I Stopped Budgeting After Learning This Better Method
ฝัง
- เผยแพร่เมื่อ 7 ก.ค. 2024
- I learned something very valuable, what it takes to build something for the first time, and what it takes to maintain it; are very different when it comes to money, effort and energy.
For example, to build muscle I had to do so much training, and to maintain what I have I can run a little, lift a little and keep it. Same thing with money, to make a lot of money, I had to do a lot of work, to keep what I have its just a few little habits.
So in this video, I’m going to tell you 5 things that I do, that make it so I don’t have to keep a crazy budget, like I use to
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1. Principle: Spend Less than you X% of your Income ( aka spend less than you make )
-For me, that number is about 20%, I aways want to limit my spending to less than 20% of my income
-This Christmas and black Friday, I may have brought it up to 70% but that’s the first in almost a decade
Why?
-When I was making $1000 bucks per month I was paycheck to paycheck, and when I was making 2k per month I was paycheck to paycheck
-My expenses always rose with my income, which made me realize my income wasn’t the problem it was the money I spent
-So setting a clear and defined limit is super important
How to Apply?
-Baseline Basic, Baseline Premium and Baseline Platinum
-These are just Core budget that you want to use while you’re in certain seasons of your life
-My Basic is 1k, Premium 2k and Platinum 4k.
Tip: the more expensive you’re lifestyle usually the more work and more time it’ll take to accomplish these goals
Systems
-I created the 6 envelop system for when people get paid
-That’s 6 jobs for your money
-And whenever I got paid I would put them in all those envelopes
Why ?
-I have self-control, but I never want to be reliant on myself to do what’s best
--So having systems helps me make sure everything is nearly automatic
This way when my self control is low, my system is always strong
How to:
-My investment pull automatically
-I don’t have any debt
--My emergencies are fully funded
-I have a separate debit card for expenses
-And I leave money for fun
-And charity is don’t the minute I get paid
3. Habits
-I know people with 40-50 habits and plans
-My habit is simple and its just one
-Stay Focused
This means:
-Be conscious of your spending
-Know what you can and can't buy
4. Limit Capital
-On rare occasions I use credit cards
-Maybe 2x a year but for the most part, I’m credit card free
-Because if my budget for fun is $500 I don’t want to a credit card with 20k limit on it
Debit: 3 little benefits
-Limit capital
-You feel pain
-You can't go into debt
5. Goals
-When people ask me, how well is this stuff working for me
-I say well but don’t watch me to closely
-Because we all deviate every now and then, but that’s a part of the game, just come back and keep playing
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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I'm 48years old living in California, I'm hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can't be more proud that am i now. I'm glad I made a great decision about my finances that changed me forever but now I can't seem to make any other smart investment .
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. I invested in cryptocurrencies and I'm making a huge profits but this was only possible when I started working with en expert trader/ professional in the crypto space
Investing appropriately today can save you a whole lot of stress in the nearest future
Nice content. To me, trading the forex and crypto market is way better than any online investment 💯. I earn 15 thousand dollars per weekly from trading the cryptocurrency
I'm also a proud beneficiary of crypto investment and trading. I've made alot from trading the cryptocurrency.
I earn $15,000 weekly from trading the cryptocurrency
Please I need someone to help me trade or invest the forex or crypto market because I'm tired of trading in losses myself. I've blown my account twice and it's frustrating.
Budgeting IS hard! I’m at the step where I managed to hold on to $1k for a year, mind you I did dip under the 1k due to over spending, but it’d only be for a week max. This year, I need to $5k minimum. good luck everyone !!
Dayum how u do that .. I wish
Budget… great points! And the envelope you stuff cash into is called Cash Stuffing. I’ve also found money saving challenges work too.
So you stopped living on a budget... to ...live on a budget....
I agree living on a budget is the way to go!
Some chronic spenders need jedi mind tricks to overcome their spending. I was thinking the same thing, it's literally just a different type of budgeting lol.
Multiple Accounts and Automation, automation, automation. Each account has a purpose, If it's not in the right account you can't spend it on something else
Yep, the way to go. I have a dedicated bills account. I automate a payment from my checking account into the bills acct the day after my pay day which covers all the bills for the coming month, they come out at different times but the money is already there. I do the same to a separate emergency account for my goal of 3 months living expenses, the same to my sinking funds for car, medical, vet bills, holidays etc. what ever is left in the checking account is for food, fun and everyday living
Hey! I just want to say thank you for sharing your advice with the rest of us. I find your videos extremely helpful and full of knowledge. ☺
Thanks for this video! This is going to really help me with money management 👌🏾
Thank you for the information, it will help me a lot! I’m being more intentional with all I do this year!
I have a budget because I like having it to know where my monies go but also don’t need it because I’m not buying anything past the necessities. My variable average was $1,100 monthly last year but my rent went up this year and since my fixed cost is now $1,100, I need to decrease variables to $900 to close in 2k per month max total.
Thanks so much for the valuable info.
Hey Tommy! It was great discovering your channel. I been paying my debt down heavily and I am finally in a place where I am beginning my path to financial freedom. Just needed to say you give great advice. I find a budget works for me fine. I believe when people start using a budget, they concentrate too much on the "frugal" lifestyle other TH-cam money coaches suggest. Frugal lifestyles work to a degree but at the cost of experiences and blaming oneself for failing to remain in budget. Even if you go over budget on some categories (on your own budget) it's important for people not to beat themselves up going over. It happens. Most of the time I don't go over budget overall but go over budget in a certain category. I usually still have over $800-1k in my account despite these minor mistakes I make.
Budget
thanks for the video Tommy .
very good advice
😎💪🏿
👍🏽 Thank you!
Thank you for the fantastic advice.
Great content, and thanks for sharing
Budget! Great video bro, inspiring me to set aside for my very first rental property.
Good idea ...AUTOMATE SYSTEMS
I love this , systems is awesome
Budget! I like the SLT. I never thought about it.
I am also a percentage guy. I appreciate your perspective. Good outlook.
Great video, im 23 with a bad spending habit, I blew too much money in my life alread, im trying to train myself. I’m starting my journey to save 5k in 2months
Let’s gooooooo
Budget ❤ love your videos Guy! Taught me everything I know 😅
Thanks 🙏 any questions just let me know me know
Any recommendations on building that discipline to avoid spending on these clear wants and temptations?
Hmm, how about learning delayed gratification?
Hey tommy!? if I already have a truck to convert to a food truck, what's the best way to get funding to convert it over?meaning getting the supplies I need and etc?
If you dont mind revealing. On these strict budgets what did you live in and in what location. Do you think its bad to move somewhere with an expensive living cost if they pay a lot for the field you are in.
Good advice
You sound like someone who may have learned partially the hard way. That makes the best teachers. good stuff man!
@insurance.. down for any conversation. Excited for the channels content! He is teaching how to fish over here.
Budgeting is hard!
I think this works well until you have a family. Everything gets more complicated at that point, and having a budget will help you communicate your goals better. You want to include a few categories that you would splurge on that accumulate so that you can splurge out of that splurge budget.
Even a family can have a budget, but it would be a lot more complicated. To those extents, you have more people to split that "fun" budget with and all of the other expenses also increase. I think the thing about people with kids that I see a lot, is people get roped into buying every little (overpriced) thing their kids cry about at the store, or just spend a lot of money on things to keep their kids "babysat" like movies and games/gadgets that often quickly go forgotten instead of doing activities. Corporations know this and just keep mfging more and putting high prices on it, knowing people will pay it. These purchases may seem small, but if you're doing it practically every time you're out, over a year's time, it gets into the 1000s pretty easily. What's worse is after that, there's nothing to show for it but scratched up DVDs and sun-faded and cracking plastic toys in the yard. It's dangerous too, because it teaches younguns that buying things is a road to happiness, and it's a habit they could carry into their own adulthood.
@@JadeDragon407 Just to confirm, my previous comment agrees with what you just said. What I’m saying is that the method laid out in the video (not budgeting) only works in a situation where you are really the only main spender on that account. Once you start adding in others, non-budgeting can get very expensive.
I have a decent income, so not-budgeting was fine until I have a family relying on my income. Any one of those people could have a medical emergency at any time. It was very eye-opening to suddenly find out how much we can be saving by budgeting. It also helped to improve our family’s communication.
Splurge
I get it
I just started doing this I realized if I put anything over $500 in the bank and quit my gym membership I could save thousands by 2024
I'm shooting for 50% savings rate
we spend about 25% of what we make living in Guatemala.
BuDGet$
Made it to the end.
Budgets 🎉🎉
Budget 🙏🏽
I'm going to assume that 20% spend doesn't include housing, utilities, etc?
What can I investments do you have pls I do not know what to invest in pls
Do you have rent if so do you pay it alone?
Budget!
Budget!!
How I spend my check is $100 per paycheck for entertainment. The rest for bills. What’s left over goes into my savings to invest
Joel Betances does entertainment includes eating out?
@@Retired-jr3qs yup it does. I mean if I eat out let’s say once a week on a Saturday with my girl, the bill will be close to 80$ for 2 people. A little more if we drink a lot so it’s manageable
Investing is my entertainment lol
You should pay yourself 1st...the way you are doing it your savings are scraps
Pay yourself first... Set it up on autopilot... trust me..., Have it go to a direct deposit at a separate bank at a separate institution. For example, send $150 to a different bank and never check the account except occasionally for fraud... Do this two to three times with different accounts at different banks and you will see a difference..... It funds are tight, just do $30 in each account
Budget 😊
Love the idea of the percentage… 😢sadly I don’t make enough to do anything much more than survive… j
I come to the realization this is a never ending game, but I’m still on my 3k a month for maybe 2-3 years run I know I have to catch up so I’m doing double and triple time I saved up for a home now I want to save for two before buying one. I’m a minimalist this is easy for me I’m a gamer so I can see my outcome when I start my goal it’s levels to this
BUDGETING!🙌👑🌻
Budget............great ideas
@ 12:13 *Measurable
Thank you for your content
@whtsappme135 don’t have that app. Thanks though
it aint that much of a sacrifice not buying things u dont need is financial protection , protection fromn loosing most of r money lol
Are you Dominican ? And do you live in DR ? If so, do you live there from periods at a time ? The only reason why I’m asking is because I’m interested in doing the same.
Budgets!
you think not using your credit card is a good idea? As In you don’t care about credit more than having capital (cash)
yo bro check out videos of ppl saving mad money on coupons , ppl are actually getting products whole sale
I was just talking about this lol
budget!
9:43 "And then for example here in the" [WHAT?] "Republic."
“Dominican” is an island in the Caribbean.
WHAT! TOMMIE GOR A NEW PHONE!!
Pet food $540.?
Budget
Thanks for sharing your Budget strategy.
B U D G E T !!!!!
"don't spend more than you make". Except you need to have a budget in order to know how much you make, how much you spend. 🤦♂️
I really enjoyed your vidéo, you are very direct in how it can work, and what you suggest. You talk very fait and I have to répond to be able to complète my notes. I am going to pay up the remainder of my débats andin June I will be setting aide my first of twelve saving amount of 833.33$ to save up 10K$ to have an emergency fund, and 3 months of core expenses and living expenses aide. And if there is anything left from this put it in à savings account that I will continue to contribue to, in order to use for investments further down the line.
You have given me the insentive to get my act together and do the 10K$ challenge. THANK YOU
Sorry for all the Word changes. I have autocorrect set up in French
Still requires budgeting to know if you are going over 70% of your income. Crunching and micromanaging your own numbers is always the best way to embolden yourself to accomplishing a healthy mindset towards money. I have 13 different savings accounts to envelope budget. Of course if you are busy with other grand plans than you might have an accountant that does all that for you.
I agree with everything except the credit card thing. Y would u invest your own money into something? Never heard of that. I made $127k last year only spending about $16k of my own money. On top of that, the rewards u get r amazing. I can basically fly first class for free a few times of year using credit cards
Things that benefit you might not benefit someone that let’s say doesn’t fly just take what you need from the message that person might can’t afford to do what you do to each its own.
BUDGET!
Wait a minute I thought you said destroy it.
Why did you move to DR?
I Didnt move, just staying here with family and friends for awhile
You don’t use credit cards that’s nuts your missing out on so much synchrony bank pays my phone bill a couple times a year and it costs me nothing 😂😂 I dunno if I can take anything else you’ve said seriously if your not using credit cards for every purchase and letting the lenders pay a portion of the bill
Do you pay off your credit card each time? If not, look at what the interest rate for the card is. You might be paying more than you realize.
Budgets
Yea but you can't di that if your in debt
How do you automate everything what do you use to do so ?
Sofi Money
1. Pay debts...
2. Save a %...
3. Spend the rest...clothes, entertainment etc...😁 life is too short.
Not sure🤔, but there should be an account in which you deposit your monthly or biweekly income and it automatically divides your money for you into different accounts...expenses, savings,emergencys, fun
Yes, I call it the one-third method.
Time for a how much TH-cam paid me in 2022 video
Good idea
I would be cautious using a debit card for everything. You are giving thieves direct access to your money. I use credit cards and pay them off. More thn once I had some low life losers take the credit card info and unsuccessfully try to use it. It wouild have been a bigger headache if it was the debit account.
Budget🙃
Maybe I'm weird but this is always the way I saved/invest money, as soon as I get paid all left over from the last check gets saved, along with some of the new check, over and over. I probably dont save as much as I could other was but I find this less strict and allows me to still enjoy the small things I like without also worring about a budget. I still keep stuff like food to a low, for example I just have a bagel for breakfast, cook something that covers lunch and dinner, or just skip a meal if I'm not hungry. Still do stuff like vaping but I manage to still keep that to about $40 a month, ironically figured how to min the cost compared to people who smoke a pack+ a day when I might consume just as much.
Budget… and ramsey swears by these for a reason
Hey Bryson, how is it going? I’ve just discovered your Channel, and it was such a great discovery, your words are incredibly wise and at the same time very easy to understand to an ordinary person like me who isn’t in this economy thing. Thank you a lot for your work, I can’t wait to watch your other videos. Catch ya later, Hengist Osbyorn.
Veru
Verygg
🎓 y
BUDGET !!!!!!!!!!!
Stop budgeting by budgeting 😁
Just don't call it budgeting 🤭
budget bro
I am not sure you have a mtg.
HOW... is this NOT BUDGETING?????????
It's... budgeting. Plain and simple.
Just talking
Worldwide global universal greatest in universe galaxy worldwide world blessed miracle
I’d rather spend everything and more, in my opinion life is short and you should enjoy it spend it when you get it is my rule. After that it’s simple you have to make more to live, once you believe in yourself everything becomes easy, have confidence you will make more.
Budget, I hear a lot of times the trusted ppl on financial channels that I do follow say to not use your debit card, but to use your credit cards. So, now I'm perplexed 😂😂
Credit cards/score are just Americanism. I don't live by that system. I just save up to buy anything I want or need. It surprised me credit is frowned upon in most countries.
Good credit cards offers cash back rewards while most debit cards don't offer any rewards at all. The biggest downside to credit cards is the increased need for financial discipline. Assuming you're not disgustingly wealthy, tracking your spending and budgeting is highly recommended so you don't accidentally overspend. It's really about what works best for you. If you don't feel up to tracking, then debit cards might be a better option.
I pay for almost everything I can on my credit card to get cash back (I use the cash back to buy Christmas presents), but I don’t buy anything I can’t afford. For example, I bought a brand new MacBook last year on my credit card, but I didn’t buy it until I had already saved the money for it to pay off the card. I do not carry a balance on it and pay off my card in full every month.
Take out a personal loan nonsecured for as much as possible then don't pay it back. Eventually they will sell it off to a buffoon bill collector who legally can't collect on it.Stay credit free pay cash. Screw the corrupt banks back that's what I did and I own a home cash.
Either way youre still budgeting lok
Lol basically
the iphone 14 is a message from god that you don't know how to manage your budget. i have an android phone that cost $100 and it's not cool but it's good enough and if i lose it in a couch, no big deal
also: i'm worth 2.5 million dollars
Orrrrr.... just go watch Dave Ramsey who has more experience than this guy has years on this earth
It takes me less time to set up a budget and know where all my money is going than all the crap this video lists.
Bro you consistently drop content, but whenever you speak on the topic it nonsense, marketed by a bullshit clickbait title.
budgets
Budget 🫡
😎
He scammed with me take payment from me and now block me on Instagram
First yo comment please I need your help through WhatsApp 😔😔
I don’t use WhatsApp
@@TommyBryson u sound like a foreigner .. we all got WhatsApp lmao just tell em HELL NA!!
@@Tana1600 lol i mean i dont have whatsapp for public communication
Budget!
Budget
💪🏿💪🏿