Chapter 6: Automating Spending Habits
You’ve got a solid base to build from, now let’s talk about organizing that budget. Tactics like using separate or multiple bank accounts can go a long way to help you make your goals a reality.
Check this chapter’s video: Automating Spending Habits use the Budgeting 101 Worksheet to layout your plan.
Multiple Bank Accounts
You can use automatic transfers between multiple accounts to allocate your money to separate expenses and goals.
Tip: Think about how you’d like to organize your spending buckets, then assign an account to each one.
Also only automate expenses that are more routine to help you reinforce and protect good spending habits. The biggest detail to not overlook here is to keep your separate accounts funded. So, set reminders and check-in regularly to make sure the multiple account system works for you.
Your Chapter 6 Checklist:
- Watch the Automating Spending Habits video
- Download the Budgeting 101 Worksheet
- Decide if separate or multiple bank accounts are right for your plan
Money Management for Couples
Grab your significant other and get started on some practical money management methods today.