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Speaker 1: Welcome to start here a very special mini series within

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Speaker 1: Sugar Mama's Fireplay that is created just for you. This

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Speaker 1: is your safe space to ask me questions and to

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Speaker 1: share your financial challenges, and you get honest, practical advice

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Speaker 1: that can help you feel confident and in control again,

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Speaker 1: which is what you are more than worthy and capable of.

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Speaker 1: If you're not familiar with me, my name is Canna

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Speaker 1: Campbell and I'm a financial planner with over twenty years experience.

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Speaker 1: Now in these episodes, I can't give you personal investment advice,

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Speaker 1: but what I can offer you is brilliant guidance to

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Speaker 1: help you move from feeling overwhelmed to having a great

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Speaker 1: sense of clarity, but most of all, to help you

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Speaker 1: get started by taking action today. Now, today's question comes

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Speaker 1: from someone who's found themselves a little bit stuck. They've

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Speaker 1: overindulged in buy now, pay later services. From reading their message,

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Speaker 1: they are really feeling the weight of it. Now. I

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Speaker 1: know this person is not alone. So if you're listening

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Speaker 1: to this and you think you know what this sounds

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Speaker 1: like something I need to listen to, please know that

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Speaker 1: you are not alone and there is most definitely a

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Speaker 1: way out. When it comes to buy now, pay later debt.

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Speaker 1: But first of all, I need to say this, there

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Speaker 1: is absolutely no shame in being here right now. I'm

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Speaker 1: saying this to the person who had the courage to

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Speaker 1: DM me and ask for advice, as well as all

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Speaker 1: the other listeners right now who use buy now, Play

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Speaker 1: later and have got themselves stuck. Now. These services, including

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Speaker 1: credit cards, they're designed to be seductive, and whilst they

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Speaker 1: may make it feel like spending is painless and even

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Speaker 1: responsible because you're spreading out one large purchase of say

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Speaker 1: four or six or eight repayments, the truth is buy now,

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Speaker 1: Pay later is a form of debt. It's just been

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Speaker 1: rebranded and essentially is another form of credit card, and

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Speaker 1: of course the consequences are very real, even with the

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Speaker 1: change in laws around by now pay later. And for

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Speaker 1: the record, I don't actually have an issue with buy now,

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Speaker 1: Pay later, and I certainly don't have an issue with

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Speaker 1: credit card. What I have an issue with is when

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Speaker 1: people don't understand how to use them correctly, responsibly and

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Speaker 1: to enhance their financial wellbeing. All right, So, if you're

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Speaker 1: feeling anxious, maybe even a bit guilty or overwhelmed, can

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Speaker 1: I just get you take a moment and take a

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Speaker 1: deep breath. Together right now, we're going to break it down,

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Speaker 1: and I'm going to give you some manageable, empowering steps

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Speaker 1: to follow so that we can get started in getting

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Speaker 1: rid of that debt. So step number one is to

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Speaker 1: call your buy now, Pay later providers. Now, I haven't

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Speaker 1: actually read out the DM that received, but it sounds

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Speaker 1: like they're about four or five different providers. So there

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Speaker 1: are multiple levels of buy now, pay later debt. So

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Speaker 1: you need to call each of the individual buy now,

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Speaker 1: pay later companies that you owe money to, and you

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Speaker 1: need to let them know that you're experiencing financial stress

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Speaker 1: and to ask if they can put you on a

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Speaker 1: hardship payment plan. Now, these companies are required to have

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Speaker 1: a support team in place for this exact reason. As

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Speaker 1: I said, you're not alone. There are a lot of

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Speaker 1: people out there, and I want you to make sure

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Speaker 1: that you prioritize making this phone call the moment you

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Speaker 1: finished listening to this episode. You do not want to

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Speaker 1: let things spiral out of control any further. The sooner

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Speaker 1: you can reach out and ask for help, the more

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Speaker 1: options you're going to have. Now, the buy now, Pay

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Speaker 1: later will be will give you a few different options,

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Speaker 1: and they may offer to reduce your payments, they may

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Speaker 1: even freeze your fee, or they may even just give

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Speaker 1: you a little bit more time to pay off what's outstanding.

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Speaker 1: But the thing is you've got to understand and remember

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Speaker 1: you've got to follow through. There's no bit of broken

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Speaker 1: promises here. Take what they offer you seriously and commit

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Speaker 1: to it. You need to show up and show up

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Speaker 1: for yourself. Take this seriously. If you agree to have

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Speaker 1: this paid off by this particular date, then make sure

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Speaker 1: it happens. If they freeze your fees, make sure that

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Speaker 1: the money you say from those freeze will go towards

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Speaker 1: the debt. You've got to get yourself out because nobody

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Speaker 1: else is going to now. The next step is essential.

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Speaker 1: It's critical. You've got to stop using all buy now,

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Speaker 1: pay later options completely full stop. That means no new

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Speaker 1: purchases unless you're paying for them in cash, which you

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Speaker 1: shouldn't be buying it all right now because your priority

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Speaker 1: is this debt. No more rotating accounts and apps. Absolutely,

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Speaker 1: no more treating buy now, pay later like it's a

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Speaker 1: budgeting tool. I know people like to say it is,

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Speaker 1: and at times people may use it, but it's not.

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Speaker 1: It's another form of seductive debt. If you are relying

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Speaker 1: on credit to manage your everyday bills, this is a

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Speaker 1: big red flag. It means that you're actually spending money

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Speaker 1: that you simply don't have. So I'm actually going to

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Speaker 1: encourage you to go on a complete debt detox. I

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Speaker 1: want you to cut up, delete, unfollow, unsubscribe, whatever you

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Speaker 1: need to do to break this cycle. Remove temptation, remove distraction.

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Speaker 1: I want you to replace everything with your financial goal,

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Speaker 1: which is to be debt free as quickly as goddamn possible.

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Speaker 1: So when you have to pay for things instead, going

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Speaker 1: forward from this very moment right now, I want you

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Speaker 1: to switch to spending cash or just using your direct

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Speaker 1: debit card only now. When you start doing this, you'll

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Speaker 1: be a man as to how quickly you're spending becomes intentional, thoughtful,

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Speaker 1: and calm. Because if you buy something, that money is

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Speaker 1: coming out of your cash account immediately, it's not spread

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Speaker 1: over a six to eight week period. You really need

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Speaker 1: to be conscious as to whether you really need that item,

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Speaker 1: whether you can go without it, and are you going

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Speaker 1: to get through your whole entire pay cycle. It's going

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Speaker 1: to put you back in the driving spot. But it's

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Speaker 1: also going to force you to be responsible again. And

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Speaker 1: this is the key foundation to building wealth is being

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Speaker 1: responsible with your money. Now. Their sense of financial empowerment

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Speaker 1: of knowing that you're spending within your means is something

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Speaker 1: that buy now Pay Later can actually never give you,

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Speaker 1: actually robs you of it, including credit cards, and I

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Speaker 1: guarantee you this, you will feel so much lighter just

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Speaker 1: using cash and a debit card. I have shared before,

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Speaker 1: I don't own a credit card, and I probably use

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Speaker 1: buy now Pay later like once a year if that,

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Speaker 1: and I normally, once I do it, I know, we

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Speaker 1: try and pay it off within two weeks. And it's

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Speaker 1: normally because something's you know, suddenly on sale and you

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Speaker 1: can only option or access that discount because it's something

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Speaker 1: being offered by a buy now Pay latter provider. Other

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Speaker 1: than that, I'll just use cash or I just simply

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Speaker 1: say no, I'll and I thank you. I don't need it,

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Speaker 1: I don't want it. I'll just I'll think about it

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Speaker 1: and come back another time. So it actually feels really

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Speaker 1: nice to say no. It gives you a new sense

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Speaker 1: of energy, all right. Next step is to do a budget. Okay,

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Speaker 1: we need to get really clear on your actual numbers.

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Speaker 1: So you need to sit down with a cup of

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Speaker 1: tea or a homemade smoothie or assiye bowl homemade you

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Speaker 1: haven't bought it, and maybe put on some music, and

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Speaker 1: I want you to create a budget. You look look

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Speaker 1: at your needs, so the non negotiables living expenses, your

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Speaker 1: rent repayments, mortgage repayments, food, transport utilities, medical expenses. And

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Speaker 1: then you obviously look at the wants streaming services, Uber eats,

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Speaker 1: take away, Assige bowl, take away, smovies, gifts, clothes, all

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Speaker 1: those little impulse purchases. And once you look at the

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Speaker 1: total cost of your needs and obviously the total cost

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Speaker 1: of your wants, you can actually see the difference and

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Speaker 1: see really how much money is left after you've added

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Speaker 1: up your total needs, particularly when you bring compare it

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Speaker 1: against how much income you make each month. Now, this

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Speaker 1: will allow you to see what's left over and then

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Speaker 1: you can work out how to reallocate it and what

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Speaker 1: expenses you want to look at completely eliminating to help

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Speaker 1: create more cash flow in your life. Now, when you

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Speaker 1: do this, it's confronting, it's uncomfortable, but you feel so

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Speaker 1: good afterwards. I always like to refer doing a budget

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Speaker 1: like going to the dentist. You put it off for

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Speaker 1: as long as you possibly can. Sometimes we don't go

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Speaker 1: to the dentist until we feel like we've got a

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Speaker 1: toothache or we've got an excessive amount of sensitivity, and

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Speaker 1: then we go to the dentists and think, oh God,

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Speaker 1: why did I do this ages ago? It wouldn't be

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Speaker 1: as bad, or wouldn't be as expensive, I wouldn't need

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Speaker 1: as much treatment. It's the same budgeting. Just do it

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Speaker 1: on a regular basis, like flossing, and it will keep

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Speaker 1: your financial health and hygiene so much better, just like

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Speaker 1: the flossing. Now, when we get that perspective as to

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Speaker 1: what we think was a need and actually isn't, it's liberating,

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Speaker 1: which takes me to the next step, and that is

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Speaker 1: looking at your cash flow, looking to free up your

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Speaker 1: cash flow and tracking those buy now, pay later debts

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Speaker 1: so that we can get them out of your life

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Speaker 1: for good now. Once your budget is done, the next

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Speaker 1: step is to aggressively free up the cash flow. As

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Speaker 1: I said, to pay down your buy now, pay later

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Speaker 1: debts now. Yes, you're on a payment plan, I get it,

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Speaker 1: but that doesn't mean that you just pay the bare minimum.

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Speaker 1: Hell no, this is your time to step up, be responsible,

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Speaker 1: take accountability, and do better. Because you can do better.

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Speaker 1: Every extra dollar that you can put towards your buy now,

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Speaker 1: pay later debt counts. You can make extra repayments. You

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Speaker 1: can make them on a regular basis, or you can

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Speaker 1: make them add hoc. The faster you pay this off,

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Speaker 1: the less you're gonna owe, and the faster you're going

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Speaker 1: to be able to be back in the driving seat

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Speaker 1: and reclaim that powerful piece of mind and that liberty

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Speaker 1: and that liberation. Also, what I want you to do

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Speaker 1: is track every single buy now, pay later debt individually.

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Speaker 1: So what I want you to do is, and I

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Speaker 1: don't care where you do it, whether it's in a

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Speaker 1: notebook or whether it's in your phone, or whether it's

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Speaker 1: on an Excel spreadsheet, just make sure it's written. Next

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Speaker 1: you need to track it. So you write down who

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Speaker 1: it is that you owe money to, exactly how much,

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Speaker 1: when it is due, and what you've paid so far.

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Speaker 1: And every time you make an extra payment, whether it's

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Speaker 1: one dollar, ten dollars or one hundred dollars, I want

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Speaker 1: you to add it to this note. I want you

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Speaker 1: to look at this weekly, or even better, I want

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Speaker 1: you to look at this on a daily basis. This

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Speaker 1: will help you stay motivated and will make sure you

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Speaker 1: are focused all the way through until the end. And

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Speaker 1: it is addictive, even liberating and sexy and energizing when

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Speaker 1: you see these numbers finally going down and you realize

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Speaker 1: what you're actually doing for yourself finally, which brings me

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Speaker 1: to my next step, and that is to build your

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Speaker 1: emergency money and lifestyle buffers. So once you see that

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Speaker 1: momentum that I'm talking about and seeing those debts coming

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Speaker 1: down and you can actually see light at the end

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Speaker 1: of the tunnel, I want you to set up three

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Speaker 1: key savings accounts. The first one is your emergency fund,

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Speaker 1: and this is for true, authentic unexpected expenses like medical bills,

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Speaker 1: vet bills, car repairs, even like a job loss. The

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Speaker 1: second account is your financial float account that is a

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Speaker 1: buffer for all of those irregular bills like red Joe,

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Speaker 1: school fees, strata electricity, those sort of expenses that we

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Speaker 1: can sometimes forget and the catch us off guard, even

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Speaker 1: like you know, friend's birthday presents. And then the third

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Speaker 1: account is your lifestyle or what I call like a

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Speaker 1: fun account, because yes, you deserve to have nice things

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Speaker 1: every now and again, but in the right order of priorities.

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Speaker 1: So by having this account, this lifestyle or fun account,

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Speaker 1: it means you can actually treat yourself without ever going

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Speaker 1: into debt ever again. So there are three accounts. When

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Speaker 1: you get paid, you put money into each of these

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Speaker 1: three accounts. Now, these three accounts become your safety net

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Speaker 1: and also your springboard into long term worth building. In fact,

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Speaker 1: if you want it to, you can allow this journey

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Speaker 1: from being in buy now, pay later debt to actually

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Speaker 1: help create not just clarity and savings, but to really

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Speaker 1: be the catalyst the kickstarts you're investing, so instead of

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Speaker 1: paying off purchases from the past, you actually find yourself

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Speaker 1: funding your future and building passive income for yourself and

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Speaker 1: for your loved ones. So every time you get paid,

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Speaker 1: you put money into each of those three accounts. Now

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Speaker 1: a very quick call out. If you need to help

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Speaker 1: with doing a budget, setting up your cash flow, and

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Speaker 1: understanding the different accounts that I recommend you have to

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Speaker 1: stay in control, please go and check out the Sugar

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Speaker 1: Mamma Budget and cash Flow Academy, which includes a one

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Speaker 1: on one session with me and if you have any

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Speaker 1: questions at all about this particular program, just shoot me

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Speaker 1: through a DM on Instagram and I'll come back to

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Speaker 1: you as quickly as I possibly can. Now as we

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Speaker 1: wrap up today's episode, if you're listening to this episode,

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Speaker 1: even though you went the person necessarily wrote the DM

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Speaker 1: to me, I want you to know that you are

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Speaker 1: not broken, you're not bad with money, and you're certainly

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Speaker 1: not stupid. You've just simply been caught up in a

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Speaker 1: very clever marketing system that it's designed to keep you spending.

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Speaker 1: And as I said, that's perfectly fine. If you have

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Speaker 1: a credit card or you use by now pay later,

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Speaker 1: and you use it responsibly, that's not a problem. It's

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Speaker 1: when these tools, these financial tools, harm us rather than

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Speaker 1: actually help us. However, regardless, the good news is you

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Speaker 1: can turn this around for yourself. It's going to have

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Speaker 1: to start with you and with that first phone call,

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Speaker 1: sitting down and doing that budget, and of course being

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Speaker 1: really honest with yourself, making one great empowering decision at

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Speaker 1: a time. And I promise you, as you do the work,

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Speaker 1: you work through each step that I've just mapped out

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Speaker 1: and explained in this episode, You're going to feel an

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Speaker 1: amazing sense of relief. You're going to have great clarity

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Speaker 1: and you're actually going to fine. They feel like you're

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Speaker 1: back in control and calm again, and that yes, this

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Speaker 1: is frustrating, this is annoying, and this may even have

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Speaker 1: been make you feel regretful, but doing the hard work

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Speaker 1: right now is so worth it. And as I said,

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Speaker 1: the strategies, the hacks, the tips you learn about managing

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Speaker 1: your cash flow, you can take all the money that

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Speaker 1: you've been redirecting towards your debt free journey, so that

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Speaker 1: once it's all paid off, that cash flow can now

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Speaker 1: be used and redirected to building emergency money, building a

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Speaker 1: financial float account, and building that fun lifestyle account for yourself,

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Speaker 1: and even better, if you want, start investing, investing in

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Speaker 1: your financial future, even investing in your superannuation, if that's

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Speaker 1: something that's appropriate for you. But you are in complete

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Speaker 1: control at all times. All right. If this episode has

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Speaker 1: helped you, or you know someone that has a few

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Speaker 1: buy now, pay later bad habits going along, we just

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Speaker 1: can't seem to ever pay their buy now pay letter

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Speaker 1: payments off. Can you do me a favor and them

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Speaker 1: a favor? Send them this episode because no one needs

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Speaker 1: to and no one deserves to be struggling with debt,

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Speaker 1: particularly in such an expensive world right now. All right,

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Speaker 1: If you've got a question, or you have a particular

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Speaker 1: challenge that you're struggling with right now and you just

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Speaker 1: can't see ford and just don't know what to do

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Speaker 1: or how to get started, or even like how to

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Speaker 1: keep going, please know that I'm here for you, and

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Speaker 1: this is why I opened up this very special mini

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Speaker 1: series within Sugar Mama's Fireplay just for you, so you

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Speaker 1: know the drill. If you have a question, just shoot

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Speaker 1: me through a DM on Instagram at Canna Campbell Official

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Speaker 1: or Sugar Mama TV. Your details will remain confident, Your

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Speaker 1: details will remain confidential, and there is zero judgment. I'm

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Speaker 1: just honored to be a part of the many people

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Speaker 1: in your life that help you on your journey in

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Speaker 1: building a healthier, happier, more authentically richer life. All right, everyone,

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Speaker 1: thank you so much for listening. And if you're in debt,

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Speaker 1: whether we buy now, pay later, credit card let debt,

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Speaker 1: or perhaps just a big massive mortgage that you just hate,

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Speaker 1: please know you're not alone. You're doing the work, you're

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Speaker 1: learning how to get better with money. Every time you

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Speaker 1: listen to one of these episodes, you're setting goals for yourself.

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Speaker 1: You have hope, you have faith, and you have a

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Speaker 1: plan a strategy that you are working on every single day.

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Speaker 1: And when you take a moment to look back and

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Speaker 1: realize what you're doing and actually how far you've come,

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Speaker 1: you will feel that you're actually doing beautifully well. All right, everyone,

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Speaker 1: thank you so much for listening today's episode. I will

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Speaker 1: see you next Monday or chat with you or connect

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Speaker 1: with you next Monday for Sugar Mama's fireplay. Thank you everyone,

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Speaker 1: Choo for now,