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Bucketing your money - organising your saving and spending

12 December 2020

Christina Roberts is the Local Market Leader of the Suncorp Concept store in Paramatta, NSW. Here she shares her insights into how ‘bucketing’ your spending and savings can help you manage your money.

“I’ve met many customers over the years who say that money is one of the main sources of stress in their lives. We’ve found that often, the core issue is not that people don’t have enough money, it’s that they don’t know how to budget properly and effectively,” says Christina Roberts.

“Aside from budgeting for bills, mortgage repayments and insurance, managing money can be even harder when trying to orchestrate a major project like a home renovation.”

What is bucketing?

Mentally juggling your funds that are sitting in one place is almost impossible for people who aren’t accountants, but there is a simpler way: bucketing.

The concept of bucketing involves splitting your money into various segments, referred to as ‘buckets’. Rather than having all your funds in one big pile, which can easily get out of control, bucketing gives you a way to separate your finances and have a clearer view of your saving and spending. 

Organising your budget with bucketing

Getting your money organised requires a little time and focus, but it’s well worth it. 

Start by deciding on what’s important to you – do you want to pay off debt, save for something special or invest? 

Research how much you're spending on everyday expenses, such as groceries, energy bills and regular payments – rent, mortgage, car loan – to know your outgoings.

There are a few online budgeting tools which can be a big help. Experiment and juggle using the online tools to help you figure out what will work best for you. 

Once you know how you want to spend your money, it’s time to divide and conquer.

For Suncorp Bank customers this can be done using the Everyday Options Account. And to help you save faster, we’ve removed account keeping fees on all Suncorp Bank personal and business deposit accounts – forever!

Everyday Options Account

By opening an Everyday Options Account, you’ll be able to open up to 9 different sub-accounts, none of which attract any fees, and name them according to your needs. You can transfer your funds as often as you like from each sub-account without any cost. 

Sub-accounts can also pay you interest, which can help achieve your savings goals sooner. 

Alternatively, if your Everyday Options Account is linked as your Home Loan Offset account, this account and all your linked sub-accounts offset against your home loan, saving you interest. So, all your savings are working harder for you. 

Discover the Everyday Options Account

Why try bucketing your money?

Splitting your cash into separate piles limits temptation to spend money that’s allocated for another purpose, like bills or school fees. 

“Many customers see their goals being achieved more quickly as they’re not dipping into their money as often as they might if it were all in the one main account,” says Christina. 

Once your buckets are created, you can allocate it according to your goal, whether that be a holiday, renovation or fancy pair of shoes.

How to get the most out of bucketing

Bucketing is a great practise if you’re saving for a major project, but it’s also great for day-to-day living. 

For example, most people know how it feels to get hit with multiple bills at once and having to manage which get paid in what order. This is especially common with energy bills and rates, or anything that’s billed quarterly. If you bucket your money using your sub-accounts, then bill-juggling can be easier to manage. 

For example, you could create a sub-account for recurring bills, naming them 'Electricity Bill', 'Gas Bill', 'Broadband Bill' etc., or create just one sub-account named 'Utilities'. Then you would transfer money into those sub-accounts when payday comes around. If you set up automatic transfers then it’s even simpler.

You could also use bucketing to help manage the different aspects of a big one-off cost, like a renovation. For example, you could label your buckets Design Costs, Building Costs, Painting, Decoration, etc.  

A good tip is to make sure you have everything linked to your internet banking and/or banking app, so you can easily access your money and keep yourself on track. You can track every dollar you spend with the Suncorp App for Suncorp banking customers, which can also come in handy when budgeting!

Get to know the Suncorp App


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Christian Arrand profile

Christina Roberts is the Local Market Leader of the Suncorp Concept store in Paramatta, NSW. Christina started at Suncorp as a Store Manager in Bondi and has also managed the Liverpool and Campbelltown stores. Her role involves coaching and training Suncorp team members how to best help customers get the most of their money.

Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product

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