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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Order

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Speaker 1: Order Kerney Whoalbury and a waddery woman. And before we

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Speaker 1: get started on She's on the Money podcast, I would

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Speaker 1: like to acknowledge the traditional custodians of the land of

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Speaker 1: which this podcast is recorded on a wondery country, acknowledging

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Speaker 1: the elders, the ancestors and the next generation coming through

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Speaker 1: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 1: the storytelling of you to make a difference for today

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Speaker 1: and lasting impact for tomorrow. Let's get into it.

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Speaker 2: She's on the Money, She's on the Money.

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Speaker 3: Hello, and welcome back to She's on the Money podcast

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Speaker 3: that makes personal finance feel a little less daunting and

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Speaker 3: a lot more doable. I want to know, do you

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Speaker 3: ever find yourself looking around to what others are doing

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Speaker 3: and feel left behind like everyone else was taking off

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Speaker 3: life goals while you were busy just enjoying the ride.

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Speaker 3: Or do you go back and look at your young

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Speaker 3: years and think, seriously, where did all that money go?

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Speaker 4: Well? Today, I'm right here with you.

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Speaker 3: Victoria Devine, your personal finance hype girl. This episode is

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Speaker 3: all about flipping the script on how you can see

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Speaker 3: your past and realizing that your youth it wasn't wasted,

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Speaker 3: even if your savings account doesn't necessarily agree. I saw

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Speaker 3: a post on socials recently that said, sorry, I didn't

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Speaker 3: save money in my twenties, I was learning to love myself,

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Speaker 3: and for me.

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Speaker 4: That really hit home because I feel like I.

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Speaker 3: Spent a majority of my twenties just trying to keep

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Speaker 3: up with I don't know the Joneses or the Kardashians.

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Speaker 3: We can all feel a little lost when we start

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Speaker 3: measuring our lives against everyone else's highlight reel. It's tempting

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Speaker 3: to look back and think, oh my gosh, I should

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Speaker 3: have done things so differently. But it's important to remember

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Speaker 3: that every choice, every misstep, and every adventure has played

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Speaker 3: a role in getting us here. So let's cut ourselves

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Speaker 3: a little bit of slack and embrace the lessons we've

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Speaker 3: learned along the way. A great place to start is

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Speaker 3: by acknowledging that your twenties are a time of exploration

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Speaker 3: of life, love, and yes, sometimes spending money like there's

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Speaker 3: absolutely no tomorrow, whether it's traveling, dining out, or buying

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Speaker 3: those must have festival tickets. The money we spend in

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Speaker 3: our twenties often goes towards experiences that help us understand

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Speaker 3: ourselves better. This is all completely normal, and in fact,

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Speaker 3: there was some research done by event Bright that found

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Speaker 3: that seventy eight percent of gen Z prefers spending their

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Speaker 3: money on experience over material things. It's all about living

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Speaker 3: in the moment, and honestly, I totally get it. When

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Speaker 3: I was in my twenties, my your money was I'll

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Speaker 3: just pay it back when I get more of it.

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Speaker 4: I'll just organize it when.

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Speaker 3: I earn more. I'll just spend less when life gets serious,

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Speaker 3: and that's pretty normal. According to ASIK, one in four

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Speaker 3: gen zs have less than one thousand dollars in personal savings,

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Speaker 3: including eight percent who have none, and on average gen

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Speaker 3: Z estimate having personal debt of eighty one hundred and

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Speaker 3: eighty eight dollars each.

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Speaker 4: That's a lot of money.

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Speaker 3: In fact, studies have shown that the average person doesn't

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Speaker 3: start saving seriously until they're well into their thirties. According

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Speaker 3: to the ABS or the Australian Bureau of Statistics, the

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Speaker 3: median age for buying a first home in Australia is

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Speaker 3: now thirty four a really clear sign that financial milestones

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Speaker 3: are happening a little bit later for many of us.

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Speaker 3: So if you're feeling behind, my friend, you are definitely

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Speaker 3: not alone. I'm going to take a break, but stick

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Speaker 3: around because when we come back, we're going to dive

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Speaker 3: into why your brain might just be the culprit. Welcome back,

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Speaker 3: my friend. And here's where it gets a little bit interesting,

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Speaker 3: a little bit spicy. Per se your brain, specifically the

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Speaker 3: prefrontal cortex, or the part that's responsible for decision making,

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Speaker 3: and your impulse control doesn't fully develop until you're about

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Speaker 3: twenty five years old. So when you look back and

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Speaker 3: think why did I spend so much money on that, well,

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Speaker 3: your brain was still figuring things out as well. Another

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Speaker 3: powerful force in our twenties is instant gratification, something I'm

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Speaker 3: incredibly guilty of, which leads to higher spending and less

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Speaker 3: in savings. When you see something that you want, like

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Speaker 3: the latest iPhone or a weekend get away, the urge

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Speaker 3: to have it immediately can overshadow the long term benefits

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Speaker 3: of saving that money instead. This tendency to prioritize immediate

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Speaker 3: rewards is a really common struggle among young adults. Research

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Speaker 3: from The American Psychological Association highlights how this drive for

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Speaker 3: instant gratification can completely derail financial stability. It's not just

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Speaker 3: about impulse purchases. It's a psychological challenge that makes it

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Speaker 3: harder to delay gratification in favor of long term financial success.

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Speaker 3: This is a critical factor in understanding the financial habits

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Speaker 3: of young adults and why saving often takes a back

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Speaker 3: seat to spending. And let's not forget about that tendency

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Speaker 3: to focus on short term goals. When you're in your twenties.

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Speaker 3: Retirement feels like an entire lifetime away, so it's really

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Speaker 3: easy to prioritize short term spending over long term saving.

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Speaker 3: Another massive thing you're dealing with is social comparison in

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Speaker 3: your twenties, and in my twenties, you were constantly bombarded

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Speaker 3: with what everyone else was doing. They're traveling the world,

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Speaker 3: they're partying, and they're having fun, and it's hard not.

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Speaker 4: To feel like you need to keep up. This pressure

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Speaker 4: can drive.

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Speaker 3: Spending beyond your means just to match what you see

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Speaker 3: around you. And that's exactly how I ended up in

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Speaker 3: more than forty thousand dollars worth of personal debt in

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Speaker 3: my twenties. Finally, there's that risk taking behavior we need

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Speaker 3: to chat about. Your twenties are often when you're most

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Speaker 3: willing to take financial risks or jump out of a

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Speaker 3: helicopter like I did. Whether it's through investments or big purchases.

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Speaker 3: The belief that there's plenty of time to recover from

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Speaker 3: potential losses can lead to decisions that might not be

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Speaker 3: the wisest in the long run. Understanding these psychological factors

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Speaker 3: is going to help you make sense of your financial

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Speaker 3: decisions in your twenties and not crucify yourself so much.

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Speaker 3: We often hear this narrative that if you didn't start

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Speaker 3: saving in your twenties, you're somehow completely behind for life,

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Speaker 3: like there's some imaginary deadline for getting your financial act together.

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Speaker 3: I can tell you, my friend, that is not true

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Speaker 3: at all. Let's flip that script. Your twenties are a

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Speaker 3: time for exploration and growth, and it's completely normal if

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Speaker 3: saving wasn't at the top of your list.

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Speaker 4: You know what.

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Speaker 3: The good news is, though you are not doomed, You're

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Speaker 3: not even close to it. The truth is it is

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Speaker 3: never too late to start working towards the financial future

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Speaker 3: that you want, and that you deserve. The key is

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Speaker 3: to focus on where you are now and how you're

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Speaker 3: going to be able to move forward from there. Maybe

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Speaker 3: you didn't have a solid savings plan in your twenties,

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Speaker 3: but that doesn't mean you can't start one right now today.

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Speaker 3: Every single step you take from this point on is progress.

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Speaker 3: It is a small step in the right direction, and

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Speaker 3: my friend, we need to focus on the fact that

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Speaker 3: it is still the right direction and with the right strategies,

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Speaker 3: you can make significant strides towards your goals.

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Speaker 4: So let's not get caught up in the should have

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Speaker 4: could of like I did.

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Speaker 3: I literally spent so much time in my late twenties

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Speaker 3: getting out of debt. But when I was doing that,

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Speaker 3: I was lying to the people around me. I didn't

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Speaker 3: want to admit that I was in debt. I felt

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Speaker 3: like I had absolutely screwed my life up, that there

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Speaker 3: was absolutely no going back and I was never going

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Speaker 3: to be able to financially recover from that. I took

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Speaker 3: back control. Not only did I take back control, but

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Speaker 3: I created this entire community so that we can all

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Speaker 3: feel like we're in control. So how do you personally

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Speaker 3: want to take that control? Let's dive into what you

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Speaker 3: can do right now to start building the financial life

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Speaker 3: that you do.

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Speaker 4: Don't scoff it that you do deserve it.

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Speaker 3: It all begins with really simple, actionable steps that are

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Speaker 3: tailored to your current stage in life, and you can

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Speaker 3: do it yourself. We're not talking about massive overhauls or

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Speaker 3: drastic lifestyle changes, just small adjustments that make a really

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Speaker 3: big impact over time. Maybe it's as easy as setting

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Speaker 3: up an automatic transfer that sends a really small amount

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Speaker 3: of money from every paycheck that you get straight into

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Speaker 3: your savings account. Think of it as paying yourself first,

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Speaker 3: even if it's just like twenty bucks a week or

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Speaker 3: even a month, or maybe for you, it's about bumping

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Speaker 3: up your SUPER contributions by an extra five percent.

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Speaker 4: My friend, that's few to you. She's thanking you already.

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Speaker 3: The key is to start with steps that feel doable

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Speaker 3: and that actually align with where you're at, so that

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Speaker 3: you're not overwhelmed by the.

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Speaker 4: Pressure to do it all at once.

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Speaker 3: And if you're thinking about this and you're going v

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Speaker 3: I don't even have twenty dollars a week or month,

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Speaker 3: and I could not do five percent extra on my Super,

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Speaker 3: No worries.

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Speaker 4: That doesn't matter.

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Speaker 3: You're here, you're listening to this podcast. This is the

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Speaker 3: smallest step in the right direction to getting your life

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Speaker 3: on track, and just knowing more and just being educated

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Speaker 3: is putting future you first. Maybe you're someone who racked

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Speaker 3: up a lot of super accounts in your twenties, so

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Speaker 3: consolidating your account to save on fees would be a

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Speaker 3: really great step.

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Speaker 4: Or maybe you.

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Speaker 3: Could start tackling one high interest debt at a time.

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Speaker 3: And hey, it's okay if your steps don't look like

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Speaker 3: everyone else's. Your financial journey is yours alone, So focus

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Speaker 3: on what feels right for you, what feels manageable, what

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Speaker 3: is doable. The most important part, though, it's to start

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Speaker 3: even the smallest steps, like skipping a takeaway coffee once

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Speaker 3: a week and putting that cash into your savings. It

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Speaker 3: can add up over time. It's about creating habits that

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Speaker 3: build momentum, so every step feels less like an effort

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Speaker 3: and more like a routine. And remember, my friend, this

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Speaker 3: isn't a sprint, it's a marathon. Your progress, no matter

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Speaker 3: how small, is worth celebrating today.

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Speaker 4: I'm cell of greeting you.

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Speaker 5: The advice shared on She's on the Money is general

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Speaker 5: in nature and does not consider your individual circumstances. She's

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Speaker 5: on the Money exists purely for educational purposes and should

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Speaker 5: not be relied upon to make an investment or financial decision.

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Speaker 5: If you do choose to buy a financial product, read

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Speaker 5: the PDS TMD and obtain appropriate financial advice tailored towards

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Speaker 5: your needs. Victoria Divine and She's on the Money are

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Speaker 5: authorized representatives of money. Sheirper Pty Ltd ABN three two

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Speaker 5: one six four nine two seven seven zero eight AFSL

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Speaker 5: four five one two eight nine