S2 E5: Finding Financial Freedom

My Happy Money Journey with Phoebe Blamey

Hey there! Welcome to another episode of the Happy Money Journey podcast. I'm your host, Phoebe Blamey, and I'm thrilled to have you here with me today. In this episode, we're going to dive deep into the concept of financial freedom and explore how we can take control of our money to achieve it.

Financial freedom means different things to different people. For some, it's about meeting their financial goals or having a passive income that allows them to do whatever they want. Others see it as the ability to make choices with their money and not be constrained by financial limitations. During a dinner conversation with friends, I discovered that financial freedom can even be as simple as being able to go on holidays or dine out without worrying about the cost.

I came across a powerful quote that resonated with me: "Money can buy you happiness if you know what to do with it." This quote challenged the common belief that money is the root of all evil or that it can't bring happiness. It made me realize that our mindset and how we use our money play a significant role in our financial freedom.

However, there are societal stereotypes and gender biases that still affect our relationship with money. Despite 54% of Australian households having women as the main breadwinners, women are often portrayed in financial ads as frivolous spenders who lack financial knowledge. On the other hand, men are expected to be the providers and can face divorce if they are not in full-time work. These stereotypes need to be challenged and changed.

To achieve financial freedom, we need to take certain actions. Here are ten steps to get started:

1. Understand your thoughts: Examine your money scripts and how they impact your financial outcomes.

2. Practice gratitude: Be grateful for what you have, shifting from a scarcity mindset to an abundance mindset.

3. Change your language: Avoid negative statements about money and focus on positive affirmations.

4. Take responsibility: Own your money and make conscious decisions about how you use it.

5. Track your spending: Understand where your money goes and identify areas where you can make changes.

6. Cut unnecessary expenses: Avoid small, frequent purchases that add up over time.

7. Set up accounts for success: Separate your spending money from your bills and savings to have a clear financial picture.

8. Manage your debt: Take control of your debts and create a plan to pay them off.

9. Act now for your future: Start saving for retirement or investing a little extra each month.

10. Set boundaries: Establish clear boundaries around your money and avoid falling into unspoken agreements.

The most important step you can take right now is to have a deep dive into your spending. By examining your bank statements and identifying patterns, you can make small changes that will have a big impact on your financial freedom.

If you're looking for more guidance and support, check out our Mini Money Makeover course. It covers all the topics we discussed today, including mindset, budgeting, debt management, and creating a vision for your financial future.

Remember, achieving financial freedom is not something that happens by chance. It requires taking control of your money and making intentional choices. So, let's start this journey together and enjoy the process of creating a happier and more financially secure life.

Thank you for tuning in to this episode. Have a fantastic week, and remember to embrace your own Happy Money Journey!