How to build a better budget and save more

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How to build a better budget and save more

Рет қаралды 13,214

TODAY

Күн бұрын

Пікірлер: 42

@OurRetireEarlyJourney Ай бұрын

Thank you for educating the masses! More people need to budget and gain financial literacy.

@pgppe9488 Ай бұрын

Americans need to be taught financial literacy in middle school. Most of the money issues people experience are created by poor decision making.

@sayless1445 Ай бұрын

💯

@Red_1976 Ай бұрын

Impulsivity is the number one reason people are in debt.. people feel they also ‘deserve’ what they want. They have no concept of sacrifice to get ahead.

@41yearoldnewdriver Ай бұрын

I started saving in February. I am a frugal 43-year-old lady.

@peanutButterJe11y Ай бұрын

No one even blinked when she said 50-60% of a budget going to housing... That's crazy

@loveydovey4u Ай бұрын

It's true!

@sugasuga406 Ай бұрын

It used to be no more than 30%.

@vickieclark5931 Ай бұрын

I think she was talking about ALL housing expenses including utilities. I think most people's expenses that are in the needs are way over 60%, which is why people are living paycheck to paycheck these days. They barely make enough to cover their monthly bills.

@peanutButterJe11y Ай бұрын

Yeah, if we're including other costs, like maintenance costs, that's understandable. Especially in older houses.

@tonyt3508 Ай бұрын

That's because they are all well paid!

@kimberlylepine5115 Ай бұрын

Our "wants" is generally way below 30%. It's easiest to reduce that category. And pace yourself! "Not today" doesn't mean "never".

@lionessrising Ай бұрын

I do my budget on paper, transfer savings to hysa and cash stuff my variable expenses.

@desmondlj88 Ай бұрын

More Pay = A Better Budget

@Rashaadthegr8 Ай бұрын

less kids = more $ less subscriptions = more $

@loveydovey4u Ай бұрын

...kids are megabucks!

@user-wc5lw7ps6h1 Ай бұрын

= More spending (for most Americans)

@lionessrising Ай бұрын

Then explain why a lot of nurses, doctors etc are also broke? America doesn’t have an income problem. They have a discipline and spending problem.

@Rashaadthegr8 Ай бұрын

@@lionessrising facts!

@RyanWooComposer Ай бұрын

The wages are not carrying people far enough today

@channelthefire2745 Ай бұрын

I think 20% is way too low. Try and strive for at save and invest 50% if you want to retire early and not in your 60's. Once you saved 25-30 times your living expenses you can retire, assuming that the money is invested in the total stock market.

@vickieclark5931 Ай бұрын

Yeah, but that's not realistic for most people unless they make a lot of money.

@debbieframpton3857 Ай бұрын

, Working retail (not a high income paying job) I still put money in a 401k and Roth IRA it's about priorities. I've been shopping in thrift stores and garage sales for clothing and as much household items as I can find buy markdown meat and other markdown food and non-food items. A few dollars here and a few dollars there adds up

@channelthefire2745 Ай бұрын

@@vickieclark5931 I also think living in the midwest helps. I live very frugally approximately 1000-1200 per month. This pays for everything including rent. This leaves me to have a high savings rate. Even if you would have a low income with this these expenses it would still lead to a pretty high savings rate. Once I save 25-30x my expenses I plan to ease of the gas a little.

@channelthefire2745 Ай бұрын

@@debbieframpton3857 I totally agree with you. That cheap 5 dollar coffee is actually $35 per week. some people don't realize that. My personal favorite for myself was getting visible wireless. it serves as my internet and phone and its only $23 month if paid annually. This has saved me hundreds of dollars over the years. Also getting a cash management account from fidelity (basically a checking account that gives you interest 2.7%) and a high interest ally savings account 4.6% (which allows you to pay off 10 items, like credit cards, per month). literally free free money in my pocket for having money sitting in checking/savings accounts. Getting a new credit card every 6 months is something else I like to do as well. if you spend say $1000 in 3 months many of them give you 200-300 for doing that. always pay everything in full when it comes due and no worries. I just spend money on things I normally would buy. and no subscriptions, absolutely hate those. leach on finances. I could go on...lol Just doing these things gives me approximately 1000-2000 extra per year for basically doing nothing.

@channelthefire2745 Ай бұрын

@@debbieframpton3857 it looks like my previous comment was removed for some odd reason. but in short i agree :)

Ай бұрын

This stupid idea of following some so called ' influencer' from TikTok is moronic. Did people have a brain before TikTok? Pay yourself first. I started with 10% of my paycheck but now at 20%. Set a realistic budget. None of this buy now pay later crap. If you can't buy it now then don't. Do the 24hr rule, wait 24hrs and then decide.

@vickieclark5931 Ай бұрын

I agree.

@debbieframpton3857 Ай бұрын

I think most of these tic tok people just want their 15 minutes of fame crying about rent and other things when they have 1400 car payments.