This is Why Sticking to a Budget Seems HARD

okay so for whatever reason you and budgets just don't mix it's like putting gummy bears on a hamburger it's just like it's not right it's not right and it's feeling super hard and frustrating and you want to make real progress so luckily for you got some answers in this video as to how you can change your relationship with budgeting stick around hey fam welcome back to the Deb free millennials Channel I'm your host Justine here we talk about all ways to help you Achieve Financial confidence Crush debt that leads to more fund and fewer payments thank you so much to Rocket money for sponsoring today's video rocket money is an app that can help you cancel subscriptions lower your bills and manage your money all in one app but more on that later let's get into this list of like why sticking to a budget seems really freaking hard the first reason is you over complicate the budget system so instead of having one simple category you start breaking it up into all these little miniature subcategories and then you're trying to look at your transactions and put them into the right categories and it's just taking a long long time for example restaurants so restaurants we could break that down into coffee shops bars actual restaurants fast food you get the idea when you are over type aing it we got some issues because it's just going to take you a really long time to put your budget in place especially for my type B folks who are just like simple I want to set it forget it not forget it but set it and really make sure that this is something I'm going to be consistent with you want Simplicity you want a simple budgeting tool that is going to help you with all of those things and luckily I've got just the app for you rocket money is an all-in-one money management tool and what I really love about this app is I can negotiate your bills on your behalf think about it all those times where you've gotten a bill in the and then all of a sudden you thought what was normally $60 every single month is now 75 and you're like what happened nothing my internet is still the same speed why am I paying more for same- Speed Internet you can do this with your internet company you can do this with your cell phone company lower your bills negotiate your bills using rocket money I actually did this back in the day where I had to call up the internet company myself and try to negotiate and lower the bill when you use rocket money's concierge service actually saves you time and headache out of your busy day making you more productive and talk about like uncomplicating some of your money management practices it can help you locate and cancel subscriptions on your behalf think about all the monthly subscriptions that you might have that you kind of forget about well rocket money can actually go through scan through all of your transactions and figure out exactly what subscriptions you have so that you can get them canceled if you're not using them saving you money in fact rocket money has helped its customers save up to $740 in the year while using the app's premium features helping its customers with over $500 million saved and cancelled subscriptions so not only can It find and handle your subscriptions negotiate your bills but it also can help you spot spending patterns inside of your monthly budget help you organize things keep it simple keep it accessible on your phone talk about simple and not over complicating things this is definitely one you want to check out try rocket money now by heading over to Rocket money.com deeptree Millennials to get better with your finances so when budgeting feels really really hard is probably because you haven't prioritized your cash flow if you haven't exactly told your money where to go it's going to go towards the path of lease resistance and for you that's going to be your spending indulgences that's going to be the path of least resistance cuz you're like yes I love spending money on that thing and then all of a sudden it's not actually reflecting your real true financial goals that you want to accomplish think about money being energy okay money is a ball of energy it's moving in out to and from and you want to make sure that that money is given direction if you try to move it in all sorts of different ways it's just going to be a hot mess when you channel that money in into one primary Direction you give it Focus so remember those foundational Finance priorities if you've been following the channel then you know I've talked about financially prioritizing things starting with the budget eh eh that's why you're here I know there's a reason why you clicked on this video and why I'm making this video creating the budget creating and really funding your starter emergency fund of 2 to 3 months of basic living expenses we're going to create a robust debt payoff plan that has you debt free in less than 5 years that's always my goal for you it's like good better best my good goal for your debt free plan is 5 years my better goal for you is 3 years in 3 years I'm going to get you debt free and then best is anything less than 3 years is going to be amazing so that's another foundational priority for you the next one would be a fully funded emergency fund of at least 6 months of living expenses or more we're also simultaneously working on short midterm savings goals and our long-term and investing goals once you have that doot doot doot those six items which we're going to show here on screen if you have those priorities in order and you are cash flowing it using your budgeting system you you're solid we've replaced the the gummy gummy worms on the burger with like bacon and cheese and pickles I'm hungry now okay so sticking to a budget seems really insanely hard because your budget plan is unrealistic so often I've seen people under budget certain categories and they're they feel like they're overspending on their budget even though they've set the plan and they're like this is how much I'm going to spend and at the end of the month they've completely blown it out of the water too many times have I seen people under underfund and under budget categories like restaurants shopping um filling up their car with gas there are there there's a really simple way to fix that so that you are budgeting realistically for those categories and that's by doing a spending audit a spending audit is where you take a look and review the last 3 months of spending for that particular expense so if we're looking at how many times you filled up your car with gas we're only looking at gas expenses inside of your credit card statement your bank account statement and then we're going to take an average of the last 3 months of spending for that particular cas category and then now we know okay I thought I was spending $100 a month in gas filling up but holy I'm actually spending 256 whatever that number is now we can realistically plan for that inside of our budget and really get to know our numbers on a much more personal level I think one of the biggest reasons why people think budgeting seems really really hard is because they don't check in on their budget often enough especially if this is your first time budgeting ever I mean we've heard it time and time again like budgeting is the adult thing to do it's what the professionals do I mean that's that's what like gives us this we've graduated from being a kid to actually adulting and it's not as simple as creating the budget and then continuing to live our lives no we still have to go in and check we have to consistently do those check-ins and hold ourselves accountable to how we're spending to make sure that we're hitting our financial goals I I want you to buy the new car I want you to buy your new house I want you to spend money on vacation I want you to retire early whatever your financial goals may be in order to hit those financial goals would it make sense would it be ridiculous if we went back to the budget maybe a few more times than every other month or every quarter if this is your first time really truly budgeting or even trying out a new budgeting system like rocket money let's check in every couple of days and really like let's do at least a twoe challenge where we're checking in with ourselves and saying okay this is what I set for my budget and this is how much I've spent and this is how much money I have left over that for that particular budget because here's the thing if you don't actually check in with your spending and you're not actually doing it time and time again your spending impacts your goals and if you are not hitting your goals then the whole idea of budgeting is just simply a waste a time we need to check in with our spending in order to make sure that we are hitting and accomplishing the things that we want in our lives okay so we want sticking to a budget to be simple uncomplicated something that naturally fits into your weekly routine so your budget tips for Success here is number one keep your budget method simple keep it simple you may have to try out a few different budgeting tools or methods in order to figure out what Vibes with your brain cuz I want it to work for your brain and we want to keep it simple number two set those financial priority goals we went over that list of financial priorities and what I recommend you do so and in what order number three set realistic amounts for each of your budget categories and number four check in on your budget consistently and frequently especially if you're setting up your budget for the very first time and you're a new budgeter thank you to Rocket money for sponsoring today's video If if you want to try rocket money and start simplifying things with your budget head over to Rocket money.com deeptree Millennials to get started and I'll catch you in the next video [Music] oh