Episode Transcript
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Speaker 1 (00:01):
Welcome to How Do They Afford That, The podcast that
peeks into the financial lives of everyday Australians. I'm Michael Thompson.
I'm an author and the co host of the podcast
Fear and Greed business news. As always, I'm joined in
the studio by Canna Campbell, financial planner and founder of
Sugar Mam TV, the financial literacy platform that you will
find everywhere YouTube, Instagram, TikTok and more. Hello, Canna, good
(00:24):
morning today. A lesson in being frugal and frugal is
it's kind of your middle name, isn't it.
Speaker 2 (00:32):
That's not nice. I'm not frugal. I am mindful with money.
Speaker 1 (00:37):
Okay. We have got podcasts in the past where you
describe yourself as being like the Queen of being.
Speaker 2 (00:44):
Frugal by the Queen of a side hustle.
Speaker 1 (00:47):
Okay, I'm gonna have to check this. We've done almost
too many episodes now for me to recall. But it
is on the tape and therefore it is on the
record and would be admissible in court.
Speaker 2 (00:57):
So I think if you go back, you'd be shocked
to realize I'm right, you're wrong. But anyway, all right.
Speaker 1 (01:02):
Well, today let's rewind the whole thing, a lesson in
being frugal, And we are, in fact going to give
five lessons in being frugal, not from you, not from me,
not even from our parents.
Speaker 2 (01:17):
I can't give you any.
Speaker 1 (01:19):
Because you're not frugal. Yeah, all right, Okay, these are
five lessons from our grandparents' generation. Why is the advice
we're getting here different.
Speaker 2 (01:31):
Kenna, Because a very different generation that grew up in
a very different economic environment. And I think there is
so much richness and wisdom to come from this advice
that I feel like we would all greatly benefit from
(01:51):
hearing right now, particularly as we live in a high
consumerism world. You know, where we want something, we have it,
you know, by six pm that evening, and we are
constantly fed this continuous stream of social media and marketing
and sales pressures. And I feel like this is a
(02:14):
breath of fresh air that will will really need to
hear and appreciate hearing to reground us again, recalibrate.
Speaker 1 (02:22):
Okay, so we got five of them, and I am fool.
Speaker 2 (02:26):
No no, no, no, no, you said five. I never said five.
I got too many here.
Speaker 1 (02:31):
Like shall we say unlimited?
Speaker 2 (02:34):
We have an abundance of financial wisdom from our grandparents.
Speaker 1 (02:40):
Okay, shall we get going. I'm going to make a list.
I'm still going to number them all right, that's fine, Okay,
go for it. What's now?
Speaker 2 (02:46):
I will disclose I don't have grandparents, so I didn't
I couldn't go to my grandparents' advice. But I put
a call out on social media and asking people to share,
and I was inundated with so many beauty full stories
of people's grandparents and grandparent figures and all different backgrounds,
(03:08):
all like different walks of life, but just everything had
such a nugget of gold, and it was like something
really precious, sacred and meaningful behind each bit of wisdom.
Speaker 1 (03:20):
I like that.
Speaker 2 (03:21):
I was quite very taken back. I've got a bit
teary at one point.
Speaker 1 (03:23):
Oh really, yeah, okay, we'll go for it. What's the
first one?
Speaker 2 (03:27):
So this is from Megsie. She said, my grandmother was
a very generous woman and a very hard worker, and
she used to say it's important to give with a
warm hand, not with a cold one. She believed in
sharing her wealth with family, friends, and charity. She also
donated her time and efforts to charitable and community causes.
I like that because I believe that it is us
(03:47):
who work towards a good future for ourselves and our families.
But we shouldn't forget that giving is an important part
of helping others obviously, where you can within your means.
Speaker 1 (03:56):
Do you think we've become less charitable then definitely? Yeah.
Speaker 2 (04:00):
Focused on ourselves, very self centered, selfish sometimes at times.
And I put my hand, I was like, greedy, think
we've got to look after ourselves first, and I think
that comes from the cost of the big crisis. But yeah,
I do. You just need to look at the charities
and how they've been impacted with regular donations dropping off significantly.
Speaker 1 (04:20):
All right, Okay, well I like that one. That's a
good one, just to remind us that your money isn't
just all about yourself exactly. Yeah, okay, next one.
Speaker 2 (04:28):
Next one is my Nana was and this is from Diane.
My Nana was a post war Ukrainian refugee who settled
in Australia in the nineteen fifties. She had never seen
so much choice and abundance in her life. She took
the lessons of living on rations and ruthlessly shopped weekly specials,
but would buy ten of them of something special and
then emotionally enjoy the abundance of having stock in her
(04:52):
pantry until she got down to the last two or
three before restocking. She taught me to be frugal and
to be joyous.
Speaker 1 (05:01):
I quite okay. That one feels like it is a
tip for the cost co generation right of being able
to go and buy in bulk and to buy in
a savvy way, look for the best deal, buy in
bulk and use it, don't just save it up and
just keep it there and just all and just work
your way through until you were done, and then go
(05:21):
and do it again, and enjoy the fact that we
have an enormous privilege in this country of being able
to have a cupboard full.
Speaker 2 (05:27):
Of food, and that mindfulness and that being present and
showing that gratitude to have that and enjoy the feeling
that comes from being strategic and planning and resourceful like that.
Speaker 1 (05:39):
Yep, all right.
Speaker 2 (05:40):
Next one is from Cole Robins and that is my
Nan taught us as girls the importance of having your
own money. She worked, she had her own American Express card.
When none of her friends worked or had any money
of their own. She wants to make sure that she
could take care of her five kids if something else
happened to her partner.
Speaker 1 (06:01):
Oh wow, so that's all about financial independence.
Speaker 2 (06:05):
Yeah. And she's also said this always food at home,
which I think is really cool because how many times
do we go out, yeah, to not necessarily a restaurant
or get takeaway, but to the supermarket to buy stuff
and really we've got enough food and ingredients at home
to make something.
Speaker 1 (06:24):
Yeah. No, that's a good point. And I remember we
did that episode where we used chat GPT to come
up with recipes based on what was actually in the
pantry and the fridge rather than going out and buying
new food. And it just does go to show that
we have so much stuff that just goes to waste
because we just don't think about using it. And maybe
(06:45):
AI is the future of figuring that out. I like
that one. That's a good one. And the importance of
having your own money and having your the awareness the
knowledge of how to use it. It's a safety net
and financial independence. All right.
Speaker 2 (06:57):
Next one, All right, so this is from large Family
five and this is really sweet. My pop always said
not to gamble, invest it instead, and also all the
money I've made, wasn't for my business, was from investing
the money I earned from my business. I missed my
pop so much. Was that beautiful?
Speaker 1 (07:14):
That is really nice? So don't gamble and invest exactly
smart and simple. Okay.
Speaker 2 (07:20):
Next this is from handmade Koala and she said, my
grandma always said we are not rich people to buy
cheap things, which actually meant buy one good thing and
use it for a long time instead of buying many
cheap things that will not last. She was decades ahead
of fast fashion.
Speaker 1 (07:39):
Well, this is something that's very much aligned with what
you have said, yeah so many times about buy quality.
Just if you can afford to do it, that it
will work out best in the long run. Right, If
you're spending a little bit more, if you can afford
to do so, then you're going to get more years
of wear out of a particular item, or you'll get
more use out of an appliance if you're buying a
quality brand, one that you know that you can trust,
(08:02):
than just going and buying the cheapest thing and having
to throw it out false economy because you've got to
buy it again the next year.
Speaker 2 (08:07):
At the risk of sounding like a grandma, that don't
make them like they used to.
Speaker 1 (08:11):
Though I think break you did sound a little bit
like a grandmar But that's okay, that's the tone of
this show. Embrace your inner grandma.
Speaker 2 (08:19):
Next one is like, this is really important. Education is
always a good investment, and that came from BB Sydney.
Speaker 1 (08:25):
Okay, And that's I suppose not just high school education,
et cetera. That we can take that to mean you're
further education, particularly at work, professional qualifications and things, and
going out and doing a course exactly you need to
because that may be the key to getting your next
pay rise. To say that you have additional qualifications and
all that little bit of upskilling, yeah right, Learning new
(08:47):
skills and particularly I mentioned AI before, learning how to
use that kind of technology in this environment at the
moment means that you are making yourself more valuable.
Speaker 2 (08:56):
Exactly and of greater service to other people around you.
Speaker 1 (09:00):
To take a very quick break. If you've got more,
still there, I've got.
Speaker 2 (09:02):
So many, and they're so beautiful, these sayings. I feel
so touched and so honored to read these, like I
feel like I'm having a bit of a connection with
people who have passed home.
Speaker 1 (09:12):
For Actually, no, that's fantastic. All right, we'll take a
quick break and come back with some more Canna. We
are talking today about lessons in being frugal from our grandparents' generation,
and you put a call out on social media asking
for people to share the wisdom that has been passed
(09:33):
down to them from their grandparents, particularly as it relates
to money and how they think about money. We've had
some great ones so far.
Speaker 2 (09:42):
We have a bit of a funny one though as well.
It's obviously not great advice, but it's very sweet. It's
from Arnold Wood and they have said, well, my grandmother said,
study hard, become a nurse so that you can marry
a doctor. She said, she married an Irish Scottish husband,
(10:02):
and then she recommended that they open up a Chinese restaurant.
And she said, fortunately, we haven't followed any of her device.
Speaker 1 (10:09):
Why just leave that one well alone, you keep.
Speaker 2 (10:11):
Going, all right, this is beautiful. My grandmother had a
saying penny wise, pound foolish. I've noticed a lot of
people doing this throughout my life and I've never forgotten it.
Speaker 1 (10:24):
And so explain that one to me, because there are
other variations on that about if you take care of
the pennies.
Speaker 2 (10:29):
The pounds wilklof themselves. So if you're you know, focus
on the little savings here and there, the big savings
will stack up over time.
Speaker 1 (10:36):
Yeah. Yeah, And it's really attention to detail, and isn't it.
It's kind of not ignoring things and focusing on all
the little bits that you can control, and that financial
discipline flows through.
Speaker 2 (10:47):
Right exactly exactly. So now this is one that I
actually almost sounds like it's come out of my mouth,
and that is put your tax money right away if
you're self employed.
Speaker 1 (10:58):
That one sounds like it's got a that was a
hard learned lesson, I'm guessing because when we've talked about
this on other podcasts about the importance of if you
are self employed or you're running a side hustle or
anything like that, that you are putting your tax money
away because otherwise, at the end of the financial year,
you well, you'll end up having to pay your tax.
There's no way of avoiding that. And at least this way,
(11:20):
you haven't actually spent the money that you have to
then pay on exactly. Okay.
Speaker 2 (11:25):
Next, this is from Ash Clearance Upstairs for thinking Downstairs,
for dancing, keep your wits about you when you're in
a relationship, be smart about it. But also she was
also very funny.
Speaker 1 (11:37):
I like that one.
Speaker 2 (11:38):
That's really cute my grandmother. This is from the re edit.
My grandmother divided up for her pay each fortnight into
envelopes for all of the bills and birthdays of the year,
and then fifty cents coins were introduced. That's when she
decided she ever got a fifty cent piece, it would
go straight into her holiday, saving jar spect and that
(12:00):
self control and discipline of just diving their money up.
There was none of this credit cards by now pay later?
Speaker 1 (12:10):
Like, do you think we've lost a bit of that? Then,
with the fact that we've shifted so much towards cash less,
we're not fully cashless yet, but I mean so many
kids will not. We'll probably go through school without almost
ever handling.
Speaker 2 (12:24):
Cash, right, I do. And this is why I think
cash still needs to be well, it has to be right.
We can't get rid of it. But you know, these
are really simple grounding methods and habits and systems that
are you know, our grandparents and great grandparents had and
it served them well. They survived financially.
Speaker 1 (12:44):
Okay, what's the next one.
Speaker 2 (12:46):
This is very quite funny. You can't. This is from
Little Caddy ninety six. You cannot turn pig's ears into
a silk purse. My grandmother used to say this about clothing, shoes,
and handbags. She kept all of her shoes in the
original box in a cupboard of their own with tissue
paper and wipe them down before storing them away. Also,
she hated clothes that were from cheap hems. She made
(13:08):
a lot of her clothes herself by hand and would
only buy from select stores where the fabric was durable
and everything was well stitched.
Speaker 1 (13:15):
Well there go. That's again that the generational respect for quality,
isn't it.
Speaker 2 (13:20):
But also, you know, and we've seen from the Maricondo decluttering,
people just buy for short term love. You know it's oh,
I don't where doy moore. Just get rid of it.
We don't have the same admiration and connection with what
we buy. Everything is just meaningless stuff and is replaceable,
(13:40):
you know, by a click of a mouse or you know,
tap on our phone. And you know, I think it's
someone of my clothes overgot and I'm guilty of this myself.
But you know, the coat getting it dry cleaned at
the end of the end of winter when spring comes by,
so that it's not you know, scott stains or moth
ridden or moldy, you know, when you pull it out
(14:00):
a year late, like just that respect of the not
just the cost of it, but also the amount of
labor that has gone into that particular item and taking,
you know, putting your things away. You know, I'm a
handbag girl and I see someone with a really expensive,
beautiful handbag that just like is chucked on the ground
that I like, and that's getting scuffed and scratched and
(14:21):
you know, the floors dirty. You think, oh, like, you know,
we've kind of lost ourselves with just constantly buying things
and yeah, yeah, no.
Speaker 1 (14:29):
I like that one. That is a good one. Actually, Okay,
what else have you got?
Speaker 2 (14:33):
All right? So next comes from Jesse Jesse Johno sorry
eighty nine. It's important to have mad money. Some of
my birthday money wasn't for once or needs. It was
obviously to be spent frvously mad money.
Speaker 1 (14:47):
This kind of goes You've talked about this concept before,
and the fact that you and Tom have money put
aside every week that you can spend basically on what what.
Speaker 2 (15:00):
Do we want judgment free, no arguments allow.
Speaker 1 (15:03):
Yeah, and I suppose that it's almost a good pressure
relief release valve for a system that has a lot
of financial discipline around it. You still need to be
able to spend your money and get joy out of
your money. Is that right?
Speaker 2 (15:18):
Yes? And just to sometimes we especially right now with
thinks that everything's so expensive and so tight. It's just
a bit of a sanity, bit of a release. And
it's something small and simple and you could just get
to honor yourself and hear you and it's not you know,
I'm not around buying luxurious items or anything like that.
It's something very very simple like you know, getting a
(15:39):
mess or a foot message, or getting nails done or
something simple like that, or tomigo and hit around a
bucket of balls at the driving range.
Speaker 1 (15:46):
Yeah, it's something that you can't necessarily justify as part
of your everyday budget. But if you actually set aside
some dedicated money for that spending, then it's guilt free
and it just means that there's not that same pressure
on the budget.
Speaker 2 (15:59):
Okay, what else, so we're going to we should probably
end with this one. It was a bit of a
funny one. My Grandma's never spoke about money, only when
my nan would play the Pokeys and win big and say,
don't tell pop, women need our own little stasher of money. Cheeky.
Speaker 1 (16:17):
So this goes against so many things that we've talked about.
We've talked about the fact that you need to be
open in relationships about money. We've talked about the risks
of gambling, and that flies in the face of all
of it. But it is very good fun. That is terrific.
Speaker 2 (16:31):
And then one finally, you know, we should obviosly end
on a responsible note. And this is from Mel and
she said, live within your means, don't try and keep
up with the Joneses, because the Joneses are probably drowning
in debt.
Speaker 1 (16:43):
That is the perfect one to finish on for a
podcast called how Do They Afford That?
Speaker 2 (16:47):
Exactly.
Speaker 1 (16:48):
That's where this podcast came from. That it was about
you look at your neighbors, you look at friends or
family and wonder how on earth they're affording their lifestyle,
and chances are they might be drowning in debt, or
they might have other red new streams that you didn't
know about. In all of these bits and pieces.
Speaker 2 (17:02):
They have inherited money that we have won the lottery.
Speaker 1 (17:05):
Ye yep. So live within your means and if you're
not satisfied with where you are, take action.
Speaker 2 (17:12):
Step up, educate yourself. Listen to this podcast. Listen to
all these episodes.
Speaker 1 (17:18):
What have you taken from this today, Canna? This has
been a really interesting exercise because it's almost a grounding exercise,
isn't it?
Speaker 2 (17:24):
Very much so? And I know we're saying in the
break I feel a beauty. I feel honored to have
a beautiful insight into the relationship with the people who've
shared this advice, and I feel like I've been privy
to a very special intimate moment that they've generously shared
where I think these these was a wisdom and we
(17:45):
get from an older generation, stay with us forever, and
they do have a profound impact on us in a
positive way.
Speaker 1 (17:53):
Well said, Okay, thank you to everyone. Yeah, thank you
very much for everyone who sent those in. And if
anybody wants to get in touch with you and maybe
keep contributing to this conversation because I would love to
do a part two.
Speaker 2 (18:05):
That would be really nice.
Speaker 1 (18:06):
Where do they find you?
Speaker 2 (18:07):
Best place is to send me a dm on Instagram
at Sugar Mama TV.
Speaker 1 (18:11):
Perfect, and you can hear me every day with Sean
Aylmer on Fear and Greed business news you can use.
Thank you very much for listening to How Do They
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