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.

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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

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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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