PodcastSeason 1

Money & Spending

Make Budgeting Easier + Guidance From an Irish Mom Who Saved €27,500 in 1 Year

S1 E14 47 minutes

We all know the saying "money makes the world go around", but have you ever stopped to ask why?

In this episode, our hosts pose hard-hitting questions about Western society's relationship with money. Why does it take such high priority in our thoughts? Why do we sacrifice so much time to make money? Do we spend money to fill a deeper emptiness inside ourselves?

Lianne & Corey wrap up season 1 by comparing good debt vs bad debt and sharing some thoughts about when it's okay to enter debt (like to buy a house) and when it's not (to buy clothes just because they are on sale or upgrading the latest tech gadgets). They share their favorite tips for saving money while traveling, and interview Kel Galavan, AKA Mrs. Smart Money, a money-saving expert, and financial coach.

Kel shares her inspiring story of reducing her annual household expenditure by €27,500 after leaving a 16-year career to spend a year, the No Spend Year, home with her kids. For those who have experienced failed budgeting or saving plans, Kel advises the key is to know your values and motivations and to be mindful of what and how much you actually need.

By the end of the episode, you'll be equipped with new tools to make your money stretch further and to mindfully work towards financial freedom.

Listen Now

Subscribe Now

Ditch FOMO and never miss a juicy episode

We are available wherever you listen to your favorite podcasts.

Apple Podcasts Google Podcasts Spotify
Google Play Stitcher TuneIn iHeartRadio Acast Castbox Pocket Casts Breaker Overcast Spreaker Blubrry Deezer RadioPublic Podchaser RSS Feed

Get To The Point

0:25 What to Expect Summary of episode 14

1:18 Quick Quote By George Lorimer

1:44 Focus On… Money. Why do we give it such high priority in our thoughts?

6:33 Let’s Unpack That Tips to save money while you travel

10:39 Interview Introduction Background on Kel Galavan AKA Mrs. Smart Money

11:12 Interview Kel Galavan's inspiring story + how to budget mindfully

41:16 Interview Digestion Key takeaways from interview

43:12 Under the Magnifying Glass Different outlooks on wealth in the east and west. Which one is better for you?

45:33 Take it Further Recommended resources

Show Notes

Understand why you send yourself to work every day, and put so much time and effort into your job, and what result you hope to achieve. It's important to understand your own motivations, and not just do what society tells you.

Often, we spend to overcompensate for an unresolved inner struggle. If we don't feel valued or fulfilled within ourselves, we may go on a spending spree to fill that hole, then often feel guilty and miserable shortly after due to the extra debt now on our credit cards. Filling the hole inside permanently is a far better solution.

Understand the difference between good debt and bad debt. Good debt, like a mortgage on a house, pushes you ahead towards your life goals and the asset goes up in value, while bad debt digs you deeper into debt. Examples of bad debt include using your credit card for clothing or tech gadgets or even a holiday (without being able to pay it back before the due date).

Think about the things you really need. Ladies, do you need to wear designer brand makeup every day? And guys, do you need every type of tech gadget and video game console? If you do need it, do you need it right now?

Watch out for the mental trap of buying sale items. If you by something on sale for $400 instead of $500, have you actually saved $100, or have you just spent $400 you didn't need to?

Think about whether purchases will truly make you happy, or will you feel more weighed down by the extra debt?

Travel Budgeting Tips

Leisure & Home Budgeting Tips

Banks to Help Better Manage Your Money

Download free budget spreadsheet

Key Interview Takeaways

Connect With Kel Galavan

kel_galavan.jpg
BloggerBudgeting Coach

Mrs Smart Money

Kel stepped back from her 16-year career as she felt that her children's childhood was passing her by. As her household dropped back to one income, she embarked on a mission to make that remaining income work as hard as it could. This resulted in the "No Spend Year" in 2019. During that year she succeeded in reducing her family's outgoings by €27,500.

Her new book, "The No Spend Year", will be released in 2020.

finance_coaching.jpg
coaching
One-on-one Personal Finance Coaching
Do you feel like you are always on the back foot with money? Is there too little money left before the next paycheck comes in? Do you feel like everyone around you is forging ahead while you struggle to stand still and never seem to be able to catch up? Are you overwhelmed when it comes to money, savings, budgeting and spending? If so, Kel can help you with personalized coaching. This can be done via the Internet from anywhere in the world.
digital_minimalism.jpg
read
How To Organize Your World & Save Money In 7 Easy Steps
Save money by de-cluttering your online world. Our virtual world can be so noisy and busy. Many of us have become unwitting digital hoarders. Follow this simple 7 step guide to create a whole new organized online world. It will bring much-needed calm and clarity back into your life and save you a lot of money along the way.

Related

Travel & lifestyle blog

Follow us:

Want more stuff like this?

We've got you hooked, hey?

Get the goodies delivered into your inbox weekly plus enjoy all the perks of being a Forever Break VIP member - customized itineraries, earn points and unlock badges.

Joining only takes a minute and it's free!

Let's do this! Nah, I am boring.
Suggestions:ThailandSingaporeGreece

Wait! Before you go...

There's more free goodies at Forever Break!

Simply register a free account to build itineraries, unlock badges, and earn points.
It only takes a minute. And it will instantly make you better looking.

You up for it?

No thanks, I am boring. Yes please!
Predicting the future...