How To Make a Simple Budget [Video]

By Dad, how do I?

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Transcript provided by YouTube:

0:01
hey kids so today I’m going to show you
0:03
how to make a simple budget
0:06
uh this video is brought to you by
0:08
visible by Verizon visible allows you to
0:11
get on Verizon’s reliable 5G Network for
0:14
only thirty dollars for uh for a single
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line if you’re still on your parents
0:19
plan this is a great way to get you on
0:21
your own plan uh without breaking the
0:24
bank and you’re still on a reliable
0:26
Network that you can trust so before we
0:28
get started I have a dad joke for you
0:31
so why couldn’t the bad financial
0:33
advisor move the debt
0:36
he couldn’t budge it
0:38
but it yeah so anyway let’s get started
0:43
so this information is also in my book
0:45
on page 132 and 133 I just kind of
0:48
wanted to walk you through it I think
0:50
sometimes reading something compared to
0:51
walking through it helps to make it a
0:54
lot more make make a lot more sense uh
0:57
and I love the quote from Dave Ramsey he
0:59
says a budget is telling your money
1:01
where to go instead of wondering where
1:04
it went such a great quote because it’s
1:07
so true I think uh if you’ve never been
1:09
taught budgeting and then you’re just
1:12
kind of winging it you’re just you know
1:14
getting your paycheck and going ahead
1:16
and spending on different things it’s
1:17
helpful to kind of just lay it out and
1:19
take a look at where it’s all going so
1:23
um let’s just kind of walk through this
1:24
here real quick
1:25
so
1:27
I’m going to start off with Charity
1:29
because I think it’s important to give
1:31
back you know it’s so let’s just go
1:34
ahead and put that at the top
1:35
we’re working with a four thousand
1:38
dollar monthly budget obviously some
1:40
have more some will have less but we
1:42
gotta start somewhere so you’ll know
1:45
your number right as you as we uh as you
1:48
start putting these numbers down on
1:50
paper I think an Excel spreadsheet is
1:52
great way to to do this because it just
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kind of maps out you can add things in
1:56
and take things away pretty easy put it
1:58
up on the Whiteboard just uh for this
2:00
lesson right so let’s just walk through
2:03
them so then you have savings
2:05
um it’s always good to put aside some
2:07
money for savings right pay yourself
2:09
first is what I always like to say uh
2:13
you know charity also is another thing
2:15
that should kind of come off the top
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just because that’s being a good Steward
2:19
of what you have you know you’re being
2:21
thankful for what you have and then
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you’re giving back
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uh and it’s just a good thing to start
2:26
when you’re young so that as you get
2:28
older you always make room for that
2:31
okay and let’s say and so this was in my
2:33
book so these numbers are a little bit
2:34
uh might be a little bit different we’ve
2:37
been through a little bit of inflation
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but this is why it’s important to see
2:40
where you’re spending money that maybe
2:42
you could move some money around
2:44
you know uh to make up for the fact that
2:46
we’re dealing with a kind of a difficult
2:48
time right now
2:49
so rent we put twelve hundred dollars
2:52
food six hundred dollars obviously if
2:55
you’re a single person you could
2:56
probably get away with less than 600 a
2:59
month for food clothing two hundred
3:01
dollars the nice thing about a budget
3:03
too is you put that in there 200 and so
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one month
3:07
you might not buy any clothing so the
3:10
next month you already you still have
3:12
200 there and now you have four hundred
3:14
dollars that goes towards clothing or
3:16
you can move that money around and pay
3:18
something else but we’ve got to start
3:20
somewhere you got to get something
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written down so that you can have some
3:24
goals okay so allowances two hundred
3:28
dollars okay again you could if you
3:32
didn’t spend that that’s great you could
3:33
save it for something else and move it
3:35
to the next or you know kind of keep it
3:37
in your own little stash for yourself or
3:39
add it back to your savings if you don’t
3:41
spend that whole allowance but allowance
3:44
the nice thing about having an allowance
3:46
built in is you don’t feel guilty about
3:49
I spent that money that I shouldn’t have
3:51
it’s kind of built in it’s kind of fun
3:53
money so you you know so that this isn’t
3:57
so strict that you don’t feel like you
3:58
can have any fun okay so make sure you
4:00
build that in okay so utilities I kind
4:03
of work I kind of group them together
4:05
and so that’s why it says utilities four
4:08
hundred dollars and then it’s kind of
4:09
Broken Out In Blue that’s why I did that
4:12
and then these numbers actually add up
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to four hundred dollars
4:15
so obviously it’s going to vary and
4:17
depends on the time of year too if you
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have natural gas in your heat in your
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house with gas uh winter is going to be
4:23
more summer is going to be less but you
4:26
factor in 100 which is basically an
4:28
average and then you still have that
4:30
money available for when you need it uh
4:33
in the winter okay so you kind of come
4:35
up with an average there
4:37
and then I mentioned in a previous video
4:39
where I talked about certain things it’s
4:41
good to take a look at to see if you can
4:44
save some money and you can see
4:46
um so we have internet at fifty dollars
4:48
phone uh I had a hundred dollars this
4:51
was in May of 2021 when my book came out
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I had a hundred dollars budgeted
4:57
so here we go with visible again like I
5:00
had mentioned before in a previous video
5:02
um you can look at certain things like
5:05
that and the competition has really
5:07
gotten better in certain things so you
5:09
can bring the price down so it’s always
5:11
good to look at those certain costs that
5:13
you’re uh that you have each month to
5:15
make sure you’re getting the best deal
5:17
and so with with visible right you get
5:20
thirty dollars for the basic plan and 45
5:23
dollars which includes international
5:25
calling you can sign up for Visible by
5:28
downloading the app and follow the
5:30
instructions to get started I’ll have a
5:33
link to the app in the description of
5:34
this video I personally think and I’ve
5:37
said this in a previous video that
5:38
Verizon’s network is the most reliable
5:40
because I’ve experienced that and it
5:42
actually happened again when I was in
5:43
Colorado where people weren’t able to
5:46
make uh phone calls that were on other
5:49
networks so uh so I I’m happy to
5:53
recommend them and hope you check out
5:55
how you can get on the Verizon network
5:57
through visible okay
6:00
but please remember you know uh It’s
6:03
always important to do your own research
6:05
to make sure that you’re getting the
6:07
best value for your money uh but again
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make sure that you you’re double
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checking that type of stuff that uh
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because those prices go up and down
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um with internet and also with TV and
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with phone those those three are pretty
6:21
standard and you can look at the best
6:23
deal and negotiate what have you so uh
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anyway just want to make sure that you
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understand that so uh and honestly that
6:31
would be something that you should do
6:34
on a regular basis for yourself you know
6:36
if you’re shopping for a car shopping
6:38
for anything you want to make sure that
6:39
it’s the best deal for you okay
6:43
okay so let’s just kind of finish this
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out so we have entertainment again kind
6:47
of fun money you’ve got we’ve got that
6:48
built into our budget hundred dollars
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cars 500 that might be kind of steep if
6:54
you buy a car used car save some money
6:58
uh then but if you if you’re saving for
7:02
another car then that could be part of
7:04
that too so maybe you have your car paid
7:06
for you don’t really need 500 but it’s a
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car budget so if you need to do repairs
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or if you’re saving for for another car
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because you know that your car is going
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to need to be replaced soon
7:18
and then insurance that could be it
7:21
could be life insurance could be car
7:23
insurance uh you know your home
7:26
insurance if you buy a home usually
7:28
that’s rolled into the actual
7:31
payment that’s how we do it you can
7:33
separate it and then pay it every six
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months but we always just have it rolled
7:37
in so that we don’t that isn’t ever an
7:39
issue that we have to think about
7:41
uh okay and then gifts 100 because you
7:45
want to be able to you know where does
7:47
that money come from if somebody’s
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birthday comes up or what have you and
7:51
you want to give a gift you got to have
7:53
a budget for it so and yours are going
7:55
to vary you know that yours your
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categories and your numbers are
7:58
obviously going to vary but we got to
8:00
start somewhere did I say that enough
8:02
times you got to start somewhere so that
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you can
8:04
you have something some sort of plan to
8:07
get you heading in a good direction
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because without a plan
8:12
you know you’re not going to get
8:13
anywhere without a road map if you’re
8:15
trying to drive somewhere if you don’t
8:17
have a map or don’t have or something to
8:18
kind of guide you how do you get there
8:20
right so
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uh so the purpose of a budget is to help
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you understand where your money is going
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so don’t get too stressed about this
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please I can’t emphasize that enough uh
8:31
it seems like a lot of work I get it but
8:33
it’s you know you have to better
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understand uh your spending so that you
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can get a handle on it and figure out
8:40
where you can kind of move things around
8:42
uh if you don’t currently have a budget
8:45
because maybe you were never taught
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about it I would highly recommend that
8:49
you start one today it’s the first step
8:51
to getting you on the right track
8:53
financially
8:55
uh so again since this video is
8:57
sponsored by visible uh go to the link
9:00
in the description of this video to
9:01
learn more about visible and also for
9:04
the link for the to download the app
9:06
right make sure you do that
9:08
thank you visible for sponsoring this
9:10
video I appreciate you and thank you for
9:12
thank you all uh for watching this video
9:15
I hope this was helpful for you and God
9:17
bless you

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This post was previously published on YouTube.

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