1st of 6 EXPENSE TYPES
These expenses occur every week.
It is irrelevant whether they are ‘essential vs non-essential’ or ‘needs vs wants’.
As long as they are regular weekly expenses and come under the FFFI category, this is where they fit.
FFFI means FOOD, FUEL, FUN, INCIDENTALS.
Separating your spending money from your Bills or Savings money will protect your money from being overspent. This account will have a spending boundary (planned amount) so you know when to STOP spending.
Where to Keep Money For These Expenses
It is recommended that you set up an ‘FFFI’ Account that has Debit Card and ATM access.
Using a separate account makes it easy to create predictability around expenses that might otherwise seem to be varied. You are putting a barrier in place to stop yourself from accidentally messing up your finances over the long term.