Plan Your Spending with Me! How I'm Budgeting for September | Summary and Q&A

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August 28, 2020
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Debt Free Millennials
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Plan Your Spending with Me! How I'm Budgeting for September

TL;DR

In this video, the content creator uses a budget forecasting template to plan their income, savings, and spending for the month of September.

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Key Insights

  • 🔨 Budgeting is a crucial tool for managing income, savings, and spending.
  • ⚾ Prioritizing fixed expenses and adjusting discretionary categories based on spending patterns can help maintain a balanced budget.
  • 🍉 Saving for the future, including goals like a down payment, is essential for long-term financial stability.
  • 😨 Investing in a therapist or counseling sessions can also be an important aspect of self-care and overall well-being.
  • 👣 The content creator emphasizes the benefits of having a plan and tracking every dollar spent.
  • 👣 Adjustments can be made throughout the month to ensure that the budget remains on track.
  • ❓ Understanding and managing expenses like taxes and contributions to sinking funds is important for accurate budgeting.

Transcript

i can't believe we are already budgeting for september this where has the time gone i have no idea so today i'm going to be forecasting my budget for september using my budget forecaster template if you want to follow along with me you can do so by getting this exact same template in the how to control your spending workbook which is for sale using... Read More

Questions & Answers

Q: How does the content creator allocate their income towards fixed expenses?

The content creator allocates their income towards fixed expenses, such as rent, groceries, gas, and memberships. They make adjustments based on their current needs and spending patterns.

Q: What is the content creator's approach to discretionary spending categories like restaurants and shopping?

The content creator adjusts their budget for discretionary spending categories based on their previous months' spending. They increase the budget for categories like restaurants if they have gone over budget in recent months, and decrease it if they have spent less.

Q: How do they prioritize saving for the future?

The content creator prioritizes saving for the future by allocating a significant portion of their discretionary income towards saving for a down payment. They also contribute to a vacation fund and car expenses fund.

Q: What tools and resources does the content creator recommend for budgeting?

The content creator recommends using their budget forecasting template, as well as the "How to Control Your Spending Workbook," which includes 50 pages of activities and resources to help with debt-free journey.

Summary & Key Takeaways

  • The content creator uses a budget forecasting template to plan their income, savings, and spending for September.

  • They have consistent income of $10,000 and allocate it towards fixed expenses, such as rent and groceries, as well as discretionary categories like restaurants and shopping.

  • The content creator emphasizes the importance of the future category, which includes saving for a down payment and investing.

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