Likewise, when you build a budget, you don’t want a crash budget to get you to some crazy goal, you want one that is going to keep working long-term for you.

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1. The First Mistake is not to Budget Fun
– I remember I went 6 months without budgeting fun and I saved 10k
– At the end of that crash budget, I exploded into spending almost all the money in less than 3 months on fun stuff
– It’s like going on a crazy diet and then at the end of the goal, you go McDonald’s to celebrate and come back with a stomach about to explode

So I make sure that when I get paid:
– A part of all I make I use to have fun, for me currently it’s about $40-80 bucks a week
– But it used to be like a fixed amount but have a little more freedom these days
– But I recommend you start at 10% and go no lower than 5%, in the beginning, have more as you get better you can cut down a little ( but it’s important that it’s enjoyable in the beginning )

2. Think big not $5
– When I first started saving money, I cut out everything, even the guacamole at chipotle
– It was so miserable, but I was so excited that I didn’t care
– but focus on the big 4 expenses, not the small little things

for example:
– if you spend 40% of your income on rent, find a place where you spend less than 30%
– if you spend $400 on food, cook at home, and spend $200
– if you have a car that’s costing you $700 a month, sell it and buy a beater car
– same with your phone bill and your utilities
– point is, save on the big stuff and then work on the small stuff

3. Using what you save from the budget to buy stuff you want
– Imagine you make 4k a month and you spend 40% of your income on rent, that’s $1,600
– You watch this and find place that’s only 30%, so 1,200, and that saves you $400 a month
– You use that cash for vacations, eating out, buying stuff each month, that’s stupid

Instead, use that cash to invest
– $4,800 a year you invest and you make 10%, end of the year you make $480
– You take 5% for fun, that’s $240
– But you’re spending the profits not the capital
– You do this for 10 years, and at the end of 10% you can take out $3,000 per year
– And in 30 years you can take out 15k

Now do I recommend you do this:
– The answer is no, because you miss out on a lot of compound interest
– But I do recommend you save as much as you on the big stuff
– And don’t forget to have but not from your investment account

4. Losings Focus when things get good
– I think I said this already
– But when I lost weight the first time, I thought I was good
– And started doing the same things that got me fat, and as result, I got fat again

So when this budget starts working for you:
– Do not stop using it
– Do not think you are better
– Keep steady

5. Comparing Budget
– My budget at 19 or 20 was super crazy, I spent $200 a week on shoes
– Then at 21-22 I saved so much money I cut my own hair
– Then 23-24 I saved 95% of my expenses
– 25-26 I have a lot more fun with my money

Different seasons and Personalities
– Require different strategies
– In the beginning, you need things to be easy
– And then you work yourself to a more efficient budget

Good and Goodluck

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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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