How I Feel Wealthy On A Modest Salary (by budgeting with YNAB)

Подписаться 391

Просмотров 33 тыс.

50% 1

Budgeting is a simple way to feel wealthy, calm your nervous system, and align your life with your values.
CORRECTION: 2024 Roth max is $7000, not $6000.
If you want some help shifting your belief patterns around finances or anything else that feels like it's ready for a change, sign up for a free no-strings-attached call here: mcg38x43zvs.typeform.com/to/m...
website: www.metadude.net
instagram: / meta.dude
00:00 Why I Made This Video When Others Exist
00:30 Why Do "You Need A Budget"?
02:15 What Benefits You Can Expect
02:40 Why I Am Passionate About Budgeting - My Story
06:15 Intro to This Video's Structure
06:30 How a Little Intention Translates to Massive Effects
07:50 Investing In Yourself via Budgeting
08:45 Intro to YNAB
09:45 How I Use YNAB
10:40 The 50:30:20 Rule
11:45 Credit Card Mastery With YNAB
13:00 Assigning Money to Categories
13:10 Profit First (Savings and Retirement)
15:20 Infrequent Expenses and High Yield Savings
19:25 Immediate Expense Categories
23:05 Fun Money Categories
26:00 Deleting/Changing Categories
26:20 Re-Budgeting - How to Adjust Your Budget As Life Happens
30:45 Retirement Percentage Advice Range
31:30 Why Would I Need More Money?
32:15 My New Category Breakdown
33:00 Implementing My New Budget
34:40 Automating Retirement Withdrawals with Fidelity
35:53 Outro
36:15 What Inspired Me To Share My Finances
38:00 Where to Find More Resources
38:23 How to Actually Start Budgeting
39:04 Outro
#YNAB #budgeting #financialfreedom #savingmoney #personalfinance #wealth #moneymanagement #frugalliving #budgetingtips #mindfulspending #debtfree #financialgoals #smartmoney #budgetplanning #moneytips #financialwellness #financialplanning #budgetlife #wealthbuilding #livingonabudget

Опубликовано:

3 авг 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 150

@MinnieOnCam 5 месяцев назад

I've found showing my real budget has me more focused on escaping disability poverty and breaking a lot of myths.

@metadudemedia 5 месяцев назад

Love this perspective! I just filmed another video going over what it's like to categorize expenses after going off the rails for a few weeks, partly because of your comment. I feel the power. Thank you.

@mtngrl5859 4 месяца назад

Yes, a budget makes one feel empowered not restricted. When I realized how much I was spending at the drive thru Starbucks, only make my coffee & goodies at home, pour coffee in a thermos & bring lunch to work. That's saved close to $600/month.

@thestillroombotanicals2932 4 месяца назад

I love YNAB! My first two months using it were eye opening and felt like a gut punch. Now I’m happily YNAB broke while l watching my net worth rise. It broke my addiction to shopping and buying bullshit. Now when I have to buy something-even if it was budgeted for, it’s not as fun. The dopamine hit has been taken away.

@metadudemedia 4 месяца назад

super interesting! sounds like it helped you take back your agency. its was pretty interesting for me to start using it and see much different actual spending it from what i expected. with dining out, for instance - spending $800 a month or $100 doesn’t really feel that much different but can make a huge difference in financial health

@VBarry-jj5op 3 месяца назад

That is exactly how I feel! I am now addicted to YNAB lol

@samueltremblay275 5 месяцев назад

This is a very granular budget. I think about the vast majority of people who don't do budget at all. And in the few who budget, a lot do it on a napkin. So having a budget like yours is perfect to know exactly where money goes. For my personal taste, this is too much granular. I have a category for each subscription of course but for example, I have a category named "Activities" which include restaurants, dining out, small actitivies like going to the cinema, taking a coffee on the go, etc.. Yes, this could be very large for many but I was more anxious about trying to handling very small budget categories before than having no budget. And after doing budget with Ynab for about 4 years now, I know better myself and I can say to for example to buy a coffee when on the go even if I have enough money in this big category. But no matter what I do with my budget, I very enjoyed watching this video.... full of things I learned and will try to do. Thanks!

@metadudemedia 5 месяцев назад

Thanks for taking the time to share your methods with me - I love to hear it! Right now the specifics categories are serving me well, but in the future i could very well see myself transitioning to using larger categories like you do!

@metadudemedia 5 месяцев назад

Is there anything that stuck out from the video as the most interesting thing you might want to implement?

@mplsgrl 4 месяца назад

I personally would love to see your categories, I have tried to chisel it down but, find myself adding more categories where I could probably group them ie: Gifts, Nephew wedding, Daughter wedding. Netflix, Prime, Disney.

@08karose 4 месяца назад

Super helpful to see REAL numbers and a relatable modest (but plenty) salary, thank you! I just use google sheets' budget template and added a tracker for savings and investments but I'm inspired by YNAB concepts. I completely agree that making it work now with what you have brings a lot of peace of mind and feeling of abundance

@metadudemedia 4 месяца назад

Glad you appreciated the vid :) It might be an interesting experiment for me to try it another way besides YNAB at some point. It might give me a new perspective on money management.

@brittnyhamilton4144 5 месяцев назад

Great video! As a YNAB user, I love feeling motivated by watching other's budget with YNAB. Please continue to do more videos like these!

@metadudemedia 5 месяцев назад

Thanks for sharing - I feel the same way! Appreciate your encouragement too!

@ThePennyDropsYNAB 5 месяцев назад

• Just found your channel, I love watching real life budgeting! • YNAB is such a game changer! • Are you budgeting gross? 401k, match, HSA, all count toward your savings rate. • IRA limit increased again this year. ($7k) • Never too many books! You have a whole bookshelf empty back there! • Love that you’re explaining your mindset behind all of these. It’s fascinating! Definitely some things I want to take to my budget, thanks for sharing!

@metadudemedia 5 месяцев назад

Thanks for the comment, @ThePennyDropsYNAB! Great to have you here. wasn't budgeting taking into account my employer match but I have since changed that :) Also changed my IRA contribution since the video after someone else let me know and caught up with what I had missed so far this year so that I am on track to hit the max. A fellow book nerd, yay! Sharing my mindset behind it is my favorite part - glad you appreciated it! I think the reasons behind what we do in the budget are huge for understanding how to incorporate principles and apply it to our lives!

@lacrymosa777 4 месяца назад

Q6EW4zq5

@whothou 5 месяцев назад

I completely agree with the mindset of wanting to get your personal finances in order now to benefit off the discipline inspired growth for more of your life... To many people wait till they have their dream job, are "comfortable" in life or hit a finacial emergency to begin taking their personal finances seriously!

@metadudemedia 5 месяцев назад

Yes! It feels so great to be proactive. Getting money right = abundance NOW!

@watcher9997 4 месяца назад

I tried to use YNAB, but no matter what I did, I couldn't get my primary checking account to synch. Now I use a spreadsheet. I miss Mint. lol

@metadudemedia 4 месяца назад

Yeah the syncing is crucial. I switched banks partly because it was being laggy haha. had the same problem with a credit card

@CathyDoran-tn8wm 5 месяцев назад

I wish people in my generation and my parents'generation had been this open about finances - retirement would have been a very different experience for me. Never too late!

@metadudemedia 5 месяцев назад

Yup, never too late! Especially when it comes to the physiological/psychological effects of a budget! Glad people are sharing more about this stuff now

@mplsgrl 4 месяца назад

I truly enjoyed that you showed your "real" numbers, I have been helping friends and family with budgets and I always show my "real" numbers. It does not matter, we all are working to be better with our money. Thank you for sharing this. I have been a Ynabber for a year and am working with $302.85 weekly after I give money to my husband for household maintenance so, I budget that $302.85 a week and before YNAB, I NEVER had any money leftover week to week,, I now have 2K in savings and $1600 in checking. Videos like yours helped me do this. Thank you!

@metadudemedia 4 месяца назад

Thanks for sharing your story here - EPIC! Appreciate you

@dantepeterson556 5 месяцев назад

Thank you so much for making this video for those out there! So many unspoken truths about bringing peace to the nervous system!

@metadudemedia 5 месяцев назад

That’s my favorite idea from the vid - thanks for shouting it out. The nervous system peace is the #1 benefit of budgeting for me! Glad the vid resonated with you

@MunaLab 4 дня назад

Only love for YNAB. Been using it for almost 6 years now, and never looked back

@allie1028 5 месяцев назад

Thank you for your transparency! You being open will help so many people. Subscribing to keep up with your journey 💕

@metadudemedia 5 месяцев назад

Thank you for the encouragement :) appreciate you! I've got a video coming up soon where I catch up after not budgeting for 3 weeks and overspending - stay tuned!

@AdrianRomeroJr 4 месяца назад

Congrats Jesse! thanks for sharing with a lot of transparency definitely helps out and inspires! Best wishes on your financially free journey

@metadudemedia 4 месяца назад

Thank, Adrian! Appreciate you 🙏❤️

@AustinDixon 5 месяцев назад

this is LEGENDARY, awesome walkthrough !!

@metadudemedia 5 месяцев назад

Thanks, dude! It was a fun one to make

@mxbvibes 5 месяцев назад

I’m 27, and just learned so much. Thanks bro, I’ll look more into this

@metadudemedia 5 месяцев назад

So glad to hear it. Love your vids btw - keep it up!

@tinafellman7819 4 месяца назад

Thank you for all the information. It is comforting to know that men like to budget too and I’m crossing my fingers that my husband watches and listens to your videos. Thank you!!

@metadudemedia 4 месяца назад

definitely! Feel free to send him my way :) and of course, you are welcome!

@josephbaumann292 5 месяцев назад

This is a great video, Jesse! I have been using YNAB for 5 years now and I love it. It has helped me get control of my finances. I like seeing how others organize their budgets as it gives me ideas on what I can change about mine.

@metadudemedia 5 месяцев назад

agreed!!! glad you liked the vid. appreciate you watching and sharing your thoughts ❤️

@RebelYPuff 5 месяцев назад

Thanks for sharing!

@metadudemedia 5 месяцев назад

You’re welcome! Thanks for watching!

@jito7377 2 месяца назад

I would enjoy more videos like this one. And I wanna see the cat, that has to be maintained. Cats are always a win.

@rjt135 5 месяцев назад

I've been using YNAB for the better part of a decade now. Watching this while rolling over my next month. Always enjoy watching how other people approach their budget.

@metadudemedia 5 месяцев назад

Happy first of the month! I’m using the “assign to underfunded” feature for the first time today :)

@darkeuropa7 5 месяцев назад

I am watching this at 20 years old living on my own and it is invaluable.

@metadudemedia 5 месяцев назад

This warms my heart. Thanks for leaving a comment and letting me know. One of the craziest stats for you: for every dollar you invest at your age, you will get about $88 back in retirement (check out The Money Guy Show - they have a drink koozie on every episode on their desk that says "This $1 beer cost me $88") Happy budgeting!

@darkeuropa7 5 месяцев назад

@@metadudemedia ha-ha, i have actually already been watching them, along with graham Stephan and Dave Ramsey. so, i already knew that! it's probably why you were recommended to me from RU-vid.

@darkeuropa7 5 месяцев назад

@@metadudemedia Thats a crazy statistic. I actually found that out from watching the same show! i also watch Ramsey and graham Stephan. There is the reason why RU-vid has recommended to me your channel. No one has done a deep dive into budgeting like you have on this platform that i have seen! I realize though that I am in a very fortunate situation to even be considering budgeting at my age. Going to the air force and not going to college has been the best financial decision of my life and would be for anyone my age.

@darkeuropa7 5 месяцев назад

@@metadudemedia @metadude3980 Thats a crazy statistic. I actually found that out from watching the same show! There is the reason why RU-vid has recommended to me your channel. No one has done a deep dive into budgeting like you have on this platform that i have seen! I realize though that I am in a very fortunate situation to even be considering budgeting at my age. Going to the air force and not going to college has been the best financial decision of my life and would be for anyone my age.

@darkeuropa7 5 месяцев назад

@@metadudemedia @metadude3980 Thats a crazy statistic. I actually found that out from watching the same 2 dudes! There is the reason why your channel was in my recommended. No one has done a deep dive into budgeting like you have on this platform that i have seen! I realize though that I am in a very fortunate situation to even be considering budgeting at my age. Going to the military and not going to college has been the best financial decision of my life and would be for anyone my age.

@minimalmiss 5 месяцев назад

1. The benefits and flexibility a budget app provides is undeniable. Life is crazy. 2. I currently have 4 books downloaded on my kindle from Libby :). It's awesome, but I also try to budget for books/audiobooks so I don't feel guilty when I want to buy one. 3. Since my last purchase of a computer/phone I also started sinking funds for them. I'd like to buy a more expensive computer next time! Happy budgeting~

@metadudemedia 5 месяцев назад

Nice! Thanks for the Libby shoutout - glad to hear that it's worked for you. Love your videos by the way :) Thanks for doing what you do!

@workinprogresssince1974 5 месяцев назад

When managing your money properly becomes a way of life you don't even need to think about it. Budgeting properly and managing what you have becomes easy and then you're in control and things stop being scary and unpredictable.

@metadudemedia 5 месяцев назад

Couldn’t have said it better myself!

@robertwendal5894 5 месяцев назад

I do have issues with companies charging for budgeting apps, You can get Dave Ramseys book and budgeting sheet at the library or online and print it at home. I think we're over complicating the process. I understand many people need this because they have minimum monthly payments and a snowball method to payoff debt but you can't change the attitude of frivolous spending until you change the behavior. Good video though. Oh and at 47 I don't necessarily make more than I did when I was younger because I have children that offset income increases, but I have less expenses, that's the difference. Once you cut mortgage and car payments out you free up capital to ramp up investments.

@metadudemedia 5 месяцев назад

That makes a lot of sense - bigger expenses of having a family and stable life offset increase in salary. Also love your point about spending being the root of it. You can make $1mil/yr, but that doesn't necessarily mean you feel wealthy - spending is a crucial part of the equation. Thanks for watching and sharing your thoughts, Robert!

@moneywithjustliving5258 5 месяцев назад

Hi Jesse, I am a new subscriber here. I love this video, it gives me tons of hope.

@metadudemedia 5 месяцев назад

Thanks for subscribing! That means a lot - know that you found hope here. Appreciate you letting me know

@NERDfever4 5 месяцев назад

This inspired me to get more diligent with YNAB. I currently have the "Free Money" category that I put close to 23% into and just roll with the punches, covering expenses as they come up. I love nerding out to this stuff. Happy budgeting!

@metadudemedia 5 месяцев назад

Glad to hear it @NERDfever4! I love Ramit Sethi's idea of a "rich life" - helps me conceptualize budgeting that Free Money/Fun Money as something that will make me feel even more rich, instead of focusing on what I need to reduce spending on. Happy budgeting!

@jziffi 4 месяца назад

To each their own, but my budget involves not spending $8 a month on a budgeting app lol

@metadudemedia 4 месяца назад

Yup - it works well for me and is worth it. There are many apps that don’t fall in that category for me. Glad you found something that feels good for you 🙏

@metadudemedia 4 месяца назад

Btw - you’ll notice i count YNAB in my “fun money”

@heatherbates2052 4 месяца назад

Awesome!

@metadudemedia 4 месяца назад

Thank you! Cheers!

@blackfiree91 4 месяца назад

Okay this feels interesting gotta save and watch it the whole thing

@metadudemedia 4 месяца назад

Let me know what you think! Hearing what you value helps me make future content that’s more targeted

@ljefferies2012 4 месяца назад

Great video. One note is that Roth max went up to $7,000 for 2024, so you can increase that. I follow the money guys as well. I’m 29 and last year is the first time I invested 25% of my income. I had the same realization as you, how nice my retirement can be at 55 (give or take a couple years) even if I never make more money than I do today.

@metadudemedia 4 месяца назад

Yup, updated in description - thanks for letting me know! 👍 nice!! yup it’s powerful to see, especially starting young. nice job on the 25%

@johnnymedina9010 4 месяца назад

Subscribed just because of the transparency

@metadudemedia 4 месяца назад

Appreciate you letting me know. Glad you found the transparency valuable 🙏

@isaacwilliams153 5 месяцев назад

Very interesting to see your budget layout. I use YNAB as well and I never would have thought to lay mine out like this. We make around the same it seems and I agree with what you were saying about “feeling wealthy.” Will I have 20million in retirement? No. But I will have more than enough and I will be okay as long as I keep on doing what I’m currently doing. My AOM of 50 days and that feels so comforting to me. Peace of mind.

@metadudemedia 5 месяцев назад

Peace of mind! Great phrase for this - what I was talking about with "calming your nervous system". The feeling of being okay with what you have and what you are currently doing is such a balm for appreciating your life. Glad you resonate! And yeah - isn't it interesting to see how people's categories are laid out? This was lots of trial and error to get to how they are now and they are working well for me

@karenhamilton1035 5 месяцев назад

I greatly appreciate your video. It was great watching someone budget their own personal finances. Perhaps I missed it and you already covered this, but what is your strategy for setting aside money for quarterly taxes for your business income?

@metadudemedia 5 месяцев назад

I'm so glad you appreciated the video :) Great question! I might be watching other vids to figure that out. I set aside tax in my business account, but I've been paying just once per year at this point. In terms of strategy - I pay myself 50% of my business revenue into my business account and I set 15% aside for taxes of all revenue that comes in. As my revenue increases, I'll be hammering out this process a bit more carefully. Let me know if you find a good video on it!

@AverageGuyMakingMoney 5 месяцев назад

Great budget plan! I definitely need to have a closer eye on my budget. We basically just take a look at our income and expenses twice a month, without getting too concerned about the details unless we're overspending, at which time we adjust as needed. BTW, hasn't the Roth contribution been raised to $7000?

@metadudemedia 5 месяцев назад

Woah! It really did increase! Thanks for letting me know - you just made me some extra money :) I'll put a correction in the video description. Great videos btw - professional level quality!

@-MakeItGood- 5 месяцев назад

Saving a ton on shampoo alone 😂

@metadudemedia 5 месяцев назад

My secret financial weapon 😏

@lemongeth 4 месяца назад

YNAB looks too techy for me 😭 I’ve been following a paper budget for a few months. But the percentages and stuff probably save you time in the long run. Looks really cool, glad there’s different systems for different folks

@metadudemedia 4 месяца назад

whatever works! glad that you found something that works for YOU! 🎉

@LawrenceTimme 4 месяца назад

I think the money guys set such a high retirement target of 25% because their audience or videos are aimed at people on high income who can easily afford to put a lot in while still having a decent amount of luxury, whereas people who recommend 15% for example are aiming at lower income where the expenses are going to be a high proportion of their wage like 55-65% so 25% would be possible theory but in practice anyone would struggle to stick with it and likely give up.

@metadudemedia 4 месяца назад

That’s a great point. Since i made this video I reduced the amount I’m putting towards retirement. I’m still around 20% gross. Agreed, doing that much while lower income would be difficult!

@LawrenceTimme 4 месяца назад

@@metadudemedia I know you are self employed or a business owner, but they have recommend before for average wagie slaves , if you can save 20% now for example to increase your savings rate whenever you get a wage rise, just by 1-2% so you never notice a drop in lifestyle and you increase your retirement percentage.

@metadudemedia 4 месяца назад

ah yeah i think i remember them saying that at some point - thanks for the reminder. I’m traditionally employed and a business owner - great for me to keep in mind either way. Love the simplicity of that. Appreciate you 🙏

@christineglynn8150 5 месяцев назад

wow changed my life forever in terms of money and savings!!!!

@metadudemedia 5 месяцев назад

lol that was quick!

@kli9005 5 месяцев назад

BTW Caleb Hammer did have Stephan Graham go over his finances. It was surpising.

@metadudemedia 5 месяцев назад

i’m gunna check that out! stoked to see what’s up

@Losomar 5 месяцев назад

Hey Jesse, great video! Are you including and employer match towards that 20-25%

@abbigailking3856 5 месяцев назад

most people do i think! the money guys recommend to

@Losomar 5 месяцев назад

@@abbigailking3856 I know most do, I was making sure he was counting it on his end. May allow for some more flexibility on his budget. :)

@metadudemedia 5 месяцев назад

@losomar - thanks for asking! I actually wasn't including it! I just redid my numbers to include this. I pulled $100 per pay check (after making this video) to start paying for a video editor, and I took that from my savings/retirement. After doing that and then including my employer match, I'm still at 21.9%. Definitely some more flexibility! Appreciate you!

@metadudemedia 5 месяцев назад

@ilking3856 Glad to hear it's moneyguy-approved! :)

@chillgamingchannel1283 5 месяцев назад

Great video! fyi Caleb did post an audit of himself - i think Graham stephan was a guest who ran that episode and put caleb in the hot seat :) Was a good watch!!

@metadudemedia 5 месяцев назад

What! I’ll check that out asap. Thanks for watching and for the tip!

@dackerman123 5 месяцев назад

I find it interesting that you put the targets in the category names, but why don't you just use the actual Targets feature of YNAB? It works in a way that you can just select all of your categories and press "Underfunded", and then everything is auto-assigned.

@metadudemedia 5 месяцев назад

Believe it or not, it's because of the colors. I budget twice per month, so if I used the monthly goals, all my categories would be yellow until I assign money on the 20th and I love having them show up green lol. I explored this a bit last year and might look into it again at some point in the future - would save me time for sure.

@NanetteLoves2Budget 5 месяцев назад

If you budget with last months money, you can fund the entire month at once. I do this with a holding category called next months money. I stockpile the money there until it’s time to budget for the next month. You have to be at least a month ahead in order to do this, but you clearly are so it could be an option.

@metadudemedia 5 месяцев назад

wow that’s awesome. it would make me a little sad to not get to distribute twice a month, but i’m so excited about this idea that i think it’s worth it. appreciate you leaving a comment to help me level up my YNAB game

@NanetteLoves2Budget 5 месяцев назад

I can so relate! You can find other ways to engage with the budget to scratch that itch.

@metadudemedia 5 месяцев назад

@@NanetteLoves2Budget btw - I made this adjustment and for the first time got to assign everything with the click of a button today on the first. so satisfying!

@SuziePenguin 5 месяцев назад

Why do you show $15 towards books with the Libby app? Isn’t it free to use the Libby app through your local library?

@metadudemedia 5 месяцев назад

Great question! I put “libby” next to it to remind myself that I don’t need to spend money to read books, because I often overspend in this category. Later on in the video i reduce the book budget to $0 so I will definitely be using free resources more!

@SuziePenguin 5 месяцев назад

That is a great way to remind yourself! Thanks for the video, I just came over toYNAB from another envelope budgeting app that really didn’t work for me. It’s great to see a real life budget. Also, I’m a little addicted to peeking at peoples’ category setups.

@metadudemedia 5 месяцев назад

@@SuziePenguin Yes! The categories people use are so interesting!!

@ryandavis280 4 месяца назад

That’s a killer rent

@metadudemedia 4 месяца назад

Yup pretty good - it’s $1000 my portion per month. Split two bedroom in seattle

@ryandavis280 4 месяца назад

@@metadudemedia ohhh right i thought your rent was sub $500 then i realized its per paycheck. $1000 is still very good for seattle though!

@donaldlyons17 4 месяца назад

No your right only 1K per month is likely affordable for many not making much but I know people paying 2K by themselves!!!!

@metadudemedia 4 месяца назад

Yeah rent has gotten crazy. I was paying 660 4 years ago (in a different city, though)

@mustardmarauder9439 5 месяцев назад

How do you only pay 500 buck in rent and utilities?

@metadudemedia 5 месяцев назад

I do this process twice per month - so my portion is closer to $1000. I live in a fairly high cost of living area (Seattle). I my hometown of Spokane, it would probably be possible to pay $500 in a shared living space, but definitely not easy to find anywhere nowadays.