馃攳
Hate budgeting? That's ok! Here are the BEST TIPS for you! | Jordan Page - YouTube
Channel: Jordan Page, FunCheapOrFree
[0]
- Oh, that's dark.
[0]
Okay. Better. (exhales)
[2]
Oh.
[2]
(slurping) Ah.
[4]
We're here.
[4]
Aw! (sighs)
[5]
(claps) Let's do this.
[6]
Hey, Freebs Nation.
[7]
Jordan Page from funcheaporfree.com
[9]
and budgetbootcamp.com here.
[11]
And today, we're talking budgeting.
[13]
And I'm going to give
you my five best tips
[15]
for those of us who hate budgeting.
[17]
That's right. We just don't like it,
[19]
but we do it anyway 'cause
we're big and grown up
[20]
and I'm going to show
you how. Let's do this.
[22]
(upbeat music)
[35]
Thank you, Wealthfront
for sponsoring this video
[37]
and making it possible for us.
[39]
Today, we're going to
talk about the B-word.
[41]
That four letter word,
[42]
budgeting.
[43]
Uh!
[44]
For those of you who
absolutely love budgeting,
[46]
and rock at it
[47]
and it's like the coolest
thing you've ever done,
[50]
good for you. I am not that person.
[51]
Which is ironic because
hi I'm Jordan Page,
[54]
budgeting and frugal living expert,
[56]
and I don't like budgeting.
[57]
But we do it anyway.
[59]
Kind of like eating your veggies, kids.
[60]
You do it anyway.
[62]
But here's the thing,
[63]
even though I'm not
naturally a great budgeter,
[65]
I've been on TLC, "Today
Show", "Rachel Ray",
[68]
"Good Morning, America", and many more
[69]
because I have some of the
simplest budgeting tips
[73]
you will ever do.
[73]
Ever!
[74]
And they work.
[76]
And they're really not that bad.
[77]
They're not that miserable, I promise.
[79]
Let's get to the tips.
[80]
All right, my first is budget by-
[82]
(record scratches)
[83]
Ah!
[84]
Budget by percentages, not by dollars.
[88]
I don't know about you,
[88]
but Bubba and I, pretty
much our entire marriage,
[91]
we have been self-employed,
[92]
commission-based,
[93]
entrepreneurs,
[94]
it is still not only possible,
[97]
but completely practical and doable
[99]
to have, set, and maintain budgets
[101]
even if your income is up and down.
[104]
And the main principle of this,
[105]
I call the 70% rule.
[107]
Now I teach about this a
lot in Budget Boot Camp.
[109]
I do have some videos that
break this down better,
[111]
but here's a really quick
high-level overview.
[114]
Take your take-home income for the month.
[117]
Not the money that it says
on your tax statement,
[119]
or your pay stub,
[120]
because there's taxes and withholdings
[123]
and insurance and all this stuff.
[124]
But physically what is
in your bank account
[126]
that you have to work with.
[127]
You break it into three
categories or percentages.
[129]
70% of it you have to spend on everything.
[134]
Mortgage, bills, utilities,
[135]
eating out, groceries, travel,
[137]
extracurriculars,
emergencies, medical bills.
[140]
Every thing you spend money on
[142]
needs to be 70% or less
of your take-home income.
[145]
Okay?
[146]
And then 20% every single
month goes to savings.
[150]
If you have pressing debts
like credit card bills,
[153]
outstanding bills, money you owe people,
[155]
high interest student loans,
[156]
instead of savings that
needs to go toward debt
[160]
because your savings
isn't doing you any good
[163]
if you have debt that
is charging you money
[165]
every single month.
[166]
And at the end of the
day, the debt always wins.
[167]
They will take that money
out of your savings account
[169]
if they have to, it's really not secure,
[171]
until that pressing debt is paid off.
[172]
Have thousand dollars in savings,
[174]
the rest needs to go toward
that pressing high interest debt
[178]
and then 10% philanthropic or proactive.
[181]
We take that 10%,
[182]
we tied it to our church every month.
[184]
For you, you could choose
the charity of choice
[186]
or you could be more proactive with it.
[188]
You could put that toward
investing, retirement,
[190]
your children's savings accounts
[192]
for college or marriage or the future.
[194]
And that's it.
[195]
Now, no matter how much money you make,
[197]
you now know what your budget is.
[198]
Truth be told when we were newlyweds
[200]
in the middle of our financial disaster,
[201]
we couldn't live off of 70% of our income
[205]
because our income was so small.
[207]
So the goal is to get to 70%.
[209]
You may have to make some tough choices
[211]
and say no to travel or extracurriculars,
[213]
clothing or eating out
[214]
until you get your debt paid off,
[216]
maybe earn more money at work
[218]
or whatever you need to do
[219]
to get to that 70%.
[221]
Base your budgets off of percentages.
[223]
You never have to change the math.
[227]
It's great.
[227]
All right, are you ready
[229]
for my most important tip
[230]
that I will probably ever give?
[233]
It is open at least seven bank accounts.
[237]
What?
(record scratches)
[239]
I know, okay, don't turn off the camera.
[240]
Hear me out.
[241]
This is a tip I've been sharing for years.
[243]
It has been one of my most viral tips
[245]
because it works.
[247]
Back in the day when our
Grandpop's and Grammy's
[250]
would go to the bank,
[252]
fill out papers, do things
[253]
and suck it through the
little tubey things.
[256]
Welcome to 2021, sis.
[257]
Things have changed for the better.
[259]
Now banking is so slick
and so simple and so easy.
[263]
The more accounts you have,
[264]
the more organized your money is.
[266]
Think of it like a filing cabinet,
[267]
all your papers just get thrown in there.
[270]
And sure, they're safe
and they're tucked away,
[271]
but do you really know
where everything is?
[274]
Do you know what it's for? Do
you know whether you need it?
[276]
Give yourself file folders.
[277]
Give yourself multiple accounts.
[280]
One for travel.
[281]
One for medical bills.
[282]
One for home repairs.
[283]
One for week-to-week spending.
[285]
One for emergency savings.
[287]
You will get out of debt faster,
[288]
you will build your savings faster,
[290]
and you will be able to finally afford
[292]
all of those things you've wanted to,
[293]
but never can
[294]
simply because you're setting it aside.
[297]
Out of sight, out of mind,
[299]
creating a space and place for it.
[300]
Now, how do you do that?
[302]
"My bank charges me so much money."
[303]
"My bank makes it really complicated."
[305]
"My bank charges me fees
every time I transfer money."
[307]
Friend, you are at the wrong institution.
[310]
Let me tell you about
Wealthfront, for example.
[313]
Wealthfront has banking services
[314]
like you've never seen before,
[315]
No overdraft fees.
[317]
They have no account fees.
[319]
They have no hidden fees.
[320]
No upfront fees. Ever.
[322]
All you need is $1 to open an account.
[325]
They will never even charge
you low account fees.
[327]
They don't have maintenance fees,
[329]
I'm telling you.
[329]
And they pay you to keep
your money with Wealthfront.
[332]
The way it works is all the money
[334]
that you deposit into
your Wealthfront account
[336]
gets paid interest on the
money for just sitting there.
[338]
You can still have access
to it anytime you want.
[341]
Also one thing that's
cool about Wealthfront,
[342]
when you set up direct deposit
[344]
into your Wealthfront account,
[346]
they can actually get you your paycheck
[347]
up to two days earlier.
[348]
Wealthfront is not a
bank, it's a tech company.
[352]
So they have this modern technology.
[354]
They make it possible.
[355]
So what's cool is they
have all checking features
[357]
that you're used to.
[358]
But what I love is they
organize your cash for you.
[363]
So you use the Wealthfront Cash Account
[365]
and then you take your money
[366]
and you organize it into categories.
[368]
So basically the moment
your paycheck arrives
[370]
in your Cash Account,
[372]
you let Wealthfront software
[373]
just they handle all the details.
[375]
They let you send checks.
[376]
They'll help you reach your savings goals.
[378]
They can even help you invest money
[380]
so that you can start
building up your future,
[382]
a savings plan or retirement plan
[385]
that your money automatically routes
[387]
where it needs to go
[388]
without any extra effort on your part.
[391]
And it takes my seven
bank accounts principle
[393]
that I've been teaching for years,
[395]
and basically makes it
effortless and does it for you.
[397]
I promise it's possible.
[398]
And Wealthfront is a
perfect example of how.
[402]
Here's what you need to do:
[403]
use my link in my profile
[405]
and go open a Wealthfront Cash Account.
[407]
You need $1, that's all you need.
[409]
And just try it out.
[410]
More information and disclosures below.
[412]
Be sure to check it out.
[413]
Okay my next tip with budgeting
[415]
kind of goes along with the 70% rule.
[417]
So now what do you do with that 70%?
[419]
My tip is to budget by week, not by month.
[424]
Some people give themselves
a monthly eating out budget,
[428]
a monthly gas budget,
[430]
a monthly grocery budget,
[431]
and all of that is fine,
[433]
but there's a reason
we don't count calories
[436]
a month at a time.
[437]
It's a lot of numbers to keep track of.
[440]
Take that monthly budget
and break it down per week.
[443]
If you go by week instead of month,
[446]
it will be an accurate budget
[448]
that you really only have to track
[450]
six or seven days at a time
which is so much easier
[455]
than tracking big numbers
for 30/31 days at a time.
[458]
For example, I've talked
about this a million times,
[460]
I have many videos, I'll link some below,
[462]
but I recommend your grocery budget to be
[464]
$100 per person in your family per month.
[468]
So if you are a family of
four, that's $400 a month.
[471]
Now if there's only one or two of you,
[473]
start with $300 a month.
[474]
And then when you get to four people,
[476]
$400 a month and so on.
[477]
Okay?
[478]
But rather than trying to
keep track of a $400 budget,
[482]
break it down, give
yourself $100 per week.
[485]
My rule though, you may not
borrow from the next week.
[492]
That is a big no-no.
[495]
You will find yourself
constantly in debt to yourself
[498]
and it won't keep that pace.
[500]
Make sacrifices to make it work.
[502]
Give yourself a budget,
[503]
track it for the week,
[504]
don't think about it for the whole month.
[506]
All right, my next tip is for anyone
[509]
who has ever had an argument, fight,
[511]
or disagreement about money.
[513]
Listen up, you ready for this?
[515]
Divide and conquer.
[517]
Why do you think you
fight about money? Really.
[520]
Like if you really drill it down,
[522]
you fight about money
[523]
because you're in each
other's business. Uh!
[527]
Let's say you start a business.
[529]
Let's say you're cranking.
[530]
You're doing your thing.
[531]
You are CEO,
[532]
but let's say you bring in another CEO.
[535]
How do you think that's going to go?
[536]
If you have the exact same duties,
[538]
the exact same responsibilities.
[539]
And let's say you have
two vice presidents,
[541]
what if we had two presidents
of the United States?
[544]
How would that work?
[545]
Not well.
[546]
If it doesn't work in business,
[548]
why do you think it would
work in your family?
[551]
It doesn't.
[552]
You will butt heads.
[554]
Been there!
[555]
We teach about this in
depth in budget bootcamp.
[557]
But the brief overview is
sit down with your partner
[561]
and divide up.
[562]
Bubba and I, we were
fighting about money so hard.
[565]
It was ruining our relationship.
[567]
We sat down,
[568]
we printed out everything
we spent money on
[570]
over the last three months.
[571]
I had a pink highlighter
and he had a blue one
[573]
and we took turns and we said,
[574]
Okay, I'm with the kids all day.
[576]
I like pen and paper,
[578]
I'm in my car a lot.
[580]
So the things that make sense for me
[581]
are the things that
have to do with the kids
[583]
or the things that have to
do with running errands.
[585]
I'm the one that cooks
so it makes sense for me
[586]
to handle the grocery budget
[588]
and the meal plan and the groceries.
[590]
Bubba is on his computer all day.
[591]
So he handles things like the banking,
[594]
investing, insurance, paying bills.
[596]
It's not that Bubba doesn't get a say
[598]
for what's in my court,
[600]
it's that I am responsible
[602]
for managing it just like a company.
[605]
If you have one of my Budget Planners,
[607]
there is a whole section
[611]
that shows you how to break
down and divide and conquer.
[613]
And then break it down and shows you
[615]
how to find a budget for each person.
[618]
If you don't have a planner, that's okay.
[620]
But I do have a video that explains this
[622]
in a little better detail.
[623]
At the end of the day, sit down,
[625]
split it up and stop
fighting about your money.
[627]
And last but not least,
[629]
such an important tip.
[631]
Do a weekly weigh-in.
[632]
If you are on a weight loss plan
[634]
and you want to lose a hundred pounds,
[637]
you're not going to wait for
six months to weigh yourself.
[641]
You are probably going
to weigh yourself daily
[643]
or possibly weekly so you
can mark your progress,
[646]
see what's working and what's not.
[648]
It gives you extra
motivation along the way,
[650]
holds you accountable,
[651]
all the good things.
[653]
Budgeting is the same.
[654]
Bubba and I found that when we
were only talking about money
[657]
once a month or once
every couple of months,
[659]
it was much more stressful, much harder.
[662]
A lot of finger pointing, it wasn't great.
[664]
We started doing a weekly
weigh-ins and it changed the game.
[668]
Choose a day, for us it's Sunday night.
[670]
Kids are in bed, we're
planning out our week,
[672]
we sit down and we talk about money.
[675]
The first few times it
might take a little while.
[677]
But after a while it's only a few minutes.
[680]
Again in the Budget Planner,
[682]
we have a sheet that walks you through it.
[685]
You just ask the questions and fill it out
[688]
and it walks you through it.
[689]
But essentially pretend
it's a company meeting
[692]
for that week.
[693]
And you're sitting in the conference room
[694]
and your job is to report
on your department's role
[698]
for the previous week.
[699]
You're going to talk about
wins, what went well,
[702]
expenses and budgets,
[703]
what's working and what's not.
[704]
You're going to report directly
on how your budget went.
[708]
Remember that weekly
budget that we broke down?
[709]
You're going to report on how that went.
[711]
Prevents the finger pointing of like
[712]
"Well you spent too much
on this and you did this."
[715]
You are in charge of you.
[716]
Hut humble up, buttercup.
[718]
It's really hard to talk about yourself
[720]
especially when you maybe
[722]
you weren't performing at your best.
[723]
You're going to talk about
upcoming expenses to take note of
[726]
and then you talk about ways
to improve for the next week,
[728]
motivations, goals.
[729]
Just sit down and chat.
[732]
But just get it done and
start talking about it weekly.
[734]
So there you go.
[736]
That was not that bad, right?
[738]
Pick one, do it.
[739]
Then pick another and do it
[741]
and before you know it,
[742]
you are going to be a budgeting guru
[744]
and you're going to have so much fun
[745]
you're not even going to know
what to do with yourself.
[747]
Ooh, I'm excited for you.
[748]
Thanks again to Wealthfront
for sponsoring this video.
[750]
Be sure to check out my
link in the description
[752]
for much more information.
[753]
All right, I got to go get some groceries,
[755]
start using that budget the way I need to.
[757]
So I'm going to let you guys go.
[759]
CHeck me out on Instagram.
[760]
Let me know if you have any questions.
[761]
Be sure to connect there
as well as here on YouTube
[763]
and I will talk to you later.
[765]
Bye!
[766]
Oh, exit's this way. (laughs) Bye.
[769]
You guys ready to see our list
and all our secret finances?
[774]
Oh, we're super good at this.
[777]
High five.
Most Recent Videos:
You can go back to the homepage right here: Homepage