Let’s Talk Finances — She’s On The Money
Money is a hot topic in the millennial world and to all who judge us. We’re frivolous, spend too much on avocado toast and want things the minute we see them. We’re goalless, lack hard work ethic and will never own a house — or at least that’s the wrap we’ve seem to have gotten. But I know I’m certainly not the only Gen X out there yearning for a financially secure future — and I’m especially not the only young woman wanting to learn more about money and creating financial independence.
Growing up, the words ‘finances’ and ‘budget’ didn’t mean much to me — our single parent household meant that food was spent on bills, putting food on the table and making sure all the essentials were met until the next paycheck came around. This meant that money was something I learnt not to question or really talk about, and that it was something that was spent at its entirety to survive. Monkey see, monkey do. Once I was old enough to start earning my own money, this mentality and bad money habit manifested into my own life, and savings was something I found great difficulty in doing consistently.
My bad relationship with money was something I only started to understand was a problem when I moved interstate straight after high school. Living on my own and supporting myself while studying made me realise just how bad my money habits were. More often than not I was spending without even checking the number sitting in my bank account. It was something I didn’t want to see or acknowledge; just how little I had compared to how much I was spending. I had tried countless times to save, have self-restraint and put away some money for my future, but it always got transferred back, never to be seen again. Things started to feel hopeless and depressing. It seemed like saving money was something I would never have the skills to master, and that a budget was something I would never stick to. I set unrealistic goals and expectations for myself because I figured that everyone else was more successful, better at saving and wealthier than I was.
It wasn’t until I started listening to the She’s On The Money podcast that things started changing. It’s a weekly series marketed at young women, just like me, who want to create financially secure futures for themselves. The podcast is Melbourne-run by financial advisor Victoria Devine and law student Annabelle Lee. Their first episode, ‘The Psychology Of Saving’ takes a deep dive into how our habits inform our spending and it introduced me to a world of free financial advice to help me get on the right money path.
No one is too educated nor too amateur to get something out of the podcast, with each episode featuring a specific topic. These include The price of comparison, Investments and House deposits. Plus, for all the sticky-beaks out there, every episode features a segment that deep-dives into an individual’s financial situation, their relationship with money, their income, investments (if any) and any savings goals — right down to the figure sitting in their bank account. The podcast aims to create an active community of young people that practice healthy money habits, and involve women in a conversation they have typically been left out of.
Each weekly episode focuses on a different topic, from past experiences and relationships with our finances, to what the hell an ETF is, and the strategies of investing. My favourite part about the series is the nitty-gritty stuff that dives deep into personal debt, salary, savings, investments and money habits.
In the series, a ‘money story’ is a name for everyone’s individual relationship with money and finances stemming from our childhood experiences. Generally, the money habits we learn growing up are the ones that stick. This podcast explains that understanding your circumstance, privilege and habits is the first step in acknowledging your financial goals in creating future wealth. It acknowledges that women are often left out of financial conversations, and the impact this can have on our independence and ability to feel comfortable finding success.
I used to feel like I had to try and keep up with everyone else, especially as a student in this day and age. Social media has so much to play in feeling like we need to reach certain goals, have certain possessions and dress a certain way in order to succeed. Keeping up with trends, wearing the clothes everyone else is wearing and seeing ‘self-made’ multi-millionaires by the age of twenty-five can be a damaging thing for both our mental health AND our bank account. Who can blame us for feeling like we’re falling behind?
Listening to She’s On The Money was, at first, something that I thought I might need to keep to myself. I thought if I mentioned to someone that I was struggling with my money and listening to a podcast to help me get on the right path, I’d be embarrassed and alone in the fact. But after joining the podcast’s 30,000 strong community Facebook page, I realised just how many other women were listening and in the same boat. This sense of community also came with a sense of pride and accomplishment, so much so that I bought up the podcast at a brunch catch up with my close friend.
“I feel like talking about money can be a bit awkward” I began with at our local cafe.
“Yeah!” She agreed, putting down her coffee cup excitedly, perking up at the topic almost instantly. Its a topic we hadn’t really ever discussed before, but her 27-year-old sister had just bought a house and the accomplishment sparked a conversation.
“In Australia, there’s a strange contradiction when it comes to money — success is very much determined by wealth, but actually talking about the real money stuff is completely taboo — it’s so weird!” She said,
“I know right, How are we supposed to learn or get anywhere if we don’t ask questions?”
“Okay, I know I say this all the time, but you really need to listen to this podcast I found…”
And that’s all it took. Now we’re both members of the She’s On the Money Facebook community page, we’ve created our own budgets, and hold each other accountable when it comes to impulse purchases and dreaded Uber Eats.
After listening to this podcast and starting up conversations with my friends about it, I found more information than I ever had before — as well as a huge willingness for people to help. It took a single conversation about wanting to have more savings, and my friend whipped out an Excel spreadsheet and said “Let’s start right now.”
As well as all the nitty-gritty money tips and tricks, I’ve learned that often money talk is actually pretty welcomed, and not as taboo as we’d all like to think. After women being blocked to the money conversations for centuries, I think some of us have felt somewhere along the line that its okay to tune out of learning financial knowledge altogether — but it doesn’t take much to get the ball rolling in the right direction. We can feel empowered rather than intimidated by the idea of saving.
To hear more, find the She’s On The Money podcast on the Apple Podcast app, or look up their Facebook page to be apart of a community inspiring us all to keep our dollars in check.
Originally published at http://abbeysmithportfolio.wordpress.com on October 30, 2019.
