5 Secrets To a Budget That ACTUALLY Works
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- Опубліковано 24 чер 2024
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I've had a lot of failed budgets over the years. And I've had good budgets that I've just fallen off with. A few months ago my husband and I sat down to create a new budget because we had kind of lost track with our old one, and it reminded me of the original budget we used when we paid off all our debt a few years back. I learned back then there are a few small keys to making a budget successful, and today I wanted to share those secrets to a budget that works with you!
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Hi I'm Kallie Branciforte from But First, Coffee! I'm glad you found my video! I'm the content creator for the blog and UA-cam channel But First, Coffee.
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One thing I do when updating my budget is to take bills that are yearly like property taxes and vehicle registration and divide those amounts by 12. I then transfer that amount from my savings account every month. This way we have the money when the bills come in.
I do the very same thing! Love it because I don’t have to struggle to pay them when they come around.
Great idea, thank you!
We do it too! Though biweekly as hubby gets paid biweekly, so every paycheque gets divied up into appropriate accounts (including saving for big items/projects) and then we don't see the money not available for spending! We don't have a big income (I'm stay at home mom and hubby works at our church) and are a family of 6, but have been able to pay for everything cash (including Toyota Sienna, complete basement reno, fence, play structure, shed, etc.) in just 5 years! Only debt we've ever had is our initial home mortgage. Only use Credit Cards to get points, pay off as we use them. We are able to not be stressed with finances and we actually don't watch every penny we spend, meal plan but we do get to eat fairly healthy, go out to eat here and there and be fairly generous. Also saving a good sum of money to send our kids to hopefully send our kiddos to private school! It's crazy how far our finances can go when we're mindful of them!
Oh, and hubby and I check in with each other before spending any money - even just a coffee. It's not a control thing but it helps us be more mindful of how our spending affects the whole family.
Weekly check-ins to keep yourself accountable and reflect on how you're doing is so important! It's so important to celebrate the little wins along the way and assess whats working! 😊
Totally agree! It is also ok as she mentioned to change systems and adjust categories if they are not working. For me when I was starting to budget, it would motivate me to have a Starbucks only on the day and time I would sit down to budget, and play my favorite music.😉
1. Identify your set monthly budget. (Take a look at your income, identify what you make each month. Ideally it will be the same each month.
2. List out all your expenses for each month. Break it down into categories (ex. Personal care can be hair/nails, food: groceries,takeout, coffee,bars. Subscriptions, and misc. like seasonal spending,donations/charities, etc) check spending last 3-6 months to make your categories.
3. Find where you can cut back. (Ex. $800 monthly on groceries, see if you can cut it back to $650 for the first month and ween it down to $500 over 3 months).
Ease into it. It's not all or nothing.
4. Assign every dollar to a category. Use it intentionally, ex. $200 extra could go towards debt,or a big purchase for you such as a house.
5. Schedule a weekly check-in. These should be quick,maybe 10 minutes, look at what you spent the last week. See if you're staying on track,if you over spent in one category can you cut back in another? Upcoming purchases and assess if they're working or not. Can you combine any categories for better tracking? Celebrate the little wins
Brilliant advice! A lot of people forget to budget birthdays/weddings/showers, etc. We decided we wanted to move a little over a year ago, by budgeting (and not missing anything, it was all shut down anyway) we saved enough for a healthy down payment. Moved into our new house last March. We also decided we wanted to retire by 60. Our financial planner got us on track for that and we’re well on our way of doing so in 8 years and start traveling again. It’s doable, just want it bad enough. We still remember the day both our kids were out of diapers for good! We were so excited to put that money in savings, we almost wept with joy!
How awesome also for couples to have met goals together also! I'm thinking this will help any marital problems we currently have lol
Great steps! After 25 years of following a budget, no credit card debt, not spending more than $100 without spouse's approval has allowed us to pay off our cars and home. We now place those costs into savings and continue to budget as though we still have those payments. Thanks for your tips! Love your channel!
Love your sense of humor and insightful tips. My mom taught me how to balance a checkbook when I started living on my own but the best I got on budgeting was to ask myself if it was a "want or a need". Sure, that's obviously helpful to frame your choices that way, but learning how to budget on a larger scale is absolutely essential. I like all your videos but appreciate your budget ones most of all. TFS!
Honestly, I think you can never budget enough! I love watching your budget videos(and all other videos) because you make us feel OK if we make a mistake. Or aren't perfect in our budget. Thank you for showing us Chime! Such a great account to have!
Yay! Thank you!
I do keep a budget and have for several years. One of the things I do is total the amount of debt I have each month and compare what it was the month before. This way I can see how much of my debt is being paid off and if I am adding too much on. I also do my grocery shopping online, so I know my total before I check out and generally I stay within my budget.
Thats a really interesting benefit of doing grocery shopping online Tonya, I hadn't thought of that! It saves time, AND prevents receipt shock at the checkout counter. So smart! 😊
I've found that grocery shopping online and picking it up (even if I have to pay $2-5 for the convenience), really keeps me in check because I'm staying at home and meal planning and then (mostly), only shopping for those items. If I'm at the store, I start seeing the "deals" and can veer from my list.
This ist just what I was needing! I started budgeting after my daughter was born and I had to be more restrictive about spending, and I did really well for a while, but, like, 2 months ago I started overspending, mostly because little things I wanted to have just started piling up and I didn't do regular check-ins, so things kinda got out of hand. And it made me feel really discouraged, so thanks for sharing that this happens to you as well and thank you for this informative video!
My husband and I started with being thrifty by getting married at the courthouse. We didn't even have a reception. For us getting married was enough. I could have demanded a big wedding with an expensive gown to make me feel like a princess, and of course with the venue and cake and food...We would already be in debt for just one day of putting on a show for everyone. We've never regretted our decision. And 30 years later I don't have a big out of style wedding dress cluttering up my closet. We've encouraged our children to do the same. Save the money for a downpayment on a home instead. Don't start a marriage with stress. It doesn't have to be a courthouse. Ask a minister to meet you at your favorite spot and then you only have his fee and the wedding picnic you brought for the two of you.
Well done! I would add that even if your partner is not interested, do it anyways. Never know, he may come around eventually. You will be ready. And in the meantime you will have a better handle on your finances - it is a win win for you.
I don't find this topic boring at all! I love financial information he can revolutionize someone's life
My husband and I are having our first Financial Board Meeting in January to assess our budget. Your tips will definitely be a part of this meeting.
Your budgeting videos are my absolute favourite. Your get out of debt videos are what inspired me to pay off my student loans. I am forever grateful for that series you did all those years ago.
Congrats 👏. I'm still figuring out my budget, I have to keep adjusting it.
Great tips. I've been a subscriber to your channel for a long time but never commented.
My husband and I have a great budget now but haven't always had one. Several of these we do use. One of our tips we received from someone early on in our marriage (nearly 24yrs ago) was, "a couple can make ends meet if they just don't want so much. You don't have to have ALL the things!"
We've always tried to remember that. Notice I said tried to. Lol.
Thanks for sharing.
That is awesome! Thanks for sharing! Definitely budgets aren't always perfect and I don't think anyone ever follows them EXACTLY 100% of the time. Thats ok!
I find it funny that I particularly type in how to make a budget, search through all these other videos and land on yours, a person who I’m already subscribed to and is proven to explain things to me in a way that I understand. Thank you for your time and your five tips to help me and my family get on a budget!!
Thank you so much for this. I was doing so well this year I decided to up my goal and then something happened (who knows what) and I blew my savings. I didn't spend frivolously I just wasn't mindful enough. I think weekly check-ins are great! I will try that this year!
Thanks for this! I'm looking for a way to get a hold of our finances because I've gotten so far off track. Now I have something to start with. Keep em coming and Happy Holidays from our house to yours!
Thank you for this great video! Will be planning now to put in to effect at the beginning of the new year.
Yes, let's do this! Merry Christmas, sweet lady!
Great video! Sadly, 95% of people who start a "budget" forget to START with putting at least 5%-10% aside for THEIR OWN savings (to allow for growth in compound interest over time). People HAVE to change their mindsets, and pay themselves before spending money on Netflix, Amazon, Starbucks, etc. Our public school system never teaches anything about making money, saving money, or investing money. It IS purposefully set up for us to fail (and be sheeple). We need to help one another, and fix the missing education gap. You're doing a great job of this! Thank You! 🙏
So helpful, thank you!!
Have you heard of the “envelope system”? My daughter tries this and ends up taking money from important bill envelopes for frivolous things. Then when those bills are due, they are short. I am forwarding your video to her. Thank you for some great tips. Take care and have a Blessed day ❤️
Great tips, thank you!
I have never been a budget person, but really made an effort just to spend less in recent years. Anything I had left in my account before my next paycheck, I transferred into savings. In a couple of years I was completely debt free. However, I got into trouble in my 20's with credit cards. I actually bought a notebook where the pages had pockets and lines. U put all your paper bills and wrote the amount paid. I know this reveals how old I am, but it really worked. U give such great tips! 💘💘
Inspired! For sure going to figure this out this weekend. My banking app categorises what I am spending on for me and I can now see how much I spend. I already know I'm going to be shook!
Honestly I agree with Kallie, since I did the weekly check ins, I got so much better at sticking to my budget
I do this and have successfully tracked my spending for the entire year of 2021 in all of those various categories ( I even added Vacation, Dog, and a few others like gas and tolls) so I can get a whole picture of where I am spending money. And it helps me so much I seriously advise everyone to do this! And it doesn't take long every Sunday I just go through and enter all of the expenses for the week (sometimes every other Sunday if I'm busy)
Beautiful, beautiful tips, thanks for sharing.
God bless you. 🙏🙏🙏
We write our monthly bills down on a calendar on the dates that they are due. They get a check when we have been paid. And highlighted in yellow when they have cleared the bank. This has really helped us see where our $ money is going. We also write in any extra spending on the dates that we shopped, eat out ect.
Kallie, this was excellent! Informational 🤓 entertaining 😂 and for me, just the kick in the butt I needed to get a budget going again. Thank you for such quality content. I really look forward to every video. Merry Christmas! 🎄
Thanks and Merry Christmas to you too!!!
With bills being auto or e-pay it's so easy to lose track. Every monday is bill day for me. I log on to my bank account, check what bills are coming up and what has been paid. I also enter these numbers into my budget spreadsheet. This way I have a weekly account of my money
I love budgeting! So I’m excited to watch the video.
Yay! I'm revamping my budget right now. I love getting things sorted before January. 🥰
I listened ro this twice, you're amazing, I'm sure it will help!
Yay! I love budgeting 😃
The check-ins is a great idea. I’ve just done it now and can clearly see what needs adjusting to reach my savings goal faster.
I love it, thank you so much!!!!!!!!! Love, Anna
Love the new intro! So adorable!!
Just the video I needed right now, we are on a tight income atm and really need to knuckle down on a budget Thankyou I will be doing this first thing tomorrow
So motivating!
😂 I think you’re confusing “jumping on the bandwagon” as in, joining in with something popular, with “falling off the wagon” ie, an addict who relapses
That's what I was thinking.
Yes, exactly. Comparing apples to oranges with those phrases.
I see what you did there Kelley Willis. 😉
@@ginachristmas6979 🤣
Brilliant advice. Without budgeting, we would be up the creek with no paddle. We have direct deposits into our checking account and I know where every penny goes.
Great tips!! Thanks for reminding me to stay on track. I am trying to go all January with no online purchases except groceries. Amazon may call to see if I'm ok by week 2. Lol
When you said, “it’s like getting a smoker to quit smoking...”. I realized my husband and I had both quit last February! Hooray!
But I am going to start putting the money we used to spend into a new savings account.
I did some calculations and I should have saved $250 a month. However we both smoked ... yeah, baby!
No time like today to start! Thanks for your input, ideas and no shaming!!!!! Happy New Yearlong
Great vid, thx.
Fixed income has made my budget for us, I've posted our budget on the fridge. Our play money is cash for cans money.
Love the 5 Budget Secrets 😊
You're so helpful seriously I'm swimming in debt. I have a.d.d. but I think I actually get this video it's so thorough. I will watch it 10 more times then I'll be ready😄
I have Chime Checking & their credit card! I love it! Such a great card!
I have always struggled with budgeting, def needed this video and to get it together and hold myself accountable (pun intended?) for my spending and saving. (BTW I’m a single mom who works at a university and still can’t afford daycare, it’s rough!) Thanks for all the helpful tips!
Hello I am a fan of yours here in the Philippines 😊 I hope chime also available here in our country but i think it’s not, looking for alternative banks. Thank you for this awesome tips. These budget tips is a great resolution also for this coming New year 😊. Lookin for more upcoming tips from you 😊
Thanks so much for all the tips! ❤ Everything you talk about (in all your videos on budgeting) makes total sense, it really helps me as someone who’s struggled with juggling finances all their life…. I’m definitely an impulsive spender! I am bummed that all the great apps and services you recommend aren’t available to me here in Australia though. Does anyone have any suggestions?
I love Chime! Their savings account has one of the best interest rates available, which wasn't mentioned but was a big factor in getting me to join. I never got the bonus sign up money that was promised though so I was upset about that 😒 love the behind the scenes info about your fabulous life as a UA-camr! I love budget videos but don't love doing my own because you're right, those misc things add up!
I budget and have budgeted for the last few years... ironically I had an overdraft in my chequing account which I was not expecting and it took me a bit to find out what happened! It was only by less than $15 but it was a shock! First overdraft in the few years!!
great tips
Everybody’s grocery bill is up right now. What’s up with the late night Amazon spending? I do that too. Why?!?! There must be some kind of psychological reason for that phenomenon haha
❤️ this.
I need this !!!!!!!
Your comment averaging variable expenses is great! Every time I tried putting together a budget, I got tripped up by variable utilities. I’m going to try your averaging.
Thank you ever so much
There are two wagons: the bandwagon and the wagon one falls off of. The bandwagon is something that is currently popular or trendy, as in a wagon (or something more modern ;) ) with banners that promote a product or idea. The wagon is something on is on when quitting something, like alcohol. Falling off the wagon is not a good thing. You decide if you think it's a good thing to be on a bandwagon--like one for budgeting. :)
Your dog was even bored by budgeting. 😂 I agree it is boring, but necessary. Congrats on your channels success! Subbed in the beginning under my other acct.
Falling off the wagon is bad, cuz you are falling off. Getting back on the wagon is a positive. You get back on even though you fell and you persevere through.
Here's the scoop on the word "bandwagon." First off, you're using the term incorrectly. The phrase you want is "fall off the wagon," which was originally used to refer to someone who had gotten control of their drinking problem, but then had lost control. They "fell off the wagon," see?
To "get on the bandwagon" is to start following a fad, to follow the crowd. So, you generally don't fall off a bandwagon. You either get on one or... you don't. I guess if you abandoned a particular fad you could say you fell off the bandwagon, but the term really isn't used in that way. It's really a synonym for "fad" or "trend," and only used when one is starting to follow one.
So, I hope this clears up your confusion, which I've noticed seems to be shared by many others. No charge for the explanation so you can safely stay within your budget, which you explained here beautifully, btw. ~ Lisa
Thank you! I almost didn't watch it bc I said, "ik how to budget" it's just the STICKING to it,...of course that has to be part of it 🤣🤦 anyway, I appreciate the weekly check-in tip so I'll have to try that! I've always done monthly which is kind of too little too late lol
The pup in the corner 🥺❤️
Budgeting is like a healthy eating...I like that :)
I had to smirk at the statement you made about "if you have $200 left over " Ha!!! Nope, never happens. ..surely you jest! OK, I might have the smoker mentality...
I'm amazing at writing a budget.... But horrible at self control 😒😮💨☹️
It would help if you made a video on HOW you
Do that great spreadsheet in excel. I personally have tried and can’t do it 🙈
It’s “falling off the wagon” or “jumping on the bandwagon” Kallie combined them for a new thing.
The dog. 😅💕
This is exactly what I have done recently (in the past few months) it's been working well but now we hit pre-Christmas and I feel like it's gone wrong. Have you done a video about seasonal or random part of budgeting? I'm not sure how to budget for Christmas unless you set aside every month of the year and put in savings so you have maybe a separate account for Christmas or birthdays?
Sinking funds might be helpful for you :) Search up some videos on it cause there are different ways to do it. I use a separate account for my Christmas sinking fund, but for others I just envelopes for cash. You got this!
I do need to work on budgeting better. I do try to keep my checking at least a certain minimum (that includes a buffer so I hopefully won’t go into the negative or anything). I don’t have a credit card and am holding off as long as possible to get one as I don’t want to accidentally fall into the trap of spending more than I have.
I skimmed but forgive if bandwagon has already been explained.. my grandma told me it was the Salvation Army bandwagon that would come thru town when she was younger. People who were motivated to quit drinking (or maybe otherwise join the SA) would hop in the wagon and she kinda suggested people would do it to go along with the crowd. Then later… fall off potentially
I appreciate your suggestions for creating a budget. I'm curious to know how you track your spending. I've used YNAB for budgeting and tracking our spending (which I loved), but when they raised their rates I decided to try Mint. However, the change has left me unenthusiastic about the process of monitoring our finances. I'm battling with myself whether it's worth spending the money on the annual YNAB subscription if it means I actually budget! I'm curious to know what you (and others) use that may inspire me to try something new.
Love your French bulldog. He resembles my baby.
I would love to see a video on how to set up a youtube buisness. Starting an LLc, when you know you need to start one,etc.
I also highly recommend giving yourself and your spouse an allowance to do whatever you want with. I know so many couples who like "revenge" spend - where oh you spent $50 on this? Well I'm gonna also spend $50 on something for myself... With the allowance there's no guilt and you have the option to save up to something you want for yourself.
We are to the point of having just our mortgage left for debt. Praise God.
When we moved in, I got a bright yellow piece of paper and drew the front of a house on it (like a 3rd grader did it, lol), and then drew "bricks"...each one represents $1k. Each brick has the number on it of how much we owe and they go in order of a countdown.
Each month the kids, my husband and I take turns opening the mortgage statement and coloring in the bricks. The roof of the house has scooped "shingles", and when we filled in all the bricks of the house And moved to the shingles, it was a celebration!
We have the picture by our family calendar as a daily family reminder that we are all doing our part to own our home.
P.S. Some months we color in one and others we get to color in more. But, we lead the way of excitement, gratitude and accomplishment regardless to be an example as best we can to our kids.
Oh my gosh, that's brilliant on so many levels! As someone who's brain locks up when looking at numbers on a page, I am going to adopt this method for myself. I have no doubt a picture representation of my goals will work so much better at creating and maintaining excitement and gratitude. My children are grown and on their own, and I'm a single homeowner, but this idea speaks to my ADHD brain. Thank you for sharing this- I'm sure those with children will benefit even more
I'm at $100 per week for grocery and its too high for two people. Like you said not more food just more food waste.
Kallie, I love that comfy chair you are sitting on at your table. And the curved back on the wooden ones look comfortable too. What brand are they?
Is it more effective to set a percentage or number of dollars allotted for variable spending categories?
How do you feel about the borrow money apps such as Earnin and Dave?
How do you calculate and save for christmas and other Holidays?
What software do you use to track your budget?
How to plan weekly check ins? I stopped doing a budget years ago because it didnt worked out. I had a kid last winter and started a new budget sheet this summer. First i was doing my weekly check ins. Working out but i started to skip months because i didnt have time and the little had ups that kids need. I was hoverwhelmed and i just stopped now. How can i be good to plan it?
I know this is random but where did you get your sofa. I love it.
Crate and Barrel :)
Do you have a budget app you recommend?
Falling off something is a bad thing. You're so cute, I love your videos.
😊 thank you
For me cash is easier to spend than credit card. I just assume that it is gone and that is! Also easyer to follow where the money went. Plus credit card saves you some money because they give you back X% money after your spendings. I do not buy anithing more that otherwise I wouldn't buy when I would spend with cash. If you use it wisely it can be your most budget friendly thing.
Fabulous, Kallie ! Oh … and just btw … you’re gorgeous !
"Falling off the wagon" used to refer to an alcoholic going back to drinking but it's now used for things like dieting or smoking or even budgeting. "Jumping on the bandwagon" refers to joining something because it's popular. A literal bandwagon is a wagon used to carry a band in a parade or processional. So falling off the wagon is not good and jumping on the bandwagon is not good in that it means you're doing something BECAUSE it's popular and not what you necessarily believe in. 😁
haha OMG thank you
@@thatpracticalmom you're welcome! 😁
Can you do a video on LLC and how to create one. I’m looking to learning more before I do it myself.
I honestly hired an accountant to handle most of it., I didn't wanna do anything wrong !
I use a zero based budget and cash envelopes and sinking funds to keep me in budget
Yes, I hate food waste also!
Kallie - you don't usually say "I fell off the bandwagon." Bandwagon is used as "follow the crowd" - so, you may say "I jumped on that bandwagon." when you finally got a tiktok account. Or, "I'm not following the low carb bandwagon", if you think keto is a ridiculous lifestyle. You would say (meaning, stopped your good record), "I fell off the budgeting wagon." That's your own personal budgeting wagon, not a "bands" wagon. Does that clear it up? Thanks for so much good material.
Where did you get your keychain wallet accessory?
I was wondering the same thing! I love it!
The phrase is 'On/Off the Wagon,' so when your 'On the Wagon' you're abstaining from something bad for you (alcohol, drugs, fast food.) Therefore, *when you 'Fall off the Wagon' you are again drinking, drugging.* Not for sure but it might have come from the Prohibition era which by its nature seems odd. Another oddity: AA (Alcoholic Anonymous) began DURING prohibition !?!
Agree. Bandwagon is a separate idiom!
What is your Boston Terrier's name? He/she is adorable! We have 2, fantastic dogs!