In our new series, Investing In Yourself, Chelsea walks you through the basics of getting your money under control so you can reach your long-term goals.
Written by Amanda Holden
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How To Find The Budget You Can Actually Stick To | Onlyinvesting.info
By onlyinvesting.info
Sep 29, 2020
This was a very good video, I've always had a budget, since my first paycheck, and it wasnt until I meet my boyfriend I realized Im not the norm
I definitely overspent in my wants category this month lol I need to work on this
I did a mental turn around regarding budgeting about 6 years ago and my life has been much calmer since then. It's really nice, living without constant money drama.
I'm spending all my extra cash on food with a long shelf life in preparation for the post November days to come.
I don't have a strict budget because it made me feel like a chore, so I switched to saving a percent of my income and paying myself first and that has worked very well for me and I don't feel like I'm giving anything up because I can spend what is left over after saving. Of course I determined the % based on my normal spending and I record my balances on a monthly basis.
I've been using mint and overall it's been helpful. However, it doesn't do great at accounting for 1 off expenses (e. i. emergency vet bil).
Is it hot in your apartment cause gurl you looking greasy in the face
Making a budget to track my spending/income has changed my life. I have so much less financial stress because I know where every cent has gone, and I know to prepare if it looks like I might be in the red the following month.
I love ya chica but your skin is so shiny. I don’t know if it’s makeup or oily skin.
I tried the barefoot investor but the budget mom is definetly my fave method!!. Its a mix of a bunch of methods so you can make it work to suit you. It took me about 3-4 months to really get my budget down pat, but now I do its so easy I barely have to think about it.
I think I'm so resistant to budgeting because I don't understand how to budget for one off expenses. If I budget a certain amount for them but then my car needs a repair, I'm gonna pay for a car repair even if it wasn't in my initial budget and just save less that month. But if I don't have any one off expenses that month I'm gonna go ahead and just save that money. So then my budget becomes a useless "yeah I'm over budget on that but it's fine I needed to do that".
I have a feeling, that I am going to love this series 😍🤘🏼
Also: be aware that the budget can change for example if the entire building is getting solar cells and you have to pay 80 dollars more. Or you have a trip coming up
I have certain otherwise expensive grocery items that I cant live without like kimchi, tofu, soya milk and yoghurt as I avoid dairy and liquid egg whites. I also spend on my hair, it costs a lot of get coloured/bleach and maintain.
I've always used the pay yourself first method. I always pay into my savings each month and anything leftover from spending can either be added to savings or spent on something nice.
I’ve been tracking my spending for almost a year now, fortunately, 2020 didn’t really change much of my finances, I haven’t changed any of my spending habits yet but tracking it diligently over the last year is going to help me build the budget I can stick to as I prepare to buy a house. This channel has been a large part in helping me track and make better choices so far
Great video! I saw this tool that may be helpful before filming – "Revlon® Volcanic Roller."
This is great info. I def. Always feel guilt.
Great video!
Great video!
I have done the Pay Yourself First method for a at least two years and it works really well for me, I don't earn a lot of money though, so it can be really tough. I think the hardest thing for me is being realistic with myself especially when you hear how much other people save.
Our budget includes a goal to pay off the mortgage. I took my excel skills and followed a tutorial to set up a “pay down our mortgage” spreadsheet. Thank you for the videos and your matter-of-fact advice.
Listening to this as I go through my weekly budget check 🙂
Chelsea, great content, but your neck/chest looks so much lighter than your face…
Most successful people started from nothing. They didn’t wait for the opportunity to knock but created the opportunity on their own by working hard. Thankgoodness i found Mr carlos kingston a pro forex trader, now I have been trading with him for about 7 mounths now and I earn up to $15,000 weekly. i guess this is the epic start to a new chapter in my life. I just feel like more evevryone should be made aware of this opportunity, feel free to contact him @carlos_1uptrades on Instergram his indeed a genius
It’s very hard to stick to a budget during this pandemic. Therefore it is difficult to act on it since I keep lying to myself. 😭
October is a month that I choose to budget effectively, who else loves budgeting?
Chels – shiny makeup is distracting. (sorry)
Thanks, Chelsea! This actually helped me a lot.
Nice video. A lot of people sees someone who is successful and think-Man they are lucky. But luck has little to do with it. Success is about hard work, determination and an unrelenting pursuit of reaching your goals. Invest with a reliable trading investor and educator on Insta @Jason_real.fx or email: jasonliammcqueenfx1@gmail.com
Yes, yes, yes. Having a budget is the best. I haven't felt guilt over a purchase in years. I always know whether I have money for something, because I have a budget. It is definitely possible to be so tight on money that your budget is downright depressing, because there is simply no wiggle room for spending beyond the bare necessities. But if you have even the smallest bit of extra money each month, having it allocated to something you enjoy in your budget is great and freeing. Maybe that means it's available for you to spend on your favorite hobby. Maybe it means you can put it toward a savings goal of some kind. But whatever it is, knowing that you are free to put that money toward what you want because you've budgeted for it is the best.
I will add that if your income has any kind of fluctuation to it (like I do shift work, so occasionally I have a week where I worked a couple more hours than usual), you should base your monthly budget off of your lowest potential monthly income. That way you're covered in the months when you have lower earnings, and you have excess you can use for savings, investments, or fun stuff in months when you earn more.
Another Awesome video! I loved hearing point #2 about experiencing guilt while spending, but listening to this segment was very reassuring and insightful!
Smelly cheese is one of these simple pleasures in life that should be enjoyed.
Your channel definitely deserves my subs!
YNAB cultist here. It is budget nerd nirvana.
When i learned about the pay yourself method it was so life changing. It really made me look at money and my finances in general in a whole new light. Seeing my money as mine and not as a means to pay everybody else really helped me being more aware of where everything is going.
Makes me sweat, too!
This video was so helpful! I'd love to see videos that would go a bit deeper on the mentality of money habits, I'm glad you brush on them a bit in most videos and would really be intrested on learning more on how to change your mindset on it. The point about not using budget as a punishment really hits home. A point on suggestion/wish would be how to rebuild your spending habits after getting out of a relationship with a financially abusive partner?
ehh i think you probably can spend money immorally—like spending money to go to a dog fight is immoral, isn’t it? i’m not sure
"Nothing is more or less embarrassing than those around you"
Thinks about all the toxic addicts in my life.
I dunnnoooo ! 😂
Personnally, what makes me stick to my budget is when I realise that I could do more than just allocating a few dollard to expenses each month, I could accumulate it from month to month!
Like if my "I want" catergory allow me 60€ a month and I use only 30€, it accumulates. That way I can save money and a few month later, I know that have enough to pay me the tatoo I want!
Chelsea, I've been using the "envelope system" probably since you were in kindergarten. It has worked for me and I'm glad you shared it. When I see the money in the bank on payday and it's not accounted for, it can be difficult to keep certain monies exactly in line with your budget. Kudos for mentioning this system!
Finally made a budget for Christmas and for the upcoming year. I have more money than I thought. Now I just have to spend it more wisely.
I'm a full time student so I only work part time, and my hours are only like, 8 or 6 hours per shift and my hours got cut to only work twice a week, so I'm making 1064 a month. My rent is 800 a month though because I live in a really busy city and this is literally the cheapest possible thing I could get my hands on, and I'm only getting one room with no insulation, a shared bathroom, and access to a shared kitchen with 8 other people and a SEVERE cockroach infestation. Literally send help