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/

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US? Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email us: ⁠[email protected]⁠

In this episode, Mel opens up about her experiences of being a financial support for her daughter, while also grappling with spending money on things that don't align with her values as she saves for a family holiday. Darlene discusses setting spending limits and giving pocket money within a budget, highlighting the importance of being mindful of their children's desires to spend and building independence.

The episode features Larisha Jerome as a guest, a proud Jarowair, Wakka Wakka, and Wulli Wulli woman. Larisha is the Manager of Women's Economic Empowerment & Business Education at First Nations Foundation, host of the Rich Blak Women Podcast, a TEDx Speaker & Keynote Speaker, and a Self-Concept & Mindset Coach.

Larisha shares her journey from a disadvantaged childhood to her current roles, emphasizing the importance of education and financial empowerment. She discusses the cultural and generational disadvantages and trauma faced by Indigenous communities, and the need to recognize and release the lack of financial control and autonomy.

Larisha also explores the different definitions of wealth in various communities and her approach to making finance fun for younger people, such as using vision boards. Her purpose is to connect with the community and be a positive part of their financial journey, taking a collaborative approach as an ally. She discusses the differences between Indigenous and Westernized cultures in terms of community versus individual focus, and the importance of learning from different cultures and sharing stories.

Larisha will be giving a TEDx Talk in March about decolonizing Western money concepts, highlighting the ongoing journey of learning about and understanding money. Both Mel and Larisha agree on the significance of approaching money discussions genuinely, transparently, and authentically.

RESOURCES IN THIS EPISODE

Rich Blak Women Podcast: https://tomorrowmoney.co/women/rbw/

First Nations Foundation: https://firstnationsfoundation.org.au/

Larisha Jerome: https://www.linkedin.com/in/larisha-v-jerome-7aa0571b7/

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US? Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU! Email us: ⁠[email protected]⁠

Mel discusses receiving a fine for driving an unregistered vehicle and the challenges of navigating the payment system. Darlene shares insights on managing her self-managed super fund, emphasizing the need for careful monitoring. The hosts explore the gender pay gap in Australian workplaces and its impact on career choices. They also discuss women's roles in the household, career breaks, and the impact of the cost of living on households. The episode concludes with having an exit strategy after a relationship breakdown and mentions the new online financial wellbeing course.

RESOURCES IN THIS EPISODE

WGEA website: https://www.wgea.gov.au/

WGEA Gender Pay Gaps Report Snapshot: https://www.wgea.gov.au/publications/employer-gender-pay-gaps-snapshot

More reports and resources: https://www.themoneycollective.com.au/resources

Mentioned: Ayal Fernando, Financial Adviser of Fern Financial, a Financial Planning company: https://www.fernfinancial.com.au/

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

Visit ourwebsite to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU! Email us: ⁠[email protected]⁠

Mel and Darlene share personal stories and practical advice on managing competing priorities like private health insurance, income protection, and saving for family holidays. They emphasize the importance of planning for financial resilience and discuss the impact of traditional gender roles on financial dynamics in relationships. The hosts encourage listeners to strive for interdependence by actively engaging in financial management together and modelling healthy money behaviours for children.

RESOURCES IN THIS EPISODE

Mentioned: Ayal Fernando, Financial Adviser of Fern Financial, a Financial Planning company: https://www.fernfinancial.com.au/

Take a look at your buy and sell numbers to see what the costs might be: https://www.themoneycollective.com.au/buyingandselling

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US? Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU! Email us: ⁠[email protected]⁠

Mel Pearce and Darlene Neu are your Financial Wellbeing Coaches and Mortgage Brokers, bringing you over 50 years experience in the finance industry and their vision to uplift your financial wellbeing with their honest, vulnerable, and thought-provoking conversation.

IN THIS EPISODE 8

Mel and Darlene discuss spending on clothing, and the importance of aligning spending to your values. They talk about how upwards of 70% of Australians are now taking out loans via a Mortgage Broker, and touches on best-interest duty and industry regulation, as well as how Mortgage Brokers are paid, how commission works, as well as clawbacks. Mel and Darlene also mention the long-term client relationships and the shift to a more holistic approach to money in the industry. They also discuss purchasing a vehicle through novated lease, finance, or part-finance and go into depth on novated leasing.

RESOURCES IN THIS EPISODE

Get to know your number with our handy Spending Review template.

KEY QUESTION IN THIS EPISODE Should I take out a novated lease on a vehicle?

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

- Book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more.

- See our ⁠Premium Financial Wellbeing Coaching⁠

- Join our ⁠Facebook Community⁠

- Check out our free ⁠Resources⁠

- Follow us on ⁠Instagram⁠,⁠ Facebook⁠ or ⁠LinkedIn⁠

- Register to ⁠stay connected⁠ and receive our emails

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email our ⁠[email protected]⁠

Mel Pearce and Darlene Neu are your Financial Wellbeing Coaches and Mortgage Brokers, bringing you over 50 years experience in the finance industry and their vision to uplift your financial wellbeing with their honest, vulnerable, and thought-provoking conversation.

IN THIS EPISODE 7

Deep dive into understanding more about what forms your behaviours, thoughts, actions, and relationship with money in this episode all about money stories. Mel and Darlene share their own personal money stories and what factors helped shape their views of, use of, and plans with money in their life. They discuss personal values, beliefs, and the real importance of having your own vision and purpose in life to guide your spending.

They also touch on debt consolidation, and the key things to be considered before taking action.

RESOURCES IN THIS EPISODE

Get to know your number with our handy Spending Review template.

KEY QUESTION IN THIS EPISODE

Should I consolidate my debts?

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

- Book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more.

- See our ⁠Premium Financial Wellbeing Coaching⁠

- Join our ⁠Facebook Community⁠

- Check out our free ⁠Resources⁠

- Follow us on ⁠Instagram⁠,⁠ Facebook⁠ or ⁠LinkedIn⁠

- Register to ⁠stay connected⁠ and receive our emails

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email our ⁠[email protected]⁠

Mel Pearce and Darlene Neu are your Financial Wellbeing Coaches and Mortgage Brokers, bringing you over 50 years experience in the finance industry and their vision to uplift your financial wellbeing with their honest, vulnerable, and thought-provoking conversation.

IN THIS EPISODE 6

Explore the 8 Step Financial Wellbeing Program with Mel and Darlene as they unpack a little about each of the key areas and why they are critical to achieving an uplift to your financial wellbeing. These include having a vision, knowing your purpose, setting goals and priorities, knowing your numbers, understanding your financial products, creating a budget, growing your financial resilience, and more. They also discuss options and what to do if you're unable to make mortgage repayments, offering a way forward for people unable to meet their expenses with the cost-of-living crisis.

RESOURCES IN THIS EPISODE

The 8 Step Financial Wellbeing Program is available in our premium personal coaching, and our online course which will provide the tools and information for you to work on yourself, is coming in 2024. The National Debt Hotline phone number is a free and confidential service provided by Financial Counselling Australia. Call 1800 007 007 or visit their website: https://ndh.org.au/

KEY QUESTION IN THIS EPISODE

What can I do if I can't make my mortgage repayment?

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

- Book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more.

- See our ⁠Premium Financial Wellbeing Coaching⁠

- Join our ⁠Facebook Community⁠

- Check out our free ⁠Resources⁠

- Follow us on ⁠Instagram⁠,⁠ Facebook⁠ or ⁠LinkedIn⁠

- Register to ⁠stay connected⁠ and receive our emails

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email our ⁠[email protected]⁠

Mel Pearce and Darlene Neu are your Financial Wellbeing Coaches and Mortgage Brokers, bringing you over 50 years experience in the finance industry and their vision to uplift your financial wellbeing with their honest, vulnerable, and thought-provoking conversation.

IN THIS EPISODE 5

Have you ever wondered why you make certain financial decisions, while others seem to have completely different approaches? Listen as Mel and Darlene unpack each unique money personality, looking at their inherent strengths and weaknesses and their hallmark traits. They discuss how being aware of your money personality and seeking support when needed can bring balance and confidence to your financial choices.

They discuss how the money personality quiz can be used to gain deeper insights into the "why" behind your impulsive responses when it comes to money, and can help you recognise opportunities for uplifting your financial wellbeing. Mel and Darlene dive deep into relationships and discuss the need for understanding your partner on a financial level. At the beginning in 'Our Truth' the topic of parents giving pocket money is raised, and the episode ends with an in-depth talk about 'mortgage prisoners' being people stuck in certain home loan situations and what some possible options are to change their situation.

RESOURCES IN THIS EPISODE Discover your money personality and have a chat about it with your partner or a friend. Take the quiz.

KEY QUESTION IN THIS EPISODE

What does the term 'mortgage prisoner' mean?

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

- Book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more.

- See our ⁠Premium Financial Wellbeing Coaching⁠

- Join our ⁠Facebook Community⁠

- Check out our free ⁠Resources⁠

- Follow us on ⁠Instagram⁠,⁠ Facebook⁠ or ⁠LinkedIn⁠

- Register to ⁠stay connected⁠ and receive our emails

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email our ⁠[email protected]⁠

Mel Pearce and Darlene Neu are your Financial Wellbeing Coaches and Mortgage Brokers, bringing you over 50 years experience in the finance industry and their vision to uplift your financial wellbeing with their honest, vulnerable, and thought-provoking conversation. IN THIS EPISODE 4

Listen to Mel and Darlene explore different professionals in the finance industry and unpack where financial wellbeing coaches fit, when you might engage one, and what exactly they can do for you.

They discuss financial planners and financial counsellors, and what the differences are between them, as well as money coaching and how financial wellbeing encompasses that but is far more holistic in its approach and outcomes.

Further examining the capability and resilience that form financial wellbeing, they touch on the concepts of scenario planning, the balance of power in relationships, and the fear emotion that so many people have around money.

KEY QUESTION IN THIS EPISODE

What is the 'fixed rate cliff' being talked about in the media?

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

- Book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more.

- See our ⁠Premium Financial Wellbeing Coaching⁠

- Join our ⁠Facebook Community⁠

- Check out our free ⁠Resources⁠

- Follow us on ⁠Instagram⁠,⁠ Facebook⁠ or ⁠LinkedIn⁠

- Register to ⁠stay connected⁠ and receive our emails

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email our ⁠[email protected]⁠

Mel Pearce and Darlene Neu are your Financial Wellbeing Coaches and Mortgage Brokers, bringing you over 50 years experience in the finance industry and their vision to uplift your financial wellbeing with their honest, vulnerable, and thought-provoking conversation.

IN THIS EPISODE 3

This episode discusses what we're teaching our children and modelling for them when it comes to money, and how our money story impacts them. As a very common thing we discuss in financial wellbeing coaching, the money relationship with children and young people is important, and understanding the balance between truly helping, versus creating the 'I'm bad with money' feeling or the weight of expectation.

This episode unpacks how everything we do and the onversations we have as parents forms part of our children's personal money story and impacts their view and feelings about money with lasting effect. It highlights the importance of being real, honest, and open about money and how things work for your family.

KEY QUESTION IN THIS EPISODE

Why do I have to close off my credit card to get my home loan?

READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

- Book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more.

- See our ⁠Premium Financial Wellbeing Coaching⁠

- Join our ⁠Facebook Community⁠

- Check out our free ⁠Resources⁠

- Follow us on ⁠Instagram⁠,⁠ Facebook⁠ or ⁠LinkedIn⁠

- Register to ⁠stay connected⁠ and receive our emails

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email our ⁠[email protected]⁠