Great idea! And as you advance in your job you can increase the other categories to allocate for more money. It might seem silly now but sooner or later that 80/10/10 will be at 50/30/20
I live in rural UK, you can get a 1 bedroom flat for £500 a month. So rent isn't £1400 everywhere, you'd be renting a 4/5 bedroom house for that where I live.
That DRASTICALLY depends on where you live. Where I am in west Texas rent on the low end is $680 ish a month. That is for near poverty income areas. Lower middle class areas are about $900 a month. Those same size apartments/rent houses with the same quality of furnishes and decor would be a $3100 a month apartment in San Diego. In New Jersey it would be about $3600 a month. My home I built on 77 acres at 4,400 square feet and a 70x50 twenty foot high with five door shop all cost me about $500k including all the slab pouring just four years ago. All of that would be north of $3.5 million to build in Denver Colorado. This radically depends on location. If you pay over $1400 a month where I am you better have a prostitute servicing you daily in your home as well for that price.
People talk shit on military pay but at least they don’t have to pay a single cent in rent, utilities, and have access to cheap healthcare. This allows them to pocket most of their money.
Its true! We are a military family and we budget carefully, and therefore we end up with hefty savings. But in my experience, I've seen so many service members mismanage their funds and act like they're broke. They make it seem like they're working for free when we know they're just blowing money on car loans with 26% interest and crappy tattoos lol
@CarolinaMama20 don’t forget alcohol, energy drinks, tobacco, strip clubs, hookers and bail. And it’s not really cars that often anymore. It’s ridiculous sized pickup trucks they don’t need and can’t park properly without a guide person
If your rent is $2k and you make $2,500 a month, you need either a better paying job, a second job, a roommate or a new place( cheaper, going back home or live in your car). Is a sad reality but is happening. I started with the 70/20/10 and I’ve been adjusting it until I have an inconvenience happen but in the meantime is working fine. Do what works for you, but know 1 income nowadays is risking it all.
And if someone has any debt besides a mortgage, their wants should absolutely be 0% of their budget. So should investing. Get those debts paid off as fast as possible, build your emergency fund as quickly as possible and then you could start considering investments and wants And, while you’re in debt, your credit score doesn’t matter. You’re in debt. And once you have paid off your mortgage, your credit score should never matter again because you should be able to save up and pay cash for anything
@@nicholasselke5214 credit 100% matters most people do not own and are trying to save to own or even to move. Credit only doesn’t matter if you don’t plan to make any big purchases in the future
I make that but pay a lot more in taxes. Take home is more like 635/week This also includes 10/week co-pay For pretty decent medical dental and eye insurance. I pay 975/month for 1000 square foot apartment in Southeast Michigan.
I live on my own in an apartment without any sort of government assistance. I can cover all of my needs for less than $1,500 per month. Part of it is not being picky where I live; either in the ghetto or the middle of nowhere. And, not having a car payment When you have zero debt and match your standards to your wage, this is doable. If you live in California, this might mean you need to move out of California
This is a great way to divide up your pay while still saving and have fun money. I would personally swap the 30% to savings and 20% wants but that’s just me. This will be good to teach my child in college for when he gets out on his own.
Who else has a family who does this and wants a buddy .. my family are literally the only people debt free (aside from the mortgage) we pay cash and live within our means.. where are the people like this in Michigan or anywhere at this point.. I need more buddies
Respectfully, tithes and donations are not a need. Putting it in such category can make people feel guilty for not being able to do so. Still, nice breakdown!
Making people feel guilty!!!!! Are you a child!!!! Facts don’t care about your feelings.. you should feel guilty! And like Candace Owens said.. “put a helmet on”
@JalenVecchitto I'm agnostic, so correct me if I'm wrong, but I can't imagine an omniscient, omnipotent, benevolent God has any use for trivial things like trading currency. Probably more interesting things to worry about like creating universes and such.
I pay 1300$ in rent with 50$ for phone payment. My girlfriend pays the utilities and buys grocerys so this works for me but i prefer saving 1k a month and using the other 400$ to have fun.
I’m 20 years old and almost got 100k. I live in a tent tho lol housing were I live is to expensive been here since 18. And I only buy food and pay like $100 a week for my car. I really enjoy seeing those thousands go up😍💯
Or move back in with your parents rent free and drive their extra car. Leaves 80% for what you want to do and 20% for savings. Then you inherit parents home and assets. Living the dream...😮😮😮
In what world can you include all of your bills and needs with 2800 bring home split in half (which literally every person in America making 20 an hour does not bring home.) I make $20 an hour and split 1200 4 ways for my rent and still struggle half of the month.
Honestly, this type of budgeting sucks with the current state of our economy. I would recommend looking into a 0 based budget! Calculate all of your required expense (rent, child care, car insurance, food, etc) and subtract that amount from your income. The remaining amount, I would divide into your wants and savings!
My sister had daycare expenses and they were through the roof as well. However if you want stellar daycare service you have to accept that without the proper income you’ll have to sacrifice elsewhere, be it your savings or entertainment budget. In my sisters case she got a job that allowed her to work from home a certain number of days a week to save on daycare. You could also look into changing schedules so both parents have offset hours so someone is always home, but that can be difficult as well if you already have your dream career. Good luck
Daycare? Have you considered being a normal human being and letting the mother raise her own children and not letting them be raised by people that aren't their parents?
I don’t think this would work for me although I absolutely appreciate the work that’s been put into this video🩷 i think that a safety net is more important than any wants… honestly i think most of us are only a few paychecks away from being afloat so savings are very necessary. Especially with the prices of everything in the US.
