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Unlock your best financial year yet: the power of an effective money management system

Updated: Jan 29

Imagine if this could be the year you achieve your financial dreams effortlessly. What if the key to reaching your financial goals is simpler than you think? If you're ready to explore new possibilities, read on because these insights might transform your finances.


 

Meet Alex and Jamie: shared goal, different paths

 

Alex and Jamie, both teachers, found themselves back at work after the holidays, readying themselves for the beginning of another school year. The topic of holiday expenses came up and the conversation shifted to the aftermath of the festive season.


"Did you enjoy the holidays?" Alex inquired.


"Absolutely, but now the credit card bill is looming over my head," said Jamie.


Alex nodded in agreement, "I know what you mean. I took on a casual job just to cover it."


Determined to break the cycle, Jamie declared, "Next year, I want $1000 saved for Christmas, and no more working extra jobs over the summer break!"


Supporting this common goal, Alex suggested, "What if we set aside $20 a week? It's manageable, right?"


Both teachers were eager to approach the new year with solid financial resolutions.

Shared financial goals

Different paths to the same goal

 

When they each got home, Alex and Jamie took distinctively different routes towards their shared financial goal. Jamie logged into online banking and created a no-fee savings account. An email to the payroll department ensured that the equivalent of $20 per week would be deposited into the new account every payday.


Meanwhile, Alex adopted a more tangible approach. They took an old Nutella jar, labeled it "Christmas Money" and put it in the cupboard, right next to the coffee mugs where they'd be reminded of it every morning. Both Alex and their partner committed to depositing $10 in spare change into the jar weekly - $20 between the two of them.


Though Alex and Jamie both share the same financial goal, who do you think is more likely to succeed?

Same saving goal, different saving system

Choosing the right system


It turns out that both systems have merits. The strength of Alex's approach lies in the visual reminder of the jar and the active involvement of their partner. Yet, relying on manual contributions and the physical nature of spare change poses challenges, particularly in a cashless society.


On the other hand, Jamie's system is more set-and-forget. From day one, automated transfers ensure progress toward Jamie's Christmas goal. Although discipline is still required to not spend the accumulated savings, Jamie's system minimises the chances of forgetting or the temptation of dipping into the jar for loose change.


Author James Clear, in his brilliant book 'Atomic Habits,' emphasises the power of systems over goals, stating, "We fall to the level of our systems." Setting a direction with goals is certainly a positive step, but sustained progress comes from designing effective systems that encourage and accumulate desirable behaviours. According to Clear, the most effective systems are those that make good habits easy and bad habits hard.

Girl buys Atomic Habits to improve her financial fitness

Let's talk about financial habits


If we agree that our achievements are mostly the sum of our behaviours, it's important to choose our financial habits consciously. How frequently do you assess your spending patterns? Check your superannuation balance? Track your savings? Stay abreast of the shifts in your net wealth? Chances are, not as often as you wish. Why? Because adopting these habits is often easier said than done.


Our individual financial data tends to be spread across various platforms. Many of us manage multiple accounts across various institutions, not to mention dealing with investments, loans, superannuation, assets, insurance, and more.


What you really want is a system where an automated dashboard keeps your goals and good financial fitness habits at the forefront of your mind...

Financial fitness app

Meet the My Finance Agent App


The My Finance Agent App, powered by diñeiro, links with your existing banking so that you have a live dashboard of your total finances. Not just your account balances from one bank, but from all your banks. Link as few or as many accounts as you like.


The My Finance App can also keep track of your assets, loans, superannuation, investments, and net wealth. Simple visuals make it easy to track progress towards your saving goal or to analyse your spending habits. All from the convenience of your pocket!

My Finance Agent App

In terms of security, the My Finance Agent App is fully encrypted for your total peace of mind. No login credentials are stored, the app is geo-restricted to Australia, third-party tested, and at no time can any financial professional or customer perform any transaction through the app. The data is purely read-only, rather like having a Fitbit™️ for your finances!


Did you know... You may be closer to the goal of buying a home than you think. First home buyers need as little as a 5% deposit. Talk with us to find out more!

Get a better money system


Your financial goals may be closer than you think. Imagine a comprehensive framework that consolidates your finances into a seamlessly integrated, award-winning platform. Actually, you don't need to imagine it. It's already here!


Discover more about the My Finance Agent App: click here

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