• LAUNCH YOUR DREAM
  • BE A MOTIVATIONAL SPEAKER
  • STARTING OVER MIDLIFE
  • HAPPINESS THROUGH ACTIVISM
  • TRAVEL THE WORLD
  • GET HEALTHY & FIT
  • BUILD SELF-CONFIDENCE
  • BRAVE LIVING
  • WRITE WITH US

8WomenDream

Dream Big Stories

  • HOME
  • ABOUT
  • CONNECT
You Are Here Home » WRITE WITH US » 3 Budget Buckets for Your Money Saving Dreams

in WRITE WITH US

3 Budget Buckets for Your Money Saving Dreams

Last updated on February 7th, 2013 at 04:04 pm

Budget Buckets

My dream of financial mastery has me thinking about my budget, such as it is. Working on the household budget this week, I realized that I, like most people, have three budget buckets.

The first bucket is called Things that Aren’t Going to Happen Any Time Soon.

In this bucket go the fantasies – the “what I’d do with my lottery winnings” kind of fantasies. These are things that are so far outside rational thought that even planning for them seems outlandish. Here are a couple of items I have in this bucket:

  • Paying off the house (without selling it)
  • Retirement for Virgo Man and myself
  • Paying 100% of my children’s college expenses
  • Spending half the year in the Caribbean, or Greece, or Croatia, on a yacht

The consequences of not achieving these things are more abstract than concrete. That’s partly what makes it easy to write them off as unrealistic. What’s the consequence of not paying off the house? We just keep on cranking out the mortgage payment month after month. What’s the consequence of not retiring? We keep on working. These are things we are already doing, so we’re kind of used to it. There’s no pressing need to change.

The second bucket is called Things That Have to Happen Or Else.

In this bucket go the things for which the consequences of not paying are so dire as to be unthinkable. Although technically there’s always a choice, in reality the choice isn’t practical. Here are a few things I have in this second bucket.

  • Paying the mortgage
  • Putting food on the table
  • Keeping the aged cars that Virgo Man and I drive running and safe
  • Alimony, taxes,  and child support

The  consequences of not paying for the things in Bucket #2 are the opposite of abstract. In fact, they are quite tangible and entirely real. Not paying the mortgage means the bank will take away the keys to the house. Not putting food on the table means we go hungry. Not keeping the old cars running means they break down and we have no transportation. It’s pretty simple. We have to pay these expenses, or we’ll risk paying a price we are unwilling and even unable to pay.

The third bucket is called Things We Need, But It’s All in the Timing.

This bucket is for things that seem pretty important to do, but that don’t have immediate dire consequences. Here are some examples from my Bucket #3.

  • Music lessons for O Psychic One
  • A speed reading and study skills class for Sir Empath
  • Sunbrella fabric to recover our patio chairs
  • Someone to haul away the old TV, and the disposal fee to get rid of it

There are consequences to not doing each of the things in Bucket #3, but they are tolerable. I can live with them if I have to. O Psychic One is musically gifted, and he’ll still be musically gifted if he doesn’t get music lessons immediately. Sir Empath doesn’t even know he needs speed reading and study skills, so he can hobble along for awhile without it. The old TV has taken up residence in the family room, and although it is screwing with the decor big time, we’re not going to die if it stays there for another month or two.

The thing is, Bucket #3 is like the home version of “miscellaneous” on a business profit and loss statement. We business coaches know that Miscellaneous is a necessary category on the P&L, because without it you’ve got a superabundance of categories that might have one or two uses, and no more, in any given year. Buying raffle tickets to support the local kids’ soccer team goes in Miscellaneous. So does the pizza brought in one time when everyone pulled an all-nighter to finish a project on deadline. These are essentially one-off expenses that have no home anywhere else on the P&L.

Bucket #3 is kind of like that. Everything in Bucket #3 needs to get done, but with vague and undefined degrees of urgency. It’s not a disaster not to do them, and it’s not cause for celebration if we do them. They’re just…there. They’re not unrealistic enough for Bucket #1, and they’re not crucial enough for Bucket #2. So by default, they end up in Bucket #3.

The problem with Bucket #3 is much the same as the problem with Miscellaneous. It’s easy for bloat and laziness to set in on them. Instead of thinking and planning, there’s a tendency to just dump stuff straight into Bucket #3 and let it sit there gathering dust forever.  Collect enough of those, and Bucket #3 has no value at all. It might as well be Bucket #1 – Things that Aren’t Going to Happen Any Time Soon.

But do you really want disposing of the old TV to be one of those Things That Aren’t Going to Happen Any Time Soon?

Nah. It kind of has a chilling effect on the glamour, the enigmatic unreachability, and the romance of Bucket #1 if it’s got an old tv stuck in there.

So here’s my thought. Bucket #3 needs regular attention. Anything in Bucket #3 that has been in there for more than three months probably does not qualify for Bucket #3 status, because clearly the consequence of not taking care of it hasn’t materialized. And if there’s no consequence, then why deal with it? Life is too short. Don’t just let it sit there, unloved and unattended. Don’t treat it like the poor step-child of Bucket #1. Either fix it, or forget it.

It’s a form of Getting Things Done for the budget. Deal immediately with what’s critical. Set aside what’s never going to happen. Focus your attention on whatever’s in between.

What do you think, Dreamers? What’s in your Budget Buckets?

Related Stories:

  • Money-Saving Deals Lead to Money-Spending Addiction
    Money-Saving Deals Lead to Money-Spending Addiction
  • 8WD-post
    Financial Dreams: Saving Enough Money (video)
  • Saving Money Dream: Big Change The Kaizen Way
    Saving Money Dream: Big Change The Kaizen Way
  • Money Talks: My Dream Budget Meeting Goes Flat
    Money Talks: My Dream Budget Meeting Goes Flat
Contributor Dream Stories

Enjoy this special 8WomenDream Guest Contributor story submitted by new and experienced big dreamers throughout the world, edited and published to capture a dream perspective from different points of view. Do you have a personal dream story to share with 8WomenDream readers? Click here to learn how to submit dream big articles for consideration.

Note: Articles by Guest Post Contributors may contain affiliate links and may be compensated if you make a purchase after clicking on an affiliate link.

Filed Under: WRITE WITH US

Some of the posts on 8WD contain affiliate links or links to purchase products or programs from 8WD contributors. This means 8WD or the contributor may make a small commission if you make a purchase. The 8WD affiliate links help offset the cost of hosting this website and the contributor links help support the dreams of the contributor. Please check out the 8WD Legal Page for more details.

Thank you for your continued support!

« Last Minute Mother’s Day Gift Guide
Living the American Dream Mother’s Day Story »

Check it out

  • LAUNCH YOUR DREAM
  • BE A MOTIVATIONAL SPEAKER
  • STARTING OVER MIDLIFE
  • HAPPINESS THROUGH ACTIVISM
  • TRAVEL THE WORLD
  • GET HEALTHY & FIT
  • BUILD SELF-CONFIDENCE
  • BRAVE LIVING
  • WRITE WITH US


The 8WomenDream Dream Tote Bag

About the 8WomenDream Tote Bag
US – 10oz Cotton
Dimensions (External Dimensions)
• Height – 18″ (45.72cm or 457.2mm)
• Width – 15″ (38.1cm or 381mm)
Handle Dimensions (Internal Dimensions)
• Length – 29″ (73.7cm or 736.6mm)

Recent Dream Stories

  • 8 Solstice Traditions for Focusing on Your Big Dream this Year
  • Winter Solstice: What Will You Do With 1 Minute More?
  • Why Halloween Costumes Can Help Discover Your Big Dream
  • How the Equinox Can be a Catalyst for Change
  • 5 Strategies to Live Your Wildest Dreams
  • Starting Over as a Single Mom Wasn’t My Big Dream
  • Warning: Big Dream to Be a Motivational Speaker Won’t Always Obey Your Plans
  • Dance to Relieve Stress to Focus on Your Big Dream

Inspiration

More About 8WD

WE BELIEVE EVERYONE HAS THE POWER TO ACHIEVE BIG DREAMS.
 
IT IS OUR SINCEREST WISH THROUGH THE SHARING OF PERSONAL STORIES ABOUT WHAT IT’S LIKE TO TRY TO ACHIEVE A BIG DREAM THAT WE WILL INSPIRE YOU GO AFTER A BIG DREAM TOO.
 
YOU CAN FIND OUT MORE ABOUT 8WOMENDREAM, HERE.

8 WOMEN DREAM | COPYRIGHT All RIGHTS RESERVED © 2025 · LEGAL

Welcome to 8WomenDream Where Big Dreams Are Shared
The 8WomenDream website uses cookies to improve your experience. We'll assume you're OK with this, but you can opt-out if you wish. ACCEPT REJECT READ MORE
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT