FINANCIAL RESET 💰 Learning to budget and starting over in my 40s

FINANCIAL RESET 💰 Learning to budget and starting over in my 40s
I'll admit, I've never been someone who has used a budget, tracked my expenses or been in proper control of my money. Although I've never felt I've had to go without, I've spent my adulthood living week to week, pay to pay and never having any savings or any real financial security. After divorce I've had to shift my money mindset because now that I only rely on myself for making an income I need to take control of my life, start budgeting, start tracking ALL my expenses so I can build myself a rich life and financial independence.

If you would like to use the same budget spreadsheet that I am then the link is here (I'm using the Yearly Budget Layout Version 2.0)
Use my code: BACKFROMBURNOUT10 to save $$!

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Hi! My name is Mel (aka) Back from Burnout! And if you’re a reseller wanting to learn how to sell on eBay and how I run a successful eBay business selling second hand items from the thrift store then this is DEFINITELY the place for YOU! On this channel, I upload 2-3 videos a week surrounding topics such as tips for selling on eBay and how to make money selling stuff on eBay. I help you get a better understanding of what it's like being a full time eBay reseller and I'll show you what I do all day as a eBay reseller in my weekly reselling vlogs. And I basically answer any and all questions any eBay resellers may have who are looking to grow their eBay business!

[backfromburnout]

Drop your budgeting tips below! If you would like to use the same budget spreadsheet that I am then the link is here (I'm using the Yearly Budget Layout Version 2.0)
Use my code: BACKFROMBURNOUT10 to save $$!

[KTTreasures]

Starting over is not easy. I did it at 47 and I am NOT sorry I did this! Life is amazing! Business amazing !

[ER-pcdx]

It’s funny how divorce is so traumatizing yet so healing in a lot of ways. You’re going to look back on this time as a period of intense personal growth. Thank you for the update. The spreadsheet looks awesome.

[lozzieburger]

I have budgeted since the day we got married (33 years ago) and I’m a numbers person. Here are some of my thoughts: Groceries+Takeaway+Coffees are the killers of your budget. It’s all just “Food and Drink”, no matter how you break it up. Just a small reduction in those things every month (even just 10% reduction which you wouldn’t even notice) can add up to big bucks to fund your next trip.
Also I didn’t notice if you had budgeted Pet or Vet Expenses for your lovely cat. One big vet bill can blow your budget right out of the water. Unforeseen medical expenses for ourselves or our furry family members can hit us by surprise. Definitely worth having them in your budget, even if you don’t use them every month.
Just a few thoughts. See you in the group. 🇦🇺 🦘 Laura

[mistysandoval]

Thank you for being so raw Mel. You’ve inspired me so much. It’s never too late. 🙏🏻

[mickcrisp]

I was an accountant for 50 years - one piece of advice - if you can't measure it, you can't control it

[LilliStutchbury-udvm]

Starting again is super scary Mel. I’ve followed your journey for many years now. I feel like we are friends.
I’m also a full time re seller (as well as a few other jobs). I don’t think you are aware of how many of us are with you and care about you. I take advice from you, sometimes I feel like I could be helpful.
I am am currently dealing with very serious illness (cancer, lots of it) and also a yucky divorce from a man who was abusing on every level. Am I a victim? No. I’m a survivor. But I’m also a mother and a woman and that means I have to make it work. With your help, I have and I am. Thank you. ❤

[marcyrobinson]

My budget is simple. Pay yourself first. You need to put something away for you. Just start money will come for the rest. Trust. Your right where your supposed to be. Great job!

[Purple_Kelly]

Awesome job Mel! I am three years post divorce and budgeting is so important for peace of mind. I was amazed at how much stress not knowing my finances was causing. I started following The Budget Mom and budgeting changed my life.
You got this! I am rooting for you!

[sincerelysakura]

Every single day, I open YouTube and think, "Mel must have finally posted a video today, right?" And today you finally posted. Yay! Missed your videos, Mel!

[biffboffo]

This is great content, Mel. So many people are part-timers, or part of a dual-income situation, but for those of us doing this by ourselves, starting off without a net, it's nice to relate at this deeper level.

[denisefleming]

This is so timely and great info. I lost my husband almost a year ago so I'm the only income. I'm coming out of my funk and thinking about money Luckily I have a long time job and good pay. Plus long time 401k, his life insurance money and his remaining retirement. I always did the bills just didn't try to save much except in 401k. I'm using an app to help me budget starting this month. Any money you are able to save is excellent and no need to be embarrassed. You got this like you have everything else. Such an inspiration. Thank you!

[lovinglifefreely]

Good for you girl!! My husband & I became debt free three years ago. No mortgage, car loans or credit cards. We don't use credit cards for business either, it's pay cash as we go. I know many resellers use credit cards for purchase then pay at end of month to gain points for trips but we don't agree that it is wise. Cash is always best then save money for your trips or travel as your budget permits.
Now we are working on our retirement as well.

[tracees.treasuresWA]

Budgets are like our eBay stock, take the emotion out of it & make decisions based on your goals. You won't fail hun, fantastic start! 💪🏻

[shawnmariemann]

I've been divorced twice and in each marriage the husband preferred to do the money. I didn't want it that way so I was actually HAPPY to have control over my finances finally. Sure it's scary, but so is not knowing if you can cover your bills. Keep going, it gets easier and eventually you won't even think much about it.

[grantham-sut]

A business 'expense' that is hard to budget for is that unexpected too good to turn down inventory purchase. Being a reseller myself, you always have to have some reserve inventory money over and above your normal spend for that deal that is too good to turn down and doesn't come up very often. I've always got that in my mind and have had to dip into it from time to time, but it's one to consider. It's a reserve inventory account

[ianjresells]

An excellent video Mel, thanks for sharing this! I've tracked my budget numbers on self made excel sheets for 20 odd years but they really need a revamp. I'm liking the look and layout of the spreadsheet you're using here, it's very clean! I may start using this myself, I'll have look at the link. Good luck Mel, you're a winner! and thanks again, it's been a great help!

[adollaratatime]

I'm sorry proud of you Mel!! Thanks for putting this out there for all who need it. I remember how extremely helpful others were when I was trying to dig my family out of debt. It felt lonely. People like you are helping to ease the pain for all to come up. Thank you

[kathleenmacdonald]

I have had to restart my life several times in my 64 years and I find that I get better at it each time. Don't put so much focus on money. It is a utility, nothing else. If you need to use it too much in the beginning, until you get a grip, that's fine. Don't freak out.

[jad]

The spreadsheet is a great idea! The only tips I have (I have been debt free for 10 years but am by no means an expert) is cut up those credit cards, do not use Zippay (this adversely affects getting a home loan) and use CASH! I give myself a set amount each week for treats (for me thats mainly coffee, odd takeaway & the cinema). Yes if you make coffee yourself you can save a lot of $s, but you also need to enjoy life and treat yourself. 😊