Budgeting & How To Stay On Track

Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Budgeting Can and Will Change Your Life!

[2:36] Why budgeting will change your life
It sounds really nerdy, but budgeting can help you get your life together.
Stop counting the days towards payday- start budgeting regularly
Your life will become to much easier
Budgeting doesn’t mean to restrict yourself
It gives you the ability to plan your life and figure out how to structure your money
Not looking at your finances doesn’t mean you’re doing a good job.
In the long run its going to help you dramatically!
[5:4] Categories to have in a budget
Savings is number 1- take money out your account IMMEDIATELY
Rent/Mortgage
Transportation
Food- Groceries & Eating out
Vacation- build in categories even if they’re not once off
Build out sections depending on whats important to you.
[7:40] How to manage spending within your means
It doesn’t have to be tough
Cutting back can be rough
Sometimes writing stuff down in a journal is really helpful to keep yourself accountable
If you can live without stuff then let it go
They key to getting rich is to living under or below your means
“Roughing it” is probably not that bad
[9:58] What to do after a binge weekend
Life happens, sometimes you won’t be able to save as much as you want
In future periods you can cut back
Sometimes your budget may have been too unrealistic
Moving money into other categories is totally acceptable
It’s totally ok to go over budget just don’t make it a habit
[11:43] Common apps you can use for budget
Mint is great
Budgeting can be difficult if you’re uncertain
Many apps sync with all your accounts.
You Need a Budget – another great budgeting app
Personal Capital – great for net worth
You can also use spreadsheets
No app will make you a great budgeter- you need to do it yourself and find what works for you.

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