6 Simple Budgeting Methods For Low Income

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So about 6 years ago I started budgeting, and what I did was very simple, I read a lot of books, I got a lot of advice and then I did what worked best for me. Some people got mad and disagreed, but the best plan is the one that works best for you.

So as you watch this video, I’ll tell you what works best for me, but please feel free to ignore me, and to customize it and to experiment; because at the end of the day, you’re more likely to stick to an idea you committed to.

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1. Simple Budget (Mine )

-This budget gives money 6 different jobs and goals

-The reason I did this way, its because whenever I have money without a name, it goes into making someone else rich

-So all my money is separated and accounted for

Here are the 6 jobs

-Emergencies: goal is to hold 3-6 months worth of expenses

-Investments: Goal is to grow the money and protect the capital ( index funds and real estate for me)

-Debt ( goal is to pay the debt off and never use this account again )

-Expenses : never spent more than 90% but the optimum budget is 70%

-Fun: whatever I like to do

-Charity: Give give give

Tip: this budget goes hand in hand with the financial freedom steps that are apart of my course

2. Zero-based Budgeting ( Dave Ramsey is Big on this One )

-But the overall goal is to just make sure your budget equal 0 once you’re done doing it

-The way he does it he starts with 10% tithe and then works his way down to $0

-But he obviously uses this budget in combination with the baby steps

Budget are great: but purpose is the most important thing

A budget is the car, the vehicle but without a destination it doesn’t matter

3. The 50/30/20 Rule

-I hate these budget usually because I don’t like rule of thumbs

-But its 50% towards needs, 30% wants and 20% savings

When you're broke and you are trying to build something

-You need priorities and 30% on wants is ridiculous

4. 70-10-10-10

-This budget is good but a little complicated

-It was made my Jim Ron

-And the purpose is to have different parts of your budget invested in different ways

So:

-70% to live

-10% “Active Investing/savings for opportunities ”

-10% “Passive Investing” long term

-10% “charity”

Tip: I don’t like it much but that’s just me

5. Reverse Budget ( just figure out how you want to save do that )

-This budget is the simplest, I want to save 1000 this month so I make 4000

-I’ll take 250 per week and boom

-But again, with no missions and plan it doesn’t make sense

6. Kakeibo budget

-This is a Japanese budget were you ask yourself several questions

Here they are:

-How you do you want to spend

-How much do you want to save

-How much money you’re actually spending

-And how can you improve

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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What many don't understand is that you don't need to give money to be charitable. You can give time as well. You can volunteer part time or even help out others with their situations online. Helping other people will come back around when you least expected. I gave my time to help a woman on Facebook with a question and she revealed she was a CEO of a large makeup company! She gave me business advice that made me more successful.

Bodangers

Having the zero dollar based budget has been working for me and I don’t feel so suffocated when bills come in because I have designated where every dollar needs to be used

erikcortez

Supposedly when you give, the Universe thinks that you have so much that you can afford giving, and this attracts more. But I think it makes more sense for most people to invest 25% instead investing 15% and giving 10%. It you invest 25% for 30 years, you’d have almost double than what you’d have by investing 15%. I hardly have motivation to get up when my alarm is ringing to go clock in for myself, I cannot imagine doing this for others.

rainacherienne

Budget.... I'm with Ramsey as far as steps 1-3 go, currently on #2 using a DMP (debt management plan) to help get things paid down/off alot quicker

jonsmith

Budget!
I use your budget Tommy, “The Simple Budget”

And it helps. Right now I have to clean debt that I have . I’ll hopefully have it paid off in in 5-6 months and it’s all thanks to your video and your budgeting template.

MichaelJSNeves

You give knowledgeable older brother vibes and this is why I enjoy your videos. Thanks for being so helpful!

oshinofalakoju

Damm my man got jacked AF. Look at those guns lool. Drop the biceps routine broo.

Kingdia

I give myself 200 bucks on a debit card each week. Everything else is automated .
Very easy .
Bills come out of one account (utilities & mortgage), savings another, m1 finance ruled reoccurring. Etc. Anything leftover sets there till car insurance or tag registration is due. Done.

turnovertheleaf

I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me from a huge financial debt with just little investment, thanks so much Mrs. Karen Norton

laurenodonnell

Hey Tommy, you know I always call you my son. I love the new picture thumbnail. I am using your clip as my homework assignment for my personal finance class. ( yes I went back to school) we have to post a video on one of our topics and answer questions. Does this person have expertise, ? Is this person trustworthy, how would you change your budget, ect. You know I blew you up. I love your transparency. I also posted a warning. I told them you do call but don’t call if they don’t want the truth. I told them you care and you are upfront and honest. So proud of how far you have come? Did you move. I seen a thumbnail but wasn’t able to watch? Oh I also mention how many books you have read. All under age 30

devorahdevorah

Great channel new here, found this very useful 👍, budget young now live budget free when get older. also funny we have same bump on forehead.. hehe he.

thewhitestar

My budget is Bills, 27 saving each paid checks to get to $702 for the holidays, and the rest is for credit cards. I'm tight on income since I'm only one working. Side hustle isn't picking up for me.

kitsuneruby