What is the secret to building wealth? How do you get out of debt? It is actually a lot simpler than it seems, yet nobody tells you the secret. It is as simple as setting up your banking into four dedicated accounts.
The Easy Wealth Budget gives you the secrets to manage your money, to see that you have the money to pay your minimum repayments, and extra payments, and also have cash to treat yourself.
This easy budget gives you a total of your income streams, allows you to enter all of your bills and debts, your expenses, and automatically provides you with a clear snapshot of the exact percentage, and dollar amount, of your income that is required to be allocated to each of the four recommended accounts.
The budget has two sections. Your current position and required financial allocation, and the recommended position.
Outgoing Expenses (recommended 60%): These are your bills. Things that you pay out of this account are your financial commitments like your rent or mortgage, your insurances, food shopping, utility bills etc.
Indulgence (recommended 10%): This is for you! This is your spending money to treat yourself. Enjoy it, but don’t dip into the other accounts when it is gone!
Savings (recommended 10%): Imagine being able to afford a holiday… Well, pretty soon you will, and you won’t need to use a credit card to take it! Think of a longer term goal and allocate 10% of your income each pay to this account and watch that goal become a reality.
Freedom Fund (recommended 20%): Be prepared for unexpected bills and pay off your debts! Keep paying your minimum repayments on ALL of your debts with your Outgoing Expenses, but pick the smallest debt and then hit it with the Freedom Fund hammer!
Once that debt is gone, the payments you were making on it are added to your percentages, giving you more money to indulge, to save, and even more to hit the next debt, and so on. But wait, there is more! Once all of your debts are paid, your Freedom Fund becomes investment money, and that money will build your future income. You will never have to worry about money ever again.
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