Got an Answer?
See your local barefoot cult leader 😉😂
We were on the same pay, same situation. we went to the planner a couple of days apart.
We compared notes on what advice we were given.
The guidance he got was different, and much better in that he got told a few useful things that I didn't, that would have been very useful to me.
Treatment of women being different to the treatment of men did not come out as an issue in the banking enquiry, but I have found finance and banking men to be as sexist as car salesmen and many mechanics.
That book was useless to me. Why should I pay my kids their ages in dollars every week for doing chores they should be doing anyway and then force them to give some of it to charity? I’m wanting to save money not give it away. My sister uses it. She pays her kid $11 a week to take the bin out. A whole 1 minute of his time. He’s a spoilt brat.
We'll have our mortgage paid in 2021 since starting barefoot last year instead of 2039 like we had previously budgeted, which is pretty huge.
The book is a whole lot of blah blah but the point is the percentages you follow. It's made a massive difference to our lives, particularly having all the different accounts for things, you could do the exact same thing with any bank though or even in cash with envelopes.
I am sure they have a tonne of fb pages, specific forums for these questions... or finish reading the book 😂
I used the advice but tailored it to suit us. I don't have all the banks accounts and we have a bit more money each week and put less into our happy account (or what ever the holiday saving account was called)
I have modified it a bit. For years I had a redraw facility on my home loan, but you have to have iron will not to spend too much if you have such easy access.
So my blow budget was parked in my home loan account, reducing loan interest.
By the way, he would probably tell you to stay with ANZ because of the deal you have got.
I have a credit card, and I know that earlier in my life I did spend too much on it. Now I use it purely to track my spending. I have not paid a cent in interest for 10 years.
But I grew up in poverty, so I am very conscious of every cent I spend.
Overall his advice is very good. There is nothing wrong with adapting it to suit you.
But it is worth re-reading periodically to check that you are still on track to getting where you want to be.
I have saved an enormous amount by analysing the bills as he recommends: health and other insurances, home loan interest deal etc
Also knowing where your money bleeds out of your account is an eye opener.
His advice on Superannuation will be a life saver for a lot of young people. It is critically important. I was lucky enough to be in a good super fund by default because of my employer. No thanks to my good management. But his advice has made me realise exactly how lucky I was.
Overall I have gained so much more awareness of money management skills.
It has encouraged me into other areas of savings with more awareness of balancing value versus cost.