61. Stop Overcomplicating Money: Simple System That Works

Season #3 February 17, 2026

Are you managing money with spreadsheets, scraps of paper, and too many bank accounts - and still feeling behind? In this episode, Erin Davis (accountant and business money mentor) explains why your money isn’t complicated - your system is. You’ll hear the three places overcomplication can show up: the “money admin explosion”, constantly changing strategies and handing your power to someone else to manage your numbers. Erin shares how to simplify without needing a uni degree to decipher your own finances and why choosing one source of truth is the fastest way to reduce overwhelm and get back in control. Want practical support? Join Erin’s free facebook group for weekly prompts and upcoming challenges.

Key Points

👀 In this episode, Erin covers:
✅ Money admin explosion: when “organisation” becomes noise (paper piles, multiple accounts, constant transfers)
✅ Overcomplicated strategies: shiny-object hopping keeps you stressed and stuck
✅ Giving your power away: outsourcing ownership (not just tasks) makes money feel messy and confusing

⚠️ Update mentioned: Erin reminds listeners that only a licensed financial planner can provide specific investment advice (accountants can advise on tax implications, not where/what to invest).

Timestamps

00:00 – Hook: “Your money isn’t complicated — your system is”
00:45 – Why one-size-fits-all money systems don’t work
01:35 – #1 Money admin explosion (paper, accounts, overwhelm)
03:10 – Multiple bank accounts + constant transfers = confusion
04:10 – Clean setup: fewer accounts, clear purpose, less reconciliation
05:10 – #2 Overcomplicated strategies + shiny-object syndrome
06:40 – Choose a strategy that fits you — then stick to it
07:30 – #3 Giving your power away (bookkeeper/spouse/accountant)
08:35 – One source of truth + know what’s coming in/out
09:30 – Line in the sand + next challenge invite (“comment: challenge”)

Next Steps + Resources

Subscribe to the podcast so you don’t miss the next Money Reset episode.
Comment “challenge” (wherever you’re listening/watching) and Erin will share the next challenge.
This week’s focus: pick one source of truth and stop spreading money across 5–6 places.

One Action

Choose your “source of truth” today.
Pick one place where you will review money (bank app or accounting file or one spreadsheet - not all of them). Then check just two things: what’s coming in and what’s expected to go out before your next pay cycle.
Immediate result: you stop guessing, stop double-handling and can make one clear decision from real numbers.

Work With Erin

If you’re ready to stop the chaos and build a manageable money system that actually gets done (even in busy weeks), Erin supports business owners through her reset-style work - including the Rich Girl Reset / Money Reset focus on ownership, clarity, and simple structures that scale with you.

Episode Transcript

um your money isn't complicated
your system is uh
now I've been talking a lot lately about
really just dialing in
what a simplified system looks like
particularly to my clients
that
we need to be able to have systems that support us
rather than just having a system that is like a
one size fits all because one size doesn't fit all
we all have a different way of processing information
holding information and also making our decisions
and so if money is feeling really messy and complicated
I really just want to give you permission
to simplify everything you don't need to have big
complicated systems in order to
feel comfortable and confident with your money
so today I am going to share three areas where I see um
this overcomplicating of money
and how it comes in and how it plays out
so the first part is that you have um
money admin explosion and so what I mean by that is
it's not actually organizing your money
it is just noise and things everywhere
so this could mean having um multiple bank accounts
it could mean having bits of paper all over your desk
you know
all everywhere that is just creating the overwhelm
creating the confusion
because you don't know where things are
um it could be that you have um
like it I
I really just keep coming back to bank accounts
and having multiple multiple bank accounts
now I know profit
first method talks about having
different bank accounts for different purposes
and while I agree with that in principle
in practice
I actually find it really quite overwhelming
for a lot of people
the reason being is that they are not very clear
about what it is that they need to do with their money
once it goes to these bank accounts
and so
they transfer money into the separate bank accounts
for a specific purpose yet all of a sudden
they feel that they don't have
enough money over here to pay a certain Bill
so they take money from over there and move it across
and so that then creates a lot of confusion
because it feels like you're robbing Peter to pay Paul
it feels like things are uh never getting ahead
you're never staying on top of it and so
so I like to have um
maybe three or four different bank accounts
particularly for my business clients
for our personal accounts
we have quite a few different accounts
but they all have very specific purposes
and I have been guilty in the past of
moving money into a certain account
but then feeling like oh shit
we need to pay something else so I have to move money
which then feels like I I'm not achieving the goals
so just recently we have reviewed that in our house
we have looked at where do we need to put the money
what is the purpose of it
I have calculated how much I need in our direct debits
and so
I've moved all of those direct debits to a specific
direct debits account
and I just know that that is
that money is there for a specific purpose
and now
when we are talking about over complicating money
and over complicating what that looks like
when you have multiple different bank accounts
and you've got money going everywhere
you're transferring it all over the place
it can make it a real mess to reconcile
um particularly if you're in business
and I find that
that then creates more work for your accountant
or your bookkeeper
which in effect actually cost you money
because they are trying to fix the mess
of all of these transfers going all over the place
so what I recommend that you do is
set up a system that feels good for you
so is that
three or four different bank accounts
for your business is that um
a few different bank accounts for
your personal accounts but with very specific purposes
and I know the barefoot investor has different accounts
he uses
percentages to put into these different accounts
I like to work out first of all
how much do I need to pay myself
um and our family
how much are we paying for our investments
our future growth and our future wealth building
and then I look at well what's left over
where does the rest of the money need to go
because the thing is if you have this amount of money
or this amount of money two different pots
you are going to find a way to spend all of that money
one way or another and so
we need to be really conscious
and really intentional about
what actually comes out of which pot
and how what are we doing with it
how does that work and so
when we are thinking about money being overcomplicated
we've got systems that are not really supporting us
we are looking for ways in order to
simplify and reduce this complication
this set up process is really important
and the first part of that is
knowing where things are going
and how much needs to go
which comes to the second point
of having over complicated strategies
and now I know that
some people do have very complicated
situations going on they've got multiple businesses
multiple things happening
but for the majority of us
we we don't need an over complicated strategy
the thing is that
we need to actually choose the strategy
and then stick to it the thing is
we get so caught up in shiny object syndrome
we get caught up with all
this person is doing this or that person's doing that
we feel guilty we feel overwhelmed
we feel like we're behind
that we're not doing enough
so we change the strategy we train
change what it is that we're doing in order to well
this is what I think I should be doing
which then just gets complicated and messy
which
then ends up making you feel like you're not actually
achieving anything and you're going around in circles
and so if you want to um
lessen the load if you wanna reduce the guilt
if you wanna reduce that stress
and feeling that comes with complicating your money
then I would suggest that you need to start to simplify
and you need to stick to one strategy and
and the strategy that you choose
needs to be good for you if you're in a position
where financial planners are needing to be involved
then that that's great
that can be out of reach for a lot of people
so potentially just have a think
have a talk to your accountant um
those people in your support network
other people around you that you trust
that circle of trust your vibe
your people
talk to them about what it is that we're doing
I often say that um
talking about money feels like you're standing naked
in front of a whole room of people
you're standing on stage
and you're totally exposed and vulnerable
which feels really really stressful and uncomfortable
but if you put yourself in a safe place
where you trust the people around you
you trust that you can have these money conversations
they will share what it is that they are doing
now it's really important that you need to have um
sound advice you need to just think about it
trust your instincts if you can't sleep at night
then it's probably not for you and uh
that's not the right investment or the right vehicle
or the right way to be doing your money
financial advice
needs to come from a specific financial planner
but if you're not in that category
and you're not stepping into there
I just be really careful
listen to the people who you trust um
but just know that nobody else
other than a financial planner
can actually give you specific financial planning
advice even as accountants
we can't do that which seems a bit ironic
because we can advise on tax
and we can advise on the tax implications
but we can't actually advise you on where to invest
or even how much super to put into your super fund um
which again
seems a bit funny because we know your business
we know what's going on um
but that's the rules
and that's why we need to play in it
so when you are dealing with money and it feels messy
and it feels big have a look at well
what is the strategy that you use
first of all do you even have a strategy
are you sticking to a plan
or does your plan keep changing
have you got a goal
but then you can't actually figure out
what are the steps you need to do
in order to get to that goal
maybe that then needs to be the first step as to well
how are we needing to do this
what are the steps that we need to do in order to
actually achieve the goal that we want
um
and then the last part of overcomplicating your money
or peeling it back and simplifying it
is giving your power away to other people
now this is um
this can leave you feeling like money is messy
it can leave you feeling like you're disempowered
and you don't actually have any control over it
now this could be your bookkeeper
it could be your spouse it could be your accountant
accountant could be anybody who has access um
to your information they don't actually own it
but they're the ones that are making the decisions
and they're the ones that are
just processing everything for you
making the the things actually happen
for instance if you have a bookkeeper
and you just hand everything over
but you don't actually check their work
uh you don't know where things are being allocated
you don't know how to read your financial statements
and you're just trusting
your bookkeeper and accountant
that to me is a real sign that you are um
making money more complicated than it needs to be
I get that this stuff is a bit challenging for people
and it is a bit overwhelming and a bit uncomfortable
but I think if you're in business
part of being in business is that you actually
know your numbers and you understand them
and that's not to say that you have to do everything
the thing is though you need to be the one in control
you need to take ownership of it
and you need to be the one giving the directions
these other people are supporting you
but they are not the ones that actually owns it
and so I really want you to think about
where have you given your power away
where have you given your money
power away to somebody else who is now um
taking control of it this then feels complicated
because you don't understand it
you don't understand what is actually happening
or where the money is going
or what that looks like um
and if you want to simplify
and you want to take back control
the first part is to ask some questions now again
that could be really tricky
if you don't know what questions to ask
or you don't know
what things you need to be looking at
that then comes back to well
who do you need to have in your support network
that can show you what these things are
that you need to look at um
we need to be looking at our profit and loss statement
for those in business
now profit and loss is not just necessarily
how profitable the business is um
profit doesn't equal cash in the bank
there are a whole lot of expenses that go through
a profit and loss statement
that are not necessarily core expenses
in order to earn your income
yes we need to know our sales
and a lot of people talk about revenue
and they talk about um
maybe 10K months or 20K months
or five grand weeks or two grand weeks
whatever that looks like
but that is talking that top level
it's talking sales it's not actually talking profit
then when you talk profit it's about well
what are the costs in order to earn that income
there are a whole heap of other costs that come
with a business that are not really
dependent on making the business work
or allowing the business to work
these costs are discretionary
they are you choosing to either up level with your
personal development their travel
there's other support
consultants and things that you bring in
but they are not core expenses
in relation to earning the income of the business
and so when you are looking at well
how do I uncomplicate my money
how do I simplify that
the thing is that you need to start to understand
what is actually happening with your numbers
and what is happening with your money
and I want you to
this week start to think about how can I simplify
my money how can I take that pressure
and the stress and the overwhelm away
do I need to look at the number of bank accounts
that I have and do I need to clean up the paperwork
that is actually sitting in my office
sitting on my desk
all of these receipts that I have going on
do I I need to clean those up
and do I need to think about my filing system
or how do I need to to work those things
I then want you to think about um
what what is one space that you need to have
in order to review your money
do you have a spreadsheet plus a
an online accounting file
do you have receipts do you have a notebook
do you have all of these things
you don't need to have everything in
5 or 6 different places choose your system
learn the system
and then use that system to make your decisions
and so we can have people that have a spreadsheet
they also have a zero file plus
they also then have a pile and pile of paperwork
that can get really complicated and messy
because you don't really know
what is the source of truth
and so I always encourage my clients
to have one source of truth
that source of truth is then about you learning
what it is that you need to know about
that particular source I also want you to have a
look this week well
what's coming in and what's expected to go out
if we are talking about simplifying our money
and getting in control of our money
where do we need to know
the parts where we're falling down
where is the leakage now
this can feel really stressful and overwhelming
because we're not really sure
about what that looks like
um but what we need to do is draw that line in the sand
and if you're unsure about how to do this
just pop challenge in the comments
and I will share my next challenge with you
because this is the stuff that we are talking about
we are stepping into a space of ownership
we are talking about simplifying our money
we are talking about
how do we get back in control with this
rich girl reset the money reset
and I just know that when you can
start to break things down
start to reduce the complications
we don't need everything to be perfect
we don't need big complicated systems
what we need is the dull and the boring
but the manageable that manageable part is really
really important
because if you have a system which is manageable
um that you just do day in
day out every single time
that is the system
that is going to bring you closer to what you want
and sure as your business grows
as you have more as you um
start to diversify and choose different investments
choose different wealth paths
yes things are gonna get more complicated
but they can still be in a way that feels aligned
and feels connected and feels manageable for you
and if it feels like it it is not manageable
then it's over complicated
and you need to get some help and support in order to
how we can slow that down
in order to take back that control
so let me know has this resonated with you
um where are you overcomplicating your money
where can you simplify that is really the big question
where can you simplify things down
we don't need to make things so complicated
that you need a uni degree
in order to decipher
what it is that you actually need to do
you need to create a plan
then you need to stick to the plan
it comes down to those two things really
and then let's just go and just keep going