Bucket Budget System
BUCKET BUDGET SYSTEM
Before you can start a bucket budget you will need to have at least three bank accounts. Two checking and one savings.
Step one:
Determine the amount of each paycheck that you would like to put toward your savings. By automatically redirecting money towards you’re savings you force your self to live like your earn less than you actually earn.Its basically a control and form a self dicipline which is key to implementing and maintaining a successful budget. Your Savings account funds will be primarily for future financial expenditures such as a vacation or a down-payment on house.
Step 2:
After stashing your a portion of your paycheck into your savings account deposit theemainder into checking account #1. ( The best way to do this is by settin up multiple direct deposits with your jobs HR or Payroll Dept.)
From Checking Acct#1 you’ll be paying expenses such as monthly rent, mortgage and/or utilities. A good way to decrease the amount of micro-managing needed setup automatic bill-pay online with your bank or lending company.
Step 3:
Determine your amount of surplus after you pay all of your fixed expenses. Divide the amount of your surplus by four for the number of weeks in a month. Deposit this surplus into CHEKing account #2. The funds in checking account #2 will be used to pay variable expenses such as groceries, entertainment etc.
And thats the bucket budgeting system
There are two rules to the system
1. YOU CANNOT USE CREDIT CARDS
2. YOU CANNOT TRANSFER MONEY FROM CHECKING ACCOUNT #1 UNTIL THE END OF EACH WEEK
GOOD LUCK THIS HELPS ME AND SHOULD HELP YOU!
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Cory Adams
Cory Adams
THE INNOVATOR
Cory Adams
Cory Adams