On the episode today we are joined by Lisa Simpson, a financial counsellor who helps people to get out of debt. After working for over 13 years as a Financial Counsellor and Educator Lisa has developed a passion for Financial Coaching and Literacy and her broad knowledge base allows her to assist people from all walks of life, all ages and circumstances.



Lisa has a passion for teaching people what they don’t know about money. She shares with us the common ways that people are getting into debt. In her most recent role, she was looking at people’s bank statements every day and saw a huge number of Buy Now Pay Later entries on their bank statements. Overcommitting via Buy Now Pay Later is so easy, and Lisa shares the ways that these kinds of debts can easily get out of control.



Lisa also shares why Buy Now Pay Later aren’t regulated under the ASIC rules like other bank products and why this has created financial hardship for so many.



I know if these products were around when I was in my late teens and early twenties I definitely would have got myself into debt. Lisa provides guidance on what to do if you have a Buy Now Pay Later debt, with the first step being a budget, which she likes to term a personal money map. Essentially, this gets you from where you are now, to where you want to be. I love this way of looking at budgeting! Lisa teaches us about the snowball method of paying down debts.



Lisa also shares the downfalls of Buy Now Pay Later products, and why the ‘no interest’ term hides the other fees and charges that can apply.



Lisa explains why the four walls of your own home are the most important costs to consider first and why you should prioritise these four needs over wants.



If you’re in debt, there is help available. Lisa shares how Financial Counsellors can help. There is also significant help available from utility providers, banks and even grants, including payment plans, energy audits and moratoriums (essentially a payment holiday!).



Lisa also steps us through ways of approaching hard financial conversations with your partner. These can be hard, but Lisa’s tips will really help.



A common money problemo we often get asked about is - will a Buy Now Pay Later debt affect their credit rating? Lisa explains the difference between your credit report, credit rating and your credit score and what is and isn’t listed on these.



Ladies, if you’re in debt (no matter how much), help is available and is so much easier to access than you might have thought!



Resources mentioned:



Connect with a financial counsellor: 1800 007 007 (National Debt Helpline)



QLD: Home Energy Emergency Assistance Scheme (HEEAS)



VIC: Utility relief grant scheme (URGS)



NSW: Energy Accounts Payment Assistance (EAPA) vouchers



SA: Energy bill concessions



Debt Snowball Method - Scott Ramsay



Domino Your Debts - Scott Pape (Barefoot Investor)



Atomic Habits - James Clear





CONNECT WITH LISA SIMPSON



LinkedIn:    https://au.linkedin.com/in/lisa-simpson

Facebook:    https://www.facebook.com/uncommoncentsgoldcoast/






CONNECT WITH LADIES FINANCE CLUB

Join our free facebook group - Ladies Finance Club Money Chat



Website:    https://www.ladiesfinanceclub.com/

Instagram:    https://www.instagram.com/ladiesfinanceclub/

LinkedIn:    https://www.linkedin.com/company/ladies-finance-club/

On the episode today we are joined by Lisa Simpson, a financial counsellor who helps people to get out of debt. After working for over 13 years as a Financial Counsellor and Educator Lisa has developed a passion for Financial Coaching and Literacy and her broad knowledge base allows her to assist people from all walks of life, all ages and circumstances.
 
Lisa has a passion for teaching people what they don’t know about money. She shares with us the common ways that people are getting into debt. In her most recent role, she was looking at people’s bank statements every day and saw a huge number of Buy Now Pay Later entries on their bank statements. Overcommitting via Buy Now Pay Later is so easy, and Lisa shares the ways that these kinds of debts can easily get out of control.
 
Lisa also shares why Buy Now Pay Later aren’t regulated under the ASIC rules like other bank products and why this has created financial hardship for so many.
 
I know if these products were around when I was in my late teens and early twenties I definitely would have got myself into debt. Lisa provides guidance on what to do if you have a Buy Now Pay Later debt, with the first step being a budget, which she likes to term a personal money map. Essentially, this gets you from where you are now, to where you want to be. I love this way of looking at budgeting! Lisa teaches us about the snowball method of paying down debts.
 
Lisa also shares the downfalls of Buy Now Pay Later products, and why the ‘no interest’ term hides the other fees and charges that can apply.
 
Lisa explains why the four walls of your own home are the most important costs to consider first and why you should prioritise these four needs over wants.
 
If you’re in debt, there is help available. Lisa shares how Financial Counsellors can help. There is also significant help available from utility providers, banks and even grants, including payment plans, energy audits and moratoriums (essentially a payment holiday!).
 
Lisa also steps us through ways of approaching hard financial conversations with your partner. These can be hard, but Lisa’s tips will really help.
 
A common money problemo we often get asked about is - will a Buy Now Pay Later debt affect their credit rating? Lisa explains the difference between your credit report, credit rating and your credit score and what is and isn’t listed on these.
 
Ladies, if you’re in debt (no matter how much), help is available and is so much easier to access than you might have thought!
 
Resources mentioned:
 
Connect with a financial counsellor: 1800 007 007 (<a href="https://ndh.org.au/">National Debt Helpline</a>)
 
QLD: <a href="https://www.qld.gov.au/community/cost-of-living-support/concessions/energy-concessions/home-energy-emergency-assistance-scheme">Home Energy Emergency Assistance Scheme (HEEAS)</a>
 
VIC: <a href="https://services.dffh.vic.gov.au/utility-relief-grant-scheme">Utility relief grant scheme (URGS)</a>
 
NSW: <a href="https://www.service.nsw.gov.au/transaction/energy-accounts-payment-assistance-eapa-scheme">Energy Accounts Payment Assistance (EAPA) vouchers</a>
 
SA: <a href="https://www.sa.gov.au/topics/care-and-support/concessions/household-concessions/energy-bill-concessions">Energy bill concessions</a>
 
<a href="https://www.ramseysolutions.com/debt/how-the-debt-snowball-method-works">Debt Snowball Method</a> - Scott Ramsay
 
<a href="https://www.barefootinvestor.com/barefoot-steps/step-3-domino-debts">Domino Your Debts</a> - Scott Pape (Barefoot Investor)
 
<a href="https://jamesclear.com/atomic-habits">Atomic Habits</a> - James Clear
 
CONNECT WITH LISA SIMPSON
 
LinkedIn:    <a href="https://au.linkedin.com/in/lisa-simpson">https://au.linkedin.com/in/lisa-simpson</a>
Facebook:    <a href="https://www.facebook.com/uncommoncentsgoldcoast/">https://www.facebook.com/uncommoncentsgoldcoast/</a>
 
CONNECT WITH LADIES FINANCE CLUB
Join our free facebook group - <a href="https://www.facebook.com/LadiesFinanceClub/">Ladies Finance Club Money Chat</a>
 
Website:    <a href="https://www.ladiesfinanceclub.com/">https://www.ladiesfinanceclub.com/</a>
Instagram:    <a href="https://www.instagram.com/ladiesfinanceclub/">https://www.instagram.com/ladiesfinanceclub/</a>
LinkedIn:    <a href="https://www.linkedin.com/company/ladies-finance-club/">https://www.linkedin.com/company/ladies-finance-club/</a>

Welcome to Get Rich by Ladies Finance Club - the personal finance podcast that helps women do just that: get rich and stay rich. Hosted by Molly Benjamin, founder of the award-winning Ladies Finance Club and a reformed hot financial mess, this is where smart, ambitious women come to take control of their finances, grow their wealth, and level up their money game.  

We make personal finance fun, fearless, and totally doable no matter where you're starting from. No confusing jargon, no guilt trips - just high-impact, simple money strategies that anyone can start using right away.  

Whether you’re saving for a home deposit, creating a budget that actually works, investing in property or the sharemarket, growing your income, or finally figuring out superannuation, this podcast has you covered.   Hit subscribe and let’s get rich (and stay rich) together.

Welcome to Get Rich by <a href="https://instagram.com/ladiesfinanceclub">Ladies Finance Club</a> - the personal finance podcast that helps women do just that: get rich and stay rich. Hosted by Molly Benjamin, founder of the award-winning Ladies Finance Club and a reformed hot financial mess, this is where smart, ambitious women come to take control of their finances, grow their wealth, and level up their money game. &nbsp;
We make personal finance fun, fearless, and totally doable no matter where you're starting from. No confusing jargon, no guilt trips - just high-impact, simple money strategies that anyone can start using right away. &nbsp;
Whether you&rsquo;re saving for a home deposit, creating a budget that actually works, investing in property or the sharemarket, growing your income, or finally figuring out superannuation, this podcast has you covered. &nbsp; Hit subscribe and let&rsquo;s get rich (and stay rich) together.

Ladies Finance Club - Get Rich 

Welcome to Get Rich by Ladies Finance Club- the personal finance podcast that helps women do just that: get rich and stay rich.

Hosted by Molly Benjamin, founder of the award-winning Ladies Finance Club and a reformed hot financial mess, this is where smart, ambitious women come to take control of their finances, grow their wealth, and level up their money game.  

We make personal finance fun, fearless, and totally doable no matter where you're starting from. No confusing jargon, no guilt trips - just high-impact, simple money strategies that anyone can start using right away.  

Whether you’re saving for a home deposit, creating a budget that actually works, investing in property or the sharemarket, growing your income, or finally figuring out superannuation, this podcast has you covered.  

Hit subscribe and let’s get rich (and stay rich) together.

Welcome to Get Rich by Ladies Finance Club- the personal finance podcast that helps women do just that: get rich and stay rich.
Hosted by Molly Benjamin, founder of the award-winning Ladies Finance Club and a reformed hot financial mess, this is where smart, ambitious women come to take control of their finances, grow their wealth, and level up their money game. &nbsp;
We make personal finance fun, fearless, and totally doable no matter where you're starting from. No confusing jargon, no guilt trips - just high-impact, simple money strategies that anyone can start using right away. &nbsp;
Whether you&rsquo;re saving for a home deposit, creating a budget that actually works, investing in property or the sharemarket, growing your income, or finally figuring out superannuation, this podcast has you covered. &nbsp;
Hit subscribe and let&rsquo;s get rich (and stay rich) together.

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