A young finance whizz has shared why the one thing you need to do to ‘get rich’ is have a 15-minute money date with yourself every week.
The Australian founder and CEO of Smart Women Society Téa Angelos, 25, said a 15-minute check in every seven days is vital for growing your net worth because it allows you to see where you’re at with your finances right now – and where you’d like them to be.
‘To enter your rich era, you need to schedule a 15-minute money date with yourself once a week,’ Téa posted on TikTok.
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A young finance whizz has shared why the one thing you need to do to ‘get rich’ is have a 15-minute money date with yourself every week (Tea Angelos pictured)
‘Get cosy and use this time to review your spending, tweak your budget and reflect on areas where you’ve over-spent and under-spent.’
A good way to do this, Téa added, is to grab two highlighters in different colours and highlight every necessary and unnecessary, discretionary spend in a different colour.
If you start seeing a pattern, for instance in takeaway coffees or UberEats orders, you might want to look at limiting these if you’re trying to save some cash.
‘Consistent habits and accountability are the keys to transforming your financial future,’ Téa added.
When you consistently check in with your spending, you’ll feel more accountable and therefore less likely to just blow out on things you don’t really need, she said.
When it comes to saving, Téa is known for her viral money-saving hacks helping Aussies save thousands every month (pictured)
When it comes to saving, Téa is known for her viral money-saving hacks helping Aussies save thousands every month.
Recently, the 25-year-old shared how you can quickly and easily save $1,000 in three months ‘without even noticing’ by setting up a direct debit automated transfer.
‘This is how to save $1,000 in three months,’ Téa said in the video.
‘If you get paid monthly, transfer $333.33 each pay cheque. If you get paid fortnightly, transfer $166.66 each pay cheque.’
Finally, Téa said if you get paid weekly, you need to transfer $83.33 each pay cheque.
The easiest way to do this is set it up as an ‘automatic transfer’.
That way, the money is gone before you’ve even realised and you won’t spend what you don’t have.
She recommends following the 50/30/20 rule when it comes to budgeting, where 50 per cent goes on necessities, 30 per cent on savings and 20 per cent on wants
She said the easiest way to reach a savings goal is to ‘break the goal down’ and work out how much you need to put away each day, week or month in order to reach your end result fast
Previously speaking to FEMAIL, 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.
The young financial whizz also hared her simple strategy for saving $5,000, $10,000 or $20,000 in as little as three months.
She said the easiest way to reach a savings goal is to ‘break the goal down’ and work out exactly how much you need to put away each day, week or month in order to reach your end result fast.
She said: ‘Let’s say you want to save $20,000.
‘If you want to do it in three months, you’ll need to save $219.20 per day. If you want to do it in six months, you’ll need to save $109.60 per day. If you want to do it in 12 months, save $54.80 per day.’
If you want to save a figure like $20k, the key is to break the goal down into manageable chunks, whether it’s saving a certain figure each day, week or month (pictured)
The key, Téa added, is that you must create a separate savings account, where you ‘automate daily transfers into it’.
That way, the money is going out of your account before you’ve even had a chance to think about it.
When it comes to budgeting for success, Téa recommends the 50/30/20 approach.
This means that 50 per cent of your budget goes to needs, like your rent or mortgage, groceries, transport and bills.
The next 30 per cent goes to your ‘wants’.
‘Wants’ encompasses everything from dinner out to a Netflix subscription, new clothes and other items.
Finally, the remaining 20 per cent needs to go to your savings and investments, and if you make sure this happens or even put more in, you’re likely to get rich faster.