Making A Bare Essentials Budget (And Why You Need One)
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- Опубликовано: 23 янв 2025
- Learning how to budget your money is essential. And yes, you need to keep two budgets in mind: your normal budget and your bare essentials budget. This video teaches you all about a bare essentials budget, why you need one and how to create your own. Grab your free bare essentials budget guide here: onebighappylif...
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We are Tasha & Joseph a millennial couple balancing kids, jobs, money, and life.
One Big Happy Life is our website which focuses on creating a life you love by finding the right balance between your personal and financial goals.
Life isn’t just about one thing but money touches on just about everything. Personal finance doesn't have to be complicated or overwhelming.
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One Big Happy Life I just downloaded. I am looking forward to it.
Thanks for posting. This is our reality these days with my wife loosing her job in December and me being made redundant in January. We now focus on health and frugality. Health is wealth in the long-term so we only eat plants, non-processed foods and no oils or sugar. Food bills are incredibly low. I excercise hard most days and we walk our dogs a long way every day. Our mind set is to come out of this tricky period better physically and mentally than if a lack of money had not been a problem. Our best wishes go to any of your viewers who face similar challenges in the coming months.
I do the "No Spend Month" every year and refer to it as "Frugal February"!
January and April are our faves for uber frugal months. No birthdays or holidays.😊
This is such a great idea!!! 🤓💕
SugarMama/Canna Campbell!
I am going to try the "no spend month."
How does it work? Do you not spend on anything like groceries etc or not spend on anything other than essentials?
You briefly touched on this, but it is so important: preparing for possible job loss or disability! Both of my parents have had serious health issues in the last few years, and at different points in time, they had to take a break from work. They both had disability insurance and had spent decades building up their retirement & emergency funds, so they were able to weather the storm. The experience really had an impact on me. I actually created a "bare essentials" budget to figure out how much money I needed to survive, and the exercise was very calming. I realized I could live on very little, if the circumstances called for it :)
I've been listening to a former traveler agent that constantly preach that you can go anywhere in the world as long as it's on sale. Your trip to Singapore is a perfect example of that concept. I always enjoy your informative videos.
So happy that you guys talk about a year spending plan and savings - the $1000 Dave Ramsey plan just hasn't been realistic since at least 2010.
And even then it wasn't enough..
I wanted throw in medical bills. Many people are drowning in medical debts for various reasons. Mostly due to no and/or inadequate medical insurance or job loss. A good friend of mine works in hospital and medical center billing and told me that regardless of the amount, if you contact the medical provider and set up a payment plan, they cannot turn your account over to collections. Not sure how this varies from state to state or facility to facility but this tidbit helped my sister when her spouse was battling cancer and lost his job but the bills were still piling up from chemotherapy. At one point they were literally paying $10/20 monthly until they got back up on their feet financially.
Everything is negotiable--even federal and state debts.--Tasha
As a healthcare worker, this always breaks my heart. Thanks for shining light on this very real problem. I would also encourage people who are uninsured or underinsured to check out needymed .org which has a database of low-cost and sliding-scale clinics. A great resource if you need primary care, mental health care, and more. Stay safe & healthy, friends!
Also I would add some hospitals have their own charity programs that may wipe out all or some of the balance.
I am grateful to live in a country with universal health care.
Having 6 months of bare essentials stashed away in the bank is such a good feeling! I can sleep like a baby at night knowing that I'll be able to handle any emergency, should it come up.
I use your 1 year spending budget and it is awesome. I don't understand how someone could put thumb-down this video - your advices are great.
I love how you guys talked about the inherent flexibility of federal student loans, as the past few months have proved, federal student loan debtors are becoming a constituency who can demand protection (like farmers or the defense industry) its why despite my high credit score and relatively high income, I’ve not privatized mine.
Hello Tasha and Joseph,
Thank you so much for all of your work. It has been so helpful to me. You are so smart and informed. I am Deaf, and I do my best to lipread and hear what I can (which is helped because you both speak clearly and the camera stays still) but I don't catch everything. I would love to share your channel with my Deaf friends because I think it would really benefit them. Would you consider captioning your videos for accessibility? Thank you!
Dont know if you get it. But youtube sometimes offers auto generated captions
Im doing bare bones budget but still pay on my student since its going to principal.
That's an awesome idea. Most people that are on the journey to early retirement tend to have very tight budgets already but it's really cool to put a name to the practice!
Thank you for this insightful and super helpful video you two!! Being proactive definitely tames the fear of this whole pandemic situation. Always look forward to your videos! Keep up the good work!
Love this idea and the idea of a no spend month i think ill try that soon. Maybe November or September.
i find out in the next week or so if i still have a job, so this is very timely lol working on this tonight
You guys are the best thanks heaps for all your great info as always
I really like the way you (Tasha) speak ... Lovely😊
Your channel is awesome! Thank you x
Yay a new upload! 🙂thanks guys!
This was super helpful! Thanks guys! :D
Great idea guys!
I have my emergency fund but them I have a er fund called "bills" so far I have 2 months of my bare bones expenses car/rent/food/gas/insurances
I also have a bills sinking fund. Im not paying bills yet and when i want to pull from that and keep it funded monthlywith minimal funds
OMG! Thanks 💚🤍💜♥️
You're so welcome!
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