The Basics of Setting up a Budget | Mock Budget, Sinking Funds, Baby Step 2
Vložit
- čas přidán 27. 05. 2018
- Hey everyone! In this video I complete a mock starter budget of a small family just starting out in their debt free journey with a moderate amount of debt and a moderate income, with all of the basic expenses. While I know most people aren't in this couple's exact position and lots of people have more debt or less income, I figured this would be a good place for people to start! I hope you find this video helpful, and please let me know if you have any questions. Thanks for watching!
- Krátké a kreslené filmy
I am 16 and watching your videos are helping me plan for the future so Thank you so much
So happy to help ❤️
This is super helpful! can you make one on how you would plan if you get paid every 2 weeks?
I’m 14 and I’m watching these for the future
This is so important! If you want to succeed, you need to create a budget. Without a budget, you lack focus and direction. Budgets not only allow you to take control of your financial direction; it also provides you a benchmark for determining whether you are actually succeeding.
Wow!! I’ve been binge watching all your videos but i was still struggling to come up with my numbers and the whole set up... this was like step by step and so well explained!! You are amazing! 🙌😘
that's an awesome, well executed mock budget. i like your explanation of the steps to get debt free
I'm glad you enjoyed! ❤️
This video really helped me and my wife set up a realistic budget. As I guy I didn’t consider the money to set a side for make up and all that other stuff for my wife. Thank you so much for these videos keep them coming please !
Thank you so much for this video!! This helped a lot today sitting down and doing my husband and I’s budget! With myself having student loans and a car payment, and us waiting to start having a family, it’s good for us to start saving and start paying off things! 😊
I really love how you’re young and budgeting, I feel like I relate more since we’re around the same age and have the same kind of bills. love your vids! keep em coming!
This is perfect I’m a visual person so I learned by actually Seeing what’s been done And how to put two into together and it’s a perfect example kisses just me and my husband and we both back about $7000 a month thank you so much for this example this was perfect
Very good video. Very informative and to the point on the extra money for the debt snowball method. 👍🏼🎉
My husband and I are just starting to budget. This video was so helpful!!!
Omg thank you so much! This is the most helpful budget video i have seen so far.
Thank you!!! This was so helpful!! I got let go earlier this year and my new job I'm starting makes less than half of what I was making previously! This will be very helpful.
I loved this video! I am by no means independent rn. Broke college student here. This definitely opened my eyes to things I’m going to have to pay for once I’ve graduated. Thank you! 😭
Thank you for breaking everything down. I am in my early 20s and need to get a system going for me. I hate feeling broke when I know I make a good amount of money for myself. I just needed some motivation to get started. I am totally with you when you say that we are more likely to get into things if we have cute planners and envelopes to look forward to organizing our lives. Loving your channel and look forward to more inspirational videos on working on bettering ourselves financially. Keep up the great work Alyssa! I'm a fan! 💛
I've been binge watching ur videos and I'm actually going to Kmart tomorrow to buy supplies to start budgeting and making my envelopes ahah!
EYE opener!!!!!!! I love this Video
I have a full time job and bring home 1600 at the most.. in Cali. Where do ppl get these good paying jobs.
alexis husband I was just thinking that!
They are out there. We are single income and make at least that a month. My husband is commission based so it varies. But what you don't realize is with more money comes more hours worked. 60hrs is an average week for my husband.
You just need to find the right job. I work retail but for a good company that pays well. Im not commission based.
Working multiple jobs and/or working overtime if your job allows it. That is what I'm doing to be able to earn more money.
Yep, Id love to know that too. I have a BS and the most I ever made using it, was $9.34 with the state. I still owe $65,000 in student loan debt, which will never be paid off because we are a family of 4 on 1 income= $2,200 month.
So thankful to have found this video! THANK YOU! x
15:50 "Dad, make me a quesadilla" Bahaha.
Thank you so much for this video! You explained every step so clearly
Wonderful break down! Thank you!
Hey, Alyssa! I have been a subscriber for a while now, but have been rewatching some of your older videos. Anyway you could do something like this (mock budget) with numbers that reflect a tighter budget? We make only about $200-300 extra outside of our financial obligations (I am also in nursing school!). Another idea is how to budget with a varying income!
I’m learning a lot ! Good educational video !
thats actually great for paying off debt i never thought of it as paying off one than the other. Im here just splitting everything but i guess i should focus on the smaller one.
This is so clever will definitely be doing this when I am older
Im so happy i found this video ❤❤❤
This is smart I'm going to be doing this grate video keep up the good work 👍👍👍
I just started watching your videos religiously the last month and it’s put budgeting into such a perspective. And i love your videos!That being said, do you have any advice on budgeting when you’re making roughly $150 a week but still have bills and want to put money into sinking funds and such? I’m still in school and work fast food, so trying to save aside money is a little difficult
Loved this, this is something once quarantine is over and we are more sure of our money then I really want to try this, when did you feel it was best to add a new budget for something that’s coming up? For instance if you and the are going to Disneyland in October do you decide how much you want by then, then start how much you should save a month or do you plan ahead for these things and already know when you want to introduce a new budget?
I’m so happy I found your channel! I’m definitely going to follow your plan to help set up our own. I have been needing to find a way to help with budgeting & paying debts off (we were credit card dumb in the beginning🤦🏻♀️). I can’t wait to see more videos you post & I definitely want to order some of the envelopes you make whenever you have them posted!
Thank you so much for watching! I will definitely let you all know when the envelopes are up, and I'll post a real time update on instagram when they're for sale, so make sure you're following me there! @alyssanicolebudgets
Oh I’m already following! I found your videos today & have been binge watching (& taking notes at the same time😅). I’m very excited for the envelopes you make! I loved the patterns you showed in your latest video that you have already started.
This was so helpful! Thanks!
This is so helpful! How would you break it up weekly or bi weekly?
I wish me and my guy brought hone that much a month, maybe half of that or so with way more debt. Can u do another mock one with less income and more debt than help those of us or do one with the same couple no kids that arent making but half that or less
Lindsey Elizabeth I agree
Yes please at least half of 5000 because...
Id say just follow the steps in the video (obviously it will be harder on a smaller income) but just take the monthly income and get all the necessities down and try limiting spending on things that can eat at your money like eating out. then with the remaining money target your most important debts!
Hi Lindsey. Are you serious?
@@GoldRoch serious about????
This was awesome! Question, my husband and I have always had separate accounts and split all the bills. Can I still do this just for bills that I ran up? Or does it have to be an entire family thing. Keep in mind I am the one who ran up all the cc debt and spend so much money a month.
You’re freakin amazing!! God sent you to me for a reason lol thank you!
Is theire anyway u could do one based on a single mother budget
Regarding budget for groceries, eating out, etc. How much do you allot for each paycheck? I know you put $200/month for groceries. Is that $100 each paycheck?
What if you go grocery shopping every week?
This is really cool! One question, where is the savings for retirement? The average American needs 1 million dollars to retire and still afford secondary insurance as Medicare only pays 80%.
Do you think cash budgeting can be converted into just having a savings account? Or how would you transition from everything in your savings to budgeting with cash
I was wondering where do you get your stickers that you use for you bullets???
Question: I am self employed and my income fluctuates and when I get paid. How can I budget my money when my income isn't the same every month?
This is amazing! Do you create you budget in a planner or notebook? Which do you recommend?
studyeverraven she was using this notebook method for a while from what I’ve seen but in a recent video I saw she had a happy planner and that’s what she’s been using now
oof I wish I could have a big budget like that ;-; But those stickers are cute!!
Really helpful
I hope when people do budgets, they put money aside for their savings as well. Call it emergency funds. It’s important too 😊
I just found your channel❤️.. Can you make one to where you get paid once a month. You have inspired me but do not know how to start. Once I get paid I have to pay all my bills😢
I really want to start using this program, and have watched tons of videos ... but I’m not really sure how to apply it to my income (and I’m still a student). If you have any advice, I’m all ears.
Start by simply tracking your Bill's and what you spend. You can pull your bank records from online to assist but also track for at least 1 full month now. Then analyze what is necessary (bills, gas, food, school, etc.) versus wants(Amazon prime account) and cut your budget accordingly. Using the extra income that you don't need to pay bills create a baby emergency fund($1000 pr $500 of you are low income at the time you start your journey). After saving that emergency find start paying as much extra as you can on your smallest debt.
How would you include student loans....
i had trouble keeping up with the math part of remaining and all that.
Wow! I was just watching your vids this afternoon and you were at 5.5k subs... now your at 7.1k!!!
Panda B really? It’s at 11k now 😯
36K now !!! wow she's growing SO FAST !
No money goes to savings?? I heard you say that they got a $1000 emergency fund but What about having at least 6mo. Of your expenses tucked away? Would you save up for the six month of expenses first and then worry about paying your debt quickly or vice versus? ........ I need answers lol
Dave Ramsay recommends having $1,000 for an emergency, and focusing the rest of your funds towards the debt snowball. THEN after your debts have been paid off extend your savings fund to 3-6 months worth of living expenses.
Dave Ramsey used to teach to do snowball before even having an emergency fund. So now he tells you to have the $1000 as a buffer. If you have an emergency during your snowball then you stop that and fund your emergency fund again to $1000 then go back to your snowball debt. Because once it’s all paid off you’ll have so much income to go towards savings.
What happens if your debt is more than what you make?
My husband makes about 4,000 a month can you help out with a budget including a baby. I don’t work since it’s only us two with no family around and I’m home with the baby. I’m trying to budget & this helps but I need an idea on how to do it including a baby
What is your best advice if one source of income is pretty consistent, and the other not so much. How do decide the income amount?
Hi Melissa Petticord, I'll take a shot at your question. For the variable income, I would suggest using the lowest amount earned and factoring it in your budget.
Another tip may be to leave it out of the budget/plan and include it when your doing your actuals for the month/biweekly. Stop by my channel to see my setup of budget vs. Actuals:czcams.com/video/dok0NosLPSY/video.html
Majestic's World Thank you! I will head over to your channel!! 😊
Melissa Petticord ☺
i looked back at my past checks and just took the average to guesstimate my earnings.
Thank you so much!! This helped alot
Me and my boyfriend are about to move into our own house with our little 2 year old girl. This is the 1st time we’ve been on our own and I’ve been wanting to try these cash envelopes and budgeting but I’ve been struggling with it a lot. I get paid every other week. So it’s not always the same day. I need your help! 😣
How would this work if you had a flexible income like a serving job?
When I used to be a server, I just used the envelope system alone. Made a separate envelope for all bills and extras, including food and entertainment. Then I just put cash in each one nightly. If I had debt, I just added to it and then before I knew it, I was budgeting and not running out of money before my bills came in. It really helped me alot. So much so that I am now going back to it with my biweekly paycheck. I'd say it was a little more gratifying for me to see the money being split up daily, versus only doing it twice a month when I get paid.
What if your income is changing each month
wow ur almost at 10,000 subs
How would I do this if I was a server?
How do you start a budget for the rent if it’s due the first of the month and you want to take out half and half? Getting paid every two weeks.
I'm guessing save for the next month? Just pretend its due on the last day of the current month (when youre really paying next month's)
In her other videos, she does this budget planning 2x a month (bc she gets paid biweekly) and splits all her expenses in half.
Ex: Rent is $400.
Budget plan when you get paid and set aside $200.
Budget plan again when you get paid the next 2 weeks and set aside $200.
After u paid ur rent on the 1st, say you get paid on the 5th, your rent example : is $1400 take $700 and set aside for rent so when u get ur next check which would be the 15th take the other $700 and set it with the other 700 and boom u have ur rent for the 1st...if u can't hold on to it ur landlord will be more than willing to take an early rent payment...and keep doing it that way...
Can someone direct me to one based off bi weekly pay I’m carrying to create one but got a headache trying to solve how
Budget with bri
How about savings? aside from the $1000 emergency fund, shouldn't they start saving for retirement?
You would save for that after you are debt free
This is probably redundant at this point, but you either do that before you start trying to pay off debt to have a bit of a cushion, or wait until after.
Omg, I need to know where they get their health insurance!?!? It's like $600-800/month
Wow, that is craziness! I'm luckily still young enough to be on my parents' insurance, and I know they only pay around $300/month for the 4 of us.
I know!! The health insurance is already charged from my husbands check before getting his direct deposit so I don’t have to worry about making the payments but I’m sure it’s like $450 for 2 adults and 2 kids! In California and we’re pretty young lol
How about a video of a scenario of a college student that has 20k in students loans and works and gets paid biweekly?!
Wow.... feels like you used me as an example lol
This is great but Spain is so different...
Phone and internet is one bill and electric and gas too . Health insurance is taken out of the pay checks. Car insurance is paid once a year but it's very high since it's everything together plus water...
One monthly 1300€ paycheck but 450€ rent with 0 Dept but still broke as fuck.
$5000!!!!???? Yahh right. WHERE. try $1,800
DecoDreamLand and Littlespace My husband & I make $7-8K/mo but we live in the SF Bay Area. We make more but spend more. Our rent alone is $2,350 + utilities.
Yvette Betancourt hehe wasnt calling you a liar jsyk XD I was just SHOOK lol. Me and my bf make 1,500 a month and are Bill's are Bill's are 1,350 a month.... so.. to save money we would need to get a raise...
my husband and i only make 3,400 a month on a good month lol
Right I feel poor having a child and going back to work part time 2 days a week we bring home under 3k a month
Yvette Betancourt yeah rent out here is INSANE 😭😭😭 I only make around $1600 a month and finding a place or a room is ridiculous
Shouldn't they forego putting all that money in the sinking funds and just focus on paying off that debt as fast as possible?
Well if an element of the sinking fund is on a timeline and can't be changed, you would have no money prepped for it since debt takes months to pay off. Unless the fund is for something that can wait a while and the debt would be paid off in time to save for that fund, then no it's better to do it this way
all these people acting like this isn’t realistic... i’m 23 and make about 2300+ a month and my boyfriend is 22 and makes about 3500 a month....
YOU WRITE IN ALL CAPS 😂
Lol this is hilarious.. maybe this applies to 1980. It’s certainly wouldn’t get you very far on Long Island, New York 😂 The car insurance really got me laughing... two cars for $200 a month LOL a brand new car that’s not paid off, by law, must have full coverage insurance. You’re not getting that on $100 a month no where!!
Lulu 714 my fairly new car (couple years old) LOADED SUV is 109 dollars a month and I’m 25 and have had an accident on my record. And it’s full coverage
Emily Cole You most likely live in the middle of nowheresville USA... that’s not happening in New York!! I’m 45 years old. I’ve been driving since I’m 16. I have a perfect driving record without even so much as a traffic violation !!! My car is no longer considered “new” although, I choose to keep it fully covered & I pay $1650.00 a year!!
You literally said “you’re not convering that on $100 a month no where!!” I live in east central Illinois 10 miles away from university of Illinois campus so definitely not nowheresville, no it’s not the east coast where everything is inflated, but the fact that you said you can’t find that anywhere is incorrect
Lulu 714 maybe I’m wrong but I don’t think she said it was a really new car. Idk I’ll rewatch afterwards. And I didn’t the math, you only pay $137 per month which is just over what the person replied to you pays. And if you’re 45, maybe you should learn basic grammar. Also, why are you putting exclamation points after every other sentence
Carla Paul “and I didn’t the math” 😂 yes, it’s MY grammar we should worry about.
Lmao we pay 450€ for a four bedroom apartment
Good for u lol...
Where I live it is $2500 for a 2 bed 2 bath apartment