Good money management habits are probably one of the most crucial elements when building a property portfolio but perhaps also one that is easily forgotten because it requires constant discipline with your money. For some, it comes quite naturally but for others, it could be a daily struggle. Perhaps, what is even more important is to make sure your cash flows and finances are set up well so that you would be taking full advantage of your income and leverages. For example, a clever use of offset account can help you save hundreds of dollars in interest payments and setting up direct debits can potentially save you quite a bit on late payment fees. The good news is, you can do this easily by restructuring your finances and setting up the right accounts but what types of account should you start with?
In this episode of The Property Couch, Bryce Holdaway and Ben Kingsley will be sharing their tips on how to make sure you won't unconsciously overspend. They will be discussing the different types of expenses in a household and what account should you use for this expenditure. They will also share their own personal money management habits with the listeners. So what are you waiting for? Tune in to find out more.
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Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.