Money Buckets ™ | FAQs

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Frequently Asked Questions

Yes, you can create as many budgets as you like
Yes. You can save your budgets after you have created them and view and edit them any time in the future.
By having a dedicated Weekly spending account you can know very quickly if you are spending too much or have something spare. You don't have to rebudget every week or month.
You will always have the bill money if the working account is kept separate and not touched for anything but bills. It may take time to average out as it is worked out over a 12 month average, so be careful if you know there is a big bill like rego due soon and you have just started.
The separate account (surplus funds) savings account will keep you motivated as you see it grow.
Yes. All business owners should keep their business transactions separate to their private accounts. This quickly lets you see your actual income, what tax you must allow for, and what costs are business costs. This also makes it much easier to put your costs into The business Money Buckets budget.
If your pay varies it can make things difficult. If it does go up and down you may be able to keep taking the same amount weekly and have it average out. But you cannot then take more if you have a bigger week.
If you have just missed a pay week due to sickness or, for example, Christmas break (or because you are casual) then this will need to be adjusted. If you are working on an average amount going into the working account to pay bills and it falls short, you may not have enough money in there when you need it.If you have money in your savings account you will need to add back into the spending and working account
Try to make sure the income you use to budget with, is an average that includes periods of time you know you are not going to be paid. If you don't get paid for 3 weeks every Christmas and a week off at Easter make sure you add up the other 48 weeks and divide it by the full 52 weeks of the year.

Just say you earn $1000 a week paid casually and there is going to be this 4 weeks off every year. So that means 48 weeks x 1000 = $48000 per year. Divide by 52 weeks to get what your average wage will be.
$48,000 divided by 52 is $923 per week average. This is what you need to put in as a weekly income.
You are going to have to work on this smaller amount so that there is money there when you need it.
That's about 8% less per week. So to make things easy just do your budget as 8 to 10% less income per week to see if it's going to work.
That way you wont take too much money out of your working account bill money and you can still take your weekly spending money for those 4 weeks of no income per year. It will also still pay the rent etc. As long as you only take the budgeted weekly spending money out.
Some people advocate having another account for this, others put extra into the working account or savings account. If an emergency does happen you would generally take it from the savings account if you want to keep things simple.

It'll depend a bit on your situation at the end of the day. If there is no surplus you will have to keep things as tight as possible to allow for emergencies.