The Broke Generation

Identifying and healing your money wounds with Karen Eley In both personal and professional spheres, "Money Wounds" presents as an inescapable encounter. The pursuit of financial stability and success often comes with its fair share of challenges and setbacks that tend to trigger our dormant money wounds. Whether big or small, these wounds can manifest in various ways, causing us to feel shame about money, perceive it as psychologically unsafe, avoid financial discussions, and struggle to act rationally in money-related situations. Most of our money wounds, emotions, energies, and behaviour patterns are shaped during our formative years, and addressing and working through them often involves going back to the past. In this episode, Karen Eley, an ex-financial advisor turned coach, shares more about money wounds, money and identity, and how to build a positive money mindset, rituals, habits, and behaviours. Whether you want to get better at your numbers game, money management, budgeting, or saving, creating a safe space internally and externally to speak about money and work on your money wounds will help you transform your relationship with money.  Tune in! Episode Highlights: [00:01] Episode intro and what’s in for you today [02:41] A bit about Karen and what she does as a money coach [05:14] Money wounds and how they present themselves in our financial path [09:37] Practical example of little ts money wounds and how they impact our behavior [13:20] How the money wounds are created, and patterns are reinforced in children [14:53] How to support and encourage people to start healing money wound  [18:30] What to do to uncover and heal money when your memory is blurry [22:08] Self-awareness and three pillars to help you overcome money wound [26:46] How to approach your money mindset work with consistency   [29:12] How stressful events can trigger dormant wounds and how to create a better outcome [30:53] How money gets intertwined with our identity and self-worth  [35:19] The role of financial psychology in financial and emotional literacy  [43:39] Little things you can do to build new money rituals, habits, and behaviors [47:36] How to reach out and connect with Karen Standout Quotes: “As children we are not different as humans to any other animal species, we are born and we know in order to survive we need to model what our parents do and take on those habits on ourselves.”- Karen [15:36] “Creating a safe space for money to be talked about is significant for a lot of people’s experience.’- Emma [20:134] “If you don’t want to feel guilty about money anymore, you need to think about what you want to feel instead and train your body to feel that, this is like a muscle that you need to develop and work on.” - Karen [23:20] “The way we are and how we feel about money is a mirror reflection of how we truly feel deep down about ourselves; money is like a mirror that reflects what we truly believe deep down about ourselves. ”- Karen [31:00] “Don’t let the simplicity of the process diminish the effectiveness of what the outcome and the results are. ”- Karen [47:10] Resources Mentioned  Atomic Habits James Clear: https://www.booksamillion.com/p/Atomic-Habits/James-Clear/9780735211292Stay Connected Karen Eley Website: https://www.womentalkingfinance.com.au/ LinkedIn:https://www.linkedin.com/in/karen-eley-95523324/ Instagram: https://www.instagram.com/women.talking.finance/ Wanna support the show?! Here's how Leave a review on Apple Podcasts Share the episode to your social media and tell me what you loved Buy me a Coffee See omnystudio.com/listener for privacy information.

How to stop pulling money out of your savings "Pulling Money out of our savings " is a common behaviour and brain thought among many of us. We are not all born financially savvy or natural savers. We are not naturally inclined towards delayed gratification and saving. However, pulling money out of our savings for whatever reason is one of those things that hold us back, but when we work on stopping this behaviour from happening in the long run, it can propel us much faster toward our goals. Pulling money out of our savings is not caused by the same circumstance or mechanism, and it is worth paying attention to what is happening at different points in your finances to cultivate your financial confidence and autonomy over your money. In this episode, your host, Emma, shares more about savings and how to stop pulling money out of your savings. It's a common misconception that the main cause of our savings failures is pulling money out of our savings. In reality, the problem lies in our initial approach to saving, where we tend to put away excessive amounts. We end up over-saving and attempting to do more than we can. Listen in and get the tools to help you shift your perspective and approach to what fits your finances. Tune in! Episode Highlights: [00:01] Episode intro and what’s in for you today [05:42] Slowing down and recognizing situations in which you are pulling savings  [09:09] The difference between reactive and responsive financial behavior  [10:51] Emotional problems and how we pull savings to fuel emotional behaviors  [13:06] The PMG framework to help you work on emotional spending [23:50] Mathematical problems in calculating saving and the best antidote  [27:21] Organisational issues and how to plan in a way that looks ahead for banana skins [29:27] The focus problem and how it comes up in our financial management  [33:50] Motivation, goal simulation, and understanding how your brain responds to reward [38:51] Prioritisation problem and spending on your highest values to get the most value  [42:31] Wrap up and end of the show Standout Quotes: “When we put money into savings and pull it back out again, we are kicking ourselves and our financial mindsets in a financial gap and hurting ourselves.”- Emma [07:43] “If you try to do the right thing too hard, if you try to budget too hard or attempt achieve more than it's realistically possible, you are setting yourself out for failure."- Emma [08:19] “When you are pulling money out of your savings emotionally, you are taking money from the future you to change your emotional state in the present; you are choosing now over later but the antidote is making tomorrow more attractive than today.” - Emma [23:20] “Looking ahead for banana skins is one of those big hard hitters that is going to drastically change the sense of control that you feel you have over your finances and give you much more autonomy on where your money goes because you have that confidence that you have looked ahead and you are aware of what is coming up. ”- Emma [29:09] “Understanding how to balance your scales out and prioritise your way to financial confidence is valuable.”- Emma [41:15] Resources Mentioned Free Financial Values Workbook: https://www.thebrokegeneration.com/subscribeSee omnystudio.com/listener for privacy information.

In this week's episode I'm joined by family lawyer, Bec Dahl, to talk about protecting yourself financially in a relationship. Please note this information relates to Australian family law only. Family law differs by country, and the mechanisms discussed in this episode are quite specific to Australia.  Highlights: How assets work in a relationship, both before, during and after separation The difference between de facto relationships and marriage Binding financial agreements and how they work How to protect yourself in a new or existing relationship Where to find Bec: https://nicholeslaw.com.au/staff/rebecca-dahl/ Instagram: @becfamilylawyerSee omnystudio.com/listener for privacy information.

In this episode I'm joined by Rebecca Maher, co-founder of MoneyHappy. Rebecca and I talk about the intersection between money and career, and how our career wellbeing impacts our financial wellbeing. Highlights: How our job choices are directly linked to our financial outcomes – and why it's not talked about enough How money factors into your career decisions throughout your life The value of having "a plan" Are employers paying enough!? Communication in your career Where to find Rebecca: http://www.moneyhappy.net.au/See omnystudio.com/listener for privacy information.

How to feel wealthier in your everyday life Feeling wealthier in everyday life is not solely dependent on the amount of money one has. While financial resources can provide certain comforts and opportunities, there are various other factors that contribute to a sense of wealth and contentment. Shifting one's perspective and finding happiness in what one already has can greatly enhance their overall well-being.   In today's episode, Emma Edwards dives into the intriguing topic of feeling wealthier in your everyday life without needing to earn additional income. Join the conversation as she explores ten practical and easy-to-implement strategies that will revolutionise your perception of abundance. Contrary to popular belief, it's not just the numbers in your bank account that determine your sense of wealth. Our financial attitudes and behaviours play a significant role in shaping our financial reality. By incorporating these handy tips into your money routine, you'll experience an instant boost in your feelings of abundance. Tune in to this episode and embark on a journey towards a more fulfilling and prosperous life. Episode Highlights: [00:01] Episode intro and what’s in for you today [01:35] Being rich versus being wealthy [03:30] Ways to make you feel wealthier [03:53] Give things away for free  [07:02] Using things without the need to save them for the best [09:40] Get organised with your essentials & minimise how frequently you purchase them [12:53] Don’t default to the cheapest option all the time [15:14] Give tips [17:34] Book for services regularly and don’t put them off [20:43] Never get to zero [22:40] Have some cash in the house [25:00] Stop paying for things annually [26:33] Give to charities or causes that you care about [30:01] Wrap up and end of the show Standout Quotes: “To reach that level of financial contentment, stop saving things for best. Use them, enjoy them and allow  yourself to get value for your money.”- Emma [09:24] - Sign up to The Glue: my weekly feel good finance newsletter www.thebrokegeneration.com/subscribe, where you’ll also nab access to my free 7 daily tasks to set up a budget. Where to find me: Instagram: @the.brokegeneration Blog: www.thebrokegeneration.com Disclaimer: Information contained in this podcast is for entertainment purposes only and should not be considered financial advice, nor used to make a financial or investment decision. Please seek professional advice for information tailored to your own circumstances. See omnystudio.com/listener for privacy information.

In this episode I talk to money coach, Laura Ann Moore, about saving money, improving your relationship with money, boosting your habits, and understanding how our beliefs inform our behaviour. I LOVED this conversation and I hope you do too! Highlights: How Laura's childhood experience made her a saver How our individual experiences form unique beliefs Learning how to safely spend money and let go of frugality and scarcity The intersection of emotion and logic Money mindfulness techniques to increase your awareness around your behaviour Where to find Laura:  Instagram: @laura_ann_moore TikTok: @laurannmoore  Podcast: Mind Money Soul  See omnystudio.com/listener for privacy information.

In this episode I speak to personal branding expert Yaren Iffet about what it actually means to have a personal brand, and how it can help you develop in your career and in your life. Highlights: personal branding isn't LinkedIn posts and starting a blog how to dig into what your personal brand could be the benefits of connecting through your personal brand Where to find Yaren: Instagram: @yareniffet.au Get her free personal branding guide: https://yareniffet.mykajabi.com/personal-branding-ebookSee omnystudio.com/listener for privacy information.

In this episode I chat to Slow Fashion Stylist, Jenna Flood from @ironicminimalist, about clothing consumption and our mutual commitment to not buy any clothing in 2023. Together we talk about our own experiences with clothing consumption, including why we knew we wanted to do a wardrobe freeze. Highlights: Understanding the habits behind our consumption patterns Noticing our impulses Lessons from 3 months of no buy How it feels to walk away from stuff we'd have otherwise bought How we're finding joy outside of consumption Jenna's Australian sustainable brand recommendations:  Kowtow Arnsdorf Nobody Denim Hera Patagonia Denimsmith ABCH E Nolan Anna Cordell Caves Collect Post Sole Studio Etiko Resources to find more brands:Good On YouEthical Clothing AustraliaList of plus size brands -- https://www.instagram.com/p/CftJKcMP1_k/  Also mentioned: Annika. She is a colourful plus-size model.See omnystudio.com/listener for privacy information.

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In this episode, I share 8 tips on managing the cost of living crisis and wage stagnation in a way that goes beyond just spending less (though I do address some ways of doing that!). Highlights: the importance of focusing on OUR situation, not the widespread panic widening the gap between your income and expenses changing payment dates where to get financial help if you're experiencing hardship Mentioned in this episode:  ASIC Financial Hardship: https://moneysmart.gov.au/managing-debt/financial-hardship Financial Rights Resource Centre: https://financialrights.org.au/ Podcast Episode 10 Ways to Make Extra Money Fast: https://podcasts.apple.com/au/podcast/bonus-10-ways-to-make-extra-money-fast/id1573560175?i=1000575620777 Sign up to my weekly newsletter and get a free copy of my Financial Values workbook! www.thebrokegeneration.com/subscribe See omnystudio.com/listener for privacy information.