Loading summary
Transcript185 lines
- [00:00]
A
Foreign.
- [00:08]
B
This episode of Stylish is brought to you by specsavers. The new Christopher Esber eyewear collection is available now exclusively at Spec Savers. This is Stylish, the podcast for all things fashion, lifestyle, brand and beauty. My name is Madison Sullivan Thorpe. My co hosts today are Joanna Fleming and Rhiannon Joyce. Hello. Hello. Now, no chit chatting to start because it's a jam packed episode. We know how much you guys love our Rules episodes, so we wanted to keep on that train of thought and we thought we could keep the theme going. Except this time we've actually asked you to answer some questions around money, rules and hacks that have helped you change your own attitudes towards money. But before we get into that, we know we love to swap something at the beginning of every episode to Jo. I've totally stolen your thunder by stealing this intro. So why don't you go first?
- [01:05]
C
I've actually never been first, I don't think.
- [01:07]
A
Ever?
- [01:08]
C
No, I don't think so. Okay.
- [01:10]
B
Exciting.
- [01:11]
C
Thank you. Appreciate it. So I actually have a cleaning hack. Sorry, Maddie.
- [01:16]
A
Always.
- [01:16]
B
I learned to love them. Good.
- [01:19]
C
So my cleaning hack today is for brides, bridesmaids, you know, people in your orbit that may have a wedding coming up because very relevant to white clothing. But I bought these little smudge wipes after seeing them advertised on Instagram. The brand is called Love Basic B A S I Q instead of B A S, I, C. So these are called smudge wipes. They are designed to remove makeup stains and other stains from clothing. You're not meant to put heat on it, so you're meant to just like wipe the stain off and then let it air dry so that it doesn't get like, you know, those rings around it.
- [01:56]
A
Yeah. So don't come in hot with the Dyson.
- [01:58]
C
Yeah. So I bought these because Adrian's actually wearing an off white suit jacket to our ceremony. And I just know as soon as that finishes and he's saying hello to people, fake tan makeup, it's going to be all over his jacket. And so I wanted to just have these on the side in case we need to clean that up a little bit before we go and have our photos done.
- [02:18]
A
So handy.
- [02:19]
C
Yeah. And also I wanted to have it for other events and things where I'm wearing white to nearly every single bridal event that we've got, you know, the day before, the day of the day after all of these different things where I might get makeup or fake tan on my stuff that I can just quickly remove.
- [02:33]
B
You just do a little Test. Bring a white tee in here. I love a hug.
- [02:37]
C
Oh, I could.
- [02:37]
B
I'll go in. I'll go in for the cuddle with a, you know, ring of makeup on and, you know, we can do a live demo.
- [02:43]
C
Yeah, I should have done that today, actually. I should have brought him in. Little show and tell always next week.
- [02:47]
A
I feel like that'll be a great TikTok as well. Yeah, good TikTok hack.
- [02:51]
B
Oh, yeah, There you go.
- [02:53]
C
Yeah, I'll make sure I do that.
- [02:55]
B
What have you got for us?
- [02:56]
A
My recommendation. Look, I was actually influenced by Zara McDonald. I think it's really important to be transparent that I was influenced and I'm influencing you. The assembly label, Lola barrel pants. Now, I know there are some people that don't like the barrel leg look. I love it. I love a wide leg pant. These are cool. Also a hundred dollars. They've got a few colorways. Navy, a khaki black. Really, really good for traveling. Great cotton blend. Super comfortable. They are.
- [03:28]
C
I'm Google them right now.
- [03:29]
A
I love a live Google.
- [03:30]
B
Yeah. Also love that they come in different colorways because when you do find something you love, like, especially in this, like, weird Melbourne trans seasonal period, you're like, yeah, I'm still wearing, like heavy blacks, but also might want to wear it for the warmer months.
- [03:43]
C
These are very cool. I'm looking at photos of them now. They're quite baggy for a barrel leg.
- [03:48]
A
I sized down.
- [03:49]
C
Okay.
- [03:49]
A
That definitely helped. Also great that Zara's a lot shorter than me. I'm quite tall. I'm 173cm. I don't know how tall Zara is, but I know she's probably a head shorter than me.
- [04:00]
B
Probably somewhere around 163. Like someone else in the room.
- [04:03]
A
Yes. Similar to you. So they're good for tall girls and they're good for the short girlies as well. But yes, Zara did actually influence. So it's technically a Zara McDonald's swap. Mads.
- [04:13]
B
Mine is a Victoria Beckham product because you better believe that. When we knew that they were coming to Mecca the day that they launched, I was in store. I really wanted to see this brand and touch and play with all the things. I had kind of like tried my best to, you know, grab and go while I'd been overseas and try. But the fragrances, I couldn't remember which one I had loved the most when I was away. I think it was the Portofino 97.
- [04:37]
C
That's the one I said.
- [04:38]
B
And I walked away with it sitting on me. And I was like, I'm obsessed with this, but it's $330, and I just can't commit to that right now. I do have a couple of fragrances going at the moment, and I just don't want to spend 330 on another fragrance to have when I've got a few on the go. But I do love a mini to have in different handbags or for special occasions to try something new. And so Victoria Beckham are still shipping to Australia directly from their website, and they've got a little discovery set of three of them for 50 dol and then a discovery set of four of them for $70. I'm hoping Mecca will arrange them because I love a discovery kit. But my swap is actually the little discovery set if you're not sure which one to try or you can't get to store. Because I'm pretty sure that the Victoria Beckham range is only in a small house.
- [05:21]
C
Yeah, only at Burke street in Armadale in Melbourne, because I went into Chadston the other day looking for Portofino 97 to buy it for my wedding. Didn't have it in store. Yeah, I was spewing also, I went.
- [05:31]
A
Into the Mecca Burke street mall, and their was not a lot of product left.
- [05:35]
C
Okay.
- [05:36]
A
It was cleaned out.
- [05:38]
B
It was madness. When I went in, I went in Friday just before the store closed, and honestly, that counter, it was like a pack of seagulls to hot fish and chippies.
- [05:48]
A
Really curious to know the strategy behind only doing a selection of the stores and not the full rollout. Is there anything you could add to that, Mads, or do you think it's just a slow burn?
- [05:56]
B
I would hypothesize that that launch was maybe brought forward and that they've expedited that to launch early, maybe to kind of build on the momentum of the documentary and things like that. Like, she's very buzzy right now. That could have been a strategy, but I would suspect that that brand is being rolled out to at least 40, 50 doors within their network. There's about 110 for reference. Yeah. Anyway, that's my hot take.
- [06:21]
A
A hot take.
- [06:22]
B
Yeah. That's really a conspiracy theory.
- [06:24]
C
I might have to go and buy that little sample kit.
- [06:30]
B
For most of us, luxury fashion is just that, a luxury. While we lust over shoes and bags, they're not always within our reach. Which is exactly why we love a gorge pair of designer glasses. They make you feel instantly put together, elevate everything in your wardrobe, and are wearable for every day, which is great for getting that cost per wear down. One of our favorite designers, Christopher Esbar, has actually just released an eyewear collection exclusive to Specsavers. And and to say we're obsessed is a major understatement. It's a 20 piece collection made up of 13 optical glasses and seven sunglasses, each pair exuding that classic Christopher Esber vibe. Think structural hardware, organic lines and unique shapes. Specsavers is known for their designer collaborations with Christopher Esber joining the likes of Alex Perry and Carla Zampati. But this might be our favorite one yet. Even better, the collection is priced from just $199. Check out the Christopher Esber collection available exclusively in store or online@specsavers.com thank you so much to Specsavers for making this episode of Stylish possible. So before we get into this episode today, we want to say that clearly, like so clearly, we are not financial advisors or experts in money, and nothing that we say today is financial advice. But we thought studying your relationship as our audience with money would be really fascinating because it can be a really taboo topic and it can be something that we're often isolated, wondering what other people's feelings or relationship with money is. There are many things that obviously impact our relationship with money, how we were raised, our emotional state, our life circumstances and values, and so much more. And women in particular tend to have lower levels of financial literacy than men and often aren't taught how to manage their money in the same way that men are. Now, this is not a feeling, this is a fact, because according to research from the University of Western Australia, 63% of Australian men demonstrated basic financial literacy, compared with just 48% of women. These patterns are even more pronounced in young people, with 28% of teenage boys showing financial literacy, compared with just 15% of teenage girls.
- [08:57]
A
Like always, we do love bringing you guys into the conversation. For our Rules episode, we actually asked you over on our stylish Instagram stories a few questions about your own personal relationships to money and saving. And before we get into this, we've got some stats we wanted to share. So interestingly, 59% of you classify yourself as being good with money, while 41% of you told us you're not good with money. We also asked how regularly you save your money, and 43% of you said weekly, 32% said monthly, 21% said it varies, and 4% said never. So, as head of business development at Shameless Media, I am responsible for spearheading all the market research studies that we do. In 2024, we actually did a deep dive on understanding women's spend habits, particularly our shameless media audience. So we did this in partnership with Starburst Insights, who are our third party research agency. It was a pretty robust survey. We had over 1600 people complete this survey. It took about 10 to 15 minutes. So on the more detailed side, in terms of studies that we've done, I would love to know if anyone was actually part of this study who is in the stylish community. And what I'll actually do throughout this episode is pepper some of those insights from this study because I do think it's really good context and added insight from our audience outside of the stylish community because it did capture all of the shameless media pillars, not just stylish.
- [10:20]
C
Okay, rule one Write down every dollar you spend for a month. So our first mindset rule comes from listener Anna and it's to write down every single dollar you spend for the entire month. According to Anna. Until you know where your money is going, you can't stop the leak. Then it's a simple process of elimination and you can get to a place where you are saving money you didn't even know you were spending. Every day. Anna would write down in her notes app what she spent and her husband would do the same. Then once a week they'd add everything they spent into a spreadsheet and at the end of the month they'd have a clearer idea of where they were wasting their money, which really changed her relationship with money and where it was going. I actually really love this idea. I think it's a really valuable way to see, as Anna phrased, where the leak is because you spend so much money you don't realise you're spending on parking, on lunch. All these things that just add up and they might be little bits of money here and there, but then you look at what that spend is for the week and you're like, oh, it's scary.
- [11:14]
A
Okay.
- [11:15]
B
I actually think as well it's usually the little dollars that accumulate. It's the hot drink out, it's the going and getting, you know, your coconut water when you're at work or going, getting another matcha. Like it's those little five $6 that suddenly you can get to 3pm and be like, have I just spent like $15 on two coffees and a Coke Zero at a vending machine?
- [11:35]
A
I'm guilty of this. When it comes to the marcher, I really have to limit myself to one a day. I stopped drinking coffee maybe like two or three years ago, but it's not cheaper. Yeah, I'd have to cut all beverages out entirely for it to be cheaper. A matcha in Melbourne, Honestly it can vary between 5 to $8 depending on where you're going. And if you're asking for a strong they're adding in an extra dollar and it adds up.
- [11:56]
B
I don't even know where you're getting a five dollar matcha in Melbourne, but do let me know when you find it.
- [12:01]
A
There is a place in Cremorne but I'm going to gay keep it.
- [12:05]
B
What I think about this tip as well is that a lot of banking apps now will categorize your spending so they'll go X amount spent on eating out, X amount spent on subscriptions, X amount on entertainment. Which is also really helpful if you don't want to go to the level of remembering to put every single transaction into your notes app as well.
- [12:23]
A
It feels like a lot of admin for me. I don't think I would be able to do that in an allocated spreadsheet. However, I would be keen to jump on an app that would automate that for me.
- [12:31]
C
Yeah, you have to be in the mindset of actually wanting to do this because if you want to turn a blind eye, it's very easy to leave things off a manual spreadsheet.
- [12:40]
A
That's me right now.
- [12:40]
C
This is me with subscriptions. I forget every password I have.
- [12:45]
B
I cannot for the life of me remember my Disney subscription password neither. And they have got my $13.99 every, every month for the last probably 30 months.
- [12:54]
A
Why can't you just reset your password too hard? I was like, wait, sorry. I feel like there's a really easy solution to this.
- [13:04]
B
It feels easy to you both. Oh my God. Okay, well you two definitely aren't feeling.
- [13:09]
A
Out a spreadsheet if you can't even reset your password. All right, rule number two, Always think in post tax dollars, not pre tax. So a bit of background on this one. Our second rule comes from listener Grace. She said it's completely changed how I think about spending on large ticket items. It's to always think in post tax dollars, not pre tax. In other words, don't compare a purchase to what you earn. Compare it to what you actually take home. Online tax calculators help with this a lot, but a lot of people talk in pre tax dollars and not post. I feel like both of you are self employed and this will really resonate with you. Am I right?
- [13:51]
B
Yeah, it resonates with me. Even when I did have my full time job, I had an accountant give me this advice. He was like, you need to stop thinking in pre tax dollars and start thinking post tax because you think that's how much you've got. But think about your paycheck, not, you know, what you're looking at as your overall annual salary. And I think I was certainly guilty of doing it in younger years of my life where I was going, if I'm on X amount and divide that by 12, then like, you know, it's not that bad or it's only like 1% of my salary. The number that you see as your salary on your contract is never the number that hits your bank account.
- [14:25]
A
There has not been a time in my career where I haven't used the pay calculator function on.
- [14:30]
B
I don't.
- [14:30]
A
I think it's just called pay calculator. You just Google it. It's got this really ugly black and green face on the. Have you seen it?
- [14:37]
B
The ugliest. But I'm ugly. So, so happy that they didn't waste money on their website.
- [14:41]
A
Oh my God. Every single time I've got a pay rise, every single time I've gone and started a new job, that website is getting a serious workout. Yeah, it's so helpful. It breaks it down literally to the dollar. You can select your features. So if you have to pay hex or you have to pay back some form of debt, you can calculate that into it and it's nine times out of 10, very accurate.
- [15:02]
B
Do you know what? I will say it's also an incredibly depressing tool when you pay rise and you go, wow, no matter how impressive it sounds on paper when you put it in, you're like $50 extra a week.
- [15:13]
A
Can I say though, I do think it's smart for people to use this before they ask for a pay rise. Because sometimes if you go up a certain bracket, you then get put into a different tax category and you can end up earning not as much as what you think as you just said, Mads.
- [15:26]
B
Yeah.
- [15:26]
A
So whilst you might be obsessed with getting a certain number, you've got to be strategic and make sure that's not putting you up a tax bracket is actually going to hurt you in the long term.
- [15:34]
C
Right point, Ray.
- [15:35]
B
Particularly if you have hecs. Yes, that's where it can really, really hurt.
- [15:40]
A
So if you're looking to negotiate for a pay rise, maybe try and come in a little bit under. So then just save you that little bit extra on what you would have to pay in tax.
- [15:47]
C
Yes. I think Grace was specifically talking to me with this rule because I absolutely think about life in general in pre tax dollars and I need to stop doing that. And I have now set up some things with my accountant so that my tax is getting put into a separate account because I very much see things as pre tax and I need to stop doing that.
- [16:09]
B
Yeah.
- [16:09]
C
So, yeah, I love this tip from Grace.
- [16:12]
A
Definitely. When you want to engage a professional.
- [16:14]
B
Rule number three is make financial literacy a priority. This rule comes from one of our listeners, Bronte. As we discussed at the beginning of the episode, there's a serious financial literacy gender gap in Australia as well as a gender pay gap. But we're just here to talk about the financial literacy one. Bronte says that having a really reliable and helpful accountant has been so fantastic for her, as well as a great mortgage broker who didn't make any of the questions she was asking feel like dumb ones. This is really important when you're picking financial advisors. How financially literate do the two of you feel?
- [16:52]
A
I would say I'm pretty financially literate, but that is from experience, I think before I purchased my first home, I did not know anything. I learned a lot throughout that whole experience. I was really lucky that I could lean on my dad for support in terms of improving my financial literacy. I also had a mortgage broker and I learned a lot throughout that process and my accountant. So again, surrounding myself with two professionals and someone who had a plethora of experience being my dad. I do want to deepen this a little bit because when I think back to my education, I went to high school, I went to unique. None of the important things and the life skills that you learn, that is like a fist pumping in the air that I'm saying this are taught to you at school about saving, about taxes, about what do I actually need to save for a mortgage and how do I make that a goal of mine that I can achieve earlier? There is no financial literacy taught in our education system and I think it's a huge gap.
- [17:49]
C
Yeah. And also I think finances are so closely linked to maths.
- [17:54]
A
Yes.
- [17:54]
C
So I really struggled with maths in high school and as a result, never wanted to do any subjects that involved maths related stuff. So I never would have picked up a subject like accounting.
- [18:04]
A
No.
- [18:04]
C
To learn more about it. Would that have been very helpful to me and what I ended up doing in my career? Absolutely, yeah. Have I had to pick that up throughout my 20s and early 30s? Yes, I have, and that has been a challenge.
- [18:16]
B
But this is the criticism. And that's why I was fist pumping for this is my criticism of the education system because despite what every math teacher said, you will need trigonometry one day. Well, no, I actually didn't. What I did need was to understand a P and L from a work perspective. Because if you work in any business, businesses are designed to make money, even non for profits because they're trying to invest back in their business. There's no conversation about that, no conversation about stamp duty or capital gains depending on your state and the structure there, what pre and post tax money looks like. There's just no education around that. That's what I wish I had have been learning in math class because I would have been a hell of a lot more invested there than worrying about M equals MC squared. Yeah.
- [19:00]
A
The only things I remember is I know what 30% discount equates to because in the context of shopping, damn right I can do that quick math on the floor.
- [19:08]
C
I can also do a percentage.
- [19:10]
A
So I'm a contextual thinker when it comes to money. It's like put that in the context of how I'm living my life and that absolutely makes more sense to me. Which also is a bit of an interesting one when it comes to learning habits. Which also comes back to my point around. Yes, we were learning these things in accounting, if you did that, but not in a practical setting, not in the context of how we were actually living our lives. It was far more ambiguous. So for me at that time, I look back on that experience, I'm like, I had no idea what was going on there or what you were talking about because I wasn't having this lived experience. Yes, you were a child. Exactly.
- [19:42]
B
I also think as well, what generally happens when someone is starting to think about purchasing a property is no one to that point has said, yes, a bank is going to review your spending over the last 12, 18 months. Yes, someone is going to be looking at your outgoings versus your income. Like it's almost like you get there and then if you haven't been taught up until that point, you're like, oh, oh, oh. So I do think the education system not to pick a fight with you. We've probably got some things to talk about.
- [20:10]
A
Do you guys have any practical hacks or any apps or anything out there that help with financial literacy that you'd recommend?
- [20:16]
B
Actually I do have some recommendations but I'm not taking any credit. They are from our darling Annika from afar. Glad she's thought of us and financial literacy while she's enjoying herself in the south of France. She says that understanding your finances can be really confronting, but also incredibly rewarding. Optimizing income and becoming more financially literate is a personal goal for me. I've found the Curve podcast to be incredibly insightful. The hosts, Vic and Sophie, do a great job at making the topic of discussing finances less daunting, while making saving and investing seem achievable no matter your budget or income.
- [20:53]
C
I haven't heard of these podcasts. I'm going to listen to that.
- [20:55]
B
No, I hadn't either. And I would say externally, I haven't. Outside of a mortgage broker and accountant, I haven't had that experience. Ironically. Actually, the most financially literate person in my family is my cousin and she works in private investing and has been an incredible source of knowledge for me and really empowering. Not having to feel silly going to a female. I can't tell you, no matter how lovely my mortgage broker and accountant were. And I can't speak highly enough of the mortgage broker that I did use because I was working with him during a divorce when you are really, really vulnerable and really emotional and I, you know, I was really scared and sad during that period and finances are also an emotional thing, so credit to him. But I do think being able to go to a female, I cannot emphasise how much safer I felt speaking and how much safer in present tense I feel speaking to her. Have you got any like resourceful tips, Ray, or was yours very much those same things as well?
- [21:51]
A
One of my good friends, Soph Dicker, runs her own podcast, so Invested with Maddie Guest. Very, very popular. Really good for hacks, tips, tricks on investing as well. Not just saving in the form of this goes into your bank account. I would definitely recommend listening to them as well.
- [22:09]
C
Okay, add that one to my list as well.
- [22:11]
A
Next we'll get into our fourth rule, but that right after a word from today's sponsor.
- [22:17]
D
We all know hydration isn't just about drinking water. It's about how well your body holds onto it and how it feels. That's where Sodi hydration salts come in. Made right here in Australia, they're packed with high quality minerals with zero added sugar and no unnecessary extras. SODI helps keep you hydrated from a cellular level, supporting focus, energy and that healthy skin glow that we all love. Whether you're at your desk, at the gym or just getting through a busy day, it's hydration that actually works. My go to right now is salty kiwi. It's like summer in a Glass. Shop everyday hydration@sodi.com au and use the code STYLISH15 for 15% off your order. Thank you so much to Sodi for making this episode of stylish possible.
- [23:05]
C
Rule 4 is set up multiple savings accounts with different purposes. So this rule comes from listener Erin. Right now I have three savings accounts. One access account, one life savings account, and a third to save to spend account saving for a watch. Apparently having these three accounts has changed my relationship with the idea of saving and not dipping into money with a different purpose. It's held me more accountable and I have guilt if I'm tempted to pull from the wrong account. Is Erin's rule one that resonates with you guys? Do you think guilt is good associated with your spending?
- [23:36]
A
I wouldn't say guilt is good. I find it. I do this first and foremost. This is me. I have three accounts that I use. I have an everyday account. I have a special item account. So when I'm wanting to save for something really special, that's the money I put towards that. And then I have a broader savings account.
- [23:54]
C
Yeah.
- [23:55]
A
So those are my three personal accounts. I also, I lied. I actually have four. My husband Louis and I also have a shared joint account. So four in total. I like it to coordinate and organize my money as opposed to it feeling like a guilt thing. I also love. I name it what I want and I find it's a nice reminder and a nice motivator to be like, I'm chipping away at this ever so slightly, but I'm also not taking away from my other accounts to make this happen. And when it happens, it just makes it extra special.
- [24:22]
B
Yeah, I agree. I call mine Joy. Joy because for a really long time, I went two years. I didn't go on vacation. I was working full time. I was doing stylish. And I was also getting a divorce. Which, spoiler, if you want to have a savings account, it will get drained if you ever want to get a divorce. Still the best money I've ever spent though. But now that account, which for a long time was my divorce lawyer funds. And like, they are very expensive five minute phone calls. You very quickly learn to stop asking, and how are you? You just go, yep, good. Anyway, so back to that email. Now I'm like, that is for Joy. And I don't want any guilt attached to that because for me, I spent a lot of my twenties being quite. I had a lot of big expenses. Like IVF is very expensive when you're doing that. Like, I was balancing A lot of expenses. So for me right now, that Joy account is guiltless. And when I transfer to it, it is for whatever sparks Joy at that time. That is not responsible. That is not. But that money is for that. That is for me to go. I want to go on that holiday or buy that item. So much like you, Ray, maybe I do need to start putting an item on it. But for me, I'm like, it's just. It doesn't have to go to lawyers. And what a joy that is.
- [25:31]
A
That's joy. That's serious joy. Guys, I feel like this is super relatable, but. Or maybe it's just a me thing, but I am guilty of transiting out of my master savings account into my everyday savings account. I'm always dropping my brightness off at the coffee shop when I'm quickly like, oh, fuck.
- [25:45]
B
Like, do I have enough money in my bank account?
- [25:48]
A
I know I'm doing a really quick transfer because I'm like, oh, I've exceeded.
- [25:51]
B
My weekly spending and I'm doing it well. What happens a lot of the time is when you do your automatic transfers, and I've made the mistake of accidentally not marrying them up to when I get paid. So then you're like, oh, my God, now there's nothing in the account. It's like, no, you haven't. You've just mismatched when your automatic transfers are coming out. Yeah.
- [26:06]
A
And look, it happens to the best of us. One thing I did want to call out from our Love and Money survey. I was so stoked to see that majority of the women who completed that survey revealed that they are really good savers. So the survey showed that 53% of our contributors had set up automatic transfers straight into their savings accounts and stipulated that they're doing that so that they can plan for the future. So go off, girlies. Yeah, I feel, like, really good to see that people are planning ahead, being strategic, making sure that they're putting that money away for a rainy day. But also, like, Mads and I enjoy it. It's there for joy. What about you, Jo? Does this resonate with you, this rule?
- [26:40]
B
Jo's a great saver. I know this.
- [26:42]
A
Yeah, I knew this, too.
- [26:43]
C
I'm a guilty spender.
- [26:45]
B
Ah, okay.
- [26:45]
C
That's why I'm a good saver. But I have always been like this. And at the top of the episode, Mads, you mentioned that, like, your upbringing can determine your relationship with money. I don't know what it is, but I feel like I'm innately a saver. And I think you're either a saver or. Or you're a spender and spenders have to kind of adapt to that lifestyle of saving. Even if I got a work bonus or something like that, I'd be like, oh, I'm going to buy it back with it. And then I would just, like, not. I put it straight into my savings because I had this goal of buying a house and that was the end goal and I wanted to do that on my own.
- [27:17]
B
Yeah.
- [27:17]
C
And that was a really big goal for me. But even when I bought the house, I was, like, unsatisfied because you just.
- [27:23]
A
Saw that bank account go basically to zero.
- [27:25]
C
And then I was like, oh, I didn't like that at all. But, yeah, I'm just innately like a guilty spender and a good saver. I just think that is in me as a person. I don't think it's something that I have had to apply to my life. And I don't have separate accounts. I mean, I do now because I've got a business and all this other stuff, so I got all these random accounts, but they're not for anything.
- [27:43]
A
Yeah.
- [27:44]
B
It is funny, though, because I grew up in a. In a guilty spender household. I would say now my mum is still a guilty spender. I grew up with a single mum for a number of years and I think in that circumstance, when she was starting a business and we'd moved towns and like, you know, that was a pressure on our household and my mom, and I think she still has that, like, the thought of trading herself is still a real guilt for her. And I see that, which is so funny because she has no guilt around spending, like, for myself or my stepsisters. She's so generous. And now I find that, like, really funny. And I feel like I've worked a lot to get out of probably that guilt spending that I had when I was a lot younger because, you know, every dollar did matter in our household when I was young. And so it is funny, like, how you have to reframe some of that cycle and your upbringing definitely impacts that for sure.
- [28:34]
A
Interesting, though. I'm one of four and I would say we're 50, 50 down the middle, so my brother and I, and he's not going to care that I said this, but we're cut from the same cloth, babe. We're at Chadstone on the weekend. My other two sisters are definitely innate savers, similar to you, Joe. I very much need a purpose to save. So that's why the labelled bank Accounts work well for me. I'm striving to a saving goal. I'm very motivated by goals, so that for me is essential for me to be able to achieve my saving goal. I need names on the account, I need multiple accounts. I need to see where the money's going and what it's going to.
- [29:08]
B
You goal orientated? Never. I would never have guessed that about you, Rhiannon Joyce.
- [29:13]
C
I feel it's, it's personality related as well. Maybe a little bit of star sign. I'm a Capricorn rising. That could explain it.
- [29:18]
B
I'm a star sign. My mum is also a Capricorn.
- [29:20]
A
That would go, all right, Rule 5, take cash out on payday as you're spending money. This one was a really popular one that came from multiple listeners. So one listener, Tolly, said, when you pay with cash, you can physically see your money diminishing, which can be really powerful. When we tap our cards to pay, we're less conscious of how much we're spending until we review our bank statements. If using cash isn't your thing, Our senior producer, Kate also has a rule that she implements and it's fully digital and automated. She told us it's transformed her approach to money and saving. Here's what she told us. When my pay comes in, I have automatic transfers. One for general savings and one to be put aside to invest that immediately leave my account and go into a high interest savings account that I have no app for and no physical card for. I've been a really bad saver historically, but this method has changed the game for me. Now I'm addicted to watching my savings accrue.
- [30:12]
B
I relate to that, Kate.
- [30:13]
C
Me too.
- [30:14]
A
Again, motivated by numbers. Motivated by numbers going up. But also the no access orientated. The no access piece is critical. I do think we live in this world where the digital transaction has made people spending a little bit more flippant.
- [30:30]
C
Yes.
- [30:30]
B
We hear a little jingle ticking.
- [30:32]
A
Oh, I love that sound.
- [30:34]
B
I think this is most illustrated when you go overseas and you need to get cash for certain things. Are you going to like somewhere where there's like few and far atmosphere and suddenly you're like, wait, I only get that much back. And then you're like paying for things and it's like, it's generally speaking very similar cost to here at home, but you're going like, wait, I've physically had to hand over like you're watching it diminish.
- [30:55]
C
I love the cash idea, but I'm going to be honest, I do 99% of my shopping online. Like if I'm looking to buy something and it's late at night where my defenses are down, I can be tempted to purchase something randomly that I have not previously thought about and just see it and I want to buy it. That is my problem. It's not that I'm spending on things out and about where I could have cash. It's that I'm buying things online late at night.
- [31:19]
A
Do you know what's a really good hack for that? And I've done this. I've actually removed my automatic card loading into a lot of websites.
- [31:27]
C
I don't think I have that anyway. But I've got Apple Pay.
- [31:30]
A
I have this function on Google Pay, Apple Pay, but also some of the websites. I can't remember the specific one, but it will automatically update your car details.
- [31:39]
C
I don't have that.
- [31:39]
A
See, I had that on my laptop and my phone and I've gotten rid of it because it also helps. You have to physically remove your card, enter the details in.
- [31:48]
B
It's linked to Shopify. So any online store, once you pay, you can store it with that merchant. And most online stores are Shopify. So that's actually a great tip, right? Rule 6 When eating out, never buy food you can make at home.
- [32:03]
A
Oof.
- [32:06]
B
Kick her where it hurts. This sixth rule came from a few listeners too. When eating out, never buy food you could make at home. The thinking behind this one is to save your eating out money for special meals. The type of meals you either wouldn't be able to cook for yourself or if you did, the standard might not be that great. Well, for Joanna Flynn, that standard might not be.
- [32:27]
C
I guess I'm eating out every night. I can't make shit.
- [32:30]
B
The only time I will agree with this is for breakfast food.
- [32:34]
A
I'm with you.
- [32:34]
B
Fun fact about me, I hate when people suggest going out for breakfast. I'll go out for coffee. I don't want to make my coffee at home. That is a joy account item. So I will not budge on the coffee. I like having my coff coffee out, but breakfast food, I do not want to spend $35 for avocado and an egg with like a side. I just don't.
- [32:53]
A
So interestingly, this has become a bit of a BMI bonnet. Lou and I did make a habit of going out for breakfast after our long runs on weekends, but now we're actually starting to reassess that because often you go out and it's like, I could make this at home. Like, eggs are pretty easy. Most people can make them at home. We've actually joined.
- [33:12]
C
We made direct.
- [33:13]
B
I could wait.
- [33:15]
A
You know how to scramble eggs? Yeah, yeah, yeah. So there we go. Yeah, that's all good.
- [33:19]
B
So you check it, Adrian. Feel free to write in.
- [33:23]
A
Yeah, no, the breakfast thing has become a bit of a question mark for us. We've now started buying like bougie bread. So we'll go to baker Blue, we'll buy some really nice bread and we'll generally make breakfast at home now because it's also getting really expensive to go out for breakfast. Yeah. Weekend surcharge as well. Most places doing Saturday, Sunday surcharge. So for us it's more cost effective to save money. Not eating breakfast out.
- [33:44]
B
I actually have an eating out hack. Okay.
- [33:47]
C
Yeah.
- [33:47]
B
I haven't engaged with it yet, but I actually randomly saw a. This is so niche, you know, like those street. Not street posters like the pole posters, like the mini A4s. And it was called too good to go. And I was like, oh, what a cute name. And I had no idea what the business was. It's this app where local restaurants and cafes can discount either items or mystery bags of food for you to collect at the back end of the day. So I downloaded the app, which is like so not me. But I was also so intrigued by this poster. Anyway, when I was going on, I was like, okay, well like what am I gonna do with an entire bread basket? But like local restaurants in your area might be like, okay, donuts, $30 worth for $6. So instead of getting rid of it, they're doing that. So if you do have a big family or you've got a share house, but could be a good food hack.
- [34:39]
A
Just for a bit of savings.
- [34:40]
C
Great hack, Matt.
- [34:41]
B
Yeah. Also genius for them not to have food wastage as well.
- [34:44]
A
Yeah, I love that pot.
- [34:45]
B
So anyway, that's a bonus swap.
- [34:49]
A
So this is the seventh and final rule from listener Lauren. Knowing how to play changed my relationship with money and made me have a much less stressful time saving. Sometimes we can get too focused on saving and get into a scarcity mindset. Not letting ourselves have a treat now and then, whether that's a shopping splurge, concert tickets, or a fancy meal out. This also came up from another listener, Nina. She said something similar. Any freebie money I get an unexpected work bonus, random refund, or monetary gifts goes into a fun things account. Just like your joy account. Joy, do you like or dislike the idea of play money? Why do you think this is helpful?
- [35:27]
B
Life is really stressful.
- [35:29]
A
Agreed.
- [35:29]
B
And it's really hard. And we are constantly told to do X and Y and do them at the same time and they often conflict. We're told to buy houses, but also get engaged and also pay for weddings that are getting bigger and bigger by the minute. There's so much pressure to be saving, to be investing, to be repaying your mortgage. Like, there's so much that money is stressful. And for whatever reason, whether you've bought a house, whether you're renting, like, no matter your circumstance, I think for a lot of people, money is a stressor or something that they think about. It takes up time. So for sometimes to have something or it goes somewhere that is purely for you to have a point of escapism, whether that be a vacation or the top you like or the fun dress for your birthday, I think that's really important because everything we do is for very serious. And. Yeah, I just, I don't know. I spent so much of my 20s being serious. I'm really big advocate for joy.
- [36:33]
C
Yeah.
- [36:33]
A
I also think as women, we're told that a lot of the things that we purchase are silly. Yeah. And often we can be made to feel bad about the purchases that we make, whether they be beauty, fashion related. I really like the fact that people are leaning in to this joy element as you touched on Mads and also not feeling bad about spending their money. It's hard earned money. You're not taking it to the grave. That's the other thing. So enjoy it while you can. Interestingly, in the Love and Money survey, we asked this question. We said, if you were given an out of the blue bonus of $1,000, what would you do with it? And one in five said that they would save, with the majority saying that they would spend it. And Interestingly, the number one category that they would spend it on, 21% said they would use it to travel.
- [37:19]
C
Yeah.
- [37:19]
A
And I think that is wonderful because travel is the best experience you can give yourself to create new memories. And when you're spending money to create memories, I'm like, all for it.
- [37:30]
B
Yeah, I totally agree.
- [37:32]
C
Yeah. I do feel the need to kind of mention that intertwined in this is a bit of privilege.
- [37:39]
B
Absolutely.
- [37:39]
C
Because it's a privilege to be able to be like, oh, well, I have a little fun account and I can spend my money on, like, little fun things that I want to do or I can spend money to travel. There will be people that are listening to this podcast that are like, I do not have a spare dollar to scrape together to buy myself Something fun.
- [37:54]
A
Yeah.
- [37:54]
C
But I think if you have the capacity to, that's where you can maybe apply a little bit of that mindset. Like, I need to be better at this because I do have that extra few dollars that I could spend on something fun or put towards a holiday or something like that. But in this economy, I feel like there are maybe a lot of people that could be listening to this that are like, fuck, I'd love to have, you know, an extra few dollars to do something fun with.
- [38:15]
A
I also think in the context of the Love and Money survey, the way that this question was framed was it was very much a hypothetical out of the blue. So when people are completing that survey, they're also thinking big picture, dream case scenario. Not really thinking. This is my current mindset. And to your point, Joe don't have the means. It's very much in this hypothetical world. Yeah.
- [38:37]
B
Yeah. And I think as well, like, money is a very nuanced, personal thing to talk about, and there's a lot of intrigue and there's a lot of assumptions and things that are made. It is still very taboo. And I sit here having had these conversations. I have been someone with money. I've been someone without money at different stages of life. I do think as women as uncomfortable as personally, it makes me like, I know I have to talk about it more with my people, not necessarily on a podcast, but I do think, you know, I think I said it on an episode about a year ago. Like, my friends and I, there's probably only two or three of us who've ever shared what we're on a year or what we earn. And like, I. I'm uncomfortable by those conversations, but I'm trying to challenge myself where it's helped friends with what to ask for for their jobs or, you know, what we should be investing in or how much we are investing. Because I want us to be literate, but I never want that to be confused with being nosy.
- [39:33]
A
No. And also I do think it's important to acknowledge that less than 7 of the people that invest in the Australian market are women.
- [39:40]
B
Yeah.
- [39:40]
A
So there is also an opportunity for women to use information sharing as a way to make that percentage higher. And this is why I think it's really important to Arnica's recommendation to my recommendation to support women who are in the financial category and have the knowledge and the capability to share finances as a way to, you know, lift all women up in this conversation.
- [40:00]
C
I love that we did this episode and I love that we had so much input from the wider shameless community because it just points out how much we're all on the same page and that we can uplift each other.
- [40:11]
A
Rising tides lift all ships. We need to bring that to life.
- [40:15]
C
Yeah. And let's leave it at that.
- [40:17]
A
On that note, goodbye, Mad Stangleton.
- [40:21]
B
Well, usually the outro goes a little differently to that. But, you know, you've been here enough. Don't pretend you haven't heard it. But that is all for this week's episode of Stylish. Or as Rae likes to say, goodbye. I feel like that you are the weakest link. Goodbye. Thank you very much, Joanna Fleming and Rhiannon Joyce for joining me today. And also coming with your own experiences and re sharing so much of the surveys with us. Remember, you can drop us an email anytime@style-ishameusmedia.com or you can slide into our DMs over at Stylish Pod. Adrienne, I am talking to you. I do want to know if she actually can scramble the eggs. And of course, thank you to our shameless media team, head of podcast, Lucy Hunt, and our senior podcast producer, Kate Emmerburgh. We'll be right back with usual programming next Wednesday.
- [41:06]
C
Thanks, Mads. Thank you.
- [41:08]
B
Bye.