Money habits you need daily, weekly, monthly and yearly to save
These are the eight money habits you need to implement daily, weekly, monthly and yearly to save thousands in 2023
- The Australian CEO of Smart Women Society Téa Angelos shared her money tips
- She said you need to do these habits daily, weekly, monthly and yearly
- She also shared the three accounts every saver and investor needs to have
A young finance expert has shared the simple money habits you need to do daily, weekly, monthly and yearly in order to save thousands of dollars in 2023.
The Australian founder and CEO of Smart Women Society Téa Angelos, 25, said doing eight things on a regular basis will dramatically boost your bank balance this year – and none of them are that difficult.
‘If you want to get better with your money, you need to follow this money routine,’ Téa said in a TikTok video.
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A young finance expert has shared the simple money habits you need to do daily, weekly, monthly and yearly in order to save thousands of dollars in 2023 (Téa Angelos pictured)
When it comes to what you need to do daily for financial success, Téa said you need to track your spending and check your bank balance.
When you start writing down where you spend your money, you’ll realise where you can make cutbacks and what you’re actually spending your salary on.
The finance expert said many of us spend as much as $200 a week more than we think we do – and tracking your spending and checking your bank balance will help to reduce this.
Every seven days, Téa said you need to do two more things.
‘On a weekly basis, check in with your saving and your spending and plan your meals,’ she said.
Grocery shopping once a week instead of doing top-up shops throughout the week will automatically have you spending less.
If you plan your meals, you are also further cutting costs, with many also saying the cook once, eat twice idea is a great one to follow.
Each month, Téa explained you should review your budget and automate your bills, savings and investments.
Automating your transfers means you’ll be paying bills off without thinking about them, while reviewing your budget means you can cut out any excess expenditure.
Each year, Téa (pictured) said you need to review your insurance policies and negotiate any bills where you might be able to get a better rate
Finally, Téa said you need to review your insurance policies and negotiate any bills where you might be able to get a better rate.
Previously, Téa revealed the three savings accounts every saver and investor needs.
The first is a high yield savings account for short-term goals like going on holiday.
The second is a high yield savings account for long-term goals like buying a house.
Finally, she said you need an emergency fund account for ‘anything that goes wrong’.
‘Keep this one with a separate bank to ensure success,’ the 25-year-old said on TikTok.
Ideally, in your emergency fund you need three to six months-worth of your living expenses saved up in case anything goes wrong.
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