Season 2 Episode 4: Financial Hardship
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Season 2 Episode 4: Financial Hardship
IN THIS EPISODE
Mel and Darlene kick off this episode by sharing personal insights, discussing the importance of setting goals with your partner, and the concept of paying children for household chores.
The focal point of the episode revolves around the often taboo topic of financial hardship, emphasizing that it can affect anyone and is frequently not openly discussed, even within the financial industry. Mel and Darlene provide detailed strategies for managing financial challenges before they spiral out of control. They stress the importance of assessing your current financial standing, educating yourself on available options, resources, and support networks, and planning your next steps. They also highlight the value of building a support network of experts to help you navigate your financial journey.
In addition, the hosts address a common query from first-time homebuyers: how to organize their bank accounts after purchasing their first home. Darlene discusses the importance of aligning your account setup with your and your partner's money management style, emphasizing the benefits of paying extra towards your new home loan. Mel recommends automating your financial setup from the outset and emphasizes the long-term advantages of good money management practices and being intentional with your finances.
Key things to consider when you’re experiencing financial hardship:
· Don’t react immediately
· Understand your current position and think it through – get the facts before you act
· If you’re with a partner - make sure your partner is aware of the position too
· Share it – Get the right people around you – engaging experts here; mortgage broker to discuss your options, mental health support ie beyond blue, a trusted friend for emotional support
· Look for ways to reduce your expenses
· Look for ways to increase your income – noting how long will this take
· Sell something - Investments, house, car, bike, hobby equipment, furniture, etc
· Set SMART goals and move forward on your terms, don’t wait passively for others like the bank to act first
RESOURCES IN THIS EPISODE
Get to know your number with our handy Spending Review template in our website resources: https://www.themoneycollective.com.au/resources
Money can bring up a lot of emotion. If you felt triggered by some of the things we discussed in this episode please reach out to us or see some supports you may wish to reach out to below.
Lifeline Australia: 13 11 14 or SMS 0477 13 11 14 https://www.lifeline.org.au/
Beyond Blue: 1300 22 4636 https://www.beyondblue.org.au/get-support
National Debt Helpline: 1800 007 007 https://ndh.org.au/
This podcast provides general advice only. It does not take into account your objectives, financial situation or needs. Before acting on any information provided, you should consider the appropriateness of the information and the nature of the financial product in regards to your objectives, financial situation and needs. We recommend discussing your personal situation with a financial professional.
Podcast by:
MEL PEARCE & DARLENE NEU
Co-Founders, Financial Wellbeing Coaches and Mortgage Brokers
The Money Collective
Book a chat about money with Mel
Book a chat about money with Darlene
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