Budget Breakdown (Ep. 12) Massive Action for Massive Results | FrugalFitMom Podcast
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- เผยแพร่เมื่อ 16 ต.ค. 2024
- This week, Christine and Dave assess the budget of a young family grappling with a significant amount of credit card debt and student loans. Even though both parents bring in a fairly high income, the Frugal Fit Spouses urge the couple to trim the fat on their spending and make some temporary sacrifices to achieve their long-term financial goals.
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References:
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I have to say that the two of you discussing these things really adds depth to the podcast because you get the husband-and-wife input and it also shows that you don't always agree but you work around it so love these budget episodes with the two of you. Thank you very much for all of your efforts.🎉❤😊
The “guilt” purchasing when you are a working mom is real! When I was working, I bought clothes in excess for my kids. I would do it online or go on my lunch break. It wasn’t conscious, I think it just made me feel like I was doing “mom” stuff. Really I just created an excess at home that I had to deal with! Now as a stay at home mom I’m actually saving money because I manage the clothes better and don’t feel the need to randomly go buy clothes for them!
❤❤❤ love this I'm praying for this family 🙏 great podcast guys. My favorite line when Dave says "It's not cool, it's responsible." My husband and I both drive old but paid off vechiles while we work down our debt I want that to be a bumpster sticker on my car 😅.
For your budget breakdowns - would LOVE to see some updates from these people in 6 months to a year to see how they are doing.
I love you and Dave. He just seems so mature and responsible. 😅 I've been a subscriber to FFM for years. Thanks for everything, Christine!
Little kids like coloring books, playing in the sandbox, doing outside stuff in the park, and learning to ride a bicycle (can be used).
As someone who grew up with parent who couldn't afford to buy brand new toys and gifts because money was tight I 100% agree. I got creative. I made paper dolls and furniture and got to make my own little world when I got bored. That was my favorite thing to do. I didn't need all of the toys and I know my dad still feels guilty but I had a good childhood. Don't feel guilty if you can't afford new toys all of the time for your kids. We also went camping a lot and fishing. My parents would take us to the park and we would hunt crawdads and play on the jungle gym.
Dave said it best 'creating new habits' and 'the value of money changes' once out of debt. Great advice, hope this family is on their way to a new journey of getting out debt, wishing them luck!
I think this is such a great episode for many to watch. The price of interest is insane, and their housing is not much. There are many young professionals out there with a lot of student debt, credit card debt, and car debt trying to live like their parents did while still renting. It's heartbreaking to see minimum payments shackle people down.
Also a van is a luxury. We have a young family with 3 kids in car seats in a Mazda 3 with 40mpg. We have saved TONS from not upgrading to a van which we definitely considered when baby 3 was on the way but it has been a blessing to have a paid off car and $60/month in gas for the car.
I have to agree that when you can afford it, you dont want it anymore. It's amazing the psychology behind this. Love your channel Christine!❤
I love listening to these. Such practical advice for so many people. Your teamwork is authentic and inspiring. Thank you for doing these. Definitely had to do most of our journey on my own (mostly medical debt for our son and critical house issues), but have still felt the relief, freedom, and pride. While being a team is best, I want to encourage anyone that you can take all these steps and make a difference in your financial peace.
YES! YES! Once you get debt free it changes you thoughts on your wants. I have the hardest time spending money sometimes. Good Problem to have :)
So excited to see what you do! We have a lot of credit card debt too 😫 I love the empathy in the truck conversation. I hope this family can do this, I’m rooting for them!!!
I love how sweet y'all are in these videos! I know you think you're harsh but y'all are so kind! It's always nice to see people just being nice ♡♡♡
Loved this one bc your sentiment is so true - once you’re debt-free, knowing you CAN do something is often a better feeling or more important than actually doing it. It’s an amazing change in perspective.
the two of you have a lot of excellent advice when it comes to money and needs vs wants. my husband is retired army E-7 then worked for 12 more years. i never worked outside the home and we raised 2 sons. our net worth is now over $500,000 and we are completely debt free. all the way through our 42 year marriage we have never disagreed about money. my husband earned the money and i managed it. even now we are still frugal.
Love these budget breakdowns, but if the board could be just a foot bigger would be better, much love ❤️
OMG. So much good advice. Just by watching this I already canceled Hulu Netflix and Discovery Plus. I love seeing you do these kind of videos. Continue with them.
I told my husband (the spender) that I wanted a Lexus and then paused and said no I just want the money in order to know I could buy it. He didn't understand. :)
Excellent video! WOW! If I knew I could unbury myself in 14 months out of this situation, I would 100% follow this. (Granted, I'm not in debt at this level.)
I can’t wait until you are accepting more budgets! I want your advice on building retirement and savings. My husband and I are 25 and 26 years old no kids yet. Buying a home soon with no debt, and want to build a life of financial freedom!! 🎉
I totally agree with driving a sedan to work. That's amazing.
I really like when you do budget breakdowns! They are so interesting and helpful! I think it's great that you do them together!
I am with you and Dave! I am sure we could get an auto loan for just about any reasonable new car or truck out there, but I don't want to have the payment. I am content driving my 2005 Honda Civic and having money to save, spend on our house, and occasionally travel. Plus, I work from home and I just can't justify the cost of buying a new car for how little I drive.
For most men, a truck is just a big toy, not a necessity. My grand kids had more fun with a large box made into play house. Their Dad cut a window and a door. They loved it
I love how you two talked it over and gave your opinions about the cuts in the budget. I only hope the couple that you are trying to help can discuss it the same and work towards their goals. Children camps, I felt that...their two older kids would love that and what memories my children have from going to camps.
I am making my way through your podcasts. I just LOVE you two!!! Thank you for the inspiration ❤
This is my first budget video and I love it. Living in Canada their $1000 a month house/groceries is a dream haha we spend about 1200-1500 a month depending on the month because its so expensive here
Please, please, please do more of these!
Love these ones as lots of food for thought and in such an honest and practical way as you’ve lived the reality 👍
Love the budget breakdown!
Slight spoiler: I audibly yelled when I heard what this family is spending on their cars. I can't imagine getting into that situation
Really enjoying your podcasts. As far as been there done that, I agree when you live through times were you are living on a string and turn it around, no matter how it happens, it gives you the experience to help others. We too have worked side hustles, what ever it takes. We now live debt free outside of our mortgage which is being tackled hard right now. but we didn't always live like this. It is worth it as Dave said to "tighten the boot straps".
Awesome series Christine. Love it. Can you please share what watch Dave is wearing? Thank you.
Totally loved this episode. I also find it super empowering when I can but don't buy that thing. Instead invest it and see it grow every year. When the amount of growth is larger than your yearly contribution... Man that feels good.
I’m just saying you could post as many times a week as you want and I will watch and rewatch.
I gotta say, i love the thumbnail you have - i can scroll through my feed and find your videos instantly!
I have to agree with so many others - I really appreciate you doing this - it's really great to see you both talking about this and your experiences. Thank you so much for this discussion!!!!
I gave up on the target / kohl's bags - They would fall apart after a couple months. I get Coach / Kate Spade / Michael Kors at one of two outlets close by only when I get bored (been doing that for 15 years - only have about 8 bags total and I swap between them).
This is one of my favourite series on youtube.. keep it going! Id love to see updates on them!
The two of you are enjoyable to watch!
I have watched your channel for years but new to the podcast. I think the only question or change I would make would be at least a small emergency fund. Having some held back for minor emergencies could help keep families from going back to credit cards when something unplanned comes up.
You are totally right!!
Love this, think it’s fab you’re helping people with their finances. ❤️
Love you guys!!! So fun to watch you do this.
I'm still on my debt free journey aggressively paying off my mortgage (🤞5 more years!🤞) but i already agree that knowing you could buy the thing is enough in itself. And especially because spending so much time saving and sacrificing, once you get to the other side (or close to it!) you realise you didn't actually need all those pretty things you wanted, you've lived just fine without them for this long so why buy them now?
I really enjoy these budget podcasts! It gives me ideas for my own. Thanks y'all! ❤️
I agree, knowing you can buy something because have no debt is such a game changer In what you actually buy.
Each month you still have to pay the minimum payment on all the cards each months.
I love listening to these. But I would love to know if they take your advice and updates on where they are. I feel invested...
Binge watching:) Thank you two for being an inspiration!
I love ur thoughts and videos. Wishing you and your family well wishes!! Love and support. Newark Jersey ❤
Podcast 👍🏻👍🏻
Great video. It is all so true. Don't drive a big vehicle if you can drive a small one. Don't buy $500 worth of toys per child for Christmas. The best toy is the box you wrapped it in. I say it every podcast, I would love an update. My thoughts are with this family.
Loved this episode
I'm retired, so I've done a monthly budget. I only have 1 credit card for emergencies only. A small mortgage. I'm more mindful of what I want to spend my money on a nice vacation & entertainment are my goals and living worry free.
love this series!
What about an emergency fund? Usually you cover putting away a 3 to 6 month emergency fund prior to paying off debt. Maybe I missed it on this video. Really liked how you were clear about goals vs wants and needs and how it's only 14 months to payoff most items and even in 6 months they will have made a huge difference. This should give them a lot of hope.
I live on the other side of the State of Oklahoma near Tulsa. Cost of living here is a little bit cheaper than OKC. I felt like the numbers on their bills was a little bit on the expensive side.
I would have to go back and check, but I believe you say every budget you receive is an incomplete budget. Which is natural, people like to think they are accounting for everything, but obviously they aren't. Is there anyway to stress to submitters that they need to take a more thorough accounting before giving you their budget? Perhaps it's more fun for you and Dave to work through the leaks, but hopefully they're more complete in the future.
Excellent analysis!
It is interesting that so much of this debt snowball is timed by getting rid of the truck. Is this person willing to make that change? That is the question. A lot of people wouldn't be willing to let go of that ego but you can see here firsthand how quickly their finances turn around making that sacrifice. We don't have car loans currently and my spouse is itching for a new vehicle. I would like to hold off as long as possible. It isn't about having the nicest car in the lot at work; it is about what you can do with your money to build true wealth!
Hi Christine, this has probably been asked before but I’m curious why you never mention credit card balance transfers in situations like this? Especially since it’s pretty unlikely they’ll follow all your advice and be able to pay off the cards that quickly. Maybe there are downsides to balance transfers that I’m not aware of?
IF they need a truck for a purpose, he can downsize to a small 2WD, unless he's hauling toys, but if that's the case I'd still say sell the toys and get a small truck. A little Toyota will give him good gas mileage while still giving him a bed to haul some things as needed.
I suspect he’d say it’s needed for tools or equipment related to the engineering job. But honestly those usually aren’t that big and could easily fit in a small truck or car with a seat down.
As someone who has done daycare, 3 kids…$1240/month. That is a steal. They are lucky there!!!
I enjoy watching these. I make a nice income but im irresponsible with spending and at times dont have money for basic things. I like watching these breakdowns because it reminds me that I can do better and save my money. I just have to patch the leaks.
Great breakdown and ideas!
Excellent video and advice!
The only critique I have on this is we didn’t start with any emergency fund.. .
I was so freaked out by the credit cards it totally slipped my mind!
Do you ever get a report back as to whether they followed your suggestions and how they're doing? I'd love to have an update.
Barclay's is usually associated with a time share type vacation thing. Possible problem?
I'm so glad they are waking up to the mess they have created. They will tackle it and start building the life they want.
The psychological aspect is that if he sells his truck to pay off those cards, its gonna hurt so bad that no way they get run back up.
I love these videos
I may have missed it but did you say where a budget review request can be submitted?
❤you guys are....fry bags ARE awesome lo,
I just discovered your podcast. How do we submit our budget for help? I would love some ideas for a one income family of 6.
This is pretty good. The only thing i disagree with is the car switching. If she is dropping off kids..that gojng to be a headache for a few bucks in gas. Keep some sanity
You can freeze your credit for free by creating accounts with the credit bureaus online
Shouldn’t they cancel there credits cards after paying off & just keep one?
I feel guilty when you talk about their grocery budget being high. I’m feeding five (we pack lunches) and I’m happy if I’m under 1200 for the month. I need help! We eat pretty clean but simple meals.
Maybe you need to start tracking your grocery spending into categories to see where the money is going. Too much meat, organic produce, prepared meals, specialty foods for dietary restrictions, not buying seasonally or sales, etc.
I spend a lot too and pack lunches. Eating clean isn't cheap. I don't care how many sales you hit up. And I refuse to eat seasonally. We want to eat fresh fruit year round.
Dave is right. Pay off the high interest credit cards first.
$180 a month for car insurance means they JUST have liability. Unless you are a driving a beater car, you need comp, collision, and uninsured motorist. Cause shit happens and you don't want to be financially responsible for the damage to you're own vehicle should you get in an accident or someone does a hit and run. I know it's more expensive. But unless you have the savings to spare to just straight up buy a new car, you need it.
I’m shocked. No mention of saving for an emergency fund.
What about emergency fund?
Just FYI, it is defintely not fool proof. LifeLock didn't catch a breech byt my bank did. LifeLock never caught it...I cancelled.
Two college educated individuals ! How do they not spend any of your higher education time on avoiding this situation! Their inclination will be to buy the commuter car and keep the truck!
What do you recommend for someone who bought a car, high interest rate due to rebuilding credit and is now under water on the loan. Would you take the hit get as much for the car as possible and then add the difference to a new loan for a cheaper car?
Depends on your income, how much the loans is, etc. Is there any way you can refinance to lower interest now?
So you’d still be under water on the new loan since you’re just rolling the debt? Also interest rates have gone up, so unless your existing loan has a higher rate than what you could get currently that wouldn’t be a benefit.
They need to follow Dave Ramsey.
Your right on the money killing off debt is a must they say people making over 100.000 thousand dollars are living pay check to paycheck in the state of n.y. that use to be nice money! Now it's just survival (sad) I total agree with debt payoff get rid of it and don't go back
Maybe sell the van too 🤷♀️
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Just saying that just because you do youtube disqualies you from giving budgeting advise is odd. Just because you may have a larger amount of money coming into the home does NOT by any means make you good at staying WITHIN your means. Look at NBA stars for instance. They get more money then i will probably ever see in my lifetime, yet they are broke minutes after they retire because of their spending habits. TH-cam is no guarantee that you will pay off your house.
If you watch their other videos, before she started TH-cam they have paid off their house with this method.
Bread basket?!?!? 😂😂😂😂
for YTbe Algo..
Eating out or frozen food.
800 sf? No no NOOO.
The mom is paying 110$ when they make 9k a month lol. That’s insane.
Ten cards thats nothing i have 15. And only make a third of their income.
Why would you need 15 cards?
Kids those age need 529 savings accounts for college.
Noice!😊😊
Credit cards
No sell the minivan too!
Having a credit card is the worst thing anyone can have. High interest rates and whatever you charge to your card ends up costing you much more than the original price
Credit card DEBT is terrible. Credit cards themselves are fine if you have controlled spending and pay them off monthly.