What does a money coach do with their money? There’s the urban myth of the plumber with the leaky taps – so what about a money coach?
You’ll be pleased to hear it’s all sensible spending in the Nutshell house… actually, full disclosure, my teenage daughter is still a work in progress!
But seriously, if you wonder what I do, let’s look at three actions I’ve taken in the last few weeks.
Money Time
My money management system is a well-oiled machine and I’m sure you’d expect nothing less. But it’s taken time to get a structure and a system that works for me (and hubby).
So yes, I use a cashflow plan and yes, it’s a spreadsheet – the engineer in me does love a good spreadsheet.
Once a week I have a diary appointment, with myself, to check-in on my money management – my Money Time.
These days, it’s a fairly quick exercise:
A quick look over my bank accounts.
Paying any bills that aren’t a direct debit (there’s not many but they still pop up i.e., paying for school camp).
Progressing Money Projects – the things that might take a bit more time, or that need a follow up.
Money Project #1 – Electricity review
Did you get the email about your electricity rates increasing? The Nutshell House sure did – and a 30% increase is more than enough for me to sit up and take action.
After doing a comparison on a recent bill, we had decided on a new supplier. They sent me a link (as part of the comparison) and it was literally a 5-minute exercise online to switch.
And the savings? Over 20% on my current bill.
In South Australia, that’s a saving of $257 on the average annual bill of $1,288^.
With that saving under my belt, I was on a roll and feeling motivated. So, I decided to tackle another Money Project…
Money Project #2 – Rate review
The Nutshell house has a split home loan with the fixed rate not ending for some time yet – phew. But the variable rate, that’s not so pretty.
So, it was time to call the bank and ask for a rate review. And yes, that is something that anyone can do – you don’t ask, you don’t get.
It was a short call to the bank and there were a few questions. Strangely they asked about my goals and objectives – and I nailed that answer with “paying off my home loan debt!”
And the result? A 0.25% reduction on the variable rate - so definitely worth my time, and there wasn’t any paperwork involved.
On a typical $500,000 debt*, that’s a saving of $104 per month in interest.
So, make the call…. You’ve got nothing to lose and a helluva lot to gain!
More quick wins
If you’d like a fresh set of eyes on your money management approach – whether it’s getting started with some quick wins or an update to your cashflow plan – working with a money coach helps you get the results you want.
Schedule a complimentary call using the link below, and we can discuss if Nutshell Money is the right fit for you.