This Budgeting Method SAVED OUR FINANCIAL LIVES & it can save yours too! How I Budget Part 1
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- เผยแพร่เมื่อ 21 ต.ค. 2024
- Hello everyone (:
I am a 24 year old stay at home mom budgeter here in Washington state living on a single income from my husband. In this video I want to show you how this budgeting method completely changed our lives. It has successfully impacted our ability to save, stay out of debt & pay off debt. This is part 1!
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Stay tuned for part 2 where I will be using my real income numbers to show you how I use this method.
Very smart of you to figure this out at such a young age. As a high income earner, I do something similar. I tried to reduce my expenses and make sure I have one check that could basically cover all the bills so that essentially my second check is like a free check where I save an invest and guilt free spending kind of deal
Thank you so much, that compliment is the most meaningful to me. Absolutely, I totally love that method as well. I intend to switch to that budgeting method as well, using one paycheck for all the bills, after we reach a few more savings goals. Thank you for sharing!!
Finally someone who budgets like me ❤
This is a great budgeting system. I have a buffer in my checking account so I can pay all of the bills at the beginning of the month. You do have to be disciplined for this to work well. You explained this so well, nice job!
I love that for you! Definitely feels great to not have to think about bills for the rest of the month. Thank you so much, you’re so kind! 🩷
What changed my budgetting was opening a savings account, an investment account and an everyday expense account. Don't keep all your money in one account.
Absolutely! I agree, we do the same! (:
@@RosaMaria-pb9bg also I might add not to have all accounts at One bank just one account because I have three accounts at One credit Union where money can be moved from one to another, bad idea!!
I'm going to be getting a different savings account at a totally different bank because being able to move money from one account to another. The emergency fund is just too dangerous, too accessible that way🤪
@@deborahjanik1116 I have two banks. One is an online zero fees bank (it safe, state insured)and I use it for my sinking funds(dentist, gifts, holidays) because it has this option to open different sinking funds. I also use it for small things like coffee , my Kindle unlimited subscription. I use only this card usually because I have a set amount of money on it, so I can't impulse spend . For groceries I use only cash, I go to the supermarket only with cash so I can't go over budget.
This is the way I budget for the last 10 years. I am 1 month ahead. I also add up all the subscriptions/memberships that is due once a year, then divide that by 12. So, every month I will put that amount away to pay for that. I am 1 year ahead on that.
I love that for you, I do the same thing with our annual fees!
I have a notebook where I keep track of bills. The top of the page is the month. Down the left is the due date, folllwed by the bill, amount due, payment confirmation number and date paid. Once paid I check it off. I also added them all up and divided by 2 them moved the due dates around so both halves are roughly even. First half bills get paid on the 5th, second half bill get paid on the 20th. Turn the page, copy all info minus confirmation and date paid, rinse and repeat.
Absolutely love this! I’m also a paper and pen kind of person. (:
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Love that for you!!
New subbie here! I soo agree that most people budget like that but I have always budgeted the way you budget now. It makes budgeting so smooth! Thanks for sharing this very informative video! 🤍
I know right!! it is amazing, thank you so much for stopping by (:
I love this way of budget
This is great, I’ll have to try this because right now I’m drowning
I have been where you are, don't worry it will get better. Please let me know how it goes for you. Wishing you the best
New Subbie 👋🏾👋🏾!! Great video for beginners as well as experienced budgeters
Thanks for subbing!! & thank you I appreciate it 😊
I think that your video finally answered my question and that is how to pay or budget the bills with your second paycheck (or 3rd) that falls into the next months 1st paycheck (if I’m making any sense). I need clarification
I’m so glad!! I am happy to clarify any questions you have
New Subscriber 🎉🎉 great video
You are so kind thank you so much!!
Good system, I have a monthly and a yearly account that I put mine into, your total expenses is what we pay for rent a month and more
Thank you I appreciate it! and I think that is a great idea. Oh really? What state do you live in? Wishing you the best
Hi, Absolutely love this video but question : Once half or full amount of expenses is saved up like you talked about at 14:54 mark. What do I do with it ? Just leave it in savings or use to help pay off the next bills , debt, etc?
Hi thank you so much! Personally, I like to leave it in an account in my bank where bills are withdrawn from. I don’t use it to pay off the next bills or debt, I leave it in my account to use if in an emergency we don’t have enough to pay our bills. Thank you for your question!
Great video thank you
You’re welcome thank you for stopping by☺️
I will try this because lately I struggle due to less income compared to last year and I have a really heavy week between 12-19😢
I completely understand how you feel. Please let me know how it goes for you trying this method. Wishing you nothing but success and the best moving forward
@@bakingbudgets thank you & thank you for sharing
I am in WA State also!!🎉🎉
No way!! Woohoo!!
Are you including council taxes like waste collection or stuff like that? I like this way so you know what's left for groceries or eating out, etc, but there are some expenses thst are not reflected here, or at least for where i live
Our waste collection is included in our rent, and since we are renting we don’t have council taxes ! But I absolutely agree, if I had those I would definitely put it in my month ahead savings as well (:
I have a separate account to cover the bills vs. everyday spending.
Absolutely, I do as well !
New here , thank you
welcome!! thank you for stopping by (:
Dang, do you live in CA or something, because even less than half of 1500 per pay check is huge for my area.
WA state!
Hey hey
New here
hey hey!! thank you so much for stopping by (: