Thank you so much for this video. Ive made the decision to get on top of my finances and was lost and didn't know how or where to start. This is perfect and am so excited to get on top of thing for myself and my two children.
If it is simple it is easy and you will enjoy doing it! This is how I manage my money and it always keeps me safe and best of all, achieving my goals! xCC
Dear Canna, excellent video! Many thanks for explaining it so crystal clearly 👍 Please can you do a video on how to track daily & monthly expenses using various formats, ie low tech (on paper) and high tech (digital spreadsheet or app) so we can customise a format that will work for each individual? Thanks heaps in advance, you’re a superstar! 🙏
OMG I thought I had all this figured out already, but seeing it written down is eye-opening - buying only one Chanel bag per year still takes 500€ per month. I am a visual learner and it really helps when you explain things this way.
I love your term ‘ banking ritual’ . One little note: Letting the saving for investment amount be flexible is a slippery slope. I allow myself reducing it once then again the next month and I end up with nothing to make me financially free.
I completely agree that if you have kids you need more in the emergency account. Similarly, if you have pets you should always have an extra couple of thousand, and more as they age. Canna, I am interested to know whether you think it is a good idea to sock a lot extra into the mortgage and use this in case of a really expensive emergency. I have an emergency account but also feel that being able to access a huge amount of redraw makes me feel we can face anything that comes our way. In 2016 we had a major house fire and I can say for certain that being debt-free was a life-saver as far as cash flow (I had insurance too of course). Being ahead on the mortgage meant I was able to forgo payments whilst the house was being rebuilt. Heading for mortgage-free in 2020 and that will bring more peace of mind than anything else could :-) Madeleine
Absolutely love this! Question for you Canna..what are your thoughts about using credit card for prepaying utilities (internet, heat, groceries etc) which may have 2% cash back..so say 300 to 500 a year..do you think that's reason to use card or just avoid it altogether ?
Hi Canna, new subscriber and loving your content! great video again but I wanted to get your opinion on using a (fee free) redraw facility instead of having separate Life & Emergency, Lifestyle account and savings to invest accounts?
Hi Canna, love your channel. I'm a single parent and am self employed with my own gardening business. I get a bit of financial help from the government (I'm in the UK), but I'm just wondering if you have any knowledge of running business accounts, paying yourself out of it etc. A finance video on self employment would be great. Thanks. Jackie.xx
Hi Canna, such a great video! Would it be a similar concept for paying off debt? Or do you recommend putting money aside for the emergency fund while paying off the debt? Thank you xx
I would recommend prioritising debt first, BUT it also depends on the type of debt. Having some emergency money is a good idea so I would split your repayments in a way where a certain percentage (say 80%) goes towards debt then 20% into a special emergency saving life account xCC
Hey Can, great video! Budgeting is easier if you’re on a salary and know exactly how much you’re earning every month. What if you work on commissions and your income fluctuates from month to month? Could you do a video on how to budget for that type of scenario? Cheers Justine!
Betz it is going to cost me around $40,000 just to get it on Android, it will happen ASAP. Just need to make sure that I can afford the investment! xCC
Hi Cana, thank you for your videos! If is not possible (or difficult) to open four different bank accounts, what is the simplest way to manage the finances in the same way you describe in the video? Thank you!
We use a credit card for most of pur groceries and always pay it off right at the end of the month. That way we get Miles and they add up quickly. That works doesn’t it?
We have a mortgage so we put all our money on the mortgage to help bring the interest down. We then put all our expenses on the credit card (paying it before it is due, no interest). And use our redraw on the mortgage to pay off the credit card. The only thing is I’m finding it very hard to manage our spending that way as I don’t actually feel like I know how we are tracking budget wise. What are your thoughts on this? On a side note I used to monitor our spending with an excel spreadsheet and a pivot table but I have a baby and no time for that now! It was so much data entry.
Love how committed you are! I personally don’t track my expenses as such as I have spending limits which I adhere to. Which I find quick and easy to follow. However I check my transactions morning and night. I highly recommend watching my recent video on how to manage your cashflow budget - but what you are doing makes sense and sounds okay xCC
I am in a similar situation as you, we have a homeloan with 2 offset accounts linked to it, one is 'the hub' all income goes into. and the other is a savings account. i got a really good excel sheet off etsy, search along the lines of 'self updating bank account tracker' it lets me create categories or sub accounts, travel, emergency, etc. so i can see how much coin is in each.
This is really similar to the bucket system from the barefoot investor, except the 'lifestyle' account would be a debit instead of savings account. You know it's good advice when it's coming from two respected sources!
We have similar approaches but my percentage system is different in that you work out your cash transfer ratio / breakdown depending on your situation rather than strict rules of 10% 30% etc xCC
in the U.S. we have car insurance, property tax, if you're self employed you can paid quarterly taxes. I put this on a separate account from my saving and treat like monthly bills transfer money over.
Canna, I love your videos and they are really helpful but it’s kind of disappointing that a lot of us who paid for the app are not able to use it because it crashes every time. I downloaded it about a month ago and I noticed there’s reviews and comments from people having the same issues back in April. I would love to use the app, can you give us any updates or let us know what’s going on?
Well meals out and drinks are part of my monthly expenses so they go in my everyday account and then birthday presents go into my Life account as they are more quarterly expenses. However recently I have been thinking of having a set amount per month for my everyday account xCC
Hi Cana, could you please do a video on shares and investment portfolios for beginners?
Thank you so much for this video. Ive made the decision to get on top of my finances and was lost and didn't know how or where to start. This is perfect and am so excited to get on top of thing for myself and my two children.
I also love that you are making this simple for us!
If it is simple it is easy and you will enjoy doing it! This is how I manage my money and it always keeps me safe and best of all, achieving my goals! xCC
Dear Canna, excellent video! Many thanks for explaining it so crystal clearly 👍 Please can you do a video on how to track daily & monthly expenses using various formats, ie low tech (on paper) and high tech (digital spreadsheet or app) so we can customise a format that will work for each individual? Thanks heaps in advance, you’re a superstar! 🙏
OMG I thought I had all this figured out already, but seeing it written down is eye-opening - buying only one Chanel bag per year still takes 500€ per month. I am a visual learner and it really helps when you explain things this way.
Thank you for letting me know. I am going to try and use the whiteboard more often! xCC
I love your term ‘ banking ritual’ . One little note: Letting the saving for investment amount be flexible is a slippery slope. I allow myself reducing it once then again the next month and I end up with nothing to make me financially free.
Good point ! But if you have a financial goal that excites you, you will be protective of that account. That is what I personally find! xCC
Hello dear how would you love to have a sugar daddy that'll pay you $6000 weekly ♥️♥️♥️.
Perfect! I already do most of this, so the validation that i'm on the right track is great!
You are gold Canna, read my mind, this is just what i needed. Im also going to watch your single parents video for tips!
Thank you, Let me know how you go to with the accounts. xCC
Loved this video!!! The Emergency account is such a great idea!
It has been a life saver for me! xCC
I completely agree that if you have kids you need more in the emergency account. Similarly, if you have pets you should always have an extra couple of thousand, and more as they age.
Canna, I am interested to know whether you think it is a good idea to sock a lot extra into the mortgage and use this in case of a really expensive emergency. I have an emergency account but also feel that being able to access a huge amount of redraw makes me feel we can face anything that comes our way. In 2016 we had a major house fire and I can say for certain that being debt-free was a life-saver as far as cash flow (I had insurance too of course). Being ahead on the mortgage meant I was able to forgo payments whilst the house was being rebuilt.
Heading for mortgage-free in 2020 and that will bring more peace of mind than anything else could :-)
Madeleine
Absolutely! Such a good point! Even when you have pet insurance it is important to factor them into your emergency money! Thank you for sharing! xCC
Absolutely love this! Question for you Canna..what are your thoughts about using credit card for prepaying utilities (internet, heat, groceries etc) which may have 2% cash back..so say 300 to 500 a year..do you think that's reason to use card or just avoid it altogether ?
Love this video with notes & visual aids!!! so helpful to have text to follow
Oh thank you Hilary! 🌷 hope you are well! I am going to try and do this more often! xCC
Hi Canna, new subscriber and loving your content! great video again but I wanted to get your opinion on using a (fee free) redraw facility instead of having separate Life & Emergency, Lifestyle account and savings to invest accounts?
I love redraws! I actually recommend in Mindful Money to use your redraw facility to stash your emergency money if you have a loan xCC
@@SugarMamma awesome, it's a good thing I just started reading Mindful Money :-D thanks again Canna!!
I love all your tips in your videos. Thank you and I am going to apply them in my finances. I love the simplicity of the steps.
My pleasure! My next book is coming out soon and full of tips so stay tuned! xCC
Hi Canna, love your channel. I'm a single parent and am self employed with my own gardening business. I get a bit of financial help from the government (I'm in the UK), but I'm just wondering if you have any knowledge of running business accounts, paying yourself out of it etc. A finance video on self employment would be great. Thanks. Jackie.xx
Hi Jackie, I am actually working on a small business video...stay tuned xCC
Hi Canna, such a great video! Would it be a similar concept for paying off debt? Or do you recommend putting money aside for the emergency fund while paying off the debt? Thank you xx
I would recommend prioritising debt first, BUT it also depends on the type of debt. Having some emergency money is a good idea so I would split your repayments in a way where a certain percentage (say 80%) goes towards debt then 20% into a special emergency saving life account xCC
Thank you Canna xx
Excellent Video! Thank you so much for your Helpful and Informative Advice, Very kind of you Ma'am I Absolutely Appreciate it! 👍👍⭐⭐⭐⭐❤👏😊
Thank you for watching. I hope you are able to put these accounts into place. xCC
@@SugarMamma You are Very Welcome and I'm sure I will thank you! 😊
Thank you Canna! 🙏
Hey Can, great video! Budgeting is easier if you’re on a salary and know exactly how much you’re earning every month. What if you work on commissions and your income fluctuates from month to month? Could you do a video on how to budget for that type of scenario? Cheers Justine!
Boundaries not restrictions 😎🍻
I enjoyed this video. Thank you
Loved this video!! Great new intro too x
Starting to get more creative with me videos! xCC
Another awesome video! Please share where you bought your top?
The link is in the video description xCC
Great video Canna! Just wanted to know when your app will be available on Android?
Betz it is going to cost me around $40,000 just to get it on Android, it will happen ASAP. Just need to make sure that I can afford the investment! xCC
Sugar Mamma Oh wow! That is a lot of money. I'll stick with your spreadsheet in the meantime :)
Love your videos. I know with the 1000 dollar project you don't use any of your salary. But what about if you have overtime in your salary. Thanks
Hi Cana, thank you for your videos! If is not possible (or difficult) to open four different bank accounts, what is the simplest way to manage the finances in the same way you describe in the video? Thank you!
Great question! Have 4 different envelopes with cash! xCC
Mario Forleo made a similar video : how to manage your money (12.6.2018) .
This is so helpful. Thank you
Thank you! I find this always keeps me out of trouble! xCC
We use a credit card for most of pur groceries and always pay it off right at the end of the month. That way we get Miles and they add up quickly. That works doesn’t it?
It certainly does, as long as you never pay interest. xCC
Nope. Never have and never will. I pay cash for everything (or pay it off every month). Gives me peace of mind
Maaike van Dijk-Bokkers well then that is perfect! xCC
Just subscribed to your list but the link to the budget doesn’t work!
You'll have an annual cost of that credit card though, I'm wondering if that equates to your miles? I've been wondering this for a while.
I also love the barefoot investor’s bank accounts recommendations
They are good too! xCC
Love the video Canna :)
Oh thank you! Feel free to share it with any of your friends that you think will find it helpful! xCC
We have a mortgage so we put all our money on the mortgage to help bring the interest down. We then put all our expenses on the credit card (paying it before it is due, no interest). And use our redraw on the mortgage to pay off the credit card. The only thing is I’m finding it very hard to manage our spending that way as I don’t actually feel like I know how we are tracking budget wise. What are your thoughts on this?
On a side note I used to monitor our spending with an excel spreadsheet and a pivot table but I have a baby and no time for that now! It was so much data entry.
Love how committed you are! I personally don’t track my expenses as such as I have spending limits which I adhere to. Which I find quick and easy to follow. However I check my transactions morning and night. I highly recommend watching my recent video on how to manage your cashflow budget - but what you are doing makes sense and sounds okay xCC
I am in a similar situation as you, we have a homeloan with 2 offset accounts linked to it, one is 'the hub' all income goes into. and the other is a savings account. i got a really good excel sheet off etsy, search along the lines of 'self updating bank account tracker' it lets me create categories or sub accounts, travel, emergency, etc. so i can see how much coin is in each.
This is really similar to the bucket system from the barefoot investor, except the 'lifestyle' account would be a debit instead of savings account. You know it's good advice when it's coming from two respected sources!
We have similar approaches but my percentage system is different in that you work out your cash transfer ratio / breakdown depending on your situation rather than strict rules of 10% 30% etc xCC
what would be an example of a quarterly / bi-annual bill?
Quarterly water or electricity bills
in the U.S. we have car insurance, property tax, if you're self employed you can paid quarterly taxes. I put this on a separate account from my saving and treat like monthly bills transfer money over.
Canna, I love your videos and they are really helpful but it’s kind of disappointing that a lot of us who paid for the app are not able to use it because it crashes every time. I downloaded it about a month ago and I noticed there’s reviews and comments from people having the same issues back in April. I would love to use the app, can you give us any updates or let us know what’s going on?
Thanks for the informations. In germany we pay for each account money monthly. So I will Start maybe with one extra account
Keep me posted and let me know how you go! xCC
😊
🌸
A savings account with a linked debit card?
I love you sugar
where do you put the money allocated for things like birthdays, the odd meal out, occastional drinks etc? lol
Well meals out and drinks are part of my monthly expenses so they go in my everyday account and then birthday presents go into my Life account as they are more quarterly expenses. However recently I have been thinking of having a set amount per month for my everyday account xCC
Did anyone else see big fluffy waggy dog jump over the wall at the end of this? I hope he was safe"
Nov
You should probably make videos when your dog isn't snoring close by haha
I agree, but she always sneaks in when I am filming. Drives me nuts! xCC
@@SugarMamma I love it!! Adds a cosy feel to your videos
@@rhianarbuckle230 me too!
To many accounts 😅
What rubbish!!!