In this episode, Chelsea breaks down some of the most common budgeting mistakes we’ve seen people make over the years, from not tracking their spending to using the wrong tools.
Things you’re not budgeting for video:
Subscription spending:
Impulse buying in 2020:
Excel formulas article:
American savings:
Direct deposit stats:
Qapital app:
Side hustles video:
Negotiating video:
Emergency fund challenge video:
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ExCUSE ME! I will have you know that my budget spreadsheet is a work of ART!! My student loan only comes in three times a year so I'd be lost without it each week!
Great Information! Similar content at Financial Nutrition!
Hey guys, can you create more videos about investing? Could you please talk about MERs and how money manager fees cost you millions in the long term? I feel like budgets are far more intuitive than index funds. Not to mention, you guys have a ton of videos on budgeting and spending money wisely and very few that delve deep into investing.
No we shouldn't go back to cable. You had to pay AND watch ads. Fuck that. Though I agree that Peacock is kidding themselves with that
I love your hair! (and your videos)
00:15
What's with the hate on Excel?
You do realize that Excel can do all the math for you, don't you? That's why people use it. You don't actually have to do any math in Excel "manually". 😉😅
Peacock is free.
Content is fire lately❤🔥🎆
Whenever I want to use my Playstation Now Pass, I make sure to turn off the auto-renew feature on my account so I don’t end up forgetting about it
Thanks for the tips. My guy and I have a bet over who can save more in 2022. Loser has to be servant for a week, so wish me luck
This has been a realllll expensive holiday season for me 😞
I spend so much money on necessities—food, healthcare, toiletries—that I don’t know how to begin to budget—I just buy what I need but don’t have much left to save. I rarely spend a lot of money on clothes and my rent is very cheap (I live in a crappy apartment that honestly might have some mold so I should prioritize moving to a nicer apartment). Does anyone have any advice about mindset with these kinds of issues? I make 50k/year (before taxes) and also have healthcare expenses (I am rehabilitating from a knee injury and surgery).
🗣No I'm not buying a Peacock subscription! 😂I feel like we'd be friends in real life…
This is great advice. I've been using 1 credit card for all of my monthly expenses; including doctor appointments. Excluding rent. I can keep track of all of my living expenses. Then, I pay the entire bill the following month. I rarely carry balance — except for extreme emergencies, that go beyond money I have saved for that purpose. Using this method- makes it easier to keep track of speding and savings. I also keep a physical record ; a couple of months in advance.
Bugeting excel sheets and math. My husband hahahah
I use Qapital now and have several sinking funds going at a time. It’s great
Wow I am self sabotaging in most of these ways. How did you know? It is very helpful to know 1. others do this and 2. the bad habits can be changed. I feel a bit liberated and also about to delete my excel spreadsheet in favour of a budgeting app. What are some good ones?
The ads are so intrusive on this video. So many demanding English men interrupting! Away with you!!! 🤣
"Unless you like noodleing around in excel sheets in your spare time like a psychopath"
Me sitting here with my excel sheet that I just learned how to do in my spare time 🥺
😂 I don't think I've ever made it through a single one of these videos without being called tf out 😅
For LITERALLY DECADES … our parents "manually" did their budgeting. No computer programs. Oh however did they ever survive? 🙃
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YES! All these companies pushing subscriptions is straight up encouraging digital piracy! It's so stupid 😂
Maybe i am too extreme but on the day of my salary payment i have 10% of my salary going automatically to investment (funds and crypto) throught automatic saving then 20٪ are transfer to my saving account. When i have salary i increase 25٪ goes to investments and between 25٪ and 50٪ of the raise goes to saving account
I'm sorry, the average person spends how much on subscriptions?
Ohhh wait that includes meal kits. Hmm
Someone spending $273 on monthly make up or streaming services is very different to someone spending $273 on their food and other services
That Peacock comment touched my SOUL. I'm so aggravated about The Lost Symbol being behind the paywall!! 🤨
Thank you for another great video!
Another urban spending issue: parking! I signed up for park & ride at work which is $15/mo, instead of paying $13 or 10/day to park at my office. I thought the park & ride would stress me out leaving my vehicle in a lot all day, but it is looked after and nice to be able to close my eyes for a few minutes on the way to & from work on the shuttle bus☺️
Convenience spending gets me. Hello Grubhub! That’s for another day
I love writing out my budget using paper and pen but I do use a calculator for the numbers. Is that considered “manually?”
Cable is expensive tho etc
I also highly recommend only paying for subscriptions when you need them. Binge (a streaming service in Australia) had a movie that mum and I wanted to watch. I validated spending the $10 for a month because it meant we could watch that as well as the friends and Harry Potter reunions. Rather than keeping a service hoping to find something to watch on it, I buy the service when I need it to watch (hopefully) more than one thing
You have finally convinced me to stop trying to manage my own budget spreadsheet. 🙃
Best thing I've ever done: put everything that's not a bill on a Credit card. Everything is lumped together. No more going over in takeout budget and giving up sticking to a budget. I just check my balance every week and make sure it's around .25 if my overall budget. Also sinking funds for things like clothes and gifts.
Definitely felt that rant about streaming services. The cable companies have bested us. Damn them.
Jesus who’s spending over 200 on subs?? I thinks I’m going overboard with like £55 between all the subscriptions I have
You use spreadsheets BECAUSE you don't want to do math, spreadsheets do it for you
God I love to give this cake my money shot.
Girl you beautiful, you wear what you want!
Also great advice as always!
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I have a silly question: What should I call it if I budget, say, $200 for electricity but then the bill comes out to be $67? What is that $133? I’ve been writing “refund” in my records, but that doesn’t seem like the right word (it sounds like the money comes from the company) and I feel like an accountant would have a technical term for it.
😂😂😂 I feel you about the streaming services
Are you kidding me?? Cable was like $55-75 for like 40 channels, where only 10 of them were any good even than only good after like 6PM because daytime TV sucked. Also it didn't even include internet.
As for today even when I did have subscriptions I only ever had like 1-3 at a time which is way, way cheaper. Plus if I wanted to watch say Disney+ I would get rid of Amazon Prime during that period.
Have you ever tried switching your cable plan and not have them trying to up-sell you to pay more?
Side note: I think you can pay for Cable and use your account to log-into participating streaming services with your Cable provider account thingy.
it is not a Harry Styles concert
Great video! Exactly what I needed! Thanks!
You did not need to jab at Harry Styles that’s recipe for dislike but I liked the rest of the video, so I don’t know what to do.
Wow amazing insights, thanks for sharing
I rotate my streaming services. I only pay for 1 or 2, this month 3 based on what I want to binge that month or what new thing I want to watch. Right now it is HBO Max (cuz I binged the Nanny), Hulu (My husband wanted something on it), and Peacock (which we constantly have and get discounted as he works for Universal.)
During the time I wanted to binge Stranger Things I swapped Hulu for Netflix.
You can cancel or pause most of them without worry and then return when you want.
Who in the wolrd spend 283$ on sub per month? Dont they heard of fire stick and else for 10$/month? Lol. Sad but free streaming is a must nowadays.
Steaming tip: If you have AT&T depending on your plan you’ll get HBO max for free. So check with your cell phone provider what incentives they offer