2020 Year Budget Review | Beers & Budgeting Annual Income + Expenses

TL;DR

Debt-free millennials review their budget for the year, saving $2,914 and spending $72,000, with a focus on housing and future goals.

Transcript

yes what time it is what time is it it's year-end review time on deaf free millennials alright 2020 it's going down we're gonna hang out with a beer with you guys in this video hey what's up guys it's justine with debt free millennials the channel to help you crush your debt and live payment free this is my husband kyle hello and every year we go o... Read More

Key Insights

• 🛀 The couple allocated a significant portion of their income towards housing, showing their dedication to saving for a down payment and future goals.
• 😑 Their budgeting approach allowed them to have a clear understanding of their pre-tax paycheck contributions and how they were allocated.
• 🤑 By tracking their expenses, the couple was able to identify areas where they could potentially save money, such as dental insurance and groceries.
• 🍹 The pandemic affected their spending habits, particularly in the categories of restaurants and vacations.
• 🧑‍🤝‍🧑 The couple demonstrated financial discipline by saving a substantial amount for a down payment while still enjoying some discretionary spending on fun activities.
• 😊 They were proud of their debt-free status, enabling them to make choices in line with their financial goals.
• 🧑‍🤝‍🧑 The couple recognized the importance of long-term investments, such as retirement accounts, and the tax benefits associated with them.

Questions & Answers

Q: How much did the couple save and spend in 2020?

The couple saved $2,914 and spent $72,000 in 2020, with a focus on their financial goals.

Q: What percentage of their take-home income went towards housing?

Around 50% of their take-home income was allocated to housing, including rent and savings for a down payment.

Q: What were the couple's main savings goals?

The couple prioritized saving for a down payment for a house, a baby fund, investing, and a car fund.

Q: Did the couple encounter any challenges in their budget?

The couple acknowledged a margin of error in their budget, but they were not worried about it as they understood that money carries over from year to year.

Summary & Key Takeaways

• The couple saved a total of $2,914 and spent $72,000 in 2020.

• They allocated 50% of their take-home income to housing, including rent and saving for a down payment.

• The couple prioritized savings for future goals, such as a down payment for a house, a baby fund, investing, and a car fund.