How to Make a Budget
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- čas přidán 13. 09. 2024
- -- David discusses how to make a monthly budget and track your spending
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Pakman Finance content is for entertainment purposes only and should not be construed as financial advice. All situations are individual and unique. Please consult financial professionals directly.
#pakmanfinance #budget #budgeting
This new channel is perfect. I love the political channel, so as someone just getting out of college, this stuff couldn’t have come out at a better time, thanks David.
Pakman's handwriting and that weird tonguing the side of his mouth when he lies are both absurd and disgusting
@@adarkimpurity bogos binted
Rob Berger has a great strategy that you also mentioned which is to start with how much you can/want to save FIRST, then allocate expenses so you can readjust your expenditures to fit your savings allocation. That has helped me a lot.
Rob Berger channel does provide some very valuable insight into investing and personal finance topics. Focus is very much on low cost, broadly diversified index funds, which David wisely also seems to advocate for.
Wonderful video. Very informative and detailed yet concise. Unsubscribed.
😂
I never thought I would be willfully subscribing to a finance channel, as CZcams has always been a source of entertainment for me, but here we are. Thanks David for expanding boundaries and helping people becoming financially literate 👍🏽
Good to hear you'll be doing one for lower income folks since those with money can pretty much spend however they like.
I’m SO happy that you’re making content like this too now!! This way of thinking about money management is fundamental life knowledge, and so many people are lacking the tools to help them. This video seems like an excellent first step, towards really thinking about your own personal finance. Cannot wait to see the next video, with more realistic numbers used, because $5k is just too far from what a lot of the jobs are paying these days, for a single person. Thank you, though! I appreciate you getting this out there for someone who might really use it. It’s a great explanation, and does get me thinking about the sneaky expenses that slip their way in, and how I can better manage my own money. Makes me wanna be more aware when I’m spending! That’s for sure!
Two things I find very helpful in my own personal finance: 1) Google Docs Monthly Budget spreadsheet. I set it up every month with the dollar amounts allotted for each category (mortgage, utilities, pets, groceries, insurance, etc) and then I enter receipts every day (along with my monthly bills.) It's easy and I can see everything at a glance; 2) I use Acorns app but there are other similar apps, to round up my purchases and deposit them into an investment account. Every time I use my debit or credit card, it gets rounded up to the next dollar automatically and invested, and I have a nice little nest egg. Super easy way to save.
Finally got a chance to check out the finance channel, and I’ve got to say, I’ve got a strong, financial feeling about it. This was helpful in a way that is actually applicable. Thank you for the education sir
David ! I’m surprised and delighted to find this channel aside from your show. I’ll be following this too
Thank you David!
Thank you, Sir! Love this and your other channel! Your finance book recommendations are great too.
Great content, Mr Pakman. I wish you would open a politics channel, I think you would be doing great.
I'm really, really bad with money. I'm here to listen and learn.
I just bought a house and this channel couldn't have come at a better time
congratulations on the house
Thank you so much David! I've been watching every single video on the finance channel ever since you started it. I was surprised to hear that there has only been a moderately positive audience reaction to it!
Great video! I've done my own budget for many years now and I like to look at discretionary as a "surplus" amount. I could spend $500 on entertainment one month and maybe go 6 months without spending almost anything in entertainment, so I don't like to budget on hard items like that or clothing. I budget a surplus and anything I don't spend goes into my asset allocation.
Hey DP team! I bet it's already on your list but I'd love a video specifically on retirement saving strategies. Thanks
Loving it!! What about bank accounts to have/use? Checking, savings, CD, money market...? Online vs brick-and-mortar? Credit union vs local vs big bank?
The comment sections on this channel are going to be solid GOLD.
If you thought the haters sounded stupid on his politics channel, you ain't seen nothin' yet.🤣
I think when considering a vehicle we also have to consider the vehicle insurance. So when people opt to the subway pass for $200 a month they save $100 from the cost of the vehicle and whatever the price of insurance is.
David, sir, this channel has been great so far. Can you do a video on HSAs vs FSAs at some point?
I was expecting to make the suggesting reviewing / categorizing what is spent. That said, I do estimate two paychecks (80 hrs ea) as my monthly income. This 'creates' two windfalls per year of one paycheck each. With windfalls, I do the following (this might not work for all folks): 50% Invest, 30% Savings/Quality of Life/Debts, 10% for Charity, 10% for Fun. By knowing what percentages you split windfalls, suddenly getting a bonus from work, to tax refunds and other sources of excess, momentary money, knowing how you will always split it up prevents splurging and helps improve your financial health. Also, I am not a financial advisor. This is what I (try) to do.
I love your channel's David! I think the same way you do when it comes to the more people make "the rich" the more they are taxed so they can help everyone. I believe we all should make really good money, I don't understand why anyone wouldn't agree with that unless they like to point fingers and talk down to others because they think they are better because they make more!
👍
Can you address what to do with an IRA in this market? I’m 66 and don’t have the time to let it recover. I’ve lost 17% since this mess. If i close it i lose more in taxes🤬
Very good, sir!
Whenever someone uses $5000 for the starting point of a budget, makes me think I’m not making enough haha
Thanks for doing this David! Can you cover bonds more in-depth?
love this channel direction so far. really really hope you can put some emphasis on the readability/graphics…. not to sound dramatic but as a very visual learner the handwriting situation is actually a big problem
Ever since your interview with Mr. Money Mustache, I knew you were my kind of guy
I am impressed with how fiscally conservative you are. You’re an interesting character, I predict a lot of internal strife between your personally conservative nature and your socially progressive nature. Good luck to you on the journey of discovery!
I am the king of frugality. I know exactly where every cent is at all times. It is like a sport for me.
Fixed: Subscription to David pakman show.
Living well under your income is key!
Debt can be good and bad.
@@adarkimpurity how is debt good?
@@jeffcallahan4118 You can get things now instead of waiting years by saving, so for a business you can start using and profiting off of equipment sooner. As one random example.
@@jeffcallahan4118 ...it's also good if your the one who is owed the debt and the inevitable fee! ;D
@@jeffcallahan4118 ...also, if your company is in debt just for a single year or more) you don't pay/pay lower taxes and other costs/reliefs, so investing ata cost in your business has incentives as long as you make profit from it in the mid-long term.
The biggest issue with looking great on paper is that both partners have to be on budget. If one spends more than the other off budget, that one should have a specific spending account outside the main household account.
Can you please discuss Individual Universal Life Insurance.
David, sir! I really love this channel :D
Sir! (I ask with tears in my eyes) Do you recommend software to use that automatically tracks spending. I was using every dollar but after I started reading about Ramsey's politics I didn't want to support that tomfoolery!
I used to use every dollar and my conservative father signed me up for Dave Ramsey's financial peace University. The app was fine as a budgeting tool but when I went to the in person FPU courses, which were held at a church, I was shunned by the group leader because I wasn't a member of the church. I was told that FPU can only assist you if you believe in Jesus Christ lol. Needless to say, I stopped going and just run a manual budget now. I just feel bad that my father wasted his money trying to help me be more fiscally responsible lol. Kind of ironic I guess.
I don't use it personally but I've heard the Mint app recommended before.
I use mint. It works well. I don’t know why you would let someone’s political opinions keep you from learning personal finance skills from that person?
@@tommyboym6563 First off, originally I just used the every dollar software unaware of Dave Ramsey's beliefs and education program. I don't want to spend my hard earned money on a product if the profits are going to be spent advancing political beliefs that are completely bonkers and against common sense and basic human rights. Also his financial advice is not based on facts and logic. The best example is his baby steps program. If you follow his advice you could lose thousands in extra interest and lost matching contributions.
@@TallSilhouettethanks for the recommendation!
David. It would be really nice to see some finance journalism on this channel too. I'm often disappointed with the lack of coverage in financial circles or the rampant corruption and fixing of the markets that damages and takes advantage of simple financial plans that include investing and other tools people use. Also could we get finance guest interviews with people like Dave Lauer and Susanne Trimbath. Thank you
Get Dave Ramsey on!
I love this channel but where am I going to find a car less than 350 a month? I look exclusively for cheap cars and can barely find anything close.
50%! Wow, that’s insane. Buy a small foreclosure and then renovate it. Live in it until you have acclimated 25% in home equity. The bank will give you that 25% home equity if you are going to buy more homes with that money. Rent it out and buy another foreclosure, rinse and repeat. Make sure you talk to professionals before you buy it of course. My family has been doing this since the 1950s.
Don’t forget to budget for taxes… for most people, federal taxes is the number 1 most expensive line item.
Why did you selectively start with post tax? Why not let people realize how much they pay in taxes each month? Shouldn’t we have more well informed voters?
I'm no longer waiting for GRANT LOAN because I earn $29,700 every 10 days recently
Same here lol,My previous profit withdrawal investing with Mr Walter was over $18200 and it's still counting high
Same here although got some help anyway, still new on all this but am happy am in
Mr Mark Walter is an expert trader on a certified broker, I've worked with him for years, everyone he processes he or her trade, is so lucky, all you have to do is believe in him and fellow his guidance. Then sip your drink and relax.
I have heard a lots about investments with Mr Mark Walter and how good he is, please how safe were the profits
For me i have been working with him for a year and four months. And I have been getting my profits seems legit to me
Don’t forget to consider money for fixing toilets
dang 5000/month after tax lol, this channel probably isn't meant for me
I would not put mandatory expenses under fixed because not all are fixed.
Example.
Groceries are mandatory but NOT fixed.
Mortgage is both mandatory AND fixed.
Subscriptions are fixed but not all are mandatory.
Restaurants are neither mandatory nor fixed.
So really you are looking into categories that makes it easier to see from what it is that go every month, to what is disposable
Pakman's handwriting and that weird tonguing the side of his mouth when he lies are both absurd and disgusting
David your a millionaire, so I understand you started this with take home of $5,000 a month after taxes...NOT. The majority of people are not with you on that number.
Oh so this is how a right wing socialist would make a budget! Ha! What a quack job! Just throw money at everything why Dontcha?! 😂
Sorry I had to!
This is actually how a conservative makes a budget. David is proving himself to be very fiscally conservative… can’t wait until that true nature leaks into his political views.
🤣🤣