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To optimize control of the flow of money in one's life, it’s helpful to use the metaphor of cascading “money buckets.” Just as a series of linked buckets store and direct water, one into the next, money buckets hold and control the movement of money in your life. You’ll need four basic money buckets, each flowing into the next, in the following order. 1. Checking Account The top-most bucket is your household checking account into which paychecks and other income is deposited and from which bills and other expenses are paid. This bucket should contain an amount sufficient to pay at least one but no more than three months of essential expenses. For example, if your essential monthly expenses total $2500, your checking account balance should be maintained between $2500 and $7500. Once this bucket is full, extra money should be transferred into the next bucket: 2. Emergency Savings It’s prudent to have an emergency cash fund equal to 3-6 months of essential monthly expe...

To optimize control of the flow of money in one's life, it’s helpful to use the metaphor of cascading “money buckets.” Just as a series of linked buckets store and direct water, one into the next, money buckets hold and control the movement of money in your life. You’ll need four basic money buckets, each flowing into the next, in the following order. 1. Checking Account The top-most bucket is your household checking account into which paychecks and other income is deposited and from which bills and other expenses are paid. This bucket should contain an amount sufficient to pay at least one but no more than three months of essential expenses. For example, if your essential monthly expenses total $2500, your checking account balance should be maintained between $2500 and $7500. Once this bucket is full, extra money should be transferred into the next bucket: 2. Emergency Savings It’s prudent to have an emergency cash fund equal to 3-6 months of essential monthly expe...