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Why Do You Need a Survival Account?

home finance Mar 10, 2020

The Survival Account

One of the most important parts of running a business is making money. If you're spending more money at home then you are making in your business, you definitely have a problem on your hands. The reality of it is it will be nearly impossible for you to create a financial future for yourself if you keep spending more than you make. This all starts with the home budget.

The Home Budget

The home budget is split into 4 expense categories: recurring and essential (mortgage), recurring and non-essential (DirecTV) , non-recurring and essential (medical expenses), and non-recurring and non-essential (vacations). The first two buckets, the recurring expenses, are somewhat easy to budget for. You know how much they will be every month and you know when you will be billed for them. On the other hand, the non-recurring expenses are where people get in trouble. There is no way to budget for a medical emergency, but you must be ready for it. This is why we have the...

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