Engaged Couple in $47k Debt | Millennial Real Life Budget Review Ep. 25
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- Опубліковано 28 чер 2024
- This engaged couple lives in Wisconsin and wants to save for a wedding and pay off $47,000 in debt. Here's how I would rework their budget to reach their goals!
Cards:
0:00 Intro
1:46 Millennial Budget Review
2:06 Monthly Budget
2:30 Debt
3:26 Fixed Expenses
12:51 Monthly Payment
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much monthly?
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I think you're being way too gracious towards these folks and their budget. They have an immediate need for a wedding and need to sacrifice now, for 5 months, to fund their wedding. They have 1500~ spent in non essentials that they should be sacrificing for just five months. That's all they need to change to fund their wedding.
Paying off Cabelas while having a 35% $200 debt makes no sense. Financed phones, financed camper, truck, etc. Even with an upcoming wedding, these folks have low enough fixed expenses that they could be debt free outside of their vehicles/campers by the end of the year AND have their 5k wedding, IF they sacrifice now through the end of the year.
I also am skeptical that their wedding will only cost $5k based off everything I'm seeing on this budget. I am curious if they've actually budgeting for the wedding or if they just pulled 5k out of thin air. I had a backyard wedding with 50~ people and spent 4k on it while cooking all of the food myself, making all of the drinks, using hand-me-down (free) decorations and not having any clothing expense.
Unfortunately, I agree. That small debt with huge interest rate needs to go next paycheck. How is that even still there? I’d keep the $1k emergency fund, get to like $7500 for wedding bc it’s probably going to cost more, and then tackle every other debt above 10% interest while saving about $300 per month for emergencies.
$800 per month on fun plus $700 on eating out is absolutely wild for this situation. I was disappointed there wasn’t more emphasis on cutting the expenses like on some of the other videos.
I am spot on with this comment. Definitely think this type of situation is a prime candidate for the financial peace from Dave. They have the income and just if they could get the mindset down to kick the debt and all that could come from being debt free, they would excel financially. I would suggest doing a Friday date night as restaurant spending only. Try to keep it around $50 for both of them, unless special occasion type ordeal. Invest a couple hours into UA-cam videos on meal prep or even buy the subscription meal plan deals, definitely spending almost as much as their mortgage in food spending with groceries and restaurants combined is killing their income. Income segregation is in full play here.
With this level of financial indiscipline, I don't think you guys are ready for marriage. Act responsible, live within your means. Fun money, eating out, all that has to stop
Shout out to Wisconsin! I lived in Appleton during Grad School :)
Thank you for this input!!!!
We have already begun working on the items mentioned and have reworked the budget some as well.
This has helped us both so much to have an outside view of things.
To all the comments about how we pulled the wedding budget out of thin air... We actually did the math for the wedding and have it all planed out.
We have actually taken a look at the out to eat as well and are going to be more thoughtful when we do go out to eat.
Our fun $ is also for gas for the cars, which is why it is so high as well.
Then your gas should be under the gas category to accurately create a budget.
They are clearly living above their means. They want to save but don’t want to make the choices that are required of them to actually do it.
They are spending nearly $800 on restaurants AND $800 on fun money - I would have knocked the restaurants down to $100 and $300 for fun money and use the rest to pay off the smaller credit cards. They are lucky to have such a comfortable income.
Opps. Wrong logo for mint mobile at 3:50 😂
We new what she meant. 🙂
That's hilarious.
When figuring out how much they have to budget towards their goals each month, I would zero our all the savings at the bottom, lower eating out & fun money and no extra payments towards debt. Now, take the 3k ish and go hard towards the goals. I'd do 1k emergency Fund & 5k to wedding (both done in 2 months) then start attacking the debts. I'd have a strong goal to get majority paid off by wedding...they can easily have everything but the camper and Chevy done) Then a larger emergency fund. Then finish with the last 2 debts.
After that, what, year?? That's nothing!! They will be set up so we'll to grow their wealth as a newly married couple.
It has to hurt a little and they need to sacrifice so they don't repeat the behavior that got them into debt to begin with.
jesus, this is a nightmare! And they make pretty good money, i don't understand how they are this far behind.
I suspect the generous "fun money" but zeroes for hair cuts and everything else means the couple hasn't identified where all that money is actually going or how much they truly spend in those categories.
$300 for a grocery budget for two grown people makes me skeptical.
My Northern European country has a legal interest limit of 20% a year. 35% a year is absolutely crazy! It made me speechless!
There should be a similar cap in America. I know that it's ultimately about people's behavior in this couple's case, but having such a cap can at least limit the craziest outcomes.
I saw your UA-cam vids, and they're awesome! But I think they could be even more awesome with some better editing and thumbnails. I'm pretty good at editing and designing thumbnails, so I could help you out if you want. That way, you can focus on making even better vids! Plus, you'll save time and can pump out more vids. With my help, you can reach out to a lot more people too! Let me know if you're down! and if you want i can do the shortfrom too
I dont know what kind of financial guru or financial planner you are, but I think your plan for the engaged couple SUCKS!! FIRST 1. Forget the fun money, stop eating out so much!!! FIRST PRIORITY should be paying off those stupid high interest rate cards! Cabelas at 20%....who in their right mind would pay this? Take the first $3000 and pay of those 2 cards and cut them up. Next work on the next highest rate card and pay it off. Pay the credit cards all off, then save every penny for your wedding in October and emergency fund. Why would you tell them to make minimum payments for 2 years.....HOGWASH....you need to pull your head out from the dark side of the moon!!
She didn’t say minimum payments for 2 years. She has ALL of their debt paid off in 1.3 years with her plan.