MONEY DIARIES: Creating Positive Money Habits One Day at a Time!
Jul 28, 2024
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The guest is a soon-to-be parent who grew up in a financially comfortable environment but developed impulsive shopping habits. She shares her journey of overcoming negative money behaviors while preparing for her first child. The discussion covers budgeting challenges, managing debt, and the emotional rollercoaster of pregnancy. They highlight the significance of clear financial communication with a partner, the importance of community support, and innovative strategies for fostering positive money habits in this new chapter of life.
The diarist emphasizes the necessity of building a budget and tackling debt proactively while preparing for motherhood.
Highlighting her financial journey, she showcases the importance of effective communication and support in managing finances as a growing family.
Deep dives
Transforming Money Mindsets
One individual shares her money journey, highlighting her past wealthy upbringing without the necessary financial skills to manage money effectively. Despite starting from a place of privilege, she realized the importance of developing a budget and tackling her debt proactively as she prepares for a baby. Currently, she is focused on working more hours and adjusting her mindset towards spending and saving. The podcast underscores the significance of granting oneself patience and kindness throughout the financial journey, emphasizing that the process of transformation is ongoing.
Balancing Work and Parenthood
The guest describes her dual roles in the workplace and her impending motherhood, sharing her current capacity to work six days a week in retail while navigating the challenges of pregnancy. She plans to utilize the financial resources available, such as Centrelink support, to create an emergency fund during her maternity leave. Despite the physical limitations imposed by pregnancy, her partner's support empowers her to prioritize her health as they prepare for their new arrival. This shift in priorities reflects the need for support and communication when managing finances as a growing family.
Debt Management Strategies
The discussion delves into the guest's strategy for handling various debts, notably a car loan and Afterpay obligations, showcasing her proactive approach to managing financial responsibilities. She highlights successfully negotiating her car loan terms with her mother’s assistance, significantly reducing her remaining debt to just $500. Furthermore, she explains using Afterpay as a cash flow tool, which assists in managing her spending without accruing overwhelming debt. This pragmatic perspective on debt emphasizes the importance of being mindful and smart with financial tools while showcasing her determination to become debt-free.
Investing and Future Plans
The guest’s investing journey is explored, showcasing her engagement in both superannuation and stock investments which she initiated during the COVID-19 pandemic. Despite being new to stocks, she successfully grew her initial investment by 75%, reflecting a growing confidence in her financial skills. This experience illustrates her proactive approach to accumulating wealth, moving beyond basic financial management to include investments for her future. The conversation concludes with discussions around the importance of creating a solid financial foundation and fostering a healthy money mindset as they plan for their family's financial future.
Growing up comfortable with money, today's diarist developed negative money habits becoming an impulsive and emotional shopper. But now pregnant, she's working on these habits, building her money goals and paying off debt! She and her partner are working on their budget with to be aware and be on the same page in time for bubs arrival. An important episode for those in this situation, those planning on expanding their family or just want to create positive money habits with themselves and partner!
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