How I Budget My Money - Simple Monthly Money Routine To Hit Your Saving & Investing Goals
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- Опубліковано 29 чер 2024
- A lot of people have really complicated money routines, where they have a bunch of different accounts, parts of their pay checks allocated to specific bills, etc., etc. - and that's fine if that works for you. But, sometimes simple is better and allows you to stick to your money goals. Are you budgeting just to spend? It's something to think about. We'll talk about this and go over Steph's monthly money routine in this video, including what she spent last month.
0:00 Organizing your money doesn't have to be complicated
2:23 How I pay myself and organize my money
3:03 My standard monthly budget
4:23 Using your checking account as a 'money hub'
5:27 Making your money routine automatic
7:38 What I spent in January
14:09 Wrap up
Budget Spreadsheet ▸ stephandden.com/resources
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
Time to talk about keeping track of your money every month - what does your budget routine look like (and is it too complicated)?
I use a zero-based budget where all of my income equals all of my expenses and savings. The end result should show $0 meaning all of my dollars earned were allocated to a specific purpose. This not only helps me track my savings percentage but also lets me put my money to better uses and feel more financially well.
Thanks for sharing, Matt! That's a great way to do it, because everything is done with intention (and you're hitting the money goals you set) 😊
This is the best way!
I do the same thing, it’s nice to look up and see net 0… but the most important thing is what you are already doing; a budget ! 👍🏻😃
the best part about your guys videos is the honesty and transparency. People can connect to your videos that feels more authentic than the standard personal finance videos out there.
Thank you! We appreciate it 😊
Loved the intro with the coffee! Smooth transition 🔥
Thanks, Anthony! 😊
You guys are life savers!!! I’m 21 and I’m currently in the last year of school and thank god I started watching your videos because now I have so much more knowledge about finance and how to plan for my future. I love that you guys are so transparent and the quality of your videos is just amazing. I still remember binge watching all your videos the day youtube recommended one of your videos. Thank you🙏
Thanks so much, we really appreciate that - so glad you're here and found our channel! 😊
Loving the quality and detail put into your videos! Thanks for sharing the budget spreadsheet - simple and user friendly. Keep it up!
Thanks so much! 😊
I have an excel spreadsheet available in my last video description, you may like it. Come and watch my channel to learn more or at least getting a different of view
Love these kind of videos! I love budgeting and it’s therapeutic to see others do it and go over it😂
Thanks, Ryan! And hahaha yes agreed! 😊
Thank you for simplifying it! It can be overwhelming watching other YT’bers transfer/save their money in so many different accounts, and at the end, their math still doesn’t equate to their net amount 🤯 I only trust you both! Looking forward to more videos!
Thanks for watching, Tiff! So glad you liked it 😊
This video was so informative & straight to the point. Can’t wait to use this method. Thank you so much 🙏🏾 😊
So glad it was helpful! 😊
I like the transparency and how you have the spreadsheet set up. Easy to keep accountability and like you said planning and preparing.
Thanks, Demar! 😊
Budgeting is definitely something that is very important, and I think it's one of those things that you don't realize how effective it is until you actually start implementing it.
Very true! When it becomes a true part of your routine, and you're able to consistently hit your money goals, it's so impactful 😊
I agree. We should really include this as our habit; let's make budgeting a habit, followed by building a good investment, creating different income stream and a good money spending. I hope everyone will be financially stable.
Loved how approachable this video was, which is one of the reasons I really enjoy your guyses videos!
Thanks, Claire! So glad you liked it 😊
Very nice comment ... I am sure she will like it. What about taking a look at my channel and let me know what you think. Thanks
You guys keep it real! Love the transparency!
Thanks, Sakib! 😊
Hey Steph & Den - love the content! Loving these personal financial videos of Steph. Would be great to see a little bit more of Den's financial updates as well (e.g., portfolio results and review).
He’ll be doing a video all about his portfolio switch to XEQT, etc in a week or two! 😊
@@stephandden can’t wait for that video!
Good idea. Come and watch my channel to learn more or at least getting a different of view
Thank you for sharing, this was super helpful! I love how open you guys are with all your videos :)
So glad it was helpful! 😊
Great to see how someone else budgets, thanks for sharing!
Thanks for watching! 😊
Unrelated to your amazing content (as always), but I love the new colour grading! Looks super clean
Thanks, Kimberly! 😊
Love this topic! I've been trying not to over-complicate things with my various accounts.
Thanks, Alexandra! Love to hear it 😊
Love this!
🎉 you were quick!
Thanks for another great video!
Thanks for watching! 😊
I feel like I robbed you with this spreadsheet, it’s gonna be so helpful and I’ve been looking for a good one! Can’t believe it’s free!
Ha! So glad you like it 🙌🏿🙌🏻
Clearly I’ve watched your previous budgeting videos and took in everything you said, because as you went through this I kept thinking “wow I do the exact same thing!” 😂
Hahaha love it, that’s too funny! 😂
I love using YNAB for this. The downside - it sucks you in and you have to keep paying for it lol. Can't imagine budgeting without it!
As a topic suggestion - how do you control your urges to overspend if you have a bit of the extra money (e.g. you can put less into your TFSAs etc).
We’ve heard about that app before! As long as it keeps you on track, it sounds good 😊 and thanks for the suggestion!
I've been wanting to get more detailed with my finances like this. So far I just use a very simple app and put it in whenever I buy something.
Then whenever I get curious I can review the data in a pie chart and get a good general idea of my spending.
I want to switch it up, but years of habit and just being used to my current system is making me procrastinate :P
It is a task to switch it up and get into a new set up! But if your routine does the basics for you, that's good too 😊
Automatic Transfer and Payments withdrawn on work paid deposits. On the day I get paid from work, automatically bill payments are withdrawn and the same for automatic save transfers are withdrawn than deposited into high interest saving account/ investment account. Whatever I have left to spend, I just spend.
Yay for the automatic transfers! 🎉
I drastically reduced my telecom expenses over the last few years. I switched to a bargain ISP for $61 after tax, and I barely use any data or minutes on my phone, so a $15/mo plan works great for me. I also cut my landline in 2020, and the cable TV subscription went bye-bye back in 2013. It all makes a big difference.
That's awesome - those are great prices that really keep the monthly costs down!
I literally love your videos - I came from tiktok! Can you guys talk about budgets for couples who are moving in together but aren't married so keeping financials separate besides shared items like rent and food? Or do you guys have any ideas on how to simplify it? I'm graduating soon and moving in with my boyfriend who lives in San Francisco right now and I am definitely worried about trying to navigate this new phase of our life, especially financially when he makes a significant amount of money as a software engineer and I'll be making a starting wage probably around $40-55K? Thank you!
Great video!
Thanks, Danielle! 😊
This video was really helpful. I had a query. Would it make sense to utilize the 30% credit limit and pay it off multiple times a month or utilize 30% of the limit and use a debit card to make other purchases. (from a credit score building and best practices perspective.). Thanks.
Great overview, thanks! Curious what your office chair is?
It’s the Autonomous AI Ergo Chair! 😊
Hey Steph, thanks for this video! Please can you share where you got the work desk from and shoot a short video of your guys' workspace? My partner and I work from home, but I am at the dining table and his on the computer work desk. Thanks
Hey Bertha! We have a video all about our work from home set up from a few months ago - we share the full desk set up there 😊
@@stephandden thank you
Very helpful! I just started doing this and this is my first month in Canada. I see my bank statements are generated on 22nd of every month and paycheques are delivered on 4th and 22nd of every month. Do you suggest I only look at the expenses from 1st to the end of the month to keep it simple if I have to fill the budget sheet?
Hey! Glad to hear you've started budgeting - you can find the dates that work best for you, but typically the beginning of a new month / end of the old one is what I do 😊
This video was so helpful! I’ve been using YNAB and def have multiple accounts cause it’s easier to organize but I def find that most of the accounts are just acting as hubs for spending lol I’m going to give your spreadsheets a try :)
Hey, Chey! So glad it was helpful - and glad that was your takeaway 😊it's so easy to slip into saving just to spend short-term!
Hi Steph, thanks for this. Pretty curious to know how you go through your account statement(s) at the end of each month and categorize each transaction into one of the categories in this budget spreadsheet. Do you download the transactions as a CSV file for example and work through it on Excel/Google Sheet? If you can take us through that process in a future video that'd be great. I feel like that is the most tedious part of the job and something I do not enjoy doing at all. So just curious to know how you do it 🙂
Hey, Arman! Usually I just look through the accounts and/or my Mint app and then enter the amounts in manually 😊definitely the more tedious part!
I'll usually track my expenses in an excel table with each transaction labelled with its appropriate category. I like to know exactly what or where I spent my money on, so I actually write down what I bought for every transaction. If that's not important to you, you could just have your categories listed in a table and input your transaction amounts as you go. I do this every 1-2 days so it's not a huge daunting task at the end of the month. It takes me 2-5 minutes depending on how many transactions there are. In my case, when it's time to fill in my budget template, I'll use the sort filter to alphabetically arrange all the categories. Hope that helps!
I do exactly what you described above. And for those transaction done in cash, I bring the receipt at home and enter it in my Excel Sheet. Come and watch my channel to learn more or at least getting a different of view ... also, I have a downloadable excel sheet available through a link in the description of my last video.
Hey Steph & Den :) I absolutely love your content! I'm going to be graduating soon and looking for a job in my field. I was wondering if you'll have your resume review service back up again at some point?
Hey, thanks so much! That's exciting - early congrats for graduating 😊we don't plan on in it in the near future, but we do have a resume template on our website and a few videos on resumes, too!
@@stephandden Thank you so much :) One more question - do you budget based on your net income or before taxes? I'm a little confused about which route to take and whether tax returns should be included as income in my budget?
Great video!! Steph, have people told you that you look like Amanda Seyfried? You do look like her!!
Thanks, Claudine 😊 Ha - I get told that all of the time - seriously so many times! It really sticks out that we look alike I guess! 👀
3:13 I'm being petty to point this out but it's a small chuckler, peep how you spelt 'Budget' on the top left of the Excel sheet 😅
Regardless, keep it up I've actually incorporated the 'KISS' (Keep It Simple Stupid) model as of late too and your recent vids talking about how Dan saw himself taking too much time picking and balancing his stocks just to get similar returns to those that didn't was another eye opening event for me. So I get it 100% 🙌
Thanks for watching! 😊
Hi Steph, great video but I am wondering what you put in your coffee and where do you get it ?
Thank you! It's the Torani vanilla syrup, from Amazon 😊
Not on topic, but was wondering after couple months with the new couch... do you still think it was a good pick/ great investment?
We love it - no regrets on the choice 😊
Steph, I think I've seen that coffee jar (?) at many places. Is it awesome?
Hey! You mean the Chemex - it's great! The only we make coffee now - basically you use a filter, put the grounds in and pour water over top (there are some good UA-cam tutorials on it) 😊
I use Mint as an automated tool for putting all of my spendings into the predefined categories. I know that there are some other free tools for this as well. Is there any downside of using them that you guys see?
I 100% agree. Those cash stuffing and sinking fund budgets just boggle mind. Budgeting is not hard. Just spend the minimum you can and invest the rest...
Exactly - the simpler, the better because it's easier to hit those goals!
Do you include a budget for future trips?
Hey Owen! No, no future trips planned at the moment 😊 but I would have savings aside for that if there was one planned!
Noticing whats in the fruitbasket in every videos, haha
Ha, it's always slightly different!
Hey! I love the finance videos, but are you guys going to make career videos again ? I really liked them.
Thanks, Auréanne! We've been really focused on the finance content so far this year, but we'll mix in some career videos here and there 😊let us know if you have any requests!
@@stephandden Ok cool! 😊 As a young professional, I liked the : how to get promoted/negotiate your salary/change careers, resumes etc. content.
Since you are now self-employed, it could turn more about how to build a personal brand (for example you guys as creators), tips for entrepreneurs, how to be productive etc.
Now that you are self employed, what is your plan to cover off medical/dental/vision benefits? You could setup an HSA out of your company or you can just pay for them out of pocket. Either way, it might be something you want to budget for
Definitely something we'll be looking into more in the future 😊
Actually, she can incorporate herself and have her company starting a plan. This way, the plan is an expense for the company reducing the company net income and therefore saving taxes. Come and watch my channel to learn more or at least getting a different of view
Do you record your expenditure on a daily basis? Like take all your receipts for the day and then categorise them? I would love to do something so detailed but I am always losing receipts or forgetting that I bought things online and then I can't really trace where I have overspent
Hey Cindy! Not daily, no - I look through my bank account and credit card statement online at the end of the month! We also highly recommend the 'Mint' app - it helps automatically categorize all of your transactions in real time throughout the month 😊
The best is to do it everyday as part of a routine. it take only 5 minutes. Long time a go, I was accumulating all receipts to enter them at the end of the month. The month became 2, 3, 4 month ... real nightmare. Save yourself a lot of trouble and do it every day. Come and watch my channel to learn more or at least getting a different of view
Hi steph & den
How do u make a budget as a couple . Do u both have different emergency funds or you guys joint account for emergency fund
Good question! Right now we have separate emergency funds - we can talk more about this in a future video 😊
I'm interested in the neo credit card. How do I pay my balances?
I have my Neo card set up as a 'payee' of the bank where my chequing account is - so when I want to pay off my balance, I go the banking app and send the specific amount to my Neo card that way. It takes a few days to go through 😊
When it comes to budgeting, invest first or allocate money for investing first, then the remaining money should be for necessities, bills and other stuff. I hope we all make investing a priority.
It's definitely important to have in there (and not just with whatever money is 'left over' after expenses!)
Can you run me through why you have Wealthsimple Invest 100% equities but also have Wealthsimple Trade? I'm in a similar boat but curious what your thought process is there.
Hey Brandon! We talked about that in this recent video - ua-cam.com/video/2tD6SdS6vQc/v-deo.html 😊
can you lose money if you invest in money in your tfsa? what if i invest and i lose the amount of money i invested?
Curious how do you guys handle taxes? Didn't happen to see it in the budget and was wondering how you pay yourselves from the business.
Hey Ryal! Our business is separate from our personal accounts, so what I’m budgeting is the post tax amount 😊
Can i apply to cnbc make it (millennial income) if I'm from Portugal?
When we applied we were the first episode in Canada, so you can definitely try and see if they’ll do an episode with you! 😊
Great video! One thought, you might be better off putting the entire lump sum of 10k into your investments now, rather than 1k per month. If you’re certain you’d like to commit all that money to investments. Just time value of money.
Thanks, George! 😊
In most case, it is better to cost average instead of a lump sum ... it is simply safer as the market is volatile. Come and watch my channel to learn more or at least getting a different point of view
How to increase my chances of getting selected in Cnbc make it😅 I want to start a UA-cam channel so i think the feature will give me so much exposure😁
How to be on Cnbc make it like you?
We applied 😊
@@stephandden how can i apply
whaaat.. why don't you want to pay your credit card off too frequently? I just pay the balance every month.
Every month isn't too frequently 😊the main things to keep in mind are making sure you aren't late, and not going over the 30% utilization mark!
Love this!
Thanks, Marcus! 😊