How To Budget To Get More From Your Money

[@MakingMoneyPodcast]

Hello! We’ve put something together for you - a free guide for beginners that shows 80% of what you need to know about personal finance on 2 pages. You can get it here: makingmoney.email/80-guide-video

[@teastallion5451]

What a fantastic episode. Really enjoy the dynamic between you both and how genuine you are when discussing something that so many of us put off, yet couldn’t be more relevant to do given the climate. Thank you.

[@MakingMoneyPodcast]

Thanks Tea. So great to hear you're enjoying the episodes! MM Team.

[@perryfeighan3969]

My financial literacy started a mere 3 months ago. It started with your KZbin videos and I’ve already learnt so much. The podcasts are the icing on the cake and having T there, helps me feel at ease, that I’m not the only one that doesn’t understand everything. Appreciate you both ❤

[@DamienTalksMoney]

Love this comment thank you Perry and glad we can help you on your journey.

[@MrDown2AT]

Thanks Perry, it is a financial literacy journey for me too! Well... more of a diversification of my portfolio journey 🤣

[@Rothargar]

Top g

[@yellowvurt]

Time to buy shares in Greggs and Zipcars it seems 😂

[@DamienTalksMoney]

I am on a diet so short greggs! (Not financial advice)

[@jacjaw2011]

So many things Damien mentions in this podcast I do. I have 6 accounts, one for salary going in, one for house direct debits and car spend, one for general spend, one for holiday saving, two saving accounts. That's the way I budget. Great to know I'm not the only person doing this. Also easier to switch accounts to earn cash for switching.

[@geeman6274]

Got to be the most fun\funny budgeting video on YT! Keep up the good work guys! 👏 🎉

[@DamienTalksMoney]

Thank you! Ts reckless lifestyle wrote all the jokes

[@geeman6274]

The old saying you can't write it springs to mind! Pretty sure you had a couple of your own though! 🤔🙈🤣

[@jacquelinelawrence4462]

Thank you both for your insights. Looking forward to see what you both have for 2025.

[@thesweetbunny87]

Loving this new podcast. Keep on doing this amazing work, as I am sure you are helping so many people with your and your guest's knowledge. Been watching too Financial Audit from Caleb Hammer, and it is so interesting to see on what people spend their money or how they budget or how people justify their spending.

[@MakingMoneyPodcast]

Thank you! We love hearing that!

[@Nathansss365]

I’ve just discovered you guys and have absorbed some of your podcasts and videos today , you’re brilliant and I love the dynamic between you two . Keep it up

[@myafrosheen]

I like using multiple current account as it makes things easier for me. I use one for my daily commute, one for random miscellaneous fun spending, one for food/daily spending, one where my direct debits come out of, 2 emergency funds and then an ISA which i fund on payday. I have a rough template where I shuffle a few figures depending on the month but the budgetting process only takes about 10-15mins a month and then I don't have to worry about dipping into any accounts throughout the month.

[@philliptemple9841]

Envelope stuffing with cash for two weeks, locking up your cards, done twice a year is great for doing a reset on spending creep. Especially for food shopping. Phillip.

[@Gemok1980]

I'm an "envelope stuffer" with lots of accounts. Spending Money. Annual bills - insurances, boiler service, car service, MOT etc. Holiday fund. The next car purchase. New phone in 2 years. Christmas. Next year's LISA. All in different accounts that build up month by month so I know the money will be there when it's needed. Love that my bank lets me rename the accounts to what the money is for.

[@DamienTalksMoney]

Yes!! Love this, killing it chris

[@Dr.JubairsFinance]

One of the best episodes yet!

[@liamgriffin5583]

Love all the videos from these guys. Excellent work chaps

[@squibys2262]

I dont necessarily budget but thats because by default im frugal, i have been doing a monthly audit for some years though. One thing its good for is making sure things like refunds are actually landing back in my account, you will be surprised how many times I've had to chase them down because they dont arrive. I wonder how many people just assume it will be returned and never do a sit down look at their income/expenditures.

[@clarenceishmael9615]

Another interesting one. I've always logged my income and expenditure ever since I started working in the 80s, have no debt and a fully paid for home but not enough savings yet for a comfortable retirement so I feel guilty if I spend money on anything other than saving and investing. I'm coming round to the idea of doing a proper budget just so I can get a better idea of how much I can actually afford to spend on things other than saving. Thanks for the inspiration. You seem like the sort of mate we should all have one of !

[@DamienTalksMoney]

I have battled with this myself around spending on myself and it is not something I am completely over but carving out a chunk for me to spend each month so I can enjoy the present and not just pile cash away for the future has been a great thing for my day to day happiness. It is all about being happy so budget for that and allow yourself some money to live today

[@clarenceishmael9615]

@@DamienTalksMoney Thanks Damien. Keep up the good work! 👍🏾

[@tridau]

A serious topic but I laughed a lot listening to this. We all have our own ‘zip car’ 😂

[@MrDown2AT]

I'm working on my problem 🤣 I have only got 2 zipcars since that episode!

[@Phucket24]

You two guys are brilliant, I can’t get enough of your videos. Both of you are great fun

[@Life_Literacy]

Lol T dude….. there is no shame or embarrassment fella, you’ll feel better if you can take Damo’s advice and start tracking stuff more. Budget isn’t a bad word. Loving the duo, and the content! 👍🏻

[@DamienTalksMoney]

Thank you mate as always! Glad you are enjoying this content also

[@SassySkylar]

I hope you’re using a Chase 1% cashback card for all your spending on the ONLY card you use day to day. I love how you pay yourself each week. That’s so good.

[@chrisballUKtoNZ]

i love this new podcast

[@Brown969]

Where do I get the basic budget again? Thanks for another great podcast.

[@MakingMoneyPodcast]

Hi Nathan! You can get the basic budget through the newsletter. You'll need to subscribe using this link: makingmoney.email/ep5 Thanks, MM Team

[@imbarmstrong]

What a comedy duo. 😂 Have to say I probably "Overbudget". But I love me an Excel Spreadsheet and if you dont have much you want to know where the money's going and why.

[@MakingMoneyPodcast]

Thanks Ian! We love a spreadsheet too! MM Team

[@andrewberry8701]

To your points Damian, I call it a 'Payback Agenda'. I have a discretionary line in my fixed cost list. If I have spent a certain amount on discretionary purchases one month (this comes out of my Fixed costs), these are recorded in my 'Payback Agenda'. These are totalled up that month and then added to (or as part of) my savings structure for the following month. It is a form of financial self flagellation. This does not interfere with my a) Fixed Cost b) Cost specific to that month only (so Variable) c) Pay myself first savings. These are savings ABOVE my 'pay myself first' and comes out of my Fixed cost discretionary spending for next. It may means I have to rein it in the following as my discretionary has taken a hit, but then the following month it's back to normal...................................Sounds badly explained, but it works for someone on a fixed income and no kids.

[@johnjones6890]

Love your work guys and the content is great. Word of advice though you need to watch the continuity between shots with T's watch disappearing. Breaks concentration on the topics

[@jballerton]

This is a great video. A question on budgeting/saving for big ticket items, how are people doing this in the current climate. I’m talking about a car purchase, house deposit, home improvements etc. I’ve always been of the mindset save and then buy what you can afford, but with the huge leaps in cost of these items, this is increasingly difficult. Are people use savings/investments or finance for these types of purchases. To be clear I’m not talking about emergency fund purchases as these are I suppose planned purchases. I’d be interested to hear peoples thoughts.

[@MakingMoneyPodcast]

Thanks James! Glad you enjoyed the episode. Almost all our guests talk about this, Claer Barrett from the FT does especially in our first episode, if you haven't already checked that out. MM team.

[@juliettan3767]

Hi, could you please suggest the best junior s&s isa provider with very low fees. Also what happens when the child turns 18 and have junior s&s isa with for example hl do they need to stick with them and pay high fees?

[@jaymistry9330]

quality video. thanks lads

[@0oKeZo0]

Damien single handedly responsible for greggs' headlined turn around this quarter 😂

[@declanmcardle]

"and now we have an email in, it's from D.Ramsay, he says "T,. dump your car and get a 3k runaround..."

[@MrDown2AT]

No way! I always wanted a Mercedes, after driving a Honda, Peugeot and Vauxhall Estate (my friends called it a soccer mum car) I finally got my C Class! I just need to take it easier on corners and speed bumps so that I stop having to take it into the garage for repairs... which leads to me buying excessive zipcars! I also started taking the tube and cycling again 🚲🤣

[@camcoolcam]

I liked your original channel but this is brilliant

[@Alex-cw3rz]

I just subscribed to the newsletter and was wondering how I can look at the newsletter for the summary of this episode

[@MakingMoneyPodcast]

Thanks, the easiest place to find all our newsletters is on our website: www.makingmoneypodcast.co.uk/episodes

[@Alex-cw3rz]

@@MakingMoneyPodcast thank you

[@willpaterson2042]

How do you class pension savings? You treat it as part of your savings % if you are working out the 50/30/20 rule? Would you include employer’s contributions in it or just your own?

[@MakingMoneyPodcast]

Thanks for watching Will! There is no one-size-fits-all rule but as pensions are part of savings they would normally be put into the 20% part of the 50/30/20 framework. We've also got a whole episode dedicated to pensions coming out soon, if you're interested in pensions you won't want to miss it. MM team. *This is not financial advice. As always with investments, your capital is at risk.

[@gwynsea8162]

The important point which isn't made clearly enough is to make sure that you get good value for the money that you spend. Ask, is this good value? Am i being mugged? Will i really get enough value from this to make it worth spending that? Do i really want to spend 15 quid on a takeaway because I'm hungry and being lazy or actually can i just make egg and beans on toast at home for less than a quid? It won't be as nice as a takeaway (but probably more healthy) but can i really justify that cost for the additional value? These are the questions that i always ask myself. Am i prepared to pay a fiver to park which seems a rip off? No, I'll park a mile away for free and have to walk, but hey, save money and get some exercise. And so it goes on

[@davidlee8999]

I have a budget which covers everything its the variables which catch you out I know what I spend weekly / monthly / quarterly and yearly

[@YukalayleeGames]

Great great episode

[@garethgazz9332]

I guess what T was saying about not needing to budget now he has money is essentially just paying for the luxury of not putting in that mental effort. As in, he will waste more money as a result of not budgeting, but because he's not struggling for money that doesn't really matter, and he would rather spend more than he needs to each month than sit down and budget. It's just another form of paying for convenience isn't it.

[@MrDown2AT]

You're speaking my language! Although breaking down my bank statement really did help me with some bad spending habits..

[@joeallen781]

Is there any update on the Budget Damo is supposed to be working on?

[@MakingMoneyPodcast]

Hi Joe, we included a link to the budget in the newsletter. You can subscribe through this link: makingmoney.email/ep5 Thanks, MM Team

[@Kazi2812]

Damien, More Plates More Dates for hair loss advice. Mine's halted completely, a single spray a day, microneedle once a week, fin 3x a week and jobs a goodun. Also you can save a fortune putting it all together yourself... An easy marathon. Anyway, good podcast once more!

[@DamienTalksMoney]

You legend thank you

[@DanRobards]

No way T hasn't heard of Blackpool Pleasure Beach?.. Family outing needed!

[@megccp]

It would be really cool if u did budget reviews for various people. Caleb Hammer is the US does this and its really entertaining, would be cool to have a UK version.

[@Saransh.m]

Ooo.. I like the idea of weekly payments if my employer can't do it, I can. Thanks

[@DamienTalksMoney]

I am considering going to daily payments! Haha I just love getting paid

[@Saransh.m]

@@DamienTalksMoney i won't go that extreme 😂

[@pedazodetorpedo]

When it comes to the car, you don't buy an £8k car unless you've actually got £10k. If £8k is the total budget for buying the car then you buy a £6k car, because cars will inevitably require maintenance.

[@MattMcQueen1]

Damien should definitely buy shares in Greggs.

[@DamienTalksMoney]

I am aiming for a board seat 💺

[@CavanHagan2]

That’s why Damo started a podcast. He knew his KZbin career was going down the drain when his hair falls out.

[@DamienTalksMoney]

I am transitioning to audio only content in time for my hair to fully disappear

[@MrDown2AT]

🤣🤣

[@EamonCoyle]

Are you sure Manuel isn't the guy from Blackpool pleasure lol

[@faenorsjewel5618]

* puts hand up * I don't budget because I don't want to face up to how bad I am with money Damien , make me beh'er

[@DamienTalksMoney]

🤣🤣🤣🤣 the pronunciation police follow me everywhere

[@faenorsjewel5618]

Well.... be more boring then and I'll stop watching ;) Awesome pod dude :) loving all the episodes so far, couldn't be any better ;)

[@DamienTalksMoney]

@@faenorsjewel5618 glad you are enjoying I mate! As someone who watches a lot of my videos I really respect your thoughts on this

[@declanmcardle]

Trade in the Zip cars for an Oyster card....

[@DamienTalksMoney]

He is too big for the tube mate

[@joeallen781]

You're never too rich to budget...

[@DamienTalksMoney]

Well according to T a budget is a luxury 🤣

[@LynneF-jx2uj]

Does T really work and invest in crypto? If so, I’d be worried about having all my eggs in the same basket and would be investing elsewhere.

[@johnmcdonald219]

It"s womg that finance isn't taught to school children from a very young age.