But Scott Pape says in The Barefoot Investor that you shouldn’t be paying these. I assumed that, when traveling to another country or buying things online, it was normal to pay some surcharge on my credit or debit card. Another thing to watch as well are international transaction fees. So an important step is to find a bank that doesn’t charge those fees. If you use another bank’s ATMs, you pay a surcharge on that as well. And also quite common to pay an annual fee on creditĬards. But when I moved to Australia, it was common to pay $5 a month for The fact is, you can spend less than you earn more easily than you think.
Internet service to see if we could make some savings there.Īnd for the last three months, I’ve been able to live on 60% of my income comfortably. Reviewed my health insurance and changed my insurance company. My income does fluctuate from month to month because my business as a hypnotherapist means that I have good months and bad months. I found it reasonably easy to live on 60% of my income. I’m going to give you some personal experience here. It just didn’t make sense to continue paying that, so I saved
I found I was paying more for the extras cover then I wasĬlaiming back. Typically, you can get 20 to 25% of the cost of those back.Ĭlaimed back for those services in a year. These extras cover things like dentists, chiropractors, therapists, personal trainers, massages, or acupuncture. Here in Australia, we have health insurance that comes with what’s called extras. The excess and get a lower monthly premium. Review your insurance premiums and your cover. Maybe move to a smaller place and save on rent. See if there’s something that you could reduce or loseĪltogether. Spend less – You could also try to save some money. To more than 60% of your income, what can you do? There are only two things –Įarn more – You could find a second job for a while, or try to getĪ promotion at your current work. If you find that your living costs add up Look at any loan repayments that you have. Calculate how much you spend on food each month and Look at your rent or your mortgage payments. Out whether you can spend less than you earn. You’ll need to do a bit of research to find Step 2: Live on 60% of Your Income Can You Do Second job for a few weeks until you earn that $2,000.įor me, this step was very easy. If there’s nothing you could sell, find a Right now? What can you do to get it? The first most obvious thing is to sell What if you don’t have $2,000 in the bank It also provides a head start in a financial
When you have that money inĪ separate account, in a time of need, it will help you get your Mojo back. Putting it in a savings account – the Mojo account. Also, when you claim on your insurance, there’s often an excess If you have that $2,000 buffer, you’ll be able to cope to at There is always a chance of some unexpected financialĬosts occurring. Once you learn and apply this, you’ll find it much easier to spend considerably less than you earn.
#BAREFOOT INVESTOR DAILY EXPENSES HOW TO#
I am now going to cover the Barefoot Investor 6-step approach to budgeting and explain how to handle your money effectively. Watch the Video Below:Ĭlick here to watch this video on Youtube Listen to the Podcast And certainly without any effect on my happiness. These helped me save an extra $500 per month without a lot of effort. So at the moment, I want to share with you some of the crucial components that I’ve implemented. I’ve only read about a quarter of the book. I want to share with you how The Barefoot Investor helped me learn that it was not so hard to spend less than you earn. How come? Well, thanks to some good financial decisions he But he was able to recoverĪnd get his life back on track relatively quickly compared to other people in Back in 2014, Scott lost everythingĭue to a bush fire – his home, farm, and business. The Barefoot Investor and Scott Pape haveīecome household names within Australia. To some degree, I believed this myself, until I read a book called The Barefoot Investor by Scott Pape. It takes the fun out of it and can lead to unhappiness. If there is a need to scrimp, save, or budget, that’s not a good life. What is the key thing to having a good life and feeling happy? Many people believe that it’s the ability to spend as much money as you want.
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