Nicole escapes the debt cycle – MoneySmart AU


My name is Nicole. I live with my partner,
Garry, and with my cat, Benny. My financial goal is to pay off my personal
loan that I set up a couple of years ago and I got that as a result of consolidating my
credit cards. I am also in the process to purchasing a property
with my partner. And when I have paid off my personal loan, then I will use that extra
money to then pay off our home loan. I went to the MoneySmart website as a result
of a financial course that I did for a weekend. That then showed me those tools I needed,
which included the MoneySmart website. Thatís when I had a look at the calculators for the
credit cards. The personal loan repayments worked out the difference between what my
minimum monthly repayments were with the credit cards, compared to what it would be with the
personal loan. I could see that there were significant savings by doing that. That then
motivated me then to research the different lenders.
Once I was on the website, it was a breath of fresh air! I could really see the light
at the end of the tunnel, that I knew that I could do it. I knew that I could get myself
out of this financial situation that I was in. I could do something, I could consolidate
it and within the next five years I wouldíve been able to pay off that credit card debt.
And for me, that was really exciting. Some of the things I found really valuable
about the MoneySmart website was the budget planner. That really helped me visualize exactly
where I was spending. I am a very visual person. Colours make me understand things quite well.
So when you put in all the information and youíve separated your expenses. So youíve
got your income, your expenses such as personal loans, credit cards, insurances and the fun
stuff. And it did motivate me to reduce my wants spending and then put that into a savings
plan. I put that into the savings calculator to show well actually I could be saving a
little bit more every month. I think it’s incredibly important that women
do plan for their financial future. The society is changing in our world today and we are
all very modern, we stay single for longer, we are very independent. Our careers are a
lot better as women now than they were 20 or 30 years ago. As a result, we need to plan
for ourselves personally so that we can set ourselves up.
Yes, I’ve told friends about the MoneySmart website. First home buyers they don’t know
where to start with getting a deposit. So tell them to get onto the MoneySmart website.
I think for women, who have a lot more financial pressures and with society changing, being
able to get onto that website and realize you know what, I can do something here. I
can get myself out of this situation. And I can plan for my financial future.
I think that’s so empowering.

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