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Mid-May Budget | Prioritizing Savings and Investments while paying over 300K in debt

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In this video, I share my budget for May's 2nd paycheck. I discuss my expenses and savings goals, as well as my plans for maternity leave. I also provide updates on my emergency fund.
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Disclaimer: This video is not financial or accounting/tax advice and should only be used for entertainment. Consult with your financial advisor, accountant, and/or tax advisor for advice about your financial situation.
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Опубликовано:

20 авг 2024

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Комментарии : 7

@121212gabby 2 месяца назад

Congrats on another baby boy! One recommendation is 1 month of expenses as an emergency fund. I like this because everyone's expenses vary and it could help with all bills for a month while you sort whatever your emergency is. Later you could save the rest of the 3-6 month expenses as a fully funded emergency fund.

@BudgetsWithELMA 2 месяца назад

What a blessing....Congratulations on your baby boy🎉🎉🎉 Love the budget breakdown ❤❤❤❤

@badlands9100 3 месяца назад

Daffy Duck - Hope you feel better.

@Budgeting_with_Lee 3 месяца назад

Congrats on baby boy 💙 I feel so confused as I want to save, build sinking funds and payoff debt 🤦🏽‍♀ is there an order to dealing with this as im starting to get overwhelmed and getting discouraged. Thank you for being so informative and sharing with the rest of us. 💚💚💚

@JanetKB 3 месяца назад

Hello! I understand the feeling. It really depends on your goals and priorities. I personally do not believe in living on beans and rice and depriving myself and my family of experiences and fun activities. I also would like a lot more sinking funds, but right now, I cannot afford to set aside extra money for all the sinking funds, so I prioritized debt, investing, and saving for a few priorities this year.

@madmomma5331 2 месяца назад

We decided on 5 sinking funds. Christmas, home repairs, family vacation, a weekend getaway for my husband and I, and sports for our kids. These expenses are recurrent year after year, so we plan for it. And paying for all the Christmas expenses in cash removed ALL the stress my husband had about the holidays. Biggest game changer for us. We always make a small trip with our kids during the summer as our family vacation, so we save for that too. The yearly weekend getaway will get canceled if the funds are not there but we try to make it work. And sports are important for us, so we plan for it too. It's not crazy expensive (yet) but I will have to save more as our daughter has now entered the competitive level. Home repairs, well, there's no way to avoid them so let's prepare! We have retirement plans through our work, plus a small retirement fund for my husband every month. Most of the extra money goes to debt repayment. We don't believe in removing all pleasure from our lives until we are debt free. We tried, but it's easier to stick to the budget if we have room for some fun too.

@Budgeting_with_Lee 2 месяца назад

@@madmomma5331 thank you 💚