HOW TO BUDGET FOR 2024! how I track + plan my spending (budgeting for beginners!) | morgan yates
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- เผยแพร่เมื่อ 2 ส.ค. 2024
- I'm finally sharing my budgeting template and ALL about how to budget for the new year! This video is designed for budgeting beginners who want a budgeting 101 crash course on creating savings goals, planning your spending, & tracking all of your money. I hope these tips on budgeting, saving money, & other financial tools I use are helpful! For me, budgeting has been empowering to understand where my money is going, and to help inform my financial decisions to ensure I'm spending my money in a way that aligns with my future savings goals. // GET THE FREE TEMPLATE by filling in your email here (it will be sent to you immediately): stan.store/morganyates
(I actually got this template from my best friend Caroline whom some of you guys know, so thank you to her!)
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TIME STAMPS:
0:00 Welcome to Budgeting 101! What we're going through in this video...
1:07 Introducing my budget spreadsheet (& downloadable template)
2:01 Master page tracking / understanding where your salary is going & budgeting terminology
3:00 How to create realistic savings goals
3:55 How I track my ongoing savings categories
5:35 Introducing my monthly spending spreadsheet
5:48 Calculating your fixed costs
6:48 Determining your discretionary spending amount & creating category budgets
7:50 How I track & categorize each purchase using my budget template
9:51 Estimating future spending to plan for the month
10:39 My budgeting tips to get the most out of it
11:11 How I separate purchases from savings vs. from monthly budget
12:14 Additional financial tools we use: shared income/savings spreadsheet
12:56 Benefits of tracking monthly utility costs over time
13:27 How I make informed financial decisions through detailed tracking
14:24 Looking ahead to 2024...
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Love that you are helping other women with their financial literacy. You break everything down so realistic and easy to understand, thanks for sharing!
I'm happy to hear that!! That was my goal ❤ Thank you!
Yes the budget queen is here to stay!!! I've been watching your budgeting videos since you started and I'm so excited to make a copy of this sheet and start my own.
I hope you both had a great Christmas with loved ones and have an even better New Year! I can't wait for your one second a day.
Aww thank you!! I hope it's helpful & happy new year to you as well :)
The way you speak is the PERFECT speed and it was all so easy to follow THANK YOU
I spend way too much time in excel so you’ll have to excuse me - but don’t forget you can link those hard coded items in your formulas so you don’t have to update those things! For example when you updated “gifts” to “business” you could have put G22 (or clicked that cell). This way if you were to change that category from business to let’s say shopping, you wouldn’t have to touch that formula again. Sorry - had to mention it! 😅
Ooooh tysm!!! I have no formal excel training / never really used it in school so I def don’t know all the coding hacks 🤣
So many fantastic tips! I also love how you use this as a relationship building activity. Cheers to 2024 being our best budgeted year yet! 🤞🏻🥂
Thank you for this ! I have been using a journal to "check off" my payments but willing to switch things up. As a teacher that only gets paid once a month I am confident this will help me immensely. Thank you! ❤
I just watched your video and it's very easy to understand, thank you! I'm currently working on my budget planning and this is SO helpful, I used to do it in another template and it was so confusing. Starting 2024 with the right feet!
going to start budgeting for the new year and start doing some savings for rainy days and your budgeting videos are always helpful!! happy new year to both of you ♥️
I'm so happy to hear that! Happy new year :)
How very thoughtful of you thanks!
I love this!! I was looking at how to budget for the new year. I love you and your channel so much. Thank you for sharing your knowledge ❤
I hope it was helpful!! Thank you for watching ♥️
can't wait to start using this! 👏
This was exactly what I was looking for and you explained it how I would have! Thank you
Thanks so much for this. I’ve tried other spreadsheets and never got through them. This worked!
This is going to be so helpful - thank you!!
Yay!! I'm so glad :)
I have been saving to budget for a used SUV since February. This is going to be a year for saving and try to be more frugal for me. I am 43.
Thank you! Super helpful video🤍
Happy budgeting ❤🥰
My money literally disappears. One minute I have money, and then there’s no money. I’m grateful enough not to live paycheck to paycheck, but that has somehow made me more relaxed. In a bad way.
Hoping to start budgeting this year and work toward being debt-free.
If you like having multiple savings buckets under one account I have rly enjoyed the features ally bank offers for it! You can automatically distribute percentages of each deposit into designated categories/savings goals and it’s so easy to customize and move things around!!
That's amazing!! I wish all banks did that
wow I have an ally and thanks to your comment, I noticed this feature!!
Very much enjoyed this video. 🎉 thnx
Hi Morgan, do you have a link to the cream sweater you’re wearing in this video?
Heyy lol i luv ur vids u slay morgan
I'm gonna try out this budgeting hack and see how far it takes me. I'm a server and I do door dash occasionally but I spend money recklessly and that's a habit i want to break as I JUST turned 18 and am ready to start my life by first taking my finances seriously. If there is any more tips to be left for a young woman like myself then PLEASE DROP TIPS💚
Not sure this is available everywhere but my utility company allows you to pay an average monthly rate. So for monthly budgeting it is easier to pay the same each month rather than have the high and low monthly swings. It can be really helpful for balancing a budget.
That’s amazing! Not an option where I live sadly but that would make things much easier
Loved this video from you! You really excel in this video area. Sorry for the pun.
Super helpful - thank you! For the Google Sheets you can go to file --> make a copy to automatically copy over all the tabs to your own sheet :)
ooooh love to hear it, thank you!!
Thank you Morgan for the video. Do you ever track your spending on a mobile phone though? That would be really helpful as I tend to put receipts in my pocket or drawer and forget about them unless I log them right after I purchase something.
I don't ever use my phone, though you could use the Sheets app from there (although it may be more difficult to edit). However, unless you're spending in cash, you don't need to log your purchases based on receipts. I go through my online credit card statements, checking acct spending, venmo $ I've sent, etc. to account for everything digitally. There's rarely something cash only that I would need a receipt to remember. Hope this helps!
@@MorganYatesVids It does, thank you. I do everything in cash for now as my previous bank account got hacked and I'm not sure I should open a " credit card " without a bank account.
Hey! Thanks for the video :)
How do you tend to record monthly variable income in your spreadsheet? For example, you got $200 from selling your bike or you got back money from a government incentive?
Great question! Since these are non-taxable examples (I'm assuming), you have a few options:
1) This can go straight to additional savings (tracking on the second tab) if you didn't want to spend it right away in your monthly budget
2) If you want to factor it into your month's allotted spending, I think it would be easiest to add this as a spending line item on your monthly budget tab (as if you're tracking a purchase), but it needs to be listed as a negative number. You'd need to assign this to one of your category names to ensure it's added back in on the right. This would then increase the amount left in your overall "remaining" spending for the month (cell I28)
I hope this helps!
@@MorganYatesVids Yes, it does help. Thanks so much :)
god bless you !
Hello I have a few times and the sheet is not arriving in my inbox, don't know if I am doing something wrong. I even tried a different email address. Please help! Great video, cheers.
Watching a budget video while bout to order food.
hey treat yourself it's the holidays!
KMLES KUMAR GANHhU...
Well... I'm going to give it a try but you may as well have been speaking another language to me. I'm a terrible adult 😂
Jesus loves you
Thanks so much for this. I’ve tried other spreadsheets and never got through them. This worked!