Make Money Simple Again

If you want to use this online Money SMARTS platform to crystallise the learnings of the next few chapters, you can check it out at the following link and get started straightaway: www.thepropertycouch.com.au/financialpeace

big one-off home expenses,

We immediately found that it was the solution to our uncontrolled spending but without the bank account set up it wasn’t perfect. We started to think in terms of discretionary spending, asking ourselves ‘Do I really need this?’ and ‘Am I prepared to eat into our financial future for this item?’. The effect was immediate for us.

You must do so religiously – no ifs, buts or maybes. Have we made ourselves clear? Because otherwise you will be charged interest and this will cost you more than you make.

Final message on banking We’re making money simple again. You only need three active bank accounts (and any passive loan accounts). It’s time to cut up and close all those unnecessary, obsolete credit cards, shut down all those multiple bank accounts and transfer any money from these accounts to your Primary account to make it work harder for you.

The interest rates on your loans move from time to time, and this will impact your numbers. Your utilities’ bills go up – electricity or gas bills. (Although we challenge you to shop around and find a better deal from alternative utilities’ providers.)

It helps you live within your means: What happens when households don’t have a Provisionings jar is this money gets sucked into the general ‘regular spending’ money. This means that when the time comes to make the purchase there isn’t enough money available, so what most people do is, yep, whack it on the credit card or take out a loan to pay for i

Also check with your bank that when you ‘swipe’ or ‘tap and go’ at point of sale, the money will come from the Living & Lifestyle account.

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.