The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances.The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
© 2023 Best Financial Friend. All Rights Reserved. Privacy Policy
Dear <Member name>,
Thanks for your time and we hope that your first meeting with your BFF was a great experience.
Lets firstly do a recap on the progress we have made:
We have a couple of small things we think for you to consider before our next meeting:
These items have been added to your personal My Prosperity account, so you will receive regular reminder emails until they are complete.
Our Next Meeting
In our next meeting we will:
It promises to be another fabulous meeting.
Thanks again and I can’t wait to discuss your progress in our next meeting. In the meantime if you have any questions, please drop me a line or book an additional meeting.
Cheers
Your BFF
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The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Welcome to your BFF personal experience!
[Member name], it is great to have you on board. With that said, let’s get you started!
Step 1 – Add us to your email contact list
Outside of the video calls, our primary means of communicating with you will be over email. So it’s important that you don’t miss an important message from us. We will recommend you things to focus on each week over email and go through them in your meetings with the BFF of your choice. Please add bff@bestfinancialfriend.co to your contact list, so you don’t miss a beat!
Step 2 – Read the welcome pack
We have prepared a welcome pack to get you across important information for getting the most out of your project. It includes information on your BFF, company representative, a link to the official project brief and general tips to enhance your learning experience.
Download the welcome pack > **In this section we can include a pdf with welcome information, tips, tools of communication**
Step 3 – Test your Zoom connection & audio
Zoom is the tool we will be using to run the online meetings each week. To ensure you get themost value out of each meeting, please take 5 minutes to test your Zoom connection and audio prior to the first meeting date. If you have any issues, our BFF Support is more than happy to jump on a call and troubleshoot with you prior to the start date. Simply reply to this email to request help.
Test your Zoom connection & audio here >
Step 4 – Look out for our next email
You’re all set! Closer to your start date, we will be sending you an email with information on getting setup.
But until then, hang tight! Speak to you soon!
Your BFF
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The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
This is the first meeting with the Member so a great first impression is the key.
Allow up to 15 minutes for the Welcome Meeting.
Zoom – remember to test your internet connection. Set up Zoom 5-10 mins before the scheduled call. Always ask how much time the Member has for the meeting and suggest how much time the meeting takes.
The primary objective of the first call is to get to know each other and explain how the program works. Framing managing money in a positive and suggesting light.
| Timing | What you’re trying to do | How you could say it |
| 3 min | Introduce yourself and make your BFF feel comfortable | Hi, I’m <name>, your new BFF So good to finally meet you.<Give your Personal intro> think about why you became a BFF, how you are with money, etc. Give a little of yourself to put the other person at ease. |
| 2 min | Find out why they joined BFF, understand their motivation from outset.
<remember to acknowledge how they are feeling> |
What made you decide to do our program?
<paraphrase their reasons back to them> |
| 2 mins | Acknowledge their commitment & that you’re there to support them. | Just wanted to say that I’m proud of you for taking the first step.
You’re already on the way to changing your relationship with money. Admitting you need help is often the hardest step. But I want you to know, you’re not alone in this journey. I’m here to show you what you can do and support you to get it done. |
| 5 mins | Explain how it works | You’re probably wondering how these calls are going to go.
Here’s how the first stage works: <refer to fact-sheet> <stepped process> First meeting – we’ll explore goals and get a clear picture of where you’re at After we’ve covered the basics we’ll have a clearer view on how we can help you the most and we’ll plan our calls around that. At the end of each session we’ll give you suggested action items to do before our next call. Sound good? The best thing about our program is that it’s a system. A system that makes a difference to your money life, no matter how bad you think it’s gotten. We show you a new way of thinking about money that takes away the stress of how to pay bills on time, reduces your debt and sets you up to have savings and a buffer in case things go wrong. The steps are simple, but they work. It just takes some focus and discipline in the beginning to set it up. You ready? |
| 3 min | Create discussion about their money profile. | Before we move onto money talks I wanted to see how you went with the money profile.
Money profiles are important to our program as it gives great insight into where your money blocks or issues may be. Did it sound like you? Could you relate? If yes, move on If no, what didn’t sound right? What does sound right to you? |
| 2 min | Motivate them to do their homework. Action items:
|
It sounds like you are ready to make the change in your life and you are ready for the that debt-free feeling.
But to get there, we need to have a clear picture of your spending habits and everyday expenses you have to cover. Action item: That’s right – we need to create an expenses plan. So, we know what money comes in, what expenses you’re on the hook for, and what is or isn’t left over. Why? Think about: Before you start, I suggest doing a little prep and having some paperwork at hand relating to your income and expenses. Grab your last utility bills (electricity, gas, water), other household bills such as rates, strata, phone, internet, insurances (home, car, health etc). I will also send you a short video explaining how you complete the budget. Don’t feel like you have to identify every dollar and cent you have spent. Take action: 60 minutes If they struggle completing Expense Planners with excel template Link account categorise your transaction in Automated Expense Tracker Take action: 1 minute Do you have any questions. |
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The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
| Learning outcome | Exercise | Feeling | |
| BFF | Connecting goals and money behaviours.
Facing up to their money situation. |
Money Pledge or Money Mantra
Life Explorer: – High level goals exercise – Added to dashboard and emailed to member |
Likely to be a ‘wake-up’ or an ‘Oh Shit’ moment.
May be feeling bad about themselves. Need to shift feeling to one of positivity and hope by the end of this first session. |
| Customer
<name> |
What I need to do to get better at money. | Action Items -> check budget | I can do this. |
| Timing | What you’re trying to do | How you could say it |
| 3 mins | Welcome to meeting | Hi,
Thanks for sending through your expenses plan it gives me a good picture of where we’re at. How did it go? Was it easy for you to fill it in? Do you think it’s accurate? What was the most surprising for you?Did filling it in give you any AHA moments? We’re going to dig deeper into your numbers in a minute but first let’s talk about how we can help you stay committed to your program. |
| 3 min | Commitment | It’s time for the WOO WOO.
But it’s woo woo that works. Science tells us that people who write down and sign a commitment are more likely to follow through with it than people who don’t. There’s something about signing your name that makes it official. And, we’ve done it our selves and as simple as it is, we know it works. We have 2 options. I can send you a money mantra which we can repeat to yourself before you want to buy something or could even say it as part of daily routine. I have a short mantra I say at the end of every meditation I do. It weird at first but I love it now. We can send you a money pledge with you need to sign and post somewhere you will see every day. It’s a signed commitment to the future you 😊 |
|
“If you want to live a happy life, tie it to a goal, not to people or things.” ― Albert Einstein
|
||
| 1 min | Identify goals and motivations – Introduction
<remember to keep referring to these as this will help you guide and motivate your client when they are finding it tough to stick to the program>. |
We are now going to spend some time to think about your future.
What does success look like for you? Do you have any goals? If goals scare you — think of all the anti-goals you have. Don’t want to be homeless, don’t want to go hungry, don’t want to work two jobs, don’t want to pay $$ in interest, don’t want to hurt the environment through over-consumption etc etc…. what do we need to do to make sure that doesn’t happen? To help us we are going to use a tool called Life Xplorer. It’s a neat online tool that helps us think about goals and rate their importance. Knowing this helps focus your money on the areas of your life that will feel more satisfying to you. Let me bring it up on screen for you! |
| 10 | Life Xplorer
<open Life Xplorer> + <Give member control of your screen>
|
The first step we need to take is to delete life events that don’t mean anything to you.
Let’s start, what can we get rid of straight away? Now, what can we add? Next, we need to move the events around the screen to place them in their chosen priority and time category. Your most significant Life Events need to be positioned to reflect their priority and time category. <can they go back to this at any time? Or is it a one-off log-in for them?) As life happens and as things changes, it’s likely our goals move too. That’s why we’ll check back in on them from time to time to make sure it’s still what you want. |
| 3 mins | Introduction
Establish money patterns and spending habits à including known expenses and non-negotiables…
|
Expenses Plan
We know doing these aren’t fun, but, it’s a really important step in getting good with money. Laying it out means there’s nowhere to hide – and that can be confronting. But it’s better to know where you stand so you can do something about it. |
| 30 | Budget validation | Now, let’s look at your report.
Let’s explore your results together and make sure the amounts are realistic, and what areas concern you the most. Now here’s the first secret good with money people know. “spend less than you earn” The goal is for expenses to be lower than income so you can save or repay debts, or invest for the future. <<Missing information>> Now, I can see that you don’t have any information in XXX. Is this something that applies to you, and if so let’s have a chat about how we can get an estimate for this. <<Numbers look low>> Refer to the BFF average spending table |
| Spend number to look at – Clothes/shoes | You have an estimate of $XX.
Now, with X people in the family, we need to think about if this amount would cover their clothing and shoes. Let’s start with shoes – do the kids need at minimum some sports shoes, school shoes and casual shoes -what are the costs? Would you also buy 3 or more pairs of shoes each year? Do you shop per season, and what amount would you spend on each family member? Remember to think about business attire, casual clothes, sports clothes, and underwear. Based on ABS data, the average Australian family with a similar household demographic spends $XX on clothes and shoes. Does this make you re-think this data? |
|
| Spend number to look at – Kids activities | Do the kids play sports, play musical instruments, have swimming lessons or tuition outside of school?
These things add up. To help us take a deep dive into these costs I can send you our Kids activities spreadsheet. This can help us identify how much you do spend each year. |
|
| Spend number to look at Presents | You may be surprised how much this adds up to.
It would be a great idea to think about each person for whom you buy gifts, and what occasions – birthday and Christmas, other?These things add up. To help us take a deep dive into these costs I can send you our Presents spreadsheet. This can help us identify how much you do spend each year. |
|
| Spend number to look at Home maintenance | Do you own your home (or have a mortgage)?
We find that it is a good practice to build in a maintenance budget of at least a couple of thousand dollars per year. Over time your home will need work and replacement of hot water tanks, fencing, appliances and other items. There will also be the smaller things you buy from stores like Bunnings to perform DIY jobs around the house. |
|
| Spend number to look at Healthcare | Do you have regular medicines?
Does your GP bulk bill? Do you have regular treatments such as physio, chiro, or massage? Are there specialist visits you need to account for? Do you have regular dental check-ups? |
|
| Spend number to look at Pets | How many pets do you have?
Do they have regular vet check-ups? Is there specific food or medication that you purchase? Do you have pet boarding or pet sitting arrangements when you go away? |
|
| Spend number to look at Alcohol | Do you drink beer or wine?
How many bottles or cases would you consume in an average week or month? What is the average unit price? |
|
| Spend number to look at Eating out & takeaway dinners | How often do you get takeaway?
How often do you eat out at restaurants? How often do you go out for breakfast/brunch or lunch with family or friends? How often do you have special occasion dinners? We can use ABS data to calculate your current spending. Takeaway once a fortnight – cost $50 Family pub meal once a month – $100 Breakfast out once a month – $60 Special occasion dinners (birthday. Anniversary) – 3 times a year $200 (each) Total $3,820pa ($318pm) |
|
| 7 mins | Wrap up
How can we get to surplus so you can have savings in the bank and pay off the debt you’re into? |
<<how do we get to surplus>>
The current budget does not show any savings capacity, which is important for repaying debt and helping you to meet your goals. There are two levers you could pull to get you into surplus: 1. Earn more money – which isn’t always possible or realistic right at this moment. 2. Look at reducing expenses. Potential questions to ask> Let’s look at where you may be leaking money… What expenses can you control or influence? – Local libraries have great online services for free – Could you reduce your food costs? Food costs can often be a quick win. – Do you plan meals & shopping lists, do you make lunches and cook most meals? – Have you shopped your pantry lately? You could save up to $150 a month in groceries if you got inventive with your pantry items. We have a great meal planner we can send you which comes with printable shopping list giving you 1 less reason not to cook at home. When was the last time you compared your utility bills? Could you look at your utility and phone costs and shop around for new plans? Tools like iselect, or comparethemarket will give you an indication. And there’s often discounts for paying on time. Presents Could you set a cap on $ spent on presents or get your family to consider a Kris Kringle arrangement for presents? |
| Close meeting | Wrap up meeting
What are the action items? |
|
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The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Hi <member name>,
Thanks for your time and we hope that your second meeting with your BFF was a great experience.
Lets firstly do a recap on the progress we have made:
We have a couple of small tasks for you to complete before our next meeting, to keep us on track:
These items have been added to your To Do List in My Prosperity, and you will receive regular reminder emails until they have been completed.
In our next meeting we will:
It promises to be another incredible meeting!
Thanks again and I look forward to discussing your progress in our next meeting. If you have any questions in the meantime, please email me or book an additional meeting.
Cheers,
<BFF name>
P.S. Yes, you can do this!
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Hi [member name],
Are you ready for our next meeting?
Let’s get you started with a few important things.
Step 1 – Money Profile
Make you you have completed your money profile.
Step 2 – Welcome Video
Have you watched welcome video? [add link]
Step 3 – Goals
Have you given your goals a proper thought?
You’re all set! We are looking forward to our meeting soon!
But until then, hang tight! Speak to you soon!
Thanks,
BFF
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
| Learning outcome | Exercise | Feeling | |
| BFF | Ideal banking structure
Ways to set your money on auto pilot Member perks |
Debt-reduction calculator
Money Map Ideal Banking Structure |
Aha
This doesn’t feel too hard after all |
| Customer
<name> |
| Timing | What you’re trying to do | How you could say it |
| How are you feeling? | Welcome back
How are you feeling after our last call? Have you been doing anything differently? Ask have they completed their To Do List actions Discuss if the member has identified any minor changes in the budget/spending Just by thinking about money and budgeting often leads to people making changes |
|
| Talk about the spend comparison | Talk about the ABS data spend comparison
Are there areas where they are spending more than average Can they reduce their spending to get closer to average? |
|
| Credit card debit payment option | Using the Debt Reduction Calculator to drive the conversation.
Our early focus is to build the buffer in each account (I will explain more about this shortly) We do this because we in “stuff” will happen and if we don’t have our buffer we are far more likely to use our credit card and get ourselves back in more debt. So rather than focus increasing credit card payments we will focus on building our buffers. With our debt repayments we have 2 options: We can focus on the card with has the smallest amount of debt; or We can focus on the credit card which has the highest interest To help us get rid of debt faster we can also consider a few ootions: Debt consolidation Balance transfer I can’t recommend which is best for you but I will send you information on both and I’m also happy to refer you to an expert who can give you advice. |
|
| Money Map | Let’s introduce you to the second secret good with money people have.
‘they understand where their money needs to be at all times’ Not knowing this leads to what’s known as ‘Bill Shock’. You know those sinking feeling when you get your electricity bill and it’s $500 and has to be paid now but in reality you spent that money in the two months before it? Our digital money life makes things easy on us, but it makes us harder for us to work out where our money is going. Because it’s all too easy to keep spending without thinking of the expenses we’re on the hook for. Our system isn’t anything new. But it does work. Good with money people like my Grandparents used to categorise their money into buckets – and use envelopes to put their money into each pay so that when a bill came they would be covered. An envelope for rent, groceries, school costs etc. The difference in Nan had no choice. She had to budget out of necessity. Pop was paid in cash and every week they could only spend what they had, sometimes they had saving. But we don’t need envelopes, we just need to manage it digitally and set up a process where things happen automatically so you’re never caught short again. |
|
| Introducing:
A Money Map where you budget using your bank accounts. This is how it will work Just like Nan, we believe in separating your money in to different envelopes or in our case accounts, so that you have an awareness of what is available to spend, and also maintain regular savings. You will feel so much better about buying that new dress, going out for dinner with friends or buying an expensive gift, if you know that this won’t affect paying your bills or your regular savings. The system that we use that works is to have six accounts. “Pay the Bills!” account – to pay all fixed (essentials) bills each month “Feed me” account – to pay for all food consumed, both within the home (groceries, takeway) and outside the home (restaurants, cafes, food courts etc) “Variable Spend” account – to cover all (spend fund stuff) expenses including food/groceries each month F88k Off Fund/Emergency Fund/ Cash reserve – all income is paid into this account and you use this fund to cover unexpected purchases “Just for Fun” account – short-term goals (annual holiday) + Dec/Xmas expenses “Hopes & Dreams” account – medium-term goals (home renovations, car, education) We need to make sure that your basic needs, such as bill payments and groceries, are covered, before you can spend on discretionary items and fun things such as occasions and travel. The system is set up to direct all income to a cash hub, and then have weekly transfers to the other accounts. Your BFF will provide an updated ‘money map’ after each meeting. The money map shows the flow of money between your accounts, giving you a visual representation, and allowing you to set up and adjust the weekly transfers. Initially, we will recommend filling these accounts using a bucket or waterfall type approach. Remember the old tower of champagne glasses? Making sure that we prioritise where your income is directed and fill each bucket first before moving to the next. In order we would look to fill: “Feed me” – with 2 weeks of groceries ·“Pay the bills” – with 1 month of bills “Feed me” – allocate more money to cover non-grocery costs “Variable spend” – 1 week of variable spend “Just for fun” – start saving towards occasions, Christmas and planned family holidays “Cash hub” – start filling this up until you hit your goal ‘cash reserve’ “Hope & dreams” – start saving for your goals It may take a while until you can allocate money to the cash hub or your ‘hopes and dreams’. We need to get the other accounts running smoothly first so that your day to day cashflow is always covered before we aim for longer term goals. Your cashflow plan is unique to you, as is the length of time before you will have things running smoothly and seeing debts reducing and/or savings increasing. We have provided some case studies showing the client scenario and the timeline of hitting their goals in each case. |
||
| Explain Bills calendar | For this to work, we need to enter the dates and expected amount of bills and when they are due.
Your first money goal should be to cover all the expenses you’re on the hook for. Our first goal with your budget is to make sure you can pay your bills and fixed costs. You don’t even need to leave the house to incur most of these costs, and in many cases they don’t feel like ‘spending’ but form a large portion of your budget. If we can set up a system where these costs are covered and you don’t need to worry, this makes it easier to see what is available for spending and creating an ability to save. We will be setting up a plan for you to have different bank accounts for each purpose (ie bills, variable spending, food, fun stuff and a cash hub). The goal for your ‘bills’ account is to make a regular deposit from your earnings and be comfortable in the knowledge that all bills and fixed costs will be covered without any issues. When we are first starting out, this can be a problem as you may have some large bills due soon such as car registration, quarterly utilities or school fees. The regular deposit to the bills account is based on an averaging out the bills/fixed costs, but this wont work for the short term lumpy costs. So our solution is to have a ‘bills calendar’ to get you started and keep this going until you are in a smooth pattern. As you have provided us with the ‘next date due’ for your bills, we can set up a calendar to determine how much extra you need to put in to the bills account per week to cover all upcoming costs until our next meeting. We will keep working on this until the regular deposit amount has things covered. The length of time this takes varies and is personal to your unique cashflow plan |
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The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Hi [member name],
Fantastic progress!
Let’s get you started with one important thing before our next meeting.
Step 1 – Goals
Have you given your goals a proper thought?
If yes, you’re all set! Easy, right?
We are looking forward to our meeting soon. But until then, hang tight! Speak to you soon!
Thanks,
BFF
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Script goes here.
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Script goes here.
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Hi <member name>,
We really hope that you enjoyed the meeting with your BFF – thank you for your time!
Let’s make a quick recap on the progress we have made:
We have a couple of small tasks for you to complete before our next meeting, to keep us on track:
These items have been added to your To Do List in My Prosperity, plus you will receive regular reminders until they have been completed.
Our Next Meeting
In our next meeting we will:
It is going to be a great meeting!
Thanks again and I look forward to discussing your progress in our next meeting. If you have any questions in the meantime, please email me or book an additional meeting.
Cheers,
<BFF name>
P.S. Yes, you can do this!
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Hi <member name>,
We hope that you enjoyed this meeting with your BFF. Thank you for taking time!
Let’s make a quick recap on the progress we have made:
We have a couple of small tasks for you to complete before our next meeting, to keep us on track:
These items have been added to your to-do list in My Prosperity, plus you will receive regular reminders until they have been completed.
Our Next Meeting
In our next meeting we will:
It will be a fabulous meeting!
Thank you and I look forward to discussing your progress in our next meeting. If you have any questions in the meantime, please email me or book an additional meeting.
Cheers,
<BFF name>
P.S. Yes, you can do this!
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Hi [member name],
Are you all set for our next meeting?
Let’s get you started with a few important things before our next meeting.
Step 1 – Goals
Have you given your goals a proper thought?
If yes, you’re all set! Easy, right?
We are looking forward to our meeting soon. But until then, hang tight! Speak to you soon!
Thanks,
BFF
–
The information provided by Best Financial Friend Pty Ltd is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
| Do’s | Don’ts |
| Listen with an open ear and an open heart. | Don’t judge. |
| Explain simply so they understand. | Don’t make people feel bad about their lack of knowledge. |
| Be present to the video chat. | Don’t be distracted
Turn off your phone Turn off email notifications |
| Pay attention to their visual cues and body language so you can pick up on the things they aren’t saying. | Don’t be so focused on your script that you forget it’s about connection. |
| Be helpful. Share what you know and use your own experiences if it helps to strengthen understanding. | Don’t share stories that don’t relate to money management. Remember they are paying for your time. |
| Stick to the facts. Remember our service provides what’s known as general advice so we can’t say – you must do this – but rather – here’s how it works. | Say – You have to set up your bank accounts this way. Instead say, here’s an ideal structure, you’ll have to decide whether it works for you. |
| Always be positive and give encouragement. | Say – Well done! Fantastic results! Reinforce you need some patience but you are heading in the right direction. |
| Make the Member feel better. | Say – Share stories of people who were in worse financial positions (level of credit card debt) and have worked their way out of it. |
| Always find a small piece of information which is positive | Examples – Reduction in one spend category; increase in a buffer or saving. |
If the Member doesn’t want to fill in the Manual Budget, it will be completed during the Discovery Meeting.
If so include:
1. Instructions on what needs to be completed before the Discovery Meeting:
If the Member wants to fill in the Manual Budget – great!
Please include:
1. The actual Manual Budget (make sure to follow these instructions)
2. Video explaining how to do it
3. Instructions on what needs to be completed before the Discovery Meeting:
It is important to save the BFF Budget file in .xlsm format before sending it to the Member. Please make sure to follow the following steps:
Step 1: Prepare the BFF Budget template for a specific Member.
Step 2: Save the BFF Budget file in .xlsm format (if you don’t know how to do it, here is a quick video tutorial).
Step 3: Attach the file to the Post Welcome Meeting Email.
The number 1 goal of budgeting with your bank account is to build your buffers. You should build your buffers in order:
– Feed me – 2 weeks grocery spend
– Variable spend – 1 weeks spending
– Pay bills – Buffer amount 1 months bills
– Just 4 fun – Last years total December spend
– Cash reserve – $5,000 to $10,000
– Hopes and dreams – depends on goals
Waterfall approach
We start this process on your next pay day
– You will transfer the funds into
– – Feed me – 1 week of groceries
– – Variable spend – 1 week spend
– – Pay Bills – the remainder into bills
Following week
– You will transfer the funds into
– – Feed me – 1 week of groceries
– – Variable spend – 1 week spend
– – Pay Bills – the remainder into bills (goal to fill this bucket)
– – – Once Pay Bills is filled more to fill Feed Me – 2 weeks groceries
– – – See Building Buffers using Waterfall approach document for details
Separate bank accounts for each budget category
– “Pay the Bills!” account – to pay all fixed (essentials) bills each month
– “Feed me” account – to pay for all food consumed, both within the home (groceries, takeway) and outside the home (restaurants, cafes, food courts etc)
– “Variable Spend” account – to cover all (spend fund stuff) expenses including food/groceries each month
– F88k Off Fund/Emergency Fund/ Cash reserve- all income is paid into this account and you use this fund to cover unexpected purchases
– “Just for Fun” account – short-term goals (annual holiday) + Dec/Xmas expenses
– “Hopes & Dreams” account – medium-term goals (home renovations, car, education)
Not everyone needs the full buffers.
If the members has discipline we can put less in the buffers and start to reduce debt faster or save for goals
Actions
– Close unnecessary accounts
– Open new accounts for each category (can be same bank)
– – If members has good discipline you can open all accounts with same bank (including saving account). The benefit here is you will often get discounts and incentive from your provider
– – The benefit with opening your saving account with a different provider is it will take 24 hours to access the fund
– Create nicknames for each account
– Stop using credit card (close if you can)
