Article Series: Taking Your Barefoot Investor Buckets to the Next Level with the MoneyFormula app!

MoneyFormula App

PART 2 - Your Barefoot Mojo and Grow Buckets

The Barefoot Mojo and Grow buckets play an important part in your finances and we'll see just how easy they are to manage using the MoneyFormula app.

In PART 2 of this article series we'll cover

1. Setting up your Mojo Bucket

2. Mojo Bucket and Money Flows

3. Setting up your Grow Bucket

4. Grow Bucket and Net Worth

5. Grow Bucket and Accounts

6. Grow Bucket and Money Flows

TIP - New to MoneyFormula? Find out how it can help you with your Barefoot Investor finances by referring to the Barefoot Investor Overview.

Article Series: Taking Your Barefoot Investor Buckets to the Next Level with the MoneyFormula app! Show full list

Please Note: MoneyFormula is independent of, and is in no way affiliated with, endorsed by, or associated with Scott Pape or The Barefoot Investor. This information on this page is for illustrative purposes only and should not be interpreted as an official endorsement or partnership. You are not required to have read The Barefoot Investor to use the MoneyFormula App.

If you've read barefoot investor or would like to manage your money like a pro, MoneyFormula will make your life easy and help you save! My experience has been fantastic, and any questions I had, Matthew was able to answer efficiently. Could not reccomend MoneyFormula enough!

1. Setting up Your Mojo Bucket in the MoneyFormula App

Your Mojo bucket - the app lets you manage your Barefoot Mojo account and bucket.

Your Mojo bucket is used as a safety net (or emergency fund) to save you reaching for the credit card when an unexpected expense or financial crises comes along.

If you are following the barefoot investing approach then the idea is to start your Mojo with a balance of $2,000 and then in a later step of your journey boost it to three times your expenses using your fire extinguisher.

In this article, we'll take a look at how MoneyFormula helps you track and manage your Mojo and in PART 4 - Your Barefoot Fire Extinguisher Goals we will cover the Mojo balance and top up options.

Your Mojo Bucket and Account

The good news is your Safety Net (Mojo) account is automatically created for you when you first start using MoneyFormula.

You can choose to call your account "Safety Net" or "Emergency Fund" (via the user profile settings) and in this article we will go with the more generic name "Emergency Fund".

Your Mojo bucket - choose the name for your Barefoot Mojo bucket and account in the app.

You can check the current name of your Mojo (Emergency Fund) account by selecting Account List from the menu, and looking under the Other Accounts section. If you have completed the steps above it should look like this.

Your Mojo bucket - the app uses the Mojo account name you choose (Safety Net or Emergency Fund).

You can view and maintain your Mojo transactions and balances like any other account in MoneyFormula.

However, the Mojo (Emergency Fund) account is also linked to your Wealth Goals bucket (Fire Extinguisher) so as well as seeing historical balances, you can also see when and how long it will take to top it up to your three times expenses (or other target you set).

Barefoot App Buckets Managing Mojo Account

Your Mojo bucket - the app links your Mojo account to your fire extinguisher goals to predict future balances.

This is all done for you automatically and we will cover it in more detail in PART 4 - Your Barefoot Fire Extinguisher Goals.

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2. Your Mojo Bucket and Money Flows

The Money Flows diagram gives you an overview of all your barefoot buckets in the one convenient location, including how your income is being split, the total amount of income going on debt repayments and you can also find the mojo account balance (Emergency Fund $400) displayed in the bottom left corner.

Your Mojo bucket - the app displays your Mojo account balance along with all your other Barefoot Investor buckets.

If you haven't seen the Money Flows diagram before (or you need a refresher), refer back to PART 1 - Setting Up Your Barefoot Investor Buckets where it is covered in more detail.

3. Setting up your Grow Bucket

Your Grow Bucket is there to help you focus on your savings and investments and it is used to group up all your long term assets (for example, your superannuation, shares, investment properties, etc.).

MoneyFormula lets you track the assets in your Grow Bucket and you can decide which accounts and assets to add and remove from the bucket at any time.

Your Grow Bucket

By default MoneyFormula uses the term Wealth Asset and Wealth View for this group of assets and is automatically set up for you.

4. Your Grow Bucket and Net Worth

MoneyFormula provides you with two Net Worth views. Your total Net Worth view (that includes everything) and your Wealth View (with just the investments you select to go in your Grow Bucket).

Your total Net Worth gives you an overall picture of everything you own (asset) and owe (debts).

Your Grow bucket - the app will show you your net worth that includes all your assets and debts.

You can select the Wealth View option to filter down the assets to just those you have selected to include in your Grow Bucket, with all other assets being pushed to the bottom of the screen.

Barefoot App Buckets Grow Net Worth View

Your Grow bucket - the app includes a grow bucket view on the net worth screen to only include wealth assets.

You can also dive into the detail of your Grow Bucket or your total Net Worth.

Barefoot App Buckets Grow Net Worth Detail View

Your Grow bucket - the app net worth detail view provides breakdowns by types and accounts.

Which will show you the breakdown of you total amount by assets type.

Barefoot App Buckets Grow Net Worth Asset Types

Your Grow bucket - the app net worth detail view lets you breakdown total amounts by asset type.

and you can expand further to see the actual accounts under each category (be selecting Show Accounts) giving you full visibility over your Grow Bucket (or total Net Worth).

Barefoot App Buckets Grow Net Worth Accounts

Your Grow bucket - use the show accounts option to find the asset accounts within each asset type in the app.

You can also view your debts at debt type and account level

Your Grow bucket - use the show accounts option to find the debt accounts within each debt type in the app.

5. Your Grow Bucket and Accounts

MoneyFormula lets you track all of your assets, debts and accounts and you get to choose which ones to include in your Grow Bucket.

When viewing an asset account you can check the Wealth Asset flag to see whether it is currently included in your Grow Bucket.

Your Grow bucket - the app lets you choose which assets to include in your grow bucket.

When you create or edit an asset account you will be given the option to "Add to Wealth View?" and adding or removing an asset is as simple as selecting Yes or No.

Barefoot App Buckets Grow Assets Add Remove

Your Grow bucket - set the Add to Grow Bucket to yes for each wealth asset in the app.

6. Your Grow Bucket and Money Flows

Your Grow Bucket is also included on the money flows diagram (Wealth Assets in the bottom right corner) so that you can see the latest balances of all your barefoot buckets in the one location.

The current balance of the Grow Bucket is kept up to date automatically as you manage your accounts, update balances and add/remove assets from the bucket.

Your Grow bucket - the app displays your Grow bucket balance along with all your other Barefoot Investor buckets.

What Next?

We've covered a lot in the first two parts of this article series from setting up your barefoot buckets through to customising the MoneyFormula app to help you manage Blow, Mojo and Grow.

PART 3 - Your Barefoot Budget and Spending Review

With 60% (or more) of your income going to your Daily Expenses in PART 3 - Your Barefoot Budget and Spending Review we'll look at the easiest way to budget your expenses using the MoneyFormula app budgeting tools!

The Barefoot Investor book

If you have come across this article and you are not one of the million+ readers who have read The Barefoot Investor then you should probably head over to Scott Pape's website and grab a copy. Find out what all the fuss is about with his enjoyable and down to earth approach to finances and his focus on date nights, serviette strategy, unique bucket names and simple barefoot steps.

Article Series: Taking Your Barefoot Investor Buckets to the Next Level

OVERVIEW - The Barefoot Investor + MoneyFormula App

PART 1 - Setting Up Your Barefoot Investor Buckets

PART 2 - Your Barefoot Mojo and Grow Buckets

PART 3 - Your Barefoot Budget and Spending Review

PART 4 - Your Barefoot Fire Extinguisher Goals

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For more information on how MoneyFormula can help you with your Barefoot finances refer to the Barefoot Investor Overview.

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PLEASE NOTE: The information in this article is general in nature. It does not take into account your personal objectives, financial situation or needs. Please speak to a qualified financial adviser if you need specific advice on your finances. MoneyFormula / HomeMoneyManager operate independently of, and are in no way affiliated with, endorsed by, or associated with Scott Pape or The Barefoot Investor. The information provided is for illustrative purposes only and should not be interpreted as an official endorsement or partnership. The Barefoot Investor is a trademark of Scott Pape. All rights reserved. This page uses the term for descriptive purposes only, and no claim of ownership or affiliation is made.