1 00:00:00,680 --> 00:00:04,920 Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr 2 00:00:04,960 --> 00:00:08,680 Speaker 1: the Order Kerney Whoalbury and a waddery woman. And before 3 00:00:08,680 --> 00:00:11,160 Speaker 1: we get started on She's on the Money podcast, I 4 00:00:11,160 --> 00:00:14,319 Speaker 1: would like to acknowledge the traditional custodians of the land 5 00:00:14,400 --> 00:00:17,720 Speaker 1: of which this podcast is recorded on a wondery country, 6 00:00:18,120 --> 00:00:22,240 Speaker 1: acknowledging the elders, the ancestors and the next generation coming 7 00:00:22,320 --> 00:00:26,960 Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing 8 00:00:27,080 --> 00:00:30,120 Speaker 1: and the storytelling of you to make a difference for 9 00:00:30,240 --> 00:00:32,720 Speaker 1: today and lasting impact for tomorrow. 10 00:00:33,320 --> 00:00:34,120 Speaker 2: Let's get into it. 11 00:00:34,800 --> 00:00:54,040 Speaker 3: She's on the Money, She's on the Money. 12 00:00:57,680 --> 00:01:00,240 Speaker 4: We will face many stresses in our lives and findancel 13 00:01:00,240 --> 00:01:02,680 Speaker 4: stress is the most common. Yet when we're in the 14 00:01:02,680 --> 00:01:05,440 Speaker 4: thick of it, there can be tremendous shame, loneliness and 15 00:01:05,480 --> 00:01:07,440 Speaker 4: a feeling like we'll never get out of the hole. 16 00:01:07,760 --> 00:01:09,720 Speaker 4: So today on the show, we're going to discuss how 17 00:01:09,720 --> 00:01:12,800 Speaker 4: to recover after a financial mess in joining you today 18 00:01:12,800 --> 00:01:14,680 Speaker 4: on the Cheese on the Money are two women who 19 00:01:14,680 --> 00:01:17,920 Speaker 4: have been in financial messes and gotten themselves out. My 20 00:01:18,000 --> 00:01:20,680 Speaker 4: name is Beckside and joining me is Victoria Divine. 21 00:01:20,760 --> 00:01:24,600 Speaker 2: Hello, my friend, my financially messy friend. Is that where 22 00:01:24,600 --> 00:01:26,960 Speaker 2: we're going with that intro? Yes, I feel like it 23 00:01:27,000 --> 00:01:28,920 Speaker 2: is so true, and that is exactly why She's on 24 00:01:28,959 --> 00:01:32,000 Speaker 2: the Money community exists. I have been in a financial 25 00:01:32,080 --> 00:01:35,000 Speaker 2: pickle or two in my lifetime, and so have you, Beck. 26 00:01:35,440 --> 00:01:37,840 Speaker 2: So I feel like we created Cheese on the Money. 27 00:01:37,880 --> 00:01:39,720 Speaker 2: I mean, you didn't create Cheese on the Money. I did. 28 00:01:39,720 --> 00:01:41,120 Speaker 2: But then the second I met you, I was like, 29 00:01:41,160 --> 00:01:43,680 Speaker 2: you're gonna come with us. I'm very grateful. It's kind 30 00:01:43,720 --> 00:01:45,440 Speaker 2: of like a little cult one that I want to 31 00:01:45,480 --> 00:01:48,200 Speaker 2: be part of. Yeah, Like, I mean, it's all positive, 32 00:01:48,440 --> 00:01:51,240 Speaker 2: but I'm sure every cult leader says that. I guess 33 00:01:51,280 --> 00:01:53,120 Speaker 2: that's why She's on the Money exists. And I really 34 00:01:53,120 --> 00:01:56,160 Speaker 2: created it honestly to create a space to discuss and 35 00:01:56,200 --> 00:02:00,120 Speaker 2: support people during their financial journey, because, honestly, before I 36 00:02:00,160 --> 00:02:03,440 Speaker 2: started She's on the Money, there wasn't a place online 37 00:02:03,720 --> 00:02:06,480 Speaker 2: that I felt like I could ask money questions, or 38 00:02:06,520 --> 00:02:09,239 Speaker 2: seek tips and tricks, or feel comfortable being like, Hey, 39 00:02:09,280 --> 00:02:12,000 Speaker 2: how do I X Y Z. And while I was 40 00:02:12,040 --> 00:02:14,959 Speaker 2: out of that financial pickle when I started She's on 41 00:02:15,040 --> 00:02:16,679 Speaker 2: the Money, I just knew that there were so many 42 00:02:16,720 --> 00:02:18,720 Speaker 2: people in the same situations. As me and I kind 43 00:02:18,720 --> 00:02:21,840 Speaker 2: of just I have that is it like a savior complex? 44 00:02:22,440 --> 00:02:24,640 Speaker 2: Feel like that's what I've got where I see what 45 00:02:24,760 --> 00:02:27,560 Speaker 2: you're saying, pick you up and help and hug you 46 00:02:27,639 --> 00:02:29,920 Speaker 2: and put you in a better position, and like that's 47 00:02:29,919 --> 00:02:32,440 Speaker 2: my way of doing that. So, yeah, I gave you culty. 48 00:02:32,560 --> 00:02:35,519 Speaker 2: Maybe not. And obviously finance is a massive journey, and 49 00:02:35,560 --> 00:02:37,880 Speaker 2: I feel like it takes lots of different twists and turns, 50 00:02:37,880 --> 00:02:40,160 Speaker 2: and we go through so many different seasons in our life. 51 00:02:40,200 --> 00:02:42,080 Speaker 2: So I think it's so important that we kind of 52 00:02:42,120 --> 00:02:45,160 Speaker 2: embrace that and talk about it and how much richer 53 00:02:45,440 --> 00:02:48,800 Speaker 2: are we having known I guess other people's journeys and 54 00:02:48,840 --> 00:02:51,359 Speaker 2: what they're going through, and just this idea that you're 55 00:02:51,360 --> 00:02:54,480 Speaker 2: not alone, because, as you say in the intro, it 56 00:02:54,560 --> 00:02:57,320 Speaker 2: can be lonely. You can feel shame, you can feel 57 00:02:57,360 --> 00:02:59,080 Speaker 2: like you're never going to get out of this position, 58 00:02:59,120 --> 00:03:00,880 Speaker 2: you can't see the light at the end of the tunnel. 59 00:03:00,919 --> 00:03:02,880 Speaker 2: And then you've been through it. Now you're out the 60 00:03:02,919 --> 00:03:04,280 Speaker 2: other side. How much better is it? 61 00:03:04,120 --> 00:03:06,160 Speaker 4: It's so much better and it totally know what you mean. 62 00:03:06,160 --> 00:03:08,520 Speaker 4: It's kind of like you're also doing this for the 63 00:03:08,560 --> 00:03:10,920 Speaker 4: younger version of yourself. The one that was lonely, and 64 00:03:10,919 --> 00:03:12,640 Speaker 4: the one that did feel shame and the one that 65 00:03:12,720 --> 00:03:13,360 Speaker 4: was embarrassed. 66 00:03:13,440 --> 00:03:14,639 Speaker 2: Yeah, she didn't deserve that. 67 00:03:14,800 --> 00:03:16,960 Speaker 4: She didn't deserve that, And there's no place for people 68 00:03:17,000 --> 00:03:21,520 Speaker 4: who have something really really not embarrassing, but when you're 69 00:03:21,520 --> 00:03:23,440 Speaker 4: in the moment, you feel like it's embarrassed, you know, 70 00:03:23,480 --> 00:03:25,560 Speaker 4: like I was too embarrassed to say I have so 71 00:03:25,680 --> 00:03:27,800 Speaker 4: much debt that I've accumulated on my own. 72 00:03:27,960 --> 00:03:29,680 Speaker 2: You just worry about that kind of thing exactly. This 73 00:03:29,760 --> 00:03:32,840 Speaker 2: is a really good place. No judgment ever, no judgment 74 00:03:32,960 --> 00:03:36,040 Speaker 2: ever outa babes. But there is a new NAB survey 75 00:03:36,080 --> 00:03:38,520 Speaker 2: that has recently come out and I found it really interesting. 76 00:03:38,640 --> 00:03:40,960 Speaker 2: It's surveyed two thousand Aussies and I found that forty 77 00:03:41,000 --> 00:03:44,920 Speaker 2: percent of people were experiencing some form of financial difficulty. 78 00:03:46,160 --> 00:03:48,640 Speaker 2: Where are those forty percent? Because I feel like all 79 00:03:48,680 --> 00:03:50,880 Speaker 2: I'm saying on my feet at the moment is Europe 80 00:03:50,880 --> 00:03:54,280 Speaker 2: trips yeap, So like that's not reflective with my experience 81 00:03:54,320 --> 00:03:56,640 Speaker 2: and social media. But that's very true. 82 00:03:56,640 --> 00:03:59,080 Speaker 4: But it's also comforting to know, but like sad in 83 00:03:59,120 --> 00:04:00,960 Speaker 4: a way, but also come to be like, hey, there 84 00:04:00,960 --> 00:04:02,880 Speaker 4: are people out there that are just like you and. 85 00:04:02,840 --> 00:04:04,800 Speaker 2: The fact, oh my gosh, did this one had me 86 00:04:05,440 --> 00:04:09,360 Speaker 2: riled up. Someone from the RBA, not to name names, 87 00:04:09,600 --> 00:04:12,040 Speaker 2: came out and said, oh, did you see all of 88 00:04:12,080 --> 00:04:16,000 Speaker 2: the spending that happened on Taylor Swift tickets? Obviously Australia 89 00:04:16,080 --> 00:04:18,760 Speaker 2: is not under so much financial pressure as we once 90 00:04:18,800 --> 00:04:22,360 Speaker 2: had anticipated. Beck, do you believe that because we all 91 00:04:22,360 --> 00:04:25,200 Speaker 2: bought Taylor Swift tickets we are financially stable? 92 00:04:25,320 --> 00:04:25,480 Speaker 1: No? 93 00:04:25,560 --> 00:04:28,320 Speaker 2: But also really, there's like how many people in Australia 94 00:04:28,360 --> 00:04:31,039 Speaker 2: twenty three million or something, and what like maybe one 95 00:04:31,040 --> 00:04:34,680 Speaker 2: million people bought tickets, not even not even a million tickets. No, 96 00:04:34,839 --> 00:04:36,760 Speaker 2: I need the math, so the MCG. I've done the 97 00:04:36,839 --> 00:04:39,360 Speaker 2: maths because I wanted to know my probability of getting tickets, 98 00:04:39,400 --> 00:04:41,400 Speaker 2: which I will have you know. I did get tickets 99 00:04:41,520 --> 00:04:43,799 Speaker 2: because I am a hustler, if anything. 100 00:04:44,000 --> 00:04:44,440 Speaker 1: M hmm. 101 00:04:44,760 --> 00:04:47,320 Speaker 2: I didn't get them because I work in media, Because Beck, 102 00:04:47,360 --> 00:04:50,160 Speaker 2: you and I both know Taylor Swift tickets weren't actually 103 00:04:50,440 --> 00:04:53,960 Speaker 2: available to anybody working in media. And we you and 104 00:04:54,000 --> 00:04:57,279 Speaker 2: I we work for radio station. Yes, a radio station. 105 00:04:57,440 --> 00:04:59,200 Speaker 2: Who not to throw them under your buse, I love 106 00:04:59,240 --> 00:05:02,039 Speaker 2: you dearly, but we thought that we might get early 107 00:05:02,080 --> 00:05:04,640 Speaker 2: access because one of the benefits of working in radio, 108 00:05:04,760 --> 00:05:07,960 Speaker 2: right is that often you get like the pre sale 109 00:05:08,560 --> 00:05:11,880 Speaker 2: industry peeps, Ye shouldn't do that, So I did the 110 00:05:11,880 --> 00:05:15,880 Speaker 2: maths mcg it holds one hundred thousand people. She's now 111 00:05:15,920 --> 00:05:19,320 Speaker 2: having three shows. That's three hundred thousand tickets. On the 112 00:05:19,400 --> 00:05:21,440 Speaker 2: day there were more than eight million people trying to 113 00:05:21,440 --> 00:05:26,240 Speaker 2: get tickets. Obviously, we just love Taylor Swift. Like, it's 114 00:05:26,279 --> 00:05:28,240 Speaker 2: not actually about whether we can afford it or not. 115 00:05:28,520 --> 00:05:31,000 Speaker 2: I feel like there were so many people who probably 116 00:05:31,000 --> 00:05:34,960 Speaker 2: went into debt to get Kaylor Swift tickets exactly. But 117 00:05:35,240 --> 00:05:36,040 Speaker 2: she's an icon. 118 00:05:36,200 --> 00:05:38,240 Speaker 4: It's like when you're sick at home and your mum 119 00:05:38,240 --> 00:05:41,440 Speaker 4: sees you laughing, and what you mustn't be that what 120 00:05:41,440 --> 00:05:42,599 Speaker 4: do you want me to do is sit here and 121 00:05:42,680 --> 00:05:43,920 Speaker 4: just cry all night? 122 00:05:45,160 --> 00:05:47,000 Speaker 2: No, you've got to laugh where you can. Like, it's 123 00:05:47,040 --> 00:05:51,040 Speaker 2: exactly the same, truly the same thing. How rude, so annoying. 124 00:05:51,160 --> 00:05:53,919 Speaker 2: One out of ten for that comment. I'm sure that 125 00:05:54,000 --> 00:05:56,560 Speaker 2: they've won a lot of friends making comments like that. 126 00:05:56,720 --> 00:06:01,240 Speaker 2: I'm not one of them. Also, that tells us that 127 00:06:01,320 --> 00:06:04,479 Speaker 2: the number of Australians that are under financial stress is 128 00:06:04,520 --> 00:06:08,520 Speaker 2: currently at a three year high as households struggle with 129 00:06:08,560 --> 00:06:10,760 Speaker 2: the rising cost of living and all of our interest 130 00:06:10,839 --> 00:06:14,239 Speaker 2: rate hikes. Feel like that makes a lot of sense. 131 00:06:14,640 --> 00:06:16,960 Speaker 2: And then it has been said that this is quote 132 00:06:17,400 --> 00:06:21,080 Speaker 2: the highest number since the start of the pandemic, and 133 00:06:21,120 --> 00:06:24,320 Speaker 2: it includes those struggling with paying bills, covering rent or 134 00:06:24,360 --> 00:06:27,880 Speaker 2: mortgage payments, paying for food and basic necessities, and having 135 00:06:28,040 --> 00:06:32,640 Speaker 2: any money for emergencies. I feel like that all makes sense. RBA. 136 00:06:33,279 --> 00:06:36,200 Speaker 2: I support you guys. You're trying to bring down inflation 137 00:06:36,360 --> 00:06:38,919 Speaker 2: and look after the economy, but you don't need to 138 00:06:38,960 --> 00:06:41,640 Speaker 2: say daft things that make everybody angry. 139 00:06:41,400 --> 00:06:44,240 Speaker 4: Yeah, and make us feel like you really don't get it. 140 00:06:44,279 --> 00:06:45,839 Speaker 4: You're just outing yourself. 141 00:06:45,400 --> 00:06:47,479 Speaker 2: As not being in touch with the common man. 142 00:06:47,680 --> 00:06:50,159 Speaker 4: Doesn't get it at all, So that's very annoying. But 143 00:06:50,279 --> 00:06:52,280 Speaker 4: you know what, the figures you just read out, it 144 00:06:52,320 --> 00:06:54,640 Speaker 4: doesn't surprise me at all. Like I have been bankrupt before, 145 00:06:54,680 --> 00:06:57,800 Speaker 4: as you know, and I understand that it's a common experience, but. 146 00:06:57,839 --> 00:07:01,599 Speaker 2: It honestly is such commony experience. According to the Australian 147 00:07:01,640 --> 00:07:05,719 Speaker 2: Financial Security Agency, there were two thy four hundred and 148 00:07:05,839 --> 00:07:10,760 Speaker 2: ninety four personal insolvencies in the March quarter twenty twenty three. 149 00:07:10,880 --> 00:07:11,360 Speaker 5: Alone. 150 00:07:11,440 --> 00:07:13,880 Speaker 2: Wow, So that's not like per year. That was in 151 00:07:13,920 --> 00:07:16,880 Speaker 2: a quarter. And I feel like those things are only 152 00:07:16,920 --> 00:07:20,920 Speaker 2: going to increase as financial pressures, I guess increase over time. 153 00:07:20,960 --> 00:07:24,560 Speaker 2: And it just really sucks because obviously this is my space, 154 00:07:24,640 --> 00:07:27,360 Speaker 2: Like I spent a lot of time reading about it 155 00:07:27,400 --> 00:07:29,040 Speaker 2: and learning about it, and I mean, I now have 156 00:07:29,120 --> 00:07:31,520 Speaker 2: my own column, so I write about it, and I'm 157 00:07:31,600 --> 00:07:34,760 Speaker 2: just obsessed with this space. But I also know that 158 00:07:34,840 --> 00:07:37,000 Speaker 2: the worst has not come, and I don't want to 159 00:07:37,040 --> 00:07:41,080 Speaker 2: be that doomsday predictor, but there's absolutely no way that 160 00:07:41,280 --> 00:07:45,320 Speaker 2: the RBA can't raise prices again, Like they're going to 161 00:07:45,400 --> 00:07:47,720 Speaker 2: raise the cash rate. It's going to have to happen 162 00:07:47,800 --> 00:07:52,320 Speaker 2: because inflation has not been chipped away enough. And ultimately 163 00:07:52,400 --> 00:07:54,200 Speaker 2: the reason they're doing that is actually to put us 164 00:07:54,200 --> 00:07:56,520 Speaker 2: in the best possible position. But it doesn't feel that way, 165 00:07:56,640 --> 00:07:58,920 Speaker 2: does it. It feels like they're just kicking us, well 166 00:07:58,960 --> 00:08:00,960 Speaker 2: we're down, when that's not the case at all. So 167 00:08:01,000 --> 00:08:03,160 Speaker 2: I think it's like we need to have this balanced 168 00:08:03,240 --> 00:08:05,560 Speaker 2: view of they're doing the right thing for the economy. 169 00:08:05,560 --> 00:08:07,840 Speaker 2: This is just a bad time. We're in a little 170 00:08:07,880 --> 00:08:09,960 Speaker 2: bit of a pickle, and I guess that's what this 171 00:08:10,000 --> 00:08:14,480 Speaker 2: episode is about right, yeah, scary though all kill Oh 172 00:08:14,600 --> 00:08:17,120 Speaker 2: my goodness. But we go through many stresses in life. 173 00:08:17,120 --> 00:08:20,080 Speaker 4: But it won't surprise you to know that financial stress 174 00:08:20,160 --> 00:08:23,600 Speaker 4: is one of the leading contributors to separation in Australia. 175 00:08:23,840 --> 00:08:27,400 Speaker 2: Really, yeah, I had no idea. No, I definitely knew that. 176 00:08:28,040 --> 00:08:32,080 Speaker 2: Relationships Australia actually says that financial stress is one of 177 00:08:32,240 --> 00:08:36,400 Speaker 2: the main contributors to relationship breakdowns and also stated that 178 00:08:36,520 --> 00:08:40,080 Speaker 2: seven out of ten couples find money causes tension in 179 00:08:40,120 --> 00:08:44,640 Speaker 2: their relationships. I feel like money causes tension in every 180 00:08:44,920 --> 00:08:48,400 Speaker 2: I think part of everybody's life. Yeah, I think so sad, 181 00:08:48,520 --> 00:08:51,760 Speaker 2: isn't it. It's not nice, like's not nice. It's one 182 00:08:51,840 --> 00:08:53,840 Speaker 2: of those things that I wish I could just take 183 00:08:53,880 --> 00:08:58,720 Speaker 2: away because it's also the mix of money stories, like 184 00:08:58,800 --> 00:09:02,000 Speaker 2: we spoke to a money today actually to record an 185 00:09:02,040 --> 00:09:06,200 Speaker 2: episode for the future, and the episode was I don't 186 00:09:06,200 --> 00:09:08,600 Speaker 2: know if it's come out or not yet, but it 187 00:09:08,720 --> 00:09:11,320 Speaker 2: was with a diarist who was in her fifties and 188 00:09:11,360 --> 00:09:16,360 Speaker 2: she's recently separated, and it was because of financial stress. 189 00:09:16,800 --> 00:09:19,720 Speaker 2: He and her were on such different pages. She was 190 00:09:19,760 --> 00:09:22,160 Speaker 2: a saver, he was a spender. There was you know, 191 00:09:22,280 --> 00:09:25,200 Speaker 2: obviously a lot more going on the covers, I think, 192 00:09:25,480 --> 00:09:29,760 Speaker 2: but this idea of having not just like financial stress, right, yeah, 193 00:09:29,800 --> 00:09:32,560 Speaker 2: because if you're on exactly the same page, like you know, Beck, 194 00:09:32,640 --> 00:09:34,800 Speaker 2: if we're in a relationship and you and I we're 195 00:09:34,800 --> 00:09:37,960 Speaker 2: working towards buying our first home, but we both just 196 00:09:38,000 --> 00:09:40,880 Speaker 2: as committed, and I go, Beck, it's noodles for dinner tonight. 197 00:09:40,920 --> 00:09:42,920 Speaker 2: You go, yeah, no worries, like you don't care because 198 00:09:42,920 --> 00:09:45,360 Speaker 2: we're like working towards the same goal exactly. But if 199 00:09:45,360 --> 00:09:49,640 Speaker 2: you were salty that, oh well, why can't we have steak? Yeah, 200 00:09:49,679 --> 00:09:51,320 Speaker 2: and be like oh, we're trying to say even do 201 00:09:51,400 --> 00:09:53,960 Speaker 2: this and do that, like it would be honestly exhausting. 202 00:09:54,240 --> 00:09:56,480 Speaker 2: So it's not just oh, Beck, we're going through our 203 00:09:56,640 --> 00:10:00,520 Speaker 2: financially tough time. Because sometimes those couples that are on 204 00:10:00,760 --> 00:10:04,720 Speaker 2: exactly the same page during tough times, they just become 205 00:10:04,720 --> 00:10:06,720 Speaker 2: a bit tougher. They go, oh, this is real trash, 206 00:10:06,760 --> 00:10:08,679 Speaker 2: but we're in it together, and you know, we have 207 00:10:08,760 --> 00:10:11,720 Speaker 2: to do beans and noodles for weeks on end, And 208 00:10:11,880 --> 00:10:14,520 Speaker 2: maybe they both get it. But I think when you 209 00:10:14,559 --> 00:10:17,160 Speaker 2: have different money stories, and maybe one person is a 210 00:10:17,200 --> 00:10:20,360 Speaker 2: spender and one is a saver, it just becomes even 211 00:10:20,440 --> 00:10:23,000 Speaker 2: more exasperated, Like it just gets worse and worse. Like 212 00:10:23,040 --> 00:10:25,040 Speaker 2: if you had a partner who was a spender and 213 00:10:25,080 --> 00:10:27,760 Speaker 2: you're trying to save and everything just feels expensive and 214 00:10:27,800 --> 00:10:30,319 Speaker 2: you feel like they're being really frivolous. That's going to 215 00:10:30,360 --> 00:10:33,440 Speaker 2: cause so much friction, Like that's going to cause like 216 00:10:33,679 --> 00:10:36,400 Speaker 2: disrupt in a relationship to a point where it might 217 00:10:36,440 --> 00:10:39,199 Speaker 2: not be able to be resolved. So I think it's 218 00:10:39,200 --> 00:10:42,560 Speaker 2: important to point out that it's not just necessarily, you know, 219 00:10:42,720 --> 00:10:46,240 Speaker 2: not having enough money. Sometimes it can be not being 220 00:10:46,240 --> 00:10:49,240 Speaker 2: on the same page about money, or maybe you've been 221 00:10:49,240 --> 00:10:51,520 Speaker 2: in a relationship I can't relate to this, and I 222 00:10:51,520 --> 00:10:54,680 Speaker 2: don't think you can either. Well, money's never been a problem, right, 223 00:10:54,720 --> 00:10:56,960 Speaker 2: and then all of a sudden something happens and it 224 00:10:57,160 --> 00:11:00,240 Speaker 2: is and you realize that, oh wow, we're definitely very 225 00:11:00,240 --> 00:11:03,160 Speaker 2: different people. I didn't think this would happen. Money's fickle. 226 00:11:03,360 --> 00:11:04,160 Speaker 2: Money's fickle. 227 00:11:04,400 --> 00:11:09,079 Speaker 4: It's hell, it ebbs and flows, it does. This might 228 00:11:09,080 --> 00:11:11,600 Speaker 4: be different for different people, but other different phases in 229 00:11:11,640 --> 00:11:13,640 Speaker 4: our lives where financial stress is more common. 230 00:11:13,720 --> 00:11:15,760 Speaker 2: Yeah, I talk about this all the time, as in 231 00:11:15,920 --> 00:11:19,840 Speaker 2: the different seasons you go through in life. And sometimes 232 00:11:19,880 --> 00:11:23,240 Speaker 2: you're going through a season where money's hard, Like maybe 233 00:11:23,280 --> 00:11:26,520 Speaker 2: and this is the most stereotypical example, but like maybe 234 00:11:26,520 --> 00:11:29,200 Speaker 2: you're newly married and have a young kid and you've 235 00:11:29,200 --> 00:11:31,280 Speaker 2: got a mortgage and the interest rate has gone up 236 00:11:31,280 --> 00:11:34,560 Speaker 2: and everything is just stressful because it's not panning out 237 00:11:34,600 --> 00:11:36,360 Speaker 2: the way that you thought it was. Sure. And I 238 00:11:36,400 --> 00:11:39,160 Speaker 2: think that those seasons of life we need to remember 239 00:11:39,160 --> 00:11:42,080 Speaker 2: that they're not forever, Like you're not always going to 240 00:11:42,080 --> 00:11:44,600 Speaker 2: have a newborn, be stuck at home or maternity leave, 241 00:11:44,760 --> 00:11:47,120 Speaker 2: and you know, only be living off one income, like 242 00:11:47,480 --> 00:11:49,520 Speaker 2: your time is going to come around. But I think 243 00:11:49,600 --> 00:11:52,280 Speaker 2: during these periods of time we put unnecessary pressure on 244 00:11:52,280 --> 00:11:55,360 Speaker 2: ourselves because I used to be so good at saving. Yeah, 245 00:11:55,400 --> 00:11:58,080 Speaker 2: but things are different now, Beck, Like your whole entire 246 00:11:58,120 --> 00:12:00,760 Speaker 2: life is different. Like maybe you you've just come back 247 00:12:00,760 --> 00:12:03,600 Speaker 2: from overseas and you don't have as much savings as 248 00:12:03,600 --> 00:12:06,240 Speaker 2: your friends or your family. Like there's gonna be different 249 00:12:06,240 --> 00:12:09,280 Speaker 2: seasons and as you said before, money ebbs and flows. 250 00:12:09,720 --> 00:12:12,520 Speaker 2: But what the research tells us is and there was 251 00:12:12,559 --> 00:12:15,560 Speaker 2: a US study by Bank Create and this is recent, 252 00:12:15,640 --> 00:12:18,400 Speaker 2: so it's from April twenty twenty three. It said that 253 00:12:18,520 --> 00:12:22,080 Speaker 2: middle generations are more stressed about money over younger and 254 00:12:22,240 --> 00:12:26,560 Speaker 2: older generations, with sixty percent of Gen X, so those 255 00:12:26,600 --> 00:12:29,520 Speaker 2: people between the ages of forty three and fifty eight 256 00:12:30,120 --> 00:12:33,280 Speaker 2: and fifty five percent of millennials, which I fall into. 257 00:12:33,480 --> 00:12:36,160 Speaker 2: So that's people between the age of twenty seven to 258 00:12:36,280 --> 00:12:42,480 Speaker 2: forty two reporting that money is a large source of stress. Yeah, okay, okay, 259 00:12:42,679 --> 00:12:44,440 Speaker 2: So it's not just in the US. I feel like 260 00:12:44,840 --> 00:12:48,440 Speaker 2: money stress is universal. It's kind of comforting to know 261 00:12:48,480 --> 00:12:50,880 Speaker 2: that other people are stressed. Who it is, you know, 262 00:12:50,920 --> 00:12:53,559 Speaker 2: allowed to be comforted by the fact that it's not 263 00:12:53,640 --> 00:12:56,120 Speaker 2: just you. Yeah. I feel like you said it at 264 00:12:56,160 --> 00:12:58,200 Speaker 2: the start, like money can be isolating, it can feel 265 00:12:58,280 --> 00:13:01,040 Speaker 2: lonely and like you've been through it before. I used 266 00:13:01,040 --> 00:13:04,480 Speaker 2: to literally lie about how much debt I was in, 267 00:13:05,120 --> 00:13:07,520 Speaker 2: like I didn't want to talk about it. People would 268 00:13:07,559 --> 00:13:09,599 Speaker 2: be like, oh, do you have debt? I don't know 269 00:13:09,640 --> 00:13:12,440 Speaker 2: what you're talking about, absolutely not, Like what do you mean? 270 00:13:12,520 --> 00:13:15,200 Speaker 2: Of course me? No, Never you look back on it, 271 00:13:15,200 --> 00:13:17,480 Speaker 2: and I'm like, do you know how much additional pressure 272 00:13:17,559 --> 00:13:20,240 Speaker 2: that put on me? Like I'm not lying to make 273 00:13:20,280 --> 00:13:23,000 Speaker 2: it easier for myself. In fact, if my friends had known, 274 00:13:23,800 --> 00:13:28,560 Speaker 2: they might have suggested different activities or different things that 275 00:13:28,600 --> 00:13:31,160 Speaker 2: we could have done or put less pressure on me to, 276 00:13:31,559 --> 00:13:34,640 Speaker 2: you know, save as aggressively for thinks like it's so 277 00:13:35,040 --> 00:13:37,920 Speaker 2: silly to be hiding these parts of our money story 278 00:13:38,440 --> 00:13:41,800 Speaker 2: because we think that there's shame associated Beck. If you 279 00:13:41,840 --> 00:13:43,680 Speaker 2: told me that you're in debt now, I'd be like, yeah, okay, 280 00:13:43,720 --> 00:13:45,160 Speaker 2: what are we going to do about it? Is anything 281 00:13:45,160 --> 00:13:48,760 Speaker 2: you need from me? Like, it's not a issue, I 282 00:13:48,800 --> 00:13:51,880 Speaker 2: don't think. I think it's something that How powerful is 283 00:13:51,880 --> 00:13:54,360 Speaker 2: it when you go oh no, I am like, I'm 284 00:13:54,400 --> 00:13:56,720 Speaker 2: just trying to work it out. Yes, let's get it. 285 00:13:57,240 --> 00:14:00,080 Speaker 2: How good, let's do it? Absolutely, I really really like that. 286 00:14:00,160 --> 00:14:03,120 Speaker 2: It's just so important and I think that we need 287 00:14:03,160 --> 00:14:05,719 Speaker 2: to give ourselves a bit more compassion. 288 00:14:05,880 --> 00:14:06,160 Speaker 5: Yeah. 289 00:14:06,200 --> 00:14:09,040 Speaker 2: Absolutely, let's be kinder to ourselves. I agree. 290 00:14:09,120 --> 00:14:10,760 Speaker 4: I think let's take a quick break and after the 291 00:14:10,760 --> 00:14:13,480 Speaker 4: break we'll go into like the practical tips and what 292 00:14:13,559 --> 00:14:13,880 Speaker 4: to do. 293 00:14:13,800 --> 00:14:16,880 Speaker 2: To recover after a financial mess. Before we deserve a treat. 294 00:14:16,920 --> 00:14:18,360 Speaker 2: So let's go to a break. Let's go to a 295 00:14:18,440 --> 00:14:25,480 Speaker 2: quick break. Let's get back into a bit. I'm really excited. 296 00:14:25,560 --> 00:14:27,480 Speaker 2: So V you and I made a list. We did 297 00:14:27,480 --> 00:14:29,600 Speaker 2: make a list. We didn't check it twice. We didn't 298 00:14:29,640 --> 00:14:32,080 Speaker 2: check it twice, so this could be a little bit rogue. 299 00:14:32,080 --> 00:14:34,320 Speaker 2: But it was on Christmas time, so no one reminded 300 00:14:34,440 --> 00:14:35,720 Speaker 2: us to check our list twce. 301 00:14:35,800 --> 00:14:37,760 Speaker 4: But we did make a list of people who were 302 00:14:37,840 --> 00:14:39,400 Speaker 4: naughty and nice just for the sake of it, just 303 00:14:39,400 --> 00:14:40,920 Speaker 4: for the hell of it. But we also made a 304 00:14:40,960 --> 00:14:43,400 Speaker 4: list to kind of figure out what we can do, 305 00:14:43,680 --> 00:14:45,440 Speaker 4: like kind of take steps toward recovery. 306 00:14:45,600 --> 00:14:48,160 Speaker 2: I think about patch. Yeah, so what was first on 307 00:14:48,200 --> 00:14:50,560 Speaker 2: our list? We have eight points that we have come 308 00:14:50,680 --> 00:14:53,120 Speaker 2: up with. Yes, do you mind if you take it away? 309 00:14:53,160 --> 00:14:54,520 Speaker 2: My love? Okay, well, I'll. 310 00:14:54,360 --> 00:14:57,560 Speaker 4: Just go with the first point everyone, so note assess 311 00:14:57,600 --> 00:15:00,760 Speaker 4: your financial situation. Start by taking a close look at 312 00:15:00,760 --> 00:15:05,360 Speaker 4: your income, expenses, debts, and assets if any. I always 313 00:15:05,400 --> 00:15:08,760 Speaker 4: put zero dollars for my assets because unfortunately that's some 314 00:15:08,760 --> 00:15:11,840 Speaker 4: pretty cool glasses on and probably plus twenty dollars. Yea, 315 00:15:11,840 --> 00:15:14,320 Speaker 4: all right, big dog energy? Thank you also have a 316 00:15:14,320 --> 00:15:15,600 Speaker 4: broken fitbit I. 317 00:15:15,520 --> 00:15:17,760 Speaker 2: Do I know if I got a more big dog 318 00:15:17,880 --> 00:15:21,240 Speaker 2: energy because about three dollars to spend. Oh, very nice. 319 00:15:21,280 --> 00:15:23,720 Speaker 4: Straight after that, you're going to create a comprehensive list 320 00:15:23,760 --> 00:15:27,200 Speaker 4: of your financial obligations, including any outstanding bills. 321 00:15:27,440 --> 00:15:29,840 Speaker 2: Loans or credit card debts. This is the stuff that 322 00:15:29,880 --> 00:15:32,680 Speaker 2: makes me feel overwhelmed. Yes, so I feel like this 323 00:15:32,720 --> 00:15:35,360 Speaker 2: step is the hardest step. It is so when you're 324 00:15:35,360 --> 00:15:39,480 Speaker 2: in debt, Beck, how much persuading would it have taken 325 00:15:39,880 --> 00:15:41,520 Speaker 2: for me to sit you down and be like, Beck, 326 00:15:41,920 --> 00:15:44,360 Speaker 2: let's look at how much you earn, how much you spend, 327 00:15:45,200 --> 00:15:48,880 Speaker 2: what you owe, and what you own realistically? And I 328 00:15:49,000 --> 00:15:51,640 Speaker 2: know this for sure. I would never have done it, 329 00:15:51,720 --> 00:15:54,400 Speaker 2: and I just would have been like, nah, thanks, Yeah. 330 00:15:54,240 --> 00:15:57,880 Speaker 4: I would have probably to make the situation less awkward. Yes, 331 00:15:57,960 --> 00:16:00,400 Speaker 4: I'm going to do this, but I would never make it. 332 00:16:00,360 --> 00:16:02,120 Speaker 2: Less awkward for both of us. I'm just going to 333 00:16:02,200 --> 00:16:03,680 Speaker 2: lie to you through my teeth. 334 00:16:04,480 --> 00:16:06,680 Speaker 4: But I just really I was not in any place 335 00:16:06,720 --> 00:16:09,080 Speaker 4: to be doing anything like this is very scary and 336 00:16:09,240 --> 00:16:11,920 Speaker 4: very I don't know. It just kind of like puts 337 00:16:11,960 --> 00:16:12,800 Speaker 4: it into perspective. 338 00:16:12,920 --> 00:16:15,600 Speaker 2: What was the like tipping point for you to actually 339 00:16:15,640 --> 00:16:18,960 Speaker 2: sit down and go, I need to get my stuff together. Well, 340 00:16:19,000 --> 00:16:20,800 Speaker 2: it's when I moved to Melbourne and I had like, 341 00:16:21,080 --> 00:16:23,400 Speaker 2: I hope no payday loan companies listening to this, but 342 00:16:23,440 --> 00:16:24,720 Speaker 2: I had just I hope they are. They need to 343 00:16:24,760 --> 00:16:26,240 Speaker 2: learn a few things. Maybe they do, but I just 344 00:16:26,280 --> 00:16:29,160 Speaker 2: got a few. Don't come into our games about sponsoring us, 345 00:16:29,200 --> 00:16:31,120 Speaker 2: because I'll say no no. I also hope no real 346 00:16:31,240 --> 00:16:32,760 Speaker 2: estate agents are listening to this. You know, we like 347 00:16:32,800 --> 00:16:33,640 Speaker 2: real estate agents. 348 00:16:33,640 --> 00:16:33,920 Speaker 1: We do. 349 00:16:34,000 --> 00:16:36,960 Speaker 4: But I had just been approved for a unit by myself, 350 00:16:36,960 --> 00:16:38,880 Speaker 4: a one bedroom, but I didn't have any money. I 351 00:16:38,960 --> 00:16:40,560 Speaker 4: had no money. I don't know why I even did this. 352 00:16:40,600 --> 00:16:41,720 Speaker 4: I don't know why I applied for this. 353 00:16:41,720 --> 00:16:43,280 Speaker 2: Place, but I done it. I had to get like 354 00:16:43,400 --> 00:16:45,200 Speaker 2: literally three or four pay day loans. Is that what 355 00:16:45,240 --> 00:16:45,560 Speaker 2: they called? 356 00:16:45,600 --> 00:16:46,360 Speaker 3: Oh yeah, yeah, yeah. 357 00:16:46,360 --> 00:16:48,080 Speaker 2: I don't know why I keep forgetting the name after 358 00:16:48,120 --> 00:16:48,640 Speaker 2: I've said it. 359 00:16:48,640 --> 00:16:51,360 Speaker 4: It's good to forget that. This is a good idea 360 00:16:51,400 --> 00:16:53,680 Speaker 4: to forget about them. As soon as I mentioned them, 361 00:16:53,960 --> 00:16:56,240 Speaker 4: and then I was so snowed under. I had so 362 00:16:56,440 --> 00:16:59,280 Speaker 4: many different debts from different places, and I had no 363 00:16:59,320 --> 00:17:02,520 Speaker 4: way to consolidate everything. And so that's kind of what 364 00:17:02,560 --> 00:17:03,640 Speaker 4: made me think I need to do. 365 00:17:03,600 --> 00:17:06,440 Speaker 2: So maybe I need to do something about it. It's true, though, 366 00:17:06,560 --> 00:17:09,600 Speaker 2: I feel like these are the conversations we need to have, 367 00:17:09,640 --> 00:17:12,040 Speaker 2: because how many times can I sit down and be like, Okay, 368 00:17:12,080 --> 00:17:14,399 Speaker 2: you need to look at your financespec we need to 369 00:17:14,400 --> 00:17:16,159 Speaker 2: look at what you earn spend owner No, and you're 370 00:17:16,200 --> 00:17:18,320 Speaker 2: gonna be like, yep, okay, that's a good idea. You're 371 00:17:18,320 --> 00:17:20,159 Speaker 2: going to pull this podcast out of your ears, and 372 00:17:20,200 --> 00:17:23,320 Speaker 2: then you're gonna go and probably tap on your credit 373 00:17:23,320 --> 00:17:26,639 Speaker 2: card to get another coffee. Yeah, we're not crucifying the coffee. 374 00:17:26,800 --> 00:17:28,960 Speaker 2: But I think it's so important to just go. You 375 00:17:29,000 --> 00:17:31,120 Speaker 2: know what, We know it's hard, We've actually been there. 376 00:17:31,600 --> 00:17:33,480 Speaker 2: I tried to get out of debt because I got 377 00:17:33,480 --> 00:17:35,600 Speaker 2: in a relationship and I didn't want to tell my 378 00:17:35,880 --> 00:17:40,080 Speaker 2: now husband that I was in personal debt. I was mortified. 379 00:17:40,119 --> 00:17:42,160 Speaker 2: I was like, oh, this is so embarrassing because when 380 00:17:42,200 --> 00:17:44,240 Speaker 2: we got in a relationship, I had a really good job. 381 00:17:44,440 --> 00:17:46,840 Speaker 2: I just started my business like I was bopping along 382 00:17:47,080 --> 00:17:49,920 Speaker 2: like on paper. If I didn't tell you all the 383 00:17:49,960 --> 00:17:52,400 Speaker 2: bad things, I looked really good, right, But I didn't 384 00:17:52,400 --> 00:17:54,240 Speaker 2: want to tell him that I had this massive debt. 385 00:17:54,280 --> 00:17:58,880 Speaker 2: That's embarrassing, Like I just feel like it's embracing. No, 386 00:17:59,080 --> 00:18:02,200 Speaker 2: absolutely not, and like I only had the remnants of debt, 387 00:18:02,600 --> 00:18:04,560 Speaker 2: like I'd paid most of it off, but I was 388 00:18:04,640 --> 00:18:08,840 Speaker 2: still mortified by it. And you know what, if I 389 00:18:08,960 --> 00:18:11,320 Speaker 2: just told him, do you know how much less stress 390 00:18:11,359 --> 00:18:12,240 Speaker 2: I would have been carrying. 391 00:18:12,280 --> 00:18:12,520 Speaker 3: I know. 392 00:18:13,400 --> 00:18:14,720 Speaker 2: Do you know what? He didn't even care. When I 393 00:18:14,720 --> 00:18:16,800 Speaker 2: finally did tell him, he was like, okay, and and 394 00:18:16,840 --> 00:18:19,200 Speaker 2: I was like, is that it? That's your response, that's 395 00:18:19,240 --> 00:18:22,439 Speaker 2: your response. And I've been working this up in my Headho, okay, 396 00:18:22,560 --> 00:18:26,840 Speaker 2: no worries. Yes, all right, yes, exactly my favorite tip. 397 00:18:27,040 --> 00:18:29,480 Speaker 2: So we're moving on to number two. Yep. So we've 398 00:18:29,480 --> 00:18:32,800 Speaker 2: decided to look at our financial situation. Number two is 399 00:18:32,960 --> 00:18:37,040 Speaker 2: creating a budget. You still haven't done this? No, no, 400 00:18:37,080 --> 00:18:38,639 Speaker 2: but that's okay. I'll sit down with you later and 401 00:18:38,680 --> 00:18:42,439 Speaker 2: we can absolutely do this. I think that developing a 402 00:18:42,480 --> 00:18:46,280 Speaker 2: realistic budget is really really important because at the end 403 00:18:46,280 --> 00:18:49,080 Speaker 2: of the day, a budget it's not about restriction. It's 404 00:18:49,080 --> 00:18:51,560 Speaker 2: about understanding how many dollars come in, how many dollars 405 00:18:51,600 --> 00:18:53,840 Speaker 2: go out, and where they're flowing and what they're flowing 406 00:18:53,880 --> 00:18:58,280 Speaker 2: to and from. And that to me is really really important. Beck, 407 00:18:58,680 --> 00:19:00,000 Speaker 2: Why haven't you got a budget yet? 408 00:19:00,320 --> 00:19:02,520 Speaker 4: Living in denial for me is comfortable right now. It's 409 00:19:02,560 --> 00:19:07,240 Speaker 4: not getting anywhere, big river, but I should be really 410 00:19:07,240 --> 00:19:07,640 Speaker 4: doing it. 411 00:19:07,840 --> 00:19:10,040 Speaker 2: I'll do it for you. How about that? I would 412 00:19:10,160 --> 00:19:12,359 Speaker 2: love that? Is it a deal? It's a deal with 413 00:19:12,520 --> 00:19:15,600 Speaker 2: shaking hands. It's a deal. I don't know if anyone 414 00:19:15,760 --> 00:19:18,199 Speaker 2: on the podcast shaking hands, but just know that we're 415 00:19:18,200 --> 00:19:21,919 Speaker 2: shaking hand. We can high five Reddy. Okay, ready, that 416 00:19:22,080 --> 00:19:25,200 Speaker 2: was a terrible hard true. Oh we recorded the video 417 00:19:25,200 --> 00:19:25,480 Speaker 2: of it. 418 00:19:25,560 --> 00:19:28,800 Speaker 4: Was a good sound of high five though, true. Yeah, yeah, yeah, right, 419 00:19:28,840 --> 00:19:30,879 Speaker 4: Oh my god, I'm scared. So Beck is now going 420 00:19:30,960 --> 00:19:34,000 Speaker 4: to create a budget. You're not in a financial pickle anymore, 421 00:19:34,040 --> 00:19:36,280 Speaker 4: but that would turbo charge you to move forward and 422 00:19:36,440 --> 00:19:37,320 Speaker 4: smash some goals. 423 00:19:37,320 --> 00:19:39,399 Speaker 2: I reckon kind of like, I don't have any savings still, 424 00:19:39,480 --> 00:19:41,440 Speaker 2: and I haven't told anyone this, but I have ten 425 00:19:41,440 --> 00:19:43,480 Speaker 2: thousand dollars worth of Victoria fines that I need to 426 00:19:43,480 --> 00:19:46,600 Speaker 2: pay off. There, what's number three? 427 00:19:46,720 --> 00:19:50,000 Speaker 4: Okay, so let's go to number three. Seek professional advice. 428 00:19:50,240 --> 00:19:54,280 Speaker 4: Consider consulting a financial advisor or credit counselor who specializes 429 00:19:54,320 --> 00:19:57,840 Speaker 4: in helping people recover from financial difficulty. Yes, they can 430 00:19:57,880 --> 00:20:01,200 Speaker 4: provide personalized advice based on yours and help you create 431 00:20:01,240 --> 00:20:02,520 Speaker 4: a plan to get back on track. 432 00:20:02,640 --> 00:20:06,159 Speaker 2: They absolutely can. I have ranted and raved about the 433 00:20:06,560 --> 00:20:10,480 Speaker 2: National Debt Helpline six hundred million times. The National Debt 434 00:20:10,480 --> 00:20:13,680 Speaker 2: help Line are your friends? I promise they are not scary. 435 00:20:13,960 --> 00:20:15,760 Speaker 2: I feel like picking up the phone can be the 436 00:20:15,760 --> 00:20:18,000 Speaker 2: hardest part of that though. Yeah, So pick up the phone, 437 00:20:18,080 --> 00:20:21,200 Speaker 2: go have a chat to them. They're all nice because 438 00:20:21,520 --> 00:20:23,200 Speaker 2: I don't know if this makes you feel better or worse. 439 00:20:23,960 --> 00:20:26,600 Speaker 2: Guarantee there's a worse story that they've dealt with. If 440 00:20:26,600 --> 00:20:29,480 Speaker 2: that makes you feel any better? True, true, true. I 441 00:20:29,480 --> 00:20:31,440 Speaker 2: guess it kind of does and doesn't because I feel 442 00:20:31,440 --> 00:20:32,800 Speaker 2: bad for whoever that worst story is. 443 00:20:32,960 --> 00:20:33,239 Speaker 5: I know. 444 00:20:33,440 --> 00:20:36,000 Speaker 2: But I think at this point in time, if you're 445 00:20:36,080 --> 00:20:39,679 Speaker 2: just trying to take the first step, you're probably feeling like, 446 00:20:39,960 --> 00:20:41,520 Speaker 2: oh my gosh, they're going to judge me. They're going 447 00:20:41,600 --> 00:20:43,360 Speaker 2: to think this is the worst step up, babe. They're 448 00:20:43,400 --> 00:20:46,320 Speaker 2: not no like they've seen it or whether they've heard 449 00:20:46,359 --> 00:20:48,360 Speaker 2: about it, Like, there are going to be people out 450 00:20:48,400 --> 00:20:52,359 Speaker 2: there literally in your shoes. And to be honest, I guarantee, 451 00:20:52,400 --> 00:20:54,000 Speaker 2: the second you pick up the phone and have a chat, 452 00:20:54,000 --> 00:20:56,080 Speaker 2: you're gonna be like, oh, they were really nice, and 453 00:20:56,119 --> 00:21:00,000 Speaker 2: then they're gonna go, oh, I've done this before, getting 454 00:21:00,080 --> 00:21:02,960 Speaker 2: back in a better position, so easy, let's do it, yeap? 455 00:21:03,240 --> 00:21:05,560 Speaker 2: How good is that? That's so? True? Ten out of ten. 456 00:21:06,040 --> 00:21:11,879 Speaker 2: Number four prioritize debt repayments, So this one can be 457 00:21:11,920 --> 00:21:14,840 Speaker 2: really hard and there's lots of different methods we could implement. 458 00:21:14,880 --> 00:21:17,000 Speaker 2: But if you have lots of different debts, I would 459 00:21:17,080 --> 00:21:19,840 Speaker 2: look at focusing on paying off high interest step first 460 00:21:20,200 --> 00:21:23,960 Speaker 2: or making minimum repayments on other debts. So consider your 461 00:21:24,000 --> 00:21:27,360 Speaker 2: debt consolidation options as well. So if you have multiple 462 00:21:27,400 --> 00:21:29,200 Speaker 2: debts like you did Beck, maybe we need to talk 463 00:21:29,240 --> 00:21:31,280 Speaker 2: to someone to consolidate them all together. 464 00:21:31,520 --> 00:21:31,720 Speaker 1: Yep. 465 00:21:31,880 --> 00:21:35,080 Speaker 2: I do think that balance transfers on credit cards can 466 00:21:35,119 --> 00:21:37,520 Speaker 2: be helpful, but they can also just end you up 467 00:21:37,520 --> 00:21:39,720 Speaker 2: in a bigger pickle at the end of the day. 468 00:21:40,160 --> 00:21:43,119 Speaker 2: So definitely go back to point number three and seek 469 00:21:43,160 --> 00:21:45,520 Speaker 2: some professional advice because they'll be able to send you 470 00:21:45,560 --> 00:21:48,360 Speaker 2: in the right direction. Because as much as that can 471 00:21:48,400 --> 00:21:50,480 Speaker 2: be a good option, I don't want to be a 472 00:21:50,520 --> 00:21:55,679 Speaker 2: debbie downer. But sometimes debt consolidations not possible. So if 473 00:21:55,720 --> 00:21:58,520 Speaker 2: you've got a really low credit score or you don't 474 00:21:58,520 --> 00:22:00,959 Speaker 2: have a lot of income a lot of debt, like 475 00:22:01,359 --> 00:22:03,480 Speaker 2: you might not be in a position for that to 476 00:22:03,480 --> 00:22:05,920 Speaker 2: be an option, but I think we should look into 477 00:22:06,000 --> 00:22:08,960 Speaker 2: it regardless. Yes, very good point. It is not always possible, 478 00:22:09,040 --> 00:22:11,119 Speaker 2: but you know, have a look see what you can do. 479 00:22:11,200 --> 00:22:12,040 Speaker 2: I agree now. 480 00:22:12,240 --> 00:22:16,000 Speaker 4: Number five, negotiate with creditors. So if you're struggling to 481 00:22:16,040 --> 00:22:18,760 Speaker 4: meet your debt obligations, reach out to your creditors and 482 00:22:18,840 --> 00:22:22,080 Speaker 4: explain your situation and they may be willing to negotiate 483 00:22:22,400 --> 00:22:25,800 Speaker 4: newer payment terms, lower interest rates, or even accept a 484 00:22:25,800 --> 00:22:27,440 Speaker 4: partial payment to settle the debt. 485 00:22:27,720 --> 00:22:31,000 Speaker 2: I feel like everyone should do this regardless. So yeah, 486 00:22:31,359 --> 00:22:34,840 Speaker 2: first question, have you reached out to find Victoria? I haven't. 487 00:22:35,040 --> 00:22:37,200 Speaker 2: All right, Well, what are you doing? You're not walking 488 00:22:37,240 --> 00:22:38,120 Speaker 2: the walk, are you? 489 00:22:38,200 --> 00:22:38,400 Speaker 1: Yeah? 490 00:22:38,400 --> 00:22:40,119 Speaker 2: I didn't even know that was I do it. I 491 00:22:40,200 --> 00:22:42,520 Speaker 2: love fights, Like, maybe I could let me add it. 492 00:22:42,680 --> 00:22:45,879 Speaker 2: We will write a banging letter. So this is going 493 00:22:45,960 --> 00:22:48,680 Speaker 2: to be a good example. You've got what teen grand worth? 494 00:22:48,760 --> 00:22:50,560 Speaker 2: Are fine? I think it's like eight thousand or nine 495 00:22:50,600 --> 00:22:53,000 Speaker 2: thousand norties? Wease? I know. Are we allowed to know 496 00:22:53,040 --> 00:22:54,880 Speaker 2: what you did? Is it real? Noughty? No, you're allowed 497 00:22:54,880 --> 00:22:55,040 Speaker 2: to know. 498 00:22:55,080 --> 00:22:56,920 Speaker 4: It's just a bunch of like speeding fines and stuff 499 00:22:56,960 --> 00:23:00,560 Speaker 4: that just accumulated avertar yeah, and paying seventy a month 500 00:23:00,640 --> 00:23:02,600 Speaker 4: over ten years, and I don't really want to be 501 00:23:02,800 --> 00:23:03,240 Speaker 4: doing that. 502 00:23:03,359 --> 00:23:06,240 Speaker 2: No, let's try and renegotiate that. That's a very good idea. 503 00:23:06,440 --> 00:23:08,600 Speaker 2: I think it's a good idea. Okay, let's work it out. 504 00:23:08,680 --> 00:23:10,360 Speaker 2: Let's work it out. I think it's quite smart. Can 505 00:23:10,400 --> 00:23:13,000 Speaker 2: I add on to that? Sure? So not just creditors 506 00:23:13,000 --> 00:23:17,080 Speaker 2: your bills, try and renegotiating. Yes, so, as you guys know, 507 00:23:17,480 --> 00:23:20,480 Speaker 2: I love a good deal. A few of the girls 508 00:23:20,480 --> 00:23:22,879 Speaker 2: in our team have been jumping online to their bill 509 00:23:23,359 --> 00:23:27,280 Speaker 2: suppliers's bill suppliers. Who is it like your utility? So 510 00:23:27,280 --> 00:23:30,320 Speaker 2: they've been jumping online and they're looking at their phone bills, 511 00:23:30,320 --> 00:23:33,280 Speaker 2: They're looking at their water and their electricity. It's honestly, 512 00:23:33,320 --> 00:23:37,000 Speaker 2: beck become like a game inside group chat, like we 513 00:23:37,119 --> 00:23:39,520 Speaker 2: have slack for work, and I swear that she's on 514 00:23:39,560 --> 00:23:42,399 Speaker 2: the money. Group chat is just people in my team 515 00:23:42,480 --> 00:23:46,000 Speaker 2: bragging about how they got a better deal. So a 516 00:23:46,000 --> 00:23:48,199 Speaker 2: lot of them are with the same phone company, the 517 00:23:48,240 --> 00:23:50,360 Speaker 2: one I'm not with, which is obviously not as good 518 00:23:50,400 --> 00:23:52,480 Speaker 2: as a Masim. But that's fine if you guys want 519 00:23:52,480 --> 00:23:55,159 Speaker 2: to waste your money, no worries. But they've been negotiating 520 00:23:55,520 --> 00:23:58,880 Speaker 2: to get like a different deal. So one of them 521 00:23:58,960 --> 00:24:00,600 Speaker 2: was like, oh, I'm paying sixty bucks a month for 522 00:24:00,680 --> 00:24:03,560 Speaker 2: my plan. I'm getting sixty gig and another was like, ah, 523 00:24:03,560 --> 00:24:05,680 Speaker 2: that's a bad deal. You should be getting one hundred 524 00:24:05,720 --> 00:24:08,640 Speaker 2: gig for x amount, And then they're trying to negotiate 525 00:24:08,680 --> 00:24:11,320 Speaker 2: it with the people online. But the coolest thing I 526 00:24:11,359 --> 00:24:14,680 Speaker 2: didn't realize is lots of utility companies have online chat. 527 00:24:14,760 --> 00:24:16,960 Speaker 2: You don't even have to call them beck, you don't 528 00:24:17,000 --> 00:24:20,840 Speaker 2: have to assertive vocally, you can just type out then no, 529 00:24:21,000 --> 00:24:22,680 Speaker 2: I would like to see if there's a better deal. 530 00:24:23,080 --> 00:24:25,679 Speaker 2: That's a little bit comfier. It's so much more comfy. 531 00:24:26,080 --> 00:24:28,760 Speaker 2: It's to the downfall of our utility companies though, because 532 00:24:28,800 --> 00:24:33,520 Speaker 2: all these millennials gen z we can type, we can type, 533 00:24:33,520 --> 00:24:36,199 Speaker 2: we can type of big keyboard warriors. Who do you 534 00:24:36,240 --> 00:24:40,719 Speaker 2: think invented the troll? Exactly exactly. We're gonna get a 535 00:24:40,720 --> 00:24:43,480 Speaker 2: good deal, but no wheries if not, no worries. If not, 536 00:24:43,520 --> 00:24:46,919 Speaker 2: thanks for looking anyway. So definitely try and negotiate with 537 00:24:46,960 --> 00:24:50,640 Speaker 2: your creditors. But also what bills can you bring down 538 00:24:50,640 --> 00:24:53,800 Speaker 2: in the introm without a lot of confrontation. We all 539 00:24:53,840 --> 00:24:56,640 Speaker 2: love that. Let's have a little look. See what's next. 540 00:24:56,720 --> 00:25:01,440 Speaker 2: Number Numero six, Numero six, it sounds very classy. Yes, 541 00:25:01,920 --> 00:25:04,760 Speaker 2: look to see if you qualify for any government support 542 00:25:04,920 --> 00:25:08,840 Speaker 2: programs you genius eligible for things like income support payments, 543 00:25:08,920 --> 00:25:12,680 Speaker 2: housing benefits, healthcare subsidies. Check with the relevant agencies to 544 00:25:12,760 --> 00:25:15,840 Speaker 2: determine if you qualify for any support. Genius. I just 545 00:25:15,880 --> 00:25:18,200 Speaker 2: think that's blanket. It's a great idea. National Debt help 546 00:25:18,240 --> 00:25:20,119 Speaker 2: learn is going to know about that, sent links going 547 00:25:20,200 --> 00:25:22,520 Speaker 2: to know about that. There's lots of places you can go. 548 00:25:23,040 --> 00:25:24,960 Speaker 2: I feel like the best thing you can do is 549 00:25:25,000 --> 00:25:27,960 Speaker 2: google financial support programs on your state and a lot 550 00:25:28,000 --> 00:25:30,919 Speaker 2: will pop up. Yeah, genius, have a little looxi. 551 00:25:31,160 --> 00:25:31,479 Speaker 1: All right. 552 00:25:31,800 --> 00:25:37,040 Speaker 2: Number seven is arguably my favorite and should have been higher. 553 00:25:37,119 --> 00:25:40,199 Speaker 2: We should have really done this checking list twice. Thing 554 00:25:40,320 --> 00:25:43,800 Speaker 2: beck maybe, but we want people to remember because it's 555 00:25:43,840 --> 00:25:46,800 Speaker 2: saved last. It's almost the last thing, all right. So 556 00:25:46,920 --> 00:25:51,600 Speaker 2: this one is build an emergency fund when you're in debt. 557 00:25:52,200 --> 00:25:54,080 Speaker 2: I think a lot of people think that they need 558 00:25:54,119 --> 00:25:56,640 Speaker 2: to build an emergency fund once they get out of shore, 559 00:25:56,920 --> 00:25:58,960 Speaker 2: or that no, no, no, I shouldn't have money sitting 560 00:25:58,960 --> 00:26:00,520 Speaker 2: to the side if I'm in debt. It should go 561 00:26:00,520 --> 00:26:03,840 Speaker 2: to debt repayments. Like, I totally get that mentality, but 562 00:26:04,280 --> 00:26:07,080 Speaker 2: I think it's so important to start setting aside a 563 00:26:07,119 --> 00:26:11,159 Speaker 2: portion of your income into an emergency fund. Obviously, the 564 00:26:11,200 --> 00:26:14,080 Speaker 2: goal might be whatever you want right It could be 565 00:26:14,119 --> 00:26:16,200 Speaker 2: three months worth of your expenses or six months worth 566 00:26:16,200 --> 00:26:18,359 Speaker 2: of your expenses. But I promise, if you're in significant 567 00:26:18,359 --> 00:26:19,800 Speaker 2: personal debt or you're in a little bit of a 568 00:26:19,840 --> 00:26:23,879 Speaker 2: financial pickle, that's unrealistic. So let's start with two hundred bucks. 569 00:26:24,080 --> 00:26:27,280 Speaker 2: Then let's talk about five hundred dollars. Because if you're 570 00:26:27,359 --> 00:26:31,040 Speaker 2: in a financial pickle and something else pops up, the 571 00:26:31,080 --> 00:26:33,359 Speaker 2: only option you're going to have is to go into 572 00:26:33,440 --> 00:26:35,439 Speaker 2: more debt to pay that off. That's true. Do you 573 00:26:35,440 --> 00:26:37,359 Speaker 2: know how empowering it is if you're in a bit 574 00:26:37,359 --> 00:26:40,560 Speaker 2: of a financial pickle and you know, a bill pops up, 575 00:26:40,680 --> 00:26:43,159 Speaker 2: or you get another speeding fine like miss Beck across 576 00:26:43,200 --> 00:26:46,639 Speaker 2: the table who thinks she's speedy Gonzales, you can pay it. 577 00:26:47,600 --> 00:26:51,199 Speaker 2: How empowering that on your journey of debt reduction, that 578 00:26:51,320 --> 00:26:53,959 Speaker 2: you don't have to join back into the spiral of 579 00:26:53,960 --> 00:26:57,159 Speaker 2: going back into debt. And you go, oh, my emergency 580 00:26:57,160 --> 00:27:00,600 Speaker 2: fund paid for that, Look at my good financial planning, 581 00:27:00,800 --> 00:27:03,280 Speaker 2: look at my changed habits. You're going to feel so 582 00:27:03,560 --> 00:27:06,800 Speaker 2: empowered when you need to use that emergency fund because 583 00:27:06,800 --> 00:27:08,320 Speaker 2: you're can be like, this is exactly what I've been 584 00:27:08,359 --> 00:27:10,720 Speaker 2: planning for. Yeah, Like, no one plans to take on 585 00:27:10,800 --> 00:27:13,600 Speaker 2: more debt, No one wants that. But life is very, 586 00:27:13,840 --> 00:27:16,560 Speaker 2: very unpredictable, and I think that one of the things 587 00:27:16,600 --> 00:27:18,480 Speaker 2: you can do while in debt take a lot of 588 00:27:18,520 --> 00:27:21,800 Speaker 2: the pressure off and start creating good financial habits is 589 00:27:21,840 --> 00:27:25,280 Speaker 2: to actually just have an emergency fund that you can 590 00:27:25,320 --> 00:27:27,840 Speaker 2: rely on a little bit so that you don't feel, 591 00:27:28,040 --> 00:27:31,680 Speaker 2: as I guess, bound to debt repayments. I think it's 592 00:27:31,720 --> 00:27:35,119 Speaker 2: really smart. That is very smart. What is the last tip? 593 00:27:35,160 --> 00:27:38,280 Speaker 4: Beck, Yes, so this one, I would arguably say, is 594 00:27:38,359 --> 00:27:40,520 Speaker 4: maybe the most important, more important than that. 595 00:27:40,880 --> 00:27:43,919 Speaker 2: No, that's not such thing that is more important than 596 00:27:44,000 --> 00:27:47,280 Speaker 2: an emergency fund. I take that back, right, number eight? 597 00:27:47,320 --> 00:27:50,240 Speaker 2: What is it? Stay positive and patient? Oh we did 598 00:27:50,280 --> 00:27:52,880 Speaker 2: write that one down, and I feel like it's really 599 00:27:52,960 --> 00:27:56,400 Speaker 2: important though, exactly like recovering from a financial mess does 600 00:27:56,440 --> 00:27:57,719 Speaker 2: take time and persistence. 601 00:27:57,880 --> 00:28:00,800 Speaker 4: Just avoid getting discouraged and stay folks from your goals, 602 00:28:01,080 --> 00:28:04,080 Speaker 4: celebrate small victories along the way, and keep working toward 603 00:28:04,200 --> 00:28:07,320 Speaker 4: long term financial stability. You will get there. It does 604 00:28:07,400 --> 00:28:10,760 Speaker 4: sometimes feel exactly what you said, like you're maybe stuck 605 00:28:11,040 --> 00:28:13,680 Speaker 4: in this cycle, like you're stuck in quicksand because something 606 00:28:13,680 --> 00:28:15,280 Speaker 4: pops up and you're in debt orlready, you're going to 607 00:28:15,320 --> 00:28:17,199 Speaker 4: go into more debt, and et cetera, et cetera. This 608 00:28:17,240 --> 00:28:20,000 Speaker 4: is why an emergency find is important. Whether it's ten 609 00:28:20,080 --> 00:28:23,520 Speaker 4: dollars a month, five dollars a month, whatever you can afford, 610 00:28:23,960 --> 00:28:26,399 Speaker 4: just put a little bit aside and stay patient with 611 00:28:26,440 --> 00:28:28,200 Speaker 4: yourself and be kind to yourself. 612 00:28:28,480 --> 00:28:30,720 Speaker 2: Yeah, no, I love it all right. Well, I think 613 00:28:30,800 --> 00:28:32,720 Speaker 2: unfortunately that is all we have time for today. But 614 00:28:32,760 --> 00:28:35,840 Speaker 2: I guess this entire episode is hopefully making you feel 615 00:28:35,880 --> 00:28:38,880 Speaker 2: a little bit more empowered, Yeah, a little less alone. 616 00:28:39,320 --> 00:28:41,880 Speaker 2: This stuff can be really hard. And if you're not 617 00:28:41,960 --> 00:28:44,080 Speaker 2: in debt and you've just listened to this whole episode, 618 00:28:44,160 --> 00:28:47,240 Speaker 2: I promise learning more about this is going to help 619 00:28:47,280 --> 00:28:49,960 Speaker 2: serve one our community so that they feel more heard. 620 00:28:50,200 --> 00:28:52,680 Speaker 2: But also you're going to run into a friend or 621 00:28:52,680 --> 00:28:54,720 Speaker 2: a family member who's going through this and some of 622 00:28:54,760 --> 00:28:57,560 Speaker 2: these tips or tricks or even just level of empathy 623 00:28:58,120 --> 00:29:01,520 Speaker 2: can actually help them feel so much better about their journey. 624 00:29:01,840 --> 00:29:04,959 Speaker 2: Very good point, V, So stick with it. You're all 625 00:29:04,960 --> 00:29:06,720 Speaker 2: doing a great job, and I'm proud of every single 626 00:29:06,800 --> 00:29:08,960 Speaker 2: one of you. Yes, we are. We love you all right, 627 00:29:09,000 --> 00:29:16,000 Speaker 2: We'll see when Friday. Have the best week. Bye, guys. 628 00:29:17,480 --> 00:29:20,040 Speaker 5: The advice shared on She's on the Money is general 629 00:29:20,080 --> 00:29:23,920 Speaker 5: in nature and does not consider your individual circumstances. She's 630 00:29:24,000 --> 00:29:27,440 Speaker 5: on the Money exists purely for educational purposes and should 631 00:29:27,480 --> 00:29:30,640 Speaker 5: not be relied upon to make an investment or financial decision. 632 00:29:31,040 --> 00:29:33,480 Speaker 5: If you do choose to buy a financial product, read 633 00:29:33,520 --> 00:29:36,840 Speaker 5: the PDS TMD and obtain appropriate financial. 634 00:29:36,400 --> 00:29:38,200 Speaker 2: Advice tailored towards your needs. 635 00:29:38,560 --> 00:29:42,520 Speaker 5: Victoria Divine and She's on the Money are authorized representatives 636 00:29:42,560 --> 00:29:46,600 Speaker 5: of money. 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