The High-Five Saving Method

A DETAILED GUIDE FOR DIVIDING & MANAGING YOUR SAVINGS

BY MERCEDES SAINTFLEUR

PROVERBS 23:7 AMP

THE HIGH-FIVE SAVING METHOD

THE HIGH-FIVE SAVINGS METHOD: MAIN PAGE 6

RAINY-DAY PAGE 8

LIFESTYLE PAGE 10

LONG-TERM PAGE 12

SHORT-TERM PAGE 14

WITH A SWEET SAVING TIP AS A BONUS AT THE END...

@CEOSEDIES

The

Main ACCOUNT

THE HIGH-FIVE SAVING METHOD

SAVING METHOD #1

The

Main ACCOUNT

> The MAIN ACCOUNT is a designated account, held and maintained by an accredited Bank.

This account should be a checking account. >> This checking account will be solely for mandatory expenses you have to pay (which are bills that will quickly affect your life and/or credit).

EXAMPLES: Housing - Mortgage/Rent Utilities - Water/Heat/Phone/Internet Groceries - Food, Doesn't Include "Eating Out" Debt - Credit Cards/Loans

TIPS: 1.) Have direct deposit hit this account first.

2.) Funnel your other savings from this account.

SAVING METHOD #1

The

Rainy Day ACCOUNT

THE HIGH-FIVE SAVING METHOD

SAVING METHOD #2

The

Rainy Day ACCOUNT > The RAINY DAY account, also known as an "emergency fund", is an account solely designated for planning for your financial future. This account should be a savings account. >> This savings account will be utilized as a financial safety net set aside for future mishaps and/or unexpected expenses. This is the "Emergency Fund" account.

EXAMPLES: Job Loss - Fired/Layoffs/Suspensions Car Issues - New Parts/Accidents/Engine Trouble Hospitalization - Surgery/Illness/Loved One Ill Home Repairs - Leaky Roof/Plumbing/Severe Weather TIPS: 1.) Store these savings in a high yield account (earn interest while saving).

2.) Utilize an FDIC approved online account to secure your money.

3.) Single = 3-6 months' worth of monthly bills.

Married and/or with kids = 9 months - 1 year.

SAVING METHOD #2

The

Lifestyle ACCOUNT

THE HIGH-FIVE SAVING METHOD

SAVING METHOD #3

The

Lifestyle ACCOUNT > The LIFESTYLE ACCOUNT is an account used for spending on specific purchases and encourages healthy spending behavior.

This account should be a checking account. >> This checking account can be set as your monthly spending account for all of your "wants".

EXAMPLES: Personal Care - Haircut/Nails/Gym Eating Out - Restaurants/Bars/Fast Food Entertainment - Movies/Hobbies/Subscriptions Miscellaneous - Clothing/Shoes/Shopping TIPS: 1.) Whenever budget cuts are needed to manage your financial goals, start making cuts from this account.

2.) Banking recommendations: online banking, and credit unions.

3.) Use "cash back" options to get cash in lieu of ATM fees from a big bank.

SAVING METHOD #3

THE HIGH-FIVE SAVING METHOD

SAVING METHOD #4

The

Long-Term ACCOUNT > The LONG TERM account is designed to hold funds that you do not intend or expect to spend in the near future.

This account should be a savings account. >> This savings account will fuel your financial goals that take more than 12 months to reach.

EXAMPLES: Big Travel - International/Long Stints/Leisure Trips Big Events - Your Upcoming Wedding Down Payments - House/Cars/Boats Future - Children/Pets

TIPS: 1.) Saving through your Rainy Day (for emergencies) and your long-term goals will boost your financial confidence & invest in your Future Self.

2.) Save with online banking, high-yield savings account.

SAVING METHOD #4

THE HIGH-FIVE SAVING METHOD

SAVING METHOD #5

The

Short-Term ACCOUNT > The SHORT TERM account will be used to hold money that will only stay in the account for a short period of time.

This account should be a savings account. >> This savings account will ignite and stoke your financial goals that can take less than 12 months to reach.

EXAMPLES: Upgrades - Tech Devices/Retail Sales Vacations - Local or Domestic Travel/Cruises/Road Trips Special Days - Birthdays/Holidays/Anniversaries Annual - Car Registration/Anniversaries/Insurance/BJs,etc

TIPS: 1.) Save through a big bank, online bank, or credit union.

2.) Do semi-annual shopping (cleaning supplies, essential foods, bulk shopping) if possible.

SAVING METHOD #4

EXTRA

THE HIGH-FIVE SAVING METHOD

EMERGENCY FUND WORKSHEET

1

January 2021

Rent $1,900 / month Car Note & Gas $450

Phone & Internet $160 Groceries & Supplies $300 Debt $300 JAr Total = $3,110

AS YOU SAVE EACH ITEM, CHECK IT OFF UNTIL THAT MONTH'S JAR IS "FILLED"

THEN MOVE ONTO THE NEXT JAR FOR THE FOLLOWING MONTH. IT'S THAT SIMPLE!

WRITE THE MONTH, FILL EACH LINE WITH YOUR BILL TYPE AND THE TOTAL AMOUNT

1

January 2021

Rent $1,900 / month Car Note & Gas $450 Phone & Internet $160 Groceries & Supplies $300 Debt $300 JAr Total = $3,110

EMERGENCY FUND WORKSHEET

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EMERGENCY FUND WORKSHEET

@CEOSEDIES @FLEUROCCASIONS FLEUROCCASIONS.COM

THE HIGH-FIVE SAVING METHOD