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[THREAD]
MONEY MANAGEMENT 
6 JAR METHOD.
So you're earning some money now, what do you do with it?
Spend
Save
Invest
Too many people just increase their spending as they increase their earnings.
How do you know what to save, spend and invest?
[Cont..]
MONEY MANAGEMENT 6 JAR METHOD.So you're earning some money now, what do you do with it?
Spend Save InvestToo many people just increase their spending as they increase their earnings.
How do you know what to save, spend and invest?
[Cont..]
Increasing you spending as your income increases is a poor persons mentality towards money. 
Before you spend what's coming in you'll want a simple money management system in place so you know what you can spend and on what.
[Cont..]
Before you spend what's coming in you'll want a simple money management system in place so you know what you can spend and on what.
[Cont..]
I use something called the 
Jar method and I'll be discussing how you can get closer to financial freedom by using this simple method.So lets get started;
Your "jars" can be either bank accounts or physical jars if your bringing in cash.
[Cont..]
Jar - NECESSITIES
In this account you want to put 55% of your income in here.
This will be used for things that as deemed as Necessary;
Rent
Food
Energy
Phone
Direct Debits
Other bills
[Cont..]
- NECESSITIESIn this account you want to put 55% of your income in here.
This will be used for things that as deemed as Necessary;
RentFoodEnergyPhoneDirect DebitsOther bills[Cont..]
Jar 
- LONG TERM SAVINGS FOR SPENDING
In this account you want to put 10% of your income in here.
This will be used for things that require a bit of forward planning;
Big Purchases
Rainy Day Fund
Vacations
Unexpected Medical Bills
Emergencies
[Cont..]
- LONG TERM SAVINGS FOR SPENDINGIn this account you want to put 10% of your income in here.
This will be used for things that require a bit of forward planning;
Big PurchasesRainy Day FundVacationsUnexpected Medical BillsEmergencies[Cont..]
Jar 
- PLAY MONEY
In this account you want to put 10% of your income in here.
This will be used for things that are more of an every day purchase;
Meals Out
New Clothes
Cinema
Spoiling Friends and Family
Other Leisurely Expenses
[Cont..]
- PLAY MONEYIn this account you want to put 10% of your income in here.
This will be used for things that are more of an every day purchase;
Meals OutNew ClothesCinemaSpoiling Friends and FamilyOther Leisurely Expenses[Cont..]
Jar 
- EDUCATION
In this account you want to put 10% of your income in here.
This will be used for purchases for your education and self development;
Coaching
Mentoring
Books
Courses
[Cont..]
- EDUCATIONIn this account you want to put 10% of your income in here.
This will be used for purchases for your education and self development;
CoachingMentoringBooksCourses[Cont..]
Jar 
- FINANCIAL FREEDOM ACCOUNT
In this account you want to put 10% of your income in here.
This will be used for any purchases contributing to financial freedom;
Stocks
Mutual Funds
Passive Income Vehicles
Real Estate Investing
Any Other Investments
[Cont..]
- FINANCIAL FREEDOM ACCOUNTIn this account you want to put 10% of your income in here.
This will be used for any purchases contributing to financial freedom;
StocksMutual FundsPassive Income VehiclesReal Estate InvestingAny Other Investments[Cont..]
Jar - GIVE
In this account you want to put 5% of your income in here.
This will be used for any kind of charitable giving
Helping Out A Friend
Feeding The Homeless
Donations To Animal Sanctuaries
Any Other Charitable Donations
[Cont..]
- GIVEIn this account you want to put 5% of your income in here.
This will be used for any kind of charitable giving
Helping Out A FriendFeeding The HomelessDonations To Animal SanctuariesAny Other Charitable Donations[Cont..]
Whether you have 
100 or 10,000 coming in each week you're now able to split up your money and know at any time what you can spend
You can adjust the % as you earn larger sums as 55% might leave you with lot left over.
Increase the % on the FF Jar first.
[Cont..]
100 or 10,000 coming in each week you're now able to split up your money and know at any time what you can spendYou can adjust the % as you earn larger sums as 55% might leave you with lot left over.
Increase the % on the FF Jar first.
[Cont..]
Congratulations! 
You are now 1 step closer to financial freedom.
Last thing to point out is if you are self employed and are yet to pay tax's I would add a 7th Jar and put the relevant % in there before you do the 55/10/10/10/10/5 Split.
Be prepared
[Cont..]
You are now 1 step closer to financial freedom.
Last thing to point out is if you are self employed and are yet to pay tax's I would add a 7th Jar and put the relevant % in there before you do the 55/10/10/10/10/5 Split.
Be prepared
[Cont..]
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