Why I Stopped Budgeting | Do This Instead

I’ve tried in the past doing some extreme diets, they work but then they become unsustainable for the most part. So, then I go on what I call a conscious diet, where I try not to eat as crazy as I used to, and not to follow something so extreme. The last time I did that I regained almost I weight I lost.

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1. Mindful Budget what is It
– Mindful means to be conscious of something
– Budget means (tracking your expenses and income for the most part )
– So to do a mindful budget you have to be fully conscious of what comes in and what goes out of your budget each day

Here is the truth:
– The reason so many people are broke and fat
– Is because a conscious diet doesn’t mean you eat what you want, its knowing how much your body needs and keeping track each time
– Same thing with your money, if you don’t have mindfulness when it comes to what you spend and on what you will be broke.

So the First Step to a Conscious Budget is Going to be, to become conscious
– Knowing exactly how much money touches your hands every month
– Knowing how money leaves your hands each month
– Here is what I discovered when I ran my personal numbers

Results:
– My necessities are about $930 for shelter, utilities, groceries, and transportation
– I thought I was spending $1,600 dollars per month
– After looking over every single transaction In my bank statement, I found out I was spending $2,024 ( I’ll tell you what I did after )
– But you have to search every single transaction for at least 1-2 months to become conscious of reality

2. Categories your spending
– Every budget has what I call the necessities
– Shelter, utilities, groceries and transport
– But everyone/person has different things that they are interested in spending their money on
– So its important to create subcategories and new categories for yourself

So here I what I did:
– I have my basic 4 writing in stone, that’s about $930 bucks per month
– But then I have another 5, that work best for me at this very moment

1. Eating out
2. Free Spend
3. Subscriptions
4. General fun
5. Long-term Fun

The idea is very basic, these are categories that I have chosen to spend my money on
– And I want to have money for this
– So this way I’m not lying to myself or feeling guilty about it
– I usually set aside for this about 10-15% of my income ( PERSONALLY )

Here is the rule of thumb for people who like that type of stuff
– Try to make your basic 4 no more than 50-70% of your expenses
– And try to make your other no more than 10-20 of your expenses
– This way you are always left with money left over for saving and investing

3. How to execute like a Boss – in action/theory
– I have 2 debit cards that’s the idea
– 2 savings accounts ( normal savings and fun savings )

One of these debit cards contains my basics
– So about $1,000 to cover my absolute needs

Second Debit Cards Contains my Fun
– It’s those other 5 categories that I don’t really need
– And it’s being conscious every time I spend money on that
– Asking myself, does this bring fulfillment and why I’m I buying this

Then 2 savings accounts;
– One account for general savings for investing
– The other is for long-term fun like vacations

What I like about this is that as you do it more and more
– You get better
– You understand your limits more

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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