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Episode 2 – The six bank accounts everybody needs

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With the rising cost of living, increasing interest rates, and higher mortgage and rent payments, having control of your budget is more crucial than ever.

But what if I told you that you should consider having SIX different bank accounts? You might think I’m crazy, right?

In this episode, I’ll delve deep into a game-changing financial strategy that can help you regain control of your finances, reduce stress, and achieve your financial goals, even in challenging economic times.

I devised this bank account system to gain better control of and track my own spending. And I’m here to tell you it really does work.

The system is reminiscent of the envelope cash-stuffing method our grandparents used (an idea that made a big come back on social media recently), but with modern advantages.

Here’s a sneak peek of the six accounts.

The Honey House – Your Bills Account:

– This is where your income is deposited, and all your bills are paid from.

– Set up direct debits for your bills the day after payday.

– It’s a high-interest account without a debit card.

Everyday Spending Account:

– Use this account for your day-to-day expenses from one payday to the next.

– Once your funds are spent, you can’t borrow from elsewhere.

The Luxury Account:

– This account is for indulgent purchases like clothing, shoes, manicures, and subscriptions – those things that bring joy to your life.

OMG Account – For Emergencies:

– Reserve this account for unexpected expenses like appliance repairs, vet bills, or emergencies.

– Aim to save 3 to 6 months’ worth of wages in case of emergencies or if you need to leave a toxic environment, whether it’s a relationship or a workplace.

Short-Term Savings:

– Use this account to save for holidays, new furniture, or items you plan to purchase within the next 12 months.

– It should be a high-interest account with no attached card.

Long-Term Savings:

– This account is for long-term financial goals such as buying your first home, investing in property, or adding to your super.

– It doesn’t necessarily have to be a bank account; it could be your superannuation fund.

There’s no magic solution to financial success except gaining control over your spending habits. I can assure you that this is the only system I use, and it’s the system that can prevent you from losing control of your finances.

For more information on my banking system, please visit ⁠JenRichardson.co

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