Budgeting Basics!YouTube↗  IA↗(long shot)
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[Music]
Do you ever feel stressed about money?
do you ever feel stressed about money
Unless you’re a prince or a preschooler, you probably said yes.
unless you're a prince or a preschooler you probably said yes for a lot of
For a lot of people, it always feels like there’s not quite enough to go around.
people it always feels like there's not quite enough to go around you're
You’re constantly having to make tough decisions about what you can forego, and it never feels
constantly having to make tough decisions about what you can forego and
like you’re really in control of your finances.
it never feels like you're really in
Well, when you need a bit of inspiration, look no further than the front of a one dollar bill.
control of your finances well when you need a bit of inspiration look no further than the front of a $1 bill I'm
I’m talking about this guy: George Washington.
talking about this guy George Washington
Besides being the first president of the United States, General George Washington was the
besides being the first President of the United States General George Washington
commander of the rag-tag Continental Army during the Revolutionary War.
was the commander of the ragtag Continental Army during the
He must’ve felt like he never had enough soldiers to go around, but by making a plan,
Revolutionary War he must have felt like he never had enough soldiers to go around but by making a plan he was able
he was able to lead that army to victory over the greatest fighting force in the world.
to lead that army to victory over the greatest fighting force in the world you
You can take a cue from George by becoming commander-in-chief of your finances.
can take a cue from George by becoming commander-in-chief of your finances each
Each one of these is a soldier in your army, and your battle plan is a budget.
one of these is a soldier in your army and your battle plan is a budget I know
I know, the word “budget” makes most people want to go AWOL.
the word budget makes most people want
In fact, according to a 2016 Gallup poll, only 32% of couples keep a written budget of any kind.
to go AWOL in fact according to a 2016 Gallup poll only 32 percent of couples keep a written budget of any kind but if
But if you were a soldier, would you want to follow a general who was making it up as
you were a soldier would you want to follow a general who was making it up as
he went along?
he went along a lot of people tend to
A lot of people tend to think of budgeting as prediction--estimating what you’ll make
think of budgeting this prediction
in future months and how you’ll want to spend it.
estimating what you'll make in future months and how you'll want to spend it
But the most effective budgets work exclusively with present dollars.
but the most effective budgets work exclusively with present dollars after
After all, you can’t give orders to soldiers that don’t exist!
all you can't give orders to soldiers
So the size of your army is only how much money you currently have in your bank accounts.
that don't exist so the size of your army is only how much money you currently have in your bank accounts and
And as general, your role is to give every last one of those soldiers a job to do.
as general your role is to give every last one of those soldiers of jobs do so
So, if you have a total of $10,000 across all of your accounts, you need to decide how
if you have a total of $10,000 across all of your accounts you need to decide
much of that you’re going to spend this month, and how much you’re going to set aside for savings.
how much of that you're going to spend this month and how much you're going to set aside for savings before we can
Before we can decide how much we want to spend, we need to know how much we’re spending now.
decide how much we want to spend we need to know how much we're spending now
Print out your last 3 months of bank statements, and put each expense into one of 5 categories:
print out your last three months of bank statements and put each expense into one of five categories essentials these are
Essentials. These are the things you can’t do without.
the things you can't do without rent
Rent, utilities, groceries, gas, car payments, health insurance.
utilities groceries gas car payments
Anything you need to live or do your job effectively.
health insurance anything you need to live or do your job effectively
Security.
security these are expenses that
These are expenses that increase your financial stability, like building emergency funds or
increase your financial stability like building emergency funds or paying off
paying off debts. Don’t double count credit cards in this category though!
debts don't double count credit cards in
If you use a card to buy groceries, that expense should go in “Essentials”.
this category though if you use a card to buy groceries that expense should go
Goals.
in essentials goals this is money you
This is money you set aside to achieve big life goals, like saving up to buy a house,
set aside to achieve big life goals like saving up to buy a house starting your
starting your own business, or taking a special vacation.
own business or taking a special
Lifestyle.
vacation lifestyle these are expenses
These are expenses that help you navigate your social world.
that help you navigate your social world
Personal grooming and apparel, gifts for friends and family, gym memberships, even pet needs
personal grooming and apparel gifts for friends and family gym memberships even
can go in here.
pet needs can go in here discretionary
Discretionary. This category is all about treating yourself.
this category is all about treating
Going out to dinner, renting a movie, buying a video game, or getting a massage.
yourself going out to dinner running a movie buying a video game or getting a
Everyone has their own priorities, but think of this as a good battle plan template, with
massage everyone has their own priorities but think of this as a good battle plan template with the most
the most urgent needs at the top, and the more flexible ones towards the bottom.
urgent needs at the top and the more flexible ones towards the bottom now
Now that you know how much you generally spend on these categories, you can start assigning
that you know how much you generally spend on these categories you can start
your soldiers to next month’s duties.
assigning your soldiers to next month's
Unless you’re living paycheck to paycheck, you probably have some money left over--but
duties unless you're living paycheck to paycheck you probably have some money
don’t let those soldiers just sit around!
left over but don't let those soldiers just sit around decide what you're
Decide what you’re saving them for.
saving them for is it an emergency fund
Is it an emergency fund or a Hawaiian vacation?
or a Hawaiian vacation savings that have
Savings that have explicit purposes are a lot harder to steal from.
explicit purposes are a lot harder to
Congratulations!
steal from congratulations you've made
You’ve made your first month’s budget Now how do you make it stick?
your first month's budget now how do you
Number one.
make it stick number one write it down
Write it down. You can use a spreadsheet, an app, or good old pencil and paper, but no general ever
you can use a spreadsheet an app or good old pencil and paper but no general ever
won a war by keeping all their strategy up here.
won a war by keeping all their strategy
Number two. Update it.
up here number 2 update it conditions on
Conditions on the ground will change, so restrategize at the beginning of every month--and you’ll
the ground will change so Reese Trat ajay x' at the beginning of every month
have new soldiers to deploy in next month’s battles.
and you'll have new soldiers to deploy in next month's battles number three use
Number three. Use advanced technology.
advanced technology thanks to the dozens
Thanks to the dozens of budgeting apps you can download for your phone, no one has to
of budgeting apps you can download for
keep a checkbook longhand anymore.
your phone no one has to keep a checkbook longhand anymore this can be
This can be especially helpful for discretionary spending: now you can know right away whether
especially helpful for discretionary spending now you can know right away
you can afford that Weird Al album on vinyl.
whether you can afford that weird al'
So how you do know you’re budgeting correctly?
album on vinyl so how do you know your
Well, the most obvious answer is that you’re less stressed.
budget incorrectly well the most obvious answer is that your
Imagine enjoying a dinner out without worrying about whether or not you can afford it.
less stress imagine enjoying and dinner out without worrying about whether or
Imagine not holding your breath every time you check your account balance.
not you can afford it imagine not holding your breath every time you check
You’d be amazed how much you can improve your mood just by introducing more clarity
your account balance you'd be amazed how much you can improve your mood just by
and control into your finances.
introducing more clarity and control into your finances like a lot of good
Like a lot of good financial habits, the point of budgeting isn’t to have more money…
financial habits the point of budgeting isn't to have more money it's to be
it’s to be happier with the money you have.
happier with the money you have and
And that’s our two cents!
that's our two cents we want to tell you
We want to tell you about the new PBS Digital Studios series: Say It Loud.
about the new PBS Digital Studio series
A celebration of Black History and culture and it's impact on how we live today.
say it loud a celebration of Black History and culture and its impact on how we live
Hosts Evelyn From The Internets and Azie Dungey, give you a comedic take on identity and pop culture.
today hosts Evelyn from the Internet's and AZ Dungy give you a comedic take on identity and pop culture from black
From Black pride movements to Black Twitter shenanigans
pride movements to black Twitter
Check out "Say It Loud" in the link in the description below.
shenanigans check out say it loud in the link in the description below you [Music]
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