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How to grow wealth in 2024: Aussie money expert on the six bank accounts everyone needs

How to grow wealth in 2024: Aussie money expert on the six bank accounts everyone needs

Read Time:2 Minute, 30 Second

A money expert has revealed the six bank accounts you need to manage your finances in 2024.

Téa Angelos, from Queensland, explains how she splits her income into six different savings account to help her budget and manage her spendings every month.

WATCH THE VIDEO ABOVE: The six bank accounts you need.

For more Personal Finance related news and videos check out Personal Finance >>

The Australian founder and CEO of Smart Women Society says her accounts are set up with a different purpose.

“The concept isn’t universal, but it’s a useful guide to help you organise your money and avoid overspending,” Téa tells 7Life.

If you’re looking to grow your wealth, she suggests setting up six accounts such as everyday expenses, “fun” money, emergency fund, short-term and long term savings and investment.

Money expert Téa Angelos has revealed the six bank accounts you need to manage your finances in 2024.  Credit: Smart Women Society

Of the six accounts, she allocates two of them to spending, which covers living expenses and non-essential purchases.

The “daily” account goes towards all your bills and everyday essentials.

Her “fun” money allows her to treat herself on things such as shopping, eating out and social activities.

The next four accounts are savings.

“Short-term savings account for things like travel,” Téa explains.

Two out of six accounts are for spending, which covers living expenses and ‘fun’ non-essential purchases.  Credit: Téa Angelos

She has a long-term account for a major financial goal such as buying a house.

For her emergency fund account, she has six months worth of expenses saved.

“Your emergency fund is for a rainy day,” she explains.

“Ideally you should have three to six months of living expenses saved in case anything goes wrong.”

Finally, she has an investment/brokerage account to invest in her future and requirement.

Six accounts you need

Everyday expenses (for bills)‘Fun’ (for non-essentials)Emergency fund (rainy day fund)Short-term savings (holidays)Long-term savings (buying a house)Investment/brokerage account (investing)

How to budget

Téa shares a simple budget trick using the 50/30/20 rule.

Angelos’ simple budget trick using the 50/30/20 rule. Credit: Smart Women Society

“First 50 per cent of your budget goes to needs. This includes all your essentials like rent or mortgage, bills, groceries and transport,” she explains.

“Then 30 per cent goes to your wants. This is all your ‘fun’ spending a month on things like eating out, new clothes and Netflix.

“The last 20 per cent is the most important for your savings and investments. Increasing this percentage will make you rich faster.”

She adds: “You can alter the percentages so they work better for you – you don’t have to stick to 50/30/20.”

For more engaging lifestyle content, visit 7Life on Facebook.

Money expert shares simple budgeting tips to help save $20,000 in 2024

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