May 2021 Beers & Budgeting | Got Outta the Shower to Budget 🤷🏻‍♀️

TL;DR

Couple discusses budgeting over beers, adjusting allocations for house down payment, investments, and 529 plan.

Transcript

okay this is beers and budgeting after hours i literally just got out of the shower uh sunday night it's like 8 8 15. no makeup kid's asleep finally no bra and we are gonna go over our budget because that's real life so let's hop into it hey guys it's justine with debt free millennials the channel to help you crush your debt and live payment free t... Read More

Key Insights

• 🍺 Regular budget reviews over casual activities like beers and budgeting can make financial discussions more enjoyable.
• 🍉 Adjusting budget allocations based on changing goals and financial circumstances is crucial for long-term financial planning.
• 👶 Exploring new investment platforms and options can help diversify one's financial portfolio and potentially increase returns.
• 👶 Prioritizing savings for child education, like a 529 plan, shows a commitment to securing the future for the next generation.
• 🍉 Balancing short-term enjoyment, like increasing the restaurant budget, with long-term financial goals is essential for overall financial well-being.
• 😮 Considering factors like rising car and housing prices in decision-making helps in making informed financial choices.
• 🗺️ Utilizing travel credits and maximizing on savings opportunities, like utilizing Southwest travel credits, can enhance travel experiences.

Questions & Answers

Q: How did the couple's income, expenses, and savings fare for the month?

The couple forecasted $10,500 income, brought in $10,541.80, had expenses of $6,005, and saved $2,172.

Q: Why did they decide to reallocate funds from the house down payment?

The couple discussed leaving the $125,000 for the down payment secure and exploring new investment platforms with the rest of the savings.

Q: What changes did they plan for the budget, especially in terms of increasing allocations?

They decided to increase their restaurant budget, fulfill the Jeep fund to $40,000, and contribute $500 to their child's 529 plan.

Q: How did the couple plan to explore new investment options?

The couple intended to explore new investment platforms with the extra savings freed up by reallocating the house down payment and increasing the restaurant budget.

Summary & Key Takeaways

• Couple sits down after putting their baby to bed to review their budget, enjoying beers while discussing allocations.

• They analyze their income, expenses, and savings for the month, adjusting allocations for future goals.

• The couple plans to reallocate funds from the house down payment to explore new investment options and increase their restaurant budget.