Make Money Simple Again

It links to the Primary account. It is set up with a debit card so you can buy things online or via any point of sale machine (using the eftpos or the cheque option – NOT the savings or the credit button please!).

In saying that, look for a card that has up to 55 days interest free: doesn’t charge any annual fees or other fees; has the ability to ‘auto sweep’ or direct debit from your Primary account to repay the rolling balance (explained below); potentially offers loyalty or rewards points.

Financially organised – You now know you are working with a rules-based money management system that is designed to get your household finances and money management in order to achieve your financial purpose.

Our long-term plan (40 years) included a big holiday every couple of years, our wedding, house renovations, kids, new cars, buying a dream home and purchasing three investment properties along the way. Frankly, we were a tad ambitious with what we pitched to our adviser but when we worked through the numbers, it was clear that these ambitions are r

If you’re like us and believe that building a property portfolio is part of the answer to your self-funded retirement, then we’d encourage you to read our sequel book The Armchair Guide to Property Investing and start building your own wealthier tomorrow. We’ll leave you with these final words: knowledge is ‘empowering’, but only if you act on it.

Don’t use your credit card for Living & Lifestyle expenses, avoid this at all costs. Just don’t do it. We told you earlier, in the event that you have to access money for a living and lifestyle expense, take it from the Primary account directly.

Financial purpose – You now know why you are doing this – you have wants, goals and dreams. Your motivation is your financial peace! (Don’t lose sight of this.)

There’s no tracking required – You’ve worked out you wanted to spend this money in the planning and set up phase, so you’re free to go ahead and spend it. You don’t need to track this account at all. Just use your bank app to track your balance at any time.

Ideally, check-up day would be the first of the month for each month, but if you can’t get your bank or your credit card provider to change your statement to this date, it’s not really a problem at all. You just need to pick a ‘starting date’ and stick to that day of the month each month. If your credit card provider is telling you it’s all too har