NEW Budget Template! | January 2024 Beers & Budgeting

TL;DR

A debt-free couple reviews their budget for January 2024 while enjoying a beer, discussing their income, expenses, and financial goals.

Transcript

welcome to 2024 the first season if you will of beers and budgeting of the year we're going to hop into it in just a second hey guys welcome back to the Deb free Millennials Channel I'm your host Justine and this is my husband Kyle what's up and we're going to go over our budget for January 2024 our income our expenses what we spent money on and we... Read More

Key Insights

• 👶 The couple's budget template has been updated with new columns and percentages for better tracking and analysis.
• 👪 Rent and daycare expenses take up a significant portion of their take-home pay, leaving less room for other expenses.
• 🤣 They enjoy using syncing funds to save for specific goals and roll over unused money each month.
• 👶 Despite participating in "damp January," they still found pleasure in budget-friendly activities like hikes and exploring new areas.
• 🧑‍🤝‍🧑 The couple is concerned about upcoming increases in rent and daycare expenses and their impact on their budget.
• 🛍️ They are considering the value and advantages of using Amazon Prime for shopping and shipping.
• 😒 Splitting transactions and tracking shared expenses among friends is a common challenge, and the couple uses Venmo or Zelle to manage it.

Questions & Answers

Q: How do the couple's actual income and expenses compare to their budget for January 2024?

The couple planned to bring in $11,000 but ended up with $11,700, leaving a surplus. They spent more than expected on rent and daycare.

Q: What is the purpose of the syncing funds category in their budget?

The syncing funds are savings goals without a specific end date. Money is set aside and can be rolled over month to month. They use it for shopping and fun activities.

Q: Why did the couple limit their spending on restaurants and alcohol in January?

They participated in "damp January," a challenge to avoid alcohol. They also wanted to eat healthier and save money on fried food by cooking at home.

Q: What are the couple's future financial goals and how are they contributing towards them?

They are saving for a down payment, vacation, and their child's college fund. They are also investing in platforms like Stash and Robinhood for long-term growth.

Summary & Key Takeaways

• The couple planned to bring in $11,000 but managed to bring in $11,700, leaving a surplus of $1,400.

• They spend a significant portion of their take-home pay on rent and daycare, and are concerned about upcoming increases in these expenses.

• They kept their grocery expenses under control at $658 and limited their spending on restaurants due to a "damp January" challenge.