Building A Deposit By
Budgeting
5.
Follow this simple math:
-
take my
monthly income
-
deduct
all my bills
-
deduct
for my downsized 'not-as-often-now' habit spending
-
deduct
a small monthly portion for one time annual occurences
(i.e your christmas budget+annual car
fees divided by 12)
-
What is
left should be a quantifiable figure,the same every month.
6.
Now this is where we begin to get financially savvy.I myself have 3
bank accounts.They work like this
-
Account(1) I get paid into - Moneys
comes in here the same time every month
-
Account(2) I pay my bills with - The
total amount of money for bills comes in here
from Account(1) the same time Account(1) gets paid.
-
Account (3) Is what I pay my savings
into - The last round number I was left at the end of step 5.This is paid from
Account(1) before I get a chance to spend it - on the day my income goes
into Account(1).
This is all done autopilot by 'standing order' as the date I get paid
never changes the amount is guaranteed to be over a certain level
everymonth.A standing order is an instruction to the bank anybody can
set-up to pay regular amount into another bank account.
