Today, we are going to cover how to use the PLAY account and the GIVE account. These two accounts are something that most people won't include in their money management plan. Now, first, let's take a look at the 6 account we are using:
10% Financial Freedom Account (FFA)
10% Long Term Savings for Spending (LTSS)
55% Necessities (NEC)
10% Education (EDU)
10% PLAY: It is really important to balance your life. If your are going to save money and invest money, you are supposed to spend money as well. This account is meant to be blown! It must be spent! Absolutely no spending and no holding back! How does that feel to have some money that you must spend? What you are going to do, is take these money, go to a luxury SPA, don't worry about the price, simply enjoy. Or, you could go to a fancy restaurant, don't care about the price, just order whatever you want on the menu. And, lady's, if you saw a beautiful designer's bag, don't worry, just buy it with your PLAY account! Guilt free! Don't go small and buy 5 affordable clothes, but blow it on 1 or 2 expensive garment.
And, when you go do your nails, did you usually just option for the simple single color? Blow this money and get a beautiful gel nails plus pedicure. You deserve this. You deserve to enjoy life. But, what if the 10% is not enough for you to play? All you have to do is to raise you monthly income. With bigger income, you'll have bigger 10%. The purpose of the PLAY account it to lets you enjoy life, lets you experience being rich, lets you want to make more money.
5% GIVE: Being rich is definitely not being greedy. If you want to get more, you must give more. It is not about "it's better to give than receive". Giving and receiving are both very important. You have to open your mind to receive all the blessings this world has for you. And, if you receive money, give some for others. If the universe knows that you are a giver, it will definitely give you more. Go find a local charity, or a cause you really care about. Are you compassionate with the animals? Do you want to help misfortune children? Do you care more about the environment? Or, you can give the money to your parents just to show your thankfulness. But, if you are absolutely broke, and really need this 5% of money, you can still give. You can give your time! Go do some volunteer work, spend you afternoon taking care of stray dogs. It's a blessing to be able to give. There are so many ways to achieve that.
Are you clear about what to do with the money you have. Whenever you receive money, simply divide them into 6 categories. You can have them in 6 different bank account, you can also put some in the jar. I think you can just keep the PLAY money in a jar, you are going to blow it anyway. But, if you put the LTSS account in a jar, you might accidentally spend it.
Don't worry if you have little money. If you have 1 dollar, manage this dollar. If you have absolutely no money, borrow a dollar and manage that dollar! It is all about habit. Make it a habit to manage your money, and see how it gradually grow. And, don't be too hard on yourself, just have fun. Hope you all enjoy my little tips on how to use these 6 accounts. Feel free to comment about any creative ways to blow up your PLAY account money. For more informations about the LTSS, NEC, and EDU account, please see my previous post "Easy Money Management PART II". IF you want to know more about the FFA account, please check "Easy Money Management PART I".
Thank you all!