Financial management is always a headache for each individual or family. Grasp that problem, the author Kelvin Duong just shared with everyone the KD Money 2019 software to manage revenue and expenditure, helping you to save money effectively by the 6-jar method. Currently, many people are still using the App on the phone, but for management on the computer, there are not yet, so the author has shared the KD Money 2019 software based on Excel and VBA.
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If you are interested in Excel or work on a computer more than a phone, you can use this tool!
What is the financial management method with 6 jars?
- This is the method used by many billionaires. This method is mentioned by T.Harv Eker in the best-selling book “Secrets of the Millionaire Mind”.
- Is a financial management system that helps you focus on building from your existing assets and helps you develop yourself and improve your life for the better.
- This is also a method to help students or families with limited economic conditions manage their finances in a scientific way. If you are a student, learn this good habit! It will be very helpful!
- Percentage is not the important factor when starting. To ensure your financial success, simply start using the system and build a habit for yourself – this is the key. Nothing is perfect, especially from the start.
- You can start by dividing 500,000 – 1,000,000 VND a month into each jar.
Jar 1: NEC – Necessities | Essential spending
Total: 55% of income
This is the pot of money used to ensure daily necessities your. It can simply be said that jar 1 is for living. You will use the NEC jar for eating, living, shopping and other expenses to ensure your survival.
If your NEC Hat is currently over 80% of your income, you have 2 options to consider:
- Increase income.
- Reduce spending again.
But according to one statistic, an essential spending jar of 50-55% is enough for you. If you need more, your spending is not reasonable and it will spread to the remaining jars!
Jar 2: LTSS – Long Term Savings for Spending | Long-term savings
Total: 10% of income
You need the LTSS pot because it’s not how much you earn that matters but How much do you save?. Jar 2 is used for long-term goals, realizing your dreams such as buying a house, buying a car, etc. In addition, it can also be used in an emergency. This fund has two purposes:
- Saving for the long term
- Savings for emergencies.
You should divide this amount of 10% of your total income into two equal parts for two purposes. When you have saved enough for emergencies (equivalent to about 6 months of daily spending), you can set this aside and focus on long-term goals such as buying a house, buying a car, etc.
Cap 3: FFA – Financial Freedom Account | Financial freedom
Total: 10% of income
Financial freedom is that you have a life that is not financially dependent on anyone like your father, mother, wife, husband… The money in the FFA fund is used to work for you, when you have a lot of money in the 3 jar, you will have less mistakes. more work. This fund can only be used to invest and generate passive income.
Absolutely not spending money in this jar is always a prerequisite. You can only use the money in this Jar when you are financially free. You can save money to play the stock market, invest, do business with friends, open a small shop or your own company, etc. Spend this when you feel the project is feasible! Otherwise, keep saving until then.
Jar 4: EDU – Education | Invest in knowledge
Total: 10% of income
Invest in education and learning never afraid of holes. This is the investment fund that generates the most profit for you. The greater your knowledge base, the more you can attract big things, whether it’s money, fame or happiness. You can use the money in this jar to buy online courses, attend classes at the center, buy books…
As you grow, so does your money. When you have knowledge, you will manage your finances better – That’s why investing in knowledge is the most profitable and profitable investment!
Pot 5: PLAY | Enjoy, have fun, have fun
Total: 10% of income
The PLAY cap is used for your enjoyment and entertainment.
In T. Harv Eker’s book it is recommended that you use this money for luxurious pleasures. This jar is designed with the purpose of creating balance in your life. Therefore making money must go hand in hand with enjoyment. This hat helps you express your self-esteem; enjoy the feeling of a successful person; Do things like rich people and increase your earning potential in the future too. You use Hut PLAY to do things that make you feel like a rich person: go places you’ve never been, eat foods you’ve never eaten, etc.
You should use up this amount each month to reduce stress about money. But according to the author, if you don’t use it all in a month, save it for the morning Hut 2 (LTSS) for emergencies or you can save a large amount and then use it all at once.
Jar 6: GIVE | Charity and giving
Total: 5%
This amount is for the less fortunate around you. Use in jar 6 in activities: doing charity, helping relatives, society, community activities…
Introducing KD Money 2019 – Financial management software using Excel
KD Money help you record the amount of money received – spent. From there, estimate for you the amount of money in the future and a reasonable way to spend it. You will get a plan to use the existing money for what is most appropriate.
KD Money is designed on EXCEL with the following functions:
- Record the process of collecting and spending money completely and easily.
- Monitor revenue and expenditure in detail based on TAG#.
- Smart statistics of your total earnings per month.
RECORDING TABLE OF RECEIVING – Expense: Enter your income and expenditure data and Set the percentage of 6 jars.
INCOME: Any issues with the RECOVERY will be evident here month by month.
Expense: Any issues with out-of-pocket payments will be clearly shown here month by month.
6 phantoms: Monitor the revenue – expenditure, remaining balance of 6 “virtual” jars visually and clearly.
STATISTICAL: Re-statistic of all your assets by month and total assets at the present time.
In order to create flexibility for everyone in dividing the proportion of money jars, KD Money will allow you to set your own percentage of each jar according to yourself. By default the program will automatically set the standard percentage of the 6 jar method.
How to set up:
- Use the mouse to click on the available percentages to change.
- Balance TOTAL PROGRESS = 100% (if larger or smaller, the ratios must be reconsidered)
*Click on the ratios to see the caption! - As for how to add revenue, expenditure and savings information, see the Download file below.
Download KD Money
Note before using KD Money: