The simple system that unlocked my 38% savings rate | Jess Gets Investing
4/20/202627 min
Before investing a single cent, you need to get your cashflow sorted.
So today we step into the practical side of things; budgeting, savings rates, and the systems that make investing possible.
To set up a system she will actually stick to, Jess speaks to Glen James- host of the Money Money Money podcast and former financial adviser.
Plus Jess receives some much needed encouragement from listener Phoebe, who shares her story that the dreaded admin of setting up your money right, is well worth it.
By the end of this episode, Jess will walk away with a realistic (and surprisingly generous) savings rate and budgeting framework- and you can too!
Chapters:
00:00 Do This Before You Invest
02:02 The Financial House Framework
04:48 Why Systems Beat Good Intentions
09:42 Fixing Jess’ Money Flow
12:23 The Budget That Changed Everything
16:01 Setting Up Money Buckets
20:12 Real Example of Chaos to Control
23:05 How Systems Kill Money Anxiety
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Transcript preview
First 90 secondsSpeaker 10:00
[digital tone] Everything you're about to hear is for education and entertainment purposes only. Whilst we are licensed, we're not aware of your personal financial circumstances. Any advice is general advice. Equity Mates operates under Australian Financial Services License 540697. [upbeat music] This episode is brought to you by Betashares Direct.
Jess· Host0:20
Hey, welcome back to Get Started Investing. For those joining for the first time, I'm Jess, and although I've worked in the finance industry for nearly a decade, I've actually never invested myself. So I thought, what better way to get started than documenting my entire investing journey from scratch while you come along for the ride? Very good news, though, we're not doing it alone. Throughout the series, I'll be chatting with a bunch of experts, and they're gonna show me exactly what I'm supposed to be doing. So if you are feeling stuck or you're just starting out, you are in the right place. I'll be asking all of the questions that are probably already running through your head. In the last episode, I spoke with certified money coach Karen Eley, who spoke about the reasons people delay investing, and we unpacked some of the psychological barriers that were keeping me stuck. After that chat and some coaching with Karen, I'm feeling a lot clearer about what's been holding me back and a lot more ready to take action. But before I invest a single dollar, there's one really important step I need to take first, which is getting my money right. So today, we're stepping into the practical side of things. I'm looking at my budgeting, my savings rates, and