Whoops..😬💸 | Budget Recap | August 2024
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- Опубліковано 18 вер 2024
- It's time for our August 2024 budget recap for my Budget With Me series. Let's get into the numbers!
Links mentioned:
*Get the Budget Dashboard: tidd.ly/3EFq9ho
*Life Insurance with Policygenius: www.policygeni...
*Join my Budget Coaching Program: stan.store/lau...
My budget spreadsheet that I use is in google sheets, and it includes debt payments, savings and investing (which I label "pay yourself first"), fixed expenses, and sinking funds! I love using sinking funds to reduce the chance of "unexpected" expenses in our budget each month. Come budget with me with our real numbers for our household budget!
Other links:
*Life Insurance with Policygenius: www.policygeni...
*Student loans got you down? Book a consult with Student Loan Planner!: www.studentloa...
*Join Arbor to Save on Utilities: www.joinarbor....
*Get my free Net Worth Tracking Spreadsheet here: moneyandmindse...
My favorite financial book:
The Simple Path to Wealth by JL Collins: amzn.to/2KggZPy
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Thanks for watching!
xo,
Lo
**This video is not financial or legal advice. This is just me sharing my own experience with my debt and finances.
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#budgetwithme #googlesheets
*Get the Budget Dashboard: tidd.ly/3EFq9ho
I feel like this is an example of just because you make more money doesn't mean you're using it wisely
What part of our income in our budget do you think we didn’t spend “wisely” this month?
Have your long term goals been shifting lately? You’ve previously mentioned wanting to pay off the debt before the kids start school, looking to FIRE, and have additional savings to help the kids with school/life events but it seems like spending isn’t in line with this?
- buying the house in the market you did 😭
- 2400 a year on birthdays/Christmas 😯
- Splurging on brand new furniture and decor, doing home projects, and wanting to save 10K+ because there’s some dirt in the backyard (girl we’ve been in our house 7 years and have done nada because we also have those aforementioned goals - if it’s your long term home what’s the rush? Ya home decor has a budget line item but 529 doesn’t 😜).
All of that is money that could be used to pay off debt or invest in you/the kids eh? Just curious if that’s changed or you have more longer term plans, like expecting income to significantly increase to offset that.
At the end of the day everyone has their own priorities. I appreciate the raw and realness of sharing so openly!
We are millionaires and yet my husband buys everything second hand on ebay and facebook marketplace. I think living the way that we do is what got us here in our early 30s. I didn’t always have his mindset but now I do and because of it, we have achieved financial freedom so early. In your situation, you could have saved hundreds as a lot of people buy things and use them one time before they get rid of them. So you can find some great deals.
so true. I got the most amazing sectional for $400 at a thrift store. I spent another $100 on a machine to clean it. Saved me thousands!
Y’all make great money but those justified purchases add up for sure
Running in the treadmill as I’m watching, and I totally agree that having a treadmill is worth it. I wouldn’t workout nearly as much if I couldn’t do it from home 😊
Totally! I love catching up on UA-cam on the treadmill too!
Love the realness! We're in the same boat, just bought a home and we love it but the adjustment to higher mortgage is rough. It's worth it because we are giving our children the childhood we want them to have. We went over budget this month as well but it's OK because all of the purchases are improving our life or home. Keep sharing!
Yes, you get it! Thanks for the support!
$500 in public school fees? What are the fees for? Just curious, in NJ we have super high property taxes but no separate public school fees.
I think you should’ve looked on craigslist for a treadmill, chairs, and a table. Could’ve got them a lot cheaper and they would’ve lasted you three or four years to your completely paid off and you could’ve went out and bought what you wanted. People are giving away treadmills because they don’t wanna move them. Could’ve went to your local Home Depot and rented their truck for $75 and went and picked up the tables and chairs and deliver them to your house. As far as a brad nailer, you probably could’ve went to the local pawnshop and got a used one much cheaper than buying new. Just something to think about.
I get your point about the chairs but for the treadmill, we would have had to rent a truck, paid someone to help us carry it on/off the truck and disassembled + reassembled it in order to get it into our basement.
For the Brad nailer, I’ve never used a power tool in my life so felt more comfortable buying new with all parts and safety instructions. I view it as an investment in a tool I’ll use for many projects over the years.
FYI something you might want to consider for next year is probably using cash backs from credit cards as Christmas savings. I have accumulated already over $600 will cash it out in December and using it for presents 🙌🏽
Fingers crossed you can refinance the mortgage soon 🤞 getting that payment down would definitely give you more breathing room in your budget!
That mortgage payment is monstrous!!! 🤯😭 hoping interest rates go down so you can refinance
I know 😭😭😭 rates are already lower so technically we could refi now but waiting to see if they drop more when the fed starts cutting rates
great taste on the DR - - a place to sit & eat comfortably with our loved ones - is a need.... also the beauty you will enjoy looking at it every day/ cleaning it ... creating a lovely home is a daily quality of life pleasure :)
Thank you! It brings me so much joy every time we have a family meal there
Are you buying household items at BJ’s? Also, what items are included in this category? That seems really high for your family size.
Yeah some at BJs and some other places depending on deals. Really..$200 seems high? I mean this category covers so many things..toilet paper, cleaning products, laundry detergent, trash bags, shampoo & body wash, razors, tampons and pads, vitamins and supplements, first aid, over the counter medicine, contact solution, toothpaste, and more. I think it’s reasonable for our family of four!
@@laurensmoneymindset Yes, because if you’re buying trash bags, TP, dish detergent, etc at BJ’s, you’re not buying all of those things monthly because the quantity is so huge in each package.
A treadmill is the best choice when you have small kids! Sign up for a half or whole marathon! 😅
So true! We’ll see about that half marathon 😅 I usually do the 12/3/30 workout
Would you mind sharing the link to your pan set?
Sure! Here ya go: www.carawayhome.com/products/deluxe-cookware-set/
It’s a dream to cook on and comes with the organizers too. Make sure to do a google search for a promo code..they work with a lot of influencers so I was able to find a code for 15% off I believe.
This is probably a dumb question, where is the money? For example, your girls funds for Christmas and car maintenance is this all in one checking account? Or are these in separate accounts?
We keep all of our sinking funds in one checking account and just track the balances with the spreadsheet
@@laurensmoneymindset ahh I was overthinking it!😂
@@laurensmoneymindsetconsider putting all the sinking funds in a HYSA, you could be getting $50-$75 per month w rates where they are now
Inflation is hurting all of us. Life was definitely better 4 years ago. Our savings were a lot better and our money went a lot further even though we made less.
Your current Emergency Fund would cover you for less than 2 months of expenses. Your mortgage is 40% of your income. Hoping for a refi to bring the payment to $4k/mo only cuts it to 36% of your income. Your expenses arent crazy at all, I think you might be putting too much into sinking funds. $250/mo for bday & gifts? (Thats $30k over 10yrs) Ehh… here is your “refi” opportunity right here. Earlier vids show $200wk for grocery + $100 takeout/sweet treat. Trim $100 to $50, and there is $200. Cut Car/Home Maintenance/trim bDay, = $900ish/mo to EF and aggressively build your EF up to $20k. Large home/car repairs are emergencies, just pull from that. The same way Medical doesnt have any money, if there is an emergency just pull from EF. Home decor should not be in here on a matter of principle, regardless of the fact it’s only $87. If you want to decorate, that should come out of your individual spending. Anyway, should be easy to build EF to $20k in 6-8 months. Then take the $800/mo (hopefully more if you cut some other categories) and throw that into a brokerage account. Index funds, TDF, etc. And… are you contributing to retirement pre tax thru work?
Summary: ReFi wont calm your stress, build EF fast buy trimming sinking funds, then throw the contributions towards retirement
Watched another video and learned Miles is a cat. Put Miles’ necessary monthly expenses (like food and litter) in your Expenses category, and whatever else you are saving for vet visits just throw that to EF contributions
In your Sept video, you estimated $250/mo for school activities, but its $1k here bc of extra fees at the start of the year. Will it go back down to $250 monthly?
Also it would be interesting to separate your expenses and sinking funds to see their separate percentages.
Assuming a bit here… another thumbnail says you’re 28, assuming your husband is a similar age, lets say both of you are 30yo. With your numbers at 14:47 and a $7k/yr max contrbs, current trajectory for RothIRA equals just over a million for each of you by 65 (35yrs of growth, 7%, $583/mo). Assuming you both live till 85, you could pull $12k/mo and have just under $2M remaining. Or $13k/mo ending at $1.2M. Plus possible 401k/pension/SS income. Thats not too bad… how much would you like to spend each month in retirement?
@@camdenmounts1473her and her husband are in their mid thirties. I think 34