Ways to manage money. I couldn't sleep, because I was fraught with thoughts of finances.
But I remembered a particular money savings plan that I had learnt at the Millionaire Minds intensive course that I had attended.
But I couldn't remember what the exact portions for savings were.
So I Googled and found the following article.
Excerpt taken from http://EzineArticles.com/1458380.
Until you can handle what you've got, you won't get any more!
The habit of managing your money is more important than the amount.
Either you control money, or it will control you.
So, how exactly do you manage your money? Here's a great plan from the book. Remember, it's important to start, not the amount. Start with $1 if you must; just start! Get the habit going!
Prepare 6 jars ("Jars" can be literal, or bank accounts, or categories on a spreadsheet).
Place the following amounts in each of the jars every month after taxes.
1. Financial Freedom Account (10%)- used only for investments and buying or creating passive income streams. Money is never spent, only invested. Also, have a Financial Freedom Jar where you deposit money each day ($1, $10, loose change). Do something daily.
2. Play Account (10%)- Use this money to nurture yourself. Use it for extra-special things in your life. The only guideline is that you must spend the money every month. Use it each month in a way that makes you feel rich!
3. Education Account (10%) - Set aside money for your education (school, seminars,etc.) or your child's education.
4. Long-term Savings for Spending Account (10%)
5. Giving (10%)
6. Necessities Account (50%)
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