BBP REAL LIFE BUDGET | Multiple Jobs + Setting Budget Limits

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BBP REAL LIFE BUDGET | Multiple Jobs + Setting Budget Limits

Рет қаралды 49,288

Күн бұрын

It's time for another Real Life Budget. We asked my readers to submit their REAL information. Real spending, real debt, and real savings goals.
I am taking those real-life numbers and showing you how I would organize and budget that information using my Budget By Paycheck® Method.
In this video, I will be showing the real numbers from a reader, Sharon. Sharon is a full-time professor and a part-time nurse and is single with no kids living in Austin, Texas. Although Sharon makes enough money to comfortably live, she struggles with sticking to her budget limits.
CHAPTERS:
00:00 Introduction
00:59 Sharon's WHY
02:28 Sharon's Income & Pay Schedule
02:58 Sharon's Bills & Fixed Expenses
03:43 Sharon's Variable Expenses
04:15 Sharon's Debt Picture
06:06 Sharon's Savings Goals
07:14 Sharon's Budget Using The Budget by Paycheck Method
11:53 Conclusion
➡️ TRACKING YOUR SPENDING USING THE HIGHLIGHTER METHOD: bit.ly/3hZ752b
➡️ GET THE BUDGET BY PAYCHECK WORKBOOK: bit.ly/3J7qytp
➡️ HOW I TRACK MY SPENDING: bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: bit.ly/2wDETxF
ABOUT ME
I'm the blogger behind www.thebudgetmom.com. I have a rambunctious 6-year-old son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!
YOU CAN FIND ME AT:
📝 BLOG: www.thebudgetmom.com
📘 FACEBOOK: / thebudgetmom
📸 INSTAGRAM: / thebudgetmom
📌 PINTEREST: / thebudgetmom
GET STARTED
➡️Start Here: www.thebudgetmom.com/start-here/
➡️Free Email Course: bit.ly/2UYgNFf
➡️Free Resources: bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMKZfaq bit.ly/2CR7U9n

Пікірлер: 127

@NurseProf 2 жыл бұрын

Thank you Miko for helping me!! When you went through my budget, it seems so easy! There most likely IS spending and I have started the highlighter method to see where the overspending is occurring because honestly, I don't even know which is truly sad. I can do this and I WILL do this!!

@thebudgetmom 2 жыл бұрын

You got this Sharon!!!! :-)

@rachelgilbert3164 2 жыл бұрын

Before setting up my variable spending categories, I went to my credit union and asked them to please print me off my last year’s worth of spending. A couple of raised eyebrows and sixty pages later, I took that information home, got a pack of Sharpie liquid highlights, and went to town! Took me hours, but I skipped things I didn’t know how to categorize, went back through to see a mini pattern with those items, and made a couple new categories. Then I took the average ACTUAL spending I did in each category and use that as my current baseline for my budget now. I now pay myself for these categories before extra debt payments so I don’t have leaky spending, and it motivates me to tighten spending in each category. You got this, Sharon!!! 💚💙💜

@sharonostrowsky37 2 жыл бұрын

Thanks for being vulnerable and sharing your budget Sharon. Even before Miko got to the budget worksheet pages I noticed ASAP that there is no “fun” or “personal allowance” category for your variable expenses. So assuming you go out w friends, buy clothes, get a mani/pedi etc maybe adding a a variable expense category for that will help close the gap on technically having enough money yet having to pull from savings. I believe in you and you got this!🙂

@MichelleD1989 2 жыл бұрын

I too was wondering about allot of categories like fun $, entertainment, eating out, car insurance , house Insurance, Gifts, clothing, car maintenance, Miscellaneous. It is SO easy to not know where a bunch of small purchases eat away through the month! Also I thought when there was 8K in savings, in my own past spending self, I had that savings for when I binge spent on whatever and needed $ to cover bills. Once I got super serious about my boredom spending, my "wants" spending and stopped eating out & Miscellaneous purchases - I kept more $ in my emergency fund and paid of any debts with the rest. Been debt free for years now and looking for my first house at 51.

@MichelleD1989 2 жыл бұрын

YOU will do Great following this method Sharon!! I started at the same age as you - you got this! 🥳💯

@xiomaragomez6649 2 жыл бұрын

When working on your budget you must include other expenses like cosmetics, entertainment, eating out. Even if budget for those categories are $20 or $30, they help you change your behavior in spending and give you control of your money. She can do it.

@nellie3176 2 жыл бұрын

HUGE red flag that there is no personal/ shopping/ eating out envelopes. That means all of this spending is done freely and is very hard to track. I would encourage her to create an envelope with her name on it, put $100 a week in it and stick to it. If this is hard, you found the issue

@stefsonabudget 2 жыл бұрын

I love the real life budget videos and I love the little bloopers! This is such a great budget. If this were mine I would add some “spending” to the variable envelopes as well. This may help her feel like she still has some fun money and could keep things from becoming to restrictive. Especially if there is overspending happening. Just having a 100 for spending in this budget still helps her have lots to send to priority savings and debt.

@KimEsCreations 2 жыл бұрын

I love seeing these real life budgets. ☺️☺️

@leticiavazquez6254 2 жыл бұрын

Hello Miko! 😊 real life budget like these are awesome to watch. You make things so simple and effective.

@amandac4624 2 жыл бұрын

I just recently discovered your channel and I’m SO glad I did! I wasn’t separating my money or budgeting anything, but when I did, I realized how quickly I can pay off my car and be completely debt free. THANK YOU so much for taking the time to not only make these videos, but also create a system to help people. It’s truly incredible ❤️

@pattycov5097 2 жыл бұрын

Miko, this is a great budget to highlight. It helps viewers to see that you have to create a realistic budget that includes everything. Unless you are tracking your spending, you don't actually know where your money is going and where to close the gaps.

@user-uq4rk9hx5j 2 жыл бұрын

Thank you so much! It’s so hard to find budgets involving other nurses. I wasn’t taught as a kid either about money. Sometimes our job is so stressful that we overspend or at least I’m talking about myself

@eobrien1 2 жыл бұрын

Love your videos! Thank you for inspiring me to continue on my plan to get my finances in order. I was on a plan when I started watching you, but your method of taking the shame out of money has helped me keep on that so much! I just paid off my last $1,200 of my debt last night & am now debt free 🙌🏼. I am now in the process of getting an emergency fund together.

@jeniferj 2 жыл бұрын

"my budget has my back." LOVE THIS!!

@archie43211 2 жыл бұрын

Hi Miko.. I am dedicated watcher of your Real life budgeting videos and this one specifically struck home. I have the same thing, where I am secure enough in the starting of the month and then by mid of the month , I have guilt, insecurities and not sure if I will have to dig in my savings that I haven't categorised yet.. but I am doing the bare bones budgeting for now... it sure does help.. and bless you😁😁

@eduardhorst831 2 жыл бұрын

Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed returns. Also do proper research and invest with the right approach. Stocks, real estate, Hedge funds and ETFs are good investments as well. Good and profitable investment can help you pay off your debts

@ellievon6479 2 жыл бұрын

I just started my investment journey. I wish to have about 10 streams of income before I'm 30. I'm currently 26. I really want to help my mother pay of her debts 🤦

@kathythompson6021 2 жыл бұрын

@@ellievon6479 I Started investing at 37. Sometimes I wish I started earlier. it might seem like you are wasting your time now but you're making huge changes and progress. Watch out in nearest future your friends will regret why they didn't take this bold step. Keep it up👍

@kathythompson6021 2 жыл бұрын

@jay chris ¶You have to start small to grow big. I started from financial market. Didn't have any clue about trading or investment but I'm glad I came across a regulated broker who is my investment advisor and trader•• He handles all my trading activities and investment. One thing as a beginner is to have professional guidance at your end. You mustn't invest your time to make profit. Your broker will handle all that☺️🤑

@ellievon6479 2 жыл бұрын

@@kathythompson6021 😯Wow!! Really interesting I just started trading as I said earlier in previous comment but I've just made series of loss and a few profit maybe because I was combining work with trading• I guess you have a broker who helps you trade please kindly share his contact info thank you🙏🙏🙏🙏

@jameslayton6584 2 жыл бұрын

Financial market is very profitable. Been on stock for a long time and I'm making huge profit. This was the best step I took now I am debt free 😁

@KourttneyL 2 жыл бұрын

These videos help me so much. I am almost done paying off my CC debt!! $2300 left to go!!

@frugalfitgoals1056 2 жыл бұрын

Awesome! Congrats!!

@MicahRion Жыл бұрын

These are my favorite videos of yours.

@starrchick28 2 жыл бұрын

I truly hope she enjoys her journey towards financial freedom and got this like a boss! ❤️

@Txgirl-tt1ym Жыл бұрын

Love your videos! So happy I found you. I am so tired of living paycheck by paycheck. 😔 I also live in Austin and in an apartment so cost of living is what has been the struggle. Ready to get debt free.

@LaToyaPlansLife 2 жыл бұрын

Awesome video Miko!! Sharon definitely needs a personal spending/allowance category. That's where I found my problem. Each month I had hundreds of dollars labeled as "unbudgeted expenses " I took your advice and printed out 4 months of bank statements and did the highlight method...it took me 3 days to go through because I got so overwhelmed but I did it. I realized it was my personal spending that I never gave a category. I added eating out and myself an allowance category for whatever spending I wanted based on the averages of all 4 months. I was budgeting, but it wasn't realistic. It was me trying to budget how I wanted to be instead. Now I'm succeeding with my budget and I'm tweaking the amounts each month to try and save in the category. Its definitely a process.😊 Sharon you've got this!!! 💪🏾😉

@gulserocak 2 жыл бұрын

Once you face the reality, you become a warrior … 👍🏻

@valeriebabbe7681 2 жыл бұрын

This one brought to light some area in my budget I might what to look closer in my family budget. We have enough money to cover our monthly bill but these time life happens and we need to tap into our savings.

@thesaltyhomemaker 2 жыл бұрын

Totally need a Miscellaneous or "Fun Money" envelope to get control of random purchases!

@sweetstkissez22 2 жыл бұрын

This could be my house so easy. “Leaking spending” it’s been a huge issue for me! ❤️ this year will be different period!

@lageneice 2 жыл бұрын

Right I didn’t see her beauty budget, clothing, miscellaneous money. This really was a little unrealistic but great job on the breakdown of payment and bills!!!

@krmh75 2 жыл бұрын

I feel like things are missing...first thing that pops up is insurance- car/home, eating out,etc

@mtl_mayhem 2 жыл бұрын

Bless you!! 😉

@fasteddy3336 2 жыл бұрын

God bless you!

@countrywitch3145 2 жыл бұрын

I have a question if the interest rates are the same how would you do it then?

@lratley4420 2 жыл бұрын

How do I use the Budget Mom workbook with 2 checking accounts. I get paid biweekly. One account pays all bills.

@AmberGilbertson 2 жыл бұрын

Is there a reason why the Jeep payment wasn't added under debt?

@candy2325 2 жыл бұрын

She should have a small spending category so it’s not too restrictive. But she should also practice “no spend” days slowly. She has great income but she’s definitely charging her credit card for shopping and eating out, etc

@nikolalisa 2 жыл бұрын

How do I get those forms?

@123kirmizi 2 жыл бұрын

I cannot wait for KZfaq videos

@joesamuel4676 2 жыл бұрын

Where does subscription falls under - Utilities? Thanks.

@fayejacobs1043 2 жыл бұрын

Shoot I'm 51 almost 52 and have begun this, I have even gotten my husband involved because he wants a new pick up truck, we have implemented savings challenges to make it fun and meet our goal.

@frugalfitgoals1056 2 жыл бұрын

Fun!

@kimberlyupchurch2480 2 жыл бұрын

Can you talk about gas prices how do you save money for gas?

@michellemorales401 2 жыл бұрын

I increased our monthly budget category for the increase. I won't truly know if I added enough until 2 months passes. 😕

@vic7175 Жыл бұрын

I would have takled the home equity first (since is risking her house ) and the proceed with the credit card.

@johnny7121 Жыл бұрын

I only watch her videos because she's gorgeous... I am sooo in love with her ❤

@shandellmccarthy1255 2 жыл бұрын

what I don't get is how do you track the money you are "spending" on savings challenges? and how do you track this in your expenses....do you track the actual expense and then subtract the amount for the savings challenges afterwards or do you track it all as a whole? this may seem stupid to some, but it is really tripping me up right now. I just started this budgeting method

@pamelamartin3750 2 жыл бұрын

Make a “savings challenge” category

@lauriegentle4083 2 жыл бұрын

Please help me find out were I can get your budget book.l love your videos.

@vickdin480 2 жыл бұрын

He can be reached directly using..

@vickdin480 2 жыл бұрын

His Te le gr am hand le 👇

@Lanya-Li 2 жыл бұрын

Is there no category for some spending money? You've said that budgets need to be realistic, and someone spending so much that they can't pay their bills isn't realistically going to be able to drop to nothing overnight.

@brennamelo3146 2 жыл бұрын

Sharon, I wonder if you give yourself about $100 -$200 for spending each month it will give you a little wiggle room and you will not feel so stretched! I think it would be worth it to not feel so stretched. You could still put about $1,000 extra to debt!

@marthab255 Жыл бұрын

Where is clothing in the budget? I never see anything for clothes.

@k.b.s4703 2 жыл бұрын

Something I'm experiencing right now is people shaming me for having a budget. My mom and family . But they struggle with money every month

@ohjohnicaxo Жыл бұрын

4 months late, but i totally understand your situation! the ppl shaming me thinks that by me budgeting means that i’m broke - which i am not. it just means that i am ~financially responsible~. which you are too! hence why we are not struggling every month. we just have ignore them & mind the business that pays us. (bc them minding ours is not paying them lol)

@dancinelectricman432 2 жыл бұрын

How can I send you my numbers and you HELP me! I'm struggling. I'm at a loss of where to even begin.

@sarataylor4537 2 жыл бұрын

I wanna know the samething

@user-lb7hj2tu3b 2 жыл бұрын

Do u know of anyone that sets up budgets for a fee? I've tried but just can't seem to get and get easily frustrated and overwhelmed. I now just wanna pay someone to do it 😩

@jenniferwang3489 2 жыл бұрын

There's expenses I'm not seeing. Like where are transportation cost? Even the bus takes money. Unless she's walking or biking, that seems to be missing. We're seriously looking at using public transportation when we get moved.

@candy2325 2 жыл бұрын

I could have sworn she listed her car loan in her expenses.. her Jeep

@maryrock6990 2 жыл бұрын

She had a car loan and gas category.

@jenniferwang3489 2 жыл бұрын

@@maryrock6990 I see that, I must have missed it. I also didn't see car insurance listed. I think Kumiko didn't get all the info from the person and so we don't see a full picture.

@dmc21043 2 жыл бұрын

She barely has any variable categories. Maybe she just charges everything else and that is how she is in trouble.

@ABCD-si7px 2 жыл бұрын

Sell the house, pay off the home equity loan and take a private nurse job live in nights. People need to look at what jobs pay BEFORE you get the degree.

@coral-annbirnie4159 2 жыл бұрын

She needs to set herself a ‘personal spending’ budget and give herself £100 (or whatever amount she feels is enough) a month to spend on whatever she wants. Might help her stop spending all of her extra income

@lindalong2297 2 жыл бұрын

Could it be that her Nurse Salary go directly to her student loan payment and not to her-that would mean her $1400 per month should not be counted as additional income for other expenses.

@Jenniferhneway0 Жыл бұрын

😮yes i wondered that too ....or If its Minimum and all Overtime ther ONTop goes to the Loan (would mean that she Gas to Work many many hours a day ....or If a normal week is 5 so the 6. And 7. Goes to loan ....i would be very interested how this works

@brroookkeee 2 жыл бұрын

Grocery budgets blow my mind. As a family of 3, we just increased our grocery budget due to inflation to $500 a month and do just fine. Yet others spend $500/mo for just themselves?

@jadiecakes3241 2 жыл бұрын

It can really vary depending on were you live and if you have any health issues/allergies.

@jenson8931 2 жыл бұрын

How many members in the family? 43???

@brroookkeee 2 жыл бұрын

@@jenson8931 HAHA I meant 3. Fixed it

@brroookkeee 2 жыл бұрын

@@jadiecakes3241 True. Or maybe people just don’t shop sales. I’m in NJ where everything is expensive but we don’t eat gluten free or organic or anything

@thedarkangel456789 2 жыл бұрын

Well diet restrictions are expensive, different locations are expensive. The only grocery store I have to shop is Walmart and they don't do a lot of sales.

@Superpau1994 2 жыл бұрын

Hi Miko after watching your videos I really want to pay of my debt but I do not know where to begin. Do I start with excel? I bought some starting points on your website so far and the Waller.

@thesaltyhomemaker 2 жыл бұрын

Start by getting her Budget by Paycheck workbook, and watching her how to KZfaq videos. Also, she has an amazing Facebook group full of mentors!

@Superpau1994 2 жыл бұрын

@@thesaltyhomemaker thank you and her Book is sold out sadly

@thesaltyhomemaker 2 жыл бұрын

@@Superpau1994 her audiobook is read by her, highly recommend!

@thesaltyhomemaker 2 жыл бұрын

@@Superpau1994 and you can get the PDF version of the budget by paycheck workbook, which is different than her actual book. The BBP workbook is where you do all of your tracking and planning.

@Superpau1994 2 жыл бұрын

@@thesaltyhomemaker is that on her website?