What if there was a way to make finance, paying your bills and saving your money, fun?

Well, in my recent podcast episode with Molly Benjamin, we talk about how she is helping people take control of their finances while keeping it light, social and easy to understand. 

Because news flash, we’re not all accountants and financial advisers!

In 2018, Molly Benjamin had a vision. She wanted to help women gain financial freedom and control over their lives. With that ambition in mind, and from her lounge room in London, she launched the Ladies Finance Club. The goal was clear: to empower women to break free from financial insecurity and create a brighter, more financially stable future.

We discuss how the biggest obstacle for many women in managing their finances is the initial reluctance to engage intimately with their finances and commonly starts with the phrase "Lol, I'm broke."

The Ladies Finance Club changes the status quo. They transform what almost always seems like a daunting, sterile and mundane concept into a welcoming, motivating and social experience. So, to break it down, here is where Molly suggests you start: 

Understanding and Overcoming Financial Barriers:

 "I am so bad with money." But why and are you actually? The crux of the issue is that people think they are bad at saving money and don't investigate why that is. Like most things, it's important to go back to the root cause of why you think that. Is it because you were never interested, and now you want to save for that house? Or is it because your family experienced money issues growing up? For each person, it's an individual experience. Further to that, are you actually bad with money, or have you just been conditioned to think you are?

Once you have identified why you think you are bad with money, go speak to an expert and ask them to break things down for you. It is the language or jargon experts use that sometimes creates the block from us making those changes.

Bridging the Gap in Financial Literacy:

One of the critical insights from my discussion with Molly is that the language traditionally used in finance can be alienating, and once words like debt leverage, capital growth and ETFs are thrown around, you’ve checked out of the conversation. 

Many people feel that financial jargon and complex terminology is overwhelming, creating greater barriers to understanding and taking control of their financial lives. So, when meeting with people to talk through your personal finance, ask them to break it down and explain it in simple, easy to understand, human terms. 

Taking the first step:

How does the saying go? “Rome wasn’t built in a day.” It’s so true, you are not going to wake up one day and know everything there is to know about your personal finance. 

So, baby steps are how you are going to start.

Starting small and asking questions such as: 

  • How much am I spending?
  • Where is my money going?
  • Where do I want my money to go?
  • What do I own and what do I owe?

By starting with asking yourself these questions, you can then form short, medium and long term goals. Let me tell you, setting those goals are going to mean that you won’t want to get uber eats 4 times a week, not when you have somewhere better and more worthwhile that money can go towards, like saving for your first investment property!

The best thing about this is that YOU get to take control, and tell your money where to go!

Final Thoughts

Understanding your relationship with money is a personal journey filled with challenges. It often stems from the influence of upbringing, media, and our inherent financial behaviours. But the exciting part is that you are in control of your personal finances. 

The avoidance of financial matters often results from the fear of sacrifice, but consider shifting your perspective toward compromise and enjoying life within your means. If you find yourself saying, "I don't do numbers; I'm not good at maths," it's time to seek practical guidance and challenge your own thinking. You actually DO numbers, every day.  

By understanding the “why” behind your money mindset and implementing practical strategies, you can take charge of your financial journey. Embrace your financial voice and make a lasting impact on your financial well-being. It's all about empowering yourself to manage your finances effectively and confidently in a way that works for you.