π± the best budget & bank accounts | starter pack
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What financial foundations should I establish for success?
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals, or objectives, so don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer, and link to our financial services guide in the show notes. One of the most important things to get sorted early in your journey is understanding what bank accounts, what tools you need to get the job done. Just like approaching a job at home or on a building site, you need to have tools to get the thing done. We're talking about bank accounts and we're talking about budgeting, which is the strategy and how you use those tools. So Kate, this episode is all about those two things, right?
We've got which bank accounts you should be considering and we'll give a framework for that and then budgeting.
Yeah. And I would estimate that every single listener is going to have some bank account somewhere. They need to get paid. They need to spend money. And so really it's the foundations. And that's why it's really our first part of this starter pack series. And we're going to give you the lowdown on how it all works, what you need to know and how to put a system in place that works for you.
Yeah. And so we're going to name some banks. If we do name some banks in this episode, just remember that at the time of recording, we think these banks are some banks that you can consider that doesn't necessarily mean they're right for you. So go out there, do the research that we speak of and make sure you consider if they are the right banks for yourself. You can read the fee schedules and all those types of things on their websites. And there is an extra bonus point here. Most of the banks in Australia are regulated by APRA, which is the big regulator. You can check on APRA's website if they are an authorized deposit taking institution or ADI, which is a bit of financial jargon. And what that means is they're secure, they're monitored, they're regulated.
So if you put your money in them,
It's a fun list to look at as well. You realize there's actually a lot of banks in Australia.
There are heaps of banks in Australia. You've never heard of. We're going to try and nail them down to just a handful though so you can just get through that list as quickly as you can. So Kate, tell us about the types of bank accounts people interact with.
Okay, so the first one that most people probably have dealt with is savings accounts and whether that's been you in the past saving for a goal for a holiday, saving for a new phone, saving for a car, having these accounts.
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Sounds like good money advice... But is it?