Budgeting For Beginners | How I Save 80% of My Income

In this video, we’re looking at how to budget and save money! I’ve been budgeting for the past 5 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. But now, I’ve been able to go from saving 0% of my income to saving 80% of my income by tracking everything and implementing 4 money frameworks which I’ll go over in this video.

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 2 to 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, then you can 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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[EthanPatrick_CreditCards]

Tracking expenses is one of those things that feels like it won’t help, but pretty much always does. And treating your personal finances like a business is such great advice! Tons of value here Daniel!

[BobI-jbrk]

Appreciate you having the balls to be so transparent and sharing your personal lifestyle & finances.

[GrimTactics]

I make $19/hr full time, rent alone is one of my two paychecks 😂 50% of my income is housing I’d say if you make a lot of money 80% could be doable but it’s very unrealistic for most people unfortunately

[_nstar]

I tried this template last month and I managed to save about $900 out of my $1600 I got paid total. This helped a lot, thank you!!

[rafaleonard]

This is the best advise I've heard on personal finances. What has taken me years to finally understand in a way that allows me to make adjustments to the way I spend my money, you explain perfectly in 16 mins. Good stuff!

[GTxSiTH]

I started budgeting earlier this year using a similar template. And I must say it’s a great feeling zeroing in on where you are at financially. I’m definitely interested in using your template the beginning of the new year, because right now I’m just manually entering everything every month.

[lookherelooklisten]

To save 80% of an income you need to be earning nearly 120k a year, you can not save 80 or 50% of income if you earn 40-45k a year

[iGoByMatt]

Thank you. Finally got my ass budgeting at 26 years old. Great video, great tips, great editing, great delivery.

[Doublepulse]

I feel like you have to treat your personal finances like if you were running a business. Each Account is like it's own business and set of resources. One of the most straightforward videos I've seen that doesn't revolve around secrets, hacks or rules.

[rawmakers]

This video is everything I could ask for and more! I’m living paycheck to paycheck right now, but am getting a job as an LMT and will be making a lot more money and I need to know how to manage it. Thanks so much for the template and the detailed breakdown, it’s exactly what I needed. Cheers!

[MikeMaye]

Personal budgeting is something most people don't do including myself and it really helps when you have a template to track the process. I think for most it seems daunting, or they just don't want to know. Thanks for sharing this and super informative as always. Great vid Daniel💥

[trevorjones]

Excellent tip about managing your finances like a business. I truly believe concepts transfer, not just in finances but in process and development (innovation) too.

[gramnet]

This budget worksheet is amazing it leaves nothing unknown. Thank you. I downloaded it. This is really going to help when I open my HYSA and Roth IRA soon.

[meoeacishbouldin]

This video was really helpful. It made me realize an additional step I need to do with my current budget. And I love the visuals. The best budgeting information I’ve seen so far.

[nhuphuong]

Your template is really great! I've explored several templates over the years and kinda settled on one of my own creation until I found yours today! So very smart! Thanks a ton!!

[Falling]

thank you so much for creating this template. Pre-Covid I did almost exactly this but Covid + Isolation + Staying In = Increase in Depression & Anxiety and I stopped. Every time I tried to recreate my template it became so overwhelming while recreating the categories, functions, formulas, and adding up the expenses, I would just give up. Now that all I need to do is plug stuff in, I feel like I can get back on track. thank you, thank you, thank you.

[lydianoelll]

I can't wait to start using this template, just downloaded it! Thank you!

[JakeVanderPloeg]

Great video Daniel! I've been using your budget template for the past 5 months and it's really helped me keep my finances on track! I'm now saving between 30-40% of my income (which in Chicago is pretty good😆) Appreciate you as always!

[versatilepal]

Thank you so much for sharing the template with us. 🤝🙏

[juliancen]

Great video Daniel! I will implement this for the new year. Thank you so much