Most people keep their cash in the same bank account for daily bills then take what they need to pay those bills and investing. Then they have what's left, what is usually little toaster leavins' which is what I call what's left.
Bad way to prioritize your bills and potential ones.
Here is what to do...
Okay, I'm going to leave you here with one example on how to make a sub account work for you. You may not necessarily save any cash, but you'll spend the money for this particular bill and not worry about it so much. Besides your house you pay a mortgage on, what is the thing that costs the most? Besides the wife and kids.
It's your vehicle. Here's what to do. When you get paid from your silly job you go to, take the money that pays for your monthly car payment, insurance and maintenance and put that into one account. Lets say it costs 150 bi-weekly for you car payment and 200 monthly for insurance, put that right into that account. As well, talk with the dealer you got the car from and ask what it typically costs for monthly maintenance. If it's 200, then put that in as well. You also have gas costs per month. If you spend 60 a week on gas put that in a separate account as well. By doing all this, you know that money is going towards those bills, and you won't feel so bad about it. Basically, or approximately you're paying 1,000 bucks a month just for your car.
That's a lot of cash! But you know where all that money is going.
Hope this helps.
Mark
Bad way to prioritize your bills and potential ones.
Here is what to do...
Okay, I'm going to leave you here with one example on how to make a sub account work for you. You may not necessarily save any cash, but you'll spend the money for this particular bill and not worry about it so much. Besides your house you pay a mortgage on, what is the thing that costs the most? Besides the wife and kids.
It's your vehicle. Here's what to do. When you get paid from your silly job you go to, take the money that pays for your monthly car payment, insurance and maintenance and put that into one account. Lets say it costs 150 bi-weekly for you car payment and 200 monthly for insurance, put that right into that account. As well, talk with the dealer you got the car from and ask what it typically costs for monthly maintenance. If it's 200, then put that in as well. You also have gas costs per month. If you spend 60 a week on gas put that in a separate account as well. By doing all this, you know that money is going towards those bills, and you won't feel so bad about it. Basically, or approximately you're paying 1,000 bucks a month just for your car.
That's a lot of cash! But you know where all that money is going.
Hope this helps.
Mark
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