[Music] well hey you guys so one of the points when it comes to winning with your money is that you have to do a budget we talk about that a lot on the show but honestly once you accept the fact that you need a monthly budget well actually doing it is what's key because we can talk about it all day long but actually putting it into practice is where you're going to see a lot of change when it comes to your money and so today I want to talk about what comes next so we're going to talk about how I budget but also how I save invest and spend my money but before we get started make sure to subscribe to this channel so you never miss a future episode all right first I want to make sure that you know about One tool that's an absolute must when it comes to your monthly budget and that is every dollar every dollar is the budgeting app that I use and it makes all of this so easy so when it comes to your saving and your spending and your giving and all of it categories are there for you when you track transactions it's there for you your paycheck planning to make sure you have enough in your account to get you through till you're paid again I mean all of that is in every dollar and the premium version as well so make sure to check it out because again having your budget that's available for you it's on your phone it's an app when you carry your phone around with you your budget goes with you as well so that's the great thing is it's very convenient and it's very accurate because it is a real-time picture of where you are with your money next I want to clarify something that I get asked about from time to time and that is expenses that aren't included in the budget but they're still taken out of your paycheck so things like Insurance investing contributions certain taxes HSA funds so there's certain things that are going to be taken out of your paycheck now when it comes to investing specifically you may be investing after tax dollars meaning the paycheck that hits your account you may be using some of that to invest so when you look to invest in a Roth IRA for example or even just a mutual fund if it's outside of retirement then that is the case that you be using your paycheck to fund those but your 401K match or your 403b match uh within your job that will be taken out usually before taxes so Winston and I we fund both of our wths after taxes so we do put money aside every single month and our goal is by the end of the calendar year as we start in January we try to go ahead and fund our Roth IRAs all inone so it has the entire year of growth instead of investing a little bit by a little bit but again we've been doing this we're on baby 7 for 15 years so we've gotten to get kind of a cycle ahead with our savings which has been really great but if you can't do that that's totally fine so maybe you're investing a little bit each month uh but one thing that we've tried to do and we've made it a goal and we did a couple years ago is to be able to have that chunk to invest earlier in the year so we can have that full year of growth all right now it's time to walk through how I personally use the every dollar budget every single month but first I do want to tell you about another online tool that I absolutely love and it's one of our sponsors delete me so I saw a headline recently that caught my attention that onethird of the US population's background info is now public so for 115 million of us data breaches mean that our info is just out there for anyone to find and this is things like our names and addresses phone numbers and so much more so this is why I love delete me because they find and remove your data from hundreds of data broker websites that buy sell and trade your personal data so take control of your online privacy with delete me an individual delete me plans start as low as $9 a month so sign up today at join delet me.com Rachel for 20% off or click the link in the description all right so within every dollar one of the things that I would encourage you to do something that I do every single day is track transactions so part of what makes a budget so powerful is that you know what is in every category of your spending so if you have a line item for groceries then you know here's how much I'm going to spend this month on groceries and when you go and you swipe your debit card at you know Walmart or Whole Foods or Target or Aldi wherever you're shopping for groceries then that transaction is going to go into the every dollar app you're going to be able to see it and you're going to drag and drop it into groceries and then it automatically does the math for you it subtracts how much you had budgeted for for what you have remaining so the rest of the month you know here's how much I have so if you go and grocery shop the next week that transaction will hit your account that day drag and drop it you know here's how much we have left so it keeps track of your spending in every single category and this is honestly one of the most powerful part parts of every dollar because you are able to see in real time where you really are because it's one thing to create a budget and just see it and then you know try to stay with it but you have no idea what you're spending in every category this gives you the power to know exactly what is left in each category which is going to help you be successful in the budget now that transaction that automatically drops into every dollar that is with every dollar premium uh so I'll put a link below so you can check it out but if you just do the free version of every dollar you're able to manually just type in those transactions so once you leave the grocery store get in your car real quick and just say you know Walmart here's how much I spent and you can drag and drop it yourself as well but keeping track of your transactions is so key number two it's a checkpoint so it allows you to be like okay can I you know pay for this Netflix subscription am I wasting money because we don't use it a lot but I do like to have it is this okay this is able to say to you in your budget yeah you have the margin do that you can have a Netflix subscription and you are okay or it does the opposite and you actually see how much you're spending and everything and you're like oh that's a lot and we never use that that or that let's get it out of here and save some money so again it gives you this permission to spend and you're able to stay within the budget which I love number three is it's a calendar reminder yeah this is something that I personally love because I'm not always great at details and so keeping up with the Crazy Life we all live this is always helpful because you do a new budget every single month month so when you look ahead then you're able to be like okay what is going on this month and literally in October we were doing the budget and when someone was like oh yeah Charles's birthday is in October and I was like yes it is I got to plan a birthday party I got to be thinking about this like it's like it goes in the budget but it's also a reminder of things that are happening that month and you're able to really communicate if you have a spouse like what's going on in your life or if you're single you're able to really look to be like okay I'm going to be proactive about what's going on so things aren't sneaking up on me and I'm going to know ahead of time and it helps you play it really really does so everything from doctor's appointments to you know dinner parties holidays birthdays like all of it it all goes in the budget and it helps you stay on track with your life as well so that's one thing I love about it number four is paycheck planning so I mentioned this at the beginning but this is one of the best features of every dollar especially if you are someone that's in that paycheck to paycheck cycle and you're depending on the next paycheck to get you through the end of the month and when you're in that cycle making sure that you have enough in your account because I just heard a stat that Banks made it was close to like $3 billion in overdraft fees last year so like crazy amounts of money that banks are making because people run out of money when they get to the end of the month and they're like oh my gosh I still have all these bills I have to pay because paycheck planning really makes you see okay if your paycheck hits on the 15th what do you have left between the 15th and 30th that has to be paid and well that paycheck take you through the latter half of the month and if you get paid on the 1 same thing from the 1st to the 15th do you have enough there and if you notice all of your big bills hit at the beginning of the month like if your rent or mortgage and all your utilities and maybe some debt payments like if everything hits towards the the front part of the month and that one paycheck isn't getting you through it's making it really really lean in a possible overdraft situation then what you can do is actually call some of these companies and move your payment plan to say hey can I actually have a different date later in the month that I can pay this so that way again it just gives you some breathing room but you may not know all of that unless you see it and paycheck planning helps with it so it's a great tool and lastly the fifth thing that I use it for is syncing funds and I love syncing funds because it's really a great tool to help you save for things that you want in the future so this could be everything from like replacing a car to a vacation but your intentionality around saving you know it's getting done so you can put it within the savings category and it will actually roll over month after month to say okay yeah you're saving in this area and here's What's the total you have saved so far so let's pretend that you are going to replace a car and you're like yep we need you know $10,000 in 10 months so we got to save a th000 bucks a month and we're going to be getting you know side hustles and doing this or that and that because we got to save this much much per month well you can actually create a sinking fund for that replacement car and you can actually roll it over month after month and watch it grow but you have a place for it so you know that your money is going specifically to a fund that you want and it's not getting lost you know in the mix of all your other spending all right for more of my personal budgeting habits make sure to check out my episode on do this every time you get paid which is my paycheck routine that's coming up next and share this with a friend who might find an every dollar budget very helpful all right remember to take control of your money and create a life you love
