My 2024 Budget/Spend Plan | From $99 to $23,000 | First year with NO DEBT

[@Herhighness211]

I’m a grown ass lady & raising a child. I’ve owned 3 homes & I have a good income. I’m starting a debt payoff journey & I CANNOT believe that it’s never occurred to me to calculate annual cost of regular ish like gas for the car!

[@michaelapatton]

I just made my last payment to my student loans a few days ago. $84,081 in 4 years. It feels amazing to not have to budget for money going towards debt. I am now going to be in aggressive save mode for a house! I think it will be easier to spend less knowing every dollar I save is going to be either for a down payment on the house or for furniture for my house. Been dreaming of this for a long long time 😊

[@PersonalFinancewithLeila]

HUGEEE congrats that's so exciting!! Yes all the saving is going to be easier now and go so much faster!

[@angiewolf8189]

All the best in 2024. 🎉 I am 53 and totally debt free; including mortgage. Lowest spend: health/beauty. Highest spend: traveling.

[@QuesttoFIRE]

Yessss I totally get it about paying off debt! That’s why I decided to finally get my car paid off, even though the interest rate is tiny. It will be SO nice to be completely debt free. And I’m aiming to do it in less than six months!💪🏻

[@pennylane36]

My biggest hurdle is my husband! I've kept track of our spending for the last 3 years and I see areas where we could cut way back, I just think since he works so hard, putting him on an allowance wouldn't set well with him. Having said that, I keep my budget simple. I've already paid all our Jan bills, and at the same time, I put money into savings. I pay the bills, leave the same amount in checking every month, and anything over that set amount goes into 2 savings accounts. 1 is retirement and the other is emergency fund. what's left in checking is what we use for the necessities like gas, groceries eating out etc. I keep track of what we spend but I don't worry about it to much and when the next paycheck rolls in, I still have more than enough in checking. I just need for him to be willing to let me buy his snacks and drinks at the store instead of him stopping by the gas station every morning for those 2 items. I also thought I cut way back on coffee but I can do better there too. I did safe 36% of our income this year. I just would like to spend less on those things we don't need or could get cheaper at the store.

[@sarahsmiley13]

Great video as always Leila! I’m a huge supporter of taking advantage of your local public library, even just signing up for a library card helps keep them funded! Maybe you could consider getting some books from the library to save on book spend? Love your videos!

[@PersonalFinancewithLeila]

Thank you! I have a library card but just prefer to purchase now since I enjoy collecting them and the ones I want are always on hold for months!

[@gretelwhite8088]

I love this, such clarity of aims etc. You have given me the necessary kick in the behind to have me get on and sort out my 2024 budget. My highest amount will be savings. Not sure on the lowest, probably clothes.

[@belengauto3801]

Thanks for the video, Leila. I have never thought doing an annual budget. That's interesting. My highest expense in 2024 will be the full-time nanny I hired for my baby. Merry Christmas 🎅 🎄

[@rosslarocco]

Cheers for 2024 money moves! Spotify done as well. I REALLY want to use Mint. The coverage just isn't good enough for me. BUT, my current cell provider just launched annual plans! $250 for unlimited for 12 months...DONE! I use Upside as well, it was great in 2023 paired with the Gemini credit card. Crypto 10% back in gas but the promo expired. Redeemed just like cash in stable coins. Stacked with Upside. The big category/expense of course is GROCERY! I think I spend more than your budget on just myself lol. I work at a grocery store as an assistant manager, but recently broke down some numbers. I re-joined Thrive Market for 2024 after being away for several years. Orders placed for the same or similar items came up LESS than my store plus employee discount! Like a protein bar is 25 cents less on Thrive than buying in-store with discount. I live rural. Feels like I should be taking more advantage of living rural. Lots of driving on days off just to stand in line at a store. Overall goal, stand in line LESS!

[@thomaschew2191]

Congratulations on a job well done! Prior to starting our debt free journey, we were paycheck to paycheck. Started our debt payoff a gradual process but at the mid-point went scorched earth. That was where we learned a bit of frugality. Our first year debt free we continued with the frugal mindset and the result we put 50% of our income into savings and investments. On roughly the same income as paycheck to paycheck we were able to achieve supersaver status. If we could do it anyone can do it, it just takes discipline and a set of goals.

[@PersonalFinancewithLeila]

Thank you!! And huge congrats to y'all as well, that's awesome!

[@wendyalban]

13:20 2015?! Girl, I still drive my 2007 Toyota Corolla that’s gone through so much abuse (my first car). You’re good 😂

[@dudefromlaveenaz]

We are still making some changes to insurances and other things so I don't have everything fully figured out yet, but we saved a LOT of money by switching our car insurance. Our biggest expense next year will be debt pay off of around 26-28k.

[@breezybre2670]

My word!!!!!!! We spend $800 a month on gas!!! Mortgage is the biggest cost at 39,600. Apple storage is the smallest at 17.28 a year.

[@alanaherbert6037]

Thanks for the ROTH IRA increase reminder, I definitely was planning 6500 again need to update that in my goal planning & budget.

[@TheahLil]

Most people who look lump sum is statistically better than dripping the money in otherwise. The truth its you are also putting money in every 2 weeks through your work, AND if you put it in every jan that's also a form of DCA-ing it if you zoom out far enough - once a year, many years! :D For me, I choose to keep the Roth as a flexible place to put money - unlink my work place accounts, where are pretty hard to adjust, the roth IRA I can skip or put extra, whatever I want. I plan to put anything I have extra from December (it's a 3 pay month) straight to it, and then proceed in my flexible manner the rest of the year . I have a goal of how much between all accounts I want to average investing per month. Gotta love how personal finance is so personal! :)

[@Kimbopolo]

Sweet! Another huge benefit fo maxing out your 401K is the substantial tax break from your W-2 job. Here's to a prosperous 🎉 new year!

[@danjas.599]

I do it the other way around, i look at how much i spent on misc. invoices during the year (health insurance, doctors appointment, taxes etc.) and break that down to a monthly amount rounding up generously because usually it increases year over year and then generate my monthly budget including those points as one sinking fund. But doing a yearly budget sounds interesting too, the amounts sound outlandishly high though XD My lowest spend point is hard, probably beauty products, stuff for the home or presents? (240 per year each) And the highest is of course rent (12'240, very fortunate this is so low) followed by my roth, health insurance and taxes as some of the highest points :)

[@memphistnliving]

Nice share leila. Good to have a picture well in advance so that we can have ducks in row, put correct money in buckets.

[@haileyreign971]

$3000 is not high ESPECIALLY including books 😂 Lovely plans for 2024! ❤ Edit: Highest spend will be student loans(with my car & my dog as close seconds) 😂 Lowest spend will be internet & gas. I now WFH so my job provides a stipend for internet costs and I don't have to sit in traffic for 45 minutes to get anywhere. I'm liking it thus far. 😂

[@makaylaschoen9074]

great video as always! my highest spend for 2024 will be my graduate school tuition (~$20k). my lowest spend will be spotify premium since i have the student plan at $5.99/month

[@jenniferforrest7041]

I am getting my spotify premium for a year right now!!!! Thanks for helping me save $40.80!

[@PersonalFinancewithLeila]

Yay!!

[@libbysworld7649]

I love that you do this. I look forward to your standard series of videos, so much! Thanks for the tip about Rick and Michonne! I love TWD also, but lost touch with it when I cut the cord. I'll probably get AMC+ also.

[@amendezmuniz]

Like always, great break down! I’ll be working on my 2024 plan this week

[@catgodfrey6451]

U r going to rock 2024. If it wasn’t for u I wouldn’t have much of a plan/goals in place. Do u like using the library? Our highest expense is definitely housing. Our lowest expense will be discretionary spending 😊❤😊 Merry Christmas 🎄

[@kori8455]

I loved this video because I do the same thing at the end of the year! Wishing you a successful and happy 2024! ✨

[@randomnielle]

I was paying $21.65 in November for Netflix and December went up to $24.90! We really enjoy it though

[@yolkir.]

very excited for you, leila!! thank you for always being an inspo!

[@mebehelpful]

Awesome video Leila! Hoping to do one of these myself to see exactly how much I’ll be spending in 2024

[@alwaysemilia]

Hey Leila, Thanks for sharing as always. I’d love to see a pic of your doggies some time! I’m in the process of setting up my goals for next year, and it’s such a fun process. I hope you have a wonderful Christmas and enjoy some down time. :)

[@tazzsmith5566]

Thanks for a great video Leila. I never thought of doing an annual budget. Love the idea of getting a Spotify gift card from Amazon. Thanks again.

[@MackenzieOhman]

OMG I love this! I have been subscribing for a long time and I also live in Georgia :)

[@anasye]

This was my first year paying for Mint mobile for the whole year. I use a lower tier plan for $20/month

[@katresealexander1311]

Financial goals and money moves. I love your channel. I stay inspired and motivated with my financial goals as well 💯. All by watching your content ☺️.

[@PersonalFinancewithLeila]

Thank you! ❤️

[@thomaskelly3880]

Where is Rent or Mortgage expenses on your budget tracker ? Or do you live at home in your parents basement? Or does your husband handle those expenses?

[@giselle_kvm]

I just found your video and think this is such a smart way of budgeting!! It's a lot better than budgeting monthly. If you don't mind me asking, where do you work/ what do you work as?

[@PersonalFinancewithLeila]

Thanks for being here!! I still budget monthly! I'm a Salesforce consultant at a small consulting firm

[@corynnmarie]

Highly recommend looking an insurance broker who prices through a bunch of different insurance companies! That is how my boyfriend and I got the best price and also best insurance coverage as well!

[@PersonalFinancewithLeila]

Good idea, thank you!!

[@avie3937]

Thanks for the tip about the Spotify gift card!

[@singleparentfire2363]

Lowest spend: travel Highest spend: investing

[@jasminkln]

My lowest item would be beauty, as I am a minimalist and own only a tiny bag of make up and beauty products ☺️ my biggest spend will be saving for my own apartment. I want to save 15K for that in 2024. We'll see because my salary is 20K (after taxes) lol

[@leahmcdermott4189]

If your salary is 20K after taxes, how would you manage to save 15K in 2024 (75% of your income), that would be super impressive! 😅💕

[@elliottstirrop4353]

can you please link the template you use on excel? :)

[@thestyledbeautybox1295]

You should look into an FSA/HSA for your copays and does your companies insurance not cover your chiropractor appointments?

[@PersonalFinancewithLeila]

I sign up for the low deductible plan so no HSA. My insurance does cover the chiropractor but still have a $20 copay!

[@destiniez04]

I pre calculate my income and budget my whole year out even though it definitely changes a lot. Helps me see which months I’ll reach financial goals and makes me stick to my spending plan better.

[@ConnieBTV]

Can you go over the concept of maxing out the Roth IRA at the top of the year? Do you do that by saving up the previous year for it?

[@stephanielcowart6867]

She does. She showed as she was saving up for it throughout the year in preparation for 2024.

[@ltdata5282]

$900 for eating out for an ENTIRE year. Omg I wish girl I’ve spent $900 a month on eating out lol

[@ItsBryan301]

Wow no way your from GA!? I’m in Cobb county. Merry Christmas 🎉

[@PersonalFinancewithLeila]

Yup! Merry Christmas!

[@dariatis7685]

Hi Leila! I’m thinking to buy Spotify annual gift card this year but have a question. Does it give you access to HULU? Right now I pay monthly and it gives HULU access. Please let me know, thank you!

[@PersonalFinancewithLeila]

I don't think it comes with Hulu access!

[@marik1104]

Any recommendation on finding a good CPA? Do you have a local CPA or virtual? Thanks!

[@PersonalFinancewithLeila]

I go to the same (local) CPA that my dad has gone to for well over a decade...so I started going to him once I started earning more! If I were searching I would look for a CPA who owns their own office and probably go based off of reviews. Or maybe you could search/ask on Next Door!

[@vikkioriah]

Great job! Do you have a mortgage? Or don't count that as debt?

[@stephanielcowart6867]

She doesn't have a mortgage. Lives with her significant other.

[@PersonalFinancewithLeila]

I don't currently have a mortgage and while I would still consider it debt, I wouldn't be in a huge rush to pay it down!

[@coffeecup1022]

RIP Mint

[@PersonalFinancewithLeila]

The Mint App is gone, not Mint Mobile

[@vikastiwari6780]

Laaila ji hume majnoo nahi Banna. Sukriya

[@ZarakhCreations]

Highest: childcare by a WIDE margin.

[@ThriftyAsian]

I can spend $3,000 on books given the chance. 😂

[@PersonalFinancewithLeila]

omg same!

[@randysuboc2580]

I like you 💗

[@libbysworld7649]

🤔

[@CatBudgets]

The highest for me will be my mortgage. I split some of it with my boyfriend but the total is $1981-i pay $1510. It’s crazy bc in your other video, you said your bf got the house for $275k. My condo was the same price (1b1b 680sqft) but I live in MA and the market was tough here this past summer 🥲🥲🥲

[@PersonalFinancewithLeila]

Wow that's crazy 😩 yeah GA vs MA prices are way different!