Organize your finances
You've got a solid base to build from, now let's talk about organizing that budget.
Chapter 6: Automating spending habits
Tactics like using separate or multiple bank accounts can go a long way to help you make your goals a reality.
Check out this chapter's video: Automating Spending Habits and use the Budgeting 101 worksheet to lay out your plan.
How to organize finances and bills by automating spending habits
Here are some options to explore:
- Create buckets. Think about how you'd like to organize your spending buckets, then assign an account to each one.
- Allocate to multiple accounts. You can use automatic transfers between multiple accounts to allocate your money to separate expenses and goals.
- Be mindful of spending habits. Only automate expenses that are more routine to help you reinforce and protect good spending habits.
- Set up automatic transfers. You can use automatic transfers between multiple accounts to separate your various expenses to help make sure you don't miss payments.
- Don't automate a bad habit. Use automation to help build new, better money habits.
- Fund your accounts. Make sure you have the money in your account when using automation.
- Set reminders. 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
Grab your significant other and watch the video: Money management for couples.