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Speaker 1: Welcome back to start Here, the very special mini series

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Speaker 1: within Sugar Mama's Fireplay, where I proudly answer your real

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Speaker 1: life questions with practical, empowering steps to help you get

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Speaker 1: started on your financial wellbeing journey. Today's question comes from

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Speaker 1: a listener called Diana, who wrote to me and said, Hey, Cannah,

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Speaker 1: even though I'm late to the party, I am ready

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Speaker 1: to take my finances seriously. However, before I begin, I

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Speaker 1: know you talk about getting rid of debt before investing. Well,

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Speaker 1: this is my issue. Don't judge me, but I have

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Speaker 1: twenty eight thousand dollars worth of credit card debt, but

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Speaker 1: just on one card. How can I pay this off

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Speaker 1: as quickly as possible so that I can start building

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Speaker 1: my share portfolio. I have tried so many times, but

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Speaker 1: I always find myself back in debt again. I need

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Speaker 1: help to change as well as to get started. Okay,

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Speaker 1: First of all, Diana, no judgment here. I am actually

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Speaker 1: really excited for you. The fact that you've written to

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Speaker 1: me and means to me this is a sign that

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Speaker 1: you are well and truly ready, ready to make a difference.

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Speaker 1: And once you're ready, everything else becomes possible. It is

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Speaker 1: never too late to take control of your finances. So

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Speaker 1: all right, let's break this down together right now for

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Speaker 1: this episode. All right, okay, let's break it down to

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Speaker 1: steps to make it really easy to apply and get started.

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Speaker 1: So step number one is to acknowledge the power of

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Speaker 1: this moment. This is really special. You are standing Diana

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Speaker 1: at a turning point. You know, for years you have

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Speaker 1: been like wrestling with This step is credit card debt,

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Speaker 1: but today is different because you're motivated to get rid

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Speaker 1: of it, this time for good. You know, onto that energy,

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Speaker 1: harness it because the momentum is your greatest alley and

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Speaker 1: it is only going to make it easier and better

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Speaker 1: from here momentum. And whilst this debt at times can

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Speaker 1: feel like a really dark, toxic cloud, it definitely doesn't

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Speaker 1: define you. What defines you is this decision you've made

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Speaker 1: to change things for the better and the actions you're

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Speaker 1: taking right now breaking the cycle and creating a much

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Speaker 1: stronger financial future for yourself. And once you move through

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Speaker 1: this debt, I personally guarantee your confidence and clarity is

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Speaker 1: going to be unshakable. You won't even recognize yourself. So

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Speaker 1: take a moment to feel excited about this decision.

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Speaker 2: That you've made for yourself.

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Speaker 1: All right, Step two, let's talk about why it is

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Speaker 1: so important to pay toxic debt off first. All right,

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Speaker 1: before we even talk about investing, we need to deal

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Speaker 1: with what I call toxic debt. Credit card debt sits

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Speaker 1: at the top of this list. Why because it charges

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Speaker 1: these punishing interest rates, sometimes between like eighteen up to

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Speaker 1: twenty two percent, and unlike a home loan, it is

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Speaker 1: not actually helping you build wealth or is it allows

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Speaker 1: you acquire an asset that grows and value. We use

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Speaker 1: credit cards to buy stuff. Most all, this high interest

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Speaker 1: rate eats into your cash flow and it can even

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Speaker 1: affect your ability to borrow in the future. So here's

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Speaker 1: some sobering maths for you, and it will help put

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Speaker 1: this into perspective as well. If you had twenty eight

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Speaker 1: thousand dollars invested, earning seven percent per annum, you might

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Speaker 1: be making around two thousand dollars a year. But if

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Speaker 1: you're paying say twenty percent in interest on that same

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Speaker 1: twenty eight thousand dollars, it is actually costing you five

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Speaker 1: thousand dollars a year. Now, that is why my rule

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Speaker 1: is very simple, eliminate that toxic debt before you start investing.

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Speaker 1: Otherwise you're trying to fill a bucket with a giant

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Speaker 1: hole in the bottom. It doesn't make sense financially and

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Speaker 1: it is not efficient. So step number three, and that

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Speaker 1: is to build an emergency buffer. Look, as much as

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Speaker 1: I want to recommend that you throw every single spare

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Speaker 1: dollar at your credit card debt, I'm actually going to

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Speaker 1: recommend that you keep a small emergency buffer at all times.

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Speaker 1: Why and it's it's really hard for me to say this,

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Speaker 1: but without having some emergency money, the moment you know,

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Speaker 1: a car breaks down, or you get an unexpected bill

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Speaker 1: or a medical expense, you know, things that just happen

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Speaker 1: in life. You know, the dishwasher brakes, or a fridge

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Speaker 1: needs to be upgraded, you'll end up reaching out for

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Speaker 1: the credit card again. And this is exactly why the

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Speaker 1: cycle continues and we are back in debt again. It's exhausting.

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Speaker 1: So if you can even just have say two thousand

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Speaker 1: dollars in a separate savings account, you know, online, so

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Speaker 1: it's earning some interest, it's going to give you a

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Speaker 1: little bit of breathing room. And once that is in place,

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Speaker 1: you can obviously then go for it and attack that

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Speaker 1: credit card with every bit of power and intensity.

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Speaker 2: That is within you.

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Speaker 1: Step number four and that is, let's go and break

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Speaker 1: those old habits and break them for good. You know,

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Speaker 1: you have shared something really powerful in your message to me.

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Speaker 1: You said, I always find myself back in debt again.

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Speaker 1: Now that shows that this isn't just about numbers, all

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Speaker 1: about like a once off, a bit of bad luck

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Speaker 1: that happened and got you into the debt it sugays,

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Speaker 1: there's something going on with your habit system and money.

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Speaker 1: Once the card is paid off, can I recommend that

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Speaker 1: you consider taking a really long break away from having

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Speaker 1: a credit card, or perhaps not having a credit card

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Speaker 1: at all. If a credit card is a trigger for you,

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Speaker 1: why are you keeping it? You know, why are you

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Speaker 1: making life so much harder for yourself with this dangerous

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Speaker 1: temptation surrounding you? And exactly the same goes for buying now,

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Speaker 1: pay later. These products can be great for some when

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Speaker 1: they're using the right way, but at the same time,

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Speaker 1: these products can also keep us tracked in spending money

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Speaker 1: that we can't truly afford, switching to cash, you know,

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Speaker 1: or even just using your debit card only it forces

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Speaker 1: you to slow down it forces you to stop and

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Speaker 1: question everything before you go and spend.

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Speaker 2: And it also forces you to save up for.

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Speaker 1: Something that you really want before you go and buy it.

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Speaker 1: And when we do that, I find that we tend

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Speaker 1: to appreciate what we've actually got and bought so much more.

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Speaker 1: You know, we have that feeling of control and discipline,

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Speaker 1: which is true financial freedom. You know, freedom isn't about

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Speaker 1: having a credit card limit. It's about not needing to

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Speaker 1: have a credit card. Well, that's what I think personally.

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Speaker 1: Step number five and that is to build a budget

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Speaker 1: that works for you. Now, this is the where the

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Speaker 1: I guess, the practical side comes in and the structure.

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Speaker 1: You know, a budget isn't about punishment. It's about clarity,

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Speaker 1: it's about protection, and it's about having financially respectful boundaries

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Speaker 1: in your life. Start with the essentials, housing bills, transport, groceries.

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Speaker 1: Then look at your lifestyle expenses, the things that you

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Speaker 1: do truly value, you know, that give you balance and

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Speaker 1: joy and love. And then I want you to cut

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Speaker 1: out whatever you think is wasteful or doesn't really bring

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Speaker 1: you joy anymore. Every dollar that you can find from

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Speaker 1: doing your budget, you can then redirect to your credit

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Speaker 1: card debt or building up that emergency money, and that

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Speaker 1: means you are one dollar closer to having that breakthrough

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Speaker 1: and having that financial freedom. Now, the secret is sticking

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Speaker 1: to a budget. It's tracking, checking in twice a week.

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Speaker 1: I run a budget and cash Flow Academy and is

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Speaker 1: available to absolutely everyone, and in that course, I recommend

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Speaker 1: that you check your budget twice a week. And I

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Speaker 1: personally do this every Sunday, you know, during the weekend,

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Speaker 1: and every Friday in the morning or in the afternoon.

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Speaker 1: That way, I am tracking any particular blowouts or where

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Speaker 1: we've maybe fallen off the bandwagon and sticking to our budget.

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Speaker 1: And the faster I can see, you know, those errors,

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Speaker 1: those leaks, those overspending habits, the quicker I can fix them,

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Speaker 1: and the easier they are to fix them, I can

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Speaker 1: get our budget back on track. This is a is

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Speaker 1: the number one secret to sticking to your budget. So

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Speaker 1: can I recommend you go and do a budget even

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Speaker 1: go in and.

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Speaker 2: Roll in my course.

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Speaker 1: I can give you a one on one session as

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Speaker 1: part of the course, and I can show you how.

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Speaker 2: To stick to it.

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Speaker 1: It is something liberating, it's empowering, it's a little bit sexy.

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Speaker 1: When you stick to your budget and then you do spend,

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Speaker 1: you don't feel guilty about spending, and seeing your bank

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Speaker 1: account go all the way through pay cycle without running

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Speaker 1: short is so refreshingly pleasurable. All right, steps you've done

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Speaker 1: your budget, I want you to automate and accelerate. We

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Speaker 1: can turn your budget now into an action plan once

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Speaker 1: you've got your emergency money sorted and you've automated repayments

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Speaker 1: so that the money can flow to your credit card

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Speaker 1: debt the moment you get paid or the day after payday,

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Speaker 1: so that that money is out of your account before

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Speaker 1: you can spend it. So, say you have found an extra,

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Speaker 1: say four hundred dollars per month from doing your budget

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Speaker 1: and cutting back on some expenses, make sure you redirect

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Speaker 1: those savings, plus anything else that you can afford on

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Speaker 1: top of that, into automatic repayments towards that debt.

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Speaker 2: This is really easy to do.

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Speaker 1: You set it up in your internet banking. You don't

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Speaker 1: even need to call anyone, and you select the frequency

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Speaker 1: and the amount, and you can even select the date. Okay,

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Speaker 1: so you can say it to be on the first

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Speaker 1: of every month or the fifteenth of every month.

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Speaker 2: Weekly day fortnightly. I think even some do.

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Speaker 1: It daily, and and I cannot stress this enough. Try

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Speaker 1: and set this up so that the money comes out

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Speaker 1: of your account the day you get paid, all the

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Speaker 1: day after you get paid. So there it's gone. It's

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Speaker 1: taken away. By doing this, having those automatical payment plans

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Speaker 1: in place, you can actually start to then build mini

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Speaker 1: goals with actual dates around this debt. For example, you

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Speaker 1: can set some dates to have that twenty eight thousand

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Speaker 1: dollars worth a credit card debt reduced to say twenty

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Speaker 1: thousand dollars by this particular date. You can see the

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Speaker 1: mass involved. You can see well, if I stick to

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Speaker 1: this of five hundred dollars per month towards his debt,

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Speaker 1: I'll have this much only left at this date. You

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Speaker 1: can actually track it and she see and track where

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Speaker 1: you should be up to and then obviously check your

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Speaker 1: progress and compare as to where you think you should

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Speaker 1: be and where you actually are. This is really important

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Speaker 1: and those detailed deadlines are what helped keep you accountable

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Speaker 1: and motivated. So here's an example. If your credit card

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Speaker 1: charges say twenty percent per annum, and you are paying

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Speaker 1: seven hundred dollars per month, is actually going to take

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Speaker 1: you just over five years to pay that off it

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Speaker 1: without crazy interest. If you can increase your automatic repayment

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Speaker 1: plan to say one thousand dollars per month, that then

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Speaker 1: drops from five years to just over three years. If

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Speaker 1: you can push yourself even further, which I highly recommend,

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Speaker 1: If you can then push it to say fifteen hundred

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Speaker 1: dollars per month, you'll be debt free in just under

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Speaker 1: two years. So mark those dates in your calendar and

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Speaker 1: start counting down. Do the maximum you can afford. And remember,

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Speaker 1: automatic repayments are great, but also ad hoc repayments are

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Speaker 1: also your secret weapon here. Tax refunds, bonuses, side hustle

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Speaker 1: selling things that you don't use or want anymore. Any

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Speaker 1: extra bonus money, money you might even win, throw it

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Speaker 1: towards this debt immediately. Every extra payment brings your freedom

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Speaker 1: date that you've got in your diary closer. Get excited.

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Speaker 1: You know, keep a running spreadsheet or even like a

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Speaker 1: note in your phone or a journal even so you

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Speaker 1: can see your progress. Every time you make an ad

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Speaker 1: hoc repayment or you have an automatic repayment plan that

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Speaker 1: comes out. You need to see that your hard work

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Speaker 1: is paying off. Your debt is coming down in the

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Speaker 1: right direction. Even if you like, jump on Canva and

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Speaker 1: credit a pie chat or a line chart, put it

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Speaker 1: on the fridge, put it on your phone as a

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Speaker 1: screen saver, your desktop, on your bedside table. This is

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Speaker 1: going to fuel your motivation to finally pay off that

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Speaker 1: twenty eight thousand dollars worth a credit card debt. We're

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Speaker 1: good and not repeat it all right step number seven,

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Speaker 1: and this is to learn whilst you pay it down.

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Speaker 1: Just because you're not investing yet and I'm so excited

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Speaker 1: that you're ready to do this, but it doesn't mean

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Speaker 1: that you can't prepare to start investing whilst you're on

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Speaker 1: this debt free journey. Use this time wisely, Use this

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Speaker 1: time to learn. Use this time to learn about ETFs

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Speaker 1: listed investment companies, the importance of diversification, and how to

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Speaker 1: actually set this up. Go into a risk profile, open

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Speaker 1: up an online share trading account, write down some really

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Speaker 1: detailed financial goals, like my goal is to build a

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Speaker 1: two hundred thousand dollars portfolio by twenty twenty eight, or

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Speaker 1: my goals to build one thousand dollars worth of passive

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Speaker 1: income by the fifteenth of September two thousand and twenty seven.

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Speaker 1: Or build a passive income stream of ten thousand dollars

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Speaker 1: a year by the tenth of December twenty twenty eight.

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Speaker 1: Write down some really exciting goals. Put them in your journal,

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Speaker 1: put them in your bets, next to your bedside table,

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Speaker 1: or where you clean your teeth.

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Speaker 2: Every less you can get excited. Also, educate yourself.

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Speaker 1: Read books, listen to podcasts like this one and how

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Speaker 1: do they afford that, Immerse yourself in the different investing philosophies.

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Speaker 1: That way, the moment you are debt free, you're going

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Speaker 1: to be ready to go. You can hit the ground

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Speaker 1: running with no hesitation and absolutely no wasted time whatsoever.

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Speaker 1: You can even make up for lost time now and

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Speaker 1: then step number eight find support in community. One of

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Speaker 1: the most underestimated tools is community. Social media often gets

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Speaker 1: a really bad reputation for encouraging us to spend and

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Speaker 1: seeing other people's wardrobes and halls and gadgets and gizmos

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Speaker 1: and holidays and restaurants and mining and dining. But there's

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Speaker 1: also a growing debt free community, a fire community, and

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Speaker 1: it's all online and it does exactly the opposite. These

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Speaker 1: people share their struggles, their setbacks, and their wins. They

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Speaker 1: cheer each other on, they post about their repayment milestones.

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Speaker 1: They keep it really real, and they're really honest about

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Speaker 1: the challenges.

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Speaker 2: They're really vulnerable.

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Speaker 1: It's incredibly inclusive, it's really supportive, and it's motivating.

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Speaker 2: I'm a huge fan of these groups.

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Speaker 1: I'll link them some of the ones I follow in

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Speaker 1: the podcast notes for so, if you can surround yourself

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Speaker 1: with these people and their energy, whether it's online or

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Speaker 1: even in real life, you will find accountability and encouragement

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Speaker 1: within you, growing thriving, which makes your debt free journey

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Speaker 1: so much easier and more enjoyable. And you're going to

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Speaker 1: realize you're not alone. None of us are alone. And

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Speaker 1: now it's step number nine. Don't forget about the big picture.

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Speaker 2: Okay.

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Speaker 1: Whilst you're paying off your debt, you can also check

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Speaker 1: in on two big essentials financial essentials in your life.

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Speaker 2: Number one, you're.

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Speaker 1: Super make sure that your superannuation is invested appropriately for

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Speaker 1: your goals and of course for your age. Also, make

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Speaker 1: sure that you have personal insurance in place. You protect

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Speaker 1: your income stream, making sure that any medical setback doesn't

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Speaker 1: erode your progress or your journey or your adventure. You know,

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Speaker 1: it isn't just about getting debt free and being debt free.

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Speaker 1: It's about building long term financial founders that will work

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Speaker 1: for you, keep you safe, keep you secure, keep you independent.

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Speaker 1: And from that foundation, that sturdy, strong foundation that's built

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Speaker 1: with brilliant brains and decisions, you can build an incredible

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Speaker 1: financial powerhouse for yourself. So, Diana twenty eight thousand dollars.

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Speaker 1: It may feel like a mountain right now, but every

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Speaker 1: mountain is climbed one step at a time, looking up,

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Speaker 1: looking forward. Your plan from listening to this episode is clear.

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Speaker 1: You know exactly what to do. Number One, You build

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Speaker 1: a buffer that emergency money, a couple of thousand dollars

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Speaker 1: at least. You start breaking the cycle of credit card debts.

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Speaker 1: You stop using a credit card, You cut it up,

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Speaker 1: you put it in the freezer, in a block of ice.

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Speaker 1: You cancel it when you can. You don't use any

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Speaker 1: buy now, pay later, you stop all access. You do

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Speaker 1: a budget, and you learn to stick to it because

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Speaker 1: you're tracking your transactions against that budget twice a week.

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Speaker 1: You are automating your payments, you are making ad hoc repayments,

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Speaker 1: you are setting clear goals, short term goals, medium term goals,

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Speaker 1: long term goals. Any bit of money that comes your way,

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Speaker 1: you're putting towards being and bringing debt free life sooner.

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Speaker 1: And you are connecting. You are smothering yourself, if you like,

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Speaker 1: in the debt free community for encouragement, for inspiration, for motivation,

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Speaker 1: and you're using this time to learn and to grow

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Speaker 1: so that you are ready to invest the moment you

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Speaker 1: are debt free. And once you're on the other side,

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Speaker 1: you know you've seen the light, You've pushed through and

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Speaker 1: you've come out the other side, and you realize how

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Speaker 1: different you are, and how much you've learned, how much

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Speaker 1: you've grown, how much more aware you are, how much

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Speaker 1: more respect you have for yourself. Not only are you

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Speaker 1: going to be debt free, you're going to have so

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Speaker 1: much more resilience, wisdom, and confidence that you will never

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Speaker 1: go back to those old, toxic, self destructive credit card

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Speaker 1: using habits. Trust me on this. It's the gestation process.

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Speaker 1: You just have to do the work right now and

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Speaker 1: get started today, all right, Daila, Thank you for sharing

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Speaker 1: this question. Thank you for allowing me to be part

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Speaker 1: of this journey with you and for everyone else If

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Speaker 1: this episode resonated with you or you know someone who

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Speaker 1: needs to hear this advice, please make sure you go

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Speaker 1: and send them this episode, or even better, you share

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Speaker 1: this episode on your socials. I would greatly appreciate it.

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Speaker 1: And in the meantime, if you would like me to

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Speaker 1: answer any of your questions, your money questions, that is,

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Speaker 1: on a future episode of Start Here, make sure you

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Speaker 1: send me a DM on Instagram at Sugar Mama TV

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Speaker 1: or at Canna Campbell Official. I'll even go and link

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Speaker 1: my email address in the podcast notes along with those

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Speaker 1: debt free and fire community accounts. All right, everyone, enjoy

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Speaker 1: your weekend, and thank you so much for it again

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Speaker 1: for Dina for sending through your question. This is start

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Speaker 1: Here on Sugar Mama's Fireplay and will connect again on

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Speaker 1: Monday morning, five am. Chow For now,