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Some people find it easier to save more of their income when they create targeted accounts — or “buckets” — for specific goals. A bucket is simply an account designated for a single purpose. It is usually more effective to have a certain amount of money diverted automatically to each bucket on a monthly basis.

It’s common for families to set aside money for long-term goals such as retirement and college, but smaller buckets can also be used to save for shorter-term or recurring expenses such as household improvements, auto repairs, property tax bills, vacations, and holiday gifts.

Money in Buckets

Creating names for your buckets may help you create a clear visual image for each goal. This tends to make it easier to track progress and makes it more difficult to spend the money carelessly. The concept of buckets may also inspire you to plan ahead and save for the big-ticket items, instead of using credit and taking on large amounts of debt.

If you’re not sure how to get started on retirement planning, call me for a free consultation. I specialize in retirement strategies and making sure your nest egg is safe during your retirement years. Call 1-866-471-7233