Video: Nicole escapes the debt cycle
Video about getting on top of debt
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. That's
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
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 would've been able
to pay off that credit card debt. And for me, that was really
Some of the things I found really valuable about the
MoneySmart website was the budget planner. That really helped me
visualise 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 you've separated your expenses. So you've
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
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
realise you know what, I can do something here. I can get myself
out of this situation. And I can plan for my financial
I think that's so empowering.
Last updated: 09 Aug 2016