JC10X

Senior Sales Manager

How to Budget!

I was working on my financial goals, planning and budgeting this weekend when I stumbled across this short summary of the millionaire mind specifically focused on Budgeting.

Hope it helps you as it did me.

I had initially missed out on the "Play" Jar and the "Giving" Jar - shame on me.

How are you budgeting today, do you find the 6 jars proposed helpful or do you have your own formula for success?

💴 Money Management

20 comments

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goose

Politicker

Sales Executive

Most people recommend putting at least 15% of your pay in some sort of retirement account. I suspect that's a bit light.

Also, budgeting depends on a person's financial position. Tons of debt, throw this out the window. Tons of disposable income, ramp up investing and saving.

Kinonez

Celebrated Contributor

War Room Enthusiast

I agree on this. I’d say at least 20% although that’s easier said than done, I’m currently at 5%.

goose

Politicker

Sales Executive

Take advantage of that company match. Free money

JC10X

Politicker

Senior Sales Manager

So your expenses are 95% of your income?

JC10X

Politicker

Senior Sales Manager

I've heard that it's not the amount of money but the habit creation that's important at first. What do you think? Sure some people can put away 100 USD some just 10 but it's the habit that counts,.first.

goose

Politicker

Sales Executive

I agree with this so much. Habits are crucial. There are many hacks for this but my favorite when I started was to add an invoice to my stack of monthly bills that reminded me to pay myself along with cable and cell phone.

JC10X

Politicker

Senior Sales Manager

Hells yea, pay yourself first! Good stuff!

GDO

Politicker

BDM

Yes once you have the habbit, stuff gets easier. Less mental energy wasted on making those decisions.

sales7

Politicker

Commercial Product Enablement

more you save/invest the better, if you can do more comfortably I always would

JC10X

Politicker

Senior Sales Manager

100%, I found the habit to be life changing - not in the I saved my way to financial freedom way but in the way I see and use the energy of money.

amyhyoung

Politicker

Vp ops

I created my own spreadsheet to track all my expenses. This started as a 'competition' with my friends to keep us all accountable. It definitely takes some time, but has now turned into a habit for me.

Every year, I can budget what % of my spend goes into basic needs (rent, utilities, medical, etc), and other spend categories (e.g. restaurants, travel, shopping, personal care, etc) per month. When you have to log every single one of your expenses, it makes you cognizant when you're overspending :)

I also max out on my 401k contribution, and have a small recurring amount transferred to a robo investing platform each month so it's automatic and I am not trying to game the market.

JC10X

Politicker

Senior Sales Manager

This is so true, logging your expenses is a real eye opener. Robo investing? Does that mean a robot puts your money to work somewhere? Any advice? I'm putting away for my investment jar but not quite sure what to invest in.

amyhyoung

Politicker

Vp ops

I use Ellevest. There's a few others like Wealthfront or Betterment, which invest on your behalf based on your risk profile. I typically don't like using them bc fees are high, but it was an easy way for me to do dollar-cost averaging investing, and I only put a small amount in each month. I don't plan on touching this fund for years so it doesn't really matter what exact price I buy in at but would just appreciate over a long term.

If you are new to stock market investing, and don't need the money for a few years, I would suggest an ETF or mutual fund of the general market - it's a safer bet. I use Fidelity and find their fees to be low and their general funds to be pretty good (Fidelity Contrafund or Balanced Fund). Whatever fund you choose, look at management fee and expense ratio - you can typically find something around 0.5%-0.8%. Anything over 1.5% is high.

If you want to put money into specific stocks, you should always do research into their business, earnings report, investor sentiment, etc. Or if it's a business you know will do well over time, you can put a small amount in and strap in for the ride for a few years.

MaximumRaizer

Politicker

Sales Manager

more you save/invest the better, if you can do more comfortably I always would

Blackwargreymon

Politicker

MDR

Every year, I can budget what % of my spend goes into basic needs (rent, utilities, medical, etc), and other spend categories (e.g. restaurants, travel, shopping, personal care, etc) per month. When you have to log every single one of your expenses, it makes you cognizant when you're overspending

Clashingsoulsspell

Politicker

ISR

Also, budgeting depends on a person's financial position. Tons of debt, throw this out the window. Tons of disposable income, ramp up investing and saving.

MR.StretchISR

Politicker

ISR

I've heard that it's not the amount of money but the habit creation that's important at first.

Jesterlord

Politicker

BDR

I appreciate the information, after reviewing it I hope to be able to implement it.

Mr.Floaty

Politicker

BDR

Also, just out of curiosity where did you get the statistic that 3 out of 5 people struggle with their mental health?

Cyberjarre

Politicker

BDR

That's true. I have been following Jeff Riseley - here is an accompanying article and spotify podcast at the bottom! Its super insightful!

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JC10X

How to Budget!

20 comments

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