Do This EVERY Time You Get Paid (Paycheck Routine)
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- เผยแพร่เมื่อ 3 มิ.ย. 2024
- Once a month, when I get paid, I do these nine things that help me stay on track with my financial goals.
Budgeting For Beginners Video: • Budgeting For Beginner...
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Chapters
00:00 Start Here
00:55 Track All My Spending
01:59 Analyze My Spending
04:19 Max Out 401K Match
05:16 Contribute To Roth IRA
06:13 Contribute To My Emergency Fund
07:16 Pay My Monthly Bills
08:29 Make Extra Payments Towards High Interest Debt
09:42 Invest With A Brokerage Account
10:55 Look At The Big Picture
The key to staying on top of your finances is developing a payday routine of things you do every time you get paid. In this video, I share my own payday routine that consists of 9 things I do once a month, every time I get paid.
1. Track All My Spending
At the beginning of each month, I will take some time to record all of my spending the previous month on a spreadsheet. Taking the time to track your spending is the key to getting and staying in a good financial situation because it allows you to see the full picture of your finances.
2. Analyze My Spending
Once I track and record all of my expenses on the spreadsheet, the next thing I do is take 10 to 20 minutes to analyze my spending that month. There are three main things I look at: (1) my income vs spending, (2) if there is any abnormal spending I did, and (3) if I over spent in any area. When I take the time to look at these things, I can see if I went over budget and make changes for the next month's spending.
3. Max Out 401K Match
Before I get paid, at least when I was employed with a company, I would always max out my 401k match that my employer offered. For example, if my employer matched up to 5% of my salary, then I would contribute 5% to my salary to my 401k. Doing this allowed me to maximize free money from my employer.
4. Contribute To Roth IRA
Once my paycheck hits my checking account, the first thing I always do is move an amount over to my Roth IRA. Each year I attempt to max out the yearly Roth IRA contribution.
5. Contribute To My Emergency Fund
After I contribute a certain amount of my paycheck to my Roth IRA, the next thing I do is contribute a certain amount of money to my emergency fund, which is called, "Paying Yourself First." It is important to do this before you pay your bills in order to maximize the amount of money you are saving and stay on track with your financial goals.
6. Pay My Monthly Bills
Next, I will sit down and pay all of my bills in one sitting. The majority of my bills are set up on auto pay; however, I still take the time to make sure each bill is paid in case a payment did not go through. Taking the time to pay all my bills in one sitting allows me to not have to worry the rest of the month about bills.
7. Make Extra Payments Towards High Interest Debt
After all the previous steps, if you have money left over, you can use some of that to make extra payments towards high interest debt like credit card debt. Paying off debt is important because the interest you are paying is more than likely higher than any returns you will get from the stock market or other investments.
8. Invest With A Brokerage Account
If you have an emergency fund of 6-12 months of living expenses and no debt, the next step you should consider taking is investing with a brokerage account. If you continue putting money in a savings account, over time your money will lose value due to low interest rates of savings accounts and inflation. Investing in low cost index funds are a great way to grow your money and beat inflation.
9. Look At The Big Picture
Finally, once I do all the previous steps, the last thing I do before I finish my payday routine is simply zoom out and look at the big picture of my finances. I find it important, regardless of what situation you are in, to give yourself credit of your accomplishments and see how far you have come.
**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. ** - แนวปฏิบัติและการใช้ชีวิต
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I checked Melissa up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
I'm favoured, $22K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.*
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Investing in crypto/forex is a good idea,
a good trading system would put you
through many days of success.
Investing $15,000 and received $174,000
YES!!! That's exactly her name (Mrs Anna ) so many people have
recommended highly about her and am
just starting with her 😊 from United States
Yeah get connected to Miss Anna , here's her line👎🏻
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@mikegarvey17who is your advisor please, if you don't mind me asking?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I track money with pen and paper. for some reason, the tactile act helps make it feel real, and keeps me more disciplined. I guess it’s because I’m Gen X. Great video.
Me too!!!!
I do that too but I'm a Gen zer😂
Me too I keep a Record book and track spending and budgeting. Gen X the X is for excellent lol
Moustache enjoyers we rise
Rise up!
More videos with the mustache please, it helps me focus on what you’re saying.
Nice mustache Austin, thank you for this insight!!! You can never go wrong with gold and crypto. From $28 to $36K that's the minimum range of profit return every week I think it's not a bad one for me, now I have enough to pay bills and take care of my loved ones.
Wow this is huge , I been really struggling on my crypto journey lately
I’m genuinely curious to know how you earn that much weekly
Big thanks to Renee Marie Harrison
She’s a licensed broker here in the states 🇺🇸
Her top notch guidance and expertise on digital market changed the game for me
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered her exceptional resume when I made a Googled search of her names online. I consider it a blessing that I discover this comment area!
Austin, you could have a part time gig teaching students that are not doing anything but maxing out credit cards and the debt is piling up. Even adults that have no clue how much effort it takes to save money for the future.
Hi Austin I love your videos and your mustache. Like my Italian Nonna would say "Sono Solo Gelosi" = They Are Just Jealous. Don't let those weirdo's commenting about your facial hair bother you. I think you look very handsome with your mustache.😊
1:42 That is such an efficient spreadsheet Agustin. Please do a special video when you reach 100k 😊
Thanks!! It's getting close to 100k! I can't believe it...but knowing how much I worked these past three years, I can believe it, haha.
@@ElAgustin And it is a well-deserved success! I'm very glad to be one of your subscribers since 29k and I will be one as long as the channel lasts!
I have a calendar. Each Friday I have a bill or two that needs paid (e.g. electric, WiFi, water, cell). They usually= about $200. I put $45 in my Christmas club, $150 for taxes, our weekly cash, $100 for stocks, and $100 for savings, my husband's husband covers his bens and 401k. $25 goes in regular savings. Of that $100, most of that goes towards emergencies.
Thanks for the amazing video. I also go through a lot of stress because of my unpredictable pay but your rip on looking at the big picture really hit me. It calmed me down once I thought about it for about a minute. Thank you❤. Love the mustache by the way❤😂
Another informative vid, Agustin! "Stach looks good, living room looks great. How about a comparison of why one (like you) chooses to rent over buying a small home/condo for investment purposes. I've always heard it's more fiscally appropriate to purchase a home rather than rent. Thanks!
The moustache looks great!
I’m noticing that the personal finance TH-camrs all put out the same videos at the same time. Eg - do this every time you get paid, why the first 100k is the hardest, wealth is quiet/looks poor
100% accurate. And yet, here I am watching this one. I do wonder why that’s a thing, though. Like, who is the one setting the talking points that everyone else decides they just have to make their version of the same exact video?
Anyway, love the budgeting spreadsheet - been using it every day this year, and it’s helped a ton.
Austin....My money comes once a month. But I pay myself first always....and i don't go out to eat but once a month......and then I'm out of debt bc all my bills are paid on time...bc they are on auto payment and I'm debt free....😊😊
Good advice ❤
Excellent 👌 video
Thanks for sharing, Augustin! You are getting to 100k real soon.
great content my bro, greeting from London, keep the good work up !
Great job 👏 Agustin😊
Thanks Austin! GREAT mustache ❤️
Nice mustache and beard. Keep them plz 🔥🔥
"El Agustin" Love it and appreciated
Love a good payday routine great advice 😊
Thank you Austin for all the financial advice/lessons you provide to us 🙏🏻
Great video. And keep the mustache. Looks great.
Keep the 'tache bro. 👍
Thank you.
I love the spreadsheet and plan to suggest it to a friend who is currently struggling with how to better managing his money. Thanks as always!
Pura vida!! Excelente video Agustin el bigoton :P
Love the moustache Austin. My son is your age and has one too which I also love 😊
I hope to learn a lot from you Agustin. You r doing well.
The value of this budgeting process is the complete cycle, from details and data and daily to high level life progress and performance in practical steps, checking off each step for financial peace. Great advice. I hope more people will watch and take heed because you are saving them so much unnecessary stress and suffering. 👍🏻
Would have love to see a glimpse of your vacation. Just to take us to a different setting 😊
I have pictures, but I wanted to keep it for myself, haha.
The facial hair looks good, keep it.
"Una vez cada mes" me encanta 😂😂😂 you're the best, one of my favorite TH-camrs. To be honest, I listen to your channel to improve my listening skills and broaden my range of expressions. Hugs from Spain
Cute mustache! 😻
LMAO @ the mustache comments. You are fine! Great video Austin!
5000 dollars for one month, that is indeed very good money!
That mustachio is so groovio!
Another fantastic video, thanks Austin!
You’re getting close to 100k 🎉
LOL. I like the mustache!
Hope you enjoyed your stay in my country ❤
I love payday budgeting.
I’m dying over the mustache hate 😂😂😂
The beard and mustache look good.
Thank for mentioning Roth ira ima look into it,i have an emplyer,but i'm an independent contractor, i pay my own tax,i dont wanna change that.
You can have Roth IRA.
@@livelearn06livelearn86 yes,thanks ddnt have any idea about learn some new everyday.
I do in almost same order as you except my rent always comes first but for me a good portion of my retirement savings in my 401k comes right out of my gross income so basically by default its first. I wait each month for the landlord’s electronic portal, surfing each day usually after the 20th to see if they post the invoice for the following month and i pay immediately then once that clears, i pay everything else even though i have more than enough to cover all, and Roth. Most my adult life I’ve been a single parent and so this is completely ingrained in me at this point.
I traçk everything i spend as well, but i have a spreadsheet active every month and fill it in each day or second day. It takes a couple of minutes each day.
I have lines already populated with fixed bills and just update it each month if the amt is off a little from the actual bill pymt.
I love your moustache
Pupr having he a nappy nap!!
Everything is so simple when you're a single person with the only worry is to eat sleep and repeat..
mustache looks great, i'm still a subber. 🤷🏾♀🤷🏾♀
Hi Austin,
Thank you for taking the time to make these videos.💗 Just curious, do u rent because u haven’t decided on a permanent location? I know homes require maintenance, but I think the value generally of real estate has the potential to outpace stock market investments? And renting you can be at the mercy of the landlord, raising your rent $200 or more a month. I did invest for retirement, but now I’m worried because last stock market crash I lost 50%. If you withdraw early you get a 20% penalty. Not sure what to do. I appreciate your input . They r also talking about bank failures and bail in’s.
Your face your choice 👍🤩👏
Hey Austin, really nice video ! I was wondering if I could help you with Best Quality Editing in your videos better than your Editor with good pricing and also make a highly engaging Thumbnail which will help your videos to reach to a wider audience ? Pls let me know what do you think ?
I analyze my spending through my Chase bank account, makes it very easy to see the in-out of my finances. Just started a Roth IRA and already have 2k in on dividend stocks, how am I doing Augustine?!
I agree with those that don’t like the mustache.. you’re better off without it.. 🤣🤣 jokes apart you’re doing good buddy.. great inspiration to people trying to stay on top of their finances..❤
I don't have a emergency found and last months I had a lot of emergency situations in which I used my credit card and now I can't pay the full balance. Should I pay all the balance before saving or should I save a little bit for emergency every month and pay in 3 or 4 months the credit card?
I sure hope people are paying down their debts before worrying about dental insurance. Especially if you have emergency savings. Personally, I’d cut all expenses I could and take the bus if you’re carrying bad debt.
Your advice is good up until the part where you mention the 401K. As an Aussie, I assume this is your pension fund. If you follow the book The Great Taking, you will realise you do not own any of your stocks and shares. You are merely a beneficial owner of pooled assets, and an unsecured creditor. The ownership of everything is with Cede & Co.
You should create a Moustache account and pay your Moustache! You pay yourself so why not your Moustache? If TH-cam ever fails, there's always adult movies and a Moustache will only help!! It's kind of investing in your future.🤣
Two advertising of 5 seconds to watch this video omg! Only for el Agustin
TH-cam decides when you're ready, haha.
Hola Agustín:
Don't you have a Solo 401K? and a HSA?
The Roth IRA is great though.
Whyyyyy on earth do you wait til payday to track your spending? I just do it on the go. Takes a minute max each day and is no bother at all. Great moustache btw
all this works only when you make way more than your expenses. if not you can’t do any of this.
I enjoy your videos👍🌷
I don't have a payday routine or a budget. Lol🎉🎉😂😂
❤
It sounds like your budget is reactive rather than proactive.
❤❤
I gave my husband a job to do with his mouth he isnt allowed facial hair! 🤭😉😍
What if you don't have enough for your bills after you save?
The bots are getting really creative now.
Well, I think the facial hair is hot. And second thx you. I’m working two jobs that offer 401k but they don’t match and I get two pensions. Any advice?
I think the facial hair suits you! Ignore the trolls.
I am curious, As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
Actually its a Lady. Yes my go to person is a Leicia Zavala Perkins . So easy and compassionate Lady. You should take a look at her work.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Ngl I came for the tips but I stayed for the moustache
Great video and thanks for that quick glimpse of your dog (Star?). Maybe you could do a video on the expenses involved with pet ownership would appeal to your audience: do you keep a separate pet budget or save for possible pet-related expenses down the line? How about pet insurance -- something we once considered but finally decided wasn't worth the trouble. FWIW, I'm on Team Facial Hair! ;)
I actually forgot t put Star up and when I looked at the clips I was like, "They'll probably be happy if she's in the background."
Hahaha those mustach look ffunny😂 I think u look better without them. Life of a full time TH-camer is fun . It's the time freedom for me. Nice video
Without the control over time, it wouldn't be worth it. It's so much work!
Give to God, pay yourself pay your bills then spend the rest
Why would you do a roth when you are in your highest tax bracket? The painful truth is that when you're not young and cute anymore you will likely be making less money. That's when to convert regular iras to roths. Take the tax break when you are making more.
The mustache is very masculine
I was on the floor laughing 😂😂😂😂😭😭😭😭i got weak when u make that voice abt u make when u got hate comment 😂😅, i cnt focus on the mesage because of that thing on ur face lmfao.
Don't worry, they'll change the rules on your IRA before you retire 😂
No uh mustachios
Are you kidding about the facial hair? It looks great. Most men look better with it.
Thank you Lord Jesus for the gift of life and blessings to me and My family $14,120.47 weekly profit our lord Jesus have lifted up my Life!!!'
I happen 2 like your fasical hair .. i find thst it makes you much.more appealing../ sexier..
Im first!
What's wrong with your mustache? Those who don't like it can always minimize the screen and still hear what you are saying, without having to look at it.
People are harsh!
@@ElAgustin I think the anonymity of posting on social media can bring out the worst in us.
Great ideas but useless for us Europeans.
It is better to state your country and not talk about « Europeans » in general. His advives are quite useful in France where I live (i searched and found an equivalence for Roth Ira for example). You must adapt the content as much as you can according to your country
@@heybluebird absolutely I live in France , you are correct the equivalent does exist
@@victoriamorris8678 yes, right ? My company also provides an equivalence of the 401k… honestly you just need to find the best options in your country according to your situation
@victoriamorris8678 Right ? My employer also gives an equivalent of their 401k… honestly you just need to search well according to your situation and squeeze the hell out of what you can find in your country
Not for the U.K. 401k is a workplace pension or SIPP equivalent and the Roth is roughly an ISA.
second😂
100000 soon
I can’t focus on What you are saying now that you grew out your moustache 🥸🥲 jk great video
🥸🥸🥸👍👍👍
🥸