BBP REAL LIFE BUDGET | Single Mom + Savings Goals

It's time for another Real Life Budget. We asked my readers to submit their REAL information. Real spending, real debt, and real savings goals.
I am taking those real-life numbers and showing you how I would organize and budget that information using my Budget By Paycheck® Method.
In this video, I will be showing the real numbers from a reader, Elisha. She is a single mom living in New York City, making around $3,140/month (net). Elisha has followed The Budget Mom for a long time and has worked hard to make significant progress on her financial transformation. She has decreased spending, prioritized her savings goals, and eliminated all her debt besides student loans.
CHAPTERS:
00:00 Introduction
01:58 Elisha's WHY & Story
03:40 Income & Pay Schedule
03:58 Fixed Expenses
05:37 Variable Expenses
06:09 Savings Goals
07:30 Debt Picture
07:58 The Budget Calendar
08:25 Paycheck Bill Tracker
12:06 Conclusion & Recommendations
➡️ TRACKING YOUR SPENDING USING THE HIGHLIGHTER METHOD: bit.ly/3hZ752b
➡️ GET THE BUDGET BY PAYCHECK WORKBOOK: bit.ly/3J7qytp
➡️ HOW I TRACK MY SPENDING: bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: bit.ly/2wDETxF
ABOUT ME
I'm the blogger behind www.thebudgetmom.com. I have a rambunctious 6-year-old son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!
YOU CAN FIND ME AT:
📝 BLOG: www.thebudgetmom.com
📘 FACEBOOK: / thebudgetmom
📸 INSTAGRAM: / thebudgetmom
📌 PINTEREST: / thebudgetmom
GET STARTED
➡️Start Here: www.thebudgetmom.com/start-here/
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➡️Free Resources: bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMKZbin bit.ly/2CR7U9n

[@Sabrina.682]

This was very encouraging. To see what a single mom can do in an expensive city is really making me see that I CAN do this. I get discouraged very easily. I make about 250 more per paycheck than her, live in a major city in the south (so expensive, but nowhere near NY expensive) and I also have 1 child. our expenses are similar. And I live with my son's dad and have someone to split the bills with - if she can make this progress on her own then I can for sure with the help I have. Wow. Thank you so much for doing these Miko. It's time for me to get going on this.

[@samyentertainment3086]

Yes! Let’s do this!! ✊❤

[@pollydolly9723]

Always learning from you and the community! Thanks Miko. I started BBP with 7 sinking funds, now I am down to 4 - Income Tax, Tenant Insurance, Birthdays, Christmas. As the tax and insurance have gone up, the other sinking funds had to go. I got blindsided with a HUGE tax bill this year so I am ALWAYS adjusting. I can see that this single mom really has cut things down, and it is to her credit that she wants to keep paying on her student loan. She's done a great job.

[@pemeliie]

What you said at the end of the video about sinking funds really resonated with me. As of now I also have some sinking funds that absolutely would be qualified as wants. I need to follow the advice you gave to her and reevaluate what I actually need in order to focus on getting that emergency fund filled up as soon as possible.

[@thebudgetmom]

❤️❤️❤️❤️

[@jamiladaggs3857]

Me too!!

[@luizachagas9398]

Me too!

[@M.Hheezy]

This video is so helpful. I am a single Mom of 1 in her mid 40's trying to increase my savings so realizing 2 of my sinking funds are WANTS and not NEEDS is a game changer. I'm going to reevaluate my budget today. Thanks for the tips!

[@JoJo.714]

Excellent video! I do both sinking funds and have savings goals but this taught me that I can take a break on sinking funds if need be to make sure my savings goals are met. Thank you for this!

[@phobedavis7014]

Great video! There is nothing wrong with collecting food stamps and having goals. I hope more people who receive assistance start to write goals down. Write the vision and make it plain.

[@candy2325]

I started pausing some sinking funds that were “wants” so I can save for more important things. I always felt discouraged when I couldn’t fund everything, so I paused some categories that weren’t a big deal.

[@l.m.schmidt5363]

Thanks for the clarification of the sinking funds...needs first...not wants.

[@Sheenster]

For the April 21st paycheck, I think the starting leftover amount for the sinking funds is the wrong amount but process is still the same so not a big deal.

[@makemoneywithnarelle]

Thankyou ♥️ As a single Mum of 3 in Australia on disability with zero child support (ex husband deceased) I really appreciate this video. I will reassess my needs and wants to fine tune my own paycheck to paycheck budget.

[@MichelleD1989]

Disabled mom of 1 in US and only child, now young adult is differently abled. Does Australia not have the ability for your children to receive social security benefits from their father's benefits since he passed away?? Here, if a minor child under 18 loses a parent, the children receive the deceased parents benefits.

[@makemoneywithnarelle]

@@MichelleD1989 no we don't have that here unfortunately 😔

[@jessicarhiannon8002]

@@MichelleD1989 We only have things like superannuation and life insurance but the child would have to be put on as a beneficiary on those things

[@MichelleD1989]

@@makemoneywithnarelle 😪

[@apila1070]

The end is the best! I've been feeling stressed about my sinking funds but I realized that I have everything I NEED but I can also get things I want but it's just going to take some time. Savings and emergy funds are more important rn for me.

[@elainecarrillo5434]

Thanks for all you do Miko!

[@Leslie.N.]

Your channel populated on my KZbin recommendation. Now a new subbie and LOVE this series!!! Please do more! I like hearing real life stories of others' financial journeys.

[@midnightbudgets]

I really enjoy the outtakes at the end of your videos! Very fun. Thanks for a great video - enjoyed the insights.

[@PCF09]

Great video! I'm moving money from certain sinking funds to a priority now!

[@sunnyash18]

I love these videos! I binge watch them all the time. How can we submit our story and information to be shown like this?

[@Ang2us1]

Needed to hear that. Updating my priorities.❤️

[@SarannaMo]

I love these videos! Very Realistic!

[@Birdmom1823]

Great video, never disappoints 😊 💜💙💜💙💜

[@doogieRN1]

Yes Miko, thank you so much for that in regard to Sinking Funds! It was getting too confusing, but I did it right which was using Sinking Funds First for saving for necessities, like Saving for my RN License renewal which is every 2 years, BJ's membership, driver's license, excise tax, and oil changes, registration and inspection, Triple A, are my necessity Sinking Funds. My focus has been trying to be just keep up with tracking my spending and not losing track near the end of the month where things become so busy, and I forget to track. I am happy about April using the Bare Bones budget, what I am hoping is with using this, any money left over I can throw at debt and saving towards my Emergency Fund for now let that be my focus.

[@Maylis98]

I feel like going slower on saving goals because you have sinking funds is a good thing. Otherwise you might go in debt because you didn't plan it in sinking funds, you might impulse buy etc.

[@amandamalone2688]

700! In child support Good lawd!! I get 280 monthly for the past 5 year's. My son is 13.

[@Sabrina.682]

My husband gets 250/month from his sons mom (son lives with us full time). Crazy right? such a small amount! my sister gets 750 from her ex-husband for their daughter. He's in the military.

[@amandamalone2688]

@@Sabrina.682 I'm planning on bringing him back but court's are over the phone now bc of covid. It's annoying to me. I'd rather go in person.

[@riannedijkvan8560]

Thanks for sharing!

[@janetgretabudgets]

I love these budgeting videos!! I JUST ordered TBM planner 👍🏻👍🏻 So excited to receive it. Thanks for all you do 💜💜

[@thebudgetmom]

🥰🥰🥰🥰

[@AEvans36963]

I agree with your take on sinking funds. I've seen some budgeters with a lot of sinking funds, which makes me question a bit their priorities. To each his/her own, and if they have the income to fund all of that, then good luck to them. I will say though that some are doing very well in meeting some goals. That being said though, needs have to carry a greater weight than wants if one is really determined to get their finances in a healthy place.

[@natsbudget4040]

New subbie here can’t wait to follow your journey ✨🦋

[@marlanatriggs1728]

Great video ♥️

[@anniecastanos7767]

I have noticed in the debt sections well at least on two videos I have seen. A person can call the company that they are in debt and negotiate an amount to pay in full for those amounts that are close to getting payed off.

[@ronnielisa777]

I love these videos.

[@sadieprivett263]

Brilliant as usual, but your may leftover payment should of been £635 shouldn’t it? You put £731 which was the bills total? Its just thats almost $100 out on ‘leftover’ which will make a huge monthly difference!

[@ItsNomieHomieBologna]

I need more of this.

[@Ermwhatthesigma55]

Did you notice that for may you put her bill total, instead of the amount left over, in her May sinking fund's?! I'm sure you did. I got your BBP box set this year! Fingers crossed for a great year.. Happy 2023 to you. And, remember, YOU are such an inspiration to all of us BUDGET MOM fans!

[@bridgetmcgrath3964]

Good

[@starr9263]

this was very helpful, do you have a budget where someone gets paid weekly? I used to get paid bi-weekly and have switched jobs and just want to know what this looks like. thank you.

[@mymommaisacheapskate2515]

Shoot I am in NYC and my 1 1/2 bedroom is $1,500, 1 of my room is so small I wouldn't call it 1 room. I would love to pay $1,100 for a good 2 bedroom

[@TheBohemianStyle]

In Toronto, rent price is the same as. $1,500 + utilities. For the laundry mat, I average out $80 to $100 a month. How is her laundry cost so low and mine doesn’t include detergent and fabric softener?

[@PrincessMultiracial]

Cuz she probably lives in NYCHA. Not trying to be funny but that’s a possibility

[@kat-oe7gb]

@@PrincessMultiracial the projects can't be that expensive. She probably lives in a rent subsidized apartment or in the cheaper parts of the city further from midtown.

[@thrivewhileenduring6676]

@@kat-oe7gb The rent prices for NYCHA is based on a families income. It's very much possible to pay $1100 based upon her income.

[@kat-oe7gb]

@@thrivewhileenduring6676 u probably are correct. I know years ago it was capped and that was $600 for 2 bedroom and that was over 20 years ago. Time sure flies. However, you crossed over to Westchester County, there is no cap and it was a percent of your income!

[@MichelleD1989]

I would combine the bday and cmas funds all into ONE not individual. That's MY method and works better for me. I also do not spend as much $ towards gifts since I shop year round and take advantage of items on sale. We also are more minimalist and prefer less physical things and prefer experiences.

[@sheelaghconnor3694]

I also combine the birthday and Christmas 🎄🎂 easiest way for me too 💖

[@MichelleD1989]

@@sheelaghconnor3694 I started out trying to have a bunch of different funds and the more I decluttering and stopped spending on physical possessions, the less envelopes/funds I have. WAY easier to manage and saving allot more money.

[@candy2325]

Good tip! I’m seriously considering doing this. Having “extra” categories is kinda annoying me nowadays 😅 I recently combined my spending and eating out category. I feel like they’re basically the same thing to me. I only spend on essentials I need to replenish and a once in awhile fast food day

[@MichelleD1989]

@@candy2325 exactly! 💯 we also don't do expensive /extravagant vacations... everyone went to Mexico for spring break and we were home. Most of the families I know used debt for those. No thank you! I buy gift cards from our Kroger for places we usually shop, like to eat a few times a year and for gifts - then I save on gas costs with fuel points. 👍

[@deem.4527]

I agree. I have “gifts”.

[@rachealhenry5540]

How do we submit our for our budgets to be reviewed? Id love to see what your suggestions for my family would be.

[@keresawillis6723]

How can I submit my story. I'm a single mom with 3 kids and I'm drowning. I live near austin, tx so my rent is ridiculous. I would love some advice.

[@jlopez8365]

I was nearing the same but with one child. My income is rather low. So I moved to my hometown which is smaller to cut back on gas expenses and rent. I miss austin but unless I had a roommate, there’s no way I’d have made it on my own

[@Nakiyo11]

Does anyone know what temples she's using to create the budgets

[@timetorelax8807]

This is my income too as a medical assistant but I’m a single mom of two boys with very little child support $350.

[@notrelatedtosnake]

I definitely wouldn’t be relying on my ex’s $700 to be the basis of my housing coverage. If they’re late or can’t pay, now she doesn’t have her rent money. She could do the half payment method between her two checks and take $550 out of each paycheck and have her housing covered. She could use the $700 to cover her son’s $200, cell phone, and put some of it into his future account too and not take that out of her pay.

[@BrittanieRaynor]

I was curious, could you possibly help me with a budget? I am budgeting but I feel like I'm drowning with my spending. Helpp

[@jadiecakes3241]

There are mentors in the facebook page you can find one :) you can also post your budget and ask for feedback. Its a great group, very nice and helpful

[@tboogie38]

She doesn’t have to pay utilities? Or are they included in her rent? What about transportation?

[@simplybrianna8122]

Would it be cheaper for her and her son to switch to a tracphone and her mom to if possible get a government tracphone? That way she could have more money for her goals.

[@twinny12009]

How do you budget when you are self-employed and your income varies every month. I find so hard to budget well, not knowing how much I will earn each month.

[@horsesyouwillneverknow6655]

There are patterns. I would go over your records and find the average or minimum amount you can count on. For me that's 2,000 a month spread over a few weeks and then try and balance whatever is coming in with what's going out like she has done in this video by spreading the rent payment over time and for me I have noticed my savings goals were coming out right when all my variable expenses were due so I'm planning on moving that to a "quieter" time of the month that should make my cash flow easier to manage.

[@Sabrina.682]

She has a video on this somewhere about budgeting with varying income. I hope you find it! She's so helpful.

[@rachelannelopez805]

Is the child support guaranteed? If not might be safer to not rely on it for paying the rent.

[@Sabrina.682]

I had the same thought as well - but it looks like she has room to rework it if it isn't. Great point.

[@mikailagray]

If she knows it comes every month in the same day, I’m sure it probably is. Especially if it is real child support via govt backed agreement.

[@latoyamenard46]

Hello I'm just tuning in and I need help with budgeting and I'm a single mom of 3 can you help me I'm in need.

[@thebudgetmom]

Unfortunately I don't do one on one coaching at the moment but I have a ton of amazing resources! www.thebudgetmom.com/start-here/

[@Sheenster]

Free Resources and videos she has available really are amazing! I’m just learning and trying to get my daughter on it but she makes it really fun and enjoyable to want to to the work!

[@elianah8803]

Could she have forgotten some categories? There’s nothing for medical/dental, utilities? She’s done such a great job paying debt and saving, kudos to you mom 👍🏼

[@kendah111]

If she qualifies for SNAP than chances are she has Medicaid

[@ThelPic]

Is it possible that the utilities are included in the rent?

[@elianah8803]

@@ThelPic yes maybe, depending on the city where you live.

[@fandebudget9778]

Why she can't reduce the amount for her son ? She is putting 200$ for her son and 20$ for her. She can reduce to 100$.

[@levelpropertymanagement5915]

This is my life. Except child support is unreliable.

[@kimberlypritchet950]

I don't understand how she is getting food stamps when she makes so much money.

[@karinapark2299]

I think it’s because she has a son? If she was making that much just for herself she wouldn’t qualify for food stamps. That’s how it is in California

[@thrivewhileenduring6676]

@@karinapark2299 No she still makes too much money even with a child. She might of been in foster care or adopted as a child. She would then qualify for lifetime assistance from the government regardless of income.