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How To Pay Off Debt On a Low Income · She's On The Money

• 0:00
  Speaker 1: She's on the money. She's on the money.
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  Speaker 2: My name's Natasha Bambler. I'm a proud First Nations woman
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  Speaker 2: and I'm here to acknowledge country. Hello, beautiful friends. We
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  Speaker 2: gather on the lands of the Aboriginal people. We thank,
• 0:18
  Speaker 2: acknowledge and respect the Aboriginal people's land that we're gathering
• 0:21
  Speaker 2: on today. Take pleasure in all the land and respect
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  Speaker 2: all that you see. She's on the Money podcast, acknowledges culture, country,
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  Speaker 2: community and connections, bringing you the tools, knowledge and resources
• 0:32
  Speaker 2: for you to thrive.
• 0:32
  Speaker 3: Hello, my friends, and welcome to She's on the Money,
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  Speaker 3: the podcast where we discuss all of the issues concerning
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  Speaker 3: your wealth goals so that you can feel more in
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  Speaker 3: control of your financial future, especially when it feels like
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  Speaker 3: that future is running away from you. I'm Victoria Devine,
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  Speaker 3: and you are joining me for a very special solo
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  Speaker 3: episode dedicated to debt, specifically how to.
• 0:52
  Speaker 1: Pay it down when you're earning a low income.
• 0:55
  Speaker 3: Because on this podcast, we often discuss debt reduction in
• 0:58
  Speaker 3: a pretty methodical way. Earn more, get a side hustle,
• 1:02
  Speaker 3: then consolidate, snowball or avalanche, right? While I still stand
• 1:07
  Speaker 3: by this advice because it's already working for so many
• 1:09
  Speaker 3: of our listeners, for some of you, it's just adding
• 1:12
  Speaker 3: insult to injury. My friend, you are doing the best
• 1:14
  Speaker 3: that you can and you are exhausted. You're barely scraping
• 1:18
  Speaker 3: by and some of these options are really not that
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  Speaker 3: viable for you. I mean, what if rising living costs
• 1:24
  Speaker 3: are the whole reason why you're in debt in the
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  Speaker 3: first place? So I wanted to dedicate an entire episode
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  Speaker 3: to debt reduction. not by growing your earnings, but by
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  Speaker 3: applying some savvy systems and a little behavioral psychology to
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  Speaker 3: help you along the way at any income level. This
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  Speaker 3: episode is dedicated to our younger selves and anyone who
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  Speaker 3: feels overwhelmed, ashamed, or completely snowed under by debt. We
• 1:49
  Speaker 3: see you, we hear you, and we're here to tell you,
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  Speaker 3: unclench your jaw, my friend. By the end of this
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  Speaker 3: deep dive, you'll hear some creative ways to pay down
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  Speaker 3: your debt, working with the income you already have, as
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  Speaker 3: well as some of the reasons why it's so damn hard.
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  Speaker 3: After the break, we'll be sharing some concerning but common
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  Speaker 3: stats around just how much debt young Australians are actually
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  Speaker 3: in right now.
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  Speaker 1: Relatable. Don't go anywhere.
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  Speaker 3: So if you haven't already heard the episode about my
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  Speaker 3: own personal debt hell story, Please really hear me when
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  Speaker 3: I say I know exactly what you are going through.
• 2:28
  Speaker 3: I've had that exact same sick to my stomach feeling
• 2:30
  Speaker 3: about what balance is owing, the kind where you're checking
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  Speaker 3: your banking apps like an absolute mad woman and spiraling
• 2:36
  Speaker 3: every single time a statement arrives in the mail, or
• 2:39
  Speaker 3: like me at the very beginning of my debt journey,
• 2:42
  Speaker 3: just burying my head in the sand and not knowing
• 2:44
  Speaker 3: exactly what I owe because opening those apps was honestly
• 2:47
  Speaker 3: too much. And while it might feel like everyone else
• 2:50
  Speaker 3: has their entire life sorted and maintains a totally normal
• 2:53
  Speaker 3: relationship with money, I'm here to say that debt particularly
• 2:57
  Speaker 3: secret debt, is way more common than you think. Let
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  Speaker 3: me bring up some stats for you. So according to Canstar,
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  Speaker 3: more than a third of Australians, so 35% are carrying
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  Speaker 3: personal debt, with the average amount sitting at approximately $ 15, 179
• 3:13
  Speaker 3: per person, excluding home loans. And it gets a little
• 3:19
  Speaker 3: bit more confronting if you break it down by generation,
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  Speaker 3: with younger groups carrying the highest levels of debt.
• 3:26
  Speaker 1: But this should come.
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  Speaker 3: As no surprise when you think about how quickly the
• 3:29
  Speaker 3: cost of living, healthcare and education has increased compared to
• 3:32
  Speaker 3: wages in the last generation or so. For a really
• 3:35
  Speaker 3: quick snapshot, Gen Z averages about $ 23, 888 in debt and
• 3:41
  Speaker 3: millennials about $ 18, 135, while the baby boomers average much less
• 3:47
  Speaker 3: at around $ 7, 173. And while Cozzy Lives definitely has something
• 3:52
  Speaker 3: to do with it, so does the shifting landscape around
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  Speaker 3: credit cards, personal loans, or buy it now, pay later arrangements.
• 4:00
  Speaker 1: So my friend, what else is going on?
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  Speaker 3: Well, on average, Gen Z are earning under $ 68, 000 a
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  Speaker 3: year in median gross annual income.
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  Speaker 1: Let's think about it this way.
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  Speaker 3: If your take-home pay is roughly $ 1, 200 a week, but
• 4:14
  Speaker 3: things like rent account for more than half of that
• 4:16
  Speaker 3: with the current national median rent at $ 705 a week,
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  Speaker 3: you can very quickly understand how a really young person
• 4:24
  Speaker 3: might get into debt or anyone at all. So while
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  Speaker 3: you might initially have thought, oh, this issue actually only
• 4:30
  Speaker 3: affects a really certain type of person, There are so
• 4:33
  Speaker 3: many complex factors which play into why these figures actually exist. Now,
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  Speaker 3: I'm going to reel off a few stats that apply
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  Speaker 3: to women. But these figures only become more pronounced if
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  Speaker 3: you are also an Indigenous woman, a person of colour,
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  Speaker 3: if you are same-sex attracted, disabled or experience chronic illness.
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  Speaker 1: Or if you're non-binary.
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  Speaker 3: Based on the WGEA report, we know that women over-index
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  Speaker 3: across low-wage sectors, industries that are already paid less than others,
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  Speaker 3: including healthcare, education, hospitality and retail. Additionally, career wages across
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  Speaker 3: the board make it challenging for women to afford essential
• 5:10
  Speaker 3: living expenses, especially if you are single. This only becomes
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  Speaker 3: more challenging if you're a parent or you have dependents.
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  Speaker 3: Of course, the gender pay gap is a contributing factor
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  Speaker 3: and starts right off the bat with early career wages
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  Speaker 3: taking a knock right after women graduate from uni.
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  Speaker 1: Don't believe me?
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  Speaker 3: Well, according to a survey from the ANU's Social Research Centre,
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  Speaker 3: Female undergraduates are starting their professional careers on a medium
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  Speaker 3: full-time annual salary of $ 75, 300 compared to their male colleagues
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  Speaker 3: on $ 79, 000. That's a 4.7% gap.
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  Speaker 1: With the same credentials right out the gate.
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  Speaker 3: Systemic and industry-specific gender pay gaps continue to challenge women
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  Speaker 3: into their 20s and 30s, especially if you choose to
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  Speaker 3: start a family. Women over-index for casual and part-time roles,
• 6:01
  Speaker 3: usually to facilitate the balance, often returning to work at
• 6:04
  Speaker 3: a reduced rate to compensate. And some of you might
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  Speaker 3: be here and think, well, V, are you suggesting that
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  Speaker 3: women simply don't work as hard as others or for
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  Speaker 3: as long as other employees?
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  Speaker 1: Quite the contrary, actually.
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  Speaker 3: According to the WGEA, we still over-index when it comes
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  Speaker 3: to care responsibilities, doing 1.25 hours more unpaid childcare a
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  Speaker 3: day than male parents and over nine hours a week
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  Speaker 3: more unpaid work and care than men. All of this
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  Speaker 3: to say that there are a bunch of different reasons
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  Speaker 3: why you might be struggling financially, and that's before we've
• 6:39
  Speaker 3: even tried to tackle mindset. It's no wonder you're thinking, V,
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  Speaker 3: I'm doing literally everything that I can and I still cannot.
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  Speaker 1: Catch a damn break.
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  Speaker 3: Because all of this might actually be the reason why
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  Speaker 3: you can't earn more right now. And if the systemic
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  Speaker 3: and institutional factors weren't enough, there are a whole bunch
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  Speaker 3: of other dynamics that are currently at play. This is
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  Speaker 3: the fun behavioral psychology part, all right? And I did
• 7:03
  Speaker 3: study this and could talk about it literally forever, but
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  Speaker 3: I'll keep it really focused for you. I'm just going
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  Speaker 3: to say it, there's a really weird shame that we
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  Speaker 3: carry about what we earn, especially if we're earning much
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  Speaker 3: less than our peers. But we already know this because
• 7:18
  Speaker 3: we've felt it, yeah? And while it's literally tied to
• 7:22
  Speaker 3: our employers, companies, margins and the marketplace as a whole,
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  Speaker 3: for some reason we tend to internalise a low income
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  Speaker 3: as some kind of personal failure. I'm here to remind
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  Speaker 3: you that what you earn is not and will never
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  Speaker 3: be a reflection of what you are worth as a person.
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  Speaker 3: While it is really wonderful to be booked and busy,
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  Speaker 3: this is just one factor of our whole identity. It's
• 7:45
  Speaker 3: not our identity full stop. And that's part of your
• 7:48
  Speaker 3: personal money story. So my friend, if you'd like to
• 7:50
  Speaker 3: learn more about rewriting yours, please check out our money
• 7:53
  Speaker 3: mindset playlists and content. Secondly, a recent study found that
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  Speaker 3: if you're on a lower income, you're more likely to
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  Speaker 3: make more high stakes financial decisions more often with less
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  Speaker 3: margin for error. This level of ongoing financial stress reduces
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  Speaker 3: your decision making capacity. So some might think you're lazy
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  Speaker 3: or simply making bad money decisions when really a perfect
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  Speaker 3: storm of scarcity and mental load all add to the fatigue.
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  Speaker 3: It's catch 22. You're stressed because of money and money
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  Speaker 3: decisions make you stressed. Finally, if you're earning a low income,
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  Speaker 3: chances are you haven't been able to build up an
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  Speaker 3: emergency fund yet, something that we always suggest having before
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  Speaker 3: even starting to pay off your debt. But the whole
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  Speaker 3: thing with earning a low income is that every emergency
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  Speaker 3: becomes your new debt.
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  Speaker 1: Because you don't have a buffer, even the.
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  Speaker 3: Slightest price hike or unexpected cost can tip you into
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  Speaker 3: an emergency mindset. Cognitively speaking, Between the mental load, weird
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  Speaker 3: shame around earning and a lack of a buffer, there's
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  Speaker 3: a lot more going on around your debt than you
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  Speaker 3: might actually realize. And this doesn't even take into account
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  Speaker 3: the external factors that are currently working against you.
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  Speaker 1: So if you're facing.
• 9:04
  Speaker 3: Something like credit card or buy now, pay later debt,
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  Speaker 3: you might be really familiar with the concept of a
• 9:09
  Speaker 3: minimum repayment. Rather than paying off the full amount, the
• 9:13
  Speaker 3: lender only asks you for a minimum amount each month,
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  Speaker 3: which might be like 2%.
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  Speaker 1: Of your overall balance, right?
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  Speaker 3: And while that might be all you can afford on
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  Speaker 3: a lower income, minimum repayments aren't actually your friend. They
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  Speaker 3: are designed to maximize interest for that financial institution over time.
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  Speaker 3: For example, if you're making the minimum repayments on a
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  Speaker 3: $ 5, 000 debt at 2% per month with an interest rate
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  Speaker 3: of 20.99% per year, it would take you over 20
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  Speaker 3: years to pay it off, costing you almost $ 15, 000 in
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  Speaker 3: the long run with almost $ 10, 000 going to interest alone.
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  Speaker 3: And while many of the debt reduction methods out there,
• 9:52
  Speaker 3: including our own, encourage minimum repayments, it's part of a
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  Speaker 3: bigger picture. Okay, so with all of the behavioral and
• 10:00
  Speaker 3: dark design stuff in mind, how can we actually take
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  Speaker 3: charge of a situation that otherwise feels completely out of
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  Speaker 3: our control? I'm going to share some strategies that you
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  Speaker 3: can apply, even with constrained earnings after the break. Welcome back,
• 10:18
  Speaker 3: my friend. All right, now for the, I would say,
• 10:20
  Speaker 3: juicy part, all of the debt dissolving tips, starting off
• 10:24
  Speaker 3: with an audit. Now, this might feel really confronting, but
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  Speaker 3: I promise you, and I hold your hand when I
• 10:30
  Speaker 3: say this, it is totally necessary. And it's kind of
• 10:32
  Speaker 3: a B-side to our earn, spend, own and owe checklist. Basically,
• 10:37
  Speaker 3: you want to do a monthly spend audit. I don't
• 10:40
  Speaker 3: want you to judge yourself, but I want you to
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  Speaker 3: see if you can find any surplus money in there.
• 10:45
  Speaker 3: I'm talking $ 20 to $ 50 a week that you could
• 10:48
  Speaker 3: cut from your current spend without causing too much friction.
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  Speaker 3: Some examples might include paring back on subscriptions and gym
• 10:55
  Speaker 3: memberships or searching for a little money win like interest
• 10:58
  Speaker 3: earnings on existing accounts and renegotiating your phone bill. And
• 11:02
  Speaker 3: if you're anything like me, you love a highlighter moment.
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  Speaker 1: You love stationery.
• 11:07
  Speaker 3: So grab the last 30 days of your transactions and
• 11:10
  Speaker 3: mark anything that didn't make you genuinely happy. Not just
• 11:13
  Speaker 3: money you spent on fun stuff, but moments where you
• 11:16
  Speaker 3: spent money without remembering that purchase. All right, this next
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  Speaker 3: one is called the $ 5 a day rule. And please
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  Speaker 3: don't worry, I'm not asking you to survive on $ 5
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  Speaker 3: a day. Rather, can you put away $ 5 a day
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  Speaker 3: for an additional debt repayment? I get it, it doesn't
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  Speaker 3: feel like much, but it adds up to an extra
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  Speaker 3: $ 1, 825 a year, which on a $ 5, 000 debt covers almost
• 11:39
  Speaker 3: half of the principal payment in year one alone, not
• 11:42
  Speaker 3: including any interest. To do this, you might cut back
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  Speaker 3: on some takeaway coffees, adjust your travel expenses and include
• 11:49
  Speaker 3: maybe more walking in your routine. You might shop a
• 11:52
  Speaker 3: little differently to save five bucks on your meals or
• 11:54
  Speaker 3: your groceries or aim to sell one thing each week
• 11:57
  Speaker 3: on Facebook Marketplace to get the ball rolling. If you're
• 12:00
  Speaker 3: stuck for ideas, we have a brilliant broke tips section
• 12:03
  Speaker 3: on our Facebook group, which is always packed with super
• 12:06
  Speaker 3: creative ways to save. Or you might switch on roundups
• 12:09
  Speaker 3: in your banking app, directing the difference to your debt. Basically,
• 12:13
  Speaker 3: this is where the remaining cost of every transaction is
• 12:16
  Speaker 3: rounded up to the nearest dollar. or $ 5 and it
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  Speaker 3: goes into a savings account or towards your debt. This
• 12:22
  Speaker 3: next tip I have for you is very similar to
• 12:24
  Speaker 3: our traditional debt reduction methods and it's about triaging or
• 12:28
  Speaker 3: prioritizing which debt or debts you pay off first. If
• 12:31
  Speaker 3: you have multiple balances to pay off, always begin by
• 12:35
  Speaker 3: paying off the debt with the highest interest rate first.
• 12:38
  Speaker 3: Not only do they hurt the most in terms of budget,
• 12:41
  Speaker 3: usually their interest rates are differential and shift as you
• 12:44
  Speaker 3: pay them down so they hurt less the more often that.
• 12:46
  Speaker 1: You pay them.
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  Speaker 3: Additionally, things like your HECS or help debt can be
• 12:50
  Speaker 3: deprioritized because they are indexed to CPI and not interest.
• 12:55
  Speaker 3: They don't affect your credit eligibility and rely on you
• 12:57
  Speaker 3: earning above a certain threshold for it to kick in.
• 13:00
  Speaker 3: Because you're on a lower income, you might want to
• 13:02
  Speaker 3: let this one sit at the bottom of your list.
• 13:06
  Speaker 3: This next tip is all about negotiating and if you
• 13:09
  Speaker 3: need help with this, we have a few scripts on
• 13:11
  Speaker 3: our website and on our blog to help you negotiate
• 13:14
  Speaker 3: a cheaper rate on things like your utilities fees or
• 13:17
  Speaker 3: your phone bill. So please go and check them out. Honestly,
• 13:20
  Speaker 3: you can often talk your way to a more affordable
• 13:22
  Speaker 3: credit interest rate or even see if your supplier is
• 13:25
  Speaker 3: willing to offer you any hardship arrangements. The worst thing
• 13:29
  Speaker 3: that they can say is no, and you can move
• 13:31
  Speaker 3: on to the next. But if it is available to you,
• 13:33
  Speaker 3: my friend, it is there for a reason and we
• 13:35
  Speaker 3: should be using it. Look, I've said this in the past,
• 13:37
  Speaker 3: but please stop thinking that you have to like qualify
• 13:41
  Speaker 3: or you need things to be particularly bad for you
• 13:43
  Speaker 3: to call up the National Debt Helpline, which is 1-800-007-007.
• 13:49
  Speaker 3: They offer free and reputable financial counselling services. Again, another
• 13:53
  Speaker 3: service that is designed for you to use. Another thing,
• 13:57
  Speaker 3: my friend, if you come across any unexpected money, like
• 14:01
  Speaker 3: a tax return, maybe some tips or birthday gifts or overtime,
• 14:05
  Speaker 3: you could direct at least 70% of that towards your
• 14:07
  Speaker 3: debt and the rest towards rewarding yourself. I feel like
• 14:10
  Speaker 3: so many times when we are in a situation of
• 14:13
  Speaker 3: financial hardship, when we come across unexpected money, we literally go, well,
• 14:18
  Speaker 3: I deserve this and fritter away on something that makes
• 14:21
  Speaker 3: us feel good in the moment instead of helping future
• 14:25
  Speaker 3: us become more financially confident. Think of it this way,
• 14:29
  Speaker 3: it was actually never your money to begin with. So
• 14:31
  Speaker 3: even 30% is huge and with 70% of it going
• 14:34
  Speaker 3: towards debt reduction, you're investing in your own financial well-being too. Now,
• 14:39
  Speaker 3: how often have we dropped way too much money at
• 14:42
  Speaker 3: dinner or on a social occasion or simply because of
• 14:45
  Speaker 3: peer pressure or situational cues? The people we spend time
• 14:49
  Speaker 3: with often affect our spending habits in really unexpected ways.
• 14:53
  Speaker 3: This tip is about being smart about who you surround
• 14:56
  Speaker 3: yourself with and how you socialize. Is there a friend
• 15:00
  Speaker 3: or maybe even two you could confide in about your
• 15:03
  Speaker 3: financial goals who maybe can help support you in group
• 15:06
  Speaker 3: settings so that you stop self-sabotaging your debt reduction or
• 15:10
  Speaker 3: so that you don't feel like you need to miss
• 15:12
  Speaker 3: out on social occasions simply because of your budget? Can
• 15:15
  Speaker 3: you join in on maybe only the social components that
• 15:18
  Speaker 3: don't involve spending heaps? Can you actively do activities that
• 15:22
  Speaker 3: help you raise money like Maybe together with your friends,
• 15:25
  Speaker 3: you could hold a market stall or have an afternoon
• 15:27
  Speaker 3: together where you finally list all of those things that
• 15:30
  Speaker 3: you said you were going to list on Facebook Marketplace.
• 15:33
  Speaker 3: And lastly, and this is a really important one, can
• 15:37
  Speaker 3: you please shift your mindset? We understand that behavioral change
• 15:42
  Speaker 3: is the most powerful when it's grounded in our own identity,
• 15:46
  Speaker 3: not simple motivation. So can you shift from being someone
• 15:50
  Speaker 3: with debt to someone who makes progress on their debt
• 15:52
  Speaker 3: every week? Can you write this down as a daily
• 15:55
  Speaker 3: reminder of exactly who you are? If you're up for it,
• 15:59
  Speaker 3: maybe it's something you can repeat literally physically to yourself
• 16:03
  Speaker 3: every day until you feel it. A few of the
• 16:05
  Speaker 3: girls on the She's On The Money team are really
• 16:07
  Speaker 3: big fans of positive affirmations, as am I. So if
• 16:11
  Speaker 3: that's your thing, my friend, we are screaming it into
• 16:13
  Speaker 3: the mirror. I know it might feel weird at first.
• 16:17
  Speaker 3: It really did for me too. But change starts up
• 16:20
  Speaker 3: here in the mind, often before we experience it in
• 16:23
  Speaker 3: a physical sense. Now, it would be absolutely remiss of
• 16:28
  Speaker 3: me to give you these strategies, then run away. So
• 16:31
  Speaker 3: I'm going to give you some hypothetical situations inspired by
• 16:34
  Speaker 3: real ones within our community. Each includes a kind of debt,
• 16:38
  Speaker 3: an amount, earnings and strategies applied to pay down that debt.
• 16:43
  Speaker 3: Let's start with the first one. Let's say you take
• 16:47
  Speaker 3: home $ 500 a week and have $ 8, 000 worth of credit
• 16:48
  Speaker 3: card debt. If you use the surplus audit strategy alone,
• 16:54
  Speaker 3: finding an extra 50 bucks a month within your current
• 16:57
  Speaker 3: spend and putting it towards repayments, you could shave 10
• 17:00
  Speaker 3: to 18 years off your repayment schedule and thousands of
• 17:04
  Speaker 3: dollars in interest depending on your rate and lender conditions.
• 17:07
  Speaker 1: Okay, my friend, let's do another one. This time for
• 17:09
  Speaker 1: personal loans.
• 17:10
  Speaker 3: Let's say your take-home pay is $ 630 per week and
• 17:13
  Speaker 3: you've accrued 15 grand worth of debt taking out a
• 17:16
  Speaker 3: personal loan. Based on a three-year term and an interest
• 17:19
  Speaker 3: rate of about 13.9%, you could have the debt paid
• 17:23
  Speaker 3: down in 18 to 24 months if you approach the
• 17:25
  Speaker 3: lender and negotiate a lower minimum repayment and complete a
• 17:29
  Speaker 3: surplus audit and contribute an extra $ 75 a week. That
• 17:34
  Speaker 3: extra contribution would result in you paying almost $ 1, 500 less
• 17:37
  Speaker 3: interest over the All right, let's talk to the buy now,
• 17:48
  Speaker 3: pay later crowd. Let's say your take-home earnings are $ 600
• 17:51
  Speaker 3: a week and you have $ 3, 000 worth of debt, except
• 17:55
  Speaker 3: it's across multiple different platforms. The issue here is that
• 17:58
  Speaker 3: they usually start with an interest-free period, but revert to
• 18:02
  Speaker 3: an average of 25% interest per annum on the unpaid balance.
• 18:07
  Speaker 1: Once your promotional period is over.
• 18:09
  Speaker 3: While $ 40 here and there might not seem like much,
• 18:12
  Speaker 3: that extra $ 750 a year on three grand.
• 18:15
  Speaker 1: If left unchecked, is diabolical.
• 18:18
  Speaker 3: That and buy now, pay later platforms often attract late
• 18:21
  Speaker 3: payment fees and you may need to negotiate with their
• 18:24
  Speaker 3: respective collection partners to sort out a payment plan if
• 18:28
  Speaker 3: they haven't offered you that option already. If you prioritize
• 18:32
  Speaker 3: the smallest buy now, pay later balance first.
• 18:35
  Speaker 1: Paying the monthly minimum of $ 62. 50 per month.
• 18:39
  Speaker 3: Which to do the maths really quickly, 25% per annum
• 18:42
  Speaker 3: interest rate on three grand is about $ 750. Divide that
• 18:46
  Speaker 3: by 12 months, you've got $ 62. 50. And you've used the
• 18:50
  Speaker 3: surplus audit to contribute an extra 25 bucks per week,
• 18:54
  Speaker 3: which is about $ 100 a month to this debt. You
• 18:56
  Speaker 3: would pay it off in roughly 18 months instead of
• 18:59
  Speaker 3: three to four years at the minimum repayment alone. Of course,
• 19:03
  Speaker 3: each lender and platform has their own fees, including early
• 19:06
  Speaker 3: exit and ongoing account fees. So please, please, please do
• 19:10
  Speaker 3: your own research and have a play with the various
• 19:12
  Speaker 3: strategies to see what might actually work best for you.
• 19:15
  Speaker 3: We've got methods to help you get out of buy now,
• 19:17
  Speaker 3: pay later arrangements specifically on the She's On The Money
• 19:21
  Speaker 3: resources page on our website. And these methods don't just
• 19:24
  Speaker 3: apply to those of you who are earning a lower income.
• 19:27
  Speaker 3: You can adjust these to work for higher earnings if
• 19:29
  Speaker 3: that applies for you. It just goes to show how
• 19:32
  Speaker 3: achievable and life-changing these little adjustments can actually be. My friend,
• 19:37
  Speaker 3: if you take anything from this episode, I really hope
• 19:39
  Speaker 3: it's this, that getting out of debt is not simply
• 19:41
  Speaker 3: a rich person's game. While it might be slower, harder
• 19:45
  Speaker 3: and require more discipline and a lot of creativity, it
• 19:48
  Speaker 3: is entirely possible. And our community is proof of this
• 19:52
  Speaker 3: every single day. Thank you so much for joining me
• 19:56
  Speaker 3: for this, I guess, debt-laden deep dive. I hope that
• 19:59
  Speaker 3: you feel a little bit more empowered and maybe even
• 20:02
  Speaker 3: a little bit excited to get on top of your balance. Remember,
• 20:05
  Speaker 3: we have an entire playlist dedicated to helping you pay
• 20:09
  Speaker 3: down debt And if you need to, please don't hesitate
• 20:12
  Speaker 3: to reach out to our friends at the National Debt
• 20:14
  Speaker 3: Helpline for extra support. I'll make sure all of their
• 20:16
  Speaker 3: details are in the show notes. If you found this
• 20:19
  Speaker 3: episode helpful, please leave us a review and make sure
• 20:22
  Speaker 3: that you are subscribed so that you never miss an episode.
• 20:24
  Speaker 3: Take care and my friends, we will catch you next time.
• 20:31
  Speaker 3: The advice shared on She's on the Money is general
• 20:34
  Speaker 3: in nature and does not consider your individual circumstances. She's
• 20:38
  Speaker 3: on the Money exists purely for educational purposes and should
• 20:41
  Speaker 3: not be relied upon to make an investment or financial decision.
• 20:45
  Speaker 3: If you do choose to buy a financial product.
• 20:47
  Speaker 4: Read the PDS, TMD and obtain appropriate financial.
• 20:50
  Speaker 1: Advice tailored towards your needs.
• 20:52
  Speaker 4: Victoria Devine and She's On The Money are authorised representatives
• 20:56
  Speaker 4: of Money Sherpa PTY LTD ABN 321 649 27708 AFSL 451 289.