This was very encouraging. To see what a single mom can do in an expensive city is really making me see that I CAN do this. I get discouraged very easily. I make about 250 more per paycheck than her, live in a major city in the south (so expensive, but nowhere near NY expensive) and I also have 1 child. our expenses are similar. And I live with my son's dad and have someone to split the bills with - if she can make this progress on her own then I can for sure with the help I have. Wow. Thank you so much for doing these Miko. It's time for me to get going on this.
What you said at the end of the video about sinking funds really resonated with me. As of now I also have some sinking funds that absolutely would be qualified as wants. I need to follow the advice you gave to her and reevaluate what I actually need in order to focus on getting that emergency fund filled up as soon as possible.
Always learning from you and the community! Thanks Miko. I started BBP with 7 sinking funds, now I am down to 4 - Income Tax, Tenant Insurance, Birthdays, Christmas. As the tax and insurance have gone up, the other sinking funds had to go. I got blindsided with a HUGE tax bill this year so I am ALWAYS adjusting. I can see that this single mom really has cut things down, and it is to her credit that she wants to keep paying on her student loan. She's done a great job.
Great video! There is nothing wrong with collecting food stamps and having goals. I hope more people who receive assistance start to write goals down. Write the vision and make it plain.
Excellent video! I do both sinking funds and have savings goals but this taught me that I can take a break on sinking funds if need be to make sure my savings goals are met. Thank you for this!
This video is so helpful. I am a single Mom of 1 in her mid 40's trying to increase my savings so realizing 2 of my sinking funds are WANTS and not NEEDS is a game changer. I'm going to reevaluate my budget today. Thanks for the tips!
The end is the best! I've been feeling stressed about my sinking funds but I realized that I have everything I NEED but I can also get things I want but it's just going to take some time. Savings and emergy funds are more important rn for me.
I started pausing some sinking funds that were “wants” so I can save for more important things. I always felt discouraged when I couldn’t fund everything, so I paused some categories that weren’t a big deal.
For the April 21st paycheck, I think the starting leftover amount for the sinking funds is the wrong amount but process is still the same so not a big deal.
Your channel populated on my RU-vid recommendation. Now a new subbie and LOVE this series!!! Please do more! I like hearing real life stories of others' financial journeys.
Yes Miko, thank you so much for that in regard to Sinking Funds! It was getting too confusing, but I did it right which was using Sinking Funds First for saving for necessities, like Saving for my RN License renewal which is every 2 years, BJ's membership, driver's license, excise tax, and oil changes, registration and inspection, Triple A, are my necessity Sinking Funds. My focus has been trying to be just keep up with tracking my spending and not losing track near the end of the month where things become so busy, and I forget to track. I am happy about April using the Bare Bones budget, what I am hoping is with using this, any money left over I can throw at debt and saving towards my Emergency Fund for now let that be my focus.
Did you notice that for may you put her bill total, instead of the amount left over, in her May sinking fund's?! I'm sure you did. I got your BBP box set this year! Fingers crossed for a great year.. Happy 2023 to you. And, remember, YOU are such an inspiration to all of us BUDGET MOM fans!
I feel like going slower on saving goals because you have sinking funds is a good thing. Otherwise you might go in debt because you didn't plan it in sinking funds, you might impulse buy etc.
I agree with your take on sinking funds. I've seen some budgeters with a lot of sinking funds, which makes me question a bit their priorities. To each his/her own, and if they have the income to fund all of that, then good luck to them. I will say though that some are doing very well in meeting some goals. That being said though, needs have to carry a greater weight than wants if one is really determined to get their finances in a healthy place.
My husband gets 250/month from his sons mom (son lives with us full time). Crazy right? such a small amount! my sister gets 750 from her ex-husband for their daughter. He's in the military.
Brilliant as usual, but your may leftover payment should of been £635 shouldn’t it? You put £731 which was the bills total? Its just thats almost $100 out on ‘leftover’ which will make a huge monthly difference!
I have noticed in the debt sections well at least on two videos I have seen. A person can call the company that they are in debt and negotiate an amount to pay in full for those amounts that are close to getting payed off.
this was very helpful, do you have a budget where someone gets paid weekly? I used to get paid bi-weekly and have switched jobs and just want to know what this looks like. thank you.
In Toronto, rent price is the same as. $1,500 + utilities. For the laundry mat, I average out $80 to $100 a month. How is her laundry cost so low and mine doesn’t include detergent and fabric softener?
@@PrincessMultiracial the projects can't be that expensive. She probably lives in a rent subsidized apartment or in the cheaper parts of the city further from midtown.
@@thrivewhileenduring6676 u probably are correct. I know years ago it was capped and that was $600 for 2 bedroom and that was over 20 years ago. Time sure flies. However, you crossed over to Westchester County, there is no cap and it was a percent of your income!
I would combine the bday and cmas funds all into ONE not individual. That's MY method and works better for me. I also do not spend as much $ towards gifts since I shop year round and take advantage of items on sale. We also are more minimalist and prefer less physical things and prefer experiences.
@@sheelaghconnor3694 I started out trying to have a bunch of different funds and the more I decluttering and stopped spending on physical possessions, the less envelopes/funds I have. WAY easier to manage and saving allot more money.
Good tip! I’m seriously considering doing this. Having “extra” categories is kinda annoying me nowadays 😅 I recently combined my spending and eating out category. I feel like they’re basically the same thing to me. I only spend on essentials I need to replenish and a once in awhile fast food day
@@candy2325 exactly! 💯 we also don't do expensive /extravagant vacations... everyone went to Mexico for spring break and we were home. Most of the families I know used debt for those. No thank you! I buy gift cards from our Kroger for places we usually shop, like to eat a few times a year and for gifts - then I save on gas costs with fuel points. 👍
I was nearing the same but with one child. My income is rather low. So I moved to my hometown which is smaller to cut back on gas expenses and rent. I miss austin but unless I had a roommate, there’s no way I’d have made it on my own
There are mentors in the facebook page you can find one :) you can also post your budget and ask for feedback. Its a great group, very nice and helpful
I definitely wouldn’t be relying on my ex’s $700 to be the basis of my housing coverage. If they’re late or can’t pay, now she doesn’t have her rent money. She could do the half payment method between her two checks and take $550 out of each paycheck and have her housing covered. She could use the $700 to cover her son’s $200, cell phone, and put some of it into his future account too and not take that out of her pay.
Would it be cheaper for her and her son to switch to a tracphone and her mom to if possible get a government tracphone? That way she could have more money for her goals.
How do you budget when you are self-employed and your income varies every month. I find so hard to budget well, not knowing how much I will earn each month.
There are patterns. I would go over your records and find the average or minimum amount you can count on. For me that's 2,000 a month spread over a few weeks and then try and balance whatever is coming in with what's going out like she has done in this video by spreading the rent payment over time and for me I have noticed my savings goals were coming out right when all my variable expenses were due so I'm planning on moving that to a "quieter" time of the month that should make my cash flow easier to manage.
Free Resources and videos she has available really are amazing! I’m just learning and trying to get my daughter on it but she makes it really fun and enjoyable to want to to the work!
Could she have forgotten some categories? There’s nothing for medical/dental, utilities? She’s done such a great job paying debt and saving, kudos to you mom 👍🏼
@@karinapark2299 No she still makes too much money even with a child. She might of been in foster care or adopted as a child. She would then qualify for lifetime assistance from the government regardless of income.
