To anybody who's reading this, I pray that whatever is hurting you or whatever you are constantly stressing about gets better. May the dark thoughts, the overthinking, and the doubt exit your mind. May clarity replace confusion. May peace and calmness fill your life. ❤🧘♂
Just wanted to say that RUclips recommended me this out of nowhere, I loved the video, really impactful, I was surprised by the low views, but this will definitely blow up sometime. Keep at it chief.
Same here, In my case I love budgeting. It's something that I wish where I came from will learn about in my 18s when I start earning money, it's been save me a lot of $$$. For me budget allows me that after all the money that's needs to be in theres place and all extra I can spent in whatever I want without any worries.
Took me 6 months to get my budget right. Set your short to mid terms goals, set a long term goal. Also knowing that if i save $1500 a month for 5 years, that’s $90000. That did the trick 👍
Single mom here , just wanted to thank you for this 🙏, I woke up feeling super discouraged today about why it hasn’t been working out for me . So thank you much appreciated.
Thanks! Take aways -Ask yourself why you spend that way and try to improve -Analyze and look at your budget one at a time and not all at once ie. food budget -Set goals for financial freedom Thanks so much! What an eye opener!
Budgeting has always worked for me. I think it’s because I was taught that ushering is a plan than comes from a full review. It just comes does to awareness of incoming and outgoing money as well as how and why you are doing what you’re doing. Tracking it allows you to SEE where your money is going. Then you can have those conversations with yourself to start working on your habits. It isn’t that budgets do not work, it’s just that many people think it’s just the step of allocating money into buckets as opposed to considering it a piece of a whole pie. Tracking expenses, documenting spending habits and creating a spending plan is all part of the same thing process.
This is great advice. I think this is a similar concept with discipline yourself to stop sinning vs healing the root of the sin in your heart to stop sinning. Discipline is important but we all get tired and mess up again eventually. However, if we uproot the root reason for our bad actions, the compulsion to do that bad behavior is gone and doesn’t require continuous effort to control (although I’m sure the enemy will still come back occasionally to try to re-ensnare us in the same sin so don’t every completely put your guard down). Good job.
I really like the points raised - it’s important to know where you’re at before you can grow and measure your progress. However what I didn’t quite get is where he mentioned that he resented the mom for not giving him financial education. Simply put the mother could not have given what she didn’t have - if she was a financial advisor and chose not to pass that knowledge unto the child then that’s a different story.
Exactly. I have started working with a financial services company because I want to learn and be able to teach my daughter how to be better financially than I ever have been.
His whole point in bringing up the resentment against the mother was to show an example of feelings that we need to come to terms with and let go of, to find a way to empathize with someone else's situation.
He didn't say he resents his mom, he said that at one point he did until he acknowledged why she didn't. For me, I took it to mean doing some self reflecting. Sometimes we continue to hold onto ways of thinking without realizing that our reasons have changed.
Spot on. Budgets trigger a rebellious streak in me. Like, I work 60 hours a week, don’t tell me what to spend on my groceries!! But tracking is more freeing, I can kinda gamify the process. I spend x amount last week? Lets see if I can beat those numbers. At the end of the day it’s about what works…
But who is telling you what to spend your money on? You are making your budget, you decide where to spend your money. That's literally all a budget is, and plan YOU make for YOUR money.
Thank you for this video… it had me in tears! I’ve never heard some of the things you touched on in this video. You truly have a heart to help people. Not just financially but from within… their heart. My sisters and my brother were not taught how to manage money. My mom was the provider and my dad was home with us kids. They both managed those positions well. But… my dad was the spender. Splurged on unnecessary things and we were always struggling. Even if he had a dollar, he wanted to hurry and spend it. I can say for myself, I’ve been there done that. It has messed me up! It’s taken years to get out of that. I’m wanting a better and healthier way to manage my finances. This I know is gonna help my family. I’m gonna share it with them and have it be a discussion. And inventory on how we are and why we do the things we do. Thank you again and God bless you! 😊
Feel sad that my father was good with money. He had many homes and he never taught me anything about money. I miss out on being financially educated. I learned the hard way. Now I’m more aware and learned by reading a lot of books about money , budget and frugal ways to have what you need and be debt free. Thank you for your video. It’s good and honest.
Thank you for your help. I agree with you! I have been using a household budget for the past three years, but when I started the goal was not to fit into some budget concept. For the first two months all I did was track my spending and notate how much I spend and on what. Then I made decisions about which habits were reflected in my spending that I was going to choose to change. I don’t do the whole guilt thing. I’m just trying to learn about myself. Even some months when I spend more than I initially planned, I absorb it into my budget and give myself a little more latitude the following month. It’s very low stress and It’s improved my financial situation tremendously.
You have a very peaceful energy, it seems we are having a real conversation. Thank you for this advice. I have struggled for my many years, I did budget before a lot or at least used it more of a guideline. I hate living check to check and I havent been that way in a long time but I foresee soon I may, I'm just finishing my degree and will have to pay back loans soon. This year I started saving receipts for groceries every month to see where my money is going but I need to work on that for other 'wants' b/c they may be more draining sometimes. I have done better with saving in two seperate savings accounts but I will learn to do better at it, but recognize if I slip up not to be so hard on myself and start again. Thank you and take care.
I think you are really on to something, but I'm a little confused. I just saw your video explaining "how " you quit your jobs and rearranged your priorities, but I missed what exactly you did to replace your income. If you could elaborate on that then I would be so grateful! Thanks for sharing!
That was excellent advise. So much of what we spend can be emotionally charged. Before setting money goals we need to know we we spend what we spend. Expect ally if we are over spenders😶. Lol, I’ve had a budget forever, I recently downloaded mint and a tracking app to daily see my purchases and deduct from the budget I set monthly. I had to make a serious change because our money has had great highs over the past few months, and yet I have no idea where all the extra went?!?😳 that was an eye opener that I need to dive deep into not just my budget but what I’m spending and why.
Great video! I am not a budgeter by any means, I am not a fan, BUT something that I have found very very helpful is paying myself first. I set up 401k contributions and a 15% of my net pay to be put into a separate checking account (that I call berky for the great warren buffer and Berkshire Hathaway) that is only used to fund my Roth IRA. It is worked great for me! Then bills and everyday spending comes out of my main checking account. This is an option as well!
I totally understand that fear!!! I find that having a fully stocked mojo fund (emergency fund) really helps that fear of running out! I don’t use credit cards at all any more, but I try and have a months worth of living expenses saved just to help negate that fear and provide financial security. (My plan is to build it to cover 3 months, then 6) I’ve heard it called the Wisdom and Longevity Fund too. Thanks for your channel! New subscriber here!
Single mom here! I get no child support or financial help and do it all myself and I have always done finances this way even before becoming a mom, and it makes a HUGE difference! From my very first month on my own my first job after college--- After seeing what I typically spend I try and set goals like -- I have two credit cards. One for everyday spending and one for amazon prime, and then I make goals to not go over X amount of each one (or combined). I can't make set dollar amount for every month for every category because I'd go crazy/ I'd never hit those goals. It's so much easier this way, and it gives you more wiggle room. I'm also super frugal and I have NO debt except my mortgage. My major goal is to be able to put my kids through college and come out with them having no student debt-- not sure i'lll be able to do it but it is absolutely my goal!
What I frequently heard as a child was "well, we can't afford it, but we'll see" snd I always got it. So the message was even though you can't afford you can have it anyway.
A large behavior is living outside of your means. It’s very difficult for many living in a comparison, material ridden world. I like the idea of tackling one category at a time. On a more impactful scale, tackling the thoughts that underlie behaviors
I like this video. I think the point is to be real and honest with yourself on your spending issues. And taking it a step at a time/ day by day. What I did when I first started budgeting is allowing myself a little extra with each expense. And track that each week to see if I’m going over my budget, if it’s just enough or it’s too much. And then id adjust it. Also keeping a calendar and marking not only my bills but up and coming events allowed for me to be better prepared, if I thought id spend a little more to enjoy my time. Thanks for sharing
Soo good Jer! 👏🏽as for the step of “how can I improve in this area” definitely agree start with one thing at a time… maybe silly to some but proud to say the buying coffee out area has improved already. Coffee at home 🙌🏽 …. Appreciate you and your willingness to share all these vids!!!
I track my expenses on a clean piece of paper for each month. I use 3 columns. Date, details, money in, money out, balance. At the end of each month I compare to my bank account. This helped me see what I did with my money. After 12 months I was able to do a 12 months plan of expenditure for the future 12 months. I totally relaxed and de-stressed. Now the plan pays my yearly bills and what's leftover at the end is what I budget. I am now in control. It took 12 months of recording every cent spent. But we'll worth it.
I like this holistic approach to financial management. You really seem to help people get to the underlying reason(s) why budgeting, saving, etc can be so anxiety provoking and unpleasant.
This was another great video. This is kinda what I did. I still do not budget however starting to track my spending and looking at it realistically ..... then start "cutting the fat". Basically changing the way I spend has helped a ton. Saying "NO" to myself and thinking about purchases (impulse buyer here.....go figure!!!). All of these little tips help and work if you are serious about changing. It is so worth it.
Thank you Jermere. I truly appreciate your message on budgeting. The message was very informative and non-preachy. I appreciate how you got to the root of relationship with money for me it’s survival mode.
I obviously don't know the background regarding your parents' money management but I find it more helpful to understand the societal factors (which could include single motherhood, low paying jobs, consumer culture, etc.) that influence how money is managed in some households.
My mom seems to be in permanent survival mode no matter where she is financially or physically. I feel bad for her but I don’t know how to get through to her to stop letting anxiety and fear run her mindset- bc right now if she’d let those go for just a minute she’d see how far she’s come and how much better off she is rn than she’s ever been before. She doesn’t need to be in survival mode and she doesn’t need to keep spending to keep herself in that mindset either.
Wow! This makes so much more sense! It is so true that if you make a goal for yourself but dont know where you are starting you wont know how to properly plan your goal. Thanks for this video! I track my expenses not my spending (im not that great at it) in an excel spread sheet every month and I always over spend. I think it is mainly on food though. I am defintiely going to try this and see where I can cut back and if I cant then I will work on making more money.
This was super helpful. I never thought about tracking before budgeting. And that makes total sense to dig into the emotional side of it. Thank you and the young lady for sharing.
I just found this video! I’ve been trying to get out of debts but it keeps going up and now I’m stress about it. I just downloaded your guide but will like to coaching section as well. I’ll truly appreciate your support. And thank you so much for putting such a great content out!
Thanks Chantale, happy you're here :) That guide changed my life, I know the steps will give you clarity if you take the time to do it! Wish you the best on this journey.
This is literally what The Budget Mom teaches. Track first, print out last months bank statements and see where your money is going, ie your habits. Be realistic about your habits and change one thing at a time not cold turkey.
I agree. Sticking to the budget is so hard! There are always unexpected things come up! I, for example, didn’t expect to host a dinner for my family that came from Mexico. I didn’t have to but I really wanted to and because I was on a budget and felt like I couldn’t spend family time because of it. So what did I do? I used my credit card! And I don’t regret it!
What about lending habit? I have this habit lending money to friends when they need it, sometime until i dont have money anymore. Recently i did max the limit of money for just lending to people but they were always come with different type of problems that i couldn't resist. Turn out this habit were always my parents habit too but they always advice me not to lend money to anyone, but theyre still doing it. This habit always ruin my budgeting and now here i am watching your video.
Wanted to know what you value, look at how you spend your money, not necessarily your words. I agree that if you can, Jereme’s advice is best. But if you lose one of two incomes, you need to make drastic, immediate changes while following Jereme’s advice. Start big, what can you do with your rent/mortgage to cut costs and then move to the next largest expense and keep going. Ask people good with money for ideas, google articles in each area for ideas, look at cuts as well as increasing your income. If stress makes you spend impulsively, then change your venue of shopping. Try yard sales, flea markets, church rummage while you work on the “why” of needing to shop, to stop doing it. Otherwise, eventually you will destroy relationships, go bankrupt, lose jobs, become a hoarder, all kinds of unpleasant things.
I use Expenses Ok! To track my spending and uploads to a financial pie. And most American schools don’t provide Financial education. I had to educate myself in community college. Never looked back
Budget does not keep you from spending. I budget with frugalism. I no more shop. Only if I need. The things you want are not needed. I left behind all luxuries in my life.
We kind of do that. But mostly? We have a big slush fund for emergencies and then if there's something we want either collectively or one of us, we find a way to get it. Like for instance, right now I'm thinking a lot about options and traveling. I refuse to look at covid. It's nonsense so I'm planning life. And I'm looking for income. Because I plan on doing some fun stuff. But not on the money we have. And the money I find for it. That's the one place I would probably differ from you and a few of the others. I don't think you should cut your budget because you don't have enough money. I think you should make more money or find more money so that you can have the things that you want to acquire.
I'm going to start budgeting according to my current habits to build that foundation I need to actually be consistent. if I'm already being consistent in natural habits how can I fail if I plan to do those very things? once I get used to following that budget I'll go one by one and start changing things and over time I'll be where I want to be financially. Nobody ever looked back on their life hating the times they moved slowly and deliberately!
I think there's a piece missing (or maybe I missed it) - it seems spoke with your coaching client about animosity or resentment toward her mother for not teaching her financial skills or demonstrating bad habits that she's now continued in her own life (which is what I think you've described as your own situation and may be projecting a bit onto the client) - BUT, you didn't ask if she felt guilt/shame related to her mom spending money she knew she didn't have just to try to keep them happy and provide what she thought was a happy home and memorable childhood. Also - I know you've come to understand more of your mom's situation and seem a bit more forgiving than I've heard you speak about it in past videos - but remember - you cannot give what you do not have, you cannot teach what you do not know. She likely simply didn't know there was a better/different way - or she did and didn't know how to get there. I like to think we're the generation that breaks the cycle - with no shame, guilt, fear or resentment for those that came before - just total ownership of our own situation and a desire to keep moving forward - your channel is great, and I always find new takeaways from each video. Thanks for sharing. I am definitely the "spreadsheet" devotee, but now you've got me thinking I need to go back to my quicken days so I can get that easier reporting too...hmm...
Thank you Jereme for putting things in perspective. I'm at a point where I need to learn how to work with a fixed very low income due to the Economy. I need to learn that no matter the economy and how sky rocketing high everything is, I can still be able to put at least $5.00 a month for savings. I'm a disabled senior which is also nit a good place to be in, but anything will be helpful.
Loved the suggestion. I am happy to hear just your story. Having an interview with somebody else in between I personally find distracting and making the video longer unnecessarily. Let us know your strategies and perhaps go more in depth... Thanks for sharing.
You can’t teach what you don’t know. Most parents don’t understand money so they can’t teach their children about how to handle money. I’m teaching myself and will reach my own child
My grandma is the same way. She puts everything on her credit card. I was too, but slowly have been transitioning to using a separate spending debit account. It hurts more to see the balance go down and I spend less than before
I think the difference here is that budgeting is simply planning an ideal future, whereas tracking is looking at the past to try and slowly improve the future. I personally think tracking is a more realistic way to improve spending habits than just deciding on an ideal plan that you won't be able to follow.
Um so I think this really comes down to semantics or the title is simply click bait. What you described Jereme is still budgeting. Tracking is a part of budgeting. Tracking is really the first thing you should do. You can't set spending limits until you know how much you are categorically spending otherwise there will be failure, just like you said.
Hey Darius, to you and I tracking may seem obvious. To some it isn’t. Most coaching calls I’m on, people’s tell me they “budget” for the month but do not stick to it and do not even track their spending. So they make a plan, but never track how they are actually doing. Of course, one would feel lost and give up. I may not offer a completely different approach, but it’s less overwhelming and simpler for those who feel guilty or keep letting themselves down. Change doesn’t always happen at once, it’s a process. Some people need small wins and need to build momentum. Small changes over time lead to major shifts.
@@gojereme Hey thanks for the reply. I understand what you are doing now. This is more for those who are not quite where we are in understanding. I do like and agree with what you said in regards to money management is related to behavior and psychology. Money and behavior are directly correlated. The behavior was learned, like you mentioned, from our parents and family which then directly correlates to how we spend and manage our own money. Great video, my reply wasnt meant to be negative. Hope I didn’t come off that way. Keep it up. I enjoy your videos.
I had to look at myself and be honest to much clothing, way to many pair of shoes, and even to much spending on going out and having dinner when I'm actually a pretty good cook and should make dinner at home thank you for this video it just confirmed what I'm working on now thank you again
*Amazing quality information - the money and spending behaviours are a byproduct of your internal beliefs and perceptions about yourself and money and what you value most*
Being resentful towards your parents is pretty unfair. How many things did our parents try to teach us that we didn't really listen to or didn't take seriously until we needed it. And how many of our parents had the knowledge to share with us even if we were interested? Having a healthy savings account would alleviate the fear of not having the money when you need it and budgeting is how you build up that savings account/emergency fund.
Love this! Yes yes yes so true! ♥️ it all goes back to your perception in life and self image, what satisfies you ♥️♥️ Amen! Thank you for this video! God bless you even more my brother 💖
Correction; this is how u start busting. The first month of budgetting is put what u estimate to spend and track it against what u actually spend but keep on mind that u r starting so it will be different from what u estimate and don't beat urself up for it instead have the mindset to improve the next month. Keep doing that until u get to where u want to be. Too many times we have this mindset that if it doesn't work out the first month then it isn't working. Ofc it won't work; it is ur first time. It's like a baby taking their first steps; they take one step then fall but guess what they get back up and try again until they can run!
I do like you say I put everything down what I spend per day or week But I still buy things especially my wife might buy things and just use once not expensive things but that thing it's handy when you want to use it but never do it's put in the cupboard. I bet there are millions of people who do it. But waste is a big problem with people. Control that then it's a saving I know exactly how much I have a month. And know where every coin goes
I always hated a budget but I realized that if I could invest money that I controlled then I could save. I started investing in acorns and then navigated to the stock market. I saw gains much greater than a savings account or a 401k. Then I started seeing that I could be debt free much clearer than budgeting. Now I am on the road to freedom. I have enough to pay all but my house off but the money I earn in investing is greater than my interest. One day I will have enough to pay my debt off and continue to invest with enough to live on. I have more hope than ever with my finances. I truly rely on God for my journey and give Him the glory. Reading His word has guided me through this process.
WOW It took me years to do the oppiste of my parents. Also learning from hitting rock bottom and living on the street as a result of changes in my life that left me in severe debt with no money to live on while I paid my debt taught me soooo... much. I am now very comfortable with no debt I own my own home, car and no debt. I owe noone. Experieces teach us well.
Instead of trying to budget for the entire month, I try to go paycheck to paycheck. It does take more 5 minutes but it will hold me more accountable and responsible.
I realized that I was spending to "give" myself something saying I deserve this then I realized it was my emotions tricking me. Now before I buy I think do I "deserve " credit card debt! Spending is ALL emotional.
This is exactly why I use ynab. I do get to make a budget but I can adjust it throughout the month to fit my needs. It tracks all my expenses for me and I think their 4 rules line up with what you are saying.
@@gojereme there is a learning curve for sure! Once I got over that bump it has been the best for my finances! My husband and I feel like we have control over our money and habits because there is a way to visualize it!
@@erakkovaatainen148 I pay for it yearly. I had it for free for a year due to being in college so I have never known YNAB to not be 98.99/yr. Still completely worth it in my opinion!
To anybody who's reading this, I pray that whatever is hurting you or whatever you are constantly stressing about gets better. May the dark thoughts, the overthinking, and the doubt exit your mind. May clarity replace confusion. May peace and calmness fill your life. ❤🧘♂
Thank you
Just wanted to say that RUclips recommended me this out of nowhere, I loved the video, really impactful, I was surprised by the low views, but this will definitely blow up sometime. Keep at it chief.
haha..dont you just love when the algorithm nails it? Glad you enjoyed the video. Thanks 🙏🏽
Same here!
Totally agree!
Same here,
In my case I love budgeting. It's something that I wish where I came from will learn about in my 18s when I start earning money, it's been save me a lot of $$$.
For me budget allows me that after all the money that's needs to be in theres place and all extra I can spent in whatever I want without any worries.
Took me 6 months to get my budget right. Set your short to mid terms goals, set a long term goal.
Also knowing that if i save $1500 a month for 5 years, that’s $90000.
That did the trick 👍
INVEST!!!!
It will be much more.
Some people don’t even make $1500 a month
@@jrjr648ok then, save $150 per month in that case. Or $15 per month...
@@jrjr648that’s literally not true. In the US, minimum wage is 7.5 which is 1680 a month…
Single mom here , just wanted to thank you for this 🙏, I woke up feeling super discouraged today about why it hasn’t been working out for me . So thank you much appreciated.
You got this, Susy! :)
Thanks!
Take aways
-Ask yourself why you spend that way and try to improve
-Analyze and look at your budget one at a time and not all at once ie. food budget
-Set goals for financial freedom
Thanks so much! What an eye opener!
Budgeting has always worked for me. I think it’s because I was taught that ushering is a plan than comes from a full review. It just comes does to awareness of incoming and outgoing money as well as how and why you are doing what you’re doing. Tracking it allows you to SEE where your money is going. Then you can have those conversations with yourself to start working on your habits. It isn’t that budgets do not work, it’s just that many people think it’s just the step of allocating money into buckets as opposed to considering it a piece of a whole pie. Tracking expenses, documenting spending habits and creating a spending plan is all part of the same thing process.
This is great advice. I think this is a similar concept with discipline yourself to stop sinning vs healing the root of the sin in your heart to stop sinning. Discipline is important but we all get tired and mess up again eventually. However, if we uproot the root reason for our bad actions, the compulsion to do that bad behavior is gone and doesn’t require continuous effort to control (although I’m sure the enemy will still come back occasionally to try to re-ensnare us in the same sin so don’t every completely put your guard down). Good job.
Definitely a similar concept! Thanks!
I really like the points raised - it’s important to know where you’re at before you can grow and measure your progress. However what I didn’t quite get is where he mentioned that he resented the mom for not giving him financial education. Simply put the mother could not have given what she didn’t have - if she was a financial advisor and chose not to pass that knowledge unto the child then that’s a different story.
agreed
Exactly. I have started working with a financial services company because I want to learn and be able to teach my daughter how to be better financially than I ever have been.
His whole point in bringing up the resentment against the mother was to show an example of feelings that we need to come to terms with and let go of, to find a way to empathize with someone else's situation.
He didn't say he resents his mom, he said that at one point he did until he acknowledged why she didn't.
For me, I took it to mean doing some self reflecting. Sometimes we continue to hold onto ways of thinking without realizing that our reasons have changed.
Spot on. Budgets trigger a rebellious streak in me. Like, I work 60 hours a week, don’t tell me what to spend on my groceries!! But tracking is more freeing, I can kinda gamify the process. I spend x amount last week? Lets see if I can beat those numbers.
At the end of the day it’s about what works…
I like your attitude! I will try that method too...Blessings to you gabzz,
But who is telling you what to spend your money on? You are making your budget, you decide where to spend your money. That's literally all a budget is, and plan YOU make for YOUR money.
Love this! They're called spending HABITS for a reason. It's so hard to change one habit much less a whole lifestyle all at once.
Exactly, Austin!
Thank you for this video… it had me in tears! I’ve never heard some of the things you touched on in this video. You truly have a heart to help people. Not just financially but from within… their heart. My sisters and my brother were not taught how to manage money. My mom was the provider and my dad was home with us kids. They both managed those positions well. But… my dad was the spender. Splurged on unnecessary things and we were always struggling. Even if he had a dollar, he wanted to hurry and spend it. I can say for myself, I’ve been there done that. It has messed me up! It’s taken years to get out of that. I’m wanting a better and healthier way to manage my finances. This I know is gonna help my family. I’m gonna share it with them and have it be a discussion. And inventory on how we are and why we do the things we do. Thank you again and God bless you! 😊
Feel sad that my father was good with money. He had many homes and he never taught me anything about money. I miss out on being financially educated. I learned the hard way. Now I’m more aware and learned by reading a lot of books about money , budget and frugal ways to have what you need and be debt free. Thank you for your video. It’s good and honest.
Thank you for your help. I agree with you! I have been using a household budget for the past three years, but when I started the goal was not to fit into some budget concept. For the first two months all I did was track my spending and notate how much I spend and on what. Then I made decisions about which habits were reflected in my spending that I was going to choose to change. I don’t do the whole guilt thing. I’m just trying to learn about myself. Even some months when I spend more than I initially planned, I absorb it into my budget and give myself a little more latitude the following month. It’s very low stress and It’s improved my financial situation tremendously.
You have a very peaceful energy, it seems we are having a real conversation. Thank you for this advice. I have struggled for my many years, I did budget before a lot or at least used it more of a guideline. I hate living check to check and I havent been that way in a long time but I foresee soon I may, I'm just finishing my degree and will have to pay back loans soon. This year I started saving receipts for groceries every month to see where my money is going but I need to work on that for other 'wants' b/c they may be more draining sometimes. I have done better with saving in two seperate savings accounts but I will learn to do better at it, but recognize if I slip up not to be so hard on myself and start again. Thank you and take care.
I think you are really on to something, but I'm a little confused. I just saw your video explaining "how " you quit your jobs and rearranged your priorities, but I missed what exactly you did to replace your income. If you could elaborate on that then I would be so grateful! Thanks for sharing!
That was excellent advise. So much of what we spend can be emotionally charged. Before setting money goals we need to know we we spend what we spend. Expect ally if we are over spenders😶. Lol, I’ve had a budget forever, I recently downloaded mint and a tracking app to daily see my purchases and deduct from the budget I set monthly. I had to make a serious change because our money has had great highs over the past few months, and yet I have no idea where all the extra went?!?😳 that was an eye opener that I need to dive deep into not just my budget but what I’m spending and why.
Great video! I am not a budgeter by any means, I am not a fan, BUT something that I have found very very helpful is paying myself first. I set up 401k contributions and a 15% of my net pay to be put into a separate checking account (that I call berky for the great warren buffer and Berkshire Hathaway) that is only used to fund my Roth IRA. It is worked great for me! Then bills and everyday spending comes out of my main checking account. This is an option as well!
I totally understand that fear!!! I find that having a fully stocked mojo fund (emergency fund) really helps that fear of running out! I don’t use credit cards at all any more, but I try and have a months worth of living expenses saved just to help negate that fear and provide financial security. (My plan is to build it to cover 3 months, then 6) I’ve heard it called the Wisdom and Longevity Fund too. Thanks for your channel! New subscriber here!
Awesome Lenore! Glad to have you here :)
Thanks, I always say that money issues are usually a symptom and not the problem. Thanks for the great insight in this video ❤️
100% - Appreciate it Kia!
Single mom here! I get no child support or financial help and do it all myself and I have always done finances this way even before becoming a mom, and it makes a HUGE difference! From my very first month on my own my first job after college--- After seeing what I typically spend I try and set goals like -- I have two credit cards. One for everyday spending and one for amazon prime, and then I make goals to not go over X amount of each one (or combined). I can't make set dollar amount for every month for every category because I'd go crazy/ I'd never hit those goals. It's so much easier this way, and it gives you more wiggle room. I'm also super frugal and I have NO debt except my mortgage. My major goal is to be able to put my kids through college and come out with them having no student debt-- not sure i'lll be able to do it but it is absolutely my goal!
What I frequently heard as a child was "well, we can't afford it, but we'll see" snd I always got it. So the message was even though you can't afford you can have it anyway.
A large behavior is living outside of your means. It’s very difficult for many living in a comparison, material ridden world. I like the idea of tackling one category at a time. On a more impactful scale, tackling the thoughts that underlie behaviors
I like this video. I think the point is to be real and honest with yourself on your spending issues. And taking it a step at a time/ day by day.
What I did when I first started budgeting is allowing myself a little extra with each expense. And track that each week to see if I’m going over my budget, if it’s just enough or it’s too much. And then id adjust it. Also keeping a calendar and marking not only my bills but up and coming events allowed for me to be better prepared, if I thought id spend a little more to enjoy my time.
Thanks for sharing
Soo good Jer! 👏🏽as for the step of “how can I improve in this area” definitely agree start with one thing at a time… maybe silly to some but proud to say the buying coffee out area has improved already. Coffee at home 🙌🏽 …. Appreciate you and your willingness to share all these vids!!!
Let me clarify tho lol I mean buying coffee out * ALL THE TIME 😬
Nice! Just one step at a time.
I track my expenses on a clean piece of paper for each month. I use 3 columns. Date, details, money in, money out, balance. At the end of each month I compare to my bank account. This helped me see what I did with my money. After 12 months I was able to do a 12 months plan of expenditure for the future 12 months. I totally relaxed and de-stressed. Now the plan pays my yearly bills and what's leftover at the end is what I budget. I am now in control. It took 12 months of recording every cent spent. But we'll worth it.
I like this holistic approach to financial management. You really seem to help people get to the underlying reason(s) why budgeting, saving, etc can be so anxiety provoking and unpleasant.
This was another great video. This is kinda what I did. I still do not budget however starting to track my spending and looking at it realistically ..... then start "cutting the fat". Basically changing the way I spend has helped a ton. Saying "NO" to myself and thinking about purchases (impulse buyer here.....go figure!!!). All of these little tips help and work if you are serious about changing. It is so worth it.
Thanks Kim! Yea, I find saying NO to myself hard. Most people hate being told NO. lol So I found this approach makes it easier.
Awesome video! I track about 90% of my expenses on a daily basis typically. It’s drastically helped me to save 💰 money!
Thank you Jermere. I truly appreciate your message on budgeting. The message was very informative and non-preachy. I appreciate how you got to the root of relationship with money for me it’s survival mode.
Bumped into your channel last month and just wanted to say you’re a blessing bro.
Appreciate the comment, bro. You are the reason I create!
I obviously don't know the background regarding your parents' money management but I find it more helpful to understand the societal factors (which could include single motherhood, low paying jobs, consumer culture, etc.) that influence how money is managed in some households.
My mom seems to be in permanent survival mode no matter where she is financially or physically. I feel bad for her but I don’t know how to get through to her to stop letting anxiety and fear run her mindset- bc right now if she’d let those go for just a minute she’d see how far she’s come and how much better off she is rn than she’s ever been before. She doesn’t need to be in survival mode and she doesn’t need to keep spending to keep herself in that mindset either.
Wow! This makes so much more sense! It is so true that if you make a goal for yourself but dont know where you are starting you wont know how to properly plan your goal. Thanks for this video! I track my expenses not my spending (im not that great at it) in an excel spread sheet every month and I always over spend. I think it is mainly on food though. I am defintiely going to try this and see where I can cut back and if I cant then I will work on making more money.
This was super helpful. I never thought about tracking before budgeting. And that makes total sense to dig into the emotional side of it. Thank you and the young lady for sharing.
Happy this was helpful for ya, Sondra!
I just found this video! I’ve been trying to get out of debts but it keeps going up and now I’m stress about it. I just downloaded your guide but will like to coaching section as well. I’ll truly appreciate your support. And thank you so much for putting such a great content out!
Thanks Chantale, happy you're here :) That guide changed my life, I know the steps will give you clarity if you take the time to do it! Wish you the best on this journey.
I really love how you shifted the vantage point to advocate for the healing and growth as the primary thing not the money management 👍🙌
Know yourself, know your money ;)
This is literally what The Budget Mom teaches. Track first, print out last months bank statements and see where your money is going, ie your habits. Be realistic about your habits and change one thing at a time not cold turkey.
Awesome! Never seen any of budget mom’s content.
I agree. Sticking to the budget is so hard! There are always unexpected things come up! I, for example, didn’t expect to host a dinner for my family that came from Mexico. I didn’t have to but I really wanted to and because I was on a budget and felt like I couldn’t spend family time because of it. So what did I do? I used my credit card! And I don’t regret it!
What about lending habit? I have this habit lending money to friends when they need it, sometime until i dont have money anymore. Recently i did max the limit of money for just lending to people but they were always come with different type of problems that i couldn't resist. Turn out this habit were always my parents habit too but they always advice me not to lend money to anyone, but theyre still doing it. This habit always ruin my budgeting and now here i am watching your video.
So many people get a notebook and write down what they already know. Great video.
Wanted to know what you value, look at how you spend your money, not necessarily your words.
I agree that if you can, Jereme’s advice is best. But if you lose one of two incomes, you need to make drastic, immediate changes while following Jereme’s advice. Start big, what can you do with your rent/mortgage to cut costs and then move to the next largest expense and keep going.
Ask people good with money for ideas, google articles in each area for ideas, look at cuts as well as increasing your income. If stress makes you spend impulsively, then change your venue of shopping. Try yard sales, flea markets, church rummage while you work on the “why” of needing to shop, to stop doing it. Otherwise, eventually you will destroy relationships, go bankrupt, lose jobs, become a hoarder, all kinds of unpleasant things.
I use Expenses Ok! To track my spending and uploads to a financial pie. And most American schools don’t provide Financial education. I had to educate myself in community college. Never looked back
I just stopped buying anything that doesn’t keep me alive! 😅 I totally agree! Most people buy stuff they don’t need!
Budget does not keep you from spending. I budget with frugalism. I no more shop. Only if I need. The things you want are not needed. I left behind all luxuries in my life.
We kind of do that. But mostly? We have a big slush fund for emergencies and then if there's something we want either collectively or one of us, we find a way to get it. Like for instance, right now I'm thinking a lot about options and traveling. I refuse to look at covid. It's nonsense so I'm planning life. And I'm looking for income. Because I plan on doing some fun stuff. But not on the money we have. And the money I find for it. That's the one place I would probably differ from you and a few of the others. I don't think you should cut your budget because you don't have enough money. I think you should make more money or find more money so that you can have the things that you want to acquire.
I'm going to start budgeting according to my current habits to build that foundation I need to actually be consistent. if I'm already being consistent in natural habits how can I fail if I plan to do those very things? once I get used to following that budget I'll go one by one and start changing things and over time I'll be where I want to be financially. Nobody ever looked back on their life hating the times they moved slowly and deliberately!
Thank you. The 3rd step is spot on important!
I think there's a piece missing (or maybe I missed it) - it seems spoke with your coaching client about animosity or resentment toward her mother for not teaching her financial skills or demonstrating bad habits that she's now continued in her own life (which is what I think you've described as your own situation and may be projecting a bit onto the client) - BUT, you didn't ask if she felt guilt/shame related to her mom spending money she knew she didn't have just to try to keep them happy and provide what she thought was a happy home and memorable childhood. Also - I know you've come to understand more of your mom's situation and seem a bit more forgiving than I've heard you speak about it in past videos - but remember - you cannot give what you do not have, you cannot teach what you do not know. She likely simply didn't know there was a better/different way - or she did and didn't know how to get there. I like to think we're the generation that breaks the cycle - with no shame, guilt, fear or resentment for those that came before - just total ownership of our own situation and a desire to keep moving forward - your channel is great, and I always find new takeaways from each video. Thanks for sharing. I am definitely the "spreadsheet" devotee, but now you've got me thinking I need to go back to my quicken days so I can get that easier reporting too...hmm...
thank you so much for this
major key there is to make sure to track every expense and dollar.
Thank you Jereme for putting things in perspective. I'm at a point where I need to learn how to work with a fixed very low income due to the Economy. I need to learn that no matter the economy and how sky rocketing high everything is, I can still be able to put at least $5.00 a month for savings. I'm a disabled senior which is also nit a good place to be in, but anything will be helpful.
Loved the suggestion. I am happy to hear just your story. Having an interview with somebody else in between I personally find distracting and making the video longer unnecessarily. Let us know your strategies and perhaps go more in depth... Thanks for sharing.
You can’t teach what you don’t know. Most parents don’t understand money so they can’t teach their children about how to handle money. I’m teaching myself and will reach my own child
Totally. That's why I have sympathy for my mother.
love this I've never liked budgeting but I will try this approach
You should!
I can totally relate to wishing my parents helped me understand personal finances so I could be wise.
Okay, this felt personal and helpful. I'm identifying certain things about myself and insecurities
This is the most holistic and compassionate approach I've seen on RUclips
My grandma is the same way. She puts everything on her credit card. I was too, but slowly have been transitioning to using a separate spending debit account. It hurts more to see the balance go down and I spend less than before
I think that’s what a budget is literally.
I think the difference here is that budgeting is simply planning an ideal future, whereas tracking is looking at the past to try and slowly improve the future. I personally think tracking is a more realistic way to improve spending habits than just deciding on an ideal plan that you won't be able to follow.
Videos like these are so helpful. I thought it was me and I just couldn’t get a hang of budgeting but I see now it’s a process.
My word of advise pay attention to what is happening and learn from it to benefit.
Thanks
Um so I think this really comes down to semantics or the title is simply click bait. What you described Jereme is still budgeting. Tracking is a part of budgeting. Tracking is really the first thing you should do. You can't set spending limits until you know how much you are categorically spending otherwise there will be failure, just like you said.
Hey Darius, to you and I tracking may seem obvious. To some it isn’t. Most coaching calls I’m on, people’s tell me they “budget” for the month but do not stick to it and do not even track their spending. So they make a plan, but never track how they are actually doing. Of course, one would feel lost and give up. I may not offer a completely different approach, but it’s less overwhelming and simpler for those who feel guilty or keep letting themselves down. Change doesn’t always happen at once, it’s a process. Some people need small wins and need to build momentum. Small changes over time lead to major shifts.
@@gojereme Hey thanks for the reply. I understand what you are doing now. This is more for those who are not quite where we are in understanding. I do like and agree with what you said in regards to money management is related to behavior and psychology. Money and behavior are directly correlated. The behavior was learned, like you mentioned, from our parents and family which then directly correlates to how we spend and manage our own money. Great video, my reply wasnt meant to be negative. Hope I didn’t come off that way. Keep it up. I enjoy your videos.
You are right. When we have no awareness of who we are and why we do what wed do, other relationships are affected and money is one of them.
I had to look at myself and be honest to much clothing, way to many pair of shoes, and even to much spending on going out and having dinner when I'm actually a pretty good cook and should make dinner at home thank you for this video it just confirmed what I'm working on now thank you again
Great shirt, Jereme! What’s the brand?
Thank you 😊
Lol! I literally just started tracking cos budgeting did not work. So you just confirmwe I am doing the right thing.😉
*Amazing quality information - the money and spending behaviours are a byproduct of your internal beliefs and perceptions about yourself and money and what you value most*
Being resentful towards your parents is pretty unfair. How many things did our parents try to teach us that we didn't really listen to or didn't take seriously until we needed it. And how many of our parents had the knowledge to share with us even if we were interested? Having a healthy savings account would alleviate the fear of not having the money when you need it and budgeting is how you build up that savings account/emergency fund.
Lord please! Help me🙏 sir thank you! For your help in this❤
Love this! Yes yes yes so true! ♥️ it all goes back to your perception in life and self image, what satisfies you ♥️♥️ Amen! Thank you for this video! God bless you even more my brother 💖
Correction; this is how u start busting. The first month of budgetting is put what u estimate to spend and track it against what u actually spend but keep on mind that u r starting so it will be different from what u estimate and don't beat urself up for it instead have the mindset to improve the next month. Keep doing that until u get to where u want to be.
Too many times we have this mindset that if it doesn't work out the first month then it isn't working. Ofc it won't work; it is ur first time. It's like a baby taking their first steps; they take one step then fall but guess what they get back up and try again until they can run!
Great insight Jereme and coaching example!
This was an excellent and transparent interview. Good job!
Thank you, Paula!
@@gojereme Very welcome!. May God continue to enlarge your territory. Blessings
Perfect timing!
She was so courageous to come on camera and speak about herself and her mom.
Jereme’s spoken, HEY, HEY, OH, heyyyyy-eyyyy!
haha..why did I just try to sing this.
I do like you say I put everything down what I spend per day or week
But I still buy things especially my wife might buy things and just use once not expensive things but that thing it's handy when you want to use it but never do it's put in the cupboard. I bet there are millions of people who do it. But waste is a big problem with people. Control that then it's a saving I know exactly how much I have a month. And know where every coin goes
Very good vid. I have heard of this method before among friends. Will do it!
Thanks! Oh yea, you gotta try this, Tracy!
Love this video
Very insightful approach
Money has more to do with mindset and habits than it does with math. Great video.
Jereme, I love that print on your wall- can you share the artist or link? Thank you! Enjoy your videos!
Hey Vienna! Wife and I actually designed this, then just printed it out. Sorry no link. But appreciate the compliment!
So, I says to myself, "self, why are I broke?" And, Dave shouted "BECAUSE YOU DON'T EAT RICE AND BEANS!!!"
Lol
I always hated a budget but I realized that if I could invest money that I controlled then I could save. I started investing in acorns and then navigated to the stock market. I saw gains much greater than a savings account or a 401k. Then I started seeing that I could be debt free much clearer than budgeting. Now I am on the road to freedom. I have enough to pay all but my house off but the money I earn in investing is greater than my interest. One day I will have enough to pay my debt off and continue to invest with enough to live on. I have more hope than ever with my finances. I truly rely on God for my journey and give Him the glory. Reading His word has guided me through this process.
How did you start navigating the stock market? Through acorns?
WOW It took me years to do the oppiste of my parents. Also learning from hitting rock bottom and living on the street as a result of changes in my life that left me in severe debt with no money to live on while I paid my debt taught me soooo... much. I am now very comfortable with no debt I own my own home, car and no debt. I owe noone. Experieces teach us well.
Instead of trying to budget for the entire month, I try to go paycheck to paycheck. It does take more 5 minutes but it will hold me more accountable and responsible.
Was this helpful? What is the simpler method? You never said
Great advice! 👍
I realized that I was spending to "give" myself something saying I deserve this then I realized it was my emotions tricking me. Now before I buy I think do I "deserve " credit card debt! Spending is ALL emotional.
This is good!!
Great advice
This is exactly why I use ynab. I do get to make a budget but I can adjust it throughout the month to fit my needs. It tracks all my expenses for me and I think their 4 rules line up with what you are saying.
I tried ynab once, but didn't find it very intuitive.
@@gojereme there is a learning curve for sure! Once I got over that bump it has been the best for my finances! My husband and I feel like we have control over our money and habits because there is a way to visualize it!
@@oliviabuquet1918 Are you still paying for it after price increase?
@@erakkovaatainen148 I pay for it yearly. I had it for free for a year due to being in college so I have never known YNAB to not be 98.99/yr. Still completely worth it in my opinion!
There two kinds of expenses life essential and optional expenses. If u stick with essentials u be out of debt
Budgeting works for me.
This was a great video!!
YNAB
Love this system! Getting a month ahead is a game changer.
How exactly are you making money?
This is dumb, you need to do both. Doing one thing and not the area dosent work