June 2021 Beers & Budgeting | Changing the Budget for Baby... again

TL;DR

Discussing June budget, expenses, savings, adding a nanny cost, investments, and upcoming expenses.

Transcript

hello welcome back to another episode of beers and budgeting where we're going over our budget and drinking a beer all right hey what's up guys it's justine with debt free millennials the channel to help you crush your debt and live payment free this is my husband kyle hey and today we are going over june's budget our real income real expenses but ... Read More

Key Insights

• ❓ Detailed review of June budget with real income and expenses.
• 😀 Focus on adjusting fun money category to accommodate new expenses like happy hour outings and golf passes.
• ✋ Discussion on potential investments in riskier assets for higher returns.
• 🌱 Future plans for allocating funds towards a nanny expense and upcoming vacation expenses.
• ⚖️ Emphasizing the importance of balancing budget categories and being flexible with adjustments.
• 🌱 Integration of investments, like 529 plans and custodial accounts, into the budget planning process.
• 🏘️ Exploring potential avenues for increasing savings towards a house down payment while maintaining a comfortable lifestyle.

Questions & Answers

Q: How was the total monthly income for June?

The total monthly income for June was $10,485, with some savings and various expenses.

Q: Why did the fixed expenses category slightly exceed the budget?

Fixed expenses were slightly over budget due to increased electricity costs and adding baby expenses like formula and diapers.

Q: What prompted the need to increase the fun money category?

The fun money category needed an increase due to additional expenses like happy hour outings and golf passes, reflecting new lifestyle changes.

Q: What are the plans for leftover funds in the budget?

Leftover funds are being allocated to cover nanny expenses and invest in riskier assets like Fundrise or Robinhood for potential higher returns.

Summary & Key Takeaways

• Reviewing June budget including real income and expenses.

• Detailed breakdown of fixed expenses, fun money, shopping, and investments.

• Planning for upcoming expenses like adding a nanny and saving for risky investments.