How to budget using the Barefoot Investor guide!
Many Australians are using the money guide by the Barefoot Investor to budget and achieve their financial goals.
The Barefoot Investor allows you to budget by using three categories, which are referred to as buckets, to make the process simple and easy to understand. Also, when it comes to budgeting, remember that it’s the small changes that count! Therefore, if you change one thing you do on a regular basis, you could end up saving a significant amount over your lifetime! As a result, it will help you with your budgeting and increase your savings.
Therefore, if you’re looking to start budgeting, we have broken down the Barefoot Investor plan below.
Who is the Barefoot Investor?
Scott Pape, also known as the Barefoot Investor, claims to have made the only money guide you will ever need. He has broken down budgeting into three bucket structure to manage all incoming money. These buckets are named Blow, Mojo and Grow.
Instead of putting all of your income and expenses into spreadsheets, the Barefoot Investor, advocates to divide your money into “buckets.” This approach ensures that your daily expenses are separated from splurge purchases such as coffees, as well as ensuring smile purchases, such as holidays are achievable – all while saving for a house deposit. This is known as the set and forget principle of money management.
How can I start saving money as suggested by the Barefoot Investor?
On top of the above tips by the Barefoot Investor, the option of working from home provides you with the opportunity to save money, while still earning an income! In fact, by working from home you can minimise and reduce your current expenses. This makes it easier for you to determine how to budget. This will not only provide you with more financial freedom, but it will allow you to grow your savings!
Here at TalentMed, we know one of the best careers where you can work from home is a Medical Transcriptionist. A career in medical transcription not only allows you to pursue a career working from home, but it provides you with increased flexibility. If you are interested in working from home as a Medical Transcriptionist, TalentMed’s Diploma of Healthcare Documentation provides you with the essential skills and knowledge needed to get a job and excel in this increasingly popular field.
If you would like more information, you can register for a free consultation with one of our Career Advisers below!