OUR PROCESS
OUR PROCESS IS A SIMPLE PATH TO SUCCESSFUL CASH FLOW MANAGEMENT
1. Contact us and we can discuss your requirements on a personal level confidentially. We will answer any questions you might have and arrange a no obligation free face-to-face meeting.
2. At the meeting we will discuss the My Money Mentor program in more detail and gain an understanding of your current financial situation. We will ask you to bring along:
- Photo Identification (Driver’s Licence or Passport)
- A copy of your regular bills (e.g. electricity, school fees, insurances, phone, car registration, memberships etc.)
- Credit card and loan statements
- Bank statements
- Proof of income (pay slips or bank statements)
We will discuss your goals and objectives and show how the program can help you achieve them. We will also explain our fees and at this point if you want to become a My Money Mentor client we will begin the process of downloading your account information. Please allow 1 ½ to 2 hours for this meeting.
3. We will establish a new dedicated bank account for you into which your income, salary and wages are deposited. We will review your current banking structure to make sure it is the most appropriate one for you. The new account will be used as a banking hub from which you can then pay your bills and transfer money (such transfers might include to your personal bank accounts for day-to-day living expenses, loan accounts, credit card accounts). Your new account may be used to hold savings generated through budgeting but this decision will depend on your individual circumstances.
4. Once all data has been downloaded into the software (may take 24 -48 hours) we will begin the process of categorising your expenses. We will do most of the work, however there may be some expenses that require clarification so that we might categorise them accurately (these tend to be things paid with cash). At the end we will have a cash flow which we can discuss with you at our next meeting.
5. At this meeting we will begin to set your budget in consultation with you. We will discuss areas where you might save money (e.g. loan repayments, debt strategies, insurance, personal non-essential spending). Once agreed the budget will be set and you will be provided access to your budget online. You will be able to track your progress when you want and you will receive alerts if you spend over budget in key areas. Your budget will keep you focused on your goals and provide you with structured feedback. We will be there to provide support along the way and make sure the cash flow is accurate.
6. Once your budget is set up we will be your accountability partner going forward. We will provide progress reports on a monthly basis and meet with you quarterly to discuss in more detail. If you are not progressing, we will assist you to get back on track. Our goal is to help you achieve your goals.
