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Apr 6

Written by: Pedro
6/04/2008 11:08 p.m.

Leaky Buckets

Good day Cash Commanders, I was going to say Commando's but we will give that one a wide berth in the interest of keeping our operation PC. It's late, we have been busy here so I am doing some basic recon catch up. Then the inspiration hit me to marshal the troops once again.

Leaky buckets can be a drain on your finances, a drain on your lifestyle, a drain on your goals and they can leak away your long term wealth. So let's look at how we can identify and plug them so they don't drain on you anymore.

Assess and Identify

Any operation should start with understanding of awareness of the surrounding situation. Cash Control should be helping you to identify where your buckets are "leaking". Are you tracking your Big Ticket spending and seeing some overspend there? Or perhaps that EFTPOS card has somehow made it back in to your life? Or have you noticed some leaks in your savings bucket? This is your decision and your life. Get honest with yourself soldier, identify those leaks in your budget!

Plug them - hard, fast and solid

After you have identified we need a fix. This is not a seek and destroy, a repair is needed to keep those buckets in order. You can drop and give me 20 to start things off. Then you need to come up with a way to keep those leaks plugged. Most likely the leaks are there for one of two reasons. Firstly you made your budget too hard. Go back to the Total Money page of My Budget and make things a bit easier to stick to and realistic if you think that's the case. Or Secondly you have let some habits slip in that aren't helping you.

Maybe you are not tracking? Maybe you are not getting your weekly cash out? Maybe you are dipping into your savings? You know what you are doing and you probably know where the repair is needed. So no excuses, fix it. It's pretty simple if you stick to the plan, the system is leakfree!

Give yourself one of these

You have self corrected. Great work, give yourself a salute and a pat on the back. When you pull yourself back into line you will stay in Control and have your goals - year in year out. That's the way it should be.

 

Pedro out.

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