El Dinero Report November 2020 | WEARESUMA

The High 5 Banking Method

The High 5 Banking Method

Looking to allocate your money like a financial expert? 👀

No need to go Dora la exploradora on us. SUMA is here with the deets on how to do that!

Shoutout to Poised Finance Lifestyle for making us aware of what is called the High-5 Banking Method. 

With the High-5 Banking Method, you’ll have 5 accounts total: two for checking- bills and lifestyle; and three for savings – emergencies, long term goals, and short term goals.
Bills, Bills, Bills. 

This goes from housing expenses, to the aguacates you pick up for groceries.

Lifestyle. This is where you charge for the nail salon 💅🏽and those cafecitos ☕️.

Emergencies. Sometimes life just throws problemas your way and you need to be prepared. This can include hospital visits 🏥to job loss 🙍🏽‍♀️, something that nowadays is far too common.

Long term goals. Have any plans? You’re going to want to start a separate account for it, whether it be a boda 👰🏽 or a big trip 🏝!

Short term goals. Saving for a new phone 📱or just for this year’s Christmas gifts 🎅🏽? This is where you’ll want to put those coins.

Still not sure where to make the distinction? Comment below!👇🏽

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  1. Phyllis Hutchinson

    Interested in learning more about money.

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