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Saving vs investing at 18, travel money cards and family members asking for money [Adviser Q&A]

Financial adviser Siobhan Ashby answers listener questions, from travel money cards to how to manage family members asking for money.

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Today, we’re answering YOUR questions!

Financial adviser Siobhan Ashby answers listener questions, from managing money at 18 and travel money cards to how to manage family members asking for money.

✅ Questions we discuss in this episode:

Savings ratio → Mike

I am an 18 year-old living at home with a casual job that I have had for three years. What ratio of savings to investments is ideal right now?

Uni student money goals → FutureMedic01

As a uni student earning about $550 on average on week, what would be the best idea for me to do to start investing for my future? Say with small amounts of money such as $50 etc.  …. I personally have a loan which I am heavily paying $200 a week to get rid of, but then allocate money to savings/ some for spending.

Travel cards → Broke Farm Bloke

Hey Guys, I am about to do an international study tour for about a month to the USA, I am wondering what is the best way to have access to ATM’s and cards over there without the ludicrously high buy sell spread of FX AUD to USD with my CBA travel money card?

I still have time to open new accounts with banks in Aus to capture a fee free card, or would you suggest a product like wise / revolut?

Card/Provider Fx Fees ATM
Up Money Up doesn’t add any markup onto the Mastercard® exchange rate No overseas fees online or in-store.

International transaction fees: 0%

International ATM withdrawal: Free at most major Bank ATMs

International ATM enquiry: Free at most major Bank ATMs

Revolut Exchange $2,000/month in 30+ currencies with no additional exchange fees, Monday to Friday*

*Exchange fees apply on transactions made between Friday 5pm (New York time) and Sunday 6pm (New York time)

Free account is more basic

$9.99 per month plan advises you get a 60% discount on international payment fees

Withdraw up to $350, or 5 times per month (whichever comes first) with no ATM withdrawal fees charged by us (ATM operator and exchange fees may apply).
Wise Travel Money Card The Wise prepaid travel card gives you the exchange rate you see on Google for spending in more than 40 different currencies.

Can choose to pre load currencies and lock in rate, or pay using the mid-market rate at any point in time.

$10 physical card fee Get cash from more than 3 million ATMs worldwide (free from Wise fees, up to 350 AUD per month).

Recorded 13th June 2024

Travel money cards with the lowest fees | CHOICE

HECS vs deposit → PoorMumRichKids

Hi! Our child has started her 1st year in secondary education degree this year. She’s on a scholarship with BCE (Brisbane Catholic Ed) where BCE contributes $5000 per year (4 year degree) providing she passes! Our question is, should she use the money ($20k) to pay her hecs/uni fees or should she put it in a term deposit and use it towards a house deposit?”

Travel, work & tax → Tax_Man

With working on the road and receiving car allowance from your employer, what can you claim on tax (like fuel, travel, depreciation, etc)

Family & money → Ms. Tired

How to deal with family members constantly asking for money?

Recorded 13th June 2024

Podcast resources

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