Checking Account

1. Salary

1.1. Take 100% of your salary and deposit it into your checking account.

2. Roth IRA 5%

3. Credit Card 80%

3.1. Regular bills (Netflix, gym) guilt-free spending

3.2. Miscellaneous bills that can't be paid with a credit card (rent, utilities).

4. Savings 5%

4.1. Rainy day 2%

4.2. Down payment on a house 2%

4.3. Vacation 1%

5. AUTOMATING YOUR MONEY: HOW IT WORKS

5.1. I like to keep things simple. This mind map is how I manage all my financial obligations. The entire system is completely automated so all I have to do is focus on making the salary to feed the checking account. The rest from there is all automated through bill pay and automatic drafts. Simple!

6. Benefits: paying off your credit cards every month increases your credit score. Added protection on purchases with credit company as opposed to debit purchases. Rewards on purchases you would already be making like gas, groceries, etc.

7. Tithe 10%

7.1. 8% to our church

7.2. 2% to other ministries