You folks rock! Thx for your help in getting me back on track in life. 6 digit student loans threw me way off.
How old are you.
Wow this is implying I'm insanely consumerist
You're half asian?
hahahahhahaha it gets worse when you buy flagship phone while taking a shit at a bar bathroom!!!!!! wish i saw this video 4 months ago!!!!!!! at least not i wont by an apple watch while drunk
I first started a budget when I was basically living off side hustles. I forced myself to record all my income and track expenses. I actually did this in my Google calendar added everything up over the month and used the info to approach spending in the following month. Still do it that way but I could probably benefit from an app or 2
I really find your videos very helpful. A freelancer topic would be awesome too!
My fiancé and I used to go out to eat or get take out wayyyyy too much about a year ago. We had an impossibly small kitchen to cook it, and we were full time students working 30-40 hrs a week each. So the last thing we wanted to do was cook. What we learn were easy quick dinners that don't take much time but are still healthy. And when we both of the same day off, we will go out to eat once or twice a week. Which is so much better for our wallet vs twice a day almost every day.
You are Vietnamese. How nice.
I recently found your YouTube page, and I'm hooked. I appreciate how real you are, not sugar coating but also giving real, honest advice. Also how you talk about your own experiences. I subbed! 🙂
Watching this while eating take away spring rolls. I feel evil :p
Lol some people struggle to save 1/5? I save half my money and feel like shit.
I don't get it…it's like: rent, food, transportation, and insurance, and those all basically have to be the same…and then everything else, I imagine. Why is it a thing you have to write down and keep track of?
I like the analogy of diet and budgeting. I'm good at one, but not the other. Thinking this way could help me transfer my skills from one to the other.
It's kind of interesting that it's completely normal to say "I hate math and don't want to add up all these numbers" Which is arithmatic you learned when you were 8. But if I say "I don't like reading and writing because grammar is a confusing mess I ussually get something along the lines of "Suck it up and write me that x and y" or "you just have to do it more".
y'all should seriously make a podcast
What the hell is a bodaga?
Fun fact, I've probably spent less than $100 on clothes in the past three years.
How do I start a budget if what I'm doing isn't sustainable? I recently moved out (for the first time) and have a lot more expenses. I set a budget that was a HUGE cut from what I was used to (unlike Chelsea's 20% suggestion) and just can't stick to it. I wish I had time to cut spending slowly, but I don't, and I find myself borrowing from my parents and tempted to take out a 2nd credit card.
Hey if anyone is looking for a super super basic but easy budget on a word document then look up "lds budget sheet." It is put out by the Church of Jesus Christ of Latter-day Saints but it is such an easy starting point for anyone hoping to start a budget. Look it up!
can't you be fine with money without a budget?
Ha! you said Bodega.
The problem with keeping a budget with technology (apps and software) is when they become obsolete.I have been keeping my budget on Microsoft Money since the 90s, but the program has been discontinued.I still can use my 2003 version on my Windows 7, but when I finally must upgrade to Windows 10 it will not work anymore.I have almost 20 years of budget history in that program and I dread the day I will need to set it up all over again in a new program… And I dread choosing a program that will be discontinued soon.On the other hand, my friend keeps her budget on an Excell spreadsheet she created about the same time, and it's still going strong!KISS – Keep It Simple Stu is still a valid suggestion.
You can have really harsh budgets for short periods. When I first moved out of home I did an ideal budget and a realistic budget I’d stick to the harsh budget for a few months and then fell back to the realistic budget when it wasn’t working for me. It was great, I’d save a lot of money for a little while and then not have to dip into those savings when I wasn’t being super harsh even when I was pretty much an alcoholic I was still saving. Nowadays I don’t have to have a budget because my spending habits are really good anyway although I’m thinking of doing that harsh short term budget thing again next year.
I do it once a month using the dave Ramsey method.
I feel like you could cut back on your throw pillow purchasing budget…
Literally eating cheescake while watching this. No diet here.
This is such an informative and realistic video!
Have you heard of the 20/80 rule in economics?
Smart and practical. Thank you!
Can you do a video on cool ways to use MINT? I'm on there all the time and I feel like I haven't even tried using it all yet
I make my budget on a notepad with a pen and a calculator. No excel, no apps. And I'm bad at math, I'm a designer and i'm doing ok with it.
I have done literally all of these. I think my unwillingness to have a budget stems from the anxiety I get every time I check my bank account. Which is bullshit because if I budgeted better (or at all) then I wouldn’t have that anxiety in the first place.
Thank god for this YouTube channel, slowly but surely I’m starting to resemble an actual adult
It is so true when I feel like I broke my budget I basically say "F it" altogether.
I've started adding it to my planner/bullet journal. I looked at my spending for december (which was maybe a bit unfair because of christmas) and looked at how much I spent at different vendors and also by category (food, groceries, shopping) and paid attention. My plan is to compare each month this year to my average spent at different categories in 2017 that I would like to reduce.
Your videos have seriously helped me so much, thank you!
I have a yearly budget and then every month I do a budget and I update it every week. So I am reassessing annually monthly and weekly every year throughout the year. I think this is probably the best way to stay on track. Particularly for me since I'm self-employed my income is going up and down every week. But I've done this method since I was 17 years old and I'm 54 now so it does work very well.
So I do this thing where I set a monthly goal for myself and my financial diet. Last month, a no birthday month (I have 4 kids), I chose to make it a NO Spend Month. I paid rent, bills, kept my grocery bill low, and didn’t drive far. This month is lower the bills month. I shower the kids and myself at our health club 2 times a week after a fun time in the swimming pool. Lower water bill. I have kept the thermostat down 2 degrees. Nothing wrong with socks and a hoodie. Lower gas bill. I have no tv/iPad (don’t have to charge it as often) days. Lower electric bill. Next month is a no alcohol or juice month. My sweetheart and I will have Whisky or wine about 3 times a week. Our family has juice with breakfast on the weekends for breakfast. Instantly lower grocery bill. I like to this type of thing to challenge myself and it’s also a good tool to show my kids how blessed they are. We live just above the poverty line, but we have more than most in the world. I have some other ideas for monthly challenges and every now and then I will piggyback. And I actually DO SAVE the money. It’s for a family vacation.
Crash diet? As in spending absolutely nothing? It's a big task, yes, it's hard, but in the end, you'll have more MONEY. My wife and I are spending less on food and less on going out by admitting that we aren't as hungry as we think we are. We basically have one, maybe two meals every day.
The second lie could have been much shorter. Instead of saying "I don't need it," just start by admitting to yourself, "I don't need it right now." If you don't need it right now, don't buy it. Don't ban yourself from anything permanently. Just ban spending on anything you don't need.
What the hell is so wrong with being aware of every single purchase? I happen to look at my bank account before I enter a store and right after every purchase. Yeah, BE ALWAYS AWARE OF HOW MUCH YOU HAVE.
My budget app runs in my head 😉 (Although I do have a spreadsheet to help me out with remembering all those numbers.)I've always been like this, even when I was a little boy I "budgeted" my candy etc.
I just…LOVE Financial Diet! It helps my life so much <3
I mean I slashed a ton of stuff out of my budget to get out of debt. I def don't think things like shopping, driving, going out, and trips are exusable when you have a negative net worth.
I guess your ability to cut costs is related to your motivation. I could understnd gradually cutting stuff out to just generally save, but debt is an emergency.
Triple liked this video
Hahah. i may actually call my beauty product spending category "How good I look." Lol.
I am 18 and I am the one who takes care all the finances, spending in my family. I and my husband are living on his salary around 2500$ a month but we managed to save 500$ a month.
honestly i never made one… well except for going in conventions
I don't have a budget and I don't think I need it… But I already am really good with money 😅
Thank you for this. We were paycheck to paycheck – six kids, 2 autistic,but with very good life Insurance and my husband literally overnight lost his job. We are now on WIC, food stamps, and the SSI that my 18 year old son gets. Literally overnight.
Love your video! It hits my exact concerns in budgetting! You're a big help 🙂 thanks!
One thing that really helped me when I was working summers for money for college was leaving my debit card at home, and only spending cash. That way, I had to hand over tangible cash, and drive to the bank to get it.
😂 I don't go out
what if you dont have a stabel income? i get between 500 to 14000 swedish kr so how should i plan?
I don't even have a habit of shopping other than grocery shopping. I don't go out. I wear old worn out clothes because I don't earn enough to go shopping for new ones. I spend money on what I really need like food, medication and there's nothing left for things I wish I had. I'm changing my job next month. They won't pay me much more but I'll gain experience which might help me get a good paying job in the future.
I started watching TFD and it kickstarted me to get my finances together. I sat down today to get a fricken' budget done, and saw this video. Thanks for the help!!
Hi “guys”?! What about “hi you all”, “hi folks”, “hi people “
I rarely go out. Most of the money I spend I spend on food and monthly supplies. I even tried to cut down on some of the supplies or rotate what I need each month.
I love mint. It helps with a lot.
I LOVE LOVE LOVE Mint, it is the best way to see an overall picture of your finances. I hate seeing all of my debt in one place, but it makes me that much more focused on paying it off! 🙂
I decided to keep track of my money this month to start budgeting and 5 days in I already spent almost half the money that I had thought I would spend in an entire month on food/clothing/toiletries/office supplies/decorating. Granted, I have been spending more than usual so I suspect the rest of the month will be only food and maybe some toiletries and maybe some decorating/organising trinkets. Damn, I'm both terrified yet somehow glad because if I haven't decided to do this, I would blissfully unaware spend this much money for who knows how long and now, knowing the terrifying reality, I can hopefully start budgeting next month and become more frugal!
I was in…10th grade? And in my social studies class, or whatever it was, we had this big project that we had to do that was making up an imaginary budget for ourselves (we may have been given fictional salaeries). Either way, it was extremely fun for me. I thank my teacher for that.But biggest shout-out to my mom who I learned most of my budgeting habits from.
"2500$ a month" you're hilarious, if we were making that much we shouldn't need a budget because we wouldn't be in the negative after rent alone.
7:49 Challenge Accepted!
We also need a Time Diet, please
Good starting points covered in this video. The thing I have learned is to look at your spending now but don't judge yourself. Look for patterns and how to correct them. Take it slow, don't try and change too much at once.
Googledocs has an already formatted budget spreadsheet. Also, who couldn't benefit from 2% more income? Well, when that annual review comes around and my rate is increased by 3%, I call Human Resources and ask to have my 401K deduction increased by 1%. That offsets the tax load from the raise plus a little extra take home pay. Do this every year and be amazed.
It is possible to significantly reduce the amount you go out. Just learn to cook for yourself.
I agree when you tell people who are adverse to setting up a budget to at least track their spending. This habit alone was so helpful to me as I discovered exactly how much I was spending in different categories and it was always more than I estimated. It then became a self-correcting exercise as I started to rethink potential purchases in terms of how much value they were adding to my life.
@04:04 That is just hyperbole on your part. Fact is, need is based on requirements and you set the requirements/goals. Therefore, there is no arbitrary distinction between need and want.
You dont have to have a budget to be financially literate. I technically don't have a budget but I'm very good with money. I saved up 10k in the last summer alone and can save up 50k+ in a year while still enjoying myself (and obviously working my ass off). I have lose budgets. As in I want roughly spend x on y. My budget for food in the US is $200 a month and this includes everything from the grocery store to going out minus alcoholic drinks. And the budget I gave myself is so lose that I easily hit that target without going beyond it. I could spend more if I wanted to but frankly it hurts to. I told myself 200 not because I need a cap on how much I spend but I need to give myself presmission to spend. So I think I'm doing very well considering I am actually spending 200 dollars a month on food.
Don't go shopping when you're tired, stressed, or generally in a bad mood.
Why is every video sponsored
I needed this video so badly in my life right now!
ha! it is funny how you include the color mint in this video…
Thank you for all the good tips. We appreciate you sharing.
Your channel has changed so much! Wow👱🏻♀️! I admire you!
A year ago LoveInSeattle posted asking for a video on a work wardrobe. I just found this video today and didn’t see that there has been a response on this comment section. I found a video by Tasha from One Big Happy Life, presenting on Financial Diets channel, on a Capsule wardrobe, and a link she posted on her daughters video on Tasha’s channel about her project creating a minimalist wardrobe. Both are very good. I love Tasha’s channel too. She and hubby do a lot of budgeting and financial management videos. Here are the links. Tasha..Financial Diet presenterOne big happy life Is her channelhttps://youtu.be/YihMgaSrYoI
Building a capsule wardrobehttps://youtu.be/-QTFw79lbu8Tasha’s Alexa daughter
So… how about earning well but you get only half your paycheck cause no dependents and single… this is really annoying though.
Me and my wife spent 1400 on food this month… Kill me
I'm only 21 right now, and I have a lot of trouble sticking to a budget right now, but I'm doing my hardest to engrain some good habits little by little while I'm young (investing little bits here and there, taking out cash and only paying in cash when I can, automatic monthly savings, etc).
I don't like using a separate app. I just check my bank app at least once a week to keep track of what I make and what I spend. Instead of trying to decide ahead of time "I'll spend X" I just look at the app and I know "I spend Y". There's no ambiguity.
I know that I spend a lot (relatively) on frivolous things, like video games; but I also know that I spend very little (less than 20%) of my salary on things that I want or when I go out. Most of my money goes to paying student loans, car, or helping with some house expenses.
I'm super lucky I live with my parents. Without them, I'd have to waste a lot more on rent and food, instead of using that money to end my college debt. At this rate I'd have paid 50k of debt in 2 years.
For all the hate that men get for living with their parents or playing video games, I think I'm doing pretty well.
I wanted to use Mint but it says I have to live in the US or Canada :/
What I do is keep a spreadsheet with all of my expected expenses and earnings, what day they happen, and how much above or below my budgeted amount I actually spend or make. Example: I expect to spend $25 each week on date night, I record $10 of savings one week when I only spent $15. I then have a column for each expenditure category I really want to watch that can get out of hand (date night, gas from driving around too much, food, etc) this column tells me how far above or below budget I am in that category on any given day. This gives me some good info on how I actually spend but also gives me a number that helps reinforce how well I am doing. I try and make sure that this column is always below budget. I also have a column that tracks all savings or overspending, letting me know how I am doing overall. Finally, my last useful column is a true "available" column. It lists for any given day how much truly unspoken for money I have based on my expected future expenditures. This gives me a hard limit to any discretionary spending. One general rule I try and abide by is that I can only spring for discretionary things with money I have saved by being under budget. I make the budgets tighter and the savings account bigger as time goes on.
Renouncing things just gives the things we renounce incredible power.
Think of a priest renouncing sex. Not gonna happen.
The answer is moderation in all things. Including moderation.
Make sure your spouse or partner is in on the plan!
thanks for the skillshare, but it makes you sign up for 100$ a year to get the two-months free trial. NO THANKS.
What an eye opener!!!!! A budget is the same thing as people on a diet!!!!! Hearing you say this totally changed my life, i’m not joking! I used to have a lot a struggles with food, but it solved itself when I started looking at my body with respect and at food with love for the beautiful nutrients it provides me with!!! And right now I just feel there’s never enough money, I swipe my credit card with hate everytime… but I just have to see money with love, as something precious that allows me to have access to these beautiful things that facilitate my life 💗 Thank you!!!
It's nice to get financial advice from people who live in NY cause I've lived here my whole life and out of state people have no idea how high our cost of living is.
Planning in generalities
I find pen and paper to be the easiest way to budget. Also keeping a running list of how much I have left in each category in my phones memos. Helps me see as I shop then add it to my writen list at night and at each 2 weeks total it all up and review how I did.
You're husband is a lucky man. you're smart, responsible, and beautiful!!!
I like the advice about cutting only 20% of your spending at the time. BUT sadly it won't work for me. I earn very little but I have about 4 months worth of monthly salary saved up and I'm debt-free but even with all that recently I got into all sorts of money problems: my fridge broke, my computer broke (and I need it for work and school, a cheaper and one with worse specs won't do even temporarily), 2 of my windows have cracks in them that I taped over, not to mention that my windows are 30 years old and were very poor at protecting from cold even before 2 of them had cracks so I have to replace thembefore winter; I fell and broke 3 teeth (one had to be extracted, the other 2 require a very expensive treatment), my roof is leaking (so the roof has to be fixed and the ceiling has to be replaced too because it turns out it's been rotting for months due to the leak but it shows only now) and my cat needed surgery and my doctor found some tumors (don't know yet if cancerous) on my thyroid. Fortunately paying for some of these things can be stretched in time (like paying for the fridge in installments and getting the tooth implant in 3-6 months and having a only a temporary cosmetic but not functional tooth implant for that time) but I calculated it and in order not to go into debt, I have to reduce my food spending by 60% (and I've been frugal in buying food all along) and have to reduce my going out money to max 4 coffees a month or equivalent (not to mention cutting out things like theatre – or swapping it for those coffees) and not accounting for other money emergencies I have to live like that for 16 months unless I find a better paying job.
Check out this video where Chelsea and Lauren discuss the 10 questions to ask yourself to build a healthy budget: https://youtu.be/8YOMNXpH-gg
I don't know if I am crazy. But I improve my budget every month. I am able to put 1000,00 $ per month in emergency savings. When I will have 3-6 months. I will invest. Now I just reinvest. It's not something that you learn in one day. It's a journey.
5:00 i look at my budget everyday. Sometimes adjusting it if i have to spend more in a certain category. Mostly stick to the original except for one or two categories. Usually savings & loans gets cut or added to due to payday amount
If your spending habits are predictable, you can budget.
Chelsea, I'd love to see a video on ways to increase income. I'm imagining something with information and perspective on ways to turn a hobby into some income, or how to reassess your current job to see if there is anything you can/do to be earning more doing it. Are there tools online you recommend? Are there some general concepts we should keep in mind?
Thanks for the awesome videos, it's really helping me and my wife a lot!
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