@@thebudgetmom Right!? Imagine how much extra cash she's going to have for investments, a house?, new car?, etc when she is done with this short debt "season" of her life!!
@@aileenortega6761 The percentage is the amount she put towards debt divided by her total income x 100%. In this example, Ryen put $13,087 towards debt. Her total income was $40,210. 13,087/40,210 is 0.32546630191. 0.32546630191 x 100% = 32.5%. (I rounded off the numbers)
I feel very fortunate to find your videos at 23! You are setting me up for financial success in my life! I sent in my real life budget but either way you have been so helpful ❤️
That's so awesome you've taken such a keen interest in personal finance at an early age! Once you start to see how compound interest and the power of saving/investing becomes a wind at your back, your future self will be so appreciative! Way to go for being on the ball Tierney! 😊
I know this is an old video, but I want to express my Thanks! I'm 56 years old, my children have grown and now I have grandbabies! I have tried so many methods. Even D. Ramsey. It was hard! I just couldn't stick with it! I am so greatful of finding your video's. I'm in tears trying to write this to you... Anyhow, I purchased the workbook and been diligently tracking my spending every day and couldn't wait till the end of the month reconciliatiation. I Think things will get better. This is the only method that I have faithful stuck to, and excited about tracking my spending, as well as throwing extra money at Debt. Thank You from the bottom of my heart Miko!!!!!!
Seeing the two different perspectives is so helpful! I just found TBM in July and finally feel good about the process going forward. Can’t wait to see my results this time next year!
Looking back is such an eye opener! I started your program in May of 2020. Looking back at my savings in January last year vs. this year is night and day. I am so grateful.
Way to go Shonya! It's so important to celebrate the progress made along the way! You should be proud of the hardwork you've put in! Hope that momentum keeps on going! 😊
Ryan followed Miko before working with her? That's cool! I could NEVER, I would be fan girlying! 😆 and embarrassed of my bad spending habits. 🙈 she would be like.... I thought you followed me but it doesn't show 😂
Great video! And MIKO, thank you for being so open about money, budgeting and investing! I think you're the only female I watch that really discusses this (besides the other big names out there). Money is not openly spoken about and still taboo to teach others. But I have learned so much through you and as a young female adult navigating money I thank you!
I love this!! Its so cool to see your year in review. I started hardcore budgeting/saving/paying off debt in 2020 so 2021 is going to be my first full year doing an overview. I’m so excited!
Hey Ryen....time to step up and ask for a gas or travel allowance!! :O :) Keep up all the great work ladies. I just love the videos, all very inspiring to us all.
I love this video!!! I’ve been following for a long time now and I think it is one of the best informative videos yet. You and Ryen compliment each other well and I love how you show that it’s “ok” for Ryen to do her end of year recap how it works for her. As a business owner of a sub-chapter S corporation - I’ve learned so much from you. Thank you for sharing so much of your knowledge and personal budget to help with understanding. 😊
OMGosh! Ladies. I love this. I am BRAND new at this and can't get enough! What I've decided to do and this is my "nerd" OCD - I have recreated every form in the BBP workbook in Excel. So I fill out the workbook (The rough draft) and then when it's done and the payments and cash has been allocated I put it in the excel spreadsheet. It's like the "final copy". It has all sorts of formulas that add and subtract automatically. I've also recreated the month-end sheets. All of them are connected with formulas so that if a number is changed it changes on the corresponding worksheets as well. I told you I'm a nerd. :D
I'm still in college so I don't have a lot of expenses I'm responsible for, but I track my spending using one excel sheet where I can see how my finances change over the course of 1 year.
I am so glad that found ur channel. I have seen several budgeting and cash envelope stuffing videos but they don't really go in details on how and why they do it. I am new to budgeting and plan to start in 2022. Keep the videos coming
You ladies are AWESOME!!! Thank you for sharing and your transparency into your personal budgets. It’s very helpful for me when doing my budget. Mini can you do a in-depth budget video like you used to do - I am debt free and looking for next steps. Thanks
Great advice in this video. I am going to combine both your methods and create a excel spreadsheet with monthly amounts and end of year formulas and graphs. My organization nerd is getting excited.
I think its very practical that you do not share your buisness info.. thats private and no ones buisness.. I personally think your amazing for sharing your personal budget.. i dont have a problem sharing mine either when im helping people budget themselves.. and thats what your doing.. i actually love what you have going on with your budget tips and im stoked for 2021 because it will be my first year tracking my spending and not just breaking down my checks.. i just opened a TSFA in 2020.. so itll be interesting to see my numbers laid out differently
2020 was the first year I kept track of all my finances and it’s been so interesting going back and reviewing them! I really feel like 2021 is going to be a great financial year!
Hi Miko, Love what you do and have been following you for 2 years now. Hands down you have changed my thinking about the money I earn and it has helped me improve different kind of personal and financial relationships. I wanted to ask if you could make a video about what house expenses we should be looking at when planning to buy a house.. I understand its not just the one time cost but also yearly cost we have to pay once we buy the house. How do we manage or tackle these yearly expense and not feel over whelmed.
Well done ryan and niko... this my favourite video every year.. it’s brilliant to know when you have taken control of your money ... it’s great.. I love it... feel satisfied I am two years controlling my money and life... well done guys ... ashling ... ireland 🇮🇪
Can you Please get into more detail on how to keep personal and business spending and tracking separate like you briefly explained it was very interesting but confusing. Thank you for sharing your videos keep them coming! Blessings to you and your family!
Love this video! I spent around $3,200 last year in food and that seems high to me for one person. This is my first year using the workbook, can’t wait to see these trends at the end of the year (2021).
Proud of you two! Congrats on reaching the $1M net worth mark. Well done, well deserved. Thank you both for sharing your numbers and working through the logic and intentions with your numbers. It’s very motivational. I’m in full agreement about not discussing the business income, there’s IRS reasons for keeping that private as well (not that we would suspect any shenanigans). I have a high income so I don’t pay much attention to paydays or how easily I swipe those credit cards (shame on me), but I’m going to start tracking to see where I’m being wasteful. I like the smaller monthly workbooks, very portable and each month will feel like a fresh start.
Thank you for posting this video. This will help me on closing out my 2020 year budget. I'm looking forward on how Miko scan in her bbp files at the end of year video. This will help me to finish out my 2020 year.
“When the student is ready, the teacher(s) will appear.” Indeed! I have been dreading trying to use another budget sheet that doesn’t click for my household. Found @The Budget Mom Saturday and I have been in binge mode. Your budget and meal prep approach are speaking to me. 👏👏👏👏🙋🏻♀️💃🏻💰💰💰
Hi Kumiko, please don't hate me for this but I wanted to say: I've stopped budgeting. I've been budgeting for 5 years (I'm a 28 y/o German) and I loved it, it helped me a lot especially when I had my first job where I didn't earn much. My financial situation since Corona has changed a lot, I have decided to sell my house and to move into a small appartment. Some weeks after that, I've noticed that budgeting stressed me out. Even the thought of it just made me go crazy. And so I've decided to stop it. Honestly, it feels so good to not being "forced" to do it anymore. I 'm still frugal and put savings aside every month but I allow myself to not track everything anymore and I ' just doing fine.
Hello from Malaysia 🇲🇾👋 I accidentally throw my mini budget book for January - July 2020 😭 so I couldn't make my yearly spending overview. But, I'll start this year and will be scan every monthly budget book so I still can have a copy even after I throw my book 😆 Thank you for the tips, Miko and Ryen!
That's what I'd like to know.... How do you calculate cash and expenses from a debit card together, whether it's an income, expense, or allowance and such!
I was trying to do this but I’m not great with percentages so I usually skip that part. Thanks for providing these printable resources. Oh and I paid off my Discover card in November 2020! Feels amazing. I love my budget worksheet. Can’t budget without them!
I only had 6 months to go, but it was so eye opening to do this. Ive done it like ryen, this time around. Most of my expenses are fixed so there wasnt a tonne of movement except for xmas.
Hi! I just found your channel! I do a LOT of income/spending tracking as well. Do you separate your miscellaneous from your groceries when you shop? Eg: shampoo, toothpaste,...? Do you separate at the till if you do? Or separate on your receipt afterwards?
do I include my starting balance (money rolled over from December) in addition to my January income when filling out the spending overview sheet for January?
HI I am just wondering why taxes don't show up anywhere ? Did I miss that in a different place? I am looking at the 2020 budget at # 8:19 Living in Canada now, our tax category is super high, but I lived in the States for 17 years, and still paid taxes. Thanks LOVE these videos.
I struggle with how you calculate your savings and percent saved. It is overstated. Based on how you do it, you'd need to back out the sinking funds as they are spent in order to have an accurate savings number. If you don't do this, the greater the value of your sinking funds the higher your savings percent increases even though you are ultimately spending the sinking funds. For example, if you have 10,000 in investments and another 9,000 in property tax sinking funds, the savings total is 19,000 in your calculation. If you have 60,000 in income the 19,000/60,000 rounds to about 32% savings. If you took out the 9,000 to pay property taxes, it is no longer saved. Per this example you really only saved 10,000 in investments at the end of the year. That calculation would be 10,000/60,000 or about 17%. That is a drastic difference. If you change nothing at least break down the savings into categories so you itemize the sinking funds value. In reality your sinking funds are accruals.
If you’re an s Corp the irs requires you to take a w-2 because you are considered the owner ( shareholder ) and the employee of the corporation. Otherwise the shareholder would take drawings without paying taxes ( some exceptions applies). Ask you’re CPA to give you a quick call to understand. A good CPA will not only be your advisor but your teacher as well to understand your business taxes. {disclaimer this is not tax advise please consult with your tax advisor}😉😆✌🏽
Miko and Ryen, Hi ladies!!! Michelle here! 🥰👋👋 I just wanted tonlet you ladies know that there are some Bogus replies on RUclips. I've gotten them from other accounts, but today I got two from TBM RUclips. I just wanted you to know ASAP, If you got hacked. 💙💜💙
Do you recommend maximizing out on your 403b contribution before putting money into other after tax investments even if the rate of return might be lower with 403b?
So for the total savings each month that you added as part of your income. Is that the amount you put into sinking funds and such. I’m a little confused
Hi Miko, How do I categorize a roommate's share of rent and utilities? He transfers me the amount and I pay the landlord. Is that my "income"? Also we half the utilities so, do I put down "My" share of the utilities? Thanks!!
I’m struggling with including sinking funds into my income and savings numbers. I feel like it skews them i.e. jncome is double counted for sinking funds and savings includes money that I’ve already spent. I’m not sure if I’m thinking about it the right way. @The Budget Mom
I agree with you. It’s not the correct accounting method. It should be a transfer of funds/assets, rather than savings if for sure that money will be spent. It’s just a holding account to be deployed later. But I understand why TBM does it her way, it makes sense and works for her specifically. Try it her way or try it your own way and see what makes the most sense to you. Don’t let this one issue prevent you from powering forward with your tracking.
@@thejusticejen thanks. I have developed schedules using her ways but as I’m analyzing the data/percentages i can’t get past so I’ll recalculate the percentages based on an updated income amount (excluding the sinking funds used). It’s all in excel so it should be easy. I just wanted to be sure I was thinking about it correctly.
I agree… I don’t count sinking funds in my savings numbers… especially if it’s money I plan to spend soon. I have an “emergency fund” sinking fund and obviously, any time I add to that, I do count it as that’s not money I plan to spend. But typically.. I don’t see the purpose of counting SF like xmas, birthdays, car insurance etc. You’ll just be spending it, so it defo skews your numbers 💕
Where would you put your real estate investments ( home (s)) in the yearly balance? I added a row but I noticed Miko that you didn’t add your home as part of your net worth. Why is that?
Unfortunately I found TBM after investing in a different planner system. I'm not sure if I want to start over with the BBP workbooks now or wait till 2022. Anyway, curious what worksheets would be most recomended to pair with my current planner?
Prioritize what is important for you. Some of my sinking funds are necessary - eg, I do a sinking fund for auto insurance that comes due twice a year - its not optional. If you had property taxes, a sinking fund that you contribute to with each paycheck, makes it easy to pay the taxes when they're due. Other sinking funds like for a new computer, birthdays or holidays, vacation, etc are optional. You could decide to not contribute to them at the moment. You could consider trying to find things to sell on Mercari or Ebay or Craigslist, getting a side hustle (eg money for babysitting for a friend) or part time job, doing a savings challenge (saving from what you budgeted for things like food), see if there are any subscriptions (Amazon Prime, Hulu, cable TV Pandora, etc) you could cancel, etc. I hate having to cut things (and my budget is already pretty tight) so I work aggressively to increase my income every chance I get - esp with overtime or extra shifts, and I have a 2nd job thats part time.
I can understand if you aren’t comfortable answering the question, but how did you achieve such a large net worth bump in February? I thought maybe it was the house but you would have had it in savings before that so that doesn’t make sense. Just wondering how to bump mine 😁
Her business paid for her house. She separates her business’ worth from what she presents as her personal net worth. She is worth millions as an influencer.
I’m struggling to close out my budget every month. My husband and I are both making purchases and I feel like I’m struggling to track our expenses even though I’m only using my cash envelopes. It’s the 16th of Jan and I haven’t written anything down yet! Not a good way to start the year. Should I try and go back and track what I have receipts for or start from here and try to be better going forward? How do you guys track your spending? Daily, weekly etc?
Start today. Write down from today on? I started the TBM journey have way through August 2020 and used papers I had laying around at home till I could use TBMs papers. I try and track and record everyday, I've realized if I don't sit down every day whether in the morning or in the evening, I forgot a purchase here or there then I am off with my numbers. It only takes me a few mins everyday to check on it. You can do it. Start today and sit down 10 mins everyday and check on you're numbers 😊😊😊
@@jennnance867 I have an easier time with the cashless envelope method because then I can just transfer my transactions into my excel file (I do use the budget moms method but I made my own spreadsheet so it automatically calculates everything for me after I put in my values)
I love this I just found your RUclips page and I want to start watching a lot of them but one thing I noticed on your 2020 year review is insurance is that car insurance property insurance or health insurance? Do you have any suggestions how to get/pay for affordable health insurance single mom with five kids?
It’s roughly $102/week with 2-3 people. For 3 people that’s $34/person/week. For 2 people it’s $51 per week. & remember that not only does she have dietary issues to work with but also, MOST people (especially in the US) spend at least $600-1200 per month for only 2-3 people. It’s not as extravagant as you think. Could it be lower? Yes. But per US government grocery/food budgets are concerned… it’s definitely between the “thrifty” & the “low-cost” food budget. fns-prod.azureedge.net/sites/default/files/media/file/CostofFoodMay2021.pdf
Ummmm...didn’t she give Ryan like a $4000 Christmas bonus? I think she takes good care of Ryan. My job doesn’t give me bonuses or mileage....well I did get a $50 grocery store gift card.
Ryen- you didn't calculate the percentage, but you put 32% of your income to debt!! That is incredible!! Congrats!
LOVE THIS!! Thank you!
@@thebudgetmom Right!? Imagine how much extra cash she's going to have for investments, a house?, new car?, etc when she is done with this short debt "season" of her life!!
What is the formula to use to check the percentage??
@@aileenortega6761 The percentage is the amount she put towards debt divided by her total income x 100%. In this example, Ryen put $13,087 towards debt. Her total income was $40,210. 13,087/40,210 is 0.32546630191. 0.32546630191 x 100% = 32.5%. (I rounded off the numbers)
Wow!!! Amazing!
I feel very fortunate to find your videos at 23! You are setting me up for financial success in my life! I sent in my real life budget but either way you have been so helpful ❤️
That's so awesome you've taken such a keen interest in personal finance at an early age! Once you start to see how compound interest and the power of saving/investing becomes a wind at your back, your future self will be so appreciative! Way to go for being on the ball Tierney! 😊
I know this is an old video, but I want to express my Thanks! I'm 56 years old, my children have grown and now I have grandbabies! I have tried so many methods. Even D. Ramsey. It was hard! I just couldn't stick with it! I am so greatful of finding your video's. I'm in tears trying to write this to you... Anyhow, I purchased the workbook and been diligently tracking my spending every day and couldn't wait till the end of the month reconciliatiation. I Think things will get better. This is the only method that I have faithful stuck to, and excited about tracking my spending, as well as throwing extra money at Debt. Thank You from the bottom of my heart Miko!!!!!!
This really highlights how awesome it is to not have a house payment - it allowed Miko to save 43% of her income!
Seeing the two different perspectives is so helpful! I just found TBM in July and finally feel good about the process going forward. Can’t wait to see my results this time next year!
Looking back is such an eye opener! I started your program in May of 2020. Looking back at my savings in January last year vs. this year is night and day. I am so grateful.
Way to go Shonya! It's so important to celebrate the progress made along the way! You should be proud of the hardwork you've put in! Hope that momentum keeps on going! 😊
You are such a good teacher, Miko. It is such a gift.
Yesssss i love year end recaps! They are so telling!
Ryan followed Miko before working with her? That's cool! I could NEVER, I would be fan girlying! 😆 and embarrassed of my bad spending habits. 🙈 she would be like.... I thought you followed me but it doesn't show 😂
Come through with the knowledge, Miko and Ryan! These videos make budgeting seem less daunting. Thanks, Ladies!
You both did so well!!! Ryen, I'm especially proud of your numbers. You put SO much towards debt and savings. Awesome job!
Great video! And MIKO, thank you for being so open about money, budgeting and investing! I think you're the only female I watch that really discusses this (besides the other big names out there). Money is not openly spoken about and still taboo to teach others. But I have learned so much through you and as a young female adult navigating money I thank you!
I love this!! Its so cool to see your year in review. I started hardcore budgeting/saving/paying off debt in 2020 so 2021 is going to be my first full year doing an overview. I’m so excited!
Hey Ryen....time to step up and ask for a gas or travel allowance!! :O :) Keep up all the great work ladies. I just love the videos, all very inspiring to us all.
Ah never been this early!! I love how you guys do this every month to show how it changes!!
I love this video!!! I’ve been following for a long time now and I think it is one of the best informative videos yet. You and Ryen compliment each other well and I love how you show that it’s “ok” for Ryen to do her end of year recap how it works for her. As a business owner of a sub-chapter S corporation - I’ve learned so much from you. Thank you for sharing so much of your knowledge and personal budget to help with understanding. 😊
This was so inspiring I can’t wait to be able to do this at the end of the year.
OMGosh! Ladies. I love this. I am BRAND new at this and can't get enough! What I've decided to do and this is my "nerd" OCD - I have recreated every form in the BBP workbook in Excel. So I fill out the workbook (The rough draft) and then when it's done and the payments and cash has been allocated I put it in the excel spreadsheet. It's like the "final copy". It has all sorts of formulas that add and subtract automatically. I've also recreated the month-end sheets. All of them are connected with formulas so that if a number is changed it changes on the corresponding worksheets as well. I told you I'm a nerd. :D
I'm still in college so I don't have a lot of expenses I'm responsible for, but I track my spending using one excel sheet where I can see how my finances change over the course of 1 year.
I really appreciate these videos. It shows me what's possible. So thank you!
I am so glad that found ur channel. I have seen several budgeting and cash envelope stuffing videos but they don't really go in details on how and why they do it. I am new to budgeting and plan to start in 2022. Keep the videos coming
You ladies are AWESOME!!! Thank you for sharing and your transparency into your personal budgets. It’s very helpful for me when doing my budget. Mini can you do a in-depth budget video like you used to do - I am debt free and looking for next steps. Thanks
Thank you Miko and Ryen!
Great advice in this video. I am going to combine both your methods and create a excel spreadsheet with monthly amounts and end of year formulas and graphs. My organization nerd is getting excited.
such a good way to start the year and see what you need to improve and celebrate the wins!
I think its very practical that you do not share your buisness info.. thats private and no ones buisness.. I personally think your amazing for sharing your personal budget.. i dont have a problem sharing mine either when im helping people budget themselves.. and thats what your doing.. i actually love what you have going on with your budget tips and im stoked for 2021 because it will be my first year tracking my spending and not just breaking down my checks.. i just opened a TSFA in 2020.. so itll be interesting to see my numbers laid out differently
Love to see that overview! 👌🏻 Already started tracking 2021 👩🏻💻
2020 was the first year I kept track of all my finances and it’s been so interesting going back and reviewing them! I really feel like 2021 is going to be a great financial year!
Hi Miko, Love what you do and have been following you for 2 years now. Hands down you have changed my thinking about the money I earn and it has helped me improve different kind of personal and financial relationships. I wanted to ask if you could make a video about what house expenses we should be looking at when planning to buy a house.. I understand its not just the one time cost but also yearly cost we have to pay once we buy the house. How do we manage or tackle these yearly expense and not feel over whelmed.
Well done ryan and niko... this my favourite video every year.. it’s brilliant to know when you have taken control of your money ... it’s great.. I love it... feel satisfied I am two years controlling my money and life... well done guys ... ashling ... ireland 🇮🇪
Can you Please get into more detail on how to keep personal and business spending and tracking separate like you briefly explained it was very interesting but confusing. Thank you for sharing your videos keep them coming!
Blessings to you and your family!
Love this video! I spent around $3,200 last year in food and that seems high to me for one person. This is my first year using the workbook, can’t wait to see these trends at the end of the year (2021).
Proud of you two! Congrats on reaching the $1M net worth mark. Well done, well deserved. Thank you both for sharing your numbers and working through the logic and intentions with your numbers. It’s very motivational. I’m in full agreement about not discussing the business income, there’s IRS reasons for keeping that private as well (not that we would suspect any shenanigans). I have a high income so I don’t pay much attention to paydays or how easily I swipe those credit cards (shame on me), but I’m going to start tracking to see where I’m being wasteful. I like the smaller monthly workbooks, very portable and each month will feel like a fresh start.
Thank you for posting this video. This will help me on closing out my 2020 year budget. I'm looking forward on how Miko scan in her bbp files at the end of year video. This will help me to finish out my 2020 year.
“When the student is ready, the teacher(s) will appear.”
Indeed! I have been dreading trying to use another budget sheet that doesn’t click for my household. Found @The Budget Mom Saturday and I have been in binge mode. Your budget and meal prep approach are speaking to me. 👏👏👏👏🙋🏻♀️💃🏻💰💰💰
I look forward to you videos. I am two weeks into my BBP and I love it
I would suggest to you to watch the beginning vedio they will help you alot.
Hi Kumiko, please don't hate me for this but I wanted to say: I've stopped budgeting. I've been budgeting for 5 years (I'm a 28 y/o German) and I loved it, it helped me a lot especially when I had my first job where I didn't earn much. My financial situation since Corona has changed a lot, I have decided to sell my house and to move into a small appartment. Some weeks after that, I've noticed that budgeting stressed me out. Even the thought of it just made me go crazy. And so I've decided to stop it. Honestly, it feels so good to not being "forced" to do it anymore. I 'm still frugal and put savings aside every month but I allow myself to not track everything anymore and I ' just doing fine.
I loveeee recap videos! This was so fun! Thanks for sharing 🥰❤️🥰
Hello from Malaysia 🇲🇾👋 I accidentally throw my mini budget book for January - July 2020 😭 so I couldn't make my yearly spending overview. But, I'll start this year and will be scan every monthly budget book so I still can have a copy even after I throw my book 😆 Thank you for the tips, Miko and Ryen!
That's what I'd like to know.... How do you calculate cash and expenses from a debit card together, whether it's an income, expense, or allowance and such!
Great idea Ryen, I am going to staple those worksheets to my Xcel Recap Summary :-) and keep with my tax filings
Great review of spending for the year :)
I need to start doing this!! Loved this!
I was trying to do this but I’m not great with percentages so I usually skip that part. Thanks for providing these printable resources. Oh and I paid off my Discover card in November 2020! Feels amazing. I love my budget worksheet. Can’t budget without them!
Enjoyed this video. I do a yearly summary like Miko's, but on an Excel spreadsheet. I don't, however, do a % breakdown, which is a great idea.
Will you be doing a 2021 yearly review?? I’d
Love to see Ryen compare what she did her first year to the next.
Ryen, where did you get your sweater? Looks great on you.
Loved this ❤
Thank you for doing this - it’s so helpful!
I only had 6 months to go, but it was so eye opening to do this. Ive done it like ryen, this time around. Most of my expenses are fixed so there wasnt a tonne of movement except for xmas.
Miko, how did you account for the "remainder/rollover" amounts each month as it was also one of your budgeting categories.
Hi! I just found your channel! I do a LOT of income/spending tracking as well. Do you separate your miscellaneous from your groceries when you shop? Eg: shampoo, toothpaste,...? Do you separate at the till if you do? Or separate on your receipt afterwards?
YAY! I’m early. Budgeting tonight 🤗🤗
Miko, what is the formula you use to find out your percentages??
Thanks hun
The art of being wise is knowing what to overlook.
ugh!! yes, my house is payed off and I still have so many housing expenses!
Great job ladies!
I would be interested if Miko would do a budgeting program to help small businesses.
YESSSS
Can you start doing these yearly again??? Can you go back and do one for 2022??? I loved this video.
do I include my starting balance (money rolled over from December) in addition to my January income when filling out the spending overview sheet for January?
Can you go over business book keeping and budgeting? (Without sharing your actual numbers)
HI I am just wondering why taxes don't show up anywhere ? Did I miss that in a different place? I am looking at the 2020 budget at # 8:19 Living in Canada now, our tax category is super high, but I lived in the States for 17 years, and still paid taxes. Thanks LOVE these videos.
I struggle with how you calculate your savings and percent saved. It is overstated. Based on how you do it, you'd need to back out the sinking funds as they are spent in order to have an accurate savings number. If you don't do this, the greater the value of your sinking funds the higher your savings percent increases even though you are ultimately spending the sinking funds. For example, if you have 10,000 in investments and another 9,000 in property tax sinking funds, the savings total is 19,000 in your calculation. If you have 60,000 in income the 19,000/60,000 rounds to about 32% savings. If you took out the 9,000 to pay property taxes, it is no longer saved. Per this example you really only saved 10,000 in investments at the end of the year. That calculation would be 10,000/60,000 or about 17%. That is a drastic difference. If you change nothing at least break down the savings into categories so you itemize the sinking funds value. In reality your sinking funds are accruals.
If you’re an s Corp the irs requires you to take a w-2 because you are considered the owner ( shareholder ) and the employee of the corporation. Otherwise the shareholder would take drawings without paying taxes ( some exceptions applies). Ask you’re CPA to give you a quick call to understand. A good CPA will not only be your advisor but your teacher as well to understand your business taxes. {disclaimer this is not tax advise please consult with your tax advisor}😉😆✌🏽
Miko your hair looks so good when its up 😀
Are you going to have 2021 printables or does it matter ? I am looking for the cash envelope break down sheets
question for miko re: net worth. If you paid for your house in cash, how did your net worth jump so much?
I still have to do my yearly overview. This will be my 1st year doing it. I'm both excited and scared! Hahaha 💙💜💙
Miko and Ryen,
Hi ladies!!! Michelle here! 🥰👋👋
I just wanted tonlet you ladies know that there are some Bogus replies on RUclips. I've gotten them from other accounts, but today I got two from TBM RUclips. I just wanted you to know ASAP, If you got hacked.
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@@michellemorales401 thank you Michelle ! Someone created another channel to look like me. We have reported them and that account!
@@thebudgetmom I knew there was something weird! Good catch! 👍
How do you budget when you’re a married couple with distinct bank accounts?
Do you have a recommendation for an easy home scanner for documents and pictures etc.??
The one on my printer is not very good.
Do you recommend maximizing out on your 403b contribution before putting money into other after tax investments even if the rate of return might be lower with 403b?
How do you do this if you budget by paycheck and not by month?
Is sinking funds a part of savings or is it delayed consuming?
What is the page that Ryen is talking about stapling her year calculations to the back of? Is it just a blank, plain white sheet of paper?
So for the total savings each month that you added as part of your income. Is that the amount you put into sinking funds and such. I’m a little confused
Very interesting, but where is your line item for property taxes?
If I remember correctly -its part of her savings/sinking funds on her budget worksheets
Hi Miko, How do I categorize a roommate's share of rent and utilities? He transfers me the amount and I pay the landlord. Is that my "income"? Also we half the utilities so, do I put down "My" share of the utilities? Thanks!!
How is there no housing cost? Even if the house is paid off, aren’t there property taxes?
what is the code to access the free stuff?
I’m struggling with including sinking funds into my income and savings numbers. I feel like it skews them i.e. jncome is double counted for sinking funds and savings includes money that I’ve already spent. I’m not sure if I’m thinking about it the right way. @The Budget Mom
I agree with you. It’s not the correct accounting method. It should be a transfer of funds/assets, rather than savings if for sure that money will be spent. It’s just a holding account to be deployed later. But I understand why TBM does it her way, it makes sense and works for her specifically. Try it her way or try it your own way and see what makes the most sense to you. Don’t let this one issue prevent you from powering forward with your tracking.
@@thejusticejen thanks. I have developed schedules using her ways but as I’m analyzing the data/percentages i can’t get past so I’ll recalculate the percentages based on an updated income amount (excluding the sinking funds used). It’s all in excel so it should be easy. I just wanted to be sure I was thinking about it correctly.
I agree… I don’t count sinking funds in my savings numbers… especially if it’s money I plan to spend soon. I have an “emergency fund” sinking fund and obviously, any time I add to that, I do count it as that’s not money I plan to spend. But typically.. I don’t see the purpose of counting SF like xmas, birthdays, car insurance etc. You’ll just be spending it, so it defo skews your numbers 💕
Where would you put your real estate investments ( home (s)) in the yearly balance? I added a row but I noticed Miko that you didn’t add your home as part of your net worth. Why is that?
I would love to see yearly overviews for the past 5 years. 😊
Unfortunately I found TBM after investing in a different planner system. I'm not sure if I want to start over with the BBP workbooks now or wait till 2022.
Anyway, curious what worksheets would be most recomended to pair with my current planner?
You could always start with her free resources that’s what I did !
I picked up a spiral notebook and wrote out the worksheet template to grasp the concept then bought the planner when it pre-sold.
What if there isn't extra money for the sinking funds right now?
Prioritize what is important for you. Some of my sinking funds are necessary - eg, I do a sinking fund for auto insurance that comes due twice a year - its not optional. If you had property taxes, a sinking fund that you contribute to with each paycheck, makes it easy to pay the taxes when they're due. Other sinking funds like for a new computer, birthdays or holidays, vacation, etc are optional. You could decide to not contribute to them at the moment. You could consider trying to find things to sell on Mercari or Ebay or Craigslist, getting a side hustle (eg money for babysitting for a friend) or part time job, doing a savings challenge (saving from what you budgeted for things like food), see if there are any subscriptions (Amazon Prime, Hulu, cable TV Pandora, etc) you could cancel, etc. I hate having to cut things (and my budget is already pretty tight) so I work aggressively to increase my income every chance I get - esp with overtime or extra shifts, and I have a 2nd job thats part time.
I can understand if you aren’t comfortable answering the question, but how did you achieve such a large net worth bump in February? I thought maybe it was the house but you would have had it in savings before that so that doesn’t make sense. Just wondering how to bump mine 😁
Her business paid for her house. She separates her business’ worth from what she presents as her personal net worth. She is worth millions as an influencer.
I’m struggling to close out my budget every month. My husband and I are both making purchases and I feel like I’m struggling to track our expenses even though I’m only using my cash envelopes. It’s the 16th of Jan and I haven’t written anything down yet! Not a good way to start the year. Should I try and go back and track what I have receipts for or start from here and try to be better going forward? How do you guys track your spending? Daily, weekly etc?
Start today. Write down from today on? I started the TBM journey have way through August 2020 and used papers I had laying around at home till I could use TBMs papers. I try and track and record everyday, I've realized if I don't sit down every day whether in the morning or in the evening, I forgot a purchase here or there then I am off with my numbers. It only takes me a few mins everyday to check on it. You can do it. Start today and sit down 10 mins everyday and check on you're numbers 😊😊😊
@@KimEsCreations thank you - I’ll start today. Progress over perfection right!?
@@jennnance867 I have an easier time with the cashless envelope method because then I can just transfer my transactions into my excel file (I do use the budget moms method but I made my own spreadsheet so it automatically calculates everything for me after I put in my values)
@@rinanova1463 Thank you Rina. I was thinking some similar to that for my bank account but I need to cash envelopes to get my financial life on track
@@theblackfinancialchannel6514 oh no Miko did you get hacked?
I love this I just found your RUclips page and I want to start watching a lot of them but one thing I noticed on your 2020 year review is insurance is that car insurance property insurance or health insurance? Do you have any suggestions how to get/pay for affordable health insurance single mom with five kids?
I have 5 kids as well. Have you checked to see if they’re eligible for CHIP?
My insurance includes home, auto, medical
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Does your savings total include sinking funds you spent through out the year? I am assuming so; I am having a hard time grasping how that is figured.
I don't understand how you "spend so littke" on food. That is an extravagent amount.
It’s roughly $102/week with 2-3 people. For 3 people that’s $34/person/week. For 2 people it’s $51 per week. & remember that not only does she have dietary issues to work with but also, MOST people (especially in the US) spend at least $600-1200 per month for only 2-3 people. It’s not as extravagant as you think. Could it be lower? Yes. But per US government grocery/food budgets are concerned… it’s definitely between the “thrifty” & the “low-cost” food budget.
fns-prod.azureedge.net/sites/default/files/media/file/CostofFoodMay2021.pdf
Hopefully she pays Ryan the mileage to drive out to her house
Hey is everyone getting a hack telling you to buy bit coin... I don’t believe this is niko be careful...
It is not me!!! Working on this now!!!
I got this post too. I finger it was a hacker so I sent a message to Miko about it. ♥️
@@valeriebabbe7681 Thank you!
Hope she pays Ryan mileage from TBM office to Kumikos house
Ummmm...didn’t she give Ryan like a $4000 Christmas bonus? I think she takes good care of Ryan. My job doesn’t give me bonuses or mileage....well I did get a $50 grocery store gift card.
All mileage is reimbursed for Ryen. This is optional for employers, not a law. I do it for any driving Ryen does during working hours for me.
@@thebudgetmom thanks for the reply. I love your mission and products. Honestly you probably take better care of your employees then most employers 💙