Household google sheet budget template
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That’s when your Mojo bucket comes into play. 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!).
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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: Budget your ‘Daily Expenses’ Bucket: Here’s where you’ll need to keep a close eye on, make the most deliberate decisions, and keep track of your spending habits.The way I did this is to have my income landing directly into my Daily expenses account and then transfer the money straight out – 10% to Smile, 10% to Splurge and 20% to the Grow (fire extinguisher bucket). This way, you’re paying yourself first and not leaving savings to whatever might be left over at the end of the month. Set up direct transfers into your Daily Expenses, Smile, Splurge and Grow accounts each payday. Automate your Finances: Automating your money flow is key to success with this strategy.The second separate bank account is your Emergency Fund – the Mojo account, which should be a high-interest online savings account with one of the barefoot investor banks. The first set of Barefoot investoraccounts or buckets are your Daily Expenses (transaction), Splurge (transaction), Spend (savings), and Grow (savings). Pape recommends having these with different banks to avoid the temptation of transferring money easily between them. This is in order to keep your Emergency fund (Mojo) separate from your transaction account.
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