A savings bucket is a savings account with a purpose. Unlike the emergency fund and investments, savings buckets take into account your larger annual expenses and divide the cost so that you can budget for them monthly. This system is when you know you’re next level. Rather than just setting money aside without a plan, we’re going to have a specific plan. 
This system is so awesome because when a big bill comes, you’re not wondering how you’re going to pay for it or reaching for a credit card. Instead, you’re confident you have the money for it and not stressed at all! Plus, you do not have to go further into debt because you’re so organized! One of our clients recently text us about this system:
“Had to get new tires today (they were old but went in for a nail in one, not to replace) and it was really cool to have $800 ready to go in my car maintenance fund!! Even the tire guy seemed a little nervous to tell me I needed tires. I think he's used to people being unprepared. He sounded a tiny bit surprised when I said "sure, go for it!"
Here are the steps we’re going over in this episode.

Brainstorm every savings bucket you have in a year. These are things you spend a lot of money on each year or can expect to. Use the list below for inspiration.

Calculate how much you need for each of those funds.

Divide that savings bucket amount by 12 (or the amount of months you have left to save for it).

Put those numbers in your monthly budget!

Be relieved when you have money for that emergency pet visit or new tires!


Examples of savings buckets (also called sinking fund):

Car repairs

Pet expenses

Christmas

Vacation

Home repairs

Taxes

Medical / Dental / Vision expenses

Prescriptions

Insurance premiums (life, auto, property)

HOA fees

Annual memberships

Furniture

Home remodel

Back to school / clothing

Tuition

Car replacement

Wedding

Moving

New Baby


“When her paychecks go in, they fund the bills account and it all spreads out because they’re out of debt. So, it goes to her kids fund, her home repair fund, it goes to all of her funds. So, all she has to do is pull up her account and look and see exactly how much money she has. There’s no guessing game.”

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IDEAL BALANCE: How to Budget, Get Out of Debt, Save Money + Financial Systems to Organize Your Money
Even successful, high-achieving, Jesus-following moms need help organizing their finances. We want to help you learn how to budget, how to get out of debt & how to save money. We do this through 1-on-1 coaching where we teach you how to stop stressing about money & install systems that automate your finances. Once you have these money systems, you’ll be able to live debt-free, build wealth & achieve financial freedom. Join us to ditch the bad money habits & take control of your financial future.
Shana & Vanessa are best friends, business partners & Ramsey Solutions Master Financial Coaches.
Get the Digital Envelope System Our Client Used to Pay Off $17,591 in Debt and Save $23,000 in 7 Months Workbook here: https://ck.myidealbalance.com/deguide
Connect With Us:
Website → https://myidealbalance.com
Podcast → https://anchor.fm/idealbalance 
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