January 2020 Paycheck Budget Overview
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- Опубліковано 27 сер 2024
- Today, I am bringing you with me on my budgeting journey. We will be going over the paycheck that I received on January 1, 2020. I am a paycheck budgeter, which means I create a paycheck every time I get paid.
Before, I got paid on the 5th and the 20th, but now that I am self-employed full-time, I get a paycheck once a month, on the first day of every month.
In this video, I walk you through every step of my budget and give you the details into what it looks like to use a successful realistic budget is someone's every-day life.
I have been sharing my real budget for over a year on Instagram, but only recently started sharing my budget on UA-cam. By sharing my actual budget, I hope to show you the process and steps behind paycheck budgeting. I also hope it helps you understand the psychological decisions behind money management.
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ABOUT ME
I'm the blogger behind www.thebudgetm.... I have a rambunctious 6-year-old son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!
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Love the bloopers and the fact that you can laugh at your mistakes. This is my first month using your method. I am excited and nervous at the same time! Thank you for all you do you bring budgeting into my life!
Tasha Quiroz remember that it can take 3 to 4 months to get your budget tweaked.
@@deana6633 I plan on trying as hard as I can to give this as much time as necessary for it to become a habit!!! I need this change to happen!!!
Each week I get $5 cash back in my grocery shopping and put it in a jar. I do not track until I pull it out because I don’t want to know that money is sitting there. At the end of the year I have a good amount towards my Christmas fund.
I definitely suggest consistently rolling over your kitty envelope every month. Me and my mom use your cash envelope system, and, since I'm a minor, my mom had the pet fund for my cat. My cat got sick and had multiple problems that needed to be dealt with. We went to the vet and ended up dropping $180 on treatment, and my mom had only been saving for a few months $20 each month. We only had $60 in our pet fund at the time, and we ended up using most of our grocery money on her because we weren't prepared. That took a huge hit on us, so if you want to be safe I would suggest rolling it over.
I honestly don’t know how anyone could be this organized lol.
Sarah EL-Assi right the struggle
if only i could be half as organized lol
Years of practice!!
I agree... its very cute and colorful and organized....but the amount of time it must take to write and color and keep track of all the crazy challenges feels exhausting. I can hardly do a basic excel sheet bugdet and input throughout the month.
You can just make these trackers in an Excel book and do away with the paper but the paper does keep it more tangible and in the front of your mind. It's easy to get behind with Excel sheets.
❤️❤️❤️ - Come get you free debt payoff trackers friends!
I love your trackers. Thank you!
Love live love your trackers!!!!!
I just got mine :)
Heidi Nash - Debt Free Charts thank you...I did a few of Baby Step 1&2
I joined your savings challenge and now I have discovered your YT channel. I just want to say I am loving it! To get budget and savings ideas from a mom like me is priceless. I have been following plans by men and it just hasn’t worked out but listening to what you do as a mom is refreshing. Thanks! I can’t wait to continue on this financial journey
Thank you so much for making saving fun, colorful, creative, and girly. I have your workbook, doing the monthly challenges, and am back on track. Will be out of debt by June at the latest. Then working on a full emergency savings and sinking funds. You are the best! Thanks also for the acknowledgment of debtfreecharts, I’ve been wanting those.
When you go over your grocery list on Sunday to prepare for the insta pot challenge , can you maybe post that video so we can get prepared with you? Just an idea! Think we’re all excited for the challenge. ☺️
I’m soooo excited about the instant pot challenge!! I’ve been checking all your social media for any info. I just got an instant pot for Christmas and haven’t even opened the box! But I’m super excited to use it and do your challenge 😀
Dawn Kulan same!
Polly Dolly has anyone seen a post about it? I’m trying get my meals planned for the week
I found your channel by fluke. I am a single mother with one child still at home. I have a wonderful job, but I am living pay check to pay check (and I find there times when I just don't have anything). I am finding your methods very helpful and once I figure out exactly how to get started. Thank you for sharing your journey with all of us.
I bought a little safe from Amazon to keep my cash envelopes in, it makes me feel better.
Robyn Kahle can you link the one you got? I’m considering getting one as well.
I love your tattoo on your left bicep! That artwork is so pretty to me.
❤️ love your videos so much they are very therapeutic to me and make me happy thank you for being you 😊 ❤️
The peach emoji SENT ME
I was totally about to get the cash sticky notes because they're so convenient but the shipping was going to cost the same amount as the actual notes so I had to pass. I have been handing them my note on the back of old grocery lists or whatever scraps of paper I have and then toss. They are *very* cute though!
I don't know if you have considered this, but just a bit of advice from someone who has been in veterinary field for way too long. If pet insurance is not a good fit for you, because some people can't justify the monthly bill, I would recommend an emergency fund for Kitty. Pet emergency funds are a great idea in general, but especially for kitties because they tend to be incredibly stoic until they are extremely sick and at that point it's quite an investment to diagnose and treat. I'm talking blood work, x-rays, ultrasounds, you name it. So that money left over each month would be really advantageous for future care especially since most vets require payment up front, don't have payment plans, and the closest thing they do take to a payment plan is Care Credit (which is a credit card for interest free repayment periods). Just my two cents because I've seen too many sick furbabies leave because owners couldn't pay and vets have to keep their businesses afloat.
Gingerknitter how much would you recommend having saved up on average? I save for my cat’s monthly expenses but I never thought about an emergency fund for him.
@@maggiem1404 I'm not an expert at all so I'll try to answer this the best I can. I think this number is very personal. To put it bluntly, there are people who would drop 15K on their animal to save it and others may not be able to do more than 2K or less because that's all they can afford or because "it's just an animal."
If you've got money rolling over and can afford it, saving the leftovers can put you miles ahead in case of an emergency. Speaking for the prices in my area, which may be different for yours, annual wellness can be around $100-200, an average emergency for many general practices can cost $1000+ per day, an emergency clinic after hours can be 2-3K+, and specialists can be minimum $500 and up. For me, I have Care Credit as a back up in case I need it, but if I had an emergency fund I personally would have 5K (I have one cat, two dogs, and a snake). The hard thing too is that many general practitioners are no longer the jack of all trades and many refer out to specialists if the problem is not readily obvious or treatable. I have found over 15 years that more and more referrals are being made for internal medicine, cardiology, and surgery. So that's hard on clients since you have to pay upfront for everything with pets.
Gingerknitter Thank you! It’s crazy that it’s so expensive but I’ll try to budget 1K first and work my way up to 5K
I bumped into your video like 2 months ago and your budgeting method got me. I started this month hoping that it'll help me save for the future, or at least not getting broke until the new paycheck comes. Lol. Much love from the PH. 🇵🇭
I got busy and stopped watching alot of youtube...thia is my first time checking in on you since near whwn you were foing to release your budget planner. Ita so amazing. I usually do a ha written budget in a nice lined book but thai ia worth paying for 100% I love e the brand ypure building this has seriously all been executed so well. Great job!
Starting out the cash envelope system and your channel is the first that I’ve seen that goes into great detail ! Thank you! I’m subscribing ! Looking forward to more of your videos
Thanks for sharing this information with your community! Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you.
That was good. I've never managed to get through a video of the full budget overview but the change made to the BBP form just made much more sense to me now. Thx to TBM.
I love it. The bloopers at the end was so funny. Your videos are so helpful
For your kitty’s litter box, I highly recommend pelletized pine horse bedding from Tractor Supply or a feed store. It’s much cheaper than regular kitty litter. Also the Tidy Cat Breeze litter box system. There’s an excellent video on UA-cam about using this system. You can find it by searching pelletized litter box or Tidy Cat Breeze. I’m not sponsored by either brand, just after taking in a stray who produced 6 kittens, I was desperate for a litter solution. The pine smells great, too.
New year, new budget! 🥳❤️🥳
I like the idea of the $5 daily challenge and that was part of my financial vision for 2020. But I am glad I had watches this video. Now I am motivated to start this challenge.
Make sure besides food and litter you factor in yearly vet visits for shots, etc as well as maybe a kitty emergency fund - I was very happy when I had that money already saved come annual checkup time! If you call your vet they should be able to tell you about how much it would be.
My kids have a 529 plan as well here in Arizona. We finally got the rate of return on it and it’s 3%. Basically inflation. Which means my kids money is standing in place but not getting ahead. So we started a Betterment account and started saving for college there, we’ve made more money there. If your kid is more then 10 years away from college I would throw a couple thousand into a 529 for the tax savings and then everything else in the stock market. Just a suggestion.
Love all your videos! I've learned a lot. ❤
I love u Miko! Life changing ❤😊
Hi Miko! Quick question: I am using my new BBP Workbook and looking at this video for reference. I notice you don’t have any cents/change on your bills; they are just whole numbers. Are you rounding up when you pay your bills? Or do you create your budget with whole numbers only, and if so, where does the change go? I hope this makes sense! LoL. Thanks for the great videos...I’m excited to start this new system! 🙏🏾❤️
For my cash spending, I round up and save the change to put towards my sons education fund.
Your 2020 year challenge is awesome. I'm excited to see how much I save.
Hahaha sausage yum! Cracked me up!
Megan Berry just watched that part and bursted out laughing 😂
I’ve been watching you since last year and have been wanting to start your method, but I’m waiting to get a steady income before I do. So, hopefully soon I’ll be able to start and get rid of debt so that I can save!!!
Natural lashes look much better girl. :)
I agree. She's naturally beautiful and fresh faced. She doesn't need to pay for any extras lol.
I loved your lash extensions, Mike, but honestly you are so beautiful naturally and your natural lashes are beautiful, as well!! Budget AND "Booty" (ha ha ha) win!
Thank you!!!
I’m excited about the instapot challenge. Just got one for Christmas!
I decided to open up several different bank accounts and use those as "envelopes" automatically for the larger "goals..." and I am going to start carrying envelopes around but put no money in them just subtract the amount alloted by tracking the receipts instead of cash
I came across this video the other day, I felt like you help me a lot. I posted your video on my website to help other with 2020 money challenge.
Thank you
the best video that explains everything...thank you
I did the £5 challenge in 2018 and saved £705! :D
So I've heard of the cash envelopes and I totally get the point of why they are great to do. However, I'm confused about the actual application of them. I have 3 kids. Say I go to Target to buy groceries, cleaning supplies, personal care items, and an outfit for my kids. Do I separate all the items at checkout and do 4 separate transactions? That sounds stressful.
I do, yes. You can definitely choose to categorize your expenses differently if it would help you :-) For example, you can combine your cleaning supplies, personal care supplies, and food into a "grocery store" category
Wondering if you can help me with a question: how much ahead do you recommend to write your monthly budget? I know that you post your monthly planning videos the beginning of each month but do you do it weeks ahead? Just curious
It seems like the filofax link redirects you to a meal planning article
Same problem here too.
Same
Same
I've looked everywhere I cannot find anyting about the filofax?
She did a video on it a while back but that link showed sold out I believe
This really inspires me to sit down and envision what I want my year to look like in terms of finances. I usually do some planning, but not that far out.
I hesitate because I'm scared of thinking that far ahead, but I feel inspired to try it now!
“Sausage! Yum!” Loved that😂😂😂😂
Great presentation. Picture of Kitty please.
When might the budget by paycheck binders be back in stock?!
They won’t be until the next launch in october. The printable is available, though.
If I were to do the $5 challenge, I definitely wouldn't track it. That ruins the fun of counting it up at the end!
I wouldn't track it either. I feel like that would be a waste of time to track
Hello! Love your videos! Doing cash envelopes for the first time EVER this month and have a question. If you take out “shopping” cash as your budget, but then buy something on amazon and use your debit card, do you take cash from your envelope and deposit it back into your checking acct to cover that? That’s what i was figuring, however if you have a better way, let me know! Thanks so much!
PencilStash You can! But she uses her checking account cushion for online purchases,
Girl! You are naturally pretty you don't need any money in a "beauty" envelope. Smile
Love your videos! 💕Just a quick question about the $5 challenge... while you where stuffing the envelopes there was a $5 bill. Does that just go directly to the savings jar then? Would you just adapt to $5 less in the envelope?
yes ;)
I would love love love it if you made a $5 envelope for the challenge!
Teller notes cost as much to ship it as to buy it. I will have to wait till I have more to order, lol.
Mikki Goodman yep, everytime that link is shared it goes to the meal plan
I know!!
This is a very cool kit.
Does anyone remember how much that clear jar was on Amazon originally? Now that they're sold out (until 1/13/20), the seller is now charging $32.99 (which I want to say is almost triple what she paid) and is saying that it's now a thicker material to justify the increase. However, the seller is using the original listing/pictures and the description makes no mention that it's new and improved.
$5 challenge I never keep
Cash on me 🤷🏼♀️ like never so cash envelopes would never work- I also would not keep that much cash in the house and omg this stresses me the hell out
I have found using cash helps in saving because you can "See" the money you spend daily. Especially when each cash envelope empties out. Cards you get back and you dont "feel" the loss.
Ramona Cardona Too much of a pain in the butt to have to go to the bank and get cash out
When will you be restocking your planner? Need to get a 2020 planner soon but really wanted yours!
The Live Rich Planner launches in June
I love to watch this.
How cool noticed you had euro!!!
1st comment from France 😁
Bonjour de Normandie 😊
Love all of this! So with the cash envelopes, do you track the spending on the tracker that's inside your envelope as well as track that same transaction on your expense traccker in the workbook?? Do you just copy it into the workbook at home each day what you spend in cash from your envelopes?
ForeverJamz Yes. She has an article on her website that talks about how she does it. Basically she updates the spending every night in her tracker (and highlights her categories) so that she can just total it all at the end of the month.
The sound of 20-20 is driving me crazy!
Anyone has any idea how she made the debt free tracker? I wanted to make a custom one for saving up for a trip to Australia. Thanks!
You could probably make your own in Excel/photo shop? Or even word you could probably do it if you made the picture first, then set is as background and put a table over the top, just might not look as pretty.
Possibly a silly question- do you keep all the cash in your house? Makes me nervous...
Yes, I do. I only carry around the envelopes that I need throughout the day, and keep others at a safe space in my home.
I was thinking the same thing. Yikes! I live in a safe neighborhood/town but i don't like to have any money in the house. That would make me too nervous.
Question- do you put in your monthly calendar how much your bill is due or how much you’re going to pay?
Yes, I put the bill on the correct due date as well as the amount due :-)
Really love your worksheets. Are these you personally designed? Are they just available through your site?
Hey what's up with the €50,- bill in your wallet ? haha, love the bloopers!
I’m a little bit confused about being able to do these little challenges like a $5 challenge. Personally, I set up my budgets for each category that is not fixed in a way where I give myself a cushion of about $10-$15. So for example, a goal for a category might be to spend $30 in a week on it, so I may budget $40 for a bit of a cushion. To be able to consistently do a challenge like saving every $5 bill would be a nightmare for me because I already keep my budget for each category close to the minimum I’m able to comfortably spend on it. If it goes lower by $10 I would be very stressed and not get what I need. So wouldn’t this mean that being able to do a $5 savings challenge fairly comfortably it means thats youre budgeting too much for those categories (since youre able to consistently remove $10+ from them and be perfectly fine)?
Sana Shakir you could do a spending freeze (Jordan Page from FunCheapOrFree here on UA-cam) could help you save money quickly and you could use that Money for the $5 challenge. She also has great Ideas in shelf cooking (with Stuff you already have in your pantry, fridge or freezer) and just buying the absolute necessities. Hope those tips help you to save the amount you want to save 😊
I do weekly spending freezes its exciting 🤣🤣
Hi! I see you have 50 euro in your filofax! Planning on going to Europe? I'm from The Netherlands
Damn $6k for disney land??? I went to europe in 2018 for a month for that :o (I really wish Aus had a disney land though). Im doing a $5k challenge for the year, on top of the 18% i already save. Fingers crossed!! I want to go to Japan late this year/early next year :D
I’m seeing a lot of questions, but no answers. Kind of discouraging to a new subscriber, but I’ll ask anyway...
How would you go about budgeting by paycheck when one person gets paid biweekly, and the other weekly?
Brandi Castle hi!
I get paid weekly and I basically write out all my expenses for the week and I divide my monthly payment by 4 weeks to get the exact amount I need to pull from each weekly check to pay for that bill. My car bill is $303 a month so each Friday I pay $75 each week (I usually round up to $80-$85 to add a little extra). I like doing it that way because it makes paying large bills easier with my weekly income.
Candice Dodd thanks so much!
Sorry! I got behind on answering these comments :-) If you and your spouse share finances, then you would create a budget each paycheck and fill out a paycheck bill tracker. On the weeks that you both get paid, you can combine paychecks (hold onto the first paycheck until the other one comes) and only fill out one paycheck bill tracker that week.
Does your renters/homeowners insurance cover you having that much cash on hand? For example, if my house burned down today, my renters insurance would only cover $200 in lost "cash." If I had $1000 in envelopes like this, I would just be out $800 in case of a fire or some other loss because my insurance doesn't cover the loss of that much physical money.
Do you use the envelopes on a monthly basis, then take the cash to the bank at the end of the month?
Rhiannon Jaye Schwisow get a fire proof safe.... preferably a safe that can be bolted down
I would to just have a book like yours. I'm having trouble getting it all together to see how much etc.
Have you taken my free email course? It's a great place to start and has tons of freebies as well as clear action steps >> thebudgetmom.com/start-here
What kind of label maker did use?
Love your ideas and your channel! 😀
It's a dymo label maker
Not sure I can do all the savings you have. To me I’d be saving everything. How do you make your envelopes?
“Food, Fun, Gas, BOOTY 🍑 “ 😂😂💀
video request on where your coins go at the end of each pay period cause when I document my with drawls and deposits the numbers are different from my planner compared to my checking account. itll be off by a few dollars and cent amount :) I mean I know its in my coin jar/bank butttt id like to see how you deal with your coins. coin video will be awesome and something different on your channel :)
marissa mack she’s said in a previous video that she put all of her change in a jar and deposits it at the end of the year. I plan on doing the same thing, so I just round my transactions to the nearest dollar and throw all my change in the jar. I think you can then track it as “income” at the end of the year when you cash it out.
I wish you could do my budget :))
Hi, so helpfull, but I'm wondering why you got euros in your wallet...
Team #thebudgetmom Loving all of your videos!
I'm trying to think ...how would I do this without cash? Maybe just everytime I purchase something pretend as if I used cash and push $5 into my savings account? Yea that sounds like a plan.
so when you go to the store and say its like walmart and you buy things in different envelope categories do you just do multiple transactions?
lindsay2721 I have this question as well!!
I do separate transactions for household and groceries. I shop at Walmart to.
That was one of my questions! Do you separate the transactions or just transfer the money from one envelope to the other? I suppose that could work if you have the right denominations.
Yes, I do :-)
Hey thanks for your videos. I have a question as far as your five dollar challenge. So as you're going through stuff in your envelopes and you come across your $5 would you take that out then and subtract that from your envelope or if you had that 5 left over during the month take it out then?
The only concern is that now with Covid ppl are not using cash anymore...can you think of a fun way to do this without cash? I will be doing the same! Thanks
I wonder what planner are you using??? please and thank you
She sells her own planner on her website
HOW DO YOU DO SAVING TRACKER AND DISNEY TRACKER?
I'm very very confused..anyone else feel lost?
At first, I think it's normal to be confused especially if you've (me) have never done any kind of in depth budget tracking. The more I watch TBM videos and educate myself the less confused and stressed I feel. This is the first budget video since I started in earnest in December that I didn't feel knots of stress on my shoulders and totally confused about how to do this. Also, the other day I literally let out a sigh of relief when I realized I "could" allow myself a grace period of about three months to figure all this budget stuff out. Before this I found myself feeling very anxious about getting all my budget "right" off the bat. Hope this helps.
There's a lot going on. I found I needed to watch her "The Budgeting Method that Changed My Life" video first to get what was going on with her worksheets and ideas.
I would start with my free email course. It has a ton of freebies and clear action steps >> thebudgetmom.com/start-here
So, I am really curious... how do you manage your change??
She saves all her change in a jar.... when it gets full she puts it in her sons College account.
I save my change thru out the year and use it for Christmas presents, have some it for 2 Christmas's and save about $400 per year just on change
Depends what your priority is, save your change for it
When are you going to stock up on the Live Rich Planner? And your workbooks?
June for the Live Rich Planners, and the next launch for the Budget by Paycheck Workbook's is in October, and until then the downloadable version is available!
Are you depositing the cash that is left over every month from your cash envelopes back into your checking account?
What are you doing with the $5 challenge savings jar?
I'm doing fine dollar challenge
now i get it... i just follow you...
Hi, can I ask you, if you can, to enable Italian subtitles? Thank you
Which planner are you using in this video?
Hey Kumiko! What labeler do you use? Such a gorgeous font!
Yes please share.
Where do you keep your sinking funds? I’m worried to do that because it’s so much money
I keep them in envelopes at home in a safe place, and the bigger sinking funds such as car maintenance and vacation I have a savings account through my credit union.
Maybe it's just me, but the filofax link does not send you to the filofax
us.filofax.com/us/organizers/saffiano-personal-compact-zip-organizer-022-filofax.html
The link doesn't work for the Filofax wallet 😢
Hi do you budget from the gross or from net what you take home?
Wowow great goals
But is alot of money 💰