The Reverse Budget: What It Is, And Why You Need One

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The Reverse Budget: What It Is, And Why You Need One

Рет қаралды 128,687

Жыл бұрын

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Welcome to The Financial Foundation, hosted by friend of TFD, attorney, and all-around financial mastermind Cindy Zuniga-Sanchez from Zero-Based Budget! In today's video, Cindy will be talking about the reverse budget, a foolproof tactic for those of us who are too lazy or busy to think too hard about how to create a budget.
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Пікірлер: 179

@marzipan2555 Жыл бұрын

5:07 is when the budget starts

@westvirginiaglutenfreepepp7006 11 ай бұрын

Thank you

@koreystephens 10 ай бұрын

The “production” of this channel gives its a “politician” feel. Like she writes a full script and measures every word and practices the delivery in a mirror.

@bellla6831 10 ай бұрын

u r godsend

@kagitsune 7 ай бұрын

@@koreystephens Aka, a professional? 🤔

@CardiniPanini 4 ай бұрын

@@koreystephensit's almost like that's video and film production

@Reberi96 Жыл бұрын

I do a variation of this where i use the "second checking account" for the day to day spending. After deducting savings and expenses, I divide the spending money by 4.33 and transfer my "weekly spending amount" to the second accound every friday. This way im able to pace myself througout the month and spend the money freely without worrying if i'll make it to the 31st

@KW-up2ox 10 ай бұрын

Ooooh! Gonna try this!

@breezybre2670 7 ай бұрын

How do you get enough money up front to cover the bills for the month?

@gigilaroux762 4 ай бұрын

@@breezybre2670she probably started saving for a few months to be able to always have a months worth in there I’m guessing.

@DrJennyPhD 11 ай бұрын

It helped me a lot to get my savings account with a different bank from my checking account. When I had it in the same bank I was constantly pulling from savings at the end of the month to buy things I “needed”. But just by having to wait 2-3 days for a transfer curbed almost all of my impulse spending.

@lover12112 Жыл бұрын

This is exactly how I do my budget, I find it great to prevent late fees and reaching vacation goals.

@Lau3464l Жыл бұрын

Ditto! Making sure the bills get paid first and foremost always makes my stress so much less

@joetrusnik7481 Жыл бұрын

I've been doing this for years. Initially, it's what I was doing while trying to figure out how much to budget for various expenses, and then saving the rest. After a while, I realized that it was easier to just plop the cash into savings early on, knowing I was leaving enough to cover my bills. The only things I don't do are: (1) separate checking account, and (2) automate everything. I don't see a need for a separate discretionary account for myself since I already know my expenses and have a sizeable emergency fund, and I don't automate because I get a little dopamine hit every time I transfer money to my savings account or brokerage. I do see the wisdom in these steps for many people, though, so it was good to have them in the video.

@P0oDoll 11 ай бұрын

EXACTLY SAME THING HERE! Makes me so happy to plop extra money into my savings kekekeke :D

@Draggonny 4 ай бұрын

I've been doing this pretty much my whole working life. Bill money goes into the account the bills come out of. Some go into my personal savings by standing order. Some go into joint savings by standing order. Whatever is left in my current account after the 1st of the month is mine to spend. But I still get the dopamine hit by going into my account at the end of the month and transferring anything left over at the end of the month into savings too. So I pay myself twice, at the beginning and end of each month. My husband does it your way, keeping track of his spending and then manually transferring everything over. As the bills come out of his current account he keeps an extra buffer amount in there in case of a high utility bill or he uses more petrol that month. Using this method we've been able to pay for major purchases like our car, a new kitchen and holidays all in cash and almost entirely stop using credit.

@ricseeds4835 Жыл бұрын

Protip: Don't have a line item in your budget called "Shopping". That's too vague. Break it down into specifics: Clothing & Shoes Home furnishing Hobby materials, etc If you're having difficulty putting it into a specific category, you might be looking at a frivolous purchase

@junelawson6708 Жыл бұрын

Being that specific is probably going to cause issues. A lot of the resulting categories would be rather irregular, so could probably not be managed on a similar timescale to the rest of the budget - i.e, A clothing budget would likely be annual, while a budget might use a weekly or monthly timescale. Working within that difference is probably going to be too complex for most people. Also, categorising spending as "frivolous" isn't very useful, as it's ultimately a moralistic judgement, which just results in counterproductive shame. Budgeting should be concerned with managing expenditures, not with judging expenditures.

@thatjillgirl Жыл бұрын

Yep. Being very specific with your line items can let you know really fast where you're overspending.

@sharonoddlyenough Жыл бұрын

General categories are fine to start, when the habits are just being built. Later, breaking the categories down gives more information on what a person is spending on. ie: food category vs groceries and takeout and household supplies categories (since I get cleaning supplies from the grocery store)

@autobotdiva9268 3 ай бұрын

perfect for adhd

@astridteeuw2374 Жыл бұрын

My husband and I have used exactly this method for 32 years now. We were able to affort a nicer house twice and get morgage free within 30 years. The two checking accounts (we decided to have three) work great. And it never restricted us, we always felt freedom to spent on fun or nice things as well.

@holidaygirl1224 Жыл бұрын

This video was the push I needed to finally sit down and look at my expenses. Not complicating it made it less daunting. I avoided it for years feeling so overwhelmed by the idea. But I feel so much better now seeing what I have to work with. Thanks TFD 🤑

@Jojo-tf2zp Жыл бұрын

Not me over here really thinking I'm inventing my own budgeting method only for it to be this one the whole time 😂

@katekramer7679 6 ай бұрын

Yeah I don't get it. What's the opposite of a reverse budget? Listing out all of your expenses?

@marinacosta8835 10 ай бұрын

The more I watch financial education videos, the more I realize I need to thank my mom. She learned by experience and passed it on to me and my brother, and while she didn't have the tecnical terms, the actual strategies were spot on.

@constancebenson2197 9 ай бұрын

Maybe your Mom could make a video.

@m_here1 Жыл бұрын

I’ve seen this budget method around but no one has explained how to set it up so clearly. Thank you!

@ashmeyer21 Жыл бұрын

This advice is exactly what I needed to hear right now! Thanks TFD for another great video series 👍

@SusanDelRey Жыл бұрын

Great video. I do track my expense, but cannot budget into smaller categories. My categories are vague (savings, bills, food, necessities, other) and I put money into savings and bills first. I cannot go further than that. I tried and it felt too restricting to me. I'm currently figuring out ways to improve my spending habit for now as too much is going to food. 😂

@sarahwbs Жыл бұрын

I can't even imagine having money left over at the end of the month that isn't accounted for in my budget 😬

@marupa1506 Жыл бұрын

I was doing this for a very long time without knowing it was reverse budgeting . I get paid on the last day of every month . I pay myself and pay all my bills on the 1st of every month (next day) and whatever is left is for my variable expenses like groceries, gas etc and for other things like shopping This way I never have to worry about maintaining too many bank accounts and gives me relief , that I working towards my goal as well as paying all my bills on time

@AshleySpurlin 10 ай бұрын

I’ve been doing something similar to a reverse budget but rather than having two checking accounts, I use a credit card for discretionary spending and pay it off each month.

@drewalexanderwest8501 11 ай бұрын

I used to reverse budget and I am highly considering it again. I love spreadsheets and budgeting, but I am burnt out. I'm ready for the simplicity again!

@Starfang_Wanderer Жыл бұрын

I really like the idea of a reversible budget. I'm gonna try and implement it. I'm self employed now, so I feel like im really stressing over money, cause my income is going to waver month to month.

@Jt-Jt Жыл бұрын

Thank you. I use this method in my budgeting. I love all of these tips. The only thing that does not work for me is the automate tip. I want the $$ gone from my account ASAP. So when I get paid, I set aside 20 minutes that afternoon and I pay all of my bills immediately. It is very rewarding to check off each bill, including the payment to myself each time. I feel like I have accomplished little tiny progress milestones. ❤

@neuideas 5 ай бұрын

I do not budget monthly. I get paid weekly, so my budgeting is on a weekly scale. Any monthly expenses are divided by 4. I do not like automatic transfers, although I do have a couple set up (T-Mobile charges $5 for not having one set up, for example). My preference is to set up automatic bill-pay from my bank's website. This gives me immediate control, and the ability to adjust quickly. The majority of automatic transfers I do have, are drawn from a secondary account, and are funded weekly via internal transfers; once again, I'm using my bank's website for this purpose. Yes, I automate nearly everything, one way or another.

@novalinnhe 5 ай бұрын

I'm really glad to have come across this video, because I slowly cobbled together a system for myself which works pretty close to this and had always been worried that I wasn't "budgeting" correctly. However, the idea of sectioning off bits of money and spending freely from what was left felt much more natural to me, and I have been able to reach my financial goals consistently each year. It's really validating to know I was doing something right and not messing up. Thank you.

@CrissyLove777 Жыл бұрын

Really love this. Been sharing these videos lately with all my friends, such good information and easy to understand ❤

@camilamart114 11 ай бұрын

Love this! I struggled budgeting by categories, is too much information and too much time categorizing everything. 😊

@Marius_The_Norse 11 ай бұрын

I have done reverse budgeting for years, including separate checking and savings accounts, but never had a name for the method until now!

@annabanana8013 Жыл бұрын

I do a variation of this, I think. I started with paying myself one days pay as my savings (I had a very low paying job, so that was all I could do) and I invested that money.

@AtomicDimension Жыл бұрын

Whaaat, this is my budget style! Glad to know that my logic behind it actually makes sense!

@IiOnna222 10 ай бұрын

I didn't realize I was doing this kind of budgeting already. It's been working right for me. I just don't have that second checking account. Good video.

@mars2459 Жыл бұрын

The 50\20\30 method works well for me and do reverse budget from there. At least this way I’m already designating in advance a portion of my monthly income in 3 ez buckets and you can go in detail from there if you prefer

@butternutsquash6984 Жыл бұрын

Having an account to pay bills is how i manage to keep track of my money. I keep a list of how much needs to go from each paycheck, pay bills on payday, and then i don't have to constantly think about head math when i use my debit card.

@sweetcandy111204 Жыл бұрын

I use 2 different banking institutions (one for my everyday expenses and one for my savings). The money is automatically withdrawn so I don’t even have to think about it.

@cloisterene 6 ай бұрын

A family of five in a one bedroom apartment would never be allowed today. In those days poor or 'frugal' people could get away with it, but landlords will not allow a lot of people crammed into small apartments anymore. No sleeping on the sofa or pallets on the floor. Those days are long gone. In those days, people likely knew their landlord personally and were seen as real human beings with needs and good qualities besides being able to pay the rent. Now, apartments are managed by multinational companies with AI tools, high turnover, and 33 page leases full of stultifying rules and stipulations. And they charge extra for *every little thing.* They even create charges for stuff that makes zero sense, like "Utilities Reimbursement FEE" when you are fully responsible for paying for your own utilities, they don't pay a dime of it.

@prettyproblem16 Жыл бұрын

Thank you Chelsea and Cindy great video!

@AR-md1zq Жыл бұрын

These were great tips! I think this method may work for me. I’ve never been good at budgeting

@lilykhandker4126 10 ай бұрын

Just found this video I realised that I have been been doing this reverse budgeting for years without putting a name to it One of the reasons it works for me us that my husband and I have no debt except our mortgage We keep our money seperate and pay all joint bills/costs from our joint account I have been watching a few video's where people put their money into wallets. I appreciate this works for people with large debts and/or unable to control their spending but these people seem to spend a lot of time doing pretty books/pages while only saving very little at the end if the month

@RodeoDogLover 5 ай бұрын

Love this! Thank you for the great strategies. ❤

@EnzroGreenidge 11 ай бұрын

This is how I manage my money. I love the peace of mind that it gives me.

@Erin-rg3dw 7 ай бұрын

I did a variation of this budget when I had cheaper housing. I decided early on how much I was putting into emergency & student loans, then set up how much was for other categories aside from housing since it was the biggest. I also set up multiple accounts for different spending categories (i.e. housing costs) so that money isn't sitting in my checking. Speaking of housing, on the write-in question, I would definitely stick with the cheaper housing as long as it fits all other needs (location, safety, etc.). It's generally harder to downsize than upsize, plus bigger space requires more resources other than just higher rent. There's also no guarantee you'd be able to get that deal again if you change your mind, so I'd keep pocketing the savings for as long as you can.

@lizzipooh4 Жыл бұрын

This is how I budget. I’ve been doing it for years and I recommend finding savings accounts where is hard to withdraw the money like internet banks

@msevolution2317 9 ай бұрын

Thanks, I like the positive first approach

@hassiearaya8024 5 ай бұрын

I loved this method thanks

@Gan2ya 7 ай бұрын

The best channel ever. Love u Chelsea!!!! U need to teach in universities as well.

@classical421 Жыл бұрын

This is the best method for me!

@pEAcEgrL81596 Жыл бұрын

This sounds great!

@oreomchi 22 күн бұрын

1. Assign amount for your goals (savings), open an account for that 2. Assign amount for your bills (needs) 3. Free to spend what's left - always automate the needs and savings first

@iamthatgaby Жыл бұрын

that feel when I already live in Costa Rica

@leonoradelcarmen2902 Жыл бұрын

Thank you very much

@Tired_Night_Owl_in_the_Woods Жыл бұрын

I am a lazy perfectionist who wanted to have a detailed categories on expences but never do it for long😅 I now have a wonderful app which do automatic sync and categorization😂 and I do similar budgeting system with additional limit to some spending categories where I tend to overspent a lot.

@marymendiola 11 ай бұрын

I think this might work for me since I’m not good at tracking expenses!

@soy.ingrid 11 ай бұрын

Budgeting can be fun when you're crushing your goals !! :)

@ivybichon8582 11 ай бұрын

I’ve outlined myself more with the reverse budgeting over the last several years. I automatically move money from my checking account to my high-yield interest savings account every month. In addition I have 12% of my pay deducted for my 401k. I have a new job so at this time they do not contribute. But at least I’ve done my part of paying myself first.

@Lau3464l Жыл бұрын

Huh! I’ve been doing this for years and had no idea it had a name!

@choconutbiscuit 11 ай бұрын

Without even knowing it, this is how I deal with my money personally! I have a separate checking account that I’ve put in place that doesn’t have a debit card - only checks.

@IncrementaTuCartera 9 ай бұрын

Oh my God! I think that I do a reverse budget ... a lot of people say that I crazy for every pay day I save and then pay de bills. And the way that I budget is priorizaing tbe savings and investments.

@cleverpaws9035 Жыл бұрын

Not formally a reverse-budget, but I have a defined number of discretionary monthly spending.

@CorieCupcakes 10 ай бұрын

also, a con could be having the minimum to open/maintain accounts,transferring fees from different banks(for example i paid $40 out of the savings i needed transferred from an out of state bank to my hometown bank)

@mksugerman1500 Жыл бұрын

This actually makes sense but what if you are just barely squeaking by and medical bills are showing up constantly that you are having a hard time paying and can’t anticipate? You make too much money for financial assistance but not enough to be debt free.

@330DKNY 10 ай бұрын

You're never going to budget your self to wealth. You need to make more income.

@ryanfoxx3142 Жыл бұрын

i do this but instead of outsourcing another checking account for bills. Instead, i did a high interest savings account.

@kindredkey Жыл бұрын

I'm a zero based budget girl at heart * cough * nerd * cough * I like the idea of being cognizant of where your money is going even if you're prioritizing your financial goals in this way... BUT I could see how someone else could see that as stressful or pressure. I was a little concerned with this budgeting style until you said have a separate account for reoccurring bills how is 1500 sq ft small for a single person with no kids? Maybe your space needs a re-shuffle + purging?

@nereidatabora5438 11 ай бұрын

I do this , but I didn't know it had a name. I just made it up for myself. 😊

@jae-annedanae4512 Жыл бұрын

Chelsea the BODY your hair has had recently is through the roof 😍

@ambotngababoy 10 ай бұрын

i hope this reach to more ppl esp in usa

@lavayuki Жыл бұрын

Wow that is a lot of debt, that is amazing how you paid it off

@Namine_025 Жыл бұрын

Ecuadorian representation. I appreciate it.

@grumpyschnauzer 4 ай бұрын

It would help if they used realistic entry level pay for the example. People always use a midrange amount to set an example but the people who have the most issues with budgeting and making ends meet are people living off of entry level incomes. I see many financial gurus assume people are starting with a monthly $4-$5k a month.

@lucialaluce2221 Жыл бұрын

I work out all the things I need to pay for (rent and bills) and pay them first… I do those things as cheaply as I can, cheap phone, small car etc. Then I pay debt, save a little and have spending money from what’s left. And I try not to overspend all the time… If I payed myself first it would be backwards logic, pay the rent first. And who earns £4k a month? I don’t know anyone who earns that much I have friends in high and low places. TFD is your advice realistic?

@cornellcornell1 Жыл бұрын

This isn’t the UK genius. $4k is not that high in the US, especially not in major cities.

@MelissaKitto525 9 ай бұрын

As soon as an unexpected car repair comes along this person would be toast. Tracking all expenses is essential to maintain a budget

@derangedone13 Ай бұрын

That's what the emergency fund is for.

@SanctifiedLady 5 ай бұрын

“ We would stick to necessities… food, shelter, 215, 000 of education and clothes’ 😅❤🎉

@kacheek9101 10 ай бұрын

haha Cool to hear I do actually have a 'budget' since I've been doing this for years

@narlyenatvanya Жыл бұрын

Since I have a variable income month-to-month, I find budgeting really tricky. Maybe this is a better way to try it? Also, is it normal for most people's paycheck to go directly to their checking accounts? I've always sent my paycheck directly to my savings account and then transferred some to checking for however much I might need. I just always hear finance people talking about "need to make sure you put money to your savings account when you get paid" and have always been amazed that's not where people send their paychecks automatically.

@Natalie_11188 Жыл бұрын

I think most ppl do it the other way. Or x% directly to checking and y% directly to savings.

@natashadavies9569 Жыл бұрын

Mine goes into a slush account which is easy access and has a card attached but then filters through into the one I actually use as my current account. The slush account means I can set hardline goals without too much worry in case I have larger requirements some month. When the current account gets fat I move it back into the slush and when the slush gets fat some of the contents moves into higher return accounts

@megalodon1726 11 ай бұрын

When you have very variable income, the key to budgeting is to make sure you have enough money in your checking account at the beginning of the month to fund all your expected upcoming expenses and savings/investment goals for the whole month. This way you're basing your budget on the known money you already have, not the unknown income you're going to receive. If you end up with more income than usual for the month, you can increase the next month's budget, or put the extra money into savings/investments. If you have less income than usual for the month, you decrease the next month's budget and/or pull money from savings to add towards the next month. But the first step is getting at least one month of expenses into your bank account. If you don't have that, you have to do whatever it takes to build up that money, whether it is selling some things, working an extra job, or living on barebones with no entertainment, no restaurants, no shopping except groceries.

@narlyenatvanya 11 ай бұрын

@@megalodon1726 Thanks for this tip! I didn't think to budget based on what I have from the previous month but it makes so much sense for a variable income. Appreciate it!

@arlettezambrano3894 10 ай бұрын

I have a question....how does this work on a weekly pay and having irregular income? My husband gets paid weekly and his checks arent always the same.

@amg7865 5 ай бұрын

Curious how credit cards fit into this? I usually use my credit card for a blend of bills/discretionary spending ex: car payment, groceries, gas, entertainment, pet food…etc. I pay that off with one specific checking account, & have a separate savings account that I generally don’t use haha any suggestions or words of advice?

@amg7865 5 ай бұрын

I also find it incredibly difficult to budget because I don’t have steady income month to month…I have a part time job that basically guarantees 1/3 of my living expenses, but the other 2/3 is up to me to figure out. So far so good, but some months I make a couple hundred more than my bills & some months I’m in the red…

@georgehowelliii5666 Жыл бұрын

Hair Game still strong!

@MariaEspinal-pg4pn 11 ай бұрын

I pay myself 45 dollars for emergency funds, 100 dollars for travel funds, and 100 dollars for fun money every week, the rest goes to bills.

@bkucenski Жыл бұрын

The only thing I track is my bills. Things I have to pay or I get in trouble. Secondary is subscriptions. Things I pay periodically but that I could cancel at any time. Subtract your income from that. That is the money you can actually decide what to do with every month. The rest is already spent. Ally allows unlimited savings and checking accounts. They also let you label money inside savings accounts. And then yep, once you have enough to pay your bills and put as much into savings as you wanted, you can spend the rest on whatever. And yes, definitely get a second checking account. My primary checking account handles income and bills. I use the secondary account for my daily driver. Having your emergency fund next to your bill pay account. I always have $1000 in a savings account. So if I go over a bit in a month from things that came up, I can move money quickly and not get dinged when a bill gets paid. That emergency account gets refilled first.

@islandboy4445 Жыл бұрын

It should not have to be this complicated to exist. Don't get me wrong, everything you said is a good strategy, I'm not bashing that. It's just rediculous when our basic needs are to eat, poop, and have shelter. Humans are the only organisms that not only have to pay to exist but also have to make it as complicated as possible. 😮‍💨

@bkucenski Жыл бұрын

@@islandboy4445 Yep. The most difficult thing to acquire is affordable housing. Banks don't like to make loans below about $150K. And good luck noping out of it, getting a $20 tent and some basic supplies and just sleeping in a publicly owned space. Even if you buy your own cheap piece of land, living on it is heavily restricted. It should not be hard to buy an acre of land and just let as many people camp for free as can fit. And then have supplies periodically delivered.

@thatjillgirl Жыл бұрын

@@islandboy4445 I mean you don't HAVE to pay for any of those things. It just tends to be a more comfortable life if you do. But hey, you can always run away and become a hermit in the woods. Most of us just want a little more than to eat, poop, and have shelter.

@islandboy4445 Жыл бұрын

@@thatjillgirl you're kinda making my point.

@thatjillgirl Жыл бұрын

@@islandboy4445 I'm just saying, if you want to go live in a tent somewhere, nothing is stopping you. But most people want more than that. It's not the basic existence that costs a lot (barring medical needs, of course). I could slash my budget by more than half if I were just paying for basic needs only. Most people could.

@QoraxAudio 4 ай бұрын

My main takeaway from this is: you can't save money you don't earn, so start with earning more first.

@melusine826 Жыл бұрын

Eh, dont have regular csah flow i can plan with

@PatriciaJoy 10 ай бұрын

Can you do one from someone who only makes 2000 a month?

@GothicRockGoddess 11 ай бұрын

Yeah, this is all well and good if you have enough coming in to put aside any money at all... I wish I earned the equivalent of $4000 a month, even gross!

@backcountyrpilot 10 ай бұрын

The book The Richest Man In Babylon costs $9.95 and takes 3 hours to read. It teaches the principal of “Paying Yourself First” by investing THE FIRST 10% of every paycheck. I read RMIB at 24. By 31 I was investing 35% and living on the balance. I never inherited any money and never borrowed money from a relative or for a depreciating non-business asset. At 46, I retired comfortably and began living on 40% investment income. At 58, I divorced and gave away HALF. 😳

@tefismp89 Жыл бұрын

Honduras💙💙

@zoerly Жыл бұрын

I absolutely love this concept, but you have to acknowledge that living off of $4000 a month is almost not doable nowadays factoring rent, and food can take quite a bit of that chunk leaving you a zero

@juliegolick Жыл бұрын

Meanwhile I'm sitting here in Montreal thinking "damn, $4,000 USD a month is double my take-home pay." And I make a reasonable salary! If it weren't for the fact that I have an EXTREMELY good deal on my apartment, I'd likely need to look into some fairly extreme options, like getting a roommate or trying to find a better-paying job.

@vulpixelful Жыл бұрын

Depends on where you live. That's a good wage where I'm from, and no, I don't live in the middle of nowhere

@Kealasadiva42 Жыл бұрын

That’s my dream wage atm 😂 it’s probably bad for CA or NY

@sart1348 Жыл бұрын

I wish

@alexisreve1 Жыл бұрын

This is why I tell people I can't move back to the US, lol. I make a little more than that working a remote US job, living in the heart of a Western European capital city, and can save/invest about half.

@jasminl8742 Жыл бұрын

Anyone else distracted by the reflection of the light on her glasses.🙃

@WatermelonSugar1209 Жыл бұрын

Isn’t the same advice which Chelsea has been giving for years? Not sure what was new except for a new term- reverse budget

@lionessrising Жыл бұрын

I need a second checking account

@ricseeds4835 Жыл бұрын

I'm picking up on and digging the Mona Lisa Vito accent

@babagonzales Жыл бұрын

Term over Whole Life? 😵

@TheHost345 Жыл бұрын

What’s the difference between having a discretionary checking acct vs using a credit card?

@thefinancialdiet Жыл бұрын

A checking account would act as cash, vs. putting your expenses on a credit card, which you of course would need to pay off in full every month - but you could definitely adapt Cindy's method to incorporate using a credit card for your discretionary expenses, then pay it off from your discretionary checking account! It depends on how responsible someone can be with access to credit.

@MissKapanadze Жыл бұрын

@@big_fishhhit depends on your priorities and responsibility. If you’re responsible to not overspend while using credit card and pay it off in full each month, then you’ll benefit from using credit cards with rewards/cash back system. However if you struggle with impulsive overspending then using credit card could put you into debt. In terms of building credit, it’s best to keep your credit spending under 10% of your credit limit. So for example, if your limit is $1000, don’t put more than $100 on the credit card. So for building credit, buying gas with credit card and paying off every month is a good strategy.

@virginiaandersen3784 Жыл бұрын

@@big_fishhh If you limit your charges on credit cards to what you can pay off every month (ie paying your credit card in full, carrying no debt going forward -- basically have the cash on hand to pay off what you charge), then there are benefits to using credit cards: 1) it can help build or maintain your credit score (credit agencies track credit card payments in addition to other loan repayments), which allows you to get better interest rates for mortgages, etc. 2) you can have credit cards that offer rewards, such as a 1-3% cash back on purchases. There are other types of rewards, but I find cash back the easiest to use (no figuring out points/airline miles) and the most flexible as cash can pay for anything. Credit cards are basically lines of credit or short-term revolving loans, so if paid off in full, you basically can postpone payment for something for a month at no cost.

@EggTriangleTriangle 9 ай бұрын

And then if you address all the circadian and metabolic stuff and it doesn't work, the next stop is to see if you're sick.

@smike6862 Жыл бұрын

Does your contents applicable for women only or for men also

@projectverna1937 Жыл бұрын

I’m a dude and have been watching this channel since 2017

@pearlivory3483 10 ай бұрын

I’m too ambitious all the time lol

@TiaTiaBoBia 10 ай бұрын

Low income it wont work

@AlexGr293 Жыл бұрын

Every crash/collapse brings with it an equivalent market chance if you are very well informed and equipped. I've seen folks amass up to $800K amid crisis, and even pull it off easily in an unfavourable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich.

@tracymeserve5627 Жыл бұрын

This does not account for credit cards! Building good credit is so important and using a checking account for everything is preventing a strong credit history.

@LillyJeanne Жыл бұрын

Really liked the concept! But aren't the numbers a bit crazy? 600+$ for Shopping, 400+$ for dining out per MONTH? That's about my budget in these categories for the YEAR. Am I so far off? Anyone relating to the numbers in the video? Now I'm actually curious to know.

@Rikku147 Жыл бұрын

I mean, it really depends on where you live and what you spend your money on. I don't personally go out to eat as much, but lots of people go every weekend because its also how they socialize with friends. Where I spend money on concerts or hobby activities with friends to socialize, going out to eat might be where you allocate money to socialize. So that kind of factors in if you're going out once a week

@thefinancialdiet Жыл бұрын

Fwiw, even when I was making a *lot* less money, I would easily spend $400+ dining out - but I live in NYC and definitely prioritize restaurant spending! -Holly

@PrincezMichelle1 Жыл бұрын

Try to make meals myself at home, but husband and I can easily spend $300+ eating out, along with $200 groceries. But I don't even spend $100 on shopping. Depends on person really

@ricseeds4835 Жыл бұрын

Believe me, people spend $600 eating out. Those numbers are not unrealistic

@krn2683 Жыл бұрын

The eating out is a little more pricey than I do but the shopping is just WTF?! I don't think I've spent that much in the last 10 years.

@QueenCloveroftheice Жыл бұрын

I’m starting to think this channel isn’t for me. The example has them making $4000 monthly, and I only make $800 monthly… there’s no possible way I can budget that when I’m struggling just to make rent every month

@GabrielleEarlam 11 ай бұрын

Yeah, sadly I'm getting the same impression! :(

@PanaMaJwaaRd 10 ай бұрын

i dont think she realizes that most ppl are in the red every month, puttinf things om cc's monthly. What 500 for vacation? If this kind of infant advice is all it takes to create a "llc ". I'm doing one too. Step 1) don't realize everyone is in the red. Step 2) save for vacation and not pay high interest debt🤣🤣🤣🤣🤣, im done.