So I want to start this video by saying that a budget is a tool, and the goal is to use the one that works best for you; it’s sort of like a diet. If you’re trying to lose weight and you have this super strict diet, you’ll start to lose weight but eventually you won’t be able to sustain; but if you have a sustainable and healthy diet you can lose weight and keep it off, but if it’s to flexible it won’t do the job.

So that’s why the least important thing is the app, but it’s the actual information you put into the app, make sure your budget is not too aggressive, it’s not flexible but it’s just good enough for you. No, it doesn’t have to make sense to anyone else but you, but it does need to have a goal.

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1. Simple Objective Budget ( SOB ) = its my new updated budget

The idea is simple, your money 6 jobs and 4 goals to accomplish one at a time

None of that multi-tasking Bs, where you end half assign everything

And Ive been using this budget since I was about 19 years old, so 6 years now and everything I have is because of it

Here are the 6 jobs:

Emergencies, Investing, Debt, Expenses, Fun and Charity ( you can have 6 different accounts or use Sofi money, Capital one 360 that allow you to open up multiple accounts and label them within one account )

The 4 Goals are: First save $1000 for when things go wrong

First you Pay off Debt using the avalanche method ( not including mortgage )

Second you Save for a Full Emergency account 3-6 months

Third you invest 10-20% while paying off your home early ( using all the extra cash for home savings or paying, using the 33% 15 year mortgage rule )

Forth you keep investing but enjoy life more with the rest of the money

Summary of the plan, but I have a entire Course if you want it, link down below

2. Every Dollar budget by Dave Ramsey along with the 7 baby steps

The idea for this budget is simple, you make sure that every dollar that you make has a name and somewhere to go to

Its making sure that every dollar is accounted for

And then you use the 7 babysteps to guide to financial freedom

For example:

So use the budget to get you through the baby steps little by little

So if you make $1000 you account for every dollar and the money left over you name for the baby step

3. Kakeibo Japanese Budgeting System which was invented in 1904 for housewives, but turns out its so good that anyone can use it

Askes you 4 questions:

How much money do you have available

How much do you want to save

How much are you spending

How can you improve

Then it asks you label all of your expenses after you track what you have been spending money on by writing down everything you spend money on

Needs: things you cant live without like shelter, utilities, groceries and transportation

Wants: Take out meals and gold toilet paper

Culture: Museums and other visits of sorts

Unexpected: Doctor visits and car breakdowns and so on

For example:

First: you Set your Goal at the beginning of the month, how much you’ll make, how much you’ll spend (fixed expenses) and how much you want to save

Second: You keep track of all your spending and you put into each of those 4 categories I mentioned earlier

Third: at the end of the month, you look over your performance, how much did you save, was it enough and it wasn’t where can you improve ( and since you tracked everything you can know what you need to next )

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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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