B is for budgeting.
I don’t like to budget and I am still paying off some debts (story of my life). This is something I’m not proud of but I admit because it is something I want to get out of (by God’s grace, I know I’ll be able to pay it off).
Years ago, a few friends of mine joined a group called Create Abundance 2020. It’s an international business community geared towards helping Filipinos become billionaires by the year 2020. Such a noble gesture, but during the time they invited me to join, I couldn’t commit.
I forgot all about it until I came across Steve Martile and the money jars. This is such a helpful concept that I think everyone should know about it and give it a shot.
So basically, the money jars is a budgeting tool. You allocate your funds to these jars and once you’ve used the money on some of these jars, you CANNOT get the funds from other jars to spend.
Here’s a description of the jars
The Money JARS
- Necessity Account (NEC) – 55 %
- Financial Freedom Account (FFA) – 10% (UNTOUCHABLE whatever happens!)
- Education Account (EDU) 10%
- Long Term Saving for Spending Account (LTSS) 10%
- Play Account (PLAY) 10%
- Give Account (GIVE) 5%
** Percentage may vary for the other jars EXCEPT the NEC Jar **
Go to his website on how to use these jars. Hope this helps anyone who’s in debt, trying to get out of debt, who doesn’t want to be in debt or just anyone who earns 🙂