Bucket Master Plan

On Ally, I have a savings account with boosters that allow me to fill in for my buckets but I don't know in which order I should have them allocated in the sense of percentages; if any you guys can help me; a good example would be like this (Home: 70%, Car: 20%, Food: 10%)BucketsFood/Takeout: %Job TrainingI(CEUs): %CollegeIlUniversity funds: %Housing or Rent: %Car Insurance: %A Car: %Desktop Computer Parts (upgrade): %Medical: %Partner's half savings: %Emergency/Main saving: %Retirement: %:

I Know the Answer!

I have the same question
Request More Information

Current Answers

Answer #1: Posted by SonuKumar on June 9th, 2021 8:55 AM

This answer was accepted by the poster of the original question.

SonuKumar

Member since:
May 9th, 2021

Points: 16,617,810

1,100
points

The lists below are just SUGGESTIONS and can be change according to your needs:

20% - for Savings to Invest. Never to be spend but for business and for investment only.

10% - for contingency fund (save 6mos to 1 year worth of monthly income). If this is done you can convert this for money you can use to help i.e charity, parents, siblings, or friends that will ask loan or assistance from you

15% - for taxes

20% - for Necessities. These are money spent for living expenses i.e. electricity, food, transportation, water, communication, etc.

5% - for Long term Savings for spending. Budget allocated for nice to have things i.e. you want to update your computer or want a new gadget

5% - for Education/Investment for your self i.e seminars, books and everything you can learn for investing and putting up a business

5% - for Emergency Savings

5% - for Leisure fund. Money you can allocate for Travel, movie or eat out)

15% - for Kids needs i.e. education, etc

Please respond to my effort to provide you with the best possible solution by using the "Acceptable Solution" and/or the "Helpful" buttons when the answer has proven to be helpful.

Regards,
Sonu
Your search handyman for all e-support needs!!