If constantly checking your account for due dates is draining your energy for managing finances, check out this idea on budgeting from Sierra Black at the Get Rich Slowly Blog.
Sierra’s formula is pretty simple. She sat down with her husband to determine a monthly dollar amount for their fixed expenses, such as car payments, utility bills, and so forth. That amount is deposited each month to their high interest bank account, where it sits untouched until the automatic payments remove it. This provides a safety net, and allows her to focus less on due dates week in and week out.
The remainder of her income remains in a separate account. She can spend freely from it, knowing that her major bills are already secured. Sometimes the beauty of an idea is in how it changes the way we look at something, and this may be that critical tool to simplify your weekly finances.
Hustletown readers: Check out the entire post, and let us know your thoughts. If you already use something similar to Sierra’s plan, feel free to share!