At Frollo, we’re huge fans of the Barefoot Investor – in fact, we love anyone helping Australians get ahead with their money.
Scott’s book is ordered into a highly effective nine-step plan and as he says “they are intended to be nine steps, followed one by one.”
So let’s start at the beginning, and we will show you how to put in action the two main sections of “Step 1 – Schedule a monthly barefoot date night” with a little help from Frollo.
If you haven’t heard of Scott’s work – then buy the online version of his book right now – it’s worth it and an effortless read. (And like Scott, we don’t get a referral for our recommendation!)
Your first (barefoot) date
Take Frollo with you on your first money date night – you can’t talk about where you want to be in the future with an incomplete picture of where you are today. Make sure you’ve linked up all your accounts – including those easy to forget Super and Investment accounts.
You might have been putting this first step off for years, but as Scott says “..if you’re going to create an amazing life that isn’t dictated by financial fears, you’ve got to work together…There’s no time for indecision, you’re fighting for your family.”
By the end of the first date, Scott wants you to have five accounts set up for different purposes – which ordinarily would be a lot of work – so let Frollo make it easier:
1. The five accounts are for different purposes, but all have a common requirement – no fees! Open up Frollo and under the Accounts Tab, tap on the Transactions Header. Search for “Fees”, and Frollo will reveal your account fees across all your accounts – Simple!
2. Once you’ve switched to lower fee accounts, link them into Frollo, and then tap on the account name followed by the settings cog.
Enter a more meaningful name like Splurge, Daily Expenses, Smile, etc.
Since the publication of the first edition of the book, there are many more options when it comes to lower fee accounts (and ING and UBank are still around and very good too) – take a look at ratecity.com.au for comparisons!
That’s it – we hope you finished your date night, and spoilt yourselves with a bottle of expensive champagne – as Scott says, you’re now well on the path to saving a lot of money, so its definitely worth it.
We would love to hear your barefoot date night stories and experiences – sound off in the comments or email us at firstname.lastname@example.org and the best stories get a $30 gift voucher!