Budgeting For Beginners - How I Save $100K/yr

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In this video, we’re looking at how to budget and save money! I’ve been budgeting for the past 7 years by using this budgeting template that I created, and it’s helped me out a ton. Before creating my budget, I never really understood how to save money because I had no clue what I was spending on. But now, I’ve been able to go from saving 0% of my income to saving 60% of my income by tracking everything and implementing 3 steps that help to increase your savings rate.

The best way to look at budgeting is to treat yourself like a profitable business by looking at your income versus your expenses. To do this, you need to track your spending habits for at least 3 months to know exactly how much you’re spending in different categories. Then, you can adjust those categories in your budget by focusing on reducing your largest expenses to save money. After you’ve optimized your expenses, you should then start to focus most of your time on increasing your income because your income can be unlimited.

However, to save money and increase your monthly savings rate, it all starts with managing your expenses and budgeting first. Hopefully this video and my budgeting template can help!

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The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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Комментарии

Bro how do you only have 190k subscribers, the content and tools you give people are immensely important

ImperatortotiusHispaniae

I have been using a similar budget for a couple years now and the first strategy to make the calculating spend categories easier is just copy in all transactions from a bank website connected to all your payment accounts so you just have to select the category instead of typing everything in. But even that took so long I found myself not doing it which is why I now just use sofi categories and put totals into my budget every month. Categories are not perfect and you will definitely need to review and recategorize a few transactions but I find it to be way more sustainable.

Maxyman

Simple, consistent budgeting like this really does shift everything. Tracking every dollar and focusing on realistic cuts is a game-changer, especially for those just getting started. Thanks for sharing a free and practical tool!

justinmirche

Excited for this new version! A lot of small quality of life improvements. Updating my file and budgeting approach as we speak

Dre_jr

Good stuff. Do you have a section or cell which can keep track or calculate your credit card credits/offers as well?

CallMeLani

Thanks Daniel! I found that I was saving more after transitioning from a legacy bank to Sofi. The vaults and the app in general are useful but I think the biggest factor for me is that the more I save, the more my money works for me both in my high yield savings account and brokerage account.

tm

*_This Budgeting Template is AWESOME! Thanks a ton for sharing it and for the detailed video explanation. You’ve been a huge help!_*

DT_us

I needed this! Thank You. I use my credit cards for every single thing- Yes! I have a Bilt card. So seeing what I’m spending shouldn’t be difficult.

lisaellis

Just found/subscribed to your channel and have been binging the videos as I try to get more into finance so thanks for all the quality content. One quick question I had about this budgeting is what do you do with bigger one time expenses like property taxes, car insurance that’s paid for 6+ months, etc.? not sure if i should simply add the expense the month it happens, estimate the cost then divide monthly for the expected budget the go back and enter actual monthly cost later, or do something else. Hope that made sense. Thanks for any help!

yoniqg

Great video, thanks for sharing! This template looks awesome. By the way I just upgraded to the amex platinum card

Alex-CPA

I appreciate the clean layout, well done. Thanks Daniel!

phoenix

simple macro or formula for the card multiplier since they don’t change for all cards but fflex would be even easier

MichaelMangin

You’re awesome! This will be very helpful, thanks

sawyerwinward

If you don't tell your money where to go, you'll wonder where it all went.

BudgetingSaving

So many people need this, Daniel. Thanks for the video. Having the discipline to stick to a budget every month - forever! - is where I believe people struggle. You are clearly highly disciplined. Can you bottle that? 😊

anthonygardner