Snag Our Signature Budget Template!

Hey Budget Besties! 🎉 Listen into a live group coaching call where we dive deep into the game-changing strategy of using separate bank accounts for effective budgeting and more. 💡 Say goodbye to the headache of tracking every dollar and hello to the ease of automated planning!

We discuss:

1. Separate Bank Accounts

1. Gas and Groceries: Consider a dedicated account for these to streamline your spending without the need to track every purchase.

2. Bills Account: Use a separate account for bills to ensure they’re always covered, avoiding accidental overspending.

3. Fun Money: Keep a distinct account for discretionary spending to give yourself permission to enjoy your money guilt-free.

2. Paycheck Planning

1. Allocate specific amounts for different categories from each paycheck.

2. Example: $300 for groceries per pay period.

3. Adjust based on your spending patterns (e.g., weekly grocery trips).

3. Creative Budget Stretching

1. Shop Your House: Utilize pantry and freezer items before buying more groceries.

2. Weekend Supplementing: Plan smaller, supplementary shopping trips if you do a big shop at the beginning of the month.

4. Recommended Banks

1. Ally Bank: High interest on savings, multiple accounts.

2. Navy Federal: Unlimited checking and savings accounts.

3. USAA, Capital One, Discover: Good options with some caveats on debit cards.

5. Automation and Visualization

1. Automate Transfers: Set up automatic transfers from your bills account to other accounts to simplify budgeting.

2. Multiple Savings Goals: Use separate savings accounts for different goals (emergency fund, vacation, etc.).

We also share personal stories, like how Shana managed her budget while her husband was deployed, and Vanessa’s tips for making Taco Tuesday a no-dishes delight. 🌮✨

Tune in to learn how you can set up your budget for success, avoid unnecessary fees, and make your money work for you!

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching

"I love Shana & Vanessa and this podcast is amazing!" < If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone.

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

Snag Our Signature Budget Template!

Do you find yourself juggling multiple debts and wondering which one to tackle first? 🤔 You're not alone, budget besties! We are break down the three most popular methods for getting out of debt and help you decide which one fits your unique situation.

In This Episode:

1. Debt Snowball Method:

2. What It Is: Focus on paying off the smallest balances first.

3. Why It Works: Quick wins keep you motivated. 🎉

4. Example: Pay off a $500 credit card before a $1,000 one, regardless of interest rates.

5. Debt Avalanche Method:

6. What It Is: Pay off debts with the highest interest rates first.

7. Why It Works: Saves the most on interest in the long run. 💰

8. Example: Target a credit card with a 25% interest rate over one with a 15% rate.

9. Minimum Payments Method:

10. What It Is: Pay off debts with the highest minimum payments first.

11. Why It Works: Frees up more cash in your budget sooner. 💵

12. Example: Eliminate a $500/month payment debt before a $100/month one.

13. Real-Life Applications:

14. Situational examples of how to decide which method to use.

15. Combining strategies for maximum impact based on your unique financial situation. 🌟

Actionable Steps:

1. List Your Debts: Order from smallest to largest balance, and include interest rates and minimum payments.

2. Evaluate: Consider if you need quick wins (Snowball), long-term savings (Avalanche), or cash flow (Minimum Payments).

3. Personalize: Choose or combine methods based on your unique situation. Don't forget to adjust if you get a lump sum or if your circumstances change!

No one-size-fits-all solution here! We dive into how to list your debts, evaluate your options, and choose the best method for your financial goals. Whether you’re aiming for quick wins, saving on interest, or freeing up cash flow, we’ve got the strategy for you. Tune in to empower your financial journey and take control of your debt! 🌟

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching

"I love Shana & Vanessa and this podcast is amazing!" < If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone.

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

Snag Our Signature Budget Template!

Hey, Budget Besties! 🎙️

In today’s episode, we had a wonderful chat with Cassandra, who’s managing her family’s finances on a single income. Her main goal is building up her savings while juggling all the expenses that come with raising kids, especially as they grow older. 🎧✨

Key Topics Discussed:

1. Paycheck Planning: Cassandra and her husband are working on getting a month ahead with their budget, a crucial step for avoiding that paycheck-to-paycheck stress. We discussed how to utilize those two to three paycheck months to create a buffer and plan ahead for upcoming expenses.

2. Savings Buckets: Cassandra is building up her emergency fund but also wants to save for her daughter’s future wedding. We discussed the importance of prioritizing an emergency fund before setting up other savings goals, especially when unexpected expenses can pop up.

3. Account Structure: We dove into the importance of separating funds into different accounts for clarity:

4. Bills Account: Dedicated to recurring monthly expenses.

5. Spending Account: Covers daily expenses like gas and groceries.

6. Sinking Funds: Specific savings accounts for non-monthly expenses like holidays, gifts, or larger one-time purchases.

7. Streamlining Accounts: Cassandra is already on the right track by using a high-yield savings account for her emergency fund. She’s also exploring the idea of setting up a checking account for bills to keep everything organized and transparent.

8. Handling Irregular Expenses: We chatted about how to handle those surprise expenses—like school fees or extracurricular activities—that don't fit neatly into the monthly budget. Tracking these can make planning for them in the future much easier.

9. Building a Buffer: We discussed the idea of creating a buffer in the bills account to cover unexpected expenses and avoid the stress of timing issues with bill payments.

10. Labeling Savings: Cassandra is renaming her savings accounts to reflect their purposes more clearly, like “Wedding Fund” and “Trip Fund,” to create a stronger emotional attachment and make it easier to resist dipping into them for other needs.

11. Optimizing Transfers: We addressed the challenge of limited transfers from certain savings accounts and how to work around it by using checking accounts for frequent transactions or consulting with banks for better terms.

Top Tips:

1. Track All Expenses: Keep a list of all irregular expenses to avoid surprises.

2. Prioritize Emergency Funds: Before diving into other savings goals, make sure you have a solid emergency fund.

3. Separate Accounts: Use different accounts for bills, spending, and savings to stay organized and clear.

4. Communicate with Family: Involve the family in financial decisions and explain the importance of saving for future goals.

5. Avoid Impulse Savings Withdrawals: By naming your savings accounts, it becomes harder to justify taking money out for non-essential expenses

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching