Hey you, Brandon back here;)
Have you ever heard of bank account systems?
If no, pay close attention now because this method immediately reorganizes your money and gives you a better overview of your spendings.
But let’s get straight to the point now, I don’t want to waste your time:
- Go to your bank and set up two more sub-accounts in your account (this should normally be completely free, as you can't get bank cards or make transfers for these accounts.)
- divide these sub-accounts into at least these two categories: fixed costs (such as rent, taxes, insurance, food, etc. ) and reserves (for investments, savings plans or emergency money).
- Once you get your salary for a month in your main account, divide it up according to your sub-accounts. It is very important that you set a fixed value for your reserves, which you always adhere to and best even invest a part of it directly. This way you are sure to always have some money on hand in case of an emergency and increase it by your investments.
- What is left on your main account is free to use every month for hobbies, restaurant and cinema visits, shopping and whatever else that comes to your mind, without having to worry about, that you can not pay your fixed costs like rent, etc. Likewise, you can spend this money without worrying about building up or improving your financial reserves, because everything that is now in your main account is there to have fun and live with. Even if it should be completely used up at the end of the month, your fixed costs are certainly paid and you have saved money and invested to counteract inflation.
Of course, you can also set up other sub-accounts, for example for holidays or clothing.
With this method, you immediately get an overview of your finances and lose all the worries of losing control over them. All wealthy people work with this method.
To learn more valuable money HACKS I recommend our booklet "Hack the Inflation". Available as eBook or print version.
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