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Top 5 Tips to NEVER go over budget again! (Ps I doubt you鈥檙e doing these!) Jordan Page Tips - YouTube
Channel: Jordan Page, FunCheapOrFree
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- Hey, Freebs Nation!
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Jordan Page with funcheaporfree.com here.
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I am in my fancy-pantsy new office,
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and today we are talking about budgeting
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and how to never go over budget again.
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Mm-hmm, I'm serious, mm-hmm.
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(lively music)
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If you are new around here,
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then let me introduce myself.
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Hi, I'm Jordan.
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I am a budgeting guru.
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I have a budget program
called budgetbootcamp.com,
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and for the last 10 years
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I have been sharing my budgeting,
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and frugal living, and
finance tips on Rachel Ray,
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Good Morning America, the
Today Show, on my blog,
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I do in person events and conferences,
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and I speak all over the country.
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It is so much fun,
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but here's one thing you
should know about me.
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I am terrible at budgeting.
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I'm terrible at math.
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I don't enjoy it.
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I did not study finance.
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This is not something that
comes naturally to me.
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Wait, before you turn off
the video, hear me out.
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Just because I don't naturally enjoy them,
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or I'm not naturally good at them
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doesn't mean that I don't need
to focus on budgeting, right?
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And either do you.
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Welcome to adulthood!
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Whether we like it or not,
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we all need to make money to survive,
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and we all need to manage that money well
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in order to thrive.
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Okay, that was really good.
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That was off the cuff.
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We need to put that on a tee shirt.
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Somebody write that down.
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So today I'm going to share with you
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five of my super quick top tips
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for not only like setting a budget,
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but for never going over a budget again.
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Now do not get me wrong.
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Just because you're setting a budget
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does not mean that you can't spend money
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or do anything fun forever.
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I am not that kind of budget guru.
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I really like myself some
nails and cute clothes.
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Let's be honest.
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So I'm not going to sit here and tell you
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never to spend money again.
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I'm telling you how to set
practical, actual budgets
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that you will practically
and actually keep.
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You excited?
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You should be.
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But before we move on,
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for those of you who love these tips,
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or just want even more
handholding and more help,
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please check out my budgeting program.
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Budgetbootcamp.com.
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Use the promo code YouTube for 10% off,
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'cause I like ya.
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Alright, now let's get onto the tips.
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All right, so budget tip
number one is simplify.
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I cannot stress this enough.
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As with anything in life,
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if you try to make it too intricate,
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too complicated, too fancy schmancy,
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it will not be sustainable.
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You will not be able to keep it up.
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When we were first getting out of debt,
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we tried everything again.
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None of it really worked.
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It wasn't until I came
up with my own system
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that was so simple.
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It was just easy to do.
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I call it my budget envelope system.
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Now this is different than cash envelope,
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so don't be tricked just
because it's in an envelope.
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This is my own fancy schmancy envelope
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that we sell on my website.
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I will link it below,
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but you can do this with any envelope.
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It does not have to be
this cute, fancy one.
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But I mean, it is really cute.
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Like look, it has gold on it.
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Ooh!
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But instead of focusing on
10,000 different budgets
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and all these different cash envelopes
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for a pet envelope, and a hair envelope,
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and an eating out envelope,
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and the nails envelope, but stop.
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All I want you to do is have two budgets
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that you focus on every week.
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Now you're going to have other budgets.
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We teach this in Budget Bootcamp,
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because you need a budget
for like your mortgage,
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or your extracurricular activities,
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but I'm not talking about that stuff.
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I'm talking about what
you have control over,
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what you spend money on week to week.
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That's what I want you to focus on.
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Like groceries, eating out,
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clothing, general shopping, Amazon.
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Amazon, slow down, honey.
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Those are the expenses,
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and that's the spending that
will make or break your budget.
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I want you now to take that
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and break it into only two categories.
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Two, that is it.
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The first one will be whatever
you spend the most money on.
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For me, that is groceries and food.
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So I am calling that your main budget.
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Your main budget is whatever you spend
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the most money on week to week.
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The second budget, you ready for this?
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Other, your other budget,
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and that means everything else.
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So simple, what?
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Basically give yourself
a budget each week.
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Is it $200 a week that
you have for groceries,
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or eating out, or shopping?
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Is it $50 a week?
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Is it $500 a week?
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Choose an amount and then just split it up
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into just two budgets.
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So you have enough for whatever
you need to spend money on,
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but then it gives you an amount left
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that you could spend on whatever else.
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You need to get your nails done that week?
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Great.
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You need to get your
dog groomed that week?
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Great.
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Flexibility and simplifying
is so important.
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So to summarize,
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instead of having 8
million cash envelopes,
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and all these different
budgets that you're managing,
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your week to week spending,
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you're going to break into two budgets.
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Two, and you're going to
track it on an envelope.
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I'm not going to take time
to teach you how to do this.
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I have an entire video on this,
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but by tracking it on an envelope,
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it will make it so that you
never go over budget again.
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I promise.
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And this actually segues
in tip number two,
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which is to budget by week, not by month.
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Now, again, we're talking about
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the spending that you do
day to day, week to week.
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Let's say you're on a diet.
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How come you wouldn't count your calories
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an entire month at a time?
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Well, because that would
be a really high number,
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and a lot to manage.
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And 30, 31 days is really hard
for your brain to compute.
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Whereas one day at a time,
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or seven days at a time is
so much more manageable.
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It's the same with your money.
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Instead of giving yourself a budget,
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let's say that's a thousand dollars
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for the whole month for everything.
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Well, guess what?
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By day six, you're just like,
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you don't even know what today is.
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You don't even know how
much money you have left.
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It's so much to manage and track.
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Break it down.
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Let's say you have a
thousand dollars a month
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for your week to week spending.
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And that includes groceries
and entertainment,
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and eating out, whatever else.
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Great.
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A thousand dollars.
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Break it down per week.
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You're only tracking $250 a week, one,
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250 a week, two, three, and four.
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500, 500, that's a thousand dollars.
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Yes, I count like that on
my fingers in real life.
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I told you I'm not very good at math.
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$250 over six or seven days is
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so much more manageable than
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a thousand dollars over 30 or 31 days.
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And then again, go back to tip one,
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and take it one step farther,
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and split that $250 into two.
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It's only six or seven days
that you need to manage.
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And then guess what?
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Monday comes, and woo!
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Your money starts all over again,
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and you only have to track
that for six or seven days.
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I show you exactly how to break this down
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on a simple envelope.
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If you go to the link below,
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it's a quick video here on YouTube
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that will change your life.
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The reason we do an envelope
is not only for easy tracking,
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but it's really small,
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and it usually will fit
right inside your wallet,
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or your purse, or your backpack.
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Also, it's important
because as you go shopping,
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you can stick your receipts in here,
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so that you lose track or
you need to return something,
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it's all in one place.
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One thing to note about
my budgeting system
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is you do not have to use cash.
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Once you get a handle
on your credit cards,
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I actually prefer digital payments
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like credit cards or debit cards,
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because then you have
digital record of everything
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you spent money on,
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and if you lose your
card or it gets stolen,
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you just cancel it.
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If you lose your cash, it's just gone.
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It's just gone.
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So get a handle on your credit cards,
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don't overspend,
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and then as soon as you
have a handle on them,
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go ahead, use those cards.
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They work great with my envelope system.
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Again, link below.
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I'll show you how.
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Stop everything.
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I have a bonus tip for you.
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I want to add something about
my tip of budgeting per week
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and not per month,
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and really the bread and butter of this,
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the creme de la creme,
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is that you need to
take that weekly budget
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and be as frugal with it as possible.
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Because if you're just
like maxing out your budget
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every single week,
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it's better than overspending,
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but really what you need
to do is get frugal.
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So this is kind of a sub tip, if you will.
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We'll call it tip 2A.
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Take your budget for
the week and squeeze it.
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Use coupons, use apps, buy things on sale.
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Buy something used.
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Get creative with your budget,
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and find every way you can
to squeeze every dollar.
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Use money saving apps.
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For me, one of my
favorite money saving apps
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is Fetch Rewards.
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It's a completely free app.
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It doesn't cost you a dime.
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And if you guys follow me on Instagram,
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you see me talking about it a ton,
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because it saves my family so much money.
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All you do is you go
shopping as you normally do.
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Grocery shopping or otherwise.
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You take your receipt,
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you scan it into the app,
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and you get rewards totally for free
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that you can then turn into gift cards.
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So for me, every single week,
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when I order my groceries,
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whether I get a physical receipt,
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or whether I get an e-receipt,
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I scan it into the app.
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It gives me rewards,
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and I love to get Amazon
gift cards personally.
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And then I turn around
and use those gift cards
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to buy things like diapers and baby items.
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And guess what?
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When I buy diapers off of Amazon,
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I can scan that receipt and
get extra rewards for that.
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So it's just a cyclical
saving that is genius.
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One thing that's really cool about Amazon
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is you can actually connect it directly,
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so that qualified purchases automatically
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give you rewards and bonuses.
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I have a unique link below.
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Be sure to click that link,
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sign up for fetch.
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Use my code for 2000 bonus points.
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Keep it on your phone, keep it active,
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and any time you go shopping,
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be sure to scan your receipts.
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E-receipts or physical receipts,
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and it can be anywhere.
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Grocery shopping, physical
stores, even Amazon,
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and turn those into gift cards.
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And that my friends is how you
maximize your weekly budget.
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Boom.
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All right, budget tip number three is,
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are you ready for this one?
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It's a doozy.
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Open at least seven bank accounts.
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Seven, you heard me right, seven.
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This is where a lot of
people stop listening,
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because they think, "Man,
this chick is crazy!"
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I mean, you wouldn't be wrong,
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but hear me out.
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Traditionally, the way our grandparents
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and our parents banked,
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they would drive their buggy to the bank,
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and walk inside,
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and fill out a deposit slip,
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and get along their merry little way,
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and then go plant some more corn.
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Welcome to 2020, folks.
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Banking is a little more slick than that.
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Not only does it not cost you money
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or any hassle at all
to open bank accounts,
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but in a lot of situations,
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you can actually get paid
to open bank accounts.
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And the technology is awesome.
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To have multiple bank accounts,
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think of it like a filing cabinet.
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Let's say you have one drawer on the top
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that represents your checking account.
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One drawer on the bottom
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that represents your savings account.
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If you open at least seven bank accounts,
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it's like adding file
folders to the drawer.
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So let's say your savings drawer,
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you open it up.
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You can have a savings
account just for Christmas.
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It's there when you need it.
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Same with checking.
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I have a checking account for me.
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Bubba has a checking account for him,
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so that all of our financial
responsibilities for the week
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that I'm in charge of,
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that money automatically
drafts into there every week.
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So when I need to spend money on
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whatever's on my envelope that week,
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I just use my debit card for that account,
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or my credit card,
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and pay the credit card
bill from my account.
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The more bank accounts you have,
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the more organized and
manageable your money is.
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I promise this works.
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I have a video that goes
into way more detail on this,
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'cause I'm sure you
have a lot of questions.
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If you want to know more in
how to do this accurately,
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just go to that video.
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I promise it breaks everything down.
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Alright, budget tip number four is
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get yourself a budget planner.
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You need to have something physical
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that you're keeping track.
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This could be a digital spreadsheet
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on Google Sheets that you create.
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This could be a journal from TJ Maxx
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that you just customize yourself
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or, oh, what?
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I designed the coolest budget planner
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in the history of ever?
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Oh, weird!
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If you want to,
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you can buy one of my fancy
schmancy budget planners
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that does come with an entire
year's worth of envelopes.
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And I will link these below,
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but listen, however you want to do it.
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I'm not saying that you have to buy this
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in order to budget properly.
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I just, I mean, this
book is pretty amazing.
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It has everything.
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It has debt tracker, savings tracker,
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it shows you how to divide
up financial responsibilities
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without fighting with your spouse,
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it has weekly tracking and check-in.
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I mean, it's pretty amazing
if I do say so myself.
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But fancy budget planner aside,
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get yourself something that tracks it.
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You need to physically
write down your goals.
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You need a physical place
to put the envelopes
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when you're done tracking
what you're spending.
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You need a place that every week,
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and then again, at the end of every month,
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you are going back and
reviewing your numbers,
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and making sure that
you're staying on track.
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This is not as daunting as it sounds.
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Every Sunday night, Bubba and I sit down,
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and we plan our week,
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and we plan our meals or whatever,
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and we're just casually doing that.
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Not a big deal.
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It doesn't take very long.
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And along with that, we
do a weekly weigh in.
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We got that term from The Biggest Loser,
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where every week they do their work,
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they do what they need to do,
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and then once a week,
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they go with their trainers,
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and they stand on the
scale and see how they did.
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You got to know how you did.
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In my budget planner,
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I actually have a weekly weigh
in page every single week.
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Let's chat about wins for the week.
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Family expenses and budgets.
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How did your budget go?
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How did my budget go?
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Ask yourself those questions.
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Report on how your own budget went.
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The more often you talk about money,
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the more often you look
at your real numbers,
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the less scary it is,
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and the more on track you're going to be,
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and the more on the same page you are.
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Last but not least,
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and probably the most
important tip of all,
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is give yourself some spending money.
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For goodness sakes.
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There's a difference between
saying, "I need to lose weight.
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"I am never going to eat sugar again,
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"for as long as I live,"
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and, "I need to lose weight,
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"so I'm going to eat healthier.
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"So I'm going to allow myself
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"one treat every day after dinner,
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"as long as I eat it before 7:00 PM."
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What is the difference?
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The difference there is moderation
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and a realistic expectation.
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If you came to me and said,
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"You cannot spend money
for the next six months,"
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I would say, "Yeah, right."
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But if you came to me and you said,
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"Look, you have $15 a week to
spend on whatever you want,"
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then I would say,
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"Oh, okay, what can I
get for $15 this week?"
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And then guess what?
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Seven days later, I get 15 more dollars.
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Or if there's something I want that $60,
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I just need wait a couple of weeks,
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and then I have plenty of money to buy it.
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Do not set a budget,
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and then spend money
on the side being like,
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"Oh, well this isn't part of the budget.
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"I'll just spend it on the side."
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It has to come from somewhere, guys,
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and that's why this other
budget is so important.
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The more responsible you are,
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the more money you have for things
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you want to spend money on.
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If you love, love going to the movies,
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then work it into your budget.
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Otherwise, what's going
to keep you motivated?
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If you work spending into your budget,
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you'll never go over budget again,
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keeping in mind that if
you have credit card debt,
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you really do need to stop
spending on frivolous things.
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I am going to say that,
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that you really do need to put every dime
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and just get those credit cards paid off.
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They are costing you
money every single day.
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It is keeping you from
that family vacation.
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It is keeping you from that new car,
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so just hit it hard.
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You can do it.
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I know you can.
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Those are my five simple ways to
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never go over budgeting again.
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And I know we covered a lot,
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and check out all other
videos for tons more budgeting
[892]
and lifestyle tips like this,
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and I will talk to you guys later.
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Bye!
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You can have a hair cutting envelope,
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and a babysitting envelope,
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and a dog food envelope,
[902]
and a fake plant envelope,
and a snowplow envelope,
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and you can have a budget for groceries,
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and budget for eating out,
and a budget for stereos,
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and a budget for old ladies' clothes.
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