Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
Speaker 1: the Order Kerney Whalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: We will face many stresses in our lives and findancel
Speaker 4: stress is the most common. Yet when we're in the
Speaker 4: thick of it, there can be tremendous shame, loneliness and
Speaker 4: a feeling like we'll never get out of the hole.
Speaker 4: So today on the show, we're going to discuss how
Speaker 4: to recover after a financial mess in joining you today
Speaker 4: on the Cheese on the Money are two women who
Speaker 4: have been in financial messes and gotten themselves out. My
Speaker 4: name is Beckside and joining me is Victoria Divine.
Speaker 2: Hello, my friend, my financially messy friend. Is that where
Speaker 2: we're going with that intro? Yes, I feel like it
Speaker 2: is so true, and that is exactly why She's on
Speaker 2: the Money community exists. I have been in a financial
Speaker 2: pickle or two in my lifetime, and so have you, Beck.
Speaker 2: So I feel like we created Cheese on the Money.
Speaker 2: I mean, you didn't create Cheese on the Money. I did.
Speaker 2: But then the second I met you, I was like,
Speaker 2: you're gonna come with us. I'm very grateful. It's kind
Speaker 2: of like a little cult one that I want to
Speaker 2: be part of. Yeah, Like, I mean, it's all positive,
Speaker 2: but I'm sure every cult leader says that. I guess
Speaker 2: that's why She's on the Money exists. And I really
Speaker 2: created it honestly to create a space to discuss and
Speaker 2: support people during their financial journey, because, honestly, before I
Speaker 2: started She's on the Money, there wasn't a place online
Speaker 2: that I felt like I could ask money questions, or
Speaker 2: seek tips and tricks, or feel comfortable being like, Hey,
Speaker 2: how do I X Y Z. And while I was
Speaker 2: out of that financial pickle when I started She's on
Speaker 2: the Money, I just knew that there were so many
Speaker 2: people in the same situations. As me and I kind
Speaker 2: of just I have that is it like a savior complex?
Speaker 2: Feel like that's what I've got where I see what
Speaker 2: you're saying, pick you up and help and hug you
Speaker 2: and put you in a better position, and like that's
Speaker 2: my way of doing that. So, yeah, I gave you culty.
Speaker 2: Maybe not. And obviously finance is a massive journey, and
Speaker 2: I feel like it takes lots of different twists and turns,
Speaker 2: and we go through so many different seasons in our life.
Speaker 2: So I think it's so important that we kind of
Speaker 2: embrace that and talk about it and how much richer
Speaker 2: are we having known I guess other people's journeys and
Speaker 2: what they're going through, and just this idea that you're
Speaker 2: not alone, because, as you say in the intro, it
Speaker 2: can be lonely. You can feel shame, you can feel
Speaker 2: like you're never going to get out of this position,
Speaker 2: you can't see the light at the end of the tunnel.
Speaker 2: And then you've been through it. Now you're out the
Speaker 2: other side. How much better is it?
Speaker 4: It's so much better and it totally know what you mean.
Speaker 4: It's kind of like you're also doing this for the
Speaker 4: younger version of yourself. The one that was lonely, and
Speaker 4: the one that did feel shame and the one that
Speaker 4: was embarrassed.
Speaker 2: Yeah, she didn't deserve that.
Speaker 4: She didn't deserve that, And there's no place for people
Speaker 4: who have something really really not embarrassing, but when you're
Speaker 4: in the moment, you feel like it's embarrassed, you know,
Speaker 4: like I was too embarrassed to say I have so
Speaker 4: much debt that I've accumulated on my own. You just
Speaker 4: worry about that kind of thing exactly. This is a
Speaker 4: really good place. No judgment ever, no judgment ever outa babes.
Speaker 2: But there is a new NAB survey that has recently
Speaker 2: come out and I found it really interesting. It's surveyed
Speaker 2: two thousand Aussies and I found that forty percent of
Speaker 2: people were experiencing some form of financial difficulty. Where are
Speaker 2: those forty percent? Because I feel like all I'm saying
Speaker 2: on my feet at the moment is Europe trips yeap,
Speaker 2: So like that's not reflective with my experience and social media.
Speaker 2: But that's very true.
Speaker 4: But it's also comforting to know, but like sad in
Speaker 4: a way, but also come to be like, hey, there
Speaker 4: are people out there that are just like you and.
Speaker 2: The fact, oh my gosh, did this one had me
Speaker 2: riled up. Someone from the RBA, not to name names,
Speaker 2: came out and said, oh, did you see all of
Speaker 2: the spending that happened on Taylor Swift tickets? Obviously Australia
Speaker 2: is not under so much financial pressure as we once
Speaker 2: had anticipated. Beck, do you believe that because we all
Speaker 2: bought Taylor Swift tickets we are financially stable?
Speaker 1: No?
Speaker 4: But also really, there's like how many people in Australia
Speaker 4: twenty three million or something, and what like maybe one
Speaker 4: million people bought tickets, not even not even.
Speaker 2: A million tickets. No, I need the math, so the MCG.
Speaker 2: I've done the maths because I wanted to know my
Speaker 2: probability of getting tickets, which I will have you know.
Speaker 2: I did get tickets because I am a hustler, if anything.
Speaker 1: M hmm.
Speaker 2: I didn't get them because I work in media, Because Beck,
Speaker 2: you and I both know Taylor Swift tickets weren't actually
Speaker 2: available to anybody working in media. And we you and
Speaker 2: I we work for radio station. Yes, a radio station.
Speaker 2: Who not to throw them under your buse, I love
Speaker 2: you dearly, but we thought that we might get early
Speaker 2: access because one of the benefits of working in radio,
Speaker 2: right is that often you get like the pre sale
Speaker 2: industry peeps, Ye shouldn't do that, So I did the
Speaker 2: maths mcg it holds one hundred thousand people. She's now
Speaker 2: having three shows. That's three hundred thousand tickets. On the
Speaker 2: day there were more than eight million people trying to
Speaker 2: get tickets. Obviously, we just love Taylor Swift. Like, it's
Speaker 2: not actually about whether we can afford it or not.
Speaker 2: I feel like there were so many people who probably
Speaker 2: went into debt to get Kaylor Swift tickets exactly. But
Speaker 2: she's an icon.
Speaker 4: It's like when you're sick at home and your mum
Speaker 4: sees you laughing, and what you mustn't be that what
Speaker 4: do you want me to do is sit here and
Speaker 4: just cry all night.
Speaker 2: No, you've got to laugh when you can. Like, it's
Speaker 2: exactly the same, truly the same thing. How rude, so annoying.
Speaker 2: One out of ten for that comment. I'm sure that
Speaker 2: they've won a lot of friends making comments like that.
Speaker 2: I'm not one of them. Also, that tells us that
Speaker 2: the number of Australians that are under financial stress is
Speaker 2: currently at a three year high as households struggle with
Speaker 2: the rising cost of living and all of our interest
Speaker 2: rate hikes. Feel like that makes a lot of sense.
Speaker 2: And then it has been said that this is quote
Speaker 2: the highest number since the start of the pandemic, and
Speaker 2: it includes those struggling with paying bills, covering rent or
Speaker 2: mortgage payments, paying for food and basic necessities, and having
Speaker 2: any money for emergencies. I feel like that all makes sense. RBA.
Speaker 2: I support you guys. You're trying to bring down inflation
Speaker 2: and look after the economy, but you don't need to
Speaker 2: say daft things that make everybody angry.
Speaker 4: Yeah, and make us feel like you really don't get it.
Speaker 4: You're just outing yourself.
Speaker 2: As not being in touch with the common man.
Speaker 4: Doesn't get it at all, So that's very annoying. But
Speaker 4: you know what, the figures you just read out, it
Speaker 4: doesn't surprise me at all. Like I have been bankrupt before,
Speaker 4: as you know, and I understand that it's a common experience, but.
Speaker 2: It honestly is such commony experience. According to the Australian
Speaker 2: Financial Security Agency, there were two thy four hundred and
Speaker 2: ninety four personal insolvencies in the March quarter twenty twenty three. Alone. Wow,
Speaker 2: So that's not like per year. That was in a quarter.
Speaker 2: And I feel like those things are only going to
Speaker 2: increase as financial pressures, I guess increase over time. And
Speaker 2: it just really sucks because obviously this is my space,
Speaker 2: Like I spent a lot of time reading about it
Speaker 2: and learning about it, and I mean, I now have
Speaker 2: my own column, so I write about it, and I'm
Speaker 2: just obsessed with this space. But I also know that
Speaker 2: the worst has not come, and I don't want to
Speaker 2: be that doomsday predictor, but there's absolutely no way that
Speaker 2: the RBA can't raise prices again, Like they're going to
Speaker 2: raise the cash rate. It's going to have to happen
Speaker 2: because inflation has not been chipped away enough. And ultimately
Speaker 2: the reason they're doing that is actually to put us
Speaker 2: in the best possible position. But it doesn't feel that way,
Speaker 2: does it. It feels like they're just kicking us, well
Speaker 2: we're down, when that's not the case at all. So
Speaker 2: I think it's like we need to have this balanced
Speaker 2: view of they're doing the right thing for the economy.
Speaker 2: This is just a bad time. We're in a little
Speaker 2: bit of a pickle, and I guess that's what this
Speaker 2: episode is about right, yeah.
Speaker 4: Scary though all kill Oh my goodness. But we go
Speaker 4: through many stresses in life. But it won't surprise you
Speaker 4: to know that financial stress is one of the leading
Speaker 4: contributors to separation in Australia.
Speaker 2: Really, yeah, I had no idea, No, I definitely knew that.
Speaker 2: Relationships Australia actually says that financial stress is one of
Speaker 2: the main contributors to relationship breakdowns and also stated that
Speaker 2: seven out of ten couples find money causes tension in
Speaker 2: their relationships. I feel like money causes tension in every
Speaker 2: I think part of everybody's life. Yeah, I think so sad,
Speaker 2: isn't it. It's not nice, like not nice. It's one
Speaker 2: of those things that I wish I could just take
Speaker 2: away because it's also the mix of money stories, like
Speaker 2: we spoke to a money today actually to record an
Speaker 2: episode for the future, and the episode was I don't
Speaker 2: know if it's come out or not yet, but it
Speaker 2: was with a diarist who was in her fifties and
Speaker 2: she's recently separated, and it was because of financial stress.
Speaker 2: He and her were on such different pages. She was
Speaker 2: a saver, he was a spender. There was you know,
Speaker 2: obviously a lot more going on the covers, I think.
Speaker 2: But this idea of having not just like financial stress, right, yeah,
Speaker 2: because if you're on exactly the same page, like you know, Beck,
Speaker 2: if we're in a relationship and you and I we're
Speaker 2: working towards buying our first home, but we both just
Speaker 2: as committed, and I go, Beck, it's noodles for dinner tonight.
Speaker 2: You go, yeah, no worries, Like you don't care because
Speaker 2: we're like working towards the same goal exactly. But if
Speaker 2: you were salty that, oh well, why can't we have steak? Yeah,
Speaker 2: and be like oh, we're trying to say even do
Speaker 2: this and do that, like it would be honestly exhausting.
Speaker 2: So it's not just oh, Beck, we're going through our
Speaker 2: financially tough time. Because sometimes those couples that are on
Speaker 2: exactly the same page during tough times, they just become
Speaker 2: a bit tougher. They go, oh, this is real trash,
Speaker 2: but we're in it together, and you know, we have
Speaker 2: to do beans and noodles for weeks on end. And
Speaker 2: maybe they both get it. But I think when you
Speaker 2: have different money stories, and maybe one person is a
Speaker 2: spender and one is a saver, it just becomes even
Speaker 2: more exasperated, Like it just gets worse and worse. Like
Speaker 2: if you had a partner who was a spender and
Speaker 2: you're trying to save and everything just feels expensive and
Speaker 2: you feel like they're being really frivolous. That's going to
Speaker 2: cause so much friction, Like that's going to cause like
Speaker 2: disrupt in a relationship to a point where it might
Speaker 2: not be able to be resolved. So I think it's
Speaker 2: important to point out that it's not just necessarily, you know,
Speaker 2: not having enough money. Sometimes it can be not being
Speaker 2: on the same page about money, or maybe you've been
Speaker 2: in a relationship. I can't relate to this, and I
Speaker 2: don't think you can either. Well, money's never been a problem, right,
Speaker 2: And then all of a sudden something happens and it
Speaker 2: is and you realize that, oh wow, we're definitely very
Speaker 2: different people. I didn't think this would happen. Money's fickle.
Speaker 2: Money's fickle.
Speaker 4: It's hell, it ebbs and flows, it does. This might
Speaker 4: be different for different people, but other different phases in
Speaker 4: our lives where financial stress is more common. Yeah.
Speaker 2: I talk about this all the time, as in the
Speaker 2: different seasons you go through in life, and sometimes you're
Speaker 2: going through a season where money's hard. Like maybe and
Speaker 2: this is the most stereotypical example, but like maybe you're
Speaker 2: newly married and have a young kid and you've got
Speaker 2: a mortgage and the interest rate has gone up and
Speaker 2: everything is just stressful because it's not panning out the
Speaker 2: way that you thought it was. Sure. And I think
Speaker 2: that those seasons of life we need to remember that
Speaker 2: they're not forever, Like you're not always going to have
Speaker 2: a newborn, be stuck at home or maternity leave, and
Speaker 2: you know, only be living off one income, like your
Speaker 2: time is going to come around. But I think during
Speaker 2: these periods of time we put unnecessary pressure on ourselves
Speaker 2: because I used to be so good at saving. Yeah,
Speaker 2: but things are different now, Beck, Like your whole entire
Speaker 2: life is different. Like maybe you you've just come back
Speaker 2: from overseas and you don't have as much savings as
Speaker 2: your friends or your family. Like there's gonna be different
Speaker 2: seasons and as you said before, money ebbs and flows.
Speaker 2: But what the research tells us is and there was
Speaker 2: a US study by Bank Create and this is recent,
Speaker 2: so it's from April twenty twenty three, it said that
Speaker 2: middle generations are more stressed about money over younger and
Speaker 2: older generations, with sixty percent of Gen X, so those
Speaker 2: people between the ages of forty three and fifty eight,
Speaker 2: and fifty five percent of millennials, which I fall into.
Speaker 2: So that's people between the age of twenty seven to
Speaker 2: forty two reporting that money is a large source of stress. Yeah, okay, okay,
Speaker 2: So it's not just in the US. I feel like
Speaker 2: money stress is universal. It's kind of comforting to know
Speaker 2: that other people are stressed about it. Is you're allowed
Speaker 2: to be comforted by the fact that it's not just you. Yeah.
Speaker 2: I feel like you said it at the start, like
Speaker 2: money can be isolating, it can feel lonely and like
Speaker 2: you've been through it before. I used to literally lie
Speaker 2: about how much debt I was in, like I didn't
Speaker 2: want to talk about it. People would be like, oh,
Speaker 2: do you have debt? I don't know what you're talking about,
Speaker 2: absolutely not, Like what do you mean? Of course me? No,
Speaker 2: Never you look back on it, and I'm like, do
Speaker 2: you know how much additional pressure that put on me?
Speaker 2: Like I'm not lying to make it easier for myself.
Speaker 2: In fact, if my friends had known, they might have
Speaker 2: suggested different activities or different things that we could have
Speaker 2: done or put less pressure on me to, you know,
Speaker 2: save as aggressively for thinks like it's so silly to
Speaker 2: be hiding these parts of our money story because we
Speaker 2: think that there's shame associated Beck. If you told me
Speaker 2: that you're in debt now, I'd be like, yeah, okay,
Speaker 2: what are we going to do about it? Is anything
Speaker 2: you need from me? Like, it's not a issue, I
Speaker 2: don't think. I think it's something that How powerful is
Speaker 2: it when you go oh no, I am like, I'm
Speaker 2: just trying to work it out. Yes, let's get it.
Speaker 2: How good, let's do it? Absolutely, I really really like that.
Speaker 2: It's just so important and I think that we need
Speaker 2: to give ourselves a bit more compassion.
Speaker 1: Yeah.
Speaker 2: Absolutely, let's be kinder to ourselves. I agree.
Speaker 4: I think let's take a quick break and after the
Speaker 4: break we'll go into like the practical tips and what
Speaker 4: to do.
Speaker 2: To recover after a financial mess before we deserve a treat.
Speaker 2: So let's go to a break. Let's go to a
Speaker 2: quick break. Let's get back into a bit. I'm really excited.
Speaker 2: So V you and I made a list. We did
Speaker 2: make a list. We didn't check it twice we didn't
Speaker 2: check it twice, so this could be a little bit rogue.
Speaker 2: But it was on Christmas time, so no one reminded
Speaker 2: us to check our list twce.
Speaker 4: But we did make a list of people who were
Speaker 4: naughty and nice just for the sake of it, just
Speaker 4: for the hell of it. But we also made a
Speaker 4: list to kind of figure out what we can do,
Speaker 4: like kind of take steps toward recovery.
Speaker 2: I think about patch. Yeah, so what was first on
Speaker 2: our list? We have eight points that we have come
Speaker 2: up with. Yes, do you mind if you take it away?
Speaker 2: My love? Okay, well, I'll.
Speaker 4: Just go with the first point everyone, so note assess
Speaker 4: your financial situation. Start by taking a close look at
Speaker 4: your income, expenses, debts, and assets if any. I always
Speaker 4: put zero dollars for my assets because unfortunately that's some
Speaker 4: pretty cool glasses on and probably plus twenty dollars. Yea,
Speaker 4: all right, big dog energy?
Speaker 2: Thank you? Also have a broken fitbit I.
Speaker 4: Do I know if I got a more big dog
Speaker 4: energy because about three dollars to spend.
Speaker 2: Oh, very nice.
Speaker 4: Straight after that, you're going to create a comprehensive list
Speaker 4: of your financial obligations, including any outstanding bills, loans, or
Speaker 4: credit card debts.
Speaker 2: This is the stuff that makes me feel overwhelmed. Yes,
Speaker 2: so I feel like this step is the hardest step.
Speaker 2: It is so when you're in debt, Beck, how much
Speaker 2: persuading would it have taken for me to sit you
Speaker 2: down and be like, Beck, let's look at how much
Speaker 2: you earn, how much you spend, what you owe, and
Speaker 2: what you own realistically? And I know this for sure.
Speaker 2: I would never have done it, and I just would
Speaker 2: have been like, nah, thanks, Yeah.
Speaker 4: I would have probably to make the situation less awkward. Yes,
Speaker 4: I'm going to do this, but I would never make it.
Speaker 2: Less awkward for both of us. I'm just going to
Speaker 2: lie to you through my teeth.
Speaker 4: But I just really I was not in any place
Speaker 4: to be doing anything like this is very scary and
Speaker 4: very I don't know. It just kind of like puts
Speaker 4: it into perspective.
Speaker 2: What was the like tipping point for you to actually
Speaker 2: sit down and go, I need to get my stuff together.
Speaker 4: Well, it's when I moved to Melbourne and I had like,
Speaker 4: I hope no payday loan companies listening to this, but
Speaker 4: I had just I hope they are they need to
Speaker 4: learn a few things. Maybe they do but I just
Speaker 4: got a few.
Speaker 2: Don't come into our games about sponsoring us, because I'll
Speaker 2: say no no. I also hope no real estate agents
Speaker 2: are listening to this. You know, we like real estate agents.
Speaker 1: We do.
Speaker 4: But I had just been approved for a unit by myself,
Speaker 4: a one bedroom, but I didn't have any money.
Speaker 2: I had no money. I don't know why I even
Speaker 2: did this. I don't know why I applied for this place,
Speaker 2: but I done it. I had to get like literally
Speaker 2: three or four pay day loans. Is that what they called?
Speaker 3: Oh yeah, yeah, yeah.
Speaker 2: I don't know why I keep forgetting the name after
Speaker 2: I've said it. It's good to forget that.
Speaker 4: This is a good idea to forget about them. As
Speaker 4: soon as I mentioned them, and then I was so
Speaker 4: snowed under. I had so many different debts from different places,
Speaker 4: and I had no way to consolidate everything.
Speaker 2: And so that's kind of what made me think I
Speaker 2: need to do so maybe I need to do something
Speaker 2: about it. It's true, though, I feel like these are
Speaker 2: the conversations we need to have, because how many times
Speaker 2: can I sit down and be like, Okay, you need
Speaker 2: to look at your financespec we need to look at
Speaker 2: what you earn spend owner. No, and you're gonna be like, yep, okay,
Speaker 2: that's a good idea. You're going to pull this podcast
Speaker 2: out of your ears, and then you're gonna go and
Speaker 2: probably tap on your credit card to get another coffee. Yeah,
Speaker 2: we're not crucifying the coffee. But I think it's so
Speaker 2: important to just go. You know what, We know it's hard,
Speaker 2: We've actually been there. I tried to get out of
Speaker 2: debt because I got in a relationship and I didn't
Speaker 2: want to tell my now husband that I was in
Speaker 2: personal debt. I was mortified. I was like, oh, this
Speaker 2: is so embarrassing because when we got in a relationship,
Speaker 2: I had a really good job. I just started my
Speaker 2: business like I was bopping along like on paper. If
Speaker 2: I didn't tell you all the bad things, I looked
Speaker 2: really good, right, But I didn't want to tell him
Speaker 2: that I had this massive debt that's embarrassing, Like I
Speaker 2: just feel like it's embracing. No, absolutely not, and like
Speaker 2: I only had the remnants of debt, like I'd paid
Speaker 2: most of it off, but I was still mortified by it.
Speaker 2: And you know what, if I just told him, do
Speaker 2: you know how much less stress I would have been
Speaker 2: carrying I know. Do you know what? He didn't even care.
Speaker 2: When I finally did tell him, he was like, okay,
Speaker 2: and and I was like, is that it? That's your response,
Speaker 2: that's your response. And I've been working this up in
Speaker 2: my Headho, okay, no worries. Yes, all right, yes, exactly
Speaker 2: my favorite tip. So we're moving on to number two. Yep.
Speaker 2: So we've decided to look at our financial situation. Number
Speaker 2: two is creating a budget. You still haven't done this? No, no,
Speaker 2: but that's okay. I'll sit down with you later and
Speaker 2: we can absolutely do this. I think that developing a
Speaker 2: realistic budget is really really important because at the end
Speaker 2: of the day, a budget it's not about restriction. It's
Speaker 2: about understanding how many dollars come in, how many dollars
Speaker 2: go out, and where they're flowing and what they're flowing
Speaker 2: to and from. And that, to me is really really important. Beck,
Speaker 2: Why haven't you got a budget yet?
Speaker 4: Living in denial for me is comfortable right now. It's
Speaker 4: not getting anywhere, big river, but I should be really
Speaker 4: doing it.
Speaker 2: I'll do it for you. How about that? I would
Speaker 2: love that? Is it a deal? It's a deal with
Speaker 2: shaking hands. It's a deal. I don't know if anyone
Speaker 2: on the podcast shaking hands, but just know that we're
Speaker 2: shaking hand. We can high five Reddy. Okay, ready, that
Speaker 2: was a terrible hard true. Oh we recorded the video
Speaker 2: of it.
Speaker 4: Was a good sound of high five though, true. Yeah, yeah, yeah, right,
Speaker 4: Oh my god, I'm scared. So Beck is now going
Speaker 4: to create a budget. You're not in a financial pickle anymore,
Speaker 4: but that would turbo charge you to move forward and
Speaker 4: smash some goals. I reckon kind of like, I don't
Speaker 4: have any savings still, and I haven't told anyone this,
Speaker 4: but I have ten thousand dollars worth of Victoria fines
Speaker 4: that I need to pay off.
Speaker 2: There, what's number three?
Speaker 4: Okay, so let's go to number three. Seek professional advice.
Speaker 4: Consider consulting a financial advisor or credit counselor who specializes
Speaker 4: in helping people recover from financial difficulty. Yes, they can
Speaker 4: provide personalized advice based on yours and help you create
Speaker 4: a plan to get back on track.
Speaker 2: They absolutely can. I have ranted and raved about the
Speaker 2: National Debt Helpline six hundred million times. The National Debt
Speaker 2: help Line are your friends? I promise they are not scary.
Speaker 2: I feel like picking up the phone can be the
Speaker 2: hardest part of that though. Yeah, So pick up the phone,
Speaker 2: go have a chat to them. They're all nice because
Speaker 2: I don't know if this makes you feel better or worse.
Speaker 2: Guarantee there's a worse story that they've dealt with. If
Speaker 2: that makes you feel any better? True, true, true. I
Speaker 2: guess it kind of does and doesn't because I feel
Speaker 2: bad for whoever that worst story is.
Speaker 3: I know.
Speaker 2: But I think at this point in time, if you're
Speaker 2: just trying to take the first step, you're probably feeling like,
Speaker 2: oh my gosh, they're going to judge me. They're going
Speaker 2: to think this is the worst step up, babe. They're
Speaker 2: not no like they've seen it or whether they've heard
Speaker 2: about it, Like, there are going to be people out
Speaker 2: there literally in your shoes. And to be honest, I guarantee,
Speaker 2: the second you pick up the phone and have a chat,
Speaker 2: you're gonna be like, oh, they were really nice, and
Speaker 2: then they're gonna go, oh, I've done this before, getting
Speaker 2: back in a better position, so easy, let's do it, yeap?
Speaker 2: How good is that? That's so? True? Ten out of ten.
Speaker 2: Number four prioritize debt repayments, So this one can be
Speaker 2: really hard and there's lots of different methods we could implement.
Speaker 2: But if you have lots of different debts, I would
Speaker 2: look at focusing on paying off high interest step first
Speaker 2: or making minimum repayments on other debts. So consider your
Speaker 2: debt consolidation options as well. So if you have multiple
Speaker 2: debts like you did Beck, maybe we need to talk
Speaker 2: to someone to consolidate them all together.
Speaker 1: Yep.
Speaker 2: I do think that balance transfers on credit cards can
Speaker 2: be helpful, but they can also just end you up
Speaker 2: in a bigger pickle at the end of the day.
Speaker 2: So definitely go back to point number three and seek
Speaker 2: some professional advice because they'll be able to send you
Speaker 2: in the right direction. Because as much as that can
Speaker 2: be a good option, I don't want to be a
Speaker 2: debbie downer. But sometimes debt consolidations not possible. So if
Speaker 2: you've got a really low credit score or you don't
Speaker 2: have a lot of income a lot of debt, like
Speaker 2: you might not be in a position for that to
Speaker 2: be an option, but I think we should look into
Speaker 2: it regardless. Yes, very good point. It is not always possible,
Speaker 2: but you know, have a look see what you can do.
Speaker 2: I agree now.
Speaker 4: Number five, negotiate with creditors. So if you're struggling to
Speaker 4: meet your debt obligations, reach out to your creditors and
Speaker 4: explain your situation and they may be willing to negotiate
Speaker 4: newer payment terms, lower interest rates, or even accept a
Speaker 4: partial payment to settle the debt.
Speaker 2: I feel like everyone should do this regardless. So yeah,
Speaker 2: first question, have you reached out to find Victoria? I haven't.
Speaker 2: All right, Well, what are you doing? You're not walking
Speaker 2: the walk, are you?
Speaker 1: Yeah?
Speaker 2: I didn't even know that was I do it. I
Speaker 2: love fights, Like, maybe I could let me add it.
Speaker 2: We will write a banging letter. So this is going
Speaker 2: to be a good example. You've got what teen grand worth?
Speaker 2: Are fine? I think it's like eight thousand or nine
Speaker 2: thousand norties? Wease I know. Are we allowed to know
Speaker 2: what you did? Is it real? Noughty? No, you're allowed
Speaker 2: to know.
Speaker 4: It's just a bunch of like speeding fines and stuff
Speaker 4: that just accumulated avertar yeah, and paying seventy a month
Speaker 4: over ten years, and I don't really want to be
Speaker 4: doing that.
Speaker 2: No, let's try and renegotiate that. That's a very good idea.
Speaker 2: I think it's a good idea. Okay, let's work it out.
Speaker 2: Let's work it out. I think it's quite smart. Can
Speaker 2: I add on to that? Sure? So not just creditors
Speaker 2: your bills, try and renegotiating. Yes, so, as you guys know,
Speaker 2: I love a good deal. A few of the girls
Speaker 2: in our team have been jumping online to their bill suppliers.
Speaker 2: It's a bill suppliers, who is it like your utility?
Speaker 2: So they've been jumping online and they're looking at their
Speaker 2: phone bills, They're looking at their water and their electricity.
Speaker 2: It's honestly, beck become like a game inside group chat,
Speaker 2: like we have slack for work, and I swear that
Speaker 2: she's on the money. Group chat is just people in
Speaker 2: my team bragging about how they got a better deal.
Speaker 2: So a lot of them are with the same phone company,
Speaker 2: the one I'm not with, which is obviously not as
Speaker 2: good as a Masim. But that's fine if you guys
Speaker 2: want to waste your money, no worries. But they've been
Speaker 2: negotiating to get like a different deal. So one of
Speaker 2: them was like, oh, I'm paying sixty bucks a month
Speaker 2: for my plan. I'm getting sixty gig and another was like, ah,
Speaker 2: that's a bad deal. You should be getting one hundred
Speaker 2: gig for x amount, And then they're trying to negotiate
Speaker 2: it with the people online. But the coolest thing I
Speaker 2: didn't realize is lots of utility companies have online chat.
Speaker 2: You don't even have to call them beck, you don't
Speaker 2: have to be assertive vocally. You can just type out
Speaker 2: then no, I would like to see if there's a
Speaker 2: better deal. That's a little bit comfier. It's so much
Speaker 2: more comfy. It's to the downfall of our utility companies though,
Speaker 2: because all these millennials gen z we can type, we
Speaker 2: can type, we can type of big keyboard warriors. Who
Speaker 2: do you think invented the troll? Exactly exactly. We're gonna
Speaker 2: get a good deal, but no wheries if not, no worries.
Speaker 2: If not, thanks for looking anyway. So definitely try and
Speaker 2: negotiate with your creditors. But also what bills can you
Speaker 2: bring down in the introm without a lot of confrontation.
Speaker 2: We all love that. Let's have a little look. See
Speaker 2: what's next.
Speaker 4: Number Numero six, Numero six, it sounds very classy. Yes,
Speaker 4: look to see if you qualify for any government support
Speaker 4: programs you genius eligible for things like income support payments,
Speaker 4: housing benefits, healthcare subsidies. Check with the relevant agencies to
Speaker 4: determine if you qualify.
Speaker 2: For any support. Genius. I just think that's blanket. It's
Speaker 2: a great idea. National Debt help learn is going to
Speaker 2: know about that, sent links going to know about that.
Speaker 2: There's lots of places you can go. I feel like
Speaker 2: the best thing you can do is google financial support
Speaker 2: programs on your state and a lot will pop up. Yeah, genius,
Speaker 2: have a little looxi.
Speaker 1: All right.
Speaker 2: Number seven is arguably my favorite and should have been higher.
Speaker 2: We should have really done this checking list twice. Thing
Speaker 2: beck maybe, but we want people to remember because it's
Speaker 2: saved last. It's almost the last thing, all right. So
Speaker 2: this one is build an emergency fund when you're in debt.
Speaker 2: I think a lot of people think that they need
Speaker 2: to build an emergency fund once they get out of shore,
Speaker 2: or that no, no, no, I shouldn't have money sitting
Speaker 2: to the side if I'm in debt, it should go
Speaker 2: to debt repayments. Like, I totally get that mentality, but
Speaker 2: I think it's so important to start setting aside a
Speaker 2: portion of your income into an emergency fund. Obviously, the
Speaker 2: goal might be whatever you want right It could be
Speaker 2: three months worth of your expenses or six months worth
Speaker 2: of your expenses. But I promise, if you're in significant
Speaker 2: personal debt or you're in a little bit of a
Speaker 2: financial pickle, that's unrealistic. So let's start with two hundred bucks.
Speaker 2: Then let's talk about five hundred dollars. Because if you're
Speaker 2: in a financial pickle and something else pops up, the
Speaker 2: only option you're going to have is to go into
Speaker 2: more debt to pay that off. That's true. Do you
Speaker 2: know how empowering it is? If you're in a bit
Speaker 2: of a financial pickle and you know, a bill pops up,
Speaker 2: or you get another speeding fine like miss Beck across
Speaker 2: the table who thinks she's speedy Gonzales, you can pay it.
Speaker 2: How empowering that on your journey of debt reduction, that
Speaker 2: you don't have to join back into the spiral of
Speaker 2: going back into debt. And you go, oh, my emergency
Speaker 2: fund paid for that, Look at my good financial planning,
Speaker 2: look at my changed habits. You're going to feel so
Speaker 2: empowered when you need to use that emergency fund because
Speaker 2: you're can be like, this is exactly what I've been
Speaker 2: planning for. Yeah, Like, no one plans to take on
Speaker 2: more debt, No one wants that. But life is very,
Speaker 2: very unpredictable, and I think that one of the things
Speaker 2: you can do while in debt take a lot of
Speaker 2: the pressure off and start creating good financial habits is
Speaker 2: to actually just have an emergency fund that you can
Speaker 2: rely on a little bit so that you don't feel,
Speaker 2: as I guess, bound to debt repayments. I think it's
Speaker 2: really smart. That is very smart. What is the last tip?
Speaker 4: Beck, Yes, so this one, I would arguably say, is
Speaker 4: maybe the most important, more important than that.
Speaker 2: No, that's not such thing that is more important than
Speaker 2: an emergency fund. I take that back, right, number eight?
Speaker 2: What is it? Stay positive and patient? Oh we did
Speaker 2: write that one down, and I feel like it's really
Speaker 2: important though, exactly like recovering from a financial mess does
Speaker 2: take time and persistence.
Speaker 4: Just avoid getting discouraged and stay folks from your goals,
Speaker 4: celebrate small victories along the way, and keep working toward
Speaker 4: long term financial stability. You will get there. It does
Speaker 4: sometimes feel exactly what you said, like you're maybe stuck
Speaker 4: in this cycle, like you're stuck in quicksand because something
Speaker 4: pops up and you're in debt orlready, you're going to
Speaker 4: go into more debt, and et cetera, et cetera. This
Speaker 4: is why an emergency find is important. Whether it's ten
Speaker 4: dollars a month, five dollars a month, whatever you can afford,
Speaker 4: just put a little bit aside and stay patient with
Speaker 4: yourself and be kind to yourself.
Speaker 2: Yeah, no, I love it all right. Well, I think
Speaker 2: unfortunately that is all we have time for today. But
Speaker 2: I guess this entire episode is hopefully making you feel
Speaker 2: a little bit more empowered, Yeah, a little less alone.
Speaker 2: This stuff can be really hard. And if you're not
Speaker 2: in debt and you've just listened to this whole episode,
Speaker 2: I promise learning more about this is going to help
Speaker 2: serve one our community so that they feel more heard.
Speaker 2: But also you're going to run into a friend or
Speaker 2: a family member who's going through this and some of
Speaker 2: these tips or tricks or even just level of empathy
Speaker 2: can actually help them feel so much better about their journey.
Speaker 2: Very good point, V, So stick with it. You're all
Speaker 2: doing a great job, and I'm proud of every single
Speaker 2: one of you. Yes, we are. We love you all right,
Speaker 2: We'll see when Friday. Have the best week. Bye, guys.
Speaker 2: The advice shared on She's on the Money is general
Speaker 2: in nature and does not consider your individual circumstances. She's
Speaker 2: on the Money exists purely for educational purposes and should
Speaker 2: not be relied upon to make an investment or financial decision.
Speaker 2: If you do choose to buy a financial product, read
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards
Speaker 2: your needs. Victoria Divine and She's on the Money are
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