January 2020 Beers & Budgeting | Treat Yo Self Day Refunded!

TL;DR

Couple reviews a Nelson IPA and discusses January budgeting success and future financial plans.

Transcript

how now brown cow big Chiefs won the Super Bowl since the decoration I'm so excited yep hey guys welcome back to another episode of beers and budgeting the first episode of 2020 we're gonna be drinking a beer what are we going to have well since our last names Nelson we're gonna be having a Nelson IPA it's Nelson or nothing according to alpine brew... Read More

Key Insights

• 🥺 Managing expenses led to exceeding income forecast in January.
• 🥅 Prioritizing savings goals for down payment and other funds.
• ⚾ Importance of reviewing and adjusting budget based on actual spending.
• 🤑 Canceling unnecessary subscriptions to save money.
• ❓ Considering investment options for excess funds.
• ⚖️ Balancing practicality and enjoyment in financial decisions.
• 🌱 Making plans for future financial goals and investments.

Questions & Answers

Q: How did the couple exceed their income forecast in January?

The couple surpassed their income forecast by successfully managing expenses, such as reducing cell phone and electricity bills.

Q: What steps did they take to increase their down payment savings?

They increased contributions towards down payment, vacation, and Jeep fund, hitting their treat yo'self fund goal and setting sights on reaching $85,000.

Q: What financial decisions did the couple make regarding reducing expenses?

They canceled subscriptions and cut unnecessary expenses like ESPN plus, CBS, and Kindle unlimited to prioritize savings goals.

Q: How did the couple plan to allocate excess funds in February?

They discussed allocating excess funds towards a brokerage account for investments and retirement savings, considering various future financial possibilities.

Summary & Key Takeaways

• Couple drinks a Nelson IPA leftover from Super Bowl party.

• Review January budget, exceeded income forecast, saved $2539.73.

• Discuss future financial goals, consider increasing down payment savings to $85,000.