Learn how to overcome the two flaws of budgeting with the Money Map and the Bank Plan.
The Bank Plan organises all of the data you have placed into the Money Map and places them into our recommended bank account structure. Following this structure will help you consistently grow your savings while keeping your preferred lifestyle.
The Bank Plan takes the information you placed in your Money Map and organises it into a bank account structure designed to protect and grow your savings. This structure is comprised of four accounts:
1. Household Expense Account
Upon receiving your household income, it is automatically transferred to this account. From here, weekly transfers are then made into your Household Spending Account, Personal Spending Account, and Savings account. To prevent small transactions (coffee and takeaways, for example), from chipping away at your money, this account will have no EFTPOS / ATM access.
2. Household Spending Account
Expenses such as groceries, lunches, monthly bills, and transportation costs will be paid for by this account. Hence, you will need to have EFTPOS access to pay for your regular expenses. Sticking to the weekly deposit you get from your Household Expense Account will help make sure you always have enough money for your Savings Account.
3. Personal Spending Account
This account is where you get your pocket money to spend on your hobbies and things that you like! You can also have EFTPOS access for this account. Like your Household Spending Account, sticking to your weekly deposit will help make sure you always have enough money to grow your Savings Account.
4. Savings Account
This account should only be accessed when you require the funds to purchase what you have been saving up for! Otherwise, sticking to the weekly allowances you have allocated for yourself for your Household Spending and Personal Spending accounts will help make sure your savings consistently grows each week.
Below is a diagram of the VerdiPlus bank plan:
The Bank Plan creates a bank account structure that automates all of the dizzying amounts of bills, allowances, rent, and mortgage payments you have running in the background and simplifies it into a simple weekly spending balance. While you can adjust this balance to fit your lifestyle, sticking to it will guarantee that you are able to grow your savings.