How To Stick To A Budget | The One Rule

The budget that works best for me and that I have been able to track for the longest period of time has been a baseline budget, in this video, I’ll tell you why and how you can use these techniques to stick to a budget

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1. Why budgets don’t work for you
– budgets believe it or not are not a one shoe fit all type of thing
– All budgets are what I call templates, they are not supposed to be set in stone
– You are supposed to customize it

The reason you hate your budget so much:
– is because you have no say in it, and you probably did not set it and you had someone else do it for you
– When you don’t have a say, you are less likely to defend a decision you make
– But when you work on a budget for yourself, and add the things you like and take on the things that don’t matter, then you are more likely to succeed

2. What is a baseline budget
– a baseline budget identifies, what the important things are “ the necessities”
– And then it makes allowances for everything else you want to add
– But it doesn’t allow you to play yourself

Baseline Budget:
– Shelter: 33% or less of income
– Utilities: Gas, water, internet, phone bill, and lit bill ( all minimum requirements, no one needs a one-gigabyte internet connection, I pay $6 per month for my internet plan )
– Groceries: $200-$300 per person ( use the internet to find meal preps
– Transportation: Paid of car ( insurance, gas, and maintenance )

3. These are Nonnegotiable
– if you want to be successful you will have to suck it up a little bit
– You will not be able to get everything you want whenever you want it
– It takes sacrifice but that’s not what its all about
– That’s why this next part is the best part

4. The 5-10% Will Full Money pit
– This is a 5-10% of your money that you are going to use just for having fun
– You may say, that’s to much money or that’s not enough money
– But its a perfect ratio to make sure you don’t lose focus

Why? Isn’t this a waste of money
– the answer is yes, but not really
– It’s what makes this budget be yours and helps you look forward to getting paid

In action:
– if you get paid $4,000 per month
– Your necessities are $2,000 dollars that’s 50% of your income
– If you spend 10% or $400 per month on planned fun and expenses
– Then you still have 40% to crush debt, save for emergencies and eventually invest and buy a house

Yes you could grab the $400 and get to your goals faster
– but usually, that leads to burnout
– And that’s not what you want
– Trust me

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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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