Last month we continued this series with Bucket #2: Financial Security. Bucket #3 is the Financial Vitality Bucket.
If you didn’t complete Bucket #2, go back and complete each exercise as it will build on the previous month.
The process will require you to figure out and calculate some monthly expenses, then goals and then dreams later. We will start simple and get deeper as we proceed.
Bucket Three: Financial Vitality
This bucket requires you to have all expenses covered in the first two buckets and now add three other expenses: entertainment (movies, dinners, vacations, etc.), children’s education savings (maybe a 529 monthly deposit), and any luxury clothing or accessories. Why clothing? You would be shocked to tally up what people spend on shoes, suites, watches, and things they wear.
Calculate the following numbers and find out what you would need in your Financial Vitality bucket per year. For couples, combine your expenses to figure out your Vitality bucket amount.
- Monthly amount needed for Financial Security (last month calculation): _______
- Entertainment per month: _______
- Children’s education expenses: _______
- Clothing and luxury items: _______
- Total needed per month: _______
- Total needed per year: _______
Action Step for You: Calculate your Financial Vitality Bucket.
You can read the articles on the other buckets here:
Bucket One: Financial Protection
Bucket Two: Financial Security
Bucket Four: Financial Independence
Bucket Five: Financial Freedom
Bucket Six: Absolute Financial Freedom
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