frequent the toll roads in Sydney. It is Sydney-specific, sad for those of us in Melbourne, but if you're in Sydney, you do, you drive up to see the family.

Great to know. So jump on there, check it out, the New South Wales website, service New South Wales. Next, I've got a money win from Emmy who said she didn't feel like cooking on Saturday. I get that. Instead of doing takeaway, she went to Coles. She got herself two frozen pizzas that were on special for $6.50

for the duo and a $3.50 garlic bread. She went to the checkout, found out she had a $10 flybys voucher, Oh, pizza for two for $6.50. Okay, but like frozen pizzas, what is the brand? It's like a Dr. The Ristorante. The Ristorante one. Oh, my God, it's so good.

Dr. Otka's one. Like they're actually so good. The spinach one. And they go on sale and they're like $4 each. Yeah. You want to make it bougie. This is what Steve and I do. Okay.

We get two pizzas because like you need a whole one each because they're quite thin based. Like that's a meal. So $4 for your pizza. And then you get a bag of, what is it, rocket? Oh, I love a rocket on a pizza. Yeah, but I'm not putting it on pizza. Side salad.

Oh. Side salad. Diet Coke. Elite meal. Oh, that sounds amazing. Wow, that was a journey. And you said parmesan and pear. Oh, yeah, but like that's a bit bougie.

I'm sorry? I don't want the pear, but apparently that's the thing. What? You don't put pear in your salad? Pear and parmesan salad, Jessica? I thought you meant on the pizza, and I was like, that's taking it too far. Oh, one of my favorite. It gives pineapple, but worse.

No, no. I put honey on pizza sometimes. One of my favourite pizza shops, which is near my house, so I'm not going to name names, but if you know, you know, they also sell the Blazin' Pizza. Very good. But they do a pear, parmesan and goat's cheese. Oh, my God, yum.

Like pizza. Unsure. No, do you know what? You wouldn't love it. I don't think I would. Beck and I would love it. Yeah, I think we might. You'll order your margarita every single day of the week.

Our family will be happy. And I've actually ordered you the margarita from that place and we've had it together before and you said it was really good. It was really good. So, like, I guarantee these pizzas, the Blazin' Pizza. Okay, I'm just going to explain these because you need to know. So, it's red sauce pizza base, like salami, pepperoni, mint leaves, Meredith's Scotes Valley cheese, and lemon.

Oh. No, it's my favourite. I'm not sure either. The mint got me. The mint? Oh, it's next level. Okay, well, maybe. You can come to my house.

I'll order the pizzas. Okay. Give it a go. Report back. Give it a go. Yeah. Yeah. They also do a very good chocolate mousse.

I love a chocolate mousse. Okay, so I can sell you? Yeah. Anyway, back to frozen pizza, $4, money win. Bargain. Lastly this week, I've got one from Anna who said, a money loss but a happiness win. She went to the Wiggles show with her two toddlers and spent $80.

What? For two bubble wands. So overpriced that the kiddos did love them and it kept them entertained all afternoon. Wiggles, we've got to talk. No wonder you guys are all rich. Literally. Really, may I suggest, someone has said this in the group before,

but if you're going to a kid's show, a Bluey, a Disney on Ice, pre-buy your toys at Kmart, hide them in your backpack and just bring them out when you get there. Kids get the toys, it's a lot cheaper. Yeah, the bubble wands. $80 for bubble wands is certifiably criminal. That's highway robbery. I just can't imagine what they look like.

I actually can't. I mean, they're the big plastic ones probably. $80? Yeah, $40 each. For two still. Yeah, I know, but still it's like I just can't imagine. Do the pre-shop, that's all I'm saying. Yeah, do the pre-shop, absolutely.

It's like when parents go to Disney and that's obviously very, like, niche because it's American, but, like, I would be stuffing my bag full. Like, they're not getting anything at Disney. Like, no, absolutely not. Everything is so expensive. Wow, I got a Mickey cookie cutter, Mickey sandwiches. Like, it's just not happening. You can pre-buy, like, so many of the licensed things now

at, like, Kmart and Target. Yeah, and one of the tips that I got when like someone messaged me while we were in the US, they said go to the op shops near Disneyland if you're ever travelling because a lot of the merch ends up there so you can buy like the popcorn buckets or you could buy like the bubble wands or whatever for super cheap and then you can take them to the parks. That is a fantastic idea. Exactly.

So always check op shops for merch. That's a great idea. Yeah, not bad, not bad. What are your broke tips this week, Bec? Okay, just really quickly I want to say with the person who told us about her car tyres, if anyone wants me to put a video up of how to change your own just so you can save some money. I do.

You definitely should. Would you like me to show you? I'm actually going to make it go on She's On The Money. If you're willing to be an actor, a paid, unpaid actor. Yes. Yeah, that would be really good content. Okay, great. I can do that.

Did you see the other day? I was like, oh, I can change my own wiper blades. and I was like oh I buy them from wiper tech my dad told me to like you don't question my dad when it comes to car stuff so I ordered them and then I just changed them myself and it was so easy and so cheap yeah it just it made sense but so many people don't know that you can just do it yourself yes exactly exactly it sounds like it's sponsored but it's not but that wiper tech brand is who I use too because I have a guarantee that if you can't put it on you can they'll just give you your money back yeah that i'm like that's sold on that but that's a good deal and i have actually

dm'd them and asked them for a discount code genius because like they're surprisingly they're actually a small business so i was like oh i i like that we're supporting them and so i asked for a discount code for she's all the money yet to hear back but if we get one i will pop it in the show notes and i'll like pop it all over social media because like we should just be doing this stuff ourselves i feel like i agree it feels over it's like finance for so long we've been told like oh that's a man's game like car stuff it's easy yeah it really it all makes sense as well like i changed my window over the weekend oh you finally did that we did put all the panels off and you know your side mirrors all these things like you know if you can do it if one person can

do it without the the help of like big industrial sized lifters and things you can do it in your own backyard so i would love to i love that so we're all just changing our wipers we're topping up our washer fluid. We're changing our oil. I love this for us. Yep. Completely great. I think that's so good. So cool. Well, I'll do that. I won't even clear out my boot for the process. I'll just make it as authentic as possible. Absolutely. I love this for us. Okay. So my broke tips. This first one comes from Lisa who says, stock up on all frozens. I'm assuming, you know, like your turkeys, your chickens on boxing day. It's because of those things, they stay they stay good and the next year you've got it all there so it's it's also even if you

paid full price for it this year for next year it will still once you get there feel like it was free but wait until it goes on sale everything will go on half price even cheaper probably when they get desperate and just stock up if you have the space um so i love a boxing day ham yeah boxing so like a boxing day ham obviously if you don't like christmas ham weird but uh okay but But, like, baking a ham and then having ham sandwiches for the period of time that the kids are off school and, like, school holidays and, like, you can use the ham bones to make soup and, like, there's just so much you can do with it. But ham is usually really expensive. So that's also a hot tip. So you're not freezing it, but, like, that's a good multi-purpose item that you could purchase.

Getting your money's worth. Yeah, and you can make, like, ham sandwiches, take them to the beach over summer. Like, that's my childhood right there. ham mustard sandwich with like fresh white bread yep freshly baked by eric now it's freshly baked by eric my dad's taken up baking oh good yeah he bakes bread now and so whenever i'm going down to his house i like put in a little bread order um i've been really liking his rice sourdough yeah delicious will you bring some in yes i will bring some eric bread for you thank you 100 you will be shocked at how good it is because i was too when he said he was baking i was like

Oh, here we go. Here we go. But it is very good. Oh, my God. I can't wait to try it. And he will also, do you know what? I'll ask him for the tips because he buys the really big boxes of bread flour and he's already done the maths on how much each loaf is costing him

and he's like, oh, baker's delight, this would have cost you $7. In my kitchen, $2.80. Oh, wow. Like he's a wizard. He's a wizard. Yeah. Okay. That's full.

Doesn't fall that far from the table. No, certainly not. It could be a broke tip maybe if you get those. Yeah, Eric's bread tips. Get those digits for me. Get that bread. Also, I just want to say, Devon instead of ham. I don't know if you guys ever dabbled, but anyway.

Oh, no, you guys call it something else down here, don't you? You're speaking a different language right now. No, no, no. I always had Devon. You call it struss. Straz. Straz. We call it Straz.

Straz. But what do you mean, if you ever dabbled? That is all I would accept as a sandwich option growing up. Devon, sauce, white bread. End of story. Mustard. Oh, that's way too fancy. I haven't tried that one, but I will try that one.

Tomato sauce? Straz. Straz. That's such a funny name. Straz and sauce sandwiches. Is that the thing that comes in a can? No, that's spam. I'm not a meat slayer.

You know what I mean? It's not my thing. Jessica also doesn't like sandwiches. I don't either. I can't imagine you going to buy a log of sandwiches. I love sandwiches. My favourite food, not favourite, but my most convenient lunch is the 7-Eleven sandwich. Yeah.

Like through and through, like if you know me in person, you know, I'll be like, want a 7-Eleven Sambo? Like that's, I'll shout. Like I will go and get them. I drive from my office to get a 7-Eleven sandwich because in my head that's the easiest lunch option for me. Jessica doesn't eat them. I'll come along.

I'll get a 7-Eleven pie or something. I know you do. I love 7-Eleven. It's not the point. This isn't sponsored. This is just me genuinely having a very deep passion for 7-Eleven sandwiches. But like how can you not? She's going to cry.

She's about to cry. How can you not like an egg omelette or sandwich? Yeah, I know. I can't think of anything worse. I think after a few bites, I'm like, okay, I've been here, I've done that, you know. Chicken avo? Chicken avo I like.

You like the chicken avo? They also do a very mean ham tomato cheese. I just get really worried about gristles. You know, I don't like gristly meat. Why would they use gristly meat? I don't know. They would sell no sandwiches. I'm scared.

Someone just literally walked over my grave. This is giving me a lot of it. Sorry, sorry. What have you got next, Bec? Yes, okay, next one comes from my friend. Now, I know this has kind of been briefly mentioned before. No, I know. That you've got friends?

That I've got friends. But, Victoria, I know you don't like me reusing. So I don't think this is a technically reused spot. No, because we should be getting the most value out of this segment. I know. I gave you your whole segment and you keep telling me the same thing. I know it's cheating, but this one is a little bit of a stray. But my friend literally changed the trajectory of her life

by doing a free course. Manifestation. And that too. Oh, no, that was a joke. What's the free course? It was how to build a multi-level marketing business. I was just going to say, I'm feeling sceptical. I'm not going to lie to you.

No, it was one of those, you know how Victoria, I don't know if everyone does it. The free TAFE. The free TAFE courses. Okay, that's actually a good course to do. Yeah, outdoor something. So now she's like tour guide and doing like all this kind of stuff. Oh, that's cool.

So she did a free TAFE course and then got a new job. Is that what you're saying? She like upskilled? She upskilled, but she's like actually just completely changed. Like she was a cartographer, which is like a map person. I don't really understand it, now doing outdoorsy stuff, which is what she actually loves. That's her passion.

And I just feel like TAFE is free too. TAFE is free and if you, well, you know, particular courses and if you just like keep checking every year, I feel like they change, they update and just see what's going. We're always looking because Jess and I, we keep talking about wanting to do an Auslan course but we haven't found one that's like accessible for both of us and on days that work because the Auslan course that we want to do like is like the proper one and I think our closest

one is in the city and it's on like a night that doesn't work and it's just it's not going to work out yet but one day we will get there. Wouldn't that be so cool? That would be really cool I know I'm one-handed because my grandma's deaf so I could teach you that but it's not very universal. No I like it we've started doing sign language for Harvey actually and so we've made sure that it is Auslan sign language so I can do some small things but maybe Harvey and I are learning together like he knows eat and more and he knows like all done and he knows like milk and he knows water and mom and dad so like there's like a heap of them that we've been slowly learning but i think it's really important that's cute that's a really really good one to learn um yeah

when you have an audio based product yeah like a podcast exactly exactly uh okay so this next one uh is obviously my own it is black friday related and it is black friday today so that's perfect Is it today? I was literally just about to ask, when the hell is Black Friday? It's actually today, Bec. It's today. Good to know. Good to know.

So Woolworths are doing, I don't know if you've heard of Everyday Extra, but it's like. I have. Yes. You can genuinely, if you shop at Woolworths a lot, you can genuinely save like a fair bit of money every year, every month even. So basically for $35 a year, you can save up to $100 every month. And so this particular thing. That's a good deal.

Everyday Extra is half price because of Black Friday and I would recommend just having a look. Have a look and see if it fits you. Yeah, and if Woolworths is doing it, I'm assuming that like Coles and Flybuys and all this kind of stuff are doing it too. Have a similar deal. But I just think take advantage of these Black Friday things and if it's $35 once off and you're saving money for the whole year,

I don't know, that's a win-win. Yeah, and you get a, I remember seeing Emma Edwards, the broke gen, she posted about this. Oh, yeah, she's really good at that. You get a free thing every so often. like it's random she was she was complaining she wanted the chocolate and then got the peppermints and i was like i would have been just so annoyed by that too yeah but like you get quite often i think like you get to pick up a little freebie which is kind of fun so that's me i love that

no i reckon that is a really good place to leave it all right let's go to a really quick break on the flip side i'm excited for this we've got a money dilemma about exactly how credit card interest works and you slid into our dams about something that i think is going to get a little bit spassy, are dealing with what you think is outdated money views. Don't go anywhere, guys. 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, she's on the money. Look, I work as a banker and I've noticed that a lot of people really don't understand how interest works on credit cards, especially residual interest. And there's a lot of confusion around that. I think it would be absolutely awesome if you could explain how interest on credit cards work. Thank you. Bye. This is a good question because I actually didn't realize until recently that my credit card interest period is more than the month. Like I'd always thought in my head that whatever you spend in the month, you're going to pay off by the end of the month.

Is it 45 days? it is 45 days and also it's like from the date of purchase so within that month if i spent a hundred dollars on the first and then a hundred dollars on the 28th i'm not paying the 28th that month which i didn't really i don't know why like i just had obviously never taken the time to figure it out for myself but say again to me what you're saying so it's kind of like a roving period right So like my interest period on my personal credit card is 45 days, which obviously no month is 45 days, but it's also from the date of purchase. Yes.

Like within the month, in order to avoid paying interest, I only have to pay for the things that I purchased within the last 45 days. Okay, got you, got you, got you. Does that make more sense? Yes. And so you used to think that if you paid for something on the 28th, you still had to pay for that. Yeah, I fully just thought whatever balance was, which is really stupid,

but I just thought whatever's on my card needs to be paid before the end of the month for a paying interest. Yeah, I totally agree. I mean, that's a healthy habit. Yes, it is. It's a healthy habit. It does give you a bit more flexibility knowing that it's 45 days. Most of them are 45 days, but you've got to make sure that you're privy to the terms and conditions of your credit card, which I would hope if you are signing up for a credit card, you read Jessica.

But I also think before we get into this, credit cards, like they are, I think they're the devil, right? I think that they are one of the worst things that can happen to people who aren't good at money, but they are one of the best things that can happen to people who are great at money and are good at collecting points. Like a few people in my She's On The Money team are fantastic at using credit cards. Like Brooke, for example, she is our video producer and does our course content. She is so good at points hacking that she always flies business class basically free. Like I am always so impressed, but she's also very financially responsible. Could never be me. jess very good with her credit card getting all of her points beck it's not us no that side of

the table shun shun non-believer like it's just not relatable so i think it's really important to preface this i don't know i feel like whenever i talk about credit cards i owe you guys a little bit of an explanation or like a disclaimer beforehand that this isn't going to work for everybody but residual interest is something we should all understand so residual interest is sometimes called like trailing interest. So it's interest that follows the loan. It happens when you carry your credit card balance from one month or one period of 45 days to the next. And it builds up every day. So daily between the time that your new statement is issued and the day that your payment posts. So since it accrues after your billing period closes, you're not actually

going to see it on your current statement like they don't so say your statement came out on like the 25th of this month on the 30th of this month you would have had you know another five extra days of interest that has built up so if you paid out your quote credit card in full on that day you actually would have had this trailing interest that is building up as well so if you're planning on paying out your credit card in full my recommendation is always call them up on the day and say, hey, can you please calculate my balance as at today and I will pay it today because otherwise you'll have trailing interest that needs to be paid as well. So since it accrues, you can't see it. So even if you paid like the full amount, as I was explaining, your next

statement might come as a surprise because you accrued some interest in that five-day window or in the window between your statements. Does that make sense? So I've written out an example because I'm like, this is really important that you really get this. So, you never have to like calculate it yourself. In fact, it can almost be impossible to calculate it yourself. Your bank or your credit card issuer will be able to do that for you. But essentially, you could estimate it because it accrues every single day. You don't know the time, whatever. You could estimate it. So, say you got like a whole heap of expenses accrue on a credit card bill and you just couldn't afford to pay it off all at once. And so you had a thousand dollars on your credit card from last

month's statement and maybe say that your annual like interest rate is 18%. I feel like 18% is a pretty normal interest rate for credit cards these days because most credit cards in Australia sit between like 16 and 25% as an interest rate. So what you would do is you would divide your annual percentage rate of 18% by how many days there are in the year. So, you're going to divide 18 by 365 days and that takes it to being, so the answer to that is 0.0493%. So, that's not going to make a lot of sense right now to you, but when you multiply this by your current balance, so you've got that current balance of $1,000, the result is 49.3 cents. So, that's what you're going to add to the balance every single day that you don't pay. So, you know how I was explaining,

like if your bill came on the 25th and then it's due on the, like, or you paid on the 30th and you've got those five days, you would need to take that 49.3 cents per day and accrue that every single day. Now that doesn't mean it will be a hundred percent correct, but that's a good way of like estimating it. So if I guess your billing cycle for that credit card bill that you, you rolled over from last month because we just couldn't pay it off is $1,000 and it begins on the first of every month. And let's say you pay off the $1,000 on the 11th of that month, you would be charged approximately $4.93 in residual interest on that $1,000 by the time the payment was received. Does that make sense? So it's like this tiny amount of interest,

which they were clear to you existed but residual interest is the interest accrued between the day you got your bill and it was clear to you what you owed and then the day that you paid it and the interest is going on the amount that you owe or the entire so for example uh it'll be on the amount that you owe so like as jess was saying before like if you're in your and this is why credit cards start to get real complicated really quickly say you had that one thousand dollars that rolled over from last month and that's there on the first of this month. And then two days in on like maybe let's say the third of this month, you made a new purchase. That interest wouldn't apply to that purchase that you just made because you're in your 45-day interest-free window. It would only

apply to that $1,000. But after that 45 days, if you had that $1,000 and your new purchase, the interest would accrue for that too. Gotcha. Okay. Gotcha. Does that make sense? It does. It does. So, let's say, for example, because it's been a long time since I had a credit card, but let's say, for example, the entire credit card, you have used like $5,000 of it, but the actual bill was like $138. Yes. Just to clarify, the interest is being paid. On that full $5,000. On the full $5,000. Okay. I understand. So that bill that you get in the mail, which is really frustrating to me, like I want a bill to come in the mail and be like, Bex Syed, you owe five grand. Yeah. Okay.

But what they're going to do is this is the minimum repayment. You only have to pay us back $138 of this five grand. And you go, oh, that's not so bad. I'll just pay that. But you know how we always talk about the magic of compound interest and how sexy that is. And that's the money that your money makes and that money makes money over time. That's exactly how credit card debts work, but it's upside down. So every single day that you hold credit card debt, you're essentially, instead of paying, like we know the Australian share market, right, on average over the last 30 years has returned about 9.2%, right? Your credit card debt is racking up way more than that. So like it's at 18%. So like every month you're paying the bank 18%. So you can now see

why it's such a good investment for banks to offer credit cards because they're getting 18% return every single time you don't pay your bill. And it's not in their best interest to issue a statement that says, Bec, by the way, here's the total amount you owe, by the way, like work really hard to get rid of this, they're going to go, hey, Bec, so you only owe us $138 because we'll just roll the five grand over and you can just pay interest on that. Usually your $138 is your interest payment. You just have to pay your interest and keep it going. So, Bec, I've jumped onto the moneysmart.gov.au website, which we all know I adore, right? And they have a credit card calculator, which if you have credit card debt, you absolutely should go on here. But we used

the example before. You said, V, what if I have a $5,000 credit card? Interest rate, we're going to go with 18%. If you make minimum repayments of that $138 each and every single month, Bec, that will take you 34 years and seven months to pay that debt off. Crazy. Wow. Right? And that's at minimum repayments. Okay. That means over that period of time, you will pay in addition to the $5,000 that you borrowed, an additional $10,647 because you borrowed the money from the bank at 18%. Whoa. Doesn't that just hurt your soul? I know. I can totally see too how, I mean, of course, like it did happen to me, but like how easy it is to just be snowed under. It's a slippery slope because you just got the letter in the mail and it said,

Beck, your minimum repayment is $138. And you said, fantastic. I'll just pay that then. But what you're choosing when you pay that as the minimum is you're choosing another 34 years and seven months to pay that off. And you're choosing to pay an additional $10,647 on the debt that you already owe. Whoa. Like it's not worth it, is it? No. But they don't want you to kind of know that. So the thing that they'll highlight is that all you have to pay today is $138. I mean, if you look at the rest of the statement, legally, they are going to have, you know, your total amount owing and how long it will take you. But you didn't see that because it's in the fine print. It's down the bottom. Like they're not highlighting that. They're highlighting the

pretty thing up the top right hand corner usually that says minimum repayment due on the 30th of this month is $138. And you think that's not too bad. $138. I mean, I owe five grand, but at least to have new furniture for the house that I've just moved into and it's taken a whole heap of stress off me. Don't get me wrong. We've all been in that situation, but this is why we need to prioritize our debt reduction and paying off our credit cards because it's stripping away more than $10,000 of your money by choosing minimum repayments. But the credit card company does not want to educate you on that

because it makes them a lot of money. Wow, that's really eye-opening. They just turned that $5,000 that they lent to you into $15,000. Wow. Geniuses. That means clever, you know. Anyway, so does that make sense? Yes, definitely.

I feel like discussing residual income, that was a good one. Maybe even if it's not like your money dilemma, but you want to like pop a voice note in and send us a like, hey, could you explain this on the show? That would be really cool. I love that. Yeah, definitely. I love that because like we're always like, what should we do?

What are you guys interested in? Like how is that going to add value? You tell us. So true, yeah. And the intern, terrible intern, actually deleted all of our voice notes that we had on our website. Oopsie. The intern is Victoria.

Yeah, I'm the intern. I didn't know that they weren't backed up. I thought that like they would save somewhere else and they didn't save anywhere else. So now we have no voice notes and we've got like one or two left. So if anybody is feeling charitable and would like to help us top up our voice notes, you can head to our website and hit the podcast page and then there's like a recorded voice note

for the show. You can leave voice notes about questions you'd like on the show, love notes, whatever sets your heart on fire. That's so cute. Excellent. Well, should we get into the spicy, spicy DM? I can't wait. Are you ready for the spicy DM?

Absolutely. Okay, here's the DM we got this week. Hey, she's on the money. I believe if one person takes a career break when looking after children, the other partner should contribute to their super. But my dad thinks it's disrespectful to even suggest this, saying it's the kind of thing that could drive a partner to walk out the door. i'd love to hear your views and maybe get some ammo to prove to him he's got a very outdated view

oh gosh where to start i wonder hey dad did you ever change a nappy literally it's giving it's giving boomer energy did you ever change a nappy no interesting concept did you how are you financially supporting mom dad I think it's like if you have a child it's so funny when when men say like they can only really empathize with women when they have a woman in their life that they care about it's like I can still I can empathize with a with a dog that's being hurt I'm not a dog yeah I don't own a dog but I didn't see that that you know what I mean so I'm like that's so funny but anyway I'm not to perpetuate that I always find it so interesting yeah but not to perpetuate that like you have a daughter so you should understand but seriously your daughter

could be in a position where she's financially dependent on someone who is making her life miserable or literally so many other scenarios that could play out if your daughter doesn't have any money when it gets to retirement you know so I'm like it's so you're saying you would actually prefer the financial freedom to sit in the hands of your daughter's husband so that if something happens, she's financially screwed and he's okay. So that's okay with you. That's what it sounds like. It's like, okay, well, she might be, and touch wood, but realistically at that point when your daughter is ready for retirement, has maybe like $13,000 in her super, are hopefully maybe less, maybe more.

And, you know, obviously the parents might be gone by then. Maybe something's happened to the husband, touch wood, hopefully not. And you're comfortable with the idea that your daughter has nothing really to, you know, she can't really afford to live, she can't afford to cook, she can't afford to, this is a very extreme scenario, obviously. But it's actually, sadly, a very real scenario. We know that the biggest demographic of people experiencing homelessness are women in their fifties and sixties. And it is because they weren't financially supported into retirement

or they went through a divorce or a separation and ended up with no superannuation. And it's the culmination of all of those tiny steps along the way, right? Like you might think, oh no, it's fine. I'll just take a year off because like, I really want to have a baby. and then you're letting your partner overtake you when it comes to career progression because so many times oh so many times when I was a financial advisor I'd see women come to me and their partners were you know had really high incomes it doesn't matter what they did but they had high incomes because of the sacrifices that their partners made to stay home and look after the family and contribute in that way that then the partner would be like um no I worked hard for my

money, as though the sacrifice wasn't held as like the burden was on women the entire time. Yeah, I know. It's so crazy that like two people are deciding to do this thing together. And let's say, I know I don't want to liken a baby to like a pet, but just for this scenario, just for this story. Oh no, like the other day I was sitting at the dining table and it was like a little bit of ham for my son, a little bit of ham for my dog, like same, same, same. But two people, they want to say, for example, buy a dog. Imagine one of the two people, let's take gender out of this completely. And now we're looking at just two figures. And now it does sound a little bit more ridiculous when you take gender out of it and you just look at two people and you're like,

two people have decided to do this thing. Only one of you, sorry, you can't work actually, you can't get any money, you can't get any super, you can't get any like financial freedom. Oh, none for you going poker. Actually, just none for you randomly for absolutely no reason, just some arbitrary reason there is a reason you know it's actually called the pay gap yeah babies um maybe need breast milk or whatever this is maybe many reasons why this one figure might have to stay home but it's like when you look at it like that you're like but these two people made the decision so why is only one getting all of these consequences you know it just seems so unfair because it's an

unfair division of labor and that's how heterosexual relationships work beck i don't like that and i So don't have a heterosexual relationship then, Bec. Yeah, true. I can try. I can try. I won't. But I think it's super interesting because I don't even think that's outdated. Like, I just think it's wrong.

Yeah. Like, even historically. Like, let's go back. Let's go back to the 1950s, Gregory. Let's talk about it. Did you have a job that could put food on the table, a roof over the heads of your family, and go on a family holiday each and every single year without your partner working? Great.

you probably could have in 2024 that is not the reality in fact both parents need to work and I'm sorry women are still being paid less like why aren't you as a girl dad mad that your daughter doesn't have the exact same opportunities as a boy born on the same day as her yep like I remember the day that I gave birth to Harvey because we didn't know his gender like we had no idea if we're having a boy or a girl and I remember thinking like maybe it was the next day wow, you're a white male. That's going to be good to you. Yeah. And I remember thinking, wow, like the burden is never going to sit that heavily on your shoulders. And I hope I can educate you enough to understand what that burden is going to look like for maybe your

sisters in the future or for your partner or for your friends or for your family. Like, I hope that I can do this justice and bring up like a feminist little boy who just cares about other people and wanting equality. Like I just remember being like, that's a burden to carry. Okay. No worries. But then at the same time being like, well, you're not ever going to experience the gender pay cap. Like it's insane to me that other parents aren't immediately like protect my daughter, protect, like to me, it's a protective mechanism. Like there's just, I couldn't imagine my dad saying that I know anyway I don't have any quote ammo I just have a lot of disappointment that I suggest the situation of course you can suggest I would say

kind of what you were getting to at the end I would almost take gender out of it because I think that the additional super contribution should be applicable regardless of you know if it's two men two women two non-conforming identity people if the male is choosing to be the stay-at- parent, regardless of the situation, I think whatever person is taking time out of the workforce deserves to have their superannuation contributed. And as you were saying, BD. My husband and I have spoken about this and I have and will contribute to my husband's superannuation into the future when he takes more time off because I want more babies. Yeah.

Like that's just how it's going to work. Yes. I think that the argument for that is really just as you were kind of touching on that, whoever's taking time out of the workforce is being put on the back foot. I feel like maybe your dad's perspective is also coming from you know a byproduct of again his generation is largely people didn't really get divorced back in our parents day I feel that's cool mum mum when you divorce dad um don't forget and if you're not in western Australia you can take half his super so yeah in fact if you get a good lawyer you could have like 60 or 70 percent of his super anyway moving on yeah but I almost think that perhaps it's not safeguarding your future in that way

is it maybe something that occurs to him because it just simply wasn't something and that's not an excuse like I think I completely agree I think it's his mentality quite frankly is wrong from my perspective but I think that maybe that's what he's thinking and I think in terms of presenting your argument because that's what you've asked us about I would be explaining well god forbid if something does happen in the future and I need to leave like do I not deserve to have the same opportunity the big opportunity cost of not contributing to super because I guess the argument could be made oh but you have access to the family bank account or the whatever is that's not compounding at the same rate as super there's also additional tax benefits for contributing to

super like there's a lot of positives from choosing to go that route and i think the by and far the biggest one and the one that should be convincing him not that you should need to convince him is that it's putting you in the best possible situation and i'm sorry but any man who is going to walk out on you because you've asked him contribute to your super is not a man that you should be married to, dating, sleeping with or really breathing in the direction of. Like that is a ridiculous, ridiculous sentiment. And I think our listener is totally right that that is very much a byproduct of, you know, him and his generation. But ultimately, the reason that you would do this is because both people who have chosen to have this child deserve to continue

to have opportunity regardless of the fact that the child has been born and regardless of the gender of the person who's staying at home. It's genuinely just about safeguarding the future or your future. And any partner who loves you should be on board with that. 100%. And also any partner that's like, I don't know why I'm contributing to your super, Jess. I'm sorry. Have you got plans to exit this relationship? Because I'm pretty sure that we agreed on what's yours is mine and what's mine is yours. And aren't we planning on retiring together? Then it's still our retirement fund, whether it's in my super or your super. The second you start going oh but I don't want it in yours I go but why yeah what are you so worried

about like are we are we not as solid as I thought that you were like I just I have a lot of conversations and I also I'm probably on a very pessimistic side of TikTok at the moment where lots of women are like let's just not have partners because they're burdens and I'm like I see you queen yeah like I get it I see you so unfair it's actually insane you you I know this is not the same but like imagine you're like saying with your best friend let's go on a trip to japan together i keep talking about japan but anyway you're manifesting it together and it's like only one of you pays for it like it just seems so like you know what i keep likening it to like you're both making this decision you're both making this decision it doesn't make any

sense to me yeah i think equality is something that hasn't existed historically so it makes a lot of sense that it's just not your dad's default but i think it's a really beautiful learning opportunity to go okay like hey i can totally see that that that might make i don't know why would that make you walk out dad like is it because you're bringing up this is probably a good conversation to have about his money story like why would you think that my partner would walk out if I asked him to contribute to my super so that I'm okay oh I would walk him straight out I'll hold the door open don't let it hit you like seriously I'll change your addresses everywhere for you I'll do all the life admin see you later that's it and then flip it around like if you

don't want to contribute to my super okay no problems how about you be the stay-at-home parent Because I don't want to sacrifice my financial future. I'll earn money for my stupor and you'll get nothing and then see how they feel about that. Shoes on the other foot. Also, can we have these conversations before you actually choose to get pregnant as well? Because, like, red flag, run.

Yeah, big time. Whatever I say. So we asked the community, obviously. We said, what do you think of her dad's view? 81% of you said it's outdated. 8% of you said he's got a point. Oh! What?

And 10% said, I don't agree, but I know lots who do. That's sad. Another question we asked was, have you or do you plan to have the other partner contribute to the primary carer's super? 41% of you said yes, because it's only fair. Amen. 41%, but 41? It's not enough.

It's not enough. 46% of you, I get this, said you hadn't considered it, but now you're going to, right? Yes, hopefully. And 13% said, no, it's not for us. I said it to all of my friends when they got pregnant. every friend I've said you should do her contribution. I feel like I've done so well at molding you into a small yappy version of me. I go out and spread the good word. If you would like to join the church of. We also said, all right, we need your two cents. So

someone said, if your partner walks out because of this request, farewell, sucker. Genuinely. Someone said, voted no, but only because I'm very fortunate my employer is still going to pay me super on mat leave. Oh, that's awesome. Great, great, great. That is very cool. Someone else said, I'm so intrigued about the hadn't considered it results. Someone said, in a separation, wouldn't super get split anyway? But it is a smart way to maximize contributions. But if your super gets split, then you both end up on the back foot. Yeah. Like it's 50% of what one person should have had. Yeah. And it's also not a guarantee. So just because you're going through a divorce, it doesn't mean that you're going to get part of your husband's

superannuation. If you have no money and you can't pay good legal representation and your husband is able to do that, and I mean, this is a very stereotypical example, and your husband's able to pay legal representation and scare the hell out of you and wear you down, you walk away with nothing. Yeah, yeah, yeah. Seriously. So can we just set it up properly from the start? There are so many situations where women aren't able to advocate for themselves or are in a situation where the relationship has turned abusive and they would actually prefer to not have any money because they just don't want any confrontation

and they want to walk away from this ASAP. Like there are so many reasons why, like bread and butter. Yeah, like you would assume that in a separation you would review all of your finances and split it fairly. However, that's not always the reality of it. And prevention is better than cure, right? Absolutely. But even if you do hypothetically stay together forever

but one person has like a million dollars in super, but one person has like $5,000 in super. I don't know what the dynamic's like there. I just don't know that if I go out with my partner and I don't have any money and she has to pay for everything, I feel silly. But maybe it's different by then. Oh, she's a sugar mama.

She's a sugar mama. Sometimes she's my sugar mama. I like it. I like it. But you know, like it's still like whether you separate or not, it's like you still don't want that. I get it. I get it.

Someone else said, I said not for us because I'm going through IVF. We still don't have a baby, but once we get there, there won't be extra cash for super. I understand that. I totally get that. Someone else said, it's either contribute to super or pay for daycare, cleaner and all of the other unpaid roles. Which one is it?

Completely agree. Completely agree. And the pain of being, like, even if you went back to work, like as soon as you were able to, if that's a choice that you made, there's still a time you have to take off, like, you know, even if you push it right to the end, like a month maybe pre-birth and then however long post-birth, where you physically cannot work. No, true, true.

Someone else said it's giving boomer. I agree. I agree. Someone said, money is tight on maternity leave. I can see how asking for super could add more money stress. So this is true, but we're not asking for post-tax contributions from your budget. We are asking for your partner to redirect some of their superannuation that doesn't hit your bank account to be redirected into your superannuation.

So I get this concept that, oh, money's already tight. It's fine. That's a really good defense if it was coming from your bank account. But I'm actually asking for part of the contribution that your employer, or sorry, your partner's employer makes to their super to be split into two different super funds, one of which is yours. Your partner's employer is still paying the same percentage of superannuation to them in total. It's just going some into your account. So we're not asking for above and beyond. We're asking for split.

Yes, I can see how that might be confusing or like scare people off from doing it. But yes, exactly as you're saying. You also could definitely like add extra. That's definitely part of the conversation. But we're not asking for the budget to be impacted because I know how expensive a baby is. Like I get that it would be very tight. So that is what I've brought to the table when it comes to our DM. And I feel like I've gotten a little bit heated.

So I'm sorry, but I'm also not sorry. No, you're doing God's work. But I also, I just get so frustrated. Like we just want equality. I just want people to be paid what the job is worth, not what it is worth because you're a female. I want like desperately for parents, especially in the generations that haven't had it before, to see the opportunity that this generation is creating for us in having equality. Like, wouldn't you go, wow, that's a great idea, honey. Like, wow, I really do want you to have

everything and every opportunity afforded to you. And this is another way of doing that. I wish that we'd had that information when I was growing up. I wish I was able to do that for your mum. Like, those are the conversations I want to be having, not, oh, that's outdated, your man will walk out on you. Dad, who are you? Ridiculous. Ew, David.

I feel like that's all we have time for today. But before that, if you have been thinking about changing your money mindset, if you have been thinking about investing or doing our money masterclass, our bundle sale is still on until Monday. I'm going to pop all of the information for that into the show notes so that you can have a look. But it is a very good way of saving a whole heap of cash on our courses and they're going to launch in January.

It's going to be like our best year yet. I feel like I've been using the term thrive in 2025 a lot. Love it. And it's becoming like my mantra. Like next year is going to be the best year we've ever had, Jessica. Oh, I hope so. I can't wait. All right.

Have a good weekend, guys, and we will see you bright and early on Monday for a money diary. Bye, guys. Bye. 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

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