Blog - Helping you get out of debt

    How a single mum gets out of debt - Sarah's story: making changes for a successful future

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    Sarah’s getting her money groove on!

    “I’ve been thinking Scott and that one extra coffee a day is actually costing me $20 over a week and I’ve stopped it.” 

    This is how Sarah started the conversation with me in our third session. How great that in our third session, she has not only changed her mindet, but has already taken action to become debt free! 

    After a little happy dance each, we carried on and guess what she said next:

    ”I have also stopped bribing my son to have a haircut, I had to have the conversation with him, which I didn’t want to do – he lights up at the idea of a present and that smile is everything. He wants to be a rock star so I said ‘There’s no present for getting your haircut anymore now that you’re a big boy. But if you want to leave it to grow longer like a rock star that’s ok, we won’t get it cut. My beautiful boy got his hair cut without me buying him a little present at the end."

    These are the small changes that if made can make a huge difference in anyone’s life over the long term.  So now we had a little over $20 a week to play with, plus Sarah was looking at other areas of her life to willingly cut some expenses. 

    The key word here was willingly, she wanted to do it, she didn’t feel forced to do it.  And this $20 a week is about $87 a month. When added to a debt snowball, this made a big difference to Sarah’s debt disappearing fast!

    “It’s an absolute relief that this is happening, I’m gaining momentum and I can see how my debt is going to disappear and I’ll be able to save. I'm so excited!”

    Sarah has now moved into the mindset she wants to go, which is being able to support her son and help him grow with the tools he needs to succeed, so he doesn't have to go through two marriages and learn these skills at 40.

    An incredibly important stage in how a single mum gets out of debt, is educating your children about money. Here's a tip I shared with Sarah to help her set up Liam for success in the future.

    When children ask if you can buy this or buy that, the language we use tends to be ‘we can’t afford that’.  This may be true, but if we say this enough to a little one, they will come to believe that we can’t afford that. 

    This stops them asking the question but it also limits their thinking around money and can stop them succeeding in the future.  So try this instead:

    ‘That’s not in the budget this week, but why don’t we sit down and see if we can fit it into next weeks budget?’ 

    It's important to include your children in the decision making around money. They get to understand that money is something you control, you don’t let it control you.

    If you don’t have a budget, no problem, if you can find $2, $3 or $5 that can be theirs to choose what they do with it helps their thinking around money.

    I’ll give you some more tips about money and children over the coming weeks as we follow Sarah’s story.

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    Written by Scott Lee

    I want to help you and at least 1 million others to get debt free so you can really make your dreams a reality. With over 20 years in the finance industry, I have seen many financial situations, both tough and easy and have experienced most of these first hand.

    Click here to email Scott


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