This is similar to the half payment method in that you are breaking things up according to bills, but here you are splitting up the bills as to when they are due. No worries, the money is already there, waiting for this exact unexpected expense. We are basically saving ahead for purchases, which makes things a lot easier to swallow when your mechanic says you need to spend $400 on a random part for your car. For example, if I opened my banking info now, I could see that we have $xyz dollars available to buy a kitchen table out of the house fund. There is never any confusion about what the money is for, or how much we have to spend on purchases. I know it may seem confusing to have so many bank accounts, but sinking funds really makes things so much easier. Then on the 4th of the following month (I allow a few days in case there’s a weekend in there which may hold up funds), I have auto deductions set up that sends money directly to different accounts…Įach of these funds is a different banking account under our big main account. Our pay comes into our bank account at the end of the month, and out of that pay comes our retirement plan contributions (10%). How I use the reverse budget for our cash flow plan:
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So all budgets have the same pieces just arranged differently. In the budgeting methods below each of these components can be of different importance, broken up into smaller pieces, gotten rid of altogether, etc. savings – money you want to set aside for future use (either planned or unplanned such as emergency fund, car repair, vacation fund, etc).discretionary spending – for you to spend on whatever you want.necessary expense – you have to spend this no matter what (i.e.variable expense – the dollar amount changes from month to month (i.e.fixed expenses – the dollar amount doesn’t change (i.e.Just for clarity’s sake let’s review the key components of every budget… This is how we learn we observe others and maybe try it ourselves. Many people want to know what is “normal” for people to spend on things, which is a natural instinct.
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