Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yor
Speaker 1: the Order KERNI Whoalbury 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: Hello, and welcome to the last Wednesday of twenty twenty three.
Speaker 2: With Shoes on the Money.
Speaker 4: Do you know what that means?
Speaker 2: I don't actually means. It's been next year five years
Speaker 2: of podcast. Oh my god, holy hecking.
Speaker 4: Are you going to celebrate?
Speaker 2: Probably not. I'm not very good at celebrating things.
Speaker 4: That's fair.
Speaker 2: I do like a little Instagram post. We could get
Speaker 2: donuts or something.
Speaker 4: Oh, I would love that. I mean, I haven't been
Speaker 4: here for the whole five years.
Speaker 2: But sorry, are you on the team? Are you off
Speaker 2: the team? Are on the team.
Speaker 4: I feel like I'm on it. Can I have a donut? Still?
Speaker 1: Oh?
Speaker 2: You can have ten donuts? Thank you? My shower? All right,
Speaker 2: what are we doing?
Speaker 5: Okay, So today we're talking about news resolutions, which I
Speaker 5: think I feel like everyone's on top of mind right
Speaker 5: now for everyone.
Speaker 4: Yeah, can I ask what yours are?
Speaker 2: You can ask what minor? Oh my gosh, I don't
Speaker 2: know what minor. I have no idea. I feel like
Speaker 2: it starts. Coming year is going to be crazy for me.
Speaker 2: True the end of February, I'm going to become.
Speaker 4: A Mom's got to be a mum?
Speaker 2: What the heck? So I feel like everything is I
Speaker 2: think I just want to be able to I guess yeah,
Speaker 2: do that. There's nothing that I really want to change.
Speaker 2: I feel like last year I had, or like last
Speaker 2: year as in this year, I've had just had a
Speaker 2: really productive year, Like I've smashed some really big goals.
Speaker 2: I've gotten on track, I've done yeah to me a
Speaker 2: lot yeap, And I'm super excited about it. But it's
Speaker 2: just one of those things that you go do you
Speaker 2: know what. I'm actually really proud of where I've come from.
Speaker 2: So while we're talking about you know, smashing your new
Speaker 2: financial goals for twenty twenty four. I also think it's
Speaker 2: a good time to kind of like step back and go,
Speaker 2: do you know what? Twenty twenty three was hard for
Speaker 2: lots of us financially cooked, cost of living crisis cooked
Speaker 2: for lots of us who have debt or mortgages, absolutely stressful.
Speaker 2: So I think that we need to give ourselves a
Speaker 2: bit of a pad on the back and go, you
Speaker 2: know what, we didn't come this far or only come
Speaker 2: this far? Yep, doesn't matter if you didn't achieve any
Speaker 2: of the goals you set out to achieve this year?
Speaker 2: Who cares?
Speaker 1: Mean?
Speaker 2: You probably care? That's all right. We can start fresh
Speaker 2: next year. We can start on a really good foot.
Speaker 2: But like beck, who cares? If you didn't achieve a
Speaker 2: goal in twenty twenty three that you really really wanted to,
Speaker 2: does it mean it's completely unobtainable for the rest of
Speaker 2: your life? No, exactly, we can still do it.
Speaker 4: It's never too late to start, exactly.
Speaker 2: So do I know what my news resolutions are?
Speaker 1: No?
Speaker 2: Hopefully by the end of this episode, I have a
Speaker 2: better clearer idea, and I do definitely need to sit
Speaker 2: down over I guess you could say the New Year's
Speaker 2: break and write some of my own ones out. But yeah,
Speaker 2: I think sitting down and talking about smashing your new
Speaker 2: year's financial goals, it's a good place to be. But
Speaker 2: we need to, I guess, start it from a place
Speaker 2: of kindness as well. Not kindness for each other, which
Speaker 2: is always given, but more kindness for ourselves, because sometimes
Speaker 2: coming to a point, like right now, you're listening to
Speaker 2: this episode, going I didn't achieve anything. They I'm really disappointed.
Speaker 2: That's fine, I'm not proud of you. Look at you.
Speaker 2: You're still listening to the pod, You're still engaged in
Speaker 2: the community, You're still wanting what is best for you,
Speaker 2: And isn't that the best?
Speaker 4: That's a really good way to look at it.
Speaker 2: I think it's the only way we can look at it.
Speaker 4: I love that, I think.
Speaker 5: Yeah, So the start of the year kind of like
Speaker 5: sees us all reaved up to set new Year's resolutions.
Speaker 5: Whether we stick to someone or not is totally fine,
Speaker 5: but we do kind of find ourselves more likely than
Speaker 5: ever to set fitness goals or focus on life changes.
Speaker 5: And while anytime is a good time to reassess your
Speaker 5: financial goals, the beginning of a year feels like a
Speaker 5: nice clean slate to set our new intentions on. Yeah, totally,
Speaker 5: it really does.
Speaker 2: You're like, new year, new media, financial goals. It feels good,
Speaker 2: you know, she's fresh. Totally get a new diary and everything.
Speaker 4: Yeah untainted? We can, Yeah we can leave everything.
Speaker 2: Haven't even doodled all over it.
Speaker 4: Yeah that's exactly right.
Speaker 5: And that's why today we're talking top tips for kicking
Speaker 5: your New year's financial goals.
Speaker 2: I'm obsessed.
Speaker 5: Did you know that seventy four percent of Aussie is
Speaker 5: making years resolutions and most common things to set our
Speaker 5: sights on in twenty twenty four, according to the Forbes
Speaker 5: Slash one pul survey are And this is probably not
Speaker 5: shocking because.
Speaker 2: I'm not surprised that seventy four percent of assi's make
Speaker 2: news resolutions. I would have guessed higher, though same actually said, like,
Speaker 2: doesn't everyone set news resolutions or yeah, news goals even
Speaker 2: a little bit doesn't mean you need to achieve them,
Speaker 2: but I can think. I just feel like I have
Speaker 2: so many conversations like what are you planning on doing
Speaker 2: next year?
Speaker 5: Yes, you know the people that are like, I don't
Speaker 5: really care about my birthday, it's just another day. I
Speaker 5: think those are the people that right news resolutions resolutions,
Speaker 5: which is totally fine.
Speaker 2: But we have birthday months, so those are type of people.
Speaker 4: We are exactly.
Speaker 5: Actually, I would say the month before, in the month
Speaker 5: after birthday, it's our birthday.
Speaker 2: It's rude not to also when it's your birthday back
Speaker 2: basically my birthday, so we probably should share and celebrate.
Speaker 4: We can do that combined birthday part Right.
Speaker 2: Tell me about this survey. What did it find?
Speaker 5: Okay, this is almost the same list as my own resolutions,
Speaker 5: but top of the list, forty eight percent of people
Speaker 5: want to improve their fitness, thirty eight percent of people
Speaker 5: want to improve their finances, thirty six percent of people
Speaker 5: want to improve their mental health, thirty four percent of
Speaker 5: people want to lose weight whatever that looks like, and
Speaker 5: thirty two percent of people want to improve their diet.
Speaker 2: Yeah, I feel like those are so stereotypical, right, and
Speaker 2: I'm over it.
Speaker 4: Sure?
Speaker 2: Yeah, anyway, you could kick me off on a round
Speaker 2: about like the weight loss community, et cetera. If your
Speaker 2: this is like a plug, but not a plug. It's
Speaker 2: not paid, it's not sponsored, it's just run by two friends.
Speaker 2: Of mine who I really really respect. If you're planning
Speaker 2: on I guess improving your fitness or planning on losing
Speaker 2: weight or improving your diet, I would go check out
Speaker 2: kick You kick app. Yeah, they're on Instagram, and I
Speaker 2: just I adore their approach to fitness and lifestyle and
Speaker 2: diet because they don't talk about calories. They talk about
Speaker 2: the best version of you and setting yourself up to
Speaker 2: be the best version of you. And they are to
Speaker 2: gorgeous people who have gone through it all when it
Speaker 2: comes to I guess restricting themselves when it comes to
Speaker 2: food and you know, over exercising and all of that,
Speaker 2: and they don't want that for their community, so they
Speaker 2: try so hard to make sure everything's well balanced. But
Speaker 2: I would be checking something like that out if those
Speaker 2: are your goals, and obviously sticking around She's on the
Speaker 2: money when you want to talk about the financial aspects
Speaker 2: of things, because obviously improved finances is great, But I
Speaker 2: feel like we need to have a clearer outline because
Speaker 2: you can't just say, oh, I'm going to lose weight
Speaker 2: this year or I'm going to be better money this year. Yeah,
Speaker 2: Like that's not tangible.
Speaker 5: No, And what does that even look like, because like
Speaker 5: I mean, I know we're not a weight loss podcast,
Speaker 5: but like losing weight, does that mean you want to
Speaker 5: lose muscle and bone density?
Speaker 4: Or does that mean you want to lose fat? Like
Speaker 4: we need to be more specific, bat, I don't know.
Speaker 2: And also like why are you doing that? Do you
Speaker 2: actually need to work on your mental health and your
Speaker 2: mind exactly because I can almost guarantee that half the
Speaker 2: people that are saying, oh, I need to lose weight,
Speaker 2: you don't.
Speaker 4: I know, I agree, So I can't.
Speaker 2: We won't.
Speaker 5: I think we feel exactly the same about this whole anyway,
Speaker 5: Straight in the bin, straight in the bin. Just everyone's
Speaker 5: beautiful anyway. So v where can we drop the ball
Speaker 5: when it comes to actually following through on these.
Speaker 2: Like everywhere if you're me everywhere? But most people actually
Speaker 2: blame their failure or the inability to fulfill a resolution
Speaker 2: on a lack of time, a lack of resources, a
Speaker 2: lack of motivation, which is really important, or a loss
Speaker 2: of zeal after starting. Like it's like when I used
Speaker 2: to go to the gym, I don't anymore. I'm not
Speaker 2: a gym bunny girly, and I had to come to
Speaker 2: that realization. I wanted to be a gym bunny girly.
Speaker 2: I so wanted to be like so fit and be
Speaker 2: you know those people that get up at SA six
Speaker 2: am and they go to the gym for half an
Speaker 2: hour every single morning. I look at that and I go, wow,
Speaker 2: the commitment, the motivation. I want to be like you.
Speaker 2: I'm not like you. It's not going to happen. Never
Speaker 2: going to be that gal. But like in January, when
Speaker 2: I used to go to the gym, it would be
Speaker 2: super full because everyone's motivated.
Speaker 1: Can come.
Speaker 2: Like February there's less people, March there's less people. June
Speaker 2: everything's empty, like we're all done. People lose their lack momentum.
Speaker 2: But only about sixteen percent beck of people are able
Speaker 2: to follow through with their resolutions, according to research, and
Speaker 2: the majority give up within one to six weeks of starting.
Speaker 2: And many of these resolutions they're just repeated year after year. Yes,
Speaker 2: so I can almost guarantee that if improving your finances
Speaker 2: is a goal that you have this year, it was
Speaker 2: a goal that you had last year, potentially the year before.
Speaker 2: But what we're doing this year back, we're getting it done,
Speaker 2: getting it done, getting it done, this year is going
Speaker 2: to be our best year yet when it comes to
Speaker 2: twenty twenty four. So I've got a list of five
Speaker 2: things that seem to get people off track really quickly.
Speaker 2: So the first thing I'm going to run through these
Speaker 2: really quickly is setting unrealistic resolutions. So you set something
Speaker 2: that honestly was never going to happen. So if I
Speaker 2: set the goal of going to the gym five times
Speaker 2: a week, I can guarantee never going to happen because
Speaker 2: I do not have the motivation, I don't have the time,
Speaker 2: I don't have the zeal. It's not going to happen.
Speaker 2: But people either establish excessively difficult objectives that quickly become unreachable,
Speaker 2: or they set relatively easy goals that they quickly become
Speaker 2: bored with. So, like, if you're planning on setting a goal,
Speaker 2: and I'm using the gym as an example here because
Speaker 2: I feel like we can all immediately connect with that mindset,
Speaker 2: whether you like the gym or not, But like, how
Speaker 2: unrealistic to go I'm going to go to the gym
Speaker 2: five times a week? Do you go to the gym
Speaker 2: once a week? Back?
Speaker 4: Sometimes not you?
Speaker 2: But like I don't go to the gym even once
Speaker 2: a week, So why would going straight for five actually
Speaker 2: be smart?
Speaker 4: Yes, exactly.
Speaker 2: Maybe my goal should be I'm going to work up
Speaker 2: to five times a week over the next twelve months,
Speaker 2: and I'm going to start by going once a week
Speaker 2: in January.
Speaker 4: That's a really good way to do it.
Speaker 2: Lack of accountability. So if you're working with a coach
Speaker 2: or a mentor or an accountability partner, that guarantees that
Speaker 2: the proper energy and drive are present to help you
Speaker 2: be more accomplished, more and have more. Now, I'm not
Speaker 2: saying you need to go pay someone for this privilege.
Speaker 2: And I guess spicy opinion, I don't believe in a
Speaker 2: lot of life coaches or life mentors or business mentors
Speaker 2: because I just go, how would they know how to
Speaker 2: run your life better than you do? That accountability is
Speaker 2: important and that's why she's on the community exists. So
Speaker 2: this year, we're going to have accountability lists in our
Speaker 2: Facebook group and I want you to check in. I
Speaker 2: want you to be like, oh, I set this goal
Speaker 2: and I haven't done it, and I promise you so
Speaker 2: many other beautiful human beings from our community and jump
Speaker 2: on and be like Beck, don't worry. You've got tomorrow, Beck,
Speaker 2: don't worry. We can do it next week. Oh my gosh, Beck,
Speaker 2: this is how I motivated myself to do it. We've
Speaker 2: got your back, and we've got your back all the time.
Speaker 2: People don't track or review their resolutions. So you need
Speaker 2: to make sure you've got a weekly or fortnightly review
Speaker 2: to allow you to keep on track of your progress
Speaker 2: and turn excuses into opportunities. Yeah, because if you're not
Speaker 2: on top of it, you're going to bury your head
Speaker 2: in the sand. And if you bury your head in
Speaker 2: the sand, you wake up in six months time ago.
Speaker 2: Oh that never happened. But like, if you are two
Speaker 2: weeks in and you haven't done it, well, let's just
Speaker 2: reframe that goal. Maybe it's not working. What can we do?
Speaker 4: Sure?
Speaker 2: The next is self doubt. So so many of us
Speaker 2: suffer from this. Don't allow your past failures to dictate
Speaker 2: your future, Beck, I could not scream it louder. Your
Speaker 2: financial circumstance does not dictate whether you are a good
Speaker 2: human being or not. If you have not been good
Speaker 2: with money historically, that does not mean anything. It just
Speaker 2: means you didn't have the tools and the resources that
Speaker 2: you needed. To manage money. Does that mean that you're silly?
Speaker 3: No?
Speaker 2: Does it mean you're dumb? No? Does it make you
Speaker 2: really really bad with money?
Speaker 1: No?
Speaker 2: Because how were you supposed to be good with money? Beck?
Speaker 4: Yeah?
Speaker 2: If no one taught that to you, if no one
Speaker 2: role modeled that to you, how were you just supposed
Speaker 2: to know?
Speaker 4: That's so true? I feel like that's a big thing.
Speaker 2: And so many times you'll be harsh on yourself and
Speaker 2: I've seen you do it and you go, I'm just
Speaker 2: not that good at money.
Speaker 4: Yeah, but that can be changed.
Speaker 2: But why aren't you good at money?
Speaker 4: Beck?
Speaker 2: Is it because you grew up in a world where,
Speaker 2: you know, lots of your family and friends they just
Speaker 2: didn't have a lot of financial literacy too. Sure, nothing
Speaker 2: to be ashamed of. It's just something to identify and go, wow,
Speaker 2: I could work on that. Yeah, how good? Do you
Speaker 2: know what? The further we start backwards, the further we
Speaker 2: can go forwards.
Speaker 6: Right.
Speaker 1: Yeah.
Speaker 2: It's like if you're in debt today and you're going, oh,
Speaker 2: I just don't know, Like, you know, I've been pretty
Speaker 2: shitty in my past. I'm not very good at money,
Speaker 2: and you know, I haven't even paid off the debt
Speaker 2: that I said I was going to pay off last year.
Speaker 2: So how cool is it that we now have that
Speaker 2: opportunity to do that, And ultimately how cool is it
Speaker 2: that we can set up that goal and it will
Speaker 2: actually carry us into the future. We can like look
Speaker 2: at the bigger picture, right Like, if you owe five
Speaker 2: grand and you're really really stressed about it, and you're like, look,
Speaker 2: I'm paying back you know the minimum payments each and
Speaker 2: every single month, have a look at what that minimum
Speaker 2: payment is. Go all right, well, if I'm paying back,
Speaker 2: you know, two hundred dollars a month, at what month
Speaker 2: will I be out of debt? Let's put that in
Speaker 2: your calendar. Then you've got that two hundred dollars a
Speaker 2: month that can start to become savings. Let's keep that
Speaker 2: I guess structure and that clarity around our goals to go.
Speaker 2: I'm getting out of debt, but every single time I
Speaker 2: make a repayment, that's me investing in my future self
Speaker 2: and my future mentality and having that habit of quote
Speaker 2: paying off debt, because one day paying off debt is
Speaker 2: actually going to be savings. Yes, paying off debt one
Speaker 2: day is going to be your investment and the more
Speaker 2: you can prioritize that one, the more you're going to
Speaker 2: smash down debt quicker. But two, the more you'll have
Speaker 2: to invest in the future. Isn't that exciting?
Speaker 4: Yeah, I'm so that.
Speaker 2: I think it's really good, but it's so motivating. Self
Speaker 2: doubt sucks. Kick it out.
Speaker 4: Kick it out.
Speaker 2: I promise nobody is ever going to talk to you
Speaker 2: worse than you talk to yourself.
Speaker 5: Yeah, I totally agree. Just like a quick side note
Speaker 5: and maybe maybe number five is that I read the
Speaker 5: Power of habit. I'm not sure if you read this one,
Speaker 5: but it's kind of like something I took away from
Speaker 5: that is if you are just like making a plan,
Speaker 5: it's all like positive stuff like I'm going to do
Speaker 5: this and this and this, but we're not really planning
Speaker 5: for when we're going to fail because we're not expecting to.
Speaker 4: We don't want to plan for failure.
Speaker 2: I don't want to fail. But I didn't set off
Speaker 2: goal because I'm not exactly.
Speaker 5: But if we hit a point or a usual blocker
Speaker 5: where we would fail, and we plan for how we're
Speaker 5: not going to fail, that's I think really beneficial. We
Speaker 5: keep going back to like weight loss in the gym.
Speaker 5: But let's say you know, on a Thursday night, you're
Speaker 5: so tired you probably not going to go to the
Speaker 5: gym on Friday morning. Let's think about what our mind
Speaker 5: is telling us in that moment. Let's prepare ourselves for
Speaker 5: those moments where we have no motivation. So planning for failure,
Speaker 5: which sounds really weird, I think is also a good
Speaker 5: thing to take on board.
Speaker 2: I think it's really smart and it actually reminds me
Speaker 2: something that I have been thinking about a lot, I
Speaker 2: guess in the last twelve months, because I'm often asked fee,
Speaker 2: where do you get your motivation? Where do you get
Speaker 2: self discipline? And like, I've had to really reflect on
Speaker 2: why I have these things because I don't have them
Speaker 2: in every aspect of my life. But when it comes
Speaker 2: to work and you know, getting stuff done and all
Speaker 2: of that, I think a lot of people go WOWV
Speaker 2: like you're doing so much, and that can be overwhelming
Speaker 2: because that puts a lot of pressure on you if
Speaker 2: they are like, oh, Beck, you're doing so well that
Speaker 2: you can't then drop the ball, can you? But people
Speaker 2: often go, well, how did you get motivated? And I'm like,
Speaker 2: I didn't, I just did it. Like there's actually no
Speaker 2: key to motivation. And when it comes to self discipline,
Speaker 2: the way I see it is self discipline is the
Speaker 2: highest form of self care, like doing something for future
Speaker 2: you when today you doesn't really want to do it,
Speaker 2: and like overcoming that and that book that you've recommended
Speaker 2: is a really great place to start, but like overcoming
Speaker 2: the lack of self discipline because so many people say
Speaker 2: I don't have any self discipline, Victoria and I go,
Speaker 2: but you have to find that no one's going to
Speaker 2: gift it to you, Like there's no book you can
Speaker 2: read or podcast you can listen to, or inspirational mentor
Speaker 2: you can turn to that's ultimately going to turn on
Speaker 2: your motivation. You've actually got to do it for you
Speaker 2: and for future you. And if you go, all right, well,
Speaker 2: self discipline is the highest form, according to Victoria, of
Speaker 2: of you know, self love that's actually going to put
Speaker 2: you in the best possible position, because if you start
Speaker 2: seeing it as like no, no, no, I'm actually going
Speaker 2: to look at my budget this week because I'm overwhelmed,
Speaker 2: but also I'm going to look at it because it
Speaker 2: puts me in the best possible position, and I really
Speaker 2: love myself and I deserve it. It changes your mindset.
Speaker 4: Absolutely and can be small little things that will build
Speaker 4: up your self discipline.
Speaker 5: But the I always want to know what are some
Speaker 5: good like mental health checks to do before we actually
Speaker 5: start setting goals.
Speaker 2: I think it's a really good thing to have a
Speaker 2: framework around goal setting. So obviously inside She's on the Money,
Speaker 2: we use the She's on the Money goal setting framework.
Speaker 2: So we want to be specific about the goals that
Speaker 2: we are setting, so clearly defining it. We're not just saying,
Speaker 2: you know, I want to save more money. You're saying
Speaker 2: I want to be able to save ten dollars every
Speaker 2: single week for the next twelve months. Like we are
Speaker 2: being very specific. Beck the next is O so SotM
Speaker 2: it's revolutionary watch out. But that's optimistic. So like we
Speaker 2: need to really focus on mindset. So are we optimistic
Speaker 2: about this goal? Are we passionate? Are we excited? Are
Speaker 2: we actually wanting to do this? It's kind of like
Speaker 2: a check in point because sometimes we set goals that
Speaker 2: we quote think should set, not goals that we actually
Speaker 2: want to set. True, so are we being optimistic? Are
Speaker 2: we positive about this? Is this framed correctly goes back
Speaker 2: to you know, people talking a lot about weight loss
Speaker 2: and stuff like that. Are you optimistic about this or
Speaker 2: are you just feeling like pretty negative? And that's probably
Speaker 2: a really terrible goal to set for yourself. Like is
Speaker 2: your mindset okay in this moment? T? So T is
Speaker 2: time bound, So setting a realistic time frame for something,
Speaker 2: and to do this we often have to work backwards.
Speaker 2: So is there a date we're working towards? So if
Speaker 2: you say the I really want to have ten thousand
Speaker 2: dollars in my savings account by the end of the year,
Speaker 2: big goal, Beck, possible, I'm excited for you. But if
Speaker 2: you said to me v I want to save ten
Speaker 2: thousand dollars this year, great, Beck? Is it time bound?
Speaker 2: What days are we having this by?
Speaker 5: Right?
Speaker 2: What does that look like? Where's that ten thousand dollars
Speaker 2: coming from? Which leads into m which is measurable? And
Speaker 2: that's can we measure that goal? So like, if you
Speaker 2: get to let's say you want it by the thirtieth
Speaker 2: of December next year and you're going to start on
Speaker 2: the first of January, how are we measuring that? Are
Speaker 2: we going to break down that goal? Is it actually achievable?
Speaker 2: So like if you told me they want to save
Speaker 2: ten grand. Okay, beck, do you have eight hundred and
Speaker 2: thirty three dollars a month to save? But like ten
Speaker 2: thousand dollars?
Speaker 5: Right?
Speaker 2: If you set that goal, you go, all right, well,
Speaker 2: that doesn't seem too big over twelve months, I'll break
Speaker 2: it down into smaller chunks. All right, Well, that means
Speaker 2: eight hundred and thirty three dollars a month. Sure, can
Speaker 2: you do that? And you might go, oh, that feels
Speaker 2: like a lot. Let's contextualize it a little bit more.
Speaker 2: There are fifty two weeks in a year. Back that
Speaker 2: means you would need to save about one hundred and
Speaker 2: ninety two dollars every week to achieve ten thousand dollars.
Speaker 2: Can we do that? You might go, oh, I actually
Speaker 2: don't have one hundred and ninety two dollars in my
Speaker 2: budget each week. I could probably like do like half
Speaker 2: of that. I could probably do like one hundred dollars
Speaker 2: a week, So maybe like ninety six bucks a week. Okay, Well,
Speaker 2: maybe our goal needs to change to five thousand dollars
Speaker 2: by the end of the year. Let's set measurable goals
Speaker 2: that we know we can achieve. Because if you set
Speaker 2: a goal like ten thousand dollars and you don't have
Speaker 2: that free cash flow. Do you know what's gonna happen
Speaker 2: on the thirtieth of December. You're going to feel like trash.
Speaker 2: You're gonna tell yourself this narrative of I'm not good
Speaker 2: at money, beck, I suck at money. I tried to
Speaker 2: save ten thousand dollars this year and it just never happens.
Speaker 2: I do it all the time, like I set these
Speaker 2: goals and then I can't achieve them because I'm not
Speaker 2: good with money. Becky, you're not good with money or
Speaker 2: you're just not good with planning because I think not
Speaker 2: you personally don't look at me like I'm attacking you,
Speaker 2: but like, if you set that goal of ten thousand
Speaker 2: dollars but we actually hadn't broken it down and looked
Speaker 2: at whether it was feasible for you or not, you're
Speaker 2: just gonna set yourself up for failure and you're gonna
Speaker 2: feel like trash. Why don't we set a reasonable goal
Speaker 2: for the financial circuitcumstances that you're in so that when
Speaker 2: you achieve it, it can validate that you are good
Speaker 2: at money. Beck All you have to do is put
Speaker 2: a plan in place, put your mind to it, and
Speaker 2: we can do it. A lot of people might be
Speaker 2: in the position where they're thinking that there's no way
Speaker 2: I can save ten grand this year, and I go,
Speaker 2: that's fine, but there might be some more creative ways
Speaker 2: that you want to do that. So maybe you looked
Speaker 2: at me before and you were eight hundred and thirty
Speaker 2: three bucks a month. Absolutely not technic, but you might
Speaker 2: still be like, but I really want to save ten grand.
Speaker 2: Just be creative. Do you get a second job? If
Speaker 2: you've got a second job, how many hours would you
Speaker 2: need to do it that second job to get about
Speaker 2: eight hundred bucks a month? In addition? What could that
Speaker 2: look like? Could we you know, every month?
Speaker 1: Go?
Speaker 2: All right? Well, I might have, you know, a little
Speaker 2: cafe job in addition. But then are there things I
Speaker 2: could sell? Other things I could do? Do I have
Speaker 2: a friend who owns a cafe like you? Do you
Speaker 2: work at your friend's cafe occasionally?
Speaker 4: Yes?
Speaker 2: Could I go and you know, do a few shifts
Speaker 2: there to like bulk that up? R? Does that look
Speaker 2: like for you? So let's make it realistic and time
Speaker 2: bound so that we actually get to achieve these things. Yeah,
Speaker 2: because there's nothing more disheartening than setting a goal, not
Speaker 2: achieving it and thinking it was your fault because you're
Speaker 2: not good enough.
Speaker 5: That's not how it works. Yeah, totally, that makes so
Speaker 5: much sense. But I think let's sit on that for
Speaker 5: a second. Let's go for a quick break, but don't
Speaker 5: go anywhere, because after the break, VD is going to
Speaker 5: give us her top tips for kicking your New Year
Speaker 5: finance goals.
Speaker 4: Welcome back everyone.
Speaker 5: We are talking a new year, new you in this
Speaker 5: final Wednesday with She's on the money for the years.
Speaker 4: I know it is really sad.
Speaker 2: How's at the end of the year.
Speaker 4: What are we going to do with ourselves?
Speaker 2: Not even joking every time you say that, I'm like,
Speaker 2: il David, Il sad.
Speaker 5: But don't be too sad, because VD, we want to
Speaker 5: know what are your top tips for kicking your New
Speaker 5: year finance goals?
Speaker 2: Right, so you are not going to be surprised. We're
Speaker 2: going to make it as easy as possible. Thank you
Speaker 2: to smash twenty twenty four and make it your best
Speaker 2: year yet. Cannot wait for it because I'm also planning
Speaker 2: on making it my best year yet. So I just
Speaker 2: feel like as a team, as a community, we should
Speaker 2: all be on board. Yes, we're gonna have the best
Speaker 2: year ever. I think we will by doing the following things.
Speaker 2: Ah again, So first thing first, we're going to decide
Speaker 2: what we actually want to achieve. January clean slate. As
Speaker 2: you were saying before, it is the perfect time to
Speaker 2: take stock of where we're at financially, particularly because we've
Speaker 2: just gone through like that post December like bills role
Speaker 2: that's just come through the month. Yeah, and it's like
Speaker 2: at the end of a quarter, so like you're gonna
Speaker 2: get your bills, you're gonna get your bader, you're gonna
Speaker 2: get your electricity. So like, now's the time to really
Speaker 2: sit down and go new year. Knew me. We're gonna
Speaker 2: set some goals. So perhaps you would like to start
Speaker 2: paying off some more debt, or commence a savings plan
Speaker 2: for a new car, or maybe a holiday or you know,
Speaker 2: you might want to go to Meredith this year that yes,
Speaker 2: you might actually go you know what, that's on my
Speaker 2: goals list. I didn't get to do it last year.
Speaker 2: Let's make a clean, clean budget and automate our transfers
Speaker 2: so that you know, maybe five bucks every week or
Speaker 2: every couple of days goes from your account into a
Speaker 2: different account, and then we know you're not going to
Speaker 2: miss out.
Speaker 4: It's actually a really good year.
Speaker 2: But like, isn't that exciting to go, Oh, I can
Speaker 2: set this goal, especially because you missed out on Meredith
Speaker 2: this year. Set a goal will be like, actually, what's
Speaker 2: Meredith going to cost me? Like a couple hundred bucks
Speaker 2: for the ticket, a couple of hundred bucks for accommodation,
Speaker 2: et cetera, et cetera. You've got heaps of time to
Speaker 2: plan so that it doesn't knock you about. When it
Speaker 2: pops up, you'll be like, oh my gosh, I actually
Speaker 2: have a separate saver for this. It's going to happen,
Speaker 2: and I deserve it.
Speaker 4: Yes, it will feel free as well.
Speaker 2: Exactly exactly. That's girl, math girl, your genius is. But
Speaker 2: the same thing can happen there for Christmas time. If
Speaker 2: you were really stressed at Christmas this year, now is
Speaker 2: the time to do a little bit of reflecting and go, well,
Speaker 2: how much did I spend? Did you spend five hundred dollars?
Speaker 2: Did you spend one thousand dollars? Can we start popping
Speaker 2: some cash aside today before the end of the year
Speaker 2: so next year is not nearly as financially stressful as
Speaker 2: it was this year. Yeah, like, you can set yourself
Speaker 2: up now. But if we are trying to set ourselves up,
Speaker 2: you know, if it was the start of December and
Speaker 2: you're like, wow, Christmas is in a month, scraping together
Speaker 2: an extra one thousand dollars, if that's what you needed,
Speaker 2: it's not gonna help. It's gonna make you depressed, it's
Speaker 2: gonna make you feel really icky. But we can do
Speaker 2: that right now. In fact, if you started in the
Speaker 2: first week of January and you said to yourself, all
Speaker 2: right on a thousand dollars by Christmas next year, I'm
Speaker 2: gonna set up a separate, like little Christmas savings account,
Speaker 2: can't touch it, automate a transfer of twenty bucks a week. Okay,
Speaker 2: thousand dollars at Christmas time. That seems doable, right, And
Speaker 2: if it's automated out of sight, out.
Speaker 4: Of mind, Yes, that's what we know.
Speaker 2: I've seen you spend more than twenty bucks in a
Speaker 2: week on coffee before bet, so like, that's not unachievable, right,
Speaker 2: So decide what you want to achieve. The next is
Speaker 2: to take stock of your current spending. Essentially with the
Speaker 2: excess of the festive season, just wrapping up and probably
Speaker 2: still very fresh in your mind. The new year is
Speaker 2: the perfect time to take control of your current spending habits.
Speaker 2: So whether that is just setting up a new little
Speaker 2: account with an automatic transfer suit that you're not stressed
Speaker 2: next Christmas, or taking some time to work out exactly
Speaker 2: where your money is being spent, which I think is
Speaker 2: really really important. Obviously, a great place to start is
Speaker 2: with I guess a recent bank statement, going through that,
Speaker 2: making sure that you list out each transaction that's happened.
Speaker 2: We're not judging ourselves, but looking at what you're actually
Speaker 2: spending in a month or a quarter or even over
Speaker 2: the year is going to help. Here's where I'm going
Speaker 2: to tell you about my very shiny money master class
Speaker 2: that I do. So it's online, you can go and
Speaker 2: sign up now. In fact, we'll do a little discount.
Speaker 2: We'll put it in the show notes so you don't
Speaker 2: miss out. But Pod five zero, so Pod fifty we'll
Speaker 2: get you fifty bucks off.
Speaker 4: That is very kind.
Speaker 2: I know, it's also really great marketing for my business. Yeah, Like,
Speaker 2: if we're being honest, But the reason I'm plugging the
Speaker 2: money master Class here is we go through how to
Speaker 2: do a proper bank account audit, how to set up
Speaker 2: your spending, how to get through those I guess mind
Speaker 2: blocks of you know, am I good enough? Am I
Speaker 2: not good enough? Having a look at where your spending
Speaker 2: habits have come from in your money story. And then
Speaker 2: it's the most comprehensive spreadsheet. It's obviously on Excel or
Speaker 2: Google sheets, really accessible. And also if you're not good
Speaker 2: at Google sheets or Excel, don't worry. It's actually all automated.
Speaker 2: I've locked everything there so you can't mess it up.
Speaker 2: She's good. I just can't trust everyone, you know, so
Speaker 2: you can customize it. But it will essentially take you
Speaker 2: through your budget, so what are you spending? And then
Speaker 2: it will tell you what surplus you have and it
Speaker 2: will help you allocate to Okay, well you've got excess
Speaker 2: this year or coming into the new financial year of
Speaker 2: maybe ten thousand dollars in your budget? Sure, what are
Speaker 2: now your goals? So it'll ask you what your goals
Speaker 2: are and you can pop them together. Then my favorite
Speaker 2: part about it is the bank account structure. So it's
Speaker 2: not going to tell you what bank to use, because
Speaker 2: that would be wildly unethical and it would change. It
Speaker 2: would obviously depend on you personally, but it will tell
Speaker 2: you have this bank account specifically and have this money
Speaker 2: going into here, and then because of your goals, you
Speaker 2: need to put X in these bank accounts each week
Speaker 2: or month or you know, fortnite or whatever works for you,
Speaker 2: because it's all changeable, but it will make sure that
Speaker 2: you're actually achieving the goals that you're setting because you're
Speaker 2: literally setting a plan up for success. So it's not
Speaker 2: going to leave you high and dry. You're looking at
Speaker 2: me confused. I'm going to give it to you obviously,
Speaker 2: and you can do it as well. But I think
Speaker 2: that you know, taking stock of your spending and that
Speaker 2: obviously leads into my second one of actually keeping a
Speaker 2: realistic budget. It just makes sense to have a really
Speaker 2: structured approach to that, especially if you've never done it before. Yeah,
Speaker 2: because it can feel overwhelming, and like if you're thinking
Speaker 2: that going and sitting down and writing out a budget
Speaker 2: of what you're spending and what you're hoping to spend
Speaker 2: is going to do it. It's not. You need the
Speaker 2: follow through of well, what does my banking structure then look?
Speaker 2: Like how much money it comes into my account. How
Speaker 2: much money goes out of my account? What does that
Speaker 2: look like? And how do I control it? Because back,
Speaker 2: how many times have you sat down and written down
Speaker 2: all your expenses?
Speaker 4: Maybe once in my entire life.
Speaker 2: You are the worst example here. But if you were
Speaker 2: to then you might go, oh, I'm spending too much
Speaker 2: on groceries. I want to spend less. Sure, how are
Speaker 2: you actually implementing that? It's not going to help, so
Speaker 2: set a realistic budget. The next is, Baby, it's time
Speaker 2: to consolidate your debts. Yep, it is time to have
Speaker 2: a look at your debt with your head not in
Speaker 2: the sand. So if you're paying off several personal loans
Speaker 2: or credit card balances at once, you're probably finding it
Speaker 2: really difficult to juggle different payments. It gets overwhelming. Beck,
Speaker 2: you've spoken on the podcast before about how this has
Speaker 2: given you mad anxiety. Yes, consolidating your debts into a
Speaker 2: single loan might I'm not saying guaranteed, but it might
Speaker 2: be an option for you, and it might make budgeting
Speaker 2: easier and it could potentially save you money on interest
Speaker 2: and fees. So giving you just I guess one payment
Speaker 2: every single month to pay instead of multiple across the
Speaker 2: board if you're in that circumstance is going to help. Yeah,
Speaker 2: and it just takes the mental load off as well.
Speaker 2: Having a chat to someone about it, making sure that
Speaker 2: you know you're not alone on this is more.
Speaker 4: Important makes you feel good.
Speaker 5: Like in my experience, like even when I called someone
Speaker 5: to ask about consolidating loans, when the person on the
Speaker 5: other line didn't scream at the idea of the debts
Speaker 5: that I had, They were just kind of like, yeah, okay,
Speaker 5: well blah blah.
Speaker 2: Blah, like they still without every day.
Speaker 4: Hey, that was so nice.
Speaker 2: That's liliberating. It makes you feel, I guess, empowered and
Speaker 2: that it's not you.
Speaker 5: Yeah, and it's like, oh, there surely are other people
Speaker 5: out there in this case.
Speaker 2: I'm telling you right now, debt consolidation loans exist because
Speaker 2: lots of people, Beck experience debt? Yes, Does it make
Speaker 2: you a bad person, Beck, I would not think so. Exactly,
Speaker 2: absolutely not. The next you're never going to see this coming,
Speaker 2: sit down. I want you to have an emergency fund. Okay,
Speaker 2: start building an emergency fund. If you don't have one.
Speaker 2: If you have one, revisited, is it still enough we
Speaker 2: have just gone through or are still in a cost
Speaker 2: of living crisis. Your emergency fund might need a little
Speaker 2: bit of a bump up. This could feel really overwhelming
Speaker 2: hearing this right now, because you probably dug into your
Speaker 2: emergency fund in the last few months. So don't worry
Speaker 2: if it's looking a little less healthy than it was once.
Speaker 2: This is just a season of life back Sometimes money
Speaker 2: and finances are really hard. Sometimes they ease up a
Speaker 2: bit and become really easy, and then they might go
Speaker 2: back to hard. This is a season of life. It's
Speaker 2: not reflective of your ability to manage money, but keeping
Speaker 2: your emergency fund as a priority is really really important.
Speaker 2: The next this is sexy. It's it's not Eve going
Speaker 2: to review all your PaperWorks. Oh sorry, you can have
Speaker 2: like a little cheeky glass of wine, or, if you're
Speaker 2: in my situation, a really nice peppermint tea. Set yourself
Speaker 2: a little date night. You know what, I'm giving you
Speaker 2: permission you can get takeaway. Oh yes, you takeaway right.
Speaker 2: And we're going to start with insurances. Do you have
Speaker 2: life insurance, house insurance, car insurance? Are they all up
Speaker 2: to date? When was the last time you reviewed your
Speaker 2: car insurance? Get online compare a few different car insurance quotes.
Speaker 2: I guarantee you'll probably save a couple of hundred bucks
Speaker 2: by moving car insurance companies because they're all just reissuing
Speaker 2: their car insurance statements at this point in the year.
Speaker 2: And you know what you can do. Better, go save
Speaker 2: yourself a couple of hundred bucks. I promise the takeaway
Speaker 2: will be worth it. Make sure that you're adequately covered.
Speaker 2: Are your premiums actually appropriate for the amount of cover
Speaker 2: that you're getting. Assess your superannuation and if you haven't before, Beck,
Speaker 2: nominate your beneficiary. Okay, do you ever know what that means?
Speaker 2: You're looking at me like, what the heck can.
Speaker 4: Why do you remember this from Super days?
Speaker 2: Yes, so it's essentially what happens when you die. Beck,
Speaker 2: who's going to take it over? Nominate that person. Make
Speaker 2: your financial life not be a burden on your family
Speaker 2: if something were to happen to you. Is your will
Speaker 2: up to date or have your circumstances changed? Recently we
Speaker 2: have had to go and read our wills, so Steve
Speaker 2: and I because we now have a baby that we're
Speaker 2: going to have to think about. Oh, isn't that scary? Yeah,
Speaker 2: So I'm looking at my life insurance, going ah, that's
Speaker 2: not going to be enough to sustain a whole other
Speaker 2: human being who doesn't have an income. Sure, So if
Speaker 2: you are looking at that and going, oh, I'm so
Speaker 2: overwhelmed with life insurance and you know, TPD and all
Speaker 2: of those fun things, Sky Wealth is who you want
Speaker 2: to talk to. Obviously, this is a not so subtle
Speaker 2: plug for my friend Phil. Take it or leave it.
Speaker 2: Go see any financial advisor you want. The reason I
Speaker 2: like Phil is he only does insurances, So you're not
Speaker 2: going to go and have someone be like, oh, hello, Beck,
Speaker 2: you came for insurances. Can I upsell you to look
Speaker 2: at your superannuation? Can I make a fancy investment plan?
Speaker 2: Can I charge you thousands of dollars the stuff you
Speaker 2: didn't ask me for? He doesn't do that. He just
Speaker 2: has a very low fee for his statement of advice.
Speaker 2: He only does insurances, and he's who my husband and
Speaker 2: I go through and I've had a really positive experience,
Speaker 2: and I know you will too if you chose that.
Speaker 2: But if you don't want to work with Phil, that's fine.
Speaker 2: Go work with anybody to get your insurances sorted, because
Speaker 2: it is so damn important. You can get matched on
Speaker 2: that she's on the Money website with a financial advisor
Speaker 2: just for insurance, or a holistic financial advisor if that's
Speaker 2: what you want to do. This ye is so also
Speaker 2: check out that she's on the money website. This feels
Speaker 2: very informercial, but it's not meant to I'm just like
Speaker 2: trying to get through it quickly so you get the information.
Speaker 2: But I can keep talking to you about all of
Speaker 2: the tips and tricks I've written down. But yes, I
Speaker 2: think it's actually really important to know that that resource
Speaker 2: on the she's on the Money website actually exists because
Speaker 2: we don't actually talk about it that much. True, but
Speaker 2: it's a service that she's on the Money offers because
Speaker 2: I just have had so many people message me going,
Speaker 2: oh v I want a financial advisor, and I go, oh, well,
Speaker 2: I recommend to this person, but I actually need to
Speaker 2: ask so many questions about like, oh, Beck, well what
Speaker 2: are you looking for? Why do you want an advisor?
Speaker 2: Because if you came to me and said, oh, Ve
Speaker 2: like it's really unfortunate, but I've just come into a
Speaker 2: massive inheritance, that's very different, and the type of advisor
Speaker 2: I would you match you with is very different to
Speaker 2: the type of advisor. If you're like, oh, I just
Speaker 2: really want to get my life insurance, sort it. So
Speaker 2: I think it's important to understand that's hard. But then
Speaker 2: also so many people in our community struggle with like, well,
Speaker 2: I don't have a family member or a friend that
Speaker 2: can recommend a good advisor or a good mortgage broker.
Speaker 2: So I will be that friend and we do that
Speaker 2: in the background.
Speaker 4: Sweet.
Speaker 2: The last thing is tidy up your damn filing cabinet,
Speaker 2: beck our physical one. I don't know lots of us
Speaker 2: have filing cabinets. You should see the drawer beside my desk.
Speaker 2: It's just full of absolute trash. According to the Australian
Speaker 2: Taxation Office, you should be keeping your financial records for
Speaker 2: about five years. Anything older than that you can bin
Speaker 2: shred financial paperwork. Don't just put it in the bin
Speaker 2: so that you know some guy walking down the street
Speaker 2: can open your bin and steal your personal information, shred it,
Speaker 2: rip it up into tiny pieces of paper, take it
Speaker 2: to work and shred it in their shredder. Like, don't
Speaker 2: just put a whole heap of your information, especially on bulk,
Speaker 2: right into the bin. You're asking for your identity to
Speaker 2: be stolen, Beck if you do that, but make sure
Speaker 2: that you're cleaning anything out, making yourself feel fresh and
Speaker 2: refreshed and revived this year. And remember that any filing
Speaker 2: system you implement should actually be very quickly and very
Speaker 2: easily maintained so that you're motivated to keep like your
Speaker 2: records straight. I promise if you do this at the
Speaker 2: start of the year, come tax time. Tax time is
Speaker 2: going to be a breeze for you. Yeah, tax time
Speaker 2: does not need to be stressful this year, I promise.
Speaker 2: So those are all of my hot tips, Beck, That's
Speaker 2: what I've got. I got I'm fresh out.
Speaker 5: Well, I was especially like that last one. I really
Speaker 5: feels good when you have a clear space, get a
Speaker 5: clean mind, and.
Speaker 2: It's clean like you know when you were in like
Speaker 2: I don't know if you were like this, but you
Speaker 2: were like I don't know, early teen, and you've rearrange
Speaker 2: your room, like you come home and just like drag
Speaker 2: everything around and make it look different, like it's that vibe.
Speaker 4: But as an adult, yes, it feels really good. Exactly
Speaker 4: do you have anything else before?
Speaker 2: You're right? No, I don't. I'm fresh out.
Speaker 4: She's fresh out.
Speaker 2: I'm fresh out and I need a coffee, all right,
Speaker 2: let's go do it all right, Have a good week, guys.
Speaker 2: We will see you on Friday. Bye.
Speaker 6: The advice shared on She's on the Money is general
Speaker 6: in nature and does not consider your individual circumstances.
Speaker 2: She's on the Money exists purely for educational purposes and
Speaker 2: should not be relied upon to make an investment or
Speaker 2: financial decision. If you do choose to buy a financial product.
Speaker 6: Read the PDS TMD and obtain appropriate financial.
Speaker 2: Advice tailored towards your needs.
Speaker 6: Victoria Divine and She's on the Money are authorized representatives
Speaker 6: of money. Sheirper pty Ltd ABN three two one IS
Speaker 6: six four nine two seven seven zero eight AFSL four
Speaker 6: five one two eight nine