Take Your Budget to the Next Level

Understand the basic components of a budget, as well as advanced strategies.

I cover the following:

• Why most people avoid budgeting
• The core parts of a budget
• The part you should focus on
• Common budgeting tools
• Budgeting tricks and tips
• The importance of emergency savings
• How to plan for irregular expenses
• A reflection on your lifestyle creep

https://www.levelupfinancialplanning.com/how-to-be-a-baller-on-a-budget-strategy-guide/
https://youtu.be/HgpkWBzF4J0

Transcript

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Millionaires would probably do a better job at budgeting and budgeting consistently than just a normal average person. And you would think, well, that's crazy. They have enough money. Why do they have to do that? Most millionaires only become millionaires by making sure they're not wasteful, they're not spending money on things that aren't added value to their lives. This is Techy Personal Finance Bootcamp, where I help tech professionals in their 20s and 30s balance a great life today without sacrificing their future possibilities. I'm your host, Lucas Casares, certified financial planner and founder of Level Up Financial Planning, where I help educate, coach, and build strategies with my clients to help them take their financial confidence to the next level. Here's an important compliance disclosure. This podcast is for informational purposes only and are not to be considered recommendations. It is recommended you consult your trusted financial professional before implementing any information obtained from the Techie Personal Finance Boot Camp. Welcome to Techie Personal Finance Bootcamp. I'm excited because I'm going to be talking about your budget. And so I know for a lot of people this makes your skin cringe or your the hair stand up on end. And I want you to know I'm going to try to make this as easy as possible, as fun as possible, as far as understanding how the different aspects of your budget kind of really play into your financial life and how you can take your budget to the next level. So budgeting is a pain in the butt, I'm not going to lie. So we will be getting into some tips, tricks, and strategies that I use as well as a few that my clients use. But let's first talk about why is it so scary? Why people don't budget. And it's because they're afraid, they're afraid to change, they don't want to know sometimes because uh if they do know what the right thing is to do, or that they could be improving somewhere, then that means that they have to make a change. So all these things kind of revolve around fear and change, and another aspect is just not being quite sure how to do it. So you might have had a consumer's ed class back in high school, way back when, but they don't really do a good job, and it wasn't really relevant at the time. So there's not a good system in place to actually teach you budgeting when you're actually going to be able to use it and use it consistently. And so hopefully this episode will either reinforce things that you have picked up or give you some new tips that you're able to implement into your own financial strategies. So before we dive in too deep, we'll we'll just talk about what a budget is essentially. So it's all it is is an estimate of what your income is and your expenses over a certain time period. It's it's actually very simple from that aspect, but once you kind of dig into it, it gets a lot more complicated. And if you are following along, just like all the other episodes of season 1.5, I am making it a video presentation available to you. So you can find the link in the show notes and you can kind of watch and watch along. This is probably one of the best ones to watch along from the video standpoint because there's a little bit more going on as far as details and numbers. So I think one of the cool things about your budgeting is when you do it and actually start to make some improvements, you'll start to realize that when you reduce your expenses, it actually feels like a raise. So you're freeing up expenses from stuff that hopefully isn't adding that much value. And so you could either find a new place to kind of allocate that, put it towards something that is going to be adding greater value to your life, or you could save it or invest it. So that's that's one of the beauties of budgeting. That's why a millionaires budget. So uh you may be shocked by that, but there's actually millionaires are probably do a better job at budgeting and budgeting consistently than just a normal average person. And you would think, well, that's crazy. They have enough money. Why why do they have to do that? Most millionaires only become millionaires by by making sure they're not wasteful, they're not spending money on things that aren't adding value to their lives. And so they uh at least look at it once a month. So that's that's probably news to you, and I want you to know that if millionaires find time to do it, I think that you probably should at least at some point kind of get very detailed and understand where your money is going, because that's really all it's about is understanding where your money is coming in, which in most people's situations, if you're have a same set paycheck every single month or uh every couple weeks, that's not too hard on that aspect. It's where your money's going, is really where a lot of people need to dig into and kind of realize well, if if money's coming in here and it's going out there, is it going to the right places that you want it to go? And it gets a little bit trickier once you have a family, once there's other people that you're kind of co-deciding on where you're gonna be spending your money. But it's just helpful to know because if something does come up, let's say that you're fine, let's say you're um saving for a retirement, you have an emergency savings, you're doing the right things, and uh you don't feel you need to take a look at the budget. One of the nice things about a budget is when stuff unique comes up. So if there is an emergency, yes, your emergency savings could kind of offset that, but then you have to find money to build it back up. Or let's say you didn't have an emergency savings just yet, let's say you just started building towards an emergency savings. What happens if something comes up? Let's say you lose your job. Well, having a budget in place and kind of knowing roughly where you're at is a whole heck of a lot better than trying to figure this out once something that scary and stressful has kind of fallen up because you'll you'll be a lot more tense. It will be a lot less fun during that time period. And the reason why you need to know that is because in those situations, you need to know what your burn rate is, which is essentially how much you spend every month. My wife and I had to do that specifically before I even started my company. We had to know, well, this is how much our savings is. We know we're not gonna have income uh at that same level that we were making. So, how long is our savings gonna last before I need to start adding a significant amount of clients, or I have to consider that my business isn't gonna work, I'm gonna have to go back and get a traditional job. So just having those things before figured out beforehand just gives you a lot more uh peace of mind. And so I mentioned that budgeting is complex, that expenses side. And so if you think about it, even though it's simple, when you when you break it down to every single transaction that you make over the course of the month, our lives have gotten crazy as far as all the different things you could spend money on. You could probably spend money at 15 different places all in the same day, especially over the weekend. It might be a little bit harder when you're working and things like that. But over the course of the weekend, if you go out for uh breakfast, go out for lunch, go out for dinner, you get a coffee, you get a smoothie, you go online and order a few things, very easily all these different things can add up, especially if you have picky people in your family, and you need to go to different locations for each thing. So all these transactions start to pile in. That's one of the reasons why two people think that budgeting is is gonna be too hard, it's gonna be too painful to do, is because you have to chase down all these numbers and figure out where where they're all coming from and what they all add up to. So it does feel complicated from that aspect, but if you think about it first, just there it's really five components. So there's your income, which is usually pretty easy to calculate and know. But then on the expense side, there's there's taxes. Uh, that usually comes first because it comes right out of your paycheck right away. So taxes are important. I would say save ins would be the the next important thing to make sure you prioritize. Uh, there's a popular saying that says pay yourself first, and that's essentially save in, uh, putting money into your savings account, putting money into your investment account. Uh, the next thing is things that you have obligations for, which are gonna be debt. So that's important to know that you're making at least the minimum payments that are required there. So that's three components. And then the final one is just all those other expenses. And so, really, that that's like five pieces: there's the income, taxes, savings, debt, and expenses. It's really simple when you think about that. And if you're able to kind of categorize things in that capacity, and I would say uh debt definitely has probably a few more line items um and then expenses, that's where you start getting into those multiple transactions in a day that you have to kind of track down. Um, we'll talk about strategies of how to do that too. So you're not, don't worry that um if you want to figure out how to do that and kind of stay organized. Let's kind of walk through just a simplified budget. So instead of breaking it down in those components, we'll actually add numbers to this. So let's say um there's uh someone that has $100,000 in income, they have to pay $20,000 in taxes, so that comes out uh right out of their paycheck. They save $15,000, let's say that's majority going into their retirement account. They have debt payments that over the course of the year add up to $36,000 a year, and that leaves them $29,000 left in expenses to kind of spend on other expenses. Since a debt is so high, I'm gonna hope that this individual at least has their mortgage kind of factored in there and they're not rented on top of that, because uh otherwise that's a large debt load as far as a monthly amount goes, and and then their rent would have to come out of that $29,000 expenses. So $29,000 expenses will be kind of like food, groceries, and living expenses kind of fun stuff there. And if you kind of do the math on those numbers, that should net out to zero dollars. So that's really the goal of budgeting, and it's because you factor in savings ahead of time, you factor in taxes ahead of time. So if you're doing these things, then the goal of a budget is actually to get as close to zero as possible. You don't want to get to that and be like, oh, there's a surplus. Well, that means you're probably not accounting for something. Uh, you definitely don't want to get to it and have a negative number because as you can imagine, there's still a lot of expenses that you don't think about. And I'll talk about irregular expenses to kind of plan out ahead, but there's still gonna be expenses that probably show up that uh you're not aware of. So you'll want to factor that into your kind of just basic expenses on a monthly rate, or make sure that there is gonna be some additional savings that you're uh gonna be able to absorb those things as they come up. Instead of tracking everything, I think it's important to understand which expenses to focus on and minimize because when you focus there, then it minimizes the amount of transactions that you need to track. So there's gonna be fixed expenses, which partially gonna include debt. So debt usually have the same payment all the time. With a credit card, it gets a little bit trickier. I would say don't rely on debt or credit cards in that fashion for supplying your kind of normal living lifestyle because that's really where people shoot themselves in the foot. If you're relying on a credit card to get you by from year to year, then you're paying thousands of dollars in interest and you're probably not making as much progress as you could be uh taking. It could be a result of not actually having a budget, too. So most of those expenses on the debt side will be fixed. You'll know what those are. They're not gonna change on you. So that's good there. There's also some other things that might come up, like a homeowners association that might be a fixed expense. So there's all these things. Uh let's say you you don't have a mortgage and you have rent, still, it's gonna be a relatively a fixed amount, at least until the next year, if the prices increase there. So uh fixed expenses, those are easy to track. And one of the tips that I'll mention a little bit later, too, is actually creating separate accounts to track your expenses, and then also kind of just organize and keep things cleaner. So I would argue that fixed expenses could have their own checking account where you know how much needs to go in there every month, you put it in there, and the same amount comes out every month from all those different fixed expenses. Then there's the various expenses, and that's not all fun money quite yet, because there's still gonna be basic things like groceries and things that you would need on that aspect, like utilities, basic living expenses. So that's another thing that could be broken out where living expenses, yep, these things need to be covered, otherwise, you're you're not gonna feel great. Where people can focus the most on is gonna be the lifestyle expenses. So that's going out to eat, that's all these different things, buying stuff for entertainment, whether it be video games, going out to movies, get in popcorn, get in, get in drinks, all those things kind of fall on your lifestyle expenses. And uh, yes, some of them factor into basic living expenses. So if you go out to eat, you're covering the cost of food, but really when you go out to to eat and you're dining out, the cost is dramatic compared to what you'd normally be spending on food if you just went to the grocery stores and and you kind of made stuff yourself. So you're paying a lot for the convenience and just for that entertainment factor. So that's that's really where most people can do a majority of their improvements on the budgeting aspect is that lifestyle expenses. And there may be things that you could do with uh fixed expenses, even if they're kind of debt related. Definitely check out my other episode that was dominated in debt in 2020, because that talks about how to possibly rearrange your debt to make sure that fits better into your uh cash flow and your budgeting aspects. So there's four main tools that I hear of the most often. There's there's definitely an endless amount, there's an endless amount of apps, new people trying to create new tools, but I'd still say the the four most popular would be uh something called Mint. Uh so it's an app that you can download, or you can do the online version. But basically, what you do is you plug in your bank account information, and then I'll sync your account and transactions. You'll have to go in and kind of manipulate the data because they don't know what a lot of the details are on those expenses, uh, but they can pull it in and they'll usually do a good job of telling you where it's from and the dollar amount. So uh from there you kind of uh mold that into what you want it to look like. There's also a popular one called you need a budget, and so that's um also one that I know a lot of people have used and will rave about it. Very different as far as how you use you need a budget compared to mint. So if one's not working for you and you know right away, then yeah, definitely make the switch. A lot of times people will say, Well, what's the best way to budget? And the best way and the best tool is to actually use the one that you will actually use. So it doesn't do any good to be banging your head against the wall trying to force yourself to do something and and like something that's not a good fit for you. So there's there's definitely different options, and the the two other ones would be use an Excel spreadsheet, so that's easy to do, especially if you kind of do like a Google Sheet, which is live and interactive. You can access it from your phone and just kind of keep that up to date. Um, or you can just have like a spreadsheet on your phone and kind of keep track that way. And then the last one is more just kind of pen and paper, so just kind of tracking stuff as you go. Those two definitely be the four most popular. So I'd say pick pick four of those. They're all four different too, and just kind of see what feels like it's gonna work best for you. And with regards to tips and strategies, so the the reason why budgeting is so important is just being aware of stuff is half the battle. And so it's very easy to see sometimes just by looking at your budget, like, oh, that's that's a weakness. So um, I know one for my wife and I that we kind of battle, and sometimes we do really good, especially at the start of the year, and then end up not doing so great later in the year once some other seasonal drinks come out is gonna be Starbucks. Another thing is you'll see things on there that maybe you don't use anymore. And most expenses that you have that kind of are recurring, don't send you an email reminder, they don't send you a text reminder or anything like that. So basically, uh it just comes right out of your account, you get permission at one point in time, and and maybe you used to use all the time. Uh this could be cable, which is very, very direct and in your face sometimes if because the cable box is uh taking up your living room space and stuff like that. But if you're not watching it, if you're not using it, maybe you're just using that box to link up to Netflix. Well, um, you don't need that. There's so many other ways you can link up to Netflix and not be paying $100 a month for cable. So just think about services you no longer use. It's very easy to see those things once you kind of pull them all uh together, especially when you're in a relationship, because you might be thinking that your significant other is using this service when they're not, and they're like, oh, I thought we canceled that a long time ago. So you start to find things that are like clearly no longer valuable to you. And then there's just things too that maybe you're paying more than what you need to. So insurance just kind of gradually increases across the board on all these different things, whether it's your auto, uh, your home. And so you'll definitely want to check and see if there's other options that will give you that same same coverage, same benefits if it's not insurance, just that you're paying more than you need to be. And just a quick call. Uh, sometimes you can even negotiate down maybe you still do use your cable, but you don't use it as much, and you call in and say, hey, I'm gonna cancel this, or I'm gonna switch services if I don't get a better deal. I've heard people can do this really well. I've never actually tried it. I just ended up canceling our dish because we just didn't use it ever. Um, but that's something that you can use and and use your budgeting tool to notice those things too. So uh besides even just looking at the budget, once you kind of want to improve and find different ways of well, how how can I actually do things and save money and not uh just constantly be spending. So here's just a few level up hacks. I'll also put a link in uh because I wrote a couple blog posts about it called uh how to be a baller on a budget and a couple of other ones, but uh here's just a couple of the hacks that I've used. Go outside for entertainment. So I live in Colorado, it's been a pretty crappy winter right now, but typically most days you're you're able to go outside and uh the weather's gonna be nice, and you can just go outside, go for a walk, go go for a hike. There's so many different things you can do outside, go for a bike ride, play sports. So that's one way to save a lot of money instead of feeling like you have to order something or be buying new games or whatever it is that you may be spending your money on as far as entertainment goes. Sharing meals is something I've done since I was like 18. So I realized that really quick that you get a lot of food when you go out to eat, and you don't necessarily need to eat all that yourself. Um so if you're able to find something that you agree with as far as being able to eat and share with someone, then that's awesome. And it'll save you uh a bunch of money. You can either go out to eat twice as much uh typically, or you can just hate save half the money and go out the same amount you've been going. So uh that's one of the cool things there. Let's say your your budget is fine, you're doing fine there, but uh, this is one way for you to just get even a greater lifestyle benefit by sharing meals. So obviously, going out to eat is a little bit more expensive than planning your meals and actually getting a grocery list. So uh that was something that we've done periodically, but over the last three years since we've launched the business, that's where we've done our best work and stayed as consistent as it can be on that. So uh we actually enjoy cooking now, so that's helped. That wasn't something that we always did, but planning meals out, um, buying things, using your grocery list, and then I think the biggest thing is just making sure you don't waste stuff. That was a huge thing for us. We used to waste a lot of cheese, we used to waste a lot of milk and bread. So the three most common things that people buy from grocery stores, we were constantly wasting them. And I'm sure it helps having a growing family where we're not wasting those things as much. We tend to have to go out sometimes uh twice a week to kind of replenish those things, but at the same time, if you are wasting those things, then and maybe you shouldn't be buying those things if you're not gonna use them. So that's that's where planning ahead comes in. You know what you're actually gonna use for those upcoming meals. And if you're not gonna be using those items, then maybe you just don't get them for that week and get them the next week. The last tip, and again, you can kind of look in the show notes, find the link to how to be a baller on a budget. I actually recorded episode two, and I think I hit on a lot of those things, so I'll make sure that links in there too. But buying in bulk, and typically you can do this from like a Sam's Club or Costco, those are gonna be the main kind of buying in bulk stores, but even like a King Super's here in Fort Collins, uh, they have like a bulk section where you can still get a decent discount. So uh, and again, don't waste food. That was our biggest weakness when we first found a Sam's Club is like, oh, you can get all this food for like three dollars more. Well, if you end up wasting it all, then you pay three dollars more to take up a lot of space in your fridge or your pantry until it goes bad, and then you have to throw it out and it takes uh a place in the garbage. So waste is a huge thing, and really that's what budgeting is about, too, is making sure you're not wasting money on things that are not added value to your life. So let's say you're really good with what happens every single month, like you got that stuff down, you don't even have to look at a budget because you're just so good at it. Where you really get tripped up are gonna be their regular expenses. Well, that is the trickiest part of budgeting, and what we have to realize is those irregular expenses happen all the time. And a lot of times we know what they're gonna be. So uh there's definitely things like vehicle maintenance. You know that you're gonna have some type of vehicle maintenance over the course of a year, especially if you have two vehicles. So make sure you plan for that. Find out what that amount is you should roughly save, and then save for it. Otherwise, it's gonna feel like an emergency, even though it's something that's pretty common sense that it occurs at least every year. And if it doesn't, well, then you just saved a little bit for the the next year, and your expenses might be a little bit higher too. Here's a few examples though that we know we know these expenses come every single year for us and for a lot of my clients. So travel that doesn't happen every single month, uh at least not for most people, and and it tends to be a sizable amount for a lot of my clients too. So that's something you know a target amount, roughly what it will be. You can look at how many months are remaining. So let's say you haven't been doing the strategy, you haven't been thinking about travel, and you'll just kind of figure it out or throw it on a credit card when it comes and pay the interest. Interest. Not a great idea, especially if you can use time on your hands to figure out what the right amount is to save now. So for this example, let's say travel, it costs $2,500 a year, is kind of what your target is. And there's eight months until you're gonna go on that big trip. So if you break that down into $312.50, a great reason to set up a separate savings account. And I love credit unions and community banks because they tend not to have any fees on extra savings accounts. So create a savings account, put $312.50 every single month into this account. When your trip rolls around in eight months, you're gonna fully have that available and you're not gonna be stressed out like, oh, I'm financing this whole thing, and it's at instead of $2,500 that it actually costs, plus uh the interest that you're gonna end up paying on it, it'll actually just be $2,500 and you'll you'll be as peaceful as can be on that trip as you've ever been before, especially if you're used to uh going on vacations and and put going into debt for those things. Another example is gifts. So Christmas just rolled around for our family, but there's maybe big things that you celebrate, maybe it's birthdays, maybe it's anniversaries. So these things all add up, and especially if you're got a big family and you kind of buy gifts for everyone. So figure out what that amount is. And for this example, I'm using $2,000. And let's say it's mainly for Christmas in this example. So we're it's only January right now, so we actually have 12 months to plan for that. If you create a separate savings account for a gift account, you can save $167 a month and put it into that. So when Christmas rolls around, again, you don't have to finance this thing. Uh you'll you'll sleep peaceful at night every single uh day leading up to the holidays and be able to cover those costs, no problem. And the last example, uh, so those first two were fun. So traveling dips, that's a lot more fun to do, but let's deal with some real life examples too that are not as fun. And in this one, it's HOA dues. So we have HOAs, we have to pay them every six months, and um, yeah, they're they're expensive once you think about them in that six-month time period. So if it's $400 and we have six months that we have to pay it, well, again, you can set up a separate account. Uh, this one's not gonna be as fun to look at because it's not a fun expense, but saving $67 a month will actually make sure you have that $400 when that six months scrolls around. So hopefully that helps you just kind of get an idea of how you can do this. And and I highly recommend setting up a savings account for travel. I know almost every one of my clients do it because it's just so empowering to know that you're on track to do something fun. So, yep, you're you're saving, you're paying down the debt that you have to pay, and you're kind of living your life now, but you're also doing something, saving for something fun too. That's gonna be more short term. It's not the long-term retirement, 30, 40 years, I'll be able to enjoy this money. It's in this next year, you're gonna be doing something fun. So you can do that for any type of irregular expense you can think of. If you have a bunch of people getting married next year, well, typically those those wedding expenses and wedding gifts, all that stuff adds up. So you want to make sure that you're on track to be able to enjoy that time and not be stressed out either before or after or during that time of celebration. One thing that helps with peace of mind too is just building up an emergency savings. So, more than peace of mind, it can actually save you legit money because what happens if you have an emergency and you don't have an emergency savings? Well, you go to the easiest thing to kind of lean on during those times, and it's credit cards, and those have really high interest rates and they're super expensive. So it costs you a lot more than just what that emergency ends up being. So if you start saving a little bit now to build up an emergency savings, uh, I would say goals would be well get to one month of emergency savings, so make that your primary goal. Ultimately, you want to get somewhere between three to six months uh of your monthly expenses. So start to build those things up because then you'll definitely be able to handle a lot of emergencies. Layoff happens, uh recession occurs. Well, you know what? You're in a better spot because you've done the right things, and it's not gonna cost you as much as having only nine credit cards and pay a whole bunch more money uh just because you weren't prepared. So it saves you a lot of money, and that money you end up saving, you're able to use it on stuff that actually matters to you and is important to you. So I'm not gonna lie, it's gonna be tough. It's typically it's the first 90 days, first 60 to 90 days where it's tricky kind of figuring out, learning these new methods and just getting into these new habits. But the payoff is gonna be huge. It's gonna make a significant difference in your life. You're gonna be able to do the things you want to do and have confidence when cool, fun stuff comes up. Like, hey, you've just been invited to a wedding that you weren't expecting it, but you really want to go and it's it's a decent amount of money. Well, the cool thing about the budget is you can look at it and be like, all right, if I like reduce $20 here, $20 here, $20 here for the next eight months, that will save a majority of the money that we'd need to be able to do this cool thing that just came up, something that uh wasn't on our radar, but that's one of the powers and of having a budget is you're able to go and just say, All right, I think I can make this happen because you know where your money's going already. So you're able to make those tweaks and and control really what your life is going to look like and instead of the other way around. So many people spend so much time just going to work just to earn the money so that they can spend all their money by the end of the month and do the same thing again month after month and hope an emergency savings doesn't pop up that kind of sets them behind the eight ball. So it's super empowering. If you control your finances, you will be able to control your life and not have it be the other way around. Another thing I want you to think about too is think about a time. So I I imagine this is for a lot of people because what happens is you start out either out of school, out of high school, out of college, whatever it be, and you're kind of just starting to figure stuff out, and you're like, well, your income's limited. I know my first job, I was probably making like $24,000 a year. So no, not a whole lot of money, but somehow I was able to make it work. And obviously, it wasn't uh a glorious or like a lavish lifestyle I was living, but I'm pretty sure I was happy that I don't remember really having any bad moments or being like, ah, I make I make too little. Um, obviously it'd be different if I had a family and had that type of income, but just think back to early on in your life, uh in your adulthood, where you didn't have as much money as you probably do now. And I'd I'd argue that probably life wasn't so bad, at least not because of finances, it wasn't. And so just think about how how much our lifestyle has grown since then, and like, is it all necessary? Yes, it feels good. There's a lot of neat things that we have now that maybe we didn't have five, ten years ago, but it's not all necessary. And so if things were to come up, push came to shove, like what's the most important thing? So what things could you truly do without? So I just want you to think back and kind of put yourself in that perspective. Like, hey, you probably never dreamt you were gonna be making as much money as you are now. I know it doesn't feel like it's as much as it actually is because there's additional taxes, and there's just an endless amount of things we could spend money on, honestly. So it never ends. There's never gonna be enough money to do everything possible we'd ever want to do. I know a lot of people would prefer to give more to church, to charities and things like that, but our income's limited, and so this is one way to kind of take the power and control what's going on, and then just be realistic with yourself and understand like, hey, I make enough money to live a decent life, and now I just need to decide how to do the right things and move in the direction I want to because I want to not be scared about money, I want to be empowered by uh my financial situation, and I want to make sure I do good things so that I provide future possibilities that maybe I'm not aware of now. So hopefully this episode wasn't as bad as you were expecting it to be from a budgeting one, and feel free to reach out if you think that I could be of assistance. Thank you for listening to Techy Personal Finance Bootcamp. Remember, if you like what you've been hearing, to subscribe, review, and share with your friends and colleagues. If you want to take your connection to the show to the next level, you can find me on LinkedIn or on Facebook. Catch you next time on TechE Personal Finance Bootcamp.