Budget Breakdown (Ep. 4) | Making $12k/Month with No Retirement
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- Опубликовано: 27 авг 2024
- Christine and Dave are back for another episode of Budget Breakdown! In this episode, the Frugal Fit Spouses examine the budget of a family of 3 with a comfortable income, focusing on how planning for the future can lead to peace of mind and security.
DM your questions and ideas for future podcast episodes to Christine on Instagram @frugalfitmom6.
Follow Christine!
RUclips: Frugal Fit Mom
Instagram: @frugalfitmom6
Website: www.frugalfitmom.com
References:
Ramsey, Dave. How to Get Out of Debt With the Debt Snowball Plan. Ramsey Solutions. (2022, July 18).
I love your frugal way of thinking and the fact that you are presenting all of this from people who did all kinds of jobs with very young children in order to have life experiences and to "make it" on your own! Your story is admirable! Oh and your friendship rings out loud in these podcasts!
I find myself smiling at them alot. They are a great team for sure!
Love your budget breakdowns! ❤❤❤ Yes we would love $12000 a month hahahaha
Hello Diana how are you doing
Great analysis, guys! I have a feeling they spend a lot more than they say they do. Otherwise that debt would be gone. Where’s all that excess going? If they follow your plan, they are on solid footing two years from now for sure.
This is my thoughts... Our income isnt too far off and our expenses are substantially more. :). I should send ours so we have some real numbers to see here.
I was going to comment the exact same thing!! If they have that much leftover, where is it going? Unless maybe their debt was way higher and they’ve been paying it down, I don’t see how they have that much leftover every month.
They can do so much with that type of income. As long as they handle their money well.
That’s so thoughtful of you Terri, Thanks for your positive review,How are you and how’s the weather over there?
We have zero subscription services. We also chose to pay for unlimited data on our phones for $140 per month and don't have an internet provider. It's different than most, but it makes a budget work.
Can't wait to see more of these podcast videos.
I don't do subscriptions either.
I don't do subscriptions either.
What an income, holy cow.
I love these breakdowns too. I've learned Dave Ramsey, but sometimes we have different priorities than he does and sometimes his suggestions seem SO extreme, instead of just disciplined. These budget analyses are so practical. Thank you!
Also, it's so fun to hear you and Dave talk together about money. The modeling is helpful for me as I get pretty anxious talking about money too.
I appreciate this couple! Over the years Learned so much from you guys! Please keep making videos thank you much! God bless you & your family👍
Food for thought and lovely to see you both working on it together #Teamwork
They will not regret taking this advice.
It will take a lot of discipline.
I really hope they do this.
Love it! Thank you Dave and Christine!
God bless you and your family!
ETA- also, thank you for pointing out (apart from the moral standpoint) the simple legal advantages of being married!
The only internet we can get is $110/month. It works most of the time but not phenomenal. We live in the middle of a woods surrounded by farm acreage so it gets a little dicey here. I would love to have $30/month internet.
Move to cheaper Internet and you'll have higher living expenses like mortgage and rent.
Do you have Starlink?
Can you get the federal internet subsidy?
Looooove this type of videos! And i love your chemistry! Keep it going!
I wish you'd do a single mom's budget :) This definitely is dream money for a budget.
Same here!
We’d love to. If you have one please send it to swimmerturnedtriathlete@gmail.com
Hello Cheri how are you doing?
SCHD, SCHG, VIG, AAPL, MSFT , 1 growth etf, 2 dividend and 2 big dogs
So enjoy your podcast budget breakdowns! Thx for info!
Love this episode, please do lots more of this type
We only use 1 streaming service as well. We alternate every month or two based on what shows are out. There never seems to be enough time to watch tv anyway. 😊
Hold off on the retirement contributions. Put a month of savings (~$6500) in emergency fund. Then, Throw everything at the debt and they’re debt free in like 6 months. Then start fully funding the retirement accounts while building a full emergency fund (~6 months of expenses). Then if they continue at those numbers and contributions, don’t add more debt (besides a mortgage) They will be rich 🤑
Dude....that's dream money there.
Great job you guys!
I freaking LOVE this!!! I am currently on my debt free journey. I'm going to send you my info. 😊
Please do!
I hate personal loans too:) baggage and guilt - pay it first - glenda
We don’t pay for any streaming.
That’s so thoughtful of you Sally, Thanks for your positive review,How are you and how’s the weather over there?
Don’t forget that IRAs are phased out above certain income levels, especially for single filers
♥️ you, but it's "he and I." I'm silently correcting your grammar. 😂
Love these budget fixes
Christine, I enjoy your podcast!! I'm fine listening on RUclips or Google podcasts. Which one is more beneficial ($) for you? Thanks!
It's he and I. Him and I doesn't exist anywhere in the English lexicon.
I love this and I love you have followed you forever I’d love to send my budget but I’d be embarrassed lol 😂 we’re not negative or anything but we have made a ton of changes the last few years and our income is not like this 😏
How do we tackle that together when I'm a stay-at-home and he brings in the money home and struggles with control over that money. He doesn't want to feel like I'm treating him like a child yet will consistently spend rent money then takes in side jobs to make up for it rather than working with me to stay current on bills and create a savings.
I think people need to step away from the dynamic that the person who makes the money controls the finances. You are the manager of the household. It’s not odd for you to do must of the budgeting.
I would position it as not treating him as a child, but taking this stress point off of his shoulders. Being a sole earner is stressful, and this is one less thing to worry about.
See if he’ll be willing to setup 2 other accounts for your fun money and keep the joint account as bills only. He can get a debit card without overdraft protection, and then he can spend without worrying about accidentally dipping into bill money.
@@vlwbug1986 Good advice! I think I'll implement that and approach him with that mindset.
Did you account for the loan payments in the original- this is the amount $ left each month? Not American so different for us,but your advice was great.
What are they spending money on right now though? With that much after their expenses and that debt…money is going somewhere else. Great video!
Correct. They need to really look at every dollar that goes out.
This was awesome! If anyone likes these videos The Budget Mom does these as well ☺️
HSA is important. I've been building that one up.
BIGGER WHITEBOARD PLEASE!!! And all black ink. Y'all are killing me. YT kicked me over to this from subbing to FFM, and I'm loving it, but can't see sh*t. xoxo
I'd like some help with my budget, can i send over my info? Loving the content!
I have no streaming service…unless you count that I spend $5 a month to get a ‘passport’ status with my local public tv station so I can binge watch their programming and not have to wait for it to be aired on the normally scheduled time. Worth every dime…all 50…no regrets. 😄 Between that, RUclips, and everything my library card will let me check out… that’s me entertained!
Also, less taxes if they put money into 401k & IRA is important for the future
My question is how do you have debt with $12,000 a month
Golden handcuffs. Most people elevate their lifestyle when more money comes in instead of living below their means.
My guess is the budget isnt even close to accurate.
Odd comment. Bigger income so often leads to bigger debts. Not ideal but reality for so many people.
Living way beyond their means!
Don’t forget- new rule with 529s they can be rolled into ROTH IRA if they aren’t used!
What were those index accounts again?
Including their ages would really help put it in perspective and know what stage of life they are in.
Having an 8 yr year old doesn't mean much. Could be 28 yrs old or 78 yrs old.
she said they were 30 and 31
Question!! With inflation and so many unknowns in the economy right now, do you think that (after you have a safety savings and are putting some money into your 401k)… do you still think it’s a good idea to pay down debt if you have the money to do so before investing more or saving for a house? I’d love to get rid of my 16K in student loans but the economy freaks me out. I don’t know where to go next 😂
Would you be interested in a budget for someone in a different country? I can understand it being a lot of admin for you in terms of figuring out what is realistic etc.
this is my first time watching your budget breakdowns & i always love peering into others’ finances! lol but going through the numbers makes it clear they are not giving you the full picture. how can they have a surplus every month but also have zero savings? where is that money going? several of the other categories would have to be much higher to eat up that $3500 excess. and why do they have personal loans if they have a revolving surplus every month? i like the idea of this budget but it is missing some key details. they 100% need to increase their life insurance, start retirement contributions, and figure out how to fund an emergency savings account. but i’m thinking they don’t have enough to get by every month, let alone start implementing good financial advice.
Is there another way to submit an income and budget for this podcast besides Instagram?
If your up for a challenge I'll sent you my monthly breakdown its impossible
Also we only pay for 1 streaming service… it’s the millennial way to trade passwords with friends! We enjoy 3 services for the price of 1 and so do our friends!
They do not have an Emergency Fund so I would cut the Food and Eating out to $400/ month freeing up another
$ 400.00 x 12 = $4,800.00/ year to place in an Emergency Fund or use on debt
😮I would love 12k a month! I would be so relieved. Try $2637/mo after taxes. Had to file bankruptcy last year. Working my way out of that but its hard. At 50 which is better regular IRA or Roth? I rent, I haven't owned because in my mind Im afraid that repairs will come up that I won't afford to pay for.
Roth is our preferred, but we do both when we can.
@@frugalfitmompodcast thank you so much 😍
It's important to be debt free, having an emergency fun
That’s so thoughtful of you Gladys, Thanks for your positive review,How are you and how’s the weather over there?
I suspect that the person with the 3500 dollar monthly income has a discount on the internet. For some reason my internet provider is giving me a discount because of a Pell grant I last used in 1999. I looked at the other qualifiers, and this is the only one I meet.
Is there income gross or take home?
Just curious, do you know of this is gross or net pay. That would make a huge difference in the budget.
These kind of things always seem easier on paper but impossible to execute
It just takes discipline. Eating out and frivolous spending are income EATERS. I haven’t been out to eat in almost 2 months, have paid for anything besides bills and groceries.
If you really want to stick to a budget you will. But must people can’t look at the bigger picture and would rather eat McDonald’s than be able to retire
They can be on a really great path but I wonder if the dude is really into this whole thing for the long haul. Who knows but it's an interesting situation.
$3500 a month is about $42,000 a year
Do in the future maybe family with 5k
Wow, between myself and partner we only make just more than £3000 per month
what they make in a year i make in a month! how would someone like me manage to save for retirement?? i've been trying to figure that out
Hello Jennifer how are you doing
❤❤❤
Their number one thing they need to do is to get married...
They should start saving for a home.
Ive never made 12k a year 🤦♂with that kind of money they shouldn't need any help with budgeting, her check and more should be going straight to retirement. Sorry but this doesnt resonate for most people, it's not a typical household income for someone who's supposedly struggling. 😂
My guess is the guy works in the oil industry. Great pay but easy to lose a limb.
That's ridiculous on the income I don't even care to see this
Odd comment. They make more than me so their issues are not valid to me. Again odd comment.