A young financial genius shared why the only thing you need to do to ‘get rich’ is go on a 15-minute date with yourself every week.
The Australian founder and chief executive of the Smart Women Society, Téa Angelos, 25, said a 15-minute check-in every seven days is vital to increasing your net worth because it allows you to see where you are at with your finances right now, and Where would you like them to go?
“To enter your rich age, you must schedule a 15-minute money date with yourself once a week,” Téa posted in Tik Tok.
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A young financial genius shared why the only thing you need to do to ‘get rich’ is go on a 15-minute date with yourself every week (Pictured by Tea Angelos)
“Sit back and use this time to review your spending, tweak your budget, and reflect on areas where you’ve been overspending and underspending.”
A good way to do this, Téa added, is to take two highlighters in different colors and highlight each necessary and unnecessary discretionary expense in a different color.
If you start to see a pattern, say, in takeout coffees or UberEats orders, you might want to limit those if you’re trying to save some cash.
“Consistent habits and responsibility are the keys to transforming your financial future,” added Téa.
When you consistently monitor your spending, you’ll feel more responsible and therefore less likely to simply spend on things you don’t really need, she said.
When it comes to saving, Téa is known for her viral money-saving hacks that help Australians save thousands every month (pictured)
When it comes to saving, Téa is known for her viral money-saving hacks that help Australians save thousands every month.
The 25-year-old recently shared how he can quickly and easily save $1,000 in three months ‘without even realizing it’ by setting up an automatic direct debit transfer.
‘That’s like saving $1,000 in three months,’ Téa said at the video.
‘If you’re paid monthly, transfer $333.33 each paycheck. If you are paid biweekly, transfer $166.66 each paycheck.’
Finally, Téa said that if she is paid weekly, she needs to transfer $83.33 each paycheck.
The easiest way to do this is to set it up as an ‘automatic transfer’.
That way, the money will be gone before you know it and you won’t spend what you don’t have.
She recommends following the 50/30/20 rule when it comes to budgeting, where 50 percent goes to necessities, 30 percent to savings, and 20 percent to necessities.
She said the easiest way to reach a savings goal is to “break down the goal” and figure out how much you need to save each day, week, or month to reach your bottom line quickly.
Speaking previously with FEMAIL, Téa revealed the three savings accounts that every saver and investor needs.
The first is a high-yield savings account for short-term goals, like going on vacation.
The second is a high-yield savings account for long-term goals, like buying a home.
Finally, he said he needs an emergency fund account for “anything that goes wrong.”
“Keep this one in a separate bank to ensure success,” the 25-year-old said on TikTok.
Ideally, you need to save three to six months of your living expenses in your emergency fund in case something goes wrong.
The young financial genius also shared her simple strategy for saving $5,000, $10,000, or $20,000 in as little as three months.
She said the easiest way to reach a savings goal is to “break down the goal” and figure out exactly how much you need to save each day, week, or month to reach your bottom line quickly.
She said, ‘Let’s say you want to save $20,000.
‘If you want to do it in three months, you’ll need to save $219.20 per day. If you want to do it in six months, you’ll need to save $109.60 per day. If you want to do it in 12 months, save $54.80 per day.’
If you want to save a figure like $20k, the key is to break the goal down into manageable chunks, whether it’s saving a certain amount each day, week, or month (pictured)
The key, Téa added, is that you create a separate savings account, where you “automate daily transfers into it.”
That way, the money will be out of your account before you’ve had a chance to think about it.
When it comes to budgeting for success, Téa recommends the 50/30/20 approach.
This means that 50 percent of your budget goes toward necessities, like rent or mortgage, groceries, transportation, and bills.
The next 30 percent goes towards your ‘wants’.
‘Want’ encompasses everything from dining out to a Netflix subscription to new clothes and other items.
Finally, the remaining 20 percent should go into your savings and investments, and if you make sure that this happens or even invest more, you’ll likely get rich faster.