Hello :) Just came across your channel and I love the purple vibes 💜 Could you perhaps do a video in the future sometime about credit cards? I understand when you say we should be responsible and pay it off in full every month, BUT as someone who's living paycheck to paycheck, and budget every single penny to go to some bill or variable expense down to the dollar, I can't see how paying off a CC is going to leave room for "free" cash still available; e.g if my groceries and one or 2 bills come to say 700 for the month, and i pay that off with my budgeted paycheck (I get paid only once a month), where's the "extra" money? It's seems like living in a constant cycle of debt, isn't it? (Or maybe I still don't understand the ways of a cc so I guess I shouldn't be asking this??) If I hadn't said it already lol, new subscriber here 😃
Welcome to my channel! I'm so glad you're here. I think making a video about how I use my credit card is a great idea! I know I won't be able to do that this week though so I want to attempt to answer your question the best I can. I want to make sure I’m understanding your question so I’ve broken down a few things. Feel free to clarify again if I’ve misunderstood. Extra Spending - I’m not putting extra spending on my credit card, only what was budgeted. Carrying Debt - In your example above. I start July with a zero balance on my card and I have $700 in spending on that card. That $700 was planned in my budget and I pay it off with my July paycheck. I guess in essence I am carrying $700 in debt for 30 days but paying it off - is that what you mean? In that case - you've challenged my thinking about that being debt and I'm going to ponder this. I appreciate that. Timing Issue - This may be a disconnect over timing. I get paid July 1st, spend my $700, then pay that card off on July 31st using July 1st paycheck money NOT August. So it is not July spending paid for with August money keeping it from being a more traditional buy now pay later situation. Extra Money - when you say extra money are you referring to spent money or saved money? You should be doing a zero based budget where every dollar is assigned to a category even if that category is saving. My “extra money” that I’m putting into my sinking funds comes from underspending in categories that I planned. Say I planned to spend $200 in dining out but only spent $100 that gives me $100 in “extra money” to transfer to sinking funds. I hope that helps. Let me know if I missed the mark with answering your question.
Do it!!! I want to start a Budget Bros but it's weird cause I'm a girl. The guys I talk to send their wives which is fine. You totally should start a Budget Bros! The more people we can help the better.
@@BethelBudgets I have tried to volunteer at the salvation Army to teach budgeting, but thanks to you I am going create my own budgeting classes for people in my town. I have been watching your channel and it just clicked that I could do this as community service 😊
What transfers did you do this month?
Hi Megan, great TT! Your BB meeting sounds amazing! How exciting!
I love our Budget Babes meetings!
Hi new subbie great info 😊❤
Thanks for subbing! I am so glad you're here!
Hello :) Just came across your channel and I love the purple vibes 💜 Could you perhaps do a video in the future sometime about credit cards? I understand when you say we should be responsible and pay it off in full every month, BUT as someone who's living paycheck to paycheck, and budget every single penny to go to some bill or variable expense down to the dollar, I can't see how paying off a CC is going to leave room for "free" cash still available; e.g if my groceries and one or 2 bills come to say 700 for the month, and i pay that off with my budgeted paycheck (I get paid only once a month), where's the "extra" money? It's seems like living in a constant cycle of debt, isn't it? (Or maybe I still don't understand the ways of a cc so I guess I shouldn't be asking this??)
If I hadn't said it already lol, new subscriber here 😃
Welcome to my channel! I'm so glad you're here. I think making a video about how I use my credit card is a great idea! I know I won't be able to do that this week though so I want to attempt to answer your question the best I can.
I want to make sure I’m understanding your question so I’ve broken down a few things. Feel free to clarify again if I’ve misunderstood.
Extra Spending - I’m not putting extra spending on my credit card, only what was budgeted.
Carrying Debt - In your example above. I start July with a zero balance on my card and I have $700 in spending on that card. That $700 was planned in my budget and I pay it off with my July paycheck. I guess in essence I am carrying $700 in debt for 30 days but paying it off - is that what you mean? In that case - you've challenged my thinking about that being debt and I'm going to ponder this. I appreciate that.
Timing Issue - This may be a disconnect over timing. I get paid July 1st, spend my $700, then pay that card off on July 31st using July 1st paycheck money NOT August. So it is not July spending paid for with August money keeping it from being a more traditional buy now pay later situation.
Extra Money - when you say extra money are you referring to spent money or saved money? You should be doing a zero based budget where every dollar is assigned to a category even if that category is saving. My “extra money” that I’m putting into my sinking funds comes from underspending in categories that I planned. Say I planned to spend $200 in dining out but only spent $100 that gives me $100 in “extra money” to transfer to sinking funds.
I hope that helps. Let me know if I missed the mark with answering your question.
I want to start budget bros on my RUclips channel 😊
Do it!!! I want to start a Budget Bros but it's weird cause I'm a girl. The guys I talk to send their wives which is fine. You totally should start a Budget Bros! The more people we can help the better.
@@BethelBudgets I have tried to volunteer at the salvation Army to teach budgeting, but thanks to you I am going create my own budgeting classes for people in my town. I have been watching your channel and it just clicked that I could do this as community service 😊