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Why Should I Budget My Money | What are the Major Benefits of Budgeting - YouTube
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Hi guys, in this video, we're going to be
talking about budgeting, what is budgeting?
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How does it work? And why is it important
to you?
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So first things first, what is budgeting?
Well, budgeting is the thing that you constantly
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don't think about, we all talk about it. But
it's one of those things we like to pretend
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isn't actually there. So you need to break
budgeting down into steps that are appropriate
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for your life. So there's the holiday that
we'd love to go on. But you know, are we budgeting
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for some clothes that we wanted by next week?
Are we budgeting to pay off a loan and to
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pay off a mortgage? Or do you want to just
save for something in general? So now that
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we've taken the time to actually think about
what a budget is for you, let's have a look
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at the steps or the process that you can put
in place. Now everybody has a different process.
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It could be on post it notes, you could be
writing it and sticking to the wall or keeping
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an Excel. Let's have a look at what are you
actually spending first and how much money
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do you earn, put those as categories. Then
from there, we want to highlight the things
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in your life that you have to spend money
on. There's your rent, there's your food,
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there's your petrol. For some people like
myself, there's my Netflix account in my stand
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right, they're essentials. Now what you want
to do is highlight the different categories
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of things that you actually want to save for,
is there something that's been on your mind?
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Is there a course that you want to do? Do
you want to go to SeaWorld and swim with the
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dolphins? So you need to know where you want
to get to or the things that you want to buy
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mixed in with the stuff that you actually
have to pay for. Now, itemise each one of
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those key pieces so that we can actually track
what are our spending categories. So why is
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budgeting actually important? Yes, we can
put these categories in place. But you have
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to understand the emotional context behind
what you're trying to do. We need to achieve
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certain goals in our life just to keep sanity.
Otherwise, we're working every day to spend
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the same amount of money on the same amount
of things. Money will disappear without a
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budget. It's very easy to go out on the weekend,
and, you know, spend the balance of the money
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that you had for the week. Once we budget
for things and we achieve things in our life
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and memories and blocks, we feel like we're
getting ahead. So what does budgeting actually
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teach us now it only teaches us something
if we set our tasks we follow through, and
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we attain the things that we set out for but
what it actually teaching you behind it, and
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just such as simple goals, buying a new TV,
getting that new outfit going on that holiday.
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But what it's done now is it's taught you
what is the value of your money and to track
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your money. This leads to all types of things,
this helps you start to save for a house deposit,
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or an investment or something that'll start
benefiting your life in the long run. So often,
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it's about tricking ourselves into these little
tasks and tactics to achieve the things that
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we want to in the future. Start small, start
granular and just get some wins on the board.
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And you'll find you start to become a little
bit more addicted in being in control of what's
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happening in your life and funding in your
life. So what happens when budgeting goes
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wrong now doing not to be too hard on yourself.
Budgeting goes wrong frequently and often.
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And it takes a while to get used to the process
and to keep yourself schooled in the things
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that you need to do. I have always been a
victim to this myself, I'll set a nice goal.
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And then you fall short. What you need to
be careful of is you do not get discouraged
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things come up. And sometimes it's hard. There's
other things in your life that will come across
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a wedding, a funeral, a birthday that you
have to dip into your budget or just general
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life stuff. Just make sure that you know that
that's for you or it's an essential part of
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you know, just life. So even when budgeting
goes wrong, do not be demoralised, and make
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sure that you just come back around to it
because it's your budget for you. Thanks for
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watching, guys. And if you'd like to find
out more, please follow or come and see me
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at shaunfox.net or any of my social medias.
We're on all of them. Have a great day.
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