Michael Lush, the host of the Replace Your University (RYU) Podcast, talks about mastering budgeting in this episode. He explains that he will focus on those who haven't mastered budgeting yet. Lush begins by explaining the five categories to consider when mastering budgeting.

First, he suggests looking at what is coming in. He reminds listeners that it is essential to determine the net income after taxes, and other alternative revenue sources, such as tax refunds.

Secondly, Lush talks about the hardest part of budgeting, which is looking at what is going out. He advises listeners to examine their bank statements and categorize their spending over at least three months, ideally six months. Categorizing expenses makes it easier to track where the money is going.

Thirdly, Lush encourages listeners to identify what is not necessary in their budget. He emphasizes the importance of investigating recurring subscriptions that are no longer used or necessary.

Fourth, Michael emphasizes the importance of creating a savings plan. Instead of just saving money, he suggests creating additional revenue streams, such as side hustles, to increase the amount of money coming in.

Finally, he advises listeners to establish an emergency fund. He suggests having six months of expenses saved in case of unforeseen circumstances.

In conclusion, Michael reminds listeners that mastering budgeting is simple, but discipline is crucial. It is essential to keep track of income, expenses, savings, and emergency funds to avoid financial stress.

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