Now that we have a budget together. If you don’t see how set one up here. Let’s put the money management workflow system into action.
Create your budget(s)
Set up your accounts: Make sure that you have your accounts are setup before your income starts to come in.
I update my working budget to give all my income a place to go.
Twice a Month
I’ve chosen the 3rd and the 17th for my days.
- Transfers go made from my income account to my other accounts based on the amounts I entered in my budget.
- Any money that needs to be in the expenses account to cover bills I transfer it now
- Bills that are due between the due date and the next date get paid, if they have not been set up for auto pay.
I take any funds left over for the month and split them as followed:
90% Debt Paydown
10% Investment Capital
Every Other Month
I take the funds from the debt paydown category and put it towards which ever debt I am working on at the moment.
I take half of the funds from the financial freedom account. I have debt so I take 90% of that for debt paydown, with the remaining funds going to my play account. If I had no debt, then I would celebrate with that money.
Let’s go to work
We now have a game plan, the only thing left to do is to put that plan into action.
Want to read this whole guide? Check out my money management strategy.