You never know when an unexpected expense will pop up. Secure your ‘Mojo’ Bucket: Having an emergency fund provides peace of mind and financial security.This is where the power of compound interest really starts to shine! The Barefoot investor recommends using your Grow bucket firstly as a fire extinguisher to put out any financial fires such as personal debt (credit card, personal loan or car loans) and then once that’s sorted to boost your emergency fund, make additional superannuation contributions and pay down your mortgage. Whether you’re investing in real estate, shares, or your superannuation, make sure you’re making sound, long-term investments. Grow your ‘Grow’ Bucket: This is where your future wealth lies.Food: 5-10% – for household groceries (not including dinner dates!).Insurance: 5% – for example Home / contents insurance, Trauma insurance.Transport: 5-10% for car Fuel, Registration, Car Insurance, Maintenance and public transport fares.Housing: 30% for Rent or (minimum) Mortgage repayments.Remember, it needs to cover all your day-to-day living expenses – this is where conscious spending comes into play – Focus on spending your money where it matters most to you and cut back on unnecessary spending – remember this is your baseline level of expenses and includes the following areas:
![google sheet household budget template google sheet household budget template](https://moneygoody.com/wp-content/uploads/2016/07/Monthly-Budget-Spreadsheet-1.png)
![google sheet household budget template google sheet household budget template](https://i0.wp.com/www.printerfriend.ly/wp-content/uploads/2020/04/Free-Downloadable-Yearly-Budget-3.png)
This is the portion of your income that is used for long-term savings – for things like buying a home, paying off your mortgage quicker, boosting your superannuation, and buying shares. Utilities (power, gas, water, internet, phone): 5-10%.The Barefoot Investor budget suggests the following breakdown This bucket is for all your everyday recurring ‘baseline’ expenses, including bills, rent or mortgage, groceries, transport, etc.
![google sheet household budget template google sheet household budget template](https://swirled.com/wp-content/uploads/2018/07/Simple-Monthly-Budget-Spreadsheet-1.jpg)
It’s important to know how much you need to allocate to certain living expenses – online budgeting tools can help you with this. Your Money Or Your Life | Vicki Robin – Book Summary.Rich Dad Poor Dad by Robert Kiyosaki – Book Review.