budget

@mattiegdebtfree

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Crew https://linktr.ee/mattiegdebtfree ↗

Why it worked

The video likely resonated with viewers due to its transparency about personal finances, relatable struggles with debt, and practical demonstration of a budgeting system. The creator's personal approach and the visual breakdown of their financial allocations make the content engaging and informative.

Summary

The creator details how they budget their $11,000 bi-weekly paycheck, prioritizing debt repayment and allocating funds into specific savings 'pockets' for various expenses like pet care, car insurance, travel, a new laptop, and a future car. They highlight the effectiveness of their automated system in preventing impulsive spending and managing their finances transparently.

Structure

1Introduction to budgeting an $11k paycheck and paying off debt.
2Making a large credit card payment.
3Allocating funds to savings and sinking funds (trash, pets, car insurance).
4Funding specific needs: cat sitting, travel, new laptop, new car.
5Remaining balance in checking account for bills and variable expenses.

Original caption

this is not how we would have handled $11k in the past. that money would have sat in our checking account and dwindled away and we would have had nothing to show for it. now? we have a plan for our money and it’s so empowering! curious about the screenshot I shared? we use Crew to organize our money and it has been a GAME CHANGER. being able to take that money out of our checking and put it into pockets has helped us stay on track financially. I’ve got a referral link in my bio if you’re interested in trying it out for yourself! (not a subscription, use referral code MATTIE, I’m an affiliate for Crew 🙌) would love to do more of these videos breaking down aspects of our finances so if you’re interested let me know what you want to see next! #PersonalFinance #incometransparency #payingoff #debtpayment income transparency financial planning paycheck budgeting

More from @mattiegdebtfree

Their other posts in the index, biggest breakout first.

Transcript

budget our 11k paycheck to date. my husband and I are in our 30s, we're fixing our finances and we're paying off a lot of debt. and I'm sharing our debt journey and being transparent about our finances because I really think transparency goes a long way. his paycheck was $10,942.94 left to spend. the very first thing we did was make a payment towards our credit card debt and that was $3,139.77. left to spend. the next thing we did was move $1,200 into our savings. now let's take care of some sinking funds that I have set up on an automated system. so that whenever a paycheck goes in, certain amount of money gets put into that pocket. trash gets $27.50 of a paycheck, pets get $15 a paycheck, and car insurance gets $172.50 of a paycheck. plus we moved $240 into the pets pocket because I have to take my cats in to get their rabies shots. next thing I wanted to move was last credit card payment. this is just a partial payment, the checking pocket helps for the payment that we're going to make at the end of this month. we are also traveling next month, so any expenses around traveling are covered. first expense is cat sitting, so I made sure to move money into the cat sitting pocket. I moved about $625 into the travel pocket. this will cover airport parking and the rental car that we've booked. my husband desperately needs a new laptop and he has waited patiently as we've paid off this credit card debt. we finally have the funds to go buy him a laptop outright this month. I made sure to move $2,000 into a new laptop fund for him. we do want to do another car in the future, so we're starting that savings fund now. we moved $600 into the new car fund. we are left with $1,273.72 in our checking account and that will be for bills and other expenses like groceries, gas. the good thing about this system is that all that money gets taken from the checking and put into these pockets so that it is not a temptation to spend. in the past, this would have been handled differently. it's not how we would have handled our finances. but it's how we handle them now. if you like seeing other people's finances this way, because I do because I'm very nosy. comment below. I'm glad you're here and thanks for watching.