The Debt-Snowball Method: Our First Month (November 2017 Repayment Report)

november debt repayment, snowball debt repayment, the snowball debt repayment method, debt repayment report

The hubs and I just started to pay off our debt this month and we thought it’d be cool to track and share the method we use for our success.

Now, just to preface this,  Matt and I are 25 years old, and we are JUST now starting to pay off massive amounts of debt – and quickly.

But how are we paying down huge amounts of debt quickly?

Instead of the usual years it takes most people to pay back their debt?

You know the drill.

You pay as much more than the minimum amount due that you possibly can – because you want to pay it down more quickly.   But then its a year later and you feel like you haven’t made any progress.

It baffles me that it took us this long to discover the Debt-Snowball Method and so we’ve made it our mission to spread the word.

‘Cause it is seriously amazing.

The hubs and I just started to pay off our debt this month and we thought it’d be cool to track and share the method we use for our success.

Now, just to preface this,  Matt and I are 25 years old, and we are JUST now starting to pay off massive amounts of debt – and quickly.

But how are we paying down huge amounts of debt quickly?

Instead of the usual years it takes most people to pay back their debt?

You know the drill.

You pay as much more than the minimum amount due that you possibly can – because you want to pay it down more quickly.   But then its a year later and you feel like you haven’t made any progress.

It baffles me that it took us this long to discover the Debt-Snowball Method and so we’ve made it our mission to spread the word.

‘Cause it is seriously amazing.

november debt repayment, snowball debt repayment, the snowball debt repayment method, debt repayment report

Honestly, why isn’t this glorious knowledge called the Debt-Snowball Method taught to us in SCHOOL?!

Why?!!??

I mean, it is SO useful to know how to

  • a. not go into debt, but also,
  • b. get out of debt if you’ve gotten yourself into the predicament.

All I was ever taught was, “don’t use your credit card unless you have the cash for it.” (And I didn’t even learn this from school.  Thanks, Ma)

But, like, ok….great.  Great advice.  It really is.

But it’s only great advice if you’re one of the FEW people who is only using their credit cards to build credit, not because they literally NEED to fix their car.

Ya know?  Like, that advice doesn’t work for most people.  And then those people are screwed because they were never properly taught how to get out of debt.

I mean, 80% of Americans are in debt.

That is a shockingly high statistic.  And I really think its as simple as education…or the lack thereof.

Not enough people are educated on debt…and money in general.

I mean, I could have paid off this debt YEARS ago if I had simply been educated on the matter.

Yes, I know, I know.  I could have done the research myself years ago, but I was young and naive then – as most kids are when they get themselves into debt.

So, in my anger towards my lack of education, I’ve made it my mission to spread more awareness about this kickass repayment method.

Cause let’s face it, sometimes we can get ourselves into a yittle bit of a mess. ūüėČ

WHAT IS THE DEBT-SNOWBALL METHOD?

So, the Debt-Snowball Method is pretty simple and can be broken down into four main parts:

  1. List out all your debt
  2. Pay the minimum payments on all debt except your least owed amount
  3. Pay all extra income towards least owed debt until it is paid off
  4. Repeat until all are paid off

And that’s it.

I know, right, we could have covered this in ten minutes at school, but noooooooooo we must learn calculus!!!!

So, Matt and I have started doing this to pay back our debt and we’re here to tell you how our first month went! (November 2017)

WE PAID OFF $150 IN DEBT IN ONE MONTH

One hundred and fifty dollars might not seem like a lot to some people, but for our lifestyle, we are very proud.

So, here’s how we did it.

First, we listed out all our credit card debt:

  1. $300
  2. $850
  3. $1,100
  4. $1,500
  5. $1,800

(I’m using averages because it makes me feel less sketchy about sharing my personal finances on the internet lol)

Second, we paid the minimums on all our credit cards except for the $300 one.

Next, we budgeted to put all our spare money towards our debt, which was $150 extra this month.

And per the last step in the method, we’ll be repeating this exact strategy next month.

We are so excited to see our debt decrease super quickly – our credit scores have already gone up by more than 100 points from one month of payments!

 

Do you have debt that needs to be repaid?  Use the Debt-Snowball Method and pay it down quicker than ever before.  Let us know how it goes in the comments below!

HAPPY DEBT REPAYING,

— MICHELLE

related biz:

TRACKING YOUR BUDGET HAS NEVER BEEN EASIER

TRACK YOUR FINANCES – ANY TIME, ANY PLACE

I know, I know…who has the time to track their every expense, right?¬† Before the Budget Boss Financial Planner, I would download my fancy new printables from Pinterest and set off to change my poor spending habits.¬† I’d go to the store, spend some money, and what do you know – I never logged my spending in my budget binder.¬† There had to be a better way!¬† Thus was born the Budget Boss Financial Planner.¬† A fillable PDF that you can access across all your devices¬†– any time, any place.¬†¬†

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5 Reasons Why Financial Freedom Is Not In The Cards For You

finanial success

This post contains affiliate links.  All reviews are our own, honest opinion.  See disclaimer here.

Financial freedom Рa term that is often thrown around.  But, really, what does it mean to be financially free?

Well, it’s actually pretty simple. ¬†To have financial freedom, you must make enough money to pay for your expenses.

But, are you constantly wondering where all your money goes?  Or why you can never seem to afford your bills?

And, ugh!  If ONLY you could save enough for those new shoes!

Well, the issue holding you back from financial freedom may be simpler to fix than you think.

I’m sure you make plenty of money – it’s where your money is going each month that is the real issue.

And if you’re not sure where all your money goes each month, then that’s an even huger issue!

Wanna know the secret to being able to afford your bills?

A BUDGET SYSTEM!

Budget systems are SO necessary to grow your wealth and become financially free.

Financial freedom Рa term that is often thrown around.  But, really, what does it mean to be financially free?

Well, it’s actually pretty simple. ¬†To have financial freedom, you must make enough money to pay for your expenses.

But, are you constantly wondering where all your money goes?  Or why you can never seem to afford your bills?

And, ugh!  If ONLY you could save enough for those new shoes!

Well, the issue holding you back from financial freedom may be simpler to fix than you think.

I’m sure you make plenty of money – it’s where your money is going each month that is the real issue.

And if you’re not sure where all your money goes each month, then that’s an even huger issue!

Wanna know the secret to being able to afford your bills?

A BUDGET SYSTEM!

Budget systems are SO necessary to grow your wealth and become financially free.

financial success

This post contains affiliate links.  All reviews are our own, honest opinion.  See disclaimer here.

1. BECAUSE WITHOUT A BUDGET SYSTEM, YOU’RE PLAYING A GUESSING GAME

You know what’s worse than never having any money?

Never knowing how much money you DO have.

I mean, how do you pay your bills, buy your groceries, and have money for fun if you don’t know how much money you ever have at any given time?

When friends come to me with help on budgeting, the first question I always ask is, “how much money do you earn and spend each month?”

And, 9 times out of 10, their answer is, “I dunno.”

Queue the blank stares!

‘Cause if you don’t know, then you’re guessing.

And if you’re guessing about your personal finances, then chances are – YOU’RE WASTING MONEY. ¬†A¬†lot of money.

Now, nobody wants to waste money and creating a budget will save you from doing that by helping you track your income.

That way, you know how much money should be in your bank account, making it easy to decide if you can afford something additional to your bills, or not.

2. BUDGETING HELPS YOU SAVE MAD CASH

There are so many reasons to save money.

For emergencies, for vacations, for retirement, and most importantly, to gain financial freedom.

But, how easy is it to save money for all these important things if your budget (or lack thereof) isn’t helping you do so?

Psh, I don’t know about you, but I don’t want to get to retirement age and not have enough money to actually retire!

Having a budget will help you easily save the money that you would otherwise be wasting if you didn’t have a budget.

When you see your flow of income, it is simple to redirect the money you waste on coffee, entertainment, etc., to a savings account.

That way, it is out of sight and out of mind.

Just sit back and watch it grow!

Even if it is slow growing, something is always better than nothing.

3. YOU’LL BE ABLE TO STRATEGICALLY SPEND THAT HARD EARNED CASH ON WHAT YOU REALLY WANT

If you don’t have a budget, you’re probably spending a lot of money on unnecessary stuff, even if you don’t realize it.

I mean, if your daily routine consists of a morning trip to Dunkin’ Donuts to grab a coffee and a bagel, you’re not going to think twice about spending that $5.

But! ¬†Think of how much money you’ll have if you strategically redirect it to¬†purchase the new shoes you’ve been longing after.

If you find it difficult to afford the things you really want, try giving up the things that you don’t necessarily need – like coffee.

(Hot lemon water and an apple can give you just as much energy- without the crash.)

Recommended reading: How To Create A Morning Routine To Boost Your Energy

Buying coffee and bagels at the grocery store instead of at Dunkins will still give you your daily breakfast¬†AND something else you’ve been wanting.

And, your breakfast is healthier this way, too.

So!  Start tracking your income and expenses with your new budget so you can afford all aspects of your life.

4. A BUDGET SYSTEM WILL SAVE YOU SO. MUCH. TIME.

Before I had a budget, I would constantly analyze my families personal finances.

Anytime we had a bill to pay or wanted to eat out or go to a movie, I would have to calculate if we had enough money.

ANNOYING!

Not to mention time-consuming!

But, now that I have a kick-ass budget system, I NEVER have to spend time budgeting.

And I mean NEVER.

I always know how much money should be in my bank accounts, making it so simple to pay bills, save money, and have some fun.

Honestly, having a budget system (an automated one) has helped me save at least ten hours each month.

And the best part?  It has 100% been the most important key to gaining financial freedom.

Now, we are able to easily afford all aspects of our lives because our budget forces us to.

5. YOU’LL NEVER MISS ANY FUNNY BUSINESS GOING ON IN YOUR ACCOUNTS WHEN YOU HAVE A BUDGET

It’s no secret that people’s bank account information gets hacked.

I know it’s happened to me.

And you know what saved me time and money?  Quickly being able to recognize the weird transaction on my account.

Because, if you don’t budget your income and expenses, how would you know if there was¬†any funny looking stuff in your account?

You wouldn’t.

Or, by the time you noticed, they may have already drained your entire bank account.

Ruhhh-rohhhh.

Thankfully, though, due to my budget system, I was able to quickly contact my bank who disabled my account before the one weird charge turned into hundreds of charges.

Are you ready to transform your budget so you can be on your way to financial freedom?

HAPPY BUDGETING,

— MICHELLE

FINANCIAL FREEDOM

psssst.¬† don’t forget to share this awesomeness with your friends!

related biz:

TRACKING YOUR BUDGET HAS NEVER BEEN EASIER

TRACK YOUR FINANCES – ANY TIME, ANY PLACE

I know, I know…who has the time to track their every expense, right?¬† Before the Budget Boss Financial Planner, I would download my fancy new printables from Pinterest and set off to change my poor spending habits.¬† I’d go to the store, spend some money, and what do you know – I never logged my spending in my budget binder.¬† There had to be a better way!¬† Thus was born the Budget Boss Financial Planner.¬† A fillable PDF that you can access across all your devices¬†– any time, any place.¬†¬†

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18 Kick Ass Resources You Need To Rock Your Finances

18 Kick Ass Resources You Need To Rock Your Finances

budget resources | how to budget | budgeting tips | budget tips | budgeting for beginners

This post contains affiliate links.  All reviews are our own, honest opinion.  See disclaimer here.

Do you find it difficult to stick to your budget system?  

Or don’t have a budget system at all?

Is saving money difficult?

Or near impossible after paying your bills and other necessities?

Well, fear no more – because I’ve come to equip you will all the necessary goodies you’d need to rock your budget.

I’ve gathered up some of the best resources the internet has to offer to help you create your perfect budget system, stick to your budget, and help you save more money than ever before!

I’ve broken the links down into sections so you can easily navigate to the type of resource you’re looking for ūüôā

Do you find it difficult to stick to your budget system?  

Or don’t have a budget system at all?

Is saving money difficult?

Or near impossible after paying your bills and other necessities?

Well, fear no more – because I’ve come to equip you will all the necessary goodies you’d need to rock your budget.

I’ve gathered up some of the best resources the internet has to offer to help you create your perfect budget system, stick to your budget, and help you save more money than ever before!

I’ve broken the links down into sections so you can easily navigate to the type of resource you’re looking for ūüôā

budget resources | how to budget | budgeting tips | budget tips | budgeting for beginners

This post contains affiliate links.  All reviews are our own, honest opinion.  See disclaimer here.

If you’re looking to get your finances in order, you’ve come to the right place!

I’ve organized the best resources about budgeting and broken them down into 5 main sections:

 

  1. Budget Systems
  2. Budget Tracking
  3. Savings
  4. Debt
  5. Money Saving Tips & Tricks

1 – BUDGET SYSTEMS:

With so many budgeting systems floating around on Pinterest and Google, how can you possibly find the one that works best for you?!

(In my case I finally created my own budget system, ha)

But if you’re not tryna make your own budget from scratch, check out the four budgeting systems that I feel work the best for the most people.

Experiment with different systems until you find your perfect match – it could be one of the ones below or a combination of more than one – the possibilities are endless!

TOP 4 BUDGET SYSTEMS:

1 –¬†The Budget Automation System by Who Says What¬†–¬†Want to set up your finances so you literally don’t even have to think about paying your bills or saving your extra cash? ¬†Try out the budget automation system to set up automatic deposits into your accounts with the exact amount of money you need for bills, miscellaneous spending, and savings!

2 –¬†The Basic Budget for Beginners provided by Pretty Providence¬†–¬†great for first-time budgeters and college students!

3 –¬†The Zero-Sum Budget, explained by Hope And Cents¬†–¬†This is a popular budgeting system that works for so many people! ¬†Similar to our budget automation system, The Zero-Sum Budget works by allocating all of your income each month to specific categories, such as bills and savings until you’re out of money.

4 –¬†The Cash Envelope Budget System By The Budget Mom¬†–¬†This budget system is great if you find it difficult to spend your money on the right things since the cash in each labeled envelope is the¬†only¬†money you have for that expense.¬† Find yourself spending too much than¬†allocated to¬†groceries? ¬†Or spending your bill money on personal items? ¬†Try out the Cash Envelope System to eliminate overspending and get back on track with your finances!

2 – BUDGET TRACKING:

budget resources | how to budget | budgeting tips | budget tips | budgeting for beginners

Now that we have effectively found and implemented the budget system that works for us, we need a place to track our budget, right?!

A sheet of paper would do just fine, but if you like to be a teeny bit more organized, I’ve found some great *free* resources for ya!

5 –¬†The 2017 Budget Boss Binder by Who Says What¬†–¬†This binder is great to organize your budget system while also allowing you to track your monthly income and expenses. ¬†Stay organized and on track with your budget by using our free printable budget binder!

6 –¬†Bill Payment Tracker Printable by Clean And Scentsible¬†–¬†If you’re looking for a simple solution to managing your budget, check out this awesome bill payment tracker to make sure¬†you always have enough money to pay your bills on time!

7 –¬†Budget Tracking For Your Business by Printable Crush¬†–¬†Printable Crush has so many amazing and free printables on their website, and their business budget tracking printables do not disappoint! ¬†If you’re in the business of running your own business, these business budget printables are great!

3 – SAVINGS:

Alright, so our budget system is implemented and we’re successfully tracking our budget each month!

Yay us!

Now it’s time to start saving more money than before, using some handy tips and tricks from the awesome bloggers below!

8¬†–¬†Try the 12 Month Emergency Fund Savings Challenge by The Extra Income Project¬†–¬†its always a good idea to have an emergency fund, just in case! ¬†You never know when you could encounter an unexpected expense! ¬†Try saving enough for your emergency fund with a fun challenge like this one!

9¬†–¬†These 97 Money Saving Tricks by Growing Slower¬†will add so much extra cash to your savings account!

10 –¬†Try Turning Your Receipts Into Cash to add to your savings accounts¬†with this helpful post from What The Girls Say!

4 РDEBT: 

Ugh, debt!

If you have debt, I’m willing to bet that you’re trying to get out of it, right?

Make getting out of debt easier than ever before with the help of these awesome posts below!

11 –¬†Learn How to Negotiate Delinquent Debt with Lauren Greutman¬†

12 –¬†Get Your Free Printable Debt Snowball Printable from A Cultivated Nest¬†– The post makes it so easy to understand what a debt snowball plan is and how to use the printable to accomplish your debt payoff goals!

13¬†–¬†Check out 9 Ways to Pay Off Debt Fast with Frugal Rules!¬†– These are some awesome tips that most anybody can implement. ¬†Save money by doing such things as getting rid of a bill or eating out less frequently! ¬†Check out the entire list over on Frugal Rules!

14 –¬†Living on one income? ¬†Learn how to still pay off debt with Pennies Into Pearls’ Post:¬†How to Live on One Income and Still Pay off Debt!

5: MONEY SAVING TIPS & TRICKS –

Need some more tips and tricks to start saving more money?

Check out some awesome tips below b to cut costs in places you probably didn’t even know existed!

15 –¬†Learn¬†How to Plean Your Meals Like A Pro¬†in order to save money at the grocery store with Smart Mom Smart Ideas!¬† – She even includes an awesome and free meal planning planner!

16¬†–¬†Save money with these 200 Cheap Meal Ideas by Prudent Penny Pincher¬†–¬†Cheap and delicious!

17¬†–¬†113 Clothing Hacks to Save Money by Best of Budgets¬†– Save money on clothing so you can spend that money elsewhere! ¬†Or save it!

¬†18¬†–¬†Learn How To Save Money At Starbucks by Best of Budgets!¬†– You can continue to enjoy your Starbucks, now, without the guilt!

Alright, there you have it!

The 18 best resources on the web to organize your budget!

Implement your budget system, track it, get out of debt, and save more money!

Yay!

What are your favorite resources for all your budgeting needs?!

HAPPY BUDGETING,

— MICHELLE

GRAB YOUR BUDGET BOSS BINDER

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How To Use A Budget Binder To Save A Ton Of Money

How To Use A Budget Binder To Save A Ton Of Money

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

This post contains affiliate links.  All reviews are our own, honest opinion.  See disclaimer here.

Do you find budgeting stressful, time-consuming, and just plain old no fun?

Me too.

That is until I started using a budget binder to organize my finances!

The ones I had been using, though, just¬†weren’t¬†getting the job done — so I created my own, in conjunction with my budget automation system.

This system changed the way I budget my families income and expenses and has made my life 100x less stressful.

This system is fool-proof, so you basically never have to think about your budget…and what is better than that?

The budget automation system does come with some necessary printables, though, and that is where the budget boss binder comes in to organize all your financial planning!

Do you find budgeting stressful, time-consuming, and just plain old no fun?

Me too.

That is until I started using a budget binder to organize my finances!

The ones I had been using, though, just¬†weren’t¬†getting the job done — so I created my own, in conjunction with my budget automation system.

This system changed the way I budget my families income and expenses and has made my life 100x less stressful.

This system is fool-proof, so you basically never have to think about your budget…and what is better than that?

The budget automation system does come with some necessary printables, though, and that is where the budget boss binder comes in to organize all your financial planning!

Recommended reading: How To Budget To Save Time & Money

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

This post contains affiliate links.  All reviews are our own, honest opinion.  See disclaimer here.

Do you need some help organizing all your budgeting information?

The budget boss binder makes it so easy to organize all of your budget bossing necessities!

It is essential to your financial success to track your finances.

Why?

So you don’t overspend or waste your money on unnecessary things.¬† If you aren’t tracking your flow of income and expenses, then you aren’t being strategic or responsible with your money.

Also, you’ll always¬†know how much money should be in your accounts, making catching funny business in your accounts easy.

I like to keep my financial planning separate from my regular day-to-day planner, hence the budget binder!¬† That way my brain doesn’t have to try to think about my budget planning, my life planning, and my blog planning all at once!

I’ll walk you through exactly how my budget boss binder is set up so you can effectively begin taking control of your finances, too!

Continue on for an afternoon of stress-free budgeting!

WHAT YOU’LL NEED:

First things first, you’ll need to download your free Budget Boss Binder.¬† You can grab your instant download by filling out the form below!

Next, you’ll need some supplies to set up your budget binder!

  1. A binder
  2. Monthly tabbed dividers (with pockets for bills and looseleaf paper)
  3. Budget Printables
  4. Three whole punch

*Optional*

FIRST PART OF BINDER: BUDGET SYSTEM PRINTABLES

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners
HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

Once you have all of your supplies, it’s time to set up the first part of your budget binder – your actual budget system.

Before you insert your monthly tabbed dividers, you’ll want to insert the printables that you use to organize your actual budget so the first thing you see when you open your binder¬†is an overview of your budget.

If you’re in need of a new budgeting system, try automating your finances with our super¬†simple Automated Budget System.

Our¬†Automated Budget System¬†is a way for you to automate your finances so you don’t have to think about paying your bills…ever. ¬†Once you have implemented this system, you will¬†always¬†have enough money in your fixed expenses account to cover your bills (aka fixed expenses). ¬†

Better yet, this system will not only help you to pay your bills on time and without stress, but it will also make it easier to save money and pay down debt.

To learn how to use our budget system printables, head on over to this post to try it out!

If you have a budget system that you love and enjoy, simply replace your printables with ours in this section of your budget binder ūüôā

Having a place in your budget binder to store your financial planning is great to keep yourself accountable and on track with your budget.

It’s easier to follow your budget¬†when you’re able to visually see it each month.

So, what should your Budget Binder look like so far?

1. Binder Cover

2. Income & Expense Printable, three-hole-punched or in sleeve protector OR your budget system printables

3. Bank Account Printable, three-hole-punched or in sleeve protector OR your budget system printables

MIDDLE SECTION OF BINDER: MONTHLY BUDGET SECTIONS

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners
HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners
HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

Next in the binder will be our exclusive budget boss binder printables, used to track your budget from month to month and create and accomplish your savings goals!

Here is where you’ll want to start inserting your tabbed binder dividers for each month, inserting one of each of the following printables for each month. ¬†You could also use labeled sticky note tabs on your calendar printable to accomplish a similar effect.

If you have more monthly printables that you love to use, insert them here!

For further explanation, I’ll be going over each of the monthly printables and how to use them properly to ensure happy finances each month!

1 – MONTH AT A GLANCE PRINTABLE

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

The first printable I like to insert behind my monthly dividers is the monthly budget calendar printable.

This printable is great to get an overview of bill payment due dates and any surprise expenses for each month.

And, bonus! This printable is undated so you can easily use it for any month and year by just filling in the number slots yourself.

You can also use this printable to record your starting balance for your fixed expenses account along with expenses for the month to get a final balance at the end of the month.

That way, you always know that your account does indeed have the right amount of money for your bill payments.

This also makes it super easy to quickly recognize suspicious activity on your account.

Ah, doesn’t it feel good to see your¬†budget system working so well?

2 – MONTHLY LEDGER PRINTABLE

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

Next in your budget binder is my fav printable for budgeting!

Even though we’ve set up our finances to automate themselves with The Automated Budget System, I still¬†really¬†like to track my expenses and the balances in my accounts.

And if you have your own budget system that you use, I bet you need a way to track your income and expenses each month, too, eh?

Start by recording the starting balance in your fixed expenses account at the beginning of the month.

Then, in the ‘adjustment’ section, write the name of the expense, such as, “rent.”

Next, in the ‘date’ section, well, you got it, write the date. ūüėČ

In the ‘amount’ section, record the monetary amount of your expense ($100.00)

And finally, record your new balance in the ‘balance’ section — where you’ll always be able to refer to¬†for the exact amount of money in your account at any given date!

SO EASY!

Having this printable in your budget binder will make tracking your expenses each month super simple and will also make it easier to catch accounting mistakes or suspicious charges!

The best thing about this printable is that you can use it for all of your accounts if you want to.

Want to track your spending on variable expenses, such as shopping and take-out?  Do so with multiple labeled copies of this printable in your binder!

3 – SAVINGS TRACKER

HOW TO USE A BUDGET BINDER | budgeting | budgeting tips | how to budget | budgeting for beginners

Next in your binder (in each monthly section) is our savings goals and tracking printable!

We all have something we’re trying to save for, right?

Maybe a house, a car, or a vacation?

This printable will help you easily save for the things you want!

Simply set your goal and then automate a fixed amount to go into your savings account each week – even if you can only afford $50 per paycheck.

This way, your spare money will easily accumulate without effort in an account you cannot (or shouldn’t) touch instead of floating around in the same account with all your other money.

Each month, check off the box after you’ve accomplished your savings goals ūüôā

BACK OF BUDGET BINDER: MISC. INFORMATION

After my monthly tabbed sections, I like to store miscellaneous financial information in my budget binder.

This is where I insert bank account information, credit card information, and bills I like to keep on file.

I simply stick all similar documents in a sheet protector and then stick a labeled sticky tab onto the sheet protector to easily navigate the information.

You could also use folders for this.

And there you have it!  Your completed budget boss binder!

What are your favorite budgeting printables? ¬†Link to them in the comments so we can make our budget binder even better ūüôā

HAPPY BUDGETING,

MICHELLE

DON’T FORGET YOUR BUDGET BOSS BINDER!

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How To Budget So You Can Save Time And Money

How To Budget So You Can Save Time And Money

Learning how to budget your income is super crucial if you want to be financially successful.

But, like most people, I hate budgeting. Yup, I said it.

 
It’s the worst, so people tend to avoid it. Did you know that TWO-THIRDS of Americans DO NOT have a budget?
 
That’s crazy, right!? And a huge, huge mistake…like 100% of always.
 
If there is one thing that you should keep organized in your life, it should be your money.
 
So why do so many people treat their finances like they ain’t no thang? As if they’re not *possibly* wasting thousands and thousands of dollars each month. I‚Äôll give you two reasons why – budgeting is time-consuming and it is stressful. It often causes arguments between partners and can control many aspects of our lives.
 
So why even bother with it all, right?
 
WRONG.
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to help you save time and money, we’ve designed a budget binder to guide you through this post:

 

Learning how to budget your income is super crucial if you want to be financially successful.

But, like most people, I hate budgeting. Yup, I said it.

 
It’s the worst, so people tend to avoid it. Did you know that TWO-THIRDS of Americans DO NOT have a budget?
 
That’s crazy, right!? And a huge, huge mistake…like 100% of always.
 
If there is one thing that you should keep organized in your life, it should be your money.
 
So why do so many people treat their finances like they ain’t no thang? As if they’re not *possibly* wasting thousands and thousands of dollars each month. I‚Äôll give you two reasons why – budgeting is time-consuming and it is stressful. It often causes arguments between partners and can control many aspects of our lives.
 
So why even bother with it all, right?
 
WRONG.
q

to help you save time and money, we’ve designed a budget binder to guide you through this post:

 

Like I said, keeping your money organized is super crucial if you’re looking to be financially successful.  Financial success comes down to three things:

1. having a clear image of your flow of income and expenses

2. tracking your finances to ensure responsible & efficient spending, and

3. living the lifestyle that you can afford to live

 I mean, if you don’t know how much money you’re making versus how much money you’re spending, how can you make good decisions about where your money is being spent?

In most instances (nay, all instances), you can’t make educated decisions about your finances if you don‚Äôt have a clue what your finances even look like.

So, I always, always recommend that people find a budget system that works for them and to stick to it – even if they ‚Äúmake a lot of money.‚Ä̬† No matter how little or how big your income is, you need a budget.

I mean, come on, nobody likes a money snob.

Why do you need a budget system?

You need a budget for 3 reasons:

1. In order to track your flow of income & expenses and make responsible spending decisions

2. In order to pay down debt

3. And in order to save for emergencies and retirement

Cause lets be honest here, if you don’t have a budget Рor in other words, a strategy for where your income is being spent Рhow are you going to do any of the above three things?

If you don’t have a budget, you wouldn’t really know exactly how much money you make and spend each month Рmeaning you can’t really say that you spend your money in the most responsible and efficient way possible.

And, if you don’t have a budget, you probably don’t have a very good system in place to pay down your debt as quickly as possible in order to avoid interest costs.

And finally, if you don’t have a budget, I can say with a high amount of certainty that you probably don’t save as much money as you could be and should be saving each month.

So, you’re guilty of not having a budget system in place that works for you…it’s fine, it’s fine.  We’re here to fix that for you.

We’re here to do it in the most efficient and stress-free way possible Рby automating your budget with The Automated Budget System (TABS).

What is TABS?  And why you should use it.

TABS, or The Automated Budget System, is how I set up my budget so that I don’t have to budget.

Huh? ¬†Yeah, yeah…stay with me.

Like I said, I hate budgeting…but like I also said, budgeting is essential Рfor everybody.

So, I took the lazy mans way out and I automated my budget, cause seriously, ain’t nobody got time for that.

TABS automates your budget by strategically setting up your finances to automatically deposit income in specified accounts and pay bills via automatic bill pay.

The reason I love this budget system so much is because it automates it.  Don’t let me confuse you, I am not the genius who discovered that all your income should be used strategically.  There are plenty of budget systems out there that use this exact method.

But, what they don’t help you do is to automate it.

Like the zero-based budget for instance.  Same idea Рuse all your income strategically.  BUT, you gotta take the time each month to set your budget up accordingly.  You’re still having to actually physically budget your income each month.

Not with TABS.¬† Welcome to the 21st century, peeps, there’s a way to make everything and anything easier nowadays.

STEP 1: YOUR INCOME

First things first, before you can create a strategy for your income, you gotta know your income.

So, grab copies of your four most recent paychecks and average your gross pay per paycheck.  Then, multiply that number by four (or two if you’re paid bi-weekly) to get your average monthly income.

If you‚Äôre budgeting for your family, including all sources of income per month, such as your partner’s income, child support, side hustles, etc.

(Don’t have predictable income?  Average out your income over the last 6 months and use that as an estimate.  You’ll have to be a little more aware of your earnings each month to make sure you’ve budgeted your estimated income appropriately.)

Need help organizing your monthly income?  Download our free worksheet included in the Budget Boss Binder:

STEP 2: YOUR EXPENSES

Sweet, now that you know your exzact income, it’s time to ensure that you’re spending your hard earned cash strategically.

When I’m budgeting, I like to make sure I can afford me and my families needs before our wants…as I’m sure most people do.  Because of this, I like to organize my expenses into two categories:

  1. Fixed Expenses
  2. and Variable Expenses

Fixed Expenses are any expenses that happen each month and for roughly the same amount of money.  For my budget, I include such things as rent, utilities, cell phone, credit cards, insurance, etc.

Variable Expenses are any expenses that vary in cost and decrease in cost if necessary.  For my budget, I include groceries, gas, entertainment, clothing, etc.

Our Income vs. Expenses worksheet is super clutch for organizing all this info!  Just download our Budget Boss Binder, here.

Now that you have¬†totals for your income and for your expenses, it’s easy to see if you’re in the green or in the red each month. ¬†(If you’re usually struggling to pay your bills on time each month, you’re likely in the red. ¬†TABS will help you fix that!)

We’ve included a space on your worksheet to divide your expenses by your income. ¬†This gives you a percentage of exactly how much money you need each month to pay your bills and necessities. ¬†It also gives you a clear idea of how much remaining money you have to put towards paying down debt or saving.

For example, if you make $1,000 per month and you pay $1500/month in expenses, you’re in the red. ¬†If you’re in the red, it’s cool. ¬†But it’s time to say goodbye to some luxuries¬†in your life. ¬†Evaluate your expenses and get rid of anything that isn’t an absolute¬†necessity¬†until your expenses are less than your income. ¬†For instance, my family cut out cable when things were tight. ¬†You could also trade in your car for a bike, spend less at restaurants, and take part in free activities instead of costly ones. ¬†If you’re not willing to cut back in expenses, think about getting a second job or starting a side hustle.

Contrary, if your expenses total is less than your income total then you’re in the green. ¬†The only thing you have to worry about now is how you’re spending your extra income. ¬†Are you paying down your debt to avoid interest charges? ¬†Are you saving for emergencies and retirement? ¬†If you’re not, try automatically depositing a certain percentage of your income into a debt repayment account and a savings account each month.

STEP 3: YOUR BANK ACCOUNTS

I know, I know! ¬†Where’s this AUTOMATION that I’ve been bragging about?! ¬†Well, it’s finally here!

Your third and final step is to automate your budget using bank accounts, direct deposit, and automatic bill pay. ¬†Here’s how:

First things first, download our FREE Budget Boss Binder and grab your ‘bank accounts’ printable.

Next, list out all your bank accounts with their routing and account numbers, if its a checking or savings account, if its a joint or personal account, etc.

Finally, the most important step Рassign each bank account with a percentage of income.  For example, if you calculated earlier that you need 80% of your income for your expenses, label your expense account with 80%.  Then, divvy up the remaining percentages out of 100 to your debt repayment account, savings account, and personal spending account.

My families bank account percentages look a little like this:

  • Fixed Expenses Account: 80%
  • Variable Expenses Account: 15%
  • Debt Repayment Account: 5%

We’ve opted out of saving money and having personal spending money for the moment in order to pay down out debt quicker.

Once you’ve assigned your bank accounts with income percentages, simply login to your works direct deposit and have then deposit the exact percentages into each account.

Then, automate your bills with automatic bill pay to be withdrawn from your Fixed Expenses Account. ¬†Because you automatically deposit the exact amount of income that you’ll need each month into this account, you should never be short for bills.

 

Pretty sweet, right?

So, is your current budget system working for you in the most efficient way possible? In other words, is your budget saving you cash and time each month?

If it’s not, it’s time to give The Automated Budget System a go! ¬†I’ve never met anybody who doesn’t like saving their money & their time!

HAPPY BUDGETING!

— MICHELLE

THE BUDGET BOSS BINDER

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MONTHLY CALENDAR

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MONTHLY LEDGER

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SAVINGS GOALS & TRACKER

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INCOME & EXPENSE ANAYLZER

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BANK ACCOUNT ORGANIZER

THE BUDGET BOSS BINDER

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MONTHLY CALENDAR

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MONTHLY LEDGER

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SAVINGS GOALS & TRACKER

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INCOME & EXPENSE ANAYLZER

Z

BANK ACCOUNT ORGANIZER

psssst.  don’t forget to share this awesomeness with your friends!

related biz:

TRACKING YOUR BUDGET HAS NEVER BEEN EASIER

TRACK YOUR FINANCES – ANY TIME, ANY PLACE

I know, I know…who has the time to track their every expense, right?¬† Before the Budget Boss Financial Planner, I would download my fancy new printables from Pinterest and set off to change my poor spending habits.¬† I’d go to the store, spend some money, and what do you know – I never logged my spending in my budget binder.¬† There had to be a better way!¬† Thus was born the Budget Boss Financial Planner.¬† A fillable PDF that you can access across all your devices¬†– any time, any place.¬†¬†

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