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Episode 123: When is it worth spending extra money along your journey to Financial Independence? Investing in high-quality products that you’ll use, and supporting your beloved furry friends are a […]
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How to Implement a Money Management System
2 Frugal Dudes
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Episode 124: Learn how to implement a money management system to create small, sustainable habits that lead to long-term financial independence.
Scott Henderson, who grew up in a broken household, but grew up to discover the path to financial freedom and break the chains of poverty and is now helping others to do the same.
Scott is an accredited financial counselor pursuing his Masters in personal finance planning and teaches a simple-yet-effective money management system to help people build a foundation in financial independence with his business, Simplifinances.
What is a Money Management System?
After reading Secrets of the Millionaire Mind, Scott went to Wal-mart and purchased six mason jars. Every time he got paid, he’d put his money into different jars, such as necessities, financial independence, long-term savings, giving and tithing, entertainment, education and improvement, etc. Eventually, that evolved into an online system through Wells Fargo with five separate savings account and one checkings account.
When it comes to a money management system, it’s not those huge paydays that make a difference, it’s the small everyday decisions that add up over a long period of time.
Scott teaches a system based on the jars with a few additions based on what he’s learned over the years. It’s meant to be simple, and more importantly, sustainable. The goal is to create a foundation that sets you up for future success.
Money Management for Kids
Using this money management system isn’t just great for adults, but it’s also a great way to teach children how to budget. The jars prove to be a tangible, visual way to manage money and act as a great starting point. Scott will often start adults on this system.
Show Links & Related Episodes
Music: https://www.bensound.com/royalty-free-music
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.
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