Savings Safari: Hunting Down the Best Money-Saving Tactics

Ever find yourself flabbergasted at the sight of your monthly credit card statement? Zeke and I lay down the law on financial leaks, like those sneaky subscription charges that nibble away at your nest egg. We unravel the practical wisdom behind budgeting, stripping away the complexity to leave you with a crystal-clear path to tracking your cash flow. Tune in for our foolproof strategies to turn the tide on your expenses, including the often-overlooked game-changer – meal planning. It's time to silence the siren call of instant food delivery apps and get savvy with your spending.

During our heart-to-heart, I peel back the curtain on my own skirmish with consumer debt, offering a treasure trove of insights on sidestepping the quicksand of bad spending. We're not about preaching austerity, but we do champion a week-long waiting period on purchases to ward off regrettable buys. Discover how an emergency fund is less about numbers on a screen and more about the peace of mind it grants, and why stashing your savings in a less accessible spot can be your wallet's best friend. We're all about indulging in life's pleasures, but let's strategise to make sure those nights out don't turn into financial nightmares.

For any enquiries or to connect with Oscar, Zeke, or their company, Asset Road, listeners can visit the following links:

• Finance Bible Podcast Instagram
• Asset Road Instagram
• Asset Road Website

The advice shared on The Finance Bible is general in nature and does not consider your individual circumstances. The Finance Bible exists purely for educational / entertainment 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

Transcript

Zeke Guenthroth: 0:10

Welcome back to another episode of the Finance Viable Podcast.

Oscar Don: 0:14

Zeke here and your co-host Oscar. But before we get into it, please note that nothing in this podcast should ever be considered as personal financial advice.

Zeke Guenthroth: 0:23

Of course, if that is what you are seeking, reach out. We'll get you in touch with the correct professionals and get the job done properly. Sit back, relax and enjoy the show. Let's get into it. On today's episode, we're just going to be diving straight into it. We're talking about savings, tips around it, budgeting, spending a little bit of this, a little bit of that, don welcome.

Oscar Don: 0:47

First things first, mate, I'm actually sitting across the table from you. We are back together in person. The vibes are back. Everything is back to normal, as it should be.

Zeke Guenthroth: 0:57

Can confirm I am stargazing again. I'm looking straight across the table, into this young man's eyes. Young man, where are we? It's very interesting. We'll put it that way much better than sitting over the online and having a bit of lag trying to figure out how to talk over each other. But here we are. Tip one Firstly, I think I'm just going to jump in today. Obviously, you are jumping in. Yeah, I am Jesus. In today's environment, I think this is more important than ever Going over ongoing subscriptions.

Oscar Don: 1:30

Oh, I love it. Now, before we get into that, it's quite interesting that your first tip Do you have some interesting subscriptions? You've come out like that I am a big sub dog, a lot of different things Not OF, unfortunately.

Zeke Guenthroth: 1:45

I would love to be, but that's just a money down the drain, that was true. No, I would not love to be. I would like to be a subscriber to Adubix, prime, apple, disney, spotify, stan, ko, wwe, ufc, all these different things that you stream and subscribe to Adobe, email, gmail, all your different storage like OneDrive or Google Drive, stuff like that. All these people have my little sister. She's like what she's, stan, and she's paying for bloody Google Storage because she takes so many photos. I like some photos, man. Yeah, man, it's not hard. What photos are you taking?

Oscar Don: 2:18

Anyway, that's a lot of different subscriptions. Very good point, because all of a sudden I get the odd Spotify comment. I forget about it. See, I put money towards all my bills whenever I get paid a certain amount, if I get paid weekly or whatever, divided by how many weeks or fortnight of the year depending on your frequency. But sometimes if you don't realize you're subscribed, it can ruin your whole pay. You know, dividing into this account that account, whatever you do. So subscriptions, get a hold of them and remove them if you don't use them because they're horrible and I can confirm I've seen you have a couple high cost ones pop up.

Oscar Don: 2:58

I'll tell you a little bit interesting. We won't hear the laundry it's all right. I think I'll be denying it.

Zeke Guenthroth: 3:05

What do you think for tip number two?

Oscar Don: 3:06

of this.

Zeke Guenthroth: 3:07

Yeah, maybe on.

Oscar Don: 3:09

Well, very basic, you got a budget. I think if you are wanting to save money and historically you've struggled to do so generating a budget is vital. It can be as simple as what comes in, what goes out, what you want to spend. A bit of a look there. They might have been with you with you giggly after what's goes in and out.

Zeke Guenthroth: 3:34

Continue. Oh you just made me think of a song called come and go and rekay glazes and pitbull. No, of course it's banger.

Oscar Don: 3:41

What if I listen to that after? But I've lost my train of thought. Oh, yes, going in and out. So figuring out what expenses, how much you spend on the supermarket, spotify, whatever it is, knowing exactly how much you need to put aside each week, each four night, each month, and sticking to that so you're not going the. You know the never ending cycle of Reducing your amount of savings you've got because you have to dig into it, because you've had a big night, I'm gonna set up. You spent half your pay without no realizing you might have rent to come out next week. So putting putting in writing.

Oscar Don: 4:16

When I was, when I moved to Sydney for the first time, maybe three years ago, I was shocked of how expensive it was compared to Melbourne and Obviously, if you're paying rent in Sydney, it's quite a bit. But you've got your bills groceries, car insurance, everything. So I I made a budget because at the time I was on a like an entry level salary, so it wasn't too much. I was barely getting by. So I had to put in a budget and figure out what is going and what has to go out and then save the rest. So having a writing for myself, incredible Budgeting, key to everything. And you can just get them online. You just type in very easy, like simple, budget planner hey, yeah, chat GPT, yeah, you know, for budget legit. And then download it to Excel and save it and then all of a sudden you've got this budget and there's a lot of good ones out there. On a Previous episode we popped a link I think it was called the vital savings.

Oscar Don: 5:14

Injuring special guests at the time was on it, but that's um. That link in the show notes Take you to your own little budget which you can use yourself, and it will show you a net worth graph over time that it does very exciting.

Zeke Guenthroth: 5:29

Another one, very important for today meal planning. That is true. Why is it more important for today, you might be asking. You got you thinking. Hang on a minute. I was gonna ask that make no sense.

Zeke Guenthroth: 5:38

Think about in the last five years how much change we've had with door dash, uber Eats and they're all the different delivery services like that. I think a lot of people now because you don't really have to plan meals. It's so easy to just go screw it door dash Bang done, menu log bang done Uber Eats or whatever. You don't feel the the need to meal plan. If you are one of those people that you might have a meal here and a meal there and a Meal there, and you're right. Uber Eats, because I've got nothing in the fridge. That $50 meal that you're getting, come on, you're spending at least 30 bucks.

Oscar Don: 6:09

You literally are with all the fees out of these days. Yeah, it's a fees to delivery 40 bucks a service cost and then I want to get a smoothie other week which is 10 bucks, uber Eats, which charged me 21. Cool, which is ridiculous.

Zeke Guenthroth: 6:21

And if you get in that like you're not gonna go on just gonna get like one cheeseburger delivered or something you know better, I'll may as well make it worth it. I'm gonna cheeseburger and chips and drink or whatever. Yeah, but one of them a week or a fortnight? Cook your butter, it does see meal plan. Get everything as cheap as chips for like, for example.

Oscar Don: 6:40

So the contact Zeke's flying down from Newcastle he's hometown to Melbourne. We are flying to Perth tomorrow, but that doesn't matter, since Tuesday's Expand here it's now Friday and Probably I would say we've probably spent around 150 bucks Just on food alone. Yeah, like lunch and dinners, but we're not even going to nice restaurants. It's literally like grilled for dinner or, you know, getting some sushi for lunch or whatever.

Zeke Guenthroth: 7:08

Just chill, it's all.

Oscar Don: 7:08

Italian sushi. Yeah it's not over the top. A bowl for lunch 25 bucks from a cyber I, so my most expensive, but it just shows you the little things add up. So, figuring out, you know, mill prepping when I was mill prepping in Sydney cost me maybe like 30 bucks, 35 bucks for a whole week. This is before we moved to rise back. It's a different time I, but it does it up quickly so that we're about to go for dinner tonight. I'm pretty sure that 150 will turn easily to 250.

Zeke Guenthroth: 7:40

Oh, and if it's like a proper dinner and we're having a long one that's gonna be drinking involved in, well, yes, and if everyone knows, if everyone remembers, zika used to love drinking, love it, but he's held back quite a bit, which is really good.

Oscar Don: 7:55

you had a month of sobriety, which is great.

Zeke Guenthroth: 7:58

I did maybe even went on a little bit more than a month. Well, that's unreal, and then I can confirm it's broken. Well, but it's not like it used to be. What do we say? It's a funny podcast. That's actually a good point. Habits habits can be expensive. Alcohol, only fans, all of these stuff that people.

Zeke Guenthroth: 8:20

People love drugs, cigarettes tobacco, just spending like money that you don't have credit cards shop and it is too like not fetishes in terms of sexual nature, I mean in terms of Things that people just do a lot of people games shop or holics mate, they are great movie.

Oscar Don: 8:38

Official confessions of the shop or holics. Shout out that movie, love it. But people are addicted to buying expensive clothes. So so many habits, so many fetishes, you might say. Avoid getting yourself in consumer debt. That would be my tip number three. Second tip because if you're trying to save and then you continue to use credit card or whatever you use could be even be a debit card Spending money you don't have will continue to creep up on you, especially if you're still putting money in savings but your debt levels increasing your net worth isn't going anywhere. It's getting lower and lower because your debt is outweighing you say so be smart with it. When we talk about consumer debt, it's buying shoes, buying a dress, buying a phone, like just buying literally anything which doesn't give you income, like an investment property or shares or anything like that. So that's probably a and, as we all know, I used to be in not a lot but credit card debt. I'm talking a few grand which put me a lot of payoff, but the burden of that on your back it's tough.

Zeke Guenthroth: 9:50

Another one to bring in here impulse spending. Yes, I like it. A good rule for that one is if you want something and you really want it, you want to add to what you do, like Jessica from summer high time. If you want something and you like, okay, I want to do this. Just think about it, sit on it for a week. If you still want, to the end of the week, yes, sure, it's probably worth it. If not, don't do it. I can't think how many times I've just been sitting there. I've gone. You know what? I could use a new TV and you go get it. Okay, get it. Oh, yeah, I don't really regret it because it's me, it's okay but I sit there Contradicting what you're saying.

Oscar Don: 10:32

you basically telling everyone sit on it for a week, for then you'll basically you're saying when you think about it, I'll just go get it.

Zeke Guenthroth: 10:39

No, what is your point? But I mean with that, I would have done that anyway. After a week I needed a new TV.

Oscar Don: 10:45

But if you thought about it and then you had a bit regrets, like, oh, maybe.

Zeke Guenthroth: 10:50

Oh, we've all done stuff like that, like I've. Definitely I can't give an example, but there's been something I bought Somewhere along the line and I've gone, hmm, what I done? A bit of post purchase clarity. No, sit on it for a week, think about what you, what you're actually doing normally if there's a ridiculous purchase and thinking of making that's what I will do. So you wouldn't know an example because I've sat there and thought about it. Oh, I'm very impressed yeah.

Oscar Don: 11:15

Well, I'm gonna start jump in. Not having an emergency fund, oh, I think we're just not even thinking about putting money aside. Savings is one thing, having an emergency fund is another thing. So I split mine up. We also covered what happened.

Oscar Don: 11:30

What are people lost their jobs? What are people work from home? What are people struggled with payments on their properties? The ones who got through had a large sum of emergency funds the rainy day fund, yeah, ready to use on these situations.

Oscar Don: 11:51

So even if it's as little as $50 from your pay, if you you know it depends if you're weekly for nine or monthly, but little, even as little as $25 a week, just pop in. If you forget about it's nothing in the scheme of things but adds up and, before you know it, if something did happen, you lost your job, at least you've got Might be the grand, might be more than that, but something to keep you going for a few weeks, to even a couple months to a year. So, and in the back of your mind, it's nice to have that thought as a bit of a cushion that, yes, the world is unpredictable, when my company is doing excellent interviews for a lot of people right now, calling a few people, so I'm a bit nervous. But if you've got that in the back of my, so yeah, I'm all good. If this happens, it happens. Everything happens for a reason. But I've got some Dosh ready to explode, so don't Ignore building your emergency fund very, very important.

Zeke Guenthroth: 12:53

I think my final one is obviously a lot more out there, but we've talked about some before and I'm just thinking on my feet. The final one I want to bring up sitting down. Oh, I'm kind of I'm on my toes a little bit actually. No, it's just just a bit more comfortable. You know, when you're on tiles and if your feet touch the ground it's like a bit a bit weird, like kind of Not for me. I kind of like it, but I don't. I don't want to hear what's touching the ground with my tiles. Strange one carpet or try to flat foot, but on, fair enough, thinking of my fate, having an account that you can actually not access very easily. I've seen a lot of people who have a budget. They'll be sticking to it. I go out on the town. They'll get some drinks. I'll do this.

Oscar Don: 13:38

I'll end up in a particular area and when you say talking about Previous weekends of yourself, not myself, not myself.

Zeke Guenthroth: 13:48

I budget for them. Well, I know, if I'm going out, the money's going and that's it. I'll put that in there, but you just say it was just like no, no, no no. I've definitely seen other people like friends and stuff, that when we've gone out there are the A Access funds. They didn't intend to or be the calling people like Even asking me while I'm there with them calling them hey, can you quickly transfer me?

Oscar Don: 14:17

this is like me when I was seventeen, eighteen. Just try to remember every single weekend. Everyone in Melbourne listening knows I can't tell correct place. Everyone from Melbourne you know it goes every Saturday night. Remember the bar. Five bucks on my debit card. I had my savings linked to the same bank, like I'm, so.

Zeke Guenthroth: 14:39

I might even have five bucks savings.

Oscar Don: 14:41

Not much at all, but I transfer two hundred bucks bang, spend it all. Wake up. Three hundred bucks to my name and I'll end up game over it don't purchase. What you can't afford in this game of things like savings is for savings. If you don't have enough money and you're spending a cat, don't use it.

Zeke Guenthroth: 14:58

Yeah, a solution to that is either a if you're like really, really bad, like struggling, put that money in someone else's account like a trusted family member and give yourself a little smack on the torch we're even our account, yeah well. And then another solution as well, as you can actually have bank accounts where you physically have to go and sign At the bank to access the money.

Oscar Don: 15:22

That's probably a I would say, a last resort if you are really bad and you cannot trust yourself. But for something easy and simple if you have a debit card with I'm G or something, open up another account with HSBC or Combank, whatever you think.

Oscar Don: 15:40

One without Oscar yeah, true, actually I do that, oscar, which is the instant payment whichever and maybe aware of. But, yeah, figure one out something which ideally has good interest, so you can continue to compound as we spoke on another episode go back to that if you confused what we're saying there but, yeah, trying to something which isn't with the current bank account because, like I mentioned my story, that is what happened and that's why I was losing money and you go.

Zeke Guenthroth: 16:09

And another solution to it is, if you think that you just can't control it, you have the discipline. Start waking up at 5am, go to the gym, have a cold shower, start disciplining yourself, get yourself in line, get yourself in check and you're good.

Oscar Don: 16:24

Last one for myself. Drumroll, very simple not saving on a regular basis. So this is about bad saving habits, or whatever we're going to name this, but or mistakes while saving. But, as I mentioned, with your emergency fund, with your savings, if you're not putting money away, that's your main issue. Even putting, let's just do the exact same as an emergency 25 to 50 bucks a week. Put it away in that savings account, don't even think about it. It's going there. Or even in an ETF, like some shares which you know over time will go up. If you don't know, speak to a financial advisor or someone you trust who can guide you on what may be a good option.

Zeke Guenthroth: 17:11

But by someone you trust who can guide you, make sure they've actually got an education, not just some random bloke you trust. Yeah, don't just go up to your uncle and be like, hey, I want to do this If your uncle has no idea.

Oscar Don: 17:21

Yeah, but waiting for the right time to save always leads to procrastination. So the right time is now. When you get paid, just put anything away. So the more, the merrier it adds up.

Zeke Guenthroth: 17:35

As you said it, John Cena, the time is now.

Oscar Don: 17:38

You can't see me for times now.

Zeke Guenthroth: 17:40

But yeah, no, you're definitely right. A lot of people will put off things like oh, I've got this coming up, or I've got this holiday in three months, so all my money is going to be gone anyway. Why would I want to say it's?

Oscar Don: 17:51

like the Christmas mindset it is. We're seeing it a lot now coming to the end of the year. But it's not just the industry we work in, it's every industry and people going to the gym or trying to get on their good habits. They might just say I'm going to wait for the new year and then I'll be good the wealth is a big one.

Zeke Guenthroth: 18:10

Like a lot of people go oh, it's the end of the year, I'm going to start fresh. New year, new me, hashtag, 2022 or 2024.

Oscar Don: 18:16

You're going to be speaking at last for two weeks.

Zeke Guenthroth: 18:19

Yeah, I'm such an Aquarius I failed again. Okay, is there enough? Have you been seeing everyone do that? No, oh, the amount of people. Now, this isn't a roast to any specific star sign, but I'm starting to see a lot where I'll be out just hanging out and I will pass. People hear the conversation. The other day I tripped over and I did this. I'm such a terrier and I'm like what's the heck is going on. And then, like there was one that they ordered food and they were in front of me, so they was going on here and they've gone. Oh, I wasn't meant to do that. You know, it's almost a new year, new year, new me, but I'm such a Gemini.

Oscar Don: 18:57

I'm actually here now, yeah, and it triggers me.

Zeke Guenthroth: 19:01

I'm like what do you mean?

Oscar Don: 19:03

Yeah, there's no time like the present to start getting on top of your bad habits. A good activity to do what Stephen Bartlett's actually mentioned in a couple of his books and his podcasts is to get a piece of paper out. Write down what you Because everyone knows they're bad habits, even if they're subconscious Write them down on a piece of paper and figure out. My bad habit may be let's just use gambling for an example. Whenever I think of wanting to gamble, what can I use instead to push me away from that action? So it might be if I think about it. Maybe go for a run, or maybe go have a sauna or go to the gym or something which is actually going to benefit. You Get down to 20 push-ups, but over time it actually Compounds, like money does, and happy days. You have eliminated that bad habit. But write them down and figure out how you can.

Zeke Guenthroth: 19:55

You might give me a Very intense snack for those of whom can't see, I've actually is the reach over and off, grabbed on his. For when I said, mate, it sounds like it's cutting deep. It sounds really personal for you. Do you have a gambling addiction? The way you came out with it? Every time I think of gambling, I'm gonna do this. It's like well, there's a generic.

Oscar Don: 20:15

I just thought it's a very common thing in today's day and age, with all the so easy now all the ads on if you're watching sport, this pro, I've never counted, but there's probably at least 50 plus ads on the whole, like from start to finish at the game. I'm just using AFL, for example of Even if it's a little better in the bottom right or something on the screen like sports, better points, better. So gambling's at a like an all-time high for younger, especially men.

Zeke Guenthroth: 20:42

Yeah, I'm not gonna say that at all. So that's like maybe five, six, seven different accounts of gambling.

Oscar Don: 20:47

Yeah, I'm not gonna do it frequently, but I'm in it. Yeah, you know you load it up like three years ago. I know you just got them, but it's a big issue. So that's just an example. If you do have a bad habit about habit you do have a gambling addiction or you want to speak to someone, you can contact gamble, where I'm one at hundred eight, five, eight, eight, five eight. It is a confidential support and vice 24 seven, so don't know why we have.

Zeke Guenthroth: 21:14

To do one of these. These things. We're like pre-show, they're like put up a thing. This episode talks about this. If you're, if you're affected by this and you get upset cause I want to get some help.

Oscar Don: 21:23

Yeah, yeah, I don't know.

Zeke Guenthroth: 21:24

We just come down to the rabbit, a rabbit hole now but I think that we just say it was a good episode. We'll see you all next time, yep.

Oscar Don: 21:30

We're off to Perth now, so we will see you next week, yeah.

Zeke Guenthroth: 21:36

We hope you enjoyed the episode. As always, you know exactly what to do.

Oscar Don: 21:40

Hit that follow button. Subscribe whatever platform you listen to this podcast on. Also share it to friends, families, co-workers wherever you think may benefit from it. But unfortunately, if you end, I'm gonna see you next week.