July 2020 Beers & Budgeting | Quarantined with Beer

TL;DR

Justine and Kyle go over their July expenses, including beer and sinking funds, ending with savings contributions and investment updates.

Transcript

did i find it yep are we growling we are rolling we're going over our july budget so that means it's beer time beer 30. yes let's get into it hey guys it's justine with debt free millennials and this is my husband kyle and this channel is all about crushing debt and living payment free and part of the channel is going over our real income and expen... Read More

Key Insights

• 🈷️ Justine and Kyle review their monthly budget, emphasizing accountability and transparency in their financial journey.
• ❓ Despite overspending in certain categories, they make significant contributions towards their down payment and savings.
• ↩️ Investment updates show positive returns despite economic challenges during the pandemic.
• 😵‍💫 They consider maximizing contributions to retirement accounts like Roth IRAs for long-term financial growth.
• 🧑‍🤝‍🧑 The couple reflects on the impact of quarantine on their lifestyle and budget, highlighting the need for entertainment and variety.
• 🥳 Planning for upcoming expenses like birthdays shows their commitment to budgeting and financial goals.
• ❓ Justine and Kyle encourage audience interaction and discussion on budgeting strategies and experiences during quarantine.

Questions & Answers

Q: What caused the negative balance in Justine and Kyle's July budget?

The negative balance resulted from spending money from sinking funds, even though they contributed towards their down payment and savings.

Q: How did Justine and Kyle manage overspending in certain categories like groceries and alcohol?

Justine and Kyle discussed overspending areas like groceries and alcohol, with plans to cut back in August to balance their budget.

Q: What investment platforms are Justine and Kyle utilizing, and how have their investments performed?

Justine and Kyle update their investments in Robinhood, Acorns, Stash, and plan to explore Weeble, with significant returns despite the pandemic.

Q: Are Justine and Kyle considering maxing out their Roth IRAs?

Justine and Kyle discuss potentially allocating funds for Roth IRAs to maximize contributions and further grow their retirement savings.

Summary & Key Takeaways

• Justine and Kyle review their July expenses, showing a negative balance due to spending from sinking funds.

• They discuss categories where they overspent, such as groceries, alcohol, and restaurants.

• Despite the apparent negative balance, they put $3,000 towards their down payment and focus on savings and investments.