Hi! Just a suggestion, I know you said subscriptions weren’t your main pain point, but decreasing spending should also be a goal and not just increasing income. With the vast majority of people the underlying problem is a spending problem, not a lack of income problem. So reducing subscriptions would just be to get into the habit of spending less
I really enjoy watching your videos and your real life chats. I have been cash stuffing and budgeting for awhile and decided that I wanted to share my journey as well. You're right when you say that this community of people are very positive and uplifting. I really have learned so much from others.
Hi Janet thanks for sharing, I find watching other people’s budgets helps me stay motivated. A couple things I noticed that might help. If the gas is for your husbands “work” truck, run the gas through the business, it is a write off for that. For groceries, your budget seems high, this was one place my husband and I found we were overspending big time. We budget 1000 but try to keep it around 800, this includes household goods and personal items, that cushion allows me to pick up things when on sale and stockpile them. Whatever we had left each month went to debt, now savings. Also we have petty cash accounts, so each paycheck I transfer money into two other accounts this allows us to buy our own personal items and we individually keep track of what we got. Lastly, check your monthly subscriptions, are you really using them enough to justify them. If you are, see if you can pay them yearly or ask if they have any promotions to get a better rate. Currently you are spending over 250 a month on monthly subscriptions. I bet by working on your grocery budget, subscriptions, and gas you probably could free up 500 a month! Good work, it is so hard to make changes but it does really pay off!
Have you set up sinking funds for the annul, bi-annual expenses? Personally I’m loving the relief I feel knowing the money is waiting for those particular bills 😊
Thanks for sharing :). Your fixed expenses total does not appear to be correct however. Please recheck. It's almost $1500 so you'll end up in trouble later on.
Also, evaluate how much you are spending at Sam’s. I get the $100 membership to get the rewards back and I do their credit card for just my Sam’s purchases. This year I’ve gotten over $350 in rewards so basically $250 rewards.
I have heard you should rotate your streaming services to save money as most people don't use them all at the same time anyway since they tend to binge watch. You talk a lot about how things aren't a lot of money so you aren't going to worry about them and focus on the bigger expenses. It all adds up though and if you are serious about getting a handle on things I would chop everything to bare minimum until you reach a certain goal - like getting rid of your first snowball debt. Then maybe add a couple small things back in.
I don't understand why she doesn't think subscriptions are not "breaking the bank". Every dollar spent, leaves a dollar (plus interest) of debt unpaid. Every work expense must be separated from personal for tax purposes, whether the business shows a profit or loss, with very good record keeping. Not doing that is a good way to get in trouble with the IRS. This budget could be tightened up but it would include a willingness to give up some things for a time.
I'm not sure her will for getting out of debt is very serious. It sounds to me like the topic she just seen everyone else doing to make money on RU-vid. Second income. Not saying there is anything wrong with it. But I know I'd be seriously cutting a lot of that stuff she has on her budget to get out from under "344,xxx debt and I never know for sure how much my husband's income is going to be month to month by a whopping $5,000 margin give or take! That's crazy!
@@user-qu8dt2ig2v Those who are in debt and are determined about eliminating would be much more serious. And, yes, those of us who were in debt, listened to words we didn't like and maybe made us feel anger, but we did it anyway, and got out of debt. She is paying for hosting services that cost her, and do not bring in income. Cancel them. Spending money on budget planners? Paper and pen, Microsoft or Open Office, which is free, works very well. Sell at least one car and buy one for cash. Peloton? Cancel it. Change the cell phone plan to Visible, which uses Verizon towers and save money every month. Her budget is wrong. She should be budgeting the amount she will be setting aside (every month) for a quarterly or yearly bill, not on the full amount. When the bill comes due, the full amount does not come out of one month because she was prepared. Subscription services are a part of what is breaking her bank, because dimes make dollars. (I know you understand what that means). She is going to give bonuses to her Nanny, but doesn't know how much, or how often and isn't budgeting for them. Husband's work expenses being included in the household budget is a giving the IRS an open door. Money is just flying around and landing wherever it seems to look "right". Too many, "I don't know", "maybe", "it might", etc. Accumulating debt is a spending problem, in 99% of households, not an income problem. Most people spend up to, and beyond their income. She can get out of debt, though it will take time. That's only going to happen if she chooses to live well below her income, as low as she can go, and throw every dime at debt. So far, she isn't willing to do that. If she were serious, she would be going scorched earth.
Why are your Netflix and Sam’s so high? Cancel at the end of your subscription and sign up using a different email. I know you can get a Sam’s subscription for $20 because I just did it. After watching this, I am scared for you. You have soul crushing debt and you haven’t cut things. Your budget should be scorched earth. Buy nothing. Have a small savings. Cut everything. You have a Peloton subscription???
Thanks for sharing. So good to see you being able to knock out the amex. sometimes i add debt too and i hope you can not use credit cards anymore. are you planning on paying off the high interest cc debt or the suburban first? good luck this year!! :)
You’re making as much as my husband does as a cyber security architect 🤯 you’re making me wish I stayed in the work force instead of staying home. 😂 what is your degree in if I may ask??
