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Episode 19: How to Budget | Beginner Friendly
Discover the most beginner friendly budget you can start using right away. Learn how to budget using the 50/30/20 rule.
👉CLICK THIS LINK FOR EVERYTHING HERE:
📈FREE Guide | 5 Simple Investing Rules
📝Mike's Blog
🎧Mike's Podcast
💻Mike's Website
💰Online Course | Learn 2 Invest
How to Budget | Beginner Friendly
✅How do I make a budget if I’ve never done this before? Don’t worry I’m going to show the most beginner friendly budget you can start using right away. I did the research on every possible budgeting method in order to find the best one for beginners.
✅ At the end of the day budgeting is important because it helps you be good with money. Think about it for a minute. If you don’t have an organized system for tracking your spending, then you’re probably going to spend too much in the wrong places and not have enough for some really important stuff.
✅ But if you’re a beginner then the best way to make a budget is to use the 50/30/20 rule. The 50/30/20 rule is simple because it divides your monthly income into 3 sections. 50%, 30% and 20%.
✅ The first section is reserved for you to spend 50% of your income on necessities.
✅ The second section is the fun stuff because these are the things you want. With this budget method you’ll have 30% of your income to spend on this category.
✅ The third and final section is reserved for you to save or invest 20% of your income.
✅ So by using the 50/30/20 method you’ll be ahead of the game because you won’t have to stress when an emergency pops up or about how you’re going to survive in retirement.
✅ Quick Example: In the next 30 seconds Boomer the Consumer is going to show you how to budget as a beginner using this method. So Boomer makes $5,000 per month.
✨ Using the calculator on his phone he does $5,000 x .5 = $2,500. This goes in his 50% category for needs.
✨ Next he does $5,000 x .3 = $1,500. This goes in his 30% category for wants.
✨ And last he does $5,000 x .2 = $1,000. This goes in his 20% category for saving and investing. Boom!
👉Follow Mike on Social Media:
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By Mike Germinario
5
22 ratings
Discover the most beginner friendly budget you can start using right away. Learn how to budget using the 50/30/20 rule.
👉CLICK THIS LINK FOR EVERYTHING HERE:
📈FREE Guide | 5 Simple Investing Rules
📝Mike's Blog
🎧Mike's Podcast
💻Mike's Website
💰Online Course | Learn 2 Invest
How to Budget | Beginner Friendly
✅How do I make a budget if I’ve never done this before? Don’t worry I’m going to show the most beginner friendly budget you can start using right away. I did the research on every possible budgeting method in order to find the best one for beginners.
✅ At the end of the day budgeting is important because it helps you be good with money. Think about it for a minute. If you don’t have an organized system for tracking your spending, then you’re probably going to spend too much in the wrong places and not have enough for some really important stuff.
✅ But if you’re a beginner then the best way to make a budget is to use the 50/30/20 rule. The 50/30/20 rule is simple because it divides your monthly income into 3 sections. 50%, 30% and 20%.
✅ The first section is reserved for you to spend 50% of your income on necessities.
✅ The second section is the fun stuff because these are the things you want. With this budget method you’ll have 30% of your income to spend on this category.
✅ The third and final section is reserved for you to save or invest 20% of your income.
✅ So by using the 50/30/20 method you’ll be ahead of the game because you won’t have to stress when an emergency pops up or about how you’re going to survive in retirement.
✅ Quick Example: In the next 30 seconds Boomer the Consumer is going to show you how to budget as a beginner using this method. So Boomer makes $5,000 per month.
✨ Using the calculator on his phone he does $5,000 x .5 = $2,500. This goes in his 50% category for needs.
✨ Next he does $5,000 x .3 = $1,500. This goes in his 30% category for wants.
✨ And last he does $5,000 x .2 = $1,000. This goes in his 20% category for saving and investing. Boom!
👉Follow Mike on Social Media:
YOUTUBE
Link to privacy, data, terms & disclaimer for all Mike Germinario Sites & Content