Let's Spend Some Money Using the Budget Forecaster for July! | Summary and Q&A

2.5K views
June 26, 2020
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Debt Free Millennials
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Let's Spend Some Money Using the Budget Forecaster for July!

TL;DR

In this video, the content creator forecasts her budget for the month of July using a budget forecaster template and discusses her income, expenses, and savings goals.

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Key Insights

  • 🌱 The content creator emphasizes the importance of forecasting and planning one's budget to achieve financial goals.
  • 👣 She highlights the need to track and analyze spending habits to make informed decisions about budget allocation.
  • ⚾ The content creator demonstrates the flexibility of adjusting budget categories based on changing needs and circumstances.

Transcript

a lot of people are like don't spend money we have to go on these no spend weeks in these no spend months in order to pay down our debt and I'm saying screw that in this video I am going to be forecasting my budget for the month of July using my budget forecaster template if you want to use this exact same template with me and follow along you can ... Read More

Questions & Answers

Q: How does the content creator forecast her income for the month of July?

The content creator predicts her income for July by considering her self-employment income, her husband's W2 income, and income from renting out a parking spot. She mentions having a total take-home of $10,000 per month.

Q: What changes does the content creator make to her groceries budget?

After tracking her grocery spending in June, the content creator realizes that she only spent around $500 for the month. Therefore, she decides to lower her groceries budget for July to $500 as well. She mentions being able to adjust if needed.

Q: What are some of the content creator's savings goals for the future?

The content creator mentions focusing on saving for a down payment, a vacation fund, a Jeep Wrangler, car expenses, insurance, investments, and miscellaneous future savings. She allocates specific amounts to each category based on her priorities.

Q: How does the content creator ensure that her budget is balanced?

The content creator subtracts her expenses and savings from her total income to ensure that it equals zero. By doing this, she ensures that every dollar of her income has been allocated and assigned to a specific category or savings goal.

Summary & Key Takeaways

  • The content creator forecasts her income for the month of July, including self-employment income, her husband's W2 income, and income from renting out a parking spot.

  • She focuses on the fixed expenses section, making changes to the groceries budget based on her spending habits in the previous month.

  • The content creator discusses her budget allocation for various categories, including groceries, gas, memberships, restaurants, shopping, gifts, and savings goals for the future.

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