We are racing head-long into the metaverse, but still anchoring other parts of our lives in the past. How are we doing that?
Banking has change over the years. Some are electing not to have a physical bank anymore, because their phone is enough. Now is the time to stop using one bank account. We need one account for all of our expenses, and another account for personal spending. By separating these items, we know what money is ours to spend, or not spend.
The best way to approach this is to have a simple budget. Every paycheck, put fifty percent of each individual item from the budget into the appropriate account. If your phone bill is $50, you put $25 in the expense budget. As you continue to do this, you will never have to worry about paying your bills, unless you are irresponsible (just kidding). It’s also an easy way to build an emergency fund when money is tight. Any money left over in the expense account will be for emergencies.
This concept is as simple as it sounds. Buy your lottery tickets, sports betting, gifting, all other spending from the personal account, you will surprise yourself how frugal you are.
