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money in buckets

Saving money is difficult for everyone, especially when it is your last priority every month. However, you can achieve it with a little planning and diligence. No matter how much you are saving, celebrate it. A Federal Reserve study found that 27% of US pre-retirees age 60 and older had no retirement savings or pensions. Moreover, these statistics were common in other age groups too.

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 for a single purpose. It is usually more efficient to have a certain amount of money diverted automatically to each bucket on a monthly basis.

Money in buckets for long term goals

It’s common for families to put money away for long-term goals such as retirement and college. However, you can also assign smaller buckets 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. Name creation tends to make it easier to track progress and makes it harder to spend the money carelessly. The concept of buckets may also inspire you to plan and save for the big-ticket items, instead of using credit and taking on massive amounts of debt.

If you’re not sure how to begin 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