February Beers and Budgeting | Are We Getting a Tesla?!

TL;DR

Justine and Kyle discuss budgeting, sponsorship, and future financial goals over beer, sharing insights on expenses and savings.

Transcript

hey guys welcome back to another episode of BIA Sam budgeting it's going down hey it's Justine with debt-free Millennials and this is my husband Kyle and we are going over February's budgeting report and today is a special day because we have our first beer sponsorship tell us a little bit more of that okay that is true isn't it yes alright so I me... Read More

Key Insights

• 🍄 Beer sponsorship added a fun element to the budgeting discussion.
• 😨 Overspending on groceries and saving for car repairs were notable budgeting challenges.
• 😨 Future financial goals include saving for a second car and increasing their down payment fund.
• 🉐 Justine shares insights on investment performance and dividend gains in her accounts.
• 🧑‍🤝‍🧑 The couple takes a transparent approach to discussing their budgeting process, including sharing their monthly budget reports.
• 😀 Utilizing cashback apps like Ebates can help in saving money on online purchases.
• 📱 House hacking with a roommate can be a smart financial decision to share living expenses.

Questions & Answers

Q: What was the reason for overspending on groceries and toiletries in February?

Justine and Kyle attributed overspending on groceries to specialty items for a home-cooked Valentine's Day meal and higher gas expenses.

Q: How did they handle a $200 car repair in their budget?

They had been saving $20 per month specifically for car repairs, and they were able to negotiate the repair cost with Subaru, only paying a $200 deductible.

Q: What are Justine and Kyle's thoughts on saving for a second car?

They plan to start saving $500 per month for a second car, aiming to pay for it in cash to avoid taking out a loan and losing money on interest payments.

Q: How have Justine's investments performed in February?

Justine's Roth IRAs were up a thousand dollars from January, showing recovery from previous losses in the market.

Summary & Key Takeaways

• Justine and Kyle discuss their February budget report, highlighting overspending on groceries and toiletries but underspending on alcohol due to cooking at home on Valentine's Day.

• They also mention going over on gas expenses and a $200 car repair, which they had saved up for in their budget.

• The couple shares insights on savings goals, including a second car fund, vacation fund, and investment accounts.