I Stopped Budgeting After Learning This Better Method

Рет қаралды 80,324

Күн бұрын

I learned something very valuable, what it takes to build something for the first time, and what it takes to maintain it; are very different when it comes to money, effort and energy.
For example, to build muscle I had to do so much training, and to maintain what I have I can run a little, lift a little and keep it. Same thing with money, to make a lot of money, I had to do a lot of work, to keep what I have its just a few little habits.
So in this video, I’m going to tell you 5 things that I do, that make it so I don’t have to keep a crazy budget, like I use to
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1. Principle: Spend Less than you X% of your Income ( aka spend less than you make )
-For me, that number is about 20%, I aways want to limit my spending to less than 20% of my income
-This Christmas and black Friday, I may have brought it up to 70% but that’s the first in almost a decade
Why?
-When I was making $1000 bucks per month I was paycheck to paycheck, and when I was making 2k per month I was paycheck to paycheck
-My expenses always rose with my income, which made me realize my income wasn’t the problem it was the money I spent
-So setting a clear and defined limit is super important
How to Apply?
-Baseline Basic, Baseline Premium and Baseline Platinum
-These are just Core budget that you want to use while you’re in certain seasons of your life
-My Basic is 1k, Premium 2k and Platinum 4k.
Tip: the more expensive you’re lifestyle usually the more work and more time it’ll take to accomplish these goals
Systems
-I created the 6 envelop system for when people get paid
-That’s 6 jobs for your money
-And whenever I got paid I would put them in all those envelopes
Why ?
-I have self-control, but I never want to be reliant on myself to do what’s best
--So having systems helps me make sure everything is nearly automatic
This way when my self control is low, my system is always strong
How to:
-My investment pull automatically
-I don’t have any debt
--My emergencies are fully funded
-I have a separate debit card for expenses
-And I leave money for fun
-And charity is don’t the minute I get paid
3. Habits
-I know people with 40-50 habits and plans
-My habit is simple and its just one
-Stay Focused
This means:
-Be conscious of your spending
-Know what you can and can't buy
4. Limit Capital
-On rare occasions I use credit cards
-Maybe 2x a year but for the most part, I’m credit card free
-Because if my budget for fun is $500 I don’t want to a credit card with 20k limit on it
Debit: 3 little benefits
-Limit capital
-You feel pain
-You can't go into debt
5. Goals
-When people ask me, how well is this stuff working for me
-I say well but don’t watch me to closely
-Because we all deviate every now and then, but that’s a part of the game, just come back and keep playing
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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.

Пікірлер: 201

@nelsonjeff465 Жыл бұрын

I'm 48years old living in California, I'm hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can't be more proud that am i now. I'm glad I made a great decision about my finances that changed me forever but now I can't seem to make any other smart investment .

@melissamason8783 Жыл бұрын

The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. I invested in cryptocurrencies and I'm making a huge profits but this was only possible when I started working with en expert trader/ professional in the crypto space

@josephdenis3258 Жыл бұрын

Investing appropriately today can save you a whole lot of stress in the nearest future

@jamesphobe172 Жыл бұрын

Nice content. To me, trading the forex and crypto market is way better than any online investment 💯. I earn 15 thousand dollars per weekly from trading the cryptocurrency

@jamesphobe172 Жыл бұрын

I'm also a proud beneficiary of crypto investment and trading. I've made alot from trading the cryptocurrency. I earn $15,000 weekly from trading the cryptocurrency

@scott11qq Жыл бұрын

Please I need someone to help me trade or invest the forex or crypto market because I'm tired of trading in losses myself. I've blown my account twice and it's frustrating.

@lvly5357 Жыл бұрын

Budgeting IS hard! I’m at the step where I managed to hold on to $1k for a year, mind you I did dip under the 1k due to over spending, but it’d only be for a week max. This year, I need to $5k minimum. good luck everyone !!

@eliziocantio1111 9 ай бұрын

Dayum how u do that .. I wish

@tashastewart5034 Жыл бұрын

Budget… great points! And the envelope you stuff cash into is called Cash Stuffing. I’ve also found money saving challenges work too.

@roshunepp Жыл бұрын

So you stopped living on a budget... to ...live on a budget.... I agree living on a budget is the way to go!

@WahlVids 7 ай бұрын

Some chronic spenders need jedi mind tricks to overcome their spending. I was thinking the same thing, it's literally just a different type of budgeting lol.

@rzawistowski33 Жыл бұрын

Multiple Accounts and Automation, automation, automation. Each account has a purpose, If it's not in the right account you can't spend it on something else

@snapdragon2441 Ай бұрын

Yep, the way to go. I have a dedicated bills account. I automate a payment from my checking account into the bills acct the day after my pay day which covers all the bills for the coming month, they come out at different times but the money is already there. I do the same to a separate emergency account for my goal of 3 months living expenses, the same to my sinking funds for car, medical, vet bills, holidays etc. what ever is left in the checking account is for food, fun and everyday living

@EddyWealthyGaurdian 12 күн бұрын

I am also a percentage guy. I appreciate your perspective. Good outlook.

@patriciadonaldson391 Жыл бұрын

Thank you for the information, it will help me a lot! I’m being more intentional with all I do this year!

@ceceliacarter1670 Жыл бұрын

Thanks so much for the valuable info.

@evelynhernandez629 Жыл бұрын

Hey! I just want to say thank you for sharing your advice with the rest of us. I find your videos extremely helpful and full of knowledge. ☺

@Styledbybay Жыл бұрын

Thanks for this video! This is going to really help me with money management 👌🏾

@presidentsnow7315 8 ай бұрын

Thank you for the fantastic advice.

@Mary_305 Жыл бұрын

Great content, and thanks for sharing

@rainacherienne1010 Жыл бұрын

I have a budget because I like having it to know where my monies go but also don’t need it because I’m not buying anything past the necessities. My variable average was $1,100 monthly last year but my rent went up this year and since my fixed cost is now $1,100, I need to decrease variables to $900 to close in 2k per month max total.

@wandahoward-holmes4825 Жыл бұрын

👍🏽 Thank you!

@HangryHenry10 6 ай бұрын

Budget! Great video bro, inspiring me to set aside for my very first rental property.

@Hdwumfuor1 8 ай бұрын

Budget! I like the SLT. I never thought about it.

@Fiercedeitypwns Жыл бұрын

Hey Tommy! It was great discovering your channel. I been paying my debt down heavily and I am finally in a place where I am beginning my path to financial freedom. Just needed to say you give great advice. I find a budget works for me fine. I believe when people start using a budget, they concentrate too much on the "frugal" lifestyle other KZfaq money coaches suggest. Frugal lifestyles work to a degree but at the cost of experiences and blaming oneself for failing to remain in budget. Even if you go over budget on some categories (on your own budget) it's important for people not to beat themselves up going over. It happens. Most of the time I don't go over budget overall but go over budget in a certain category. I usually still have over $800-1k in my account despite these minor mistakes I make.

@Fiercedeitypwns Жыл бұрын

Budget

@DiyAllaroundguy Жыл бұрын

thanks for the video Tommy . very good advice

@TommyBryson Жыл бұрын

😎💪🏿

@yonettesydney8845 Жыл бұрын

I love this , systems is awesome

@patriley8098 Жыл бұрын

Hey tommy!? if I already have a truck to convert to a food truck, what's the best way to get funding to convert it over?meaning getting the supplies I need and etc?

@sexysportsfan1 Жыл бұрын

Good idea ...AUTOMATE SYSTEMS

@woakes6591 Жыл бұрын

If you dont mind revealing. On these strict budgets what did you live in and in what location. Do you think its bad to move somewhere with an expensive living cost if they pay a lot for the field you are in.

@mslezinskyify 6 ай бұрын

Budget ❤ love your videos Guy! Taught me everything I know 😅

@TommyBryson 6 ай бұрын

Thanks 🙏 any questions just let me know me know

@lisaharmon7691 Жыл бұрын

Good advice

@fredinvests7407 Жыл бұрын

You sound like someone who may have learned partially the hard way. That makes the best teachers. good stuff man!

@fredinvests7407 Жыл бұрын

@insurance.. down for any conversation. Excited for the channels content! He is teaching how to fish over here.

@Ynnnnnnnnn1 6 ай бұрын

Great video, im 23 with a bad spending habit, I blew too much money in my life alread, im trying to train myself. I’m starting my journey to save 5k in 2months

@TommyBryson 6 ай бұрын

Let’s gooooooo

@TromboneLoki Жыл бұрын

Any recommendations on building that discipline to avoid spending on these clear wants and temptations?

@stepfiel.p.2631 Жыл бұрын

Hmm, how about learning delayed gratification?

@johnleftwichjr.1507 Жыл бұрын

Do you have rent if so do you pay it alone?

@softqueensaru Жыл бұрын

I'm going to assume that 20% spend doesn't include housing, utilities, etc?

@lorettamavros867 Жыл бұрын

I just started doing this I realized if I put anything over $500 in the bank and quit my gym membership I could save thousands by 2024

@virgoqueen148 Жыл бұрын

What can I investments do you have pls I do not know what to invest in pls

@Muddles178 Жыл бұрын

I think this works well until you have a family. Everything gets more complicated at that point, and having a budget will help you communicate your goals better. You want to include a few categories that you would splurge on that accumulate so that you can splurge out of that splurge budget.

@JadeDragon407 Жыл бұрын

Even a family can have a budget, but it would be a lot more complicated. To those extents, you have more people to split that "fun" budget with and all of the other expenses also increase. I think the thing about people with kids that I see a lot, is people get roped into buying every little (overpriced) thing their kids cry about at the store, or just spend a lot of money on things to keep their kids "babysat" like movies and games/gadgets that often quickly go forgotten instead of doing activities. Corporations know this and just keep mfging more and putting high prices on it, knowing people will pay it. These purchases may seem small, but if you're doing it practically every time you're out, over a year's time, it gets into the 1000s pretty easily. What's worse is after that, there's nothing to show for it but scratched up DVDs and sun-faded and cracking plastic toys in the yard. It's dangerous too, because it teaches younguns that buying things is a road to happiness, and it's a habit they could carry into their own adulthood.

@Muddles178 Жыл бұрын

@@JadeDragon407 Just to confirm, my previous comment agrees with what you just said. What I’m saying is that the method laid out in the video (not budgeting) only works in a situation where you are really the only main spender on that account. Once you start adding in others, non-budgeting can get very expensive. I have a decent income, so not-budgeting was fine until I have a family relying on my income. Any one of those people could have a medical emergency at any time. It was very eye-opening to suddenly find out how much we can be saving by budgeting. It also helped to improve our family’s communication.

@Flosseveryday Жыл бұрын

Splurge

@robertbarnett617 Жыл бұрын

Budgeting is hard!

@tomisluvcarraway6481 Жыл бұрын

I get it

@CoachDerrickFitnessAnywhere Жыл бұрын

we spend about 25% of what we make living in Guatemala.

@williamsmith3331 Жыл бұрын

I'm shooting for 50% savings rate

@kevinhill7140 Жыл бұрын

Thank you for your content

@kevinhill7140 Жыл бұрын

@whtsappme135 don’t have that app. Thanks though

@_BARCODE Жыл бұрын

"don't spend more than you make". Except you need to have a budget in order to know how much you make, how much you spend. 🤦‍♂️

@goldiva05 Жыл бұрын

BuDGet$

@lilliancrowley7542 7 ай бұрын

BUDGETING!🙌👑🌻

@wandafrazier5206 Жыл бұрын

Made it to the end.

@manueltrinidad1976 Жыл бұрын

Budgets 🎉🎉

@johngabriele6532 8 ай бұрын

Love the idea of the percentage… 😢sadly I don’t make enough to do anything much more than survive… j

@neishaspokemon2452 Жыл бұрын

Budget!!

@shandiehamilton1749 Жыл бұрын

Budget............great ideas

@draebo Жыл бұрын

Budget 🙏🏽

@karenguzman355 10 ай бұрын

Are you Dominican ? And do you live in DR ? If so, do you live there from periods at a time ? The only reason why I’m asking is because I’m interested in doing the same.

@apolloaster Жыл бұрын

you think not using your credit card is a good idea? As In you don’t care about credit more than having capital (cash)

@hopefulreality Жыл бұрын

Budget!

@Trahern100 5 ай бұрын

I come to the realization this is a never ending game, but I’m still on my 3k a month for maybe 2-3 years run I know I have to catch up so I’m doing double and triple time I saved up for a home now I want to save for two before buying one. I’m a minimalist this is easy for me I’m a gamer so I can see my outcome when I start my goal it’s levels to this

@biglen6065 Жыл бұрын

Budget Thanks for sharing your Budget strategy.

@kyree3837 Жыл бұрын

Budgets!

@Evonda Жыл бұрын

Budget 😊

@arichansmontoya3477 Жыл бұрын

B U D G E T !!!!!

@jessekahooya Жыл бұрын

WHAT! TOMMIE GOR A NEW PHONE!!

@loriblake990 Жыл бұрын

budget!

@beeros6496 Жыл бұрын

@ 12:13 *Measurable

@Panda_J1 Жыл бұрын

How I spend my check is $100 per paycheck for entertainment. The rest for bills. What’s left over goes into my savings to invest

@Retired-jr3qs Жыл бұрын

Joel Betances does entertainment includes eating out?

@Panda_J1 Жыл бұрын

@@Retired-jr3qs yup it does. I mean if I eat out let’s say once a week on a Saturday with my girl, the bill will be close to 80$ for 2 people. A little more if we drink a lot so it’s manageable

@awesomeness7117 Жыл бұрын

Investing is my entertainment lol

@kaybae2870 Жыл бұрын

You should pay yourself 1st...the way you are doing it your savings are scraps

@Maniseesbothsides 7 ай бұрын

Pay yourself first... Set it up on autopilot... trust me..., Have it go to a direct deposit at a separate bank at a separate institution. For example, send $150 to a different bank and never check the account except occasionally for fraud... Do this two to three times with different accounts at different banks and you will see a difference..... It funds are tight, just do $30 in each account

@CountrySingerWannabe Жыл бұрын

Still requires budgeting to know if you are going over 70% of your income. Crunching and micromanaging your own numbers is always the best way to embolden yourself to accomplishing a healthy mindset towards money. I have 13 different savings accounts to envelope budget. Of course if you are busy with other grand plans than you might have an accountant that does all that for you.

@BOBByBISHIP Жыл бұрын

Pet food $540.?

@SexiiJuanito69 Жыл бұрын

How do you automate everything what do you use to do so ?

@TommyBryson Жыл бұрын

Sofi Money

@amgooder Жыл бұрын

1. Pay debts... 2. Save a %... 3. Spend the rest...clothes, entertainment etc...😁 life is too short. Not sure🤔, but there should be an account in which you deposit your monthly or biweekly income and it automatically divides your money for you into different accounts...expenses, savings,emergencys, fun

@lauvonfr9222 Жыл бұрын

Yes, I call it the one-third method.

@GRINDETHIKSMIXTAPESHOW Жыл бұрын

yo bro check out videos of ppl saving mad money on coupons , ppl are actually getting products whole sale

@Tana1600 Жыл бұрын

I was just talking about this lol

@radioeuropehengistosbyorna8306 Жыл бұрын

Hey Bryson, how is it going? I’ve just discovered your Channel, and it was such a great discovery, your words are incredibly wise and at the same time very easy to understand to an ordinary person like me who isn’t in this economy thing. Thank you a lot for your work, I can’t wait to watch your other videos. Catch ya later, Hengist Osbyorn.

@davalosnorma Жыл бұрын

Veru

@davalosnorma Жыл бұрын

Verygg

@davalosnorma Жыл бұрын

🎓 y

@GRINDETHIKSMIXTAPESHOW Жыл бұрын

it aint that much of a sacrifice not buying things u dont need is financial protection , protection fromn loosing most of r money lol

@peterfrancisquinijr.7478 Жыл бұрын

Why did you move to DR?

@TommyBryson Жыл бұрын

I Didnt move, just staying here with family and friends for awhile

@richsamuel2922 Жыл бұрын

9:43 "And then for example here in the" [WHAT?] "Republic."

@jennyquezada9644 Жыл бұрын

“Dominican” is an island in the Caribbean.

@MsJamillah2 Жыл бұрын

BUDGET!

@mortonmattd7494 Жыл бұрын

Stop budgeting by budgeting 😁

@kaleakalaulena7023 Жыл бұрын

Just don't call it budgeting 🤭

@sipapito Жыл бұрын

Wait a minute I thought you said destroy it.

@theglassarrow_ Жыл бұрын

Maybe I'm weird but this is always the way I saved/invest money, as soon as I get paid all left over from the last check gets saved, along with some of the new check, over and over. I probably dont save as much as I could other was but I find this less strict and allows me to still enjoy the small things I like without also worring about a budget. I still keep stuff like food to a low, for example I just have a bagel for breakfast, cook something that covers lunch and dinner, or just skip a meal if I'm not hungry. Still do stuff like vaping but I manage to still keep that to about $40 a month, ironically figured how to min the cost compared to people who smoke a pack+ a day when I might consume just as much.

@jamesantoine5185 Жыл бұрын

Budget

@amilcarpolanen5994 Жыл бұрын

BUDGET !!!!!!!!!!!

@annevinson6696 Жыл бұрын

I really enjoyed your vidéo, you are very direct in how it can work, and what you suggest. You talk very fait and I have to répond to be able to complète my notes. I am going to pay up the remainder of my débats andin June I will be setting aide my first of twelve saving amount of 833.33$ to save up 10K$ to have an emergency fund, and 3 months of core expenses and living expenses aide. And if there is anything left from this put it in à savings account that I will continue to contribue to, in order to use for investments further down the line. You have given me the insentive to get my act together and do the 10K$ challenge. THANK YOU

@annevinson6696 Жыл бұрын

Sorry for all the Word changes. I have autocorrect set up in French

@keepdancingmaria Жыл бұрын

HOW... is this NOT BUDGETING????????? It's... budgeting. Plain and simple.

@andymcleod5640 Жыл бұрын

I would be cautious using a debit card for everything. You are giving thieves direct access to your money. I use credit cards and pay them off. More thn once I had some low life losers take the credit card info and unsuccessfully try to use it. It wouild have been a bigger headache if it was the debit account.

@kriscook7035 Жыл бұрын

You don’t use credit cards that’s nuts your missing out on so much synchrony bank pays my phone bill a couple times a year and it costs me nothing 😂😂 I dunno if I can take anything else you’ve said seriously if your not using credit cards for every purchase and letting the lenders pay a portion of the bill

@nicolethompson9931 Жыл бұрын

Do you pay off your credit card each time? If not, look at what the interest rate for the card is. You might be paying more than you realize.

@MercenarySed Жыл бұрын

I agree with everything except the credit card thing. Y would u invest your own money into something? Never heard of that. I made $127k last year only spending about $16k of my own money. On top of that, the rewards u get r amazing. I can basically fly first class for free a few times of year using credit cards

@Trahern100 5 ай бұрын

Things that benefit you might not benefit someone that let’s say doesn’t fly just take what you need from the message that person might can’t afford to do what you do to each its own.

@jonsmith9728 Жыл бұрын

Budget… and ramsey swears by these for a reason

@imanjones3807 Жыл бұрын

Yea but you can't di that if your in debt

@mzunpredictable2u678 Жыл бұрын

Budget🙃

@incredicrewuniverse 6 ай бұрын

budget bro

@Mohammadparvazi Жыл бұрын

Time for a how much KZfaq paid me in 2022 video

@TommyBryson Жыл бұрын

Good idea

@mercedesdaye2931 Жыл бұрын

I am not sure you have a mtg.

@usmaanali3987 Жыл бұрын

I’d rather spend everything and more, in my opinion life is short and you should enjoy it spend it when you get it is my rule. After that it’s simple you have to make more to live, once you believe in yourself everything becomes easy, have confidence you will make more.

@kencrawford64 Жыл бұрын

Worldwide global universal greatest in universe galaxy worldwide world blessed miracle

@GoBlue1985 Жыл бұрын

Budget, I hear a lot of times the trusted ppl on financial channels that I do follow say to not use your debit card, but to use your credit cards. So, now I'm perplexed 😂😂

@CDTucker336 Жыл бұрын

Credit cards/score are just Americanism. I don't live by that system. I just save up to buy anything I want or need. It surprised me credit is frowned upon in most countries.

@dronzie Жыл бұрын

Good credit cards offers cash back rewards while most debit cards don't offer any rewards at all. The biggest downside to credit cards is the increased need for financial discipline. Assuming you're not disgustingly wealthy, tracking your spending and budgeting is highly recommended so you don't accidentally overspend. It's really about what works best for you. If you don't feel up to tracking, then debit cards might be a better option.

@OneFrugalIntrovert Жыл бұрын

I pay for almost everything I can on my credit card to get cash back (I use the cash back to buy Christmas presents), but I don’t buy anything I can’t afford. For example, I bought a brand new MacBook last year on my credit card, but I didn’t buy it until I had already saved the money for it to pay off the card. I do not carry a balance on it and pay off my card in full every month.

@kbrad78713 Жыл бұрын

Orrrrr.... just go watch Dave Ramsey who has more experience than this guy has years on this earth

@foodmens Жыл бұрын

Either way youre still budgeting lok

@TommyBryson Жыл бұрын

Lol basically

@billyflanagan9657 Жыл бұрын

Take out a personal loan nonsecured for as much as possible then don't pay it back. Eventually they will sell it off to a buffoon bill collector who legally can't collect on it.Stay credit free pay cash. Screw the corrupt banks back that's what I did and I own a home cash.

@ladycee1028 Жыл бұрын

Just talking

@gusmueller4413 Жыл бұрын

the iphone 14 is a message from god that you don't know how to manage your budget. i have an android phone that cost $100 and it's not cool but it's good enough and if i lose it in a couch, no big deal

@gusmueller4413 Жыл бұрын

also: i'm worth 2.5 million dollars