I purchased The Barefoot Investor a while ago but over the Christmas break I decided to finally read it.
My boyfriend was the one who influenced me to start reading as he was listening to it on Audible and Scott suggests going through the journey with your partner. I had already been thinking about getting serious about my saving in 2019 so this was perfect timing.
Truth be told I have only read the first part of the book, the “Plant” section. I know you’re meant to read the whole thing first but I figured it would be a good start. I set up all of my new accounts and worked out how I would split my money into each different bucket. Basically you split your money into four buckets. Two for spending – Daily Expenses and Splurge – then two savings accounts – Smile and Fire Extinguisher. I even created an extra bucket called “Car Money” so I don’t have to pull a huge chunk of savings out when car registration rolls around. You also have an account separate to all of this which is your emergency money. I already had two savings accounts set up but I’m hoping that splitting my spending in two will stop me from dipping into savings at the end of my pay cycle.
I get paid monthly so I was itching for the 15th of January to come around so I could put all of these things into action. It now feels like a slow haul as I’m only able to save monthly but that’s okay. I also recently got a promotion at work so I’m excited to see what my splits will look like when my pay comes into my account next month.As I’ve only had a certain amount of money to splurge on things, I’ve become really conscious of my spending. Do I really need that? Can I live without it? Honestly this month my Splurge money has mostly gone on eating out which has made me aware of how much eating out I do – a lot apparently. Eeek. I didn’t buy any new clothing in January so this month I’d like to head into an op shop for some new pieces. Saving money AND lowering my impact on the environment – win win! I’m hoping that there’ll be some goodies since everyone is on the Marie Kondo train.
So far I would defs recommend trying the Barefoot way. I’m not going to share an update every month, just when I feel like checking in and sharing my experience with it all. Have you read the book or will you? How has your experience been with it so far? There’s also a Facebook group if you’d like to see how other people are doing it!