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Now, I ain't sayin' she a goal digger · She's On The Money

0:00
Speaker 1: She's on the Money.
0:02
Speaker 2: She's on the Money. Hello, and welcome to She's on
0:15
Speaker 2: the Money, the podcast for millennials who want financial freedom.
0:19
Speaker 2: My name is Georgia King. I'm a writer and TV
0:22
Speaker 2: production assistant and I am someone who just really wants
0:24
Speaker 2: to lift my game when it comes to all things money,
0:27
Speaker 2: and to do that, I've enlisted the help of my
0:30
Speaker 2: friend and money expert Victoria Define. Hello, surprise, it's me Victoria.
0:38
Speaker 2: Today we're going to be talking about goal setting. It
0:40
Speaker 2: sounds very simple, but it's the one thing in the
0:43
Speaker 2: shoes on the Money Facebook group that we all seem
0:46
Speaker 2: to get stuck on. We need your help. But before
0:49
Speaker 2: we really dig in, let's kick things off by sharing
0:51
Speaker 2: a money win or a money confession from our own lives. Victoria,
0:55
Speaker 2: good or bad this week?
0:56
Speaker 3: Mate?
0:56
Speaker 4: It's good, I haven't. It's such a good.
1:00
Speaker 3: It was going to be a money confession, but it's
1:03
Speaker 3: now a win and I'm claiming it as such.
1:04
Speaker 4: Fabulous.
1:05
Speaker 3: So I was about to order something on a door
1:07
Speaker 3: Beauty and I had it in my cart and I
1:10
Speaker 3: was actually about to purchase it, and on my laptop
1:13
Speaker 3: I have email notifications, and a notification popped up that
1:17
Speaker 3: I got an email from a door beauty being like,
1:19
Speaker 3: your fifteen dollar reward is waiting for the next twenty
1:23
Speaker 3: four hours, and I was like, yeah, so I clicked
1:26
Speaker 3: that code, popped it, and got fifteen dollars off my order.
1:29
Speaker 3: And I feel like it wasn't going to be a
1:32
Speaker 3: money lost because it was something I actually needed to purchase.
1:35
Speaker 3: But it totally turned into a win. When I got
1:37
Speaker 3: a code. It was as if they were reading my mind.
1:39
Speaker 2: Ye, good from you mate, well done. What have you
1:41
Speaker 2: got for me? I also have a win? Yeah, we
1:44
Speaker 2: are winners, Yeah, winners. We are back at work and
1:49
Speaker 2: I've actually I was gifted a coffee machine over the break,
1:52
Speaker 2: So forget spending four dollars fifty on a latte every day.
1:55
Speaker 4: What does that E calls sixty dollars a week?
1:57
Speaker 2: Just kidding, I know it doesn't It still heaps. So yeah,
2:02
Speaker 2: basically I'm I'm saving a bit of week on coffee.
2:05
Speaker 1: Yeah.
2:05
Speaker 3: Look, that was a weird even though your maths was
2:07
Speaker 3: terrible because it was twenty two dollars fifty if you
2:10
Speaker 3: have a coffee every day, unless you're having three a day,
2:12
Speaker 3: in which case I can't fight that.
2:14
Speaker 2: Mass don't judge me because I was good at English
2:17
Speaker 2: at school and not maths. So I'm saving what was it,
2:20
Speaker 2: twenty dollars a week ish?
2:21
Speaker 3: All right, Well, you keep being the TV producer and
2:23
Speaker 3: I'll keeping financial advisor.
2:25
Speaker 2: All right, Victoria, Enough about my coffee habit and bad math. Yes,
2:30
Speaker 2: once again, another huge week in the shoes on the
2:33
Speaker 2: money community. Did anything stick out to you this week
2:35
Speaker 2: was particularly amazing?
2:38
Speaker 4: Yes, talk to me.
2:39
Speaker 3: I actually have a really fun money win. I don't
2:42
Speaker 3: know if it's a money win, but I just really
2:44
Speaker 3: liked her post. So this post is from Hania, and
2:47
Speaker 3: she said what's everyone's money goals for twenty twenty, And
2:50
Speaker 3: then she listed a whole heap of her money goals
2:52
Speaker 3: and she said that she wants to double her income.
2:54
Speaker 3: She wants to start investing on the stock market. She
2:57
Speaker 3: wants to give more to charity and start making super
3:00
Speaker 3: contributions because she says she's self employed. She also wants
3:03
Speaker 3: to have twenty five thousand dollars in savings and beat
3:06
Speaker 3: the feast or famine cycle that she's been struggling with
3:09
Speaker 3: since going freelance. So she says there's heaps on her plate,
3:13
Speaker 3: but she's feeling so motivated because of this group, and
3:16
Speaker 3: she just wanted to hear everybody else's goals.
3:18
Speaker 2: I love her energy.
3:19
Speaker 3: I did too, and there were literally hundreds of comments
3:21
Speaker 3: on her post of other people sharing their goals and
3:24
Speaker 3: what a way to bring in this episode.
3:26
Speaker 4: Have you got something for me?
3:28
Speaker 5: I do?
3:29
Speaker 2: Mine is from eighteen year old Mikayla, who was the
3:31
Speaker 2: first time poster, and she really just wanted to thank
3:34
Speaker 2: the community for helping her save twenty four thousand dollars
3:37
Speaker 2: in twelve months. She also went on two overseas holidays
3:40
Speaker 2: and she's booked another one in March. She wrote about
3:43
Speaker 2: how grateful she is to all of you for keeping
3:45
Speaker 2: her inspired, feeling supported, really helping her to reach her
3:48
Speaker 2: goals and she can't wait to smash plenty more in
3:50
Speaker 2: twenty twenty. I love it, Go to Mikayla. Now, though,
3:53
Speaker 2: let's get into the show, Victoria. Research suggests that if
3:57
Speaker 2: you can create specific accountability, you'll increase your answers of
4:00
Speaker 2: completing a goal you set by up to ninety five percent, which,
4:03
Speaker 2: if we're being honest, is basically one hundred percent Victoria.
4:06
Speaker 2: Why are goal so important? All right?
4:08
Speaker 4: So definitely not one hundred percent.
4:10
Speaker 3: You're talking to a financial advisor here, that five percent
4:12
Speaker 3: is really important. We know setting goals is important. We
4:15
Speaker 3: talk about it all the time. You know, we're in
4:17
Speaker 3: a new year. We are setting goals because we're motivated
4:20
Speaker 3: to do so. We often like, all right, new year,
4:22
Speaker 3: knew me, clean slate, let's do this. But the important
4:25
Speaker 3: thing here is actually setting goals that we can achieve.
4:28
Speaker 3: Too many times do we set goals that we are
4:30
Speaker 3: unable to achieve, And the easiest way to get derailed
4:33
Speaker 3: and feel demotivated is to set a goal that actually
4:37
Speaker 3: doesn't work out for us. And we heard this in
4:39
Speaker 3: the last season of the podcast, where we had a
4:41
Speaker 3: couple of people who had set goals but hadn't achieved them,
4:45
Speaker 3: and the reasons they hadn't achieved them was because they
4:47
Speaker 3: had actually set goals that were outside of the scope
4:49
Speaker 3: of their ability. So one person in the first season
4:52
Speaker 3: set the goal of saving ten thousand dollars, but she
4:56
Speaker 3: was still a student and had spent eight grand on
4:58
Speaker 3: her in visiline treatment and had I think it was
5:01
Speaker 3: like twenty thousand dollars worth of income, So that was
5:03
Speaker 3: actually just unreasonable for her to have.
5:06
Speaker 4: Expected that of herself.
5:07
Speaker 3: So it became abundantly clear that we needed to do
5:11
Speaker 3: an episode on how to set goals that we can
5:14
Speaker 3: actually achieve, because as mundane as it sounds, it's really not.
5:18
Speaker 2: Okay, Victoria, So I've got a lot of goals I
5:20
Speaker 2: want to meet for twenty twenty. How do I figure
5:23
Speaker 2: out what is actually attainable and what I can truly
5:25
Speaker 2: achieve and what's just not ever going to work for me?
5:27
Speaker 3: It's all about being super clear. Setting goals that we
5:30
Speaker 3: can actually achieve means committing to them as well. So
5:33
Speaker 3: you could say, Victoria, I want to save ten thousand.
5:36
Speaker 4: Dollars this year. That's a fab goal.
5:38
Speaker 3: If you've got a goal to go overseas twice and
5:41
Speaker 3: also purchase a new car, I think we need to
5:44
Speaker 3: really reprioritize what that looks like because for someone on
5:48
Speaker 3: an average salary, all those things aren't possible at once.
5:51
Speaker 3: We can actually achieve everything together. The thing we can't do, though,
5:55
Speaker 3: is achieve it all at once. So we need to
5:58
Speaker 3: be logical about what we are set in and how
6:00
Speaker 3: it's going to work. And my favorite way to go
6:02
Speaker 3: about this is actually to work backwards, saying, all right,
6:05
Speaker 3: what is the final outcome and when do I want
6:08
Speaker 3: to have that achieved by and then going all right,
6:11
Speaker 3: well what will that.
6:11
Speaker 4: Cost me per month?
6:12
Speaker 3: So if you're in a position where you said, and
6:14
Speaker 3: I'm going to use that example of ten thousand dollars again,
6:17
Speaker 3: if you said to me, Victoria, I want to save
6:19
Speaker 3: ten thousand dollars by Christmas time next year, and it's January.
6:23
Speaker 3: All right, we've got twelve months to achieve that goal.
6:26
Speaker 3: Let's work backwards. Can you logically save just over eight
6:30
Speaker 3: hundred dollars a month for that goal? And you might say, oh,
6:34
Speaker 3: that's a lot of money. I also want to buy
6:35
Speaker 3: a car, Well, which one are you prioritizing?
6:38
Speaker 1: More?
6:39
Speaker 3: Goal setting for me is a little bit like a
6:40
Speaker 3: process of elimination, where it's really nice to be really
6:44
Speaker 3: open and optimistic about it at the beginning. Write down
6:47
Speaker 3: all of your goals and ideas on paper, put numbers
6:50
Speaker 3: to them, put figures through them, pop a timeframe on it,
6:52
Speaker 3: and then work towards it in a more constructive way.
6:55
Speaker 3: Because the easiest way to feel like you can't go
6:58
Speaker 3: anywhere is to set a goal that I actually looks
7:00
Speaker 3: like you're not going anywhere. This episode and what we
7:03
Speaker 3: want to get out of it is understanding that I
7:06
Speaker 3: know we're all probably in the mindset of fresh start,
7:08
Speaker 3: new energy levels. We're all really high, so motivated to
7:12
Speaker 3: get it done. Let's also be really constructive about it,
7:15
Speaker 3: because I don't want you all falling off the bandwagon
7:17
Speaker 3: come the end of March because a first of all
7:20
Speaker 3: ticket came up and we've just put you, you know,
7:23
Speaker 3: two steps behind on your savings goal because that took
7:26
Speaker 3: half of the monthly allocated savings from you. Just being
7:29
Speaker 3: really clear about your goals is really important. Vague or
7:33
Speaker 3: generalized goals such as I just want to eat better
7:36
Speaker 3: or I just want to save more money aren't going
7:39
Speaker 3: to work. They're not going to serve you. They are
7:40
Speaker 3: not going to get you where you need to go.
7:42
Speaker 3: We need to be so specific, We need to be
7:44
Speaker 3: defined so we can actually measure things. And as much
7:47
Speaker 3: as that doesn't sound exciting, measuring things actually means they're
7:50
Speaker 3: going to happen. So what, when, where, how? How is
7:53
Speaker 3: this going to happen? Whether that is a personal goal
7:56
Speaker 3: or it's a money related goal like I'm going to
7:59
Speaker 3: pay off credit card by March, is that something that
8:02
Speaker 3: you can actually do? And if you've got a two
8:04
Speaker 3: thousand dollars credit card, can you actually save one thousand
8:07
Speaker 3: dollars a month to actually get to that goal? Or
8:09
Speaker 3: are you putting unrealistic standards on yourself.
8:12
Speaker 2: So what I'm hearing is I need to start running
8:14
Speaker 2: to my goals. Victoriam right.
8:15
Speaker 3: Yes, you are correct, and you also need to start
8:18
Speaker 3: sharing them because if you can create accountability around your goals,
8:21
Speaker 3: you're able to and absolutely more likely to achieve them,
8:25
Speaker 3: whether that is sharing them with your friends, or your family,
8:27
Speaker 3: or just your mum or maybe your cat. I think
8:29
Speaker 3: it's really important to be visualizing these things but also
8:33
Speaker 3: vocalizing them. So put it out to the universe, say
8:35
Speaker 3: I'm going to do this, and this is how I'm
8:37
Speaker 3: going to do it. All right, well do and let's
8:39
Speaker 3: all remember that we are actually human and your journey
8:42
Speaker 3: is not a straight line to success. We're in this
8:44
Speaker 3: situation where nothing actually ever goes according to plan. If
8:48
Speaker 3: we put a plan in place, we are better able
8:50
Speaker 3: to track what we are trying to achieve. If we're
8:52
Speaker 3: not on the bandwagon on Friday, we can always jump
8:55
Speaker 3: back on a Monday and the plan is.
8:57
Speaker 4: Already in place.
8:58
Speaker 3: Our resolution for the next twelve months should be just
9:01
Speaker 3: to keep going on. It's not about always being perfect.
9:04
Speaker 3: It's more about how do I still achieve this goal?
9:06
Speaker 3: And like we're saying, if you need to save just
9:09
Speaker 3: over eight hundred dollars to save that ten thousand dollars
9:12
Speaker 3: in the year, if you get off track, just realign it.
9:14
Speaker 3: What do you now need to save per month? Then
9:17
Speaker 3: you know where could you pull that additional savings from
9:19
Speaker 3: so that you're still on track to achieve the bigger picture.
9:22
Speaker 2: So basically, when I fall off that bandwagon, I can
9:25
Speaker 2: just jump back on and it'll all be okay.
9:27
Speaker 4: Absolutely, it'll all be okay.
9:29
Speaker 3: We just need to be really realistic with ourselves and
9:31
Speaker 3: not expect everything to be perfect. And what a better
9:34
Speaker 3: way to do that than to have shared it already
9:36
Speaker 3: with your friends so that they can motivate you to
9:38
Speaker 3: get back on as well.
9:39
Speaker 2: All right, done, it's a good plan.
9:45
Speaker 4: So Georgia.
9:46
Speaker 3: Before we head into the next part of the show,
9:48
Speaker 3: we wanted to quickly share a message from today's sponsor,
9:51
Speaker 3: verve Super.
9:52
Speaker 4: Who are they well, Victoria.
9:54
Speaker 2: Verv Super is Australia's first ethical super fun to tailored
9:58
Speaker 2: for women. They also don't invest in fossil fuels like
10:00
Speaker 2: new coal mines, or companies engaged in animal cruelty, weapons
10:04
Speaker 2: or gambling. Plus, they're the first superfund only to invest
10:08
Speaker 2: in companies with women on their boards, which is pretty huge.
10:11
Speaker 3: Well, as we know, one of the most important things
10:14
Speaker 3: we can do to improve our financial lot for the
10:16
Speaker 3: future is to sort out our super and what a
10:18
Speaker 3: better time to do it than the start of twenty twenty.
10:21
Speaker 2: By twenty twenty five, Australian women will hold one point
10:24
Speaker 2: five trillion dollars in superannuation, so we probably should start
10:28
Speaker 2: the year off right by caring about which superfund is
10:31
Speaker 2: going to help us long term, Which is why VERV
10:33
Speaker 2: wanted to remind you guys that super is super important.
10:36
Speaker 2: Given this is a goal setting episode. If you know
10:38
Speaker 2: you haven't looked at your super in a while, or
10:40
Speaker 2: you've got a few funds floating around, maybe this is
10:43
Speaker 2: your friendly reminder to pop super on your list. To
10:45
Speaker 2: find out more about VERV Super or to sign up online,
10:48
Speaker 2: visit vervsuper dot com dot au.
10:50
Speaker 3: When looking at changing your superannuation fund, it's really important
10:53
Speaker 3: to take a number of factors into consideration, like the
10:56
Speaker 3: fees associated and the insurances that come as standard. And
11:00
Speaker 3: also please keep in mind that past performance is not
11:02
Speaker 3: a reliable predictor of future performance. We suggest having a
11:06
Speaker 3: chat to your friendly financial advisor. We're making decisions like this.
11:18
Speaker 2: Hi. There, you've reached shees on the Money mailbox. Do
11:20
Speaker 2: you have a money problem you want help solving. Do
11:22
Speaker 2: you have a money dilemma you just want to chat about.
11:25
Speaker 2: Victoria is here to help. Every week, we'll be playing
11:28
Speaker 2: your questions to help make sense of the money mess
11:30
Speaker 2: you may have found yourself in. Make a quick recording
11:33
Speaker 2: on your phone and send it through to podcasts at
11:35
Speaker 2: sheesoondthmoney dot com dot you and you might find yourself
11:38
Speaker 2: on the show. But for now, here's today's question.
11:42
Speaker 5: Hi, guys, I love the show and the principles in
11:45
Speaker 5: the Facebook group. However, I thought i'd send this recording
11:48
Speaker 5: through because even though I'm really motivated and absolutely love
11:51
Speaker 5: the idea of saving money, I can never seem to
11:54
Speaker 5: meet my goals, regardless of how big or small they are.
11:57
Speaker 5: I just can't seem to achieve the goals I set.
12:00
Speaker 5: I have a good income, so money coming in isn't
12:02
Speaker 5: really an issue. So I feel as I'm a bit
12:05
Speaker 5: stuck at the moment. I'd love to know your thoughts
12:08
Speaker 5: and if you have any tricks to keep motivated once
12:10
Speaker 5: the initial excitement has worn off. Thanks guys.
12:13
Speaker 2: So what are some things she needs to think about
12:15
Speaker 2: when setting goals?
12:16
Speaker 3: Victoria, I think it's really important to realize, and I
12:19
Speaker 3: feel like I might have said this a few times
12:21
Speaker 3: in the podcast already, that achieving goals is actually really hard.
12:25
Speaker 3: So we can set goals while we really motivated. But
12:27
Speaker 3: people often fail to achieve their goals, not because the
12:31
Speaker 3: goals they set were actually impossible, but because the goals
12:34
Speaker 3: they set weren't actually set in the correct way. Maybe
12:37
Speaker 3: the goal didn't have a really realistic time frame, or
12:41
Speaker 3: perhaps the goal wasn't achieved because the person actually lost
12:44
Speaker 3: motivation and they couldn't see any progress. And I think
12:46
Speaker 3: we've all been a little bit guilty of that at
12:48
Speaker 3: some point in our lives. What I actually think we
12:50
Speaker 3: need to do is use a framework for our goal setting.
12:53
Speaker 3: This is something I do with my clients all the time,
12:55
Speaker 3: and as much as it sounds silly, it puts us
12:58
Speaker 3: in a position where we are able to really quantify
13:01
Speaker 3: what that goal means and how we can achieve it
13:04
Speaker 3: over the long term.
13:05
Speaker 2: Victoria A. Since you're going to start talking to us
13:07
Speaker 2: about the smart goal methodology, am I right in my assessment?
13:10
Speaker 4: Look, you're not wrong.
13:12
Speaker 3: So many who you have probably already heard me talk
13:14
Speaker 3: about the smart goal methodology. But you know what, I'm
13:17
Speaker 3: going to keep harping on about it because sometimes the
13:19
Speaker 3: best solution is actually the simplest. And as I said,
13:23
Speaker 3: working backwards is really important to me. And this is
13:25
Speaker 3: a framework around two of my favorite things, goal setting
13:29
Speaker 3: and money problems.
13:30
Speaker 4: Even though I've spoken about it.
13:31
Speaker 3: Before, and if you look up smart goals in the
13:34
Speaker 3: Facebook community, you'll be able to find a whole heap
13:37
Speaker 3: more information on this and a template. You are welcome,
13:41
Speaker 3: But it's something I use with my clients all the time.
13:43
Speaker 3: One of the most important things when setting goals is
13:46
Speaker 3: to be realistic. And I know I keep saying that,
13:49
Speaker 3: but the fastest way to lose your motivation is to
13:52
Speaker 3: set a goal that's unrealistic or unachievable. You won't want
13:55
Speaker 3: to go back to it, and actually puts us in
13:57
Speaker 3: a position where we then begin to think that goals
14:01
Speaker 3: for us are unachievable in general. If we start to
14:05
Speaker 3: feel like we are consistently failing on something. Setting a
14:08
Speaker 3: new goal just feels unachievable before you even begin with
14:11
Speaker 3: the smart goal methodology helps us maintain not only our motivation,
14:16
Speaker 3: but also keeps us on track. Smart goals can be
14:19
Speaker 3: applied to anything in your life, whether that's financial or
14:22
Speaker 3: personal goals, whether it's doing more yoga, saving for a
14:25
Speaker 3: house deposit, or affording a holiday. Being clear on the
14:28
Speaker 3: goals that you set and how we can achieve them
14:30
Speaker 3: is actually the start line of your journey. And if
14:33
Speaker 3: we don't know where we're beginning, how on earth are
14:35
Speaker 3: we meant to know where we're going. If I gave
14:37
Speaker 3: you a map with no directions, where would you be going?
14:40
Speaker 2: Begin and lost?
14:40
Speaker 4: Victoria exactly.
14:41
Speaker 3: So let's work out what the start line looks like.
14:44
Speaker 3: Set out a clear path and a starting gun to
14:46
Speaker 3: let us know when to actually start, and a ribbon
14:48
Speaker 3: to run through at the end to let you know
14:50
Speaker 3: that you've achieved your goal. We are all going to
14:53
Speaker 3: be able to achieve goals quicker, faster, better and over
14:56
Speaker 3: the long term.
14:57
Speaker 2: Love the Olympic reference there, Victoria.
15:00
Speaker 4: You are so welcome. I tried really hard with that one.
15:03
Speaker 2: By the way, okay, Victoria, So for those playing along
15:07
Speaker 2: at home who haven't heard of the smart methodology that
15:09
Speaker 2: you love so dearly, can you give us a little recap.
15:12
Speaker 3: Smart actually is an acronym and it stands for specific, measurable, attainable, relevant,
15:17
Speaker 3: and timely. And these are the five factors that I
15:20
Speaker 3: like to take into consideration when setting goals. If we
15:23
Speaker 3: don't meet one of those criteria when setting a goal,
15:26
Speaker 3: it makes it harder to achieve. If we're not setting
15:29
Speaker 3: a goal that's relevant for us, we're probably going to
15:32
Speaker 3: lose motivation over the long term. If we don't set
15:35
Speaker 3: a time on it. How do we know when we've
15:36
Speaker 3: actually achieved it or not achieved something? For me, the
15:39
Speaker 3: smart goal methodology is a very simple way of creating
15:43
Speaker 3: a structure around a goal so we make sure we
15:45
Speaker 3: can achieve it.
15:46
Speaker 2: Alright, So this is starting to make sense to me,
15:48
Speaker 2: and I'm feeling like I probably need to start doing
15:50
Speaker 2: some of these.
15:50
Speaker 4: Myself, Victoria.
15:52
Speaker 2: If people are listening to this and really struggling to
15:54
Speaker 2: find motivation to set a new goal, what exactly would
15:57
Speaker 2: you recommend?
15:58
Speaker 3: I think it's about going broad and then funneling it
16:00
Speaker 3: in write down all of the goals and things you
16:03
Speaker 3: would like to achieve, and then go through that list
16:06
Speaker 3: and highlight the things that are most important to you
16:08
Speaker 3: what is jumping off that page. As I said earlier,
16:12
Speaker 3: we can actually achieve everything, we just can't do it
16:14
Speaker 3: at once. When setting goals, I really like to limit
16:17
Speaker 3: myself to a total of five are ones. And as
16:19
Speaker 3: much as I definitely have more than five goals, it
16:22
Speaker 3: doesn't mean I'm always actively working towards them. If you
16:25
Speaker 3: put too many goals on your plate at one time,
16:28
Speaker 3: you're actually going to lose not only motivation, but you
16:31
Speaker 3: won't have the energy all resources needed to achieve those goals,
16:35
Speaker 3: and therefore you spread yourself too thin. To break this
16:38
Speaker 3: even further down, I really like to of my five goals,
16:41
Speaker 3: and this might be a little bit pedantic, but bear
16:43
Speaker 3: with me. I like to have one long term goal,
16:46
Speaker 3: so something I'm trying to achieve over the next ten years,
16:49
Speaker 3: two medium term goals which I'm trying to achieve in
16:52
Speaker 3: the next three to five is years, and two short
16:55
Speaker 3: term goals and those are the goals that I am
16:57
Speaker 3: trying to smash out in the next twelve months. If
17:00
Speaker 3: you tick off a goal early fantastic. You actually get
17:02
Speaker 3: to replace it with a new one, and I really
17:04
Speaker 3: like doing that because I feel like having a constricted
17:07
Speaker 3: list of goals means I'm really forced to prioritize what's
17:10
Speaker 3: really important to me and what's important to my life,
17:13
Speaker 3: and it stops things from feeling really overwhelming and forces
17:16
Speaker 3: me to consistently reassess whether those things are still a priority.
17:20
Speaker 3: Like if I'm only allowed five things, are those five
17:23
Speaker 3: things worthy of being on the list. I talk to
17:25
Speaker 3: clients about this all the time, because the first thing
17:28
Speaker 3: people are going to say to me is, but, Victoria,
17:29
Speaker 3: I have so many more goals. Keep a wish list,
17:33
Speaker 3: and every time you knock something off that goal list,
17:36
Speaker 3: you can take something from your wish list and add
17:38
Speaker 3: it to your goal list. As much as it sounds
17:40
Speaker 3: a little bit savage to only have five goals at once,
17:43
Speaker 3: creating a list of five goals and achieving them over
17:47
Speaker 3: long term is going to take some time, but it
17:49
Speaker 3: ultimately provides you with the clarity that we are looking
17:52
Speaker 3: for so that we can always stay on track.
17:54
Speaker 2: I think what I love about that, Victoria is that
17:56
Speaker 2: it's not just these giant goals that are you know,
17:59
Speaker 2: ten or twenty years of like buying a house, if
18:01
Speaker 2: that'll ever happen, you know you're gonna be ticking things
18:03
Speaker 2: off along the way by having smaller goals and feeling
18:05
Speaker 2: like you're achieving. So that's pretty big.
18:07
Speaker 5: Yeah.
18:08
Speaker 3: I think it's really important to make sure that we
18:10
Speaker 3: are actually rewarding ourselves along the way and ticking things off.
18:13
Speaker 4: A list is just so satisfying.
18:15
Speaker 2: Love a list. Okay, now for the fun stuff. What
18:19
Speaker 2: good would a money podcast be without the pervy stuff.
18:22
Speaker 2: Now it's time for money Diary. Let's get into it.
18:26
Speaker 5: Hi.
18:27
Speaker 1: I'm twenty three and my name is Snakes and Ladders.
18:29
Speaker 1: I called myself Snakes and Ladders for the podcast just
18:32
Speaker 1: because I feel like ever since I've started working, I've
18:36
Speaker 1: always been saving up for some big items, sort of
18:38
Speaker 1: around the ten thousand dollars a year, and then once
18:41
Speaker 1: I'd hit that, I'd obviously been saving for it, and
18:44
Speaker 1: so then I'd spend it, and then I'd sort of
18:45
Speaker 1: be back to square one. So sea up and down
18:47
Speaker 1: like a game of Snakes and Ladders.
18:49
Speaker 2: Today's money diarist grows by the name Snakes and Ladders
18:52
Speaker 2: and is pretty amazing with her money.
18:54
Speaker 1: I would say that my relationship with money is fairly positive.
18:58
Speaker 1: I've been working since I was about fifty and have
19:00
Speaker 1: always had a job since that point in time. I've
19:03
Speaker 1: always been encouraged to save and save up for big
19:07
Speaker 1: ticket items in cash. But I feel like things could
19:10
Speaker 1: still be better, so always looking for ways to improve.
19:13
Speaker 1: I just finished UNI last year, so I'm finishing up
19:17
Speaker 1: my role as a disability support worker and in the
19:20
Speaker 1: process of starting work as an occupational therapist, so I'll
19:23
Speaker 1: be working with people of different ages who have disabilities
19:27
Speaker 1: and on the National Disability Insurance scheme.
19:29
Speaker 2: Alrighty, so now we know what she does. Let's get
19:32
Speaker 2: into the juicy stuff. How much does she earn and
19:34
Speaker 2: how much is sitting in her bank account right now?
19:36
Speaker 1: Currently, I'm sort of earning a different amount each week
19:40
Speaker 1: because I was working casually, so I'd probably say on
19:42
Speaker 1: average maybe about four hundred and fifty a week. And
19:46
Speaker 1: at the moment, my bank accounts, because there's multiple are
19:49
Speaker 1: sitting at about seventeen thousand dollars, but about four thousand
19:53
Speaker 1: of that is sort of reserved for bills and stuff
19:54
Speaker 1: I have annually that are sort of between March and May.
19:57
Speaker 2: What about debts.
19:58
Speaker 1: The only debt I have at the moment is my
20:01
Speaker 1: hex step from UNI, which I think is about thirty
20:04
Speaker 1: eight thousand dollars. But I also took out an extra
20:07
Speaker 1: four thousand dollars to go overseas for one of my
20:09
Speaker 1: unique placements, went over to Vanawati, which was definitely worth it.
20:13
Speaker 2: So what exactly happens to her money once it's deposited
20:16
Speaker 2: into her account?
20:17
Speaker 1: I put most of it into sort of my longer
20:19
Speaker 1: term savings account, which at the moment I have reserved
20:23
Speaker 1: to save up to move out, and I'm also saving
20:25
Speaker 1: for a trip to Canada, so some of it goes there.
20:27
Speaker 1: Then a little bit I have on a bank card
20:29
Speaker 1: just for whatever splash money I want to have on
20:32
Speaker 1: whatever I want to buy. Then a little bit goes
20:35
Speaker 1: into a separate bank account with a separate bank for
20:38
Speaker 1: my emergency fund, and then the others all go into
20:41
Speaker 1: the bills accounts as well.
20:42
Speaker 2: Alrighty, So how does Snakes and Latters feel about investing?
20:45
Speaker 4: Does she invest?
20:46
Speaker 2: And if so?
20:47
Speaker 4: How so?
20:48
Speaker 1: When it comes to investing, I've just started using a
20:51
Speaker 1: micro investing platform sort of just before around Christmas time,
20:54
Speaker 1: so I do invest, but I've just started, but my
20:58
Speaker 1: plan for what I do have in that platform is
21:00
Speaker 1: to help it hit a certain amount and then decide
21:03
Speaker 1: what to do with it and get some advice about that.
21:06
Speaker 1: I definitely see the value in investing, but I just
21:09
Speaker 1: think it's something I need to learn more about, and
21:11
Speaker 1: I think as I do that, I would feel better
21:13
Speaker 1: about it. Like I know at the moment it's a
21:15
Speaker 1: good thing to do over time, but it's just yeah,
21:17
Speaker 1: I suppose that's still initial sort of phase of starting
21:20
Speaker 1: something new.
21:21
Speaker 2: So and how does today's money diarist feel about making
21:24
Speaker 2: decisions when it comes to money?
21:25
Speaker 1: I think to a certain extent, I think when it
21:28
Speaker 1: comes to making decisions around money that it's sort of
21:33
Speaker 1: when it comes to spending or knowing what I want
21:36
Speaker 1: to save up to spend, I feel confident. But when
21:38
Speaker 1: it comes to things about I suppose deciding where to
21:41
Speaker 1: put my money, like whether it's an investment or you know,
21:44
Speaker 1: if you know someone of my age should even be
21:47
Speaker 1: looking at contributing to super voluntarily or something like that,
21:50
Speaker 1: I'm a bit sort of still confused about it or
21:52
Speaker 1: need to read more about it. So for the most part, yes,
21:55
Speaker 1: but also probably could be better as well.
21:57
Speaker 2: Does next and latterers have any good money habits that
22:00
Speaker 2: is especially proud of.
22:01
Speaker 1: The main good money habit that really jumps to my
22:03
Speaker 1: mind is that I have a spreadsheet that I've been
22:07
Speaker 1: using for the last two years ry I list all
22:09
Speaker 1: of my spending, which has been helpful mainly because I've
22:12
Speaker 1: been able to not only track where everything goes, but
22:15
Speaker 1: pick up on habits.
22:16
Speaker 4: So I didn't know that I had.
22:18
Speaker 1: So for instance, I found out anytime I was going
22:20
Speaker 1: out somewhere, like to an appointment, and I was early,
22:23
Speaker 1: I'd go and get a snack or a coffee or something,
22:25
Speaker 1: and all of those little things were adding up. So
22:27
Speaker 1: now I just don't do that because I know it
22:29
Speaker 1: adds up over time. And then probably the other thing
22:33
Speaker 1: as well is using sort of apps to help split
22:37
Speaker 1: costs with friends as well, so when you go out,
22:40
Speaker 1: not one person's footing the bill. And I think it
22:42
Speaker 1: also helps us to all chat about money a bit
22:44
Speaker 1: easier as well, because no one feels like they're being
22:47
Speaker 1: unfair towards another person.
22:48
Speaker 2: And what about her worst money habit?
22:50
Speaker 1: My worst money habit would probably be maybe not fully
22:54
Speaker 1: thinking through how much things would cost before I actually
22:57
Speaker 1: do them, So like say, for example, the middle of
23:00
Speaker 1: last year, I booked a plane ticket to go and
23:03
Speaker 1: visit a friend that lives in England, and I just
23:05
Speaker 1: booked the plane ticket and then I was like, I'll
23:07
Speaker 1: just figure it out later because I was on a
23:09
Speaker 1: uniqu placement at the time and I was busy, and
23:11
Speaker 1: it all worked out because I had money in the
23:13
Speaker 1: bank that I could draw upon. But I think in hindsight,
23:15
Speaker 1: I probably should have actually done a rough estimate of things.
23:18
Speaker 2: First, what is our money dirist actually saving for? What's
23:21
Speaker 2: her big money goal at the moment.
23:23
Speaker 1: The things that I'm saving for at the moment would
23:25
Speaker 1: be mainly my trip to Canada, which I'm hoping to
23:29
Speaker 1: do the year after next, so twenty twenty one. So
23:32
Speaker 1: I started saving for that the middle of last year,
23:34
Speaker 1: just by putting a little bit aside each paycheck, and
23:36
Speaker 1: that's really added up. So looking forward to saving up
23:39
Speaker 1: for that over the next year. But other than that,
23:42
Speaker 1: just saving up for a rainy day and saving up
23:45
Speaker 1: to move out as well, sort of hopefully some point
23:47
Speaker 1: this year.
23:47
Speaker 2: New Year, New Goals. What does twenty twenty look like
23:50
Speaker 2: for snacks and ladders?
23:51
Speaker 1: I suppose it's the money goals for this year is
23:54
Speaker 1: more about hitting specific amounts in certain accounts, So like
23:58
Speaker 1: with the Canada account, I want to have six grain
24:01
Speaker 1: by the end of the year so it can start
24:02
Speaker 1: paying things off. Because now I'm going to have annual
24:04
Speaker 1: leave to use while I'm away, so I won't need
24:06
Speaker 1: to save up for the full amount before I start
24:08
Speaker 1: booking things, if that makes sense or yeah, having a
24:11
Speaker 1: certain amount ready for when I move out.
24:14
Speaker 2: Now. Does our Snakes and Ladders lass have any hacks
24:17
Speaker 2: she can share with the Shoes on the Money community.
24:19
Speaker 1: I'd say, like, my best hack for saving money is
24:21
Speaker 1: always trying to find a better deal somewhere else. Like
24:23
Speaker 1: whether it's using you know, vouchers to get discounts on
24:27
Speaker 1: meals or group on to get cheap massages or whatever
24:30
Speaker 1: it is you want to do, you can always find
24:32
Speaker 1: a better deal somewhere else. I love using vouchers. I
24:34
Speaker 1: think that people need to probably be using more of them.
24:36
Speaker 1: They're there to be used, you know, they're out. They
24:38
Speaker 1: help bring business into shops that might otherwise need it,
24:41
Speaker 1: and you know you get to try a holoda cool
24:43
Speaker 1: new places, So no shame it used to work in hospitality.
24:46
Speaker 1: I don't care if someone gave me a voucher I
24:47
Speaker 1: just use It's what's there for. Even shopper dockets still
24:49
Speaker 1: around as well. There's so many good ones you can use.
24:52
Speaker 1: You just got to check in. You know, you never
24:53
Speaker 1: might get lucky. One time, my family and I we
24:56
Speaker 1: got three days free airport parking from a shopper docket,
24:58
Speaker 1: so you never know.
24:59
Speaker 2: And finally, how would today's money diarist rate her own
25:02
Speaker 2: relationship with money.
25:04
Speaker 1: I'd probably rate my relationship with money maybe a B plus,
25:10
Speaker 1: just because I feel like I have really solid habits
25:13
Speaker 1: that I've started early on, and I think those have
25:16
Speaker 1: the potential to carry me through quite well. But it's
25:19
Speaker 1: just a matter of I suppose fine tuning and tweaking
25:22
Speaker 1: things and learning about those other things that I've mentioned
25:25
Speaker 1: that I haven't yet learned about, like investing and doing
25:28
Speaker 1: that better.
25:29
Speaker 2: Snakes and ladders, Victoria, what did you reckon?
25:32
Speaker 3: I loved it? How good was she? How savvy, very incredible.
25:36
Speaker 3: I absolutely loved her shopper docket tip.
25:38
Speaker 2: That was my favorite as well.
25:39
Speaker 3: I actually can't remember the last time I looked at
25:41
Speaker 3: the back of receipt and I just feel like I've
25:44
Speaker 3: been missing out, Like how many shopper dockets. If I
25:47
Speaker 3: put in the bin and missed out.
25:48
Speaker 2: On, imagine all the deals you're just throwing away. Girl.
25:50
Speaker 3: I know I'm going to look next time, I promise.
25:52
Speaker 3: But I thought she was really, really great. I thought
25:54
Speaker 3: she had some really good tips, but also was quite aware.
25:58
Speaker 3: You could tell by the way that she explained her
26:00
Speaker 3: money situation, how money comes into her account, and then
26:03
Speaker 3: she did visit up to her goals and her savings.
26:06
Speaker 3: That was absolutely incredible. I think that her B plus
26:11
Speaker 3: rating was fair given she said that she didn't really
26:14
Speaker 3: know much about investing, but I loved that she said
26:16
Speaker 3: that she wanted to be investing more.
26:19
Speaker 4: I also feel like.
26:21
Speaker 3: Not to criticize, but I also think it's really important
26:24
Speaker 3: to have some bigger goals.
26:25
Speaker 2: I thought her goals were pretty amazing, but obviously you're
26:28
Speaker 2: a financial advisor, so what would you say bigger long
26:31
Speaker 2: term goals actually look like.
26:32
Speaker 3: So it was fantastic that she's saving for Canada in
26:34
Speaker 3: twenty twenty one. And I think it was fantastic that
26:38
Speaker 3: she said I'm saving for a rainy day. But these
26:41
Speaker 3: bigger goals are really important. So saving for something like
26:45
Speaker 3: financial freedom or retirement is not too far away when
26:49
Speaker 3: you're twenty three, so it feels far away, but it
26:52
Speaker 3: is absolutely not. And the reason we want these bigger
26:55
Speaker 3: financial goals in place is because why are we working.
26:58
Speaker 3: We're working to create financial freedom, and financial freedom is
27:02
Speaker 3: the thing that is going to make us money. So
27:04
Speaker 3: the money that we invest is going to then make
27:06
Speaker 3: us money so we don't have to go to work,
27:08
Speaker 3: so we can go to Canada every year. So I
27:10
Speaker 3: think we need to really see the bigger picture, not
27:13
Speaker 3: just all right, I'm saving for Canada in twenty twenty one,
27:16
Speaker 3: because what after that? What happens next? Where are the
27:19
Speaker 3: next steps? Where are we going? But I think she's
27:22
Speaker 3: absolutely on the right track. She's twenty three, she's just
27:24
Speaker 3: started investing, she's got her whole life ahead of her,
27:27
Speaker 3: and I absolutely loved it.
27:29
Speaker 2: That is all we have time for today. But before
27:32
Speaker 2: we head off, let's quickly wrap the boring but important stuff.
27:36
Speaker 2: The advice shared on she is on the Money is
27:38
Speaker 2: general in nature and does not consider your individual circumstances.
27:41
Speaker 2: She's on the Money exists purely for educational purposes only,
27:45
Speaker 2: and should not be relied upon to make an investment
27:47
Speaker 2: or financial decision. And yes, don't worry. We promise. Victoria
27:51
Speaker 2: to Mine is an authorized representative of Consultant Financial Advisors
27:54
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