How To Make A Monthly Budget That Works

The reason why people can’t stick to a budget is not because they haven’t a budget that works, it's because they don’t have a powerful why. Let me explain My first budget ever saved me about 10k in less than 6 month, then I proceeded to spend all the money on garbage. I didn’t blame the budget I blamed my self, so then I proceeded to use it again, but this I had a goal, the goal was to invest. When I had the 10k again, I invested it. 💲Patreon Exclusive💲 https://www.patreon.com/tommybryson 😎Call Me😎: https://bit.ly/30IBr0i 😎Second Channel😎: https://bit.ly/3c4sVPS 👨🏽‍💻Financial Freedom Course👨🏽‍💻$100 OFF CODE: LONGTERM Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom 1. Let's start off with goals - Why exactly do you want to budget, be specific don’t tell me to save money - To spend less - Or whatever basic reason you have - Give me some concrete ideas Example: - Payoff Debt - Build an emergency account - Save for a car - Invest - Save for a House These days I do a lot of saving: - The why, is to save up to buy some real estate - You don’t need a big reason to save money - But you do need a reason, because if you don’t you’ll just end up spending the Money 2. Spending Categories (We All Have ) 1st Let’s start with your Real expenses - Shelter - Utilities: Electricity, Phone, internet, water and gas - Food - Transportation Let's do it Together: - Write down these expenses on a piece of paper or wherever - I just don’t want them in your head - I want them written so you know them Surplus: - Add up all the expenses and subtract it from your income - I know you have other expenses - But lets just ignore them for now Tip: as you write down these expenses, look for ways to get them lower by either changing your phone and internet plan, to switching apartments, and so on 3. Surplus Spending/Goal Creation - If you make $4,000 a month - And your real expenses are $3,000 - What do you do with the $1,000 you have left Some advice: - Take 5% of your income or your surplus and use that for fun - Why? From experience, I learned that all fun no play - Can burn someone out, and even when you make, you may explode into a spending frenzy - Just make sure to get creative with activities that you can do that don’t cost any money Active Goals: 1 by 1 do not try do it all at once - Pay off your debt - Save for emergencies - Invest 10-20% and save for a home or pay for a home - Keep investing after 4. Practical Tips - don’t use credit cards ( they allow you to spend more than you have ) - Set a Screenshot with your WHY - Make a game out of seeing how low you can make your expenses * PRO TIP* INFORMATION IS EVERYTHING 💲Patreon Exclusive💲 https://www.patreon.com/tommybryson 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻 https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 600,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson --- Disclosure & Educational Disclaimer: Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.