Money is one of the most important elements needed in our lives. We hustle, run from one place to another in businesses with the primary reason of making money. But some of us upon doing this can not still accumulate or compound from the little we have made from our hustling.
Have you asked yourself why it is so? Well, you can tell me it's probably because of the pressure from the family or bad influence from friends, who perhaps mislead you to misuse your money on unnecessary things and parties. You may be right with these reasons, but one of the common reasons declining our financial improvement is lack of money management.
Some people are financially independent, and are seen very comfortable because of how the manage their money. On contrary, you begin to have problems with your finances since the habit of management is not in you.
In this article, we are going to learn 5 buckets to manage your money like the rich.
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1. Necessity Bucket. We can't live without necessities, so the first place to think of saving our monies is here. Make sure save about 40% of your earnings in to this place. This is where you pay your bills, your rent, food and so on. So let's take it very serious.
2. Emergency Bucket. We live with several an aware problems. So it will be advisable if we save a percentage of our money as emergency fund so that any problem at all that will come to our doorstep can be solved at anytime. These could be hospital bill or any other expenses about emergency.
3. Investment Bucket. You can't become financially independent if you don't invest. So one has to also consider this part, and make sure that a good percentage from his earnings is reserved and control for businesses, which will aid him in raising his or her income. You need to decide the kind of business to run with this part of management.
4. Learning Bucket: Knowledge the say is power. It is therefore very important to get about 10% of our total earnings in to this portion. This will help us in investing our knowledge by paying of our fees, buying of credits to make research on our courses and acquiring more books for our studies.
5. Fun Bucket. The last part of money management is fun bucket. We save in this to to buy our dresses, shoes, bikes and cars. This is what we basically use as a fun or enjoying ourselves.
Do you have any other concern or point to raise on this topic?
Are we willing to adopt this method of financial management?
Let's comment below.
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