The Complete Guide to Budgeting (Categories, Percentages, Bank Accounts)

[@maureen8745]

At age 45 and finally using a budget has made me more responsible in many aspects of my life and my anxiety has decreased. Thanks for the love. Xoxo💞

[@christinam81]

I'm at $30k worth of debt - down from $58k last April. I've been looking for something to reward myself when I hit that amount I think one of your merch items would be perfect! 🤗 My car will be paid off next month, 3 years and 2 months early, and my student loan (currently $25k) will be done with by December - DEBT FREE!

[@OurSimpleLyfe]

That's amazing. Congrats! I have 10k left from 30k. I'm a single low income mom so I'm doing the best that I can. 💛

[@christinam81]

@@OurSimpleLyfe Wow! That's awesome. You're providing such a great example. Bless you and the the rest of your journey! You got this! 🤗

[@OurSimpleLyfe]

@@christinam81 thank you and all the best to you also. I'm cheering you on🎉🎉💛🤗

[@christinam81]

@@OurSimpleLyfe I see you have a KZbin channel, so I just subscribed 😁

[@DebtFreeDana]

Hey guys! To correct myself, Dave Ramsey recommends 10-15% for food , no more than 25% on housing, 10-15% in savings, and 10-15% on charitable giving. Had a palm to face moment right after editing and I wanted to clarify that. 👍🏻😁 Don’t forget that budgeting is a personal thing. Don’t get hung up on percentages. The point is to START. Once you’re in the flow of budgeting, you can decide on what categories and percentages work best for you. Also ... be sure to check out my NEW MERCH Shop. I hope you love the designs as much as I do. Thanks for watching, and have a great day! HUGS! teespring.com/stores/debt-free-design

[@RenjiB]

Living frugally during my early 20s, while ramping up my personal income, was pretty helpful so I wouldn't have to budget so closely later on. But I guess you could also say I was pretty "budget-conscious" early on.

[@CULady]

Credit Unions allow customers to open extra savings accounts ( they call them sub account or side shares) I use them for the specific savings accounts like school/ kids, Christmas spending and even eye glasses since we all wear glasses. Thanks for your videos. I am taking a new approach and look at our budget these days since my husband is disabled❤️

[@miriamhdez4900]

Dana, it’s mid Jan. 2021 and just grateful to be in a better place than many financially. I’m following a lot of your tips to welcome 40 debt free in December. Please keep the videos coming as they’re both inspiring and eye opening.

[@myhillsidegarden3998]

Dana, I could not agree with you more. When we sat down and looked at three months of bank statements and where our money was really going....WOW, that moment was mind blowing! A great learning experience. Then, getting a real budget on paper and FOLLOWING it, has been so freeing for me. No fear in going to the mail box and ignoring it. Love the shirts, good luck with them, and when I can fit one in my budget.... ;-). Enjoy the day! Catherine

[@DebtFreeDana]

Thanks Catherine!! You too. ❤️

[@mhodkinson]

Being an Aussie, I appreciated the Barefoot Investor book because his advice is more applicable here in Australia :)

[@jonnaborosky8836]

I have 10 budget categories with 50 subsections divided between those 10 categories. Main categories: Home, Utilities, Food, Communication, Transportation, Medical, Personal. Giving, Fin-leg (a combination of financial fees I have to account for and any possible future legal fees -- because I've been surprised by them in the past) and Savings. I prefer to use percentages but now I live on disability income. The categories are not conducive to normal percentages, so I divide money by dollar amounts. Used to have 7 accounts but went to 2 for simplicity's sake. Think I'll go back to several but it'll have to be 10 now. As always, love listening to you. Love that you're selling merch now, too. Smart kid you've got there!

[@janefromthecountry1820]

"A budget is you telling your money where to go." Dave Ramsey😬🏝🖋📕

[@onabehrsdime8146]

Thank you for sharing the different strategies for budgeting!! I think the most important, if you don’t do anything else, is to see what’s coming in and out. From there you can create a plan and reach your goals!!!

[@zickafoose]

Every child should have a pet. They learn so much from caring for a pet and possibly start to learn to deal with death. Thanks for the video!

[@DebtFreeDana]

I don’t disagree. I think a dog is likely in our future. 😊

[@lorenaballou4513]

Thanks Dana! I feel like you made this video for me😉 After being married 20 yrs, and racking up A LOT of debt, my husband and I created a budget spreadsheet TOGETHER for the first time! We actually used one of your older videos as a guide, but it was so empowering making it our own and not subscribing to someone else's plan. Thanks for inspiring me🙂

[@dawnt5587]

We have a joint account for monthly bills that we both have equal amounts transferred from our personal accounts. Then we both have checking accounts. It works for us. We are both frugal so we save the majority of what we make. I love having all the bills automatically paid from one account. No writing checks. We have been doing it for 10 years.

[@alegriadelsol4862]

Finally some creative and inspiring merch! It’s always about the name of the youtuber. Thank u Dana! You never fail to be witty and pleasantly funny 😄

[@dreamflight6000]

Yes!!! ♥️♥️♥️♥️♥️

[@lournamarquezesq]

Thank you for all those hours of budgeting videos condensed into one !

[@michellemybelle22]

The Everydollar app from Dave Ramsey changed my life! It works for irregular income and is easy to use. This, paired with a bank account to which debit cards are attached (instead of envelopes) has made budgeting possible for my family. I am on baby step 6 now! Sending good wishes to everyone just getting started. You can do this!

[@pawsnotclaws2772]

michellemybelle22 mint.com is great too!

[@v.m.4453]

So proud that she created a merch store! Good for her.

[@boodsarahellen2240]

Thank you Dana! Love your inspiring and relatable advice. I look forward to Tuesdays :)

[@joaustin9799]

Completely agree that how you budget is personal. I did my first proper budget 2 years ago, first year was a disaster, last year was better, this year I feel like I'm gonna nail it! I use google sheets and have an annual budget on it, I put the actual spend in as I go but each month has a separate column. I get paid fortnightly so have a mini fortnightly budget. My sinking funds are in one account and I have a tab on my spreadsheet to track what is what in that account. Seems to work for me

[@blairchetram2449]

"I won't say that again.... sticking to it!!" That made me laugh. I love budgeting and my husband is the free spirit. We work together to set our budget every month

[@elizabethlibero1878]

It does take several months. A good budget is key. The sinking funds are tricky as well as what qualifies as an emergency. You are right and it is actually so freeing to have control.

[@brokeandhopeless1585]

Sticking to your budget. You picked the number, now stick to it. Lol 👍

[@bayargelenkhuu8179]

Hi Dana, as always thank you so much for amazing videos you make to educate us. I watch a lots of your videos about budgeting, personal finances and frugal living tips. Thank you so much for your time and good heart. Can you please give us some advice for the ppl over 50 with no saving, no retirement , no own house but (thanks to you no debt).

[@frejajensen7804]

I was taught from home to make an annual budget, but it wasn't until I started budgeting monthly that everything changed for me.

[@vivk6507]

I do have a rolling budget sheet updated each month. When paying debt, visuals of how much you’re spending in the variable category is really effective. If I have x amount for groceries, take out, etc. Every purchase is tracked. If I want something and it doesn’t fit, I either cut somewhere else or don’t get that thing. The end goal has to be a strong need or want to stick to it I think.

[@letsmakeamesstoday]

I wish you would come back and hope you are well! Xoxo

[@theprofitdare5387]

Good stuff as always. Budgets are far too often a stumbling block for families.

[@terigroce919]

i have my regular checking, Christmas club saving, regular savings, and a vacation club savings. The vacation club can be used without a penalty. so, that is currently housing my emergency fund, which is almost fully funded. Good luck with the shirts!

[@mylittlesliceolife]

I always love your videos 😊 My husband and I have been working to pay off debt so we can full time RV. We will be selling our house in a few short months and heading toward our new adventure. Thanks for all of the financial encouragement!!! And I love the new merch!

[@DebtFreeDana]

Love it!!!!! I watch a lot of RV channels. Especially love the camper tours. Thanks for your comment. ❤️💕

[@josefinigo7100]

You are INTELLIGENT...your husband's DREAM...cheers!

[@alegriadelsol4862]

Yeah!!! for merch and your amazing way to simplify budgeting. 👍

[@dreamflight6000]

Yay! Agree!

[@TheRealLydiaSenn]

That shirt is awesome. I need one to wear to target. 🤣

[@happywife5500]

We have 2 bank accounts. One bank account our emergency fund plus where our check go Second account i have a paper that is divided into 4 different "envelopes"

[@laurahanson5179]

Having a plan- key!!! Well stated. I’ll check out your merc. I love that your daughter suggested it. How cute! How old is she? A little entrepreneur

[@DebtFreeDana]

She’s 12. She likes watching animal rescue videos on KZbin. 😊

[@renaepetersen2393]

Thank you Dana. This has been the most helpful I've seen.

[@strega_bonnie]

I've always had trouble making a budget because our income can vary quite wildly from month to month. Do you have a video (or could you make one) on making a budget in this circumstance?

[@Ptshoe1]

Bonnie Rabold we had the same problem. Now we budget based on the previous months income. So our February budget is based on January’s income. Then we know exactly what the income is when we make our budget. To do this you have to save enough to have at least a one month emergency fund but you should be working towards more than that anyway.

[@justthetip96]

I am single and get paid twice a month so my budget is per pay period.

[@mikewallin6049]

Merch doubles as thank you gifts/ advertising that can be given to show bookers, podcasters, radio stations etc

[@SashaCaston]

Pet account - this is what I have. Some people make fun of me but I don't care, if something happens to one of my dogs I have money to pay for vet help. Me and my fiance we will start an account for the kids after we get married too, I don't ever want to worry that I won't be able to afford basic needs.

[@mhodkinson]

Dorota Skuza I also have a separate bank account with debit card for my pet

[@jonnaborosky8836]

Not sure if you're aware that you can get pet insurance for any really big pet health bills...

[@chaosmanaged2925]

We use to have several accounts, but once we switched to using YNAB budgeting software we didn't feel the need for the accounts. We are now back to 2 checking and emergency savings.

[@lj2070]

I have an EF and a car fund and a Hoilday fund and House fund and a bills account

[@MLBOOG]

This is so helpful! Thank you.

[@satu7914]

I like you. So down to earth. Always great advice !!! 👍🏻👍🏻👍🏻

[@hoffmansforhim7365]

Love the Merch store!

[@dreamflight6000]

YES!! So cool!

[@ferinagarbin]

I love you ❤️ thank you for all the advice .. stay safe

[@hannahhepworth1401]

When you say bank accounts do you mean individual account numbers that you have to open separately? Or are these all under the same bank account just the individual “suffixes”??

[@TheImperfectReader]

I like Jordan & Dave

[@jacobhazelwood7429]

I think Ramsey thinks 15 percent retirement and 5 percent to college. We actually did 15-20 percent to retirement and 3 percent to college. We only did 3 in college but we have made enough to send two kids to college for two kids

[@pinkorganichorse]

I love you. Wish we were neighbors. Move to Charleston, SC. You would love it.

[@PassiveIncomeTom]

*Nice shirt!* 👍

[@DebtFreeDana]

Thanks, Tom! 😁

[@lj2070]

I love all of them.

[@pamgoggins5281]

Where do you recommend stetting up multiple bank accounts that won’t accrue monthly fees ?

[@sherrypoole4430]

Hi Dana. Enjoy your videos. I have a full time job. And also a part time job. I do private duty senior care. As a side job. But. I only do that when I'm needed. So what category do I put side job in. Thanks

[@DebtFreeDana]

I’d put that money in with the rest of your income. Then you just budget all your money as you would normally. It’s income. 😊 If you don’t know it’s coming each month then when you get it, you can add it to your next month budget and leave it sit in your account until then. If you’re trying to pay down debt with it, just slap it on the debt. Hope that helps!!

[@StancanelliEverAfter]

I love the idea of debit cards for your difference accounts. Do you recommend any bank that has low checking acct fees? I’ve been using capital one 360 accts for all my different accts and then cash envelopes but debit cards instead of cash would be much easier to keep track.

[@DebtFreeDana]

Look at local banks and credit unions. We use both and I’ve honestly never had trouble finding no fee accounts. Shop around. Good luck! 😊

[@sweetstufff]

Housing is more than half of monthly income in most of USA :( Thanks for the great video.

[@randisuch4317]

Sweetstuff S...Strictly budget and save save save! Pay cash! It’s possible!! 😃

[@luzheaney8545]

Dave Ramsey would say to increase your income so it’s not half; get an extra job or a different job. He would also say to get a cheaper home, it’s only temporarily.

[@jncchang176]

Budget s@cks! I hate not able to splurge every once in a while. But thank goodness for budgeting. Last 6 months I had to stop working cuz 2 of our parents suffered long term illnesses that I can not work for at least the next 6+ months. Why the next 6 months? Cuz anything longer then that, I’m in dire straits. Poor house, bankruptcy. (Both parents have no life insurance nor long term care.)

[@flyorraofficial]

My reason to save is not roofs or cars, I'M in non for profit housing, it's free, and i DON'T own a car. I need money for dental. In Australia our medicare doesn't cover everything, it doesn't cover dental, here it costs thousands for a root canal.

[@janefromthecountry1820]

Re: . Coffee , the average coffee drinker spends $1700 @ year on coffee! 😬☕☕☕

[@sadekmahammed7926]

than k you

[@Gwenynah]

Great video!!!

[@DebtFreeDana]

Thanks, Lexi!!! Appreciate you watching. Have a great day!!

[@MoreThanJustSkinDeep]

I would love to hear your thoughts about starting a family while in debt. I’m about to turn 30... My husband and I want a family, but if I wait until all our debt is gone, it will be too late to have kids. Is it possible to budget while having a baby?

[@tararichardson2570]

You can absolutely budget and pay off debt with babies! Check out Dana's other videos and Jordan Page's channel as well. As a mom, I would say don't hold off due to debt if you are both wanting to start a family now. Take care!

[@ClandestineGirl16X]

I cant thank you enough

[@dreamflight6000]

Love the shirt!!!!

[@DebtFreeDana]

Thanks, Amy!!! ❤️

[@caramoonlynn]

Cute t shirt! I noticed it yesterday

[@DebtFreeDana]

Thanks Cara!!! Hope all is well with you and the cows. ❤️💕

[@caramoonlynn]

@@DebtFreeDana we bought 47 more for cash! Yes!

[@purpleglitterpony]

I don't see a link to your merchandise.

[@DebtFreeDana]

teespring.com/stores/debt-free-design

[@purpleglitterpony]

Thanks

[@shaheedcassim2752]

I need a girl that doesn't like spending my money 💔

[@bargerver8796]

A good woman won't have the intention to spend your money. She will contribute 50% to the household, either in work/energy or in the form of money or both. She will want that balance and work with you as a team. Look for a woman that is on the same page as you are.

[@KB-co5xg]

With all your bank accounts, are you charged bank fees for each one? We have one account but are charged $15 each month, so I can't imagine paying that X 7-10 different accounts! !

[@frejajensen7804]

That's expensive! Mine are free(have 2).

[@DebtFreeDana]

No fees. Our accounts are spread across 3 different banks. Sounds like you may need to shop around for a different bank/account.

[@cherylT321]

K B. You need to find another bank or look into banking at a credit union!

[@teresateresa8933]

Banks here charge for each bank account :-(. Fees are a killer.

[@DebtFreeDana]

Have you looked at an ING or other online type account? (That’s what barefoot investor recommends) Those are often no fees.

[@lj2070]

Dont have debts, or credit cards. Have an EF of at least three months. Buy a cheap house in cash

[@janefromthecountry1820]

Ten percent into retirement means you retire at age 62 or 65. Not good!!! I like the F.I.R.E Community. Unfortunately, Ramsey never talks about it. 😬

[@kathys9716]

Barefoot Investor's categories are silly and childish.