We Make Money Easy Episode 1 – Budgeting

Andre and Phil talk about how to get started with a budget.

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Show Notes:

Andre discussing using Elizabeth Warren’s Balanced Money Plan (or 50/30/20 method)

  • 50% goes to your needs (Rent, Electric, etc)
  • 30% goes to your wants (Clothing, Movies)
  • 20% goes to Savings

Look at what you’ve spent for the past couple months and figure out where you are CURRENTLY, and see how you can fit it into a sustainable budget.

What about irregular (quarterly bills)? Multiply a single bill by four, and divide by 12, setting aside that much money every month, for example, you have a quarterly insurance bill that is $300 every 3 months. So first multiple that number by four ($1200), then divide by 12 ($100), and that’s the amount you should budget for every month for that bill.

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