The video provides a clear, step-by-step breakdown of a personal budgeting strategy, making complex financial concepts accessible and actionable. The creator's personal experience and recommendation of a specific tool (Sofi) add credibility and a clear call to action.
Summary
The creator shares their paycheck budgeting strategy, detailing how they allocate funds for taxes, bills, investments, savings goals (emergency fund, new car, house projects, travel), and discretionary spending. They emphasize the importance of budgeting and recommend using a high-yield savings account like Sofi for better financial management.
Structure
1Introduction: Payday and joint account
2Taxes and initial calculation
3Allocating funds for bills
4Breaking down savings goals (investing, emergency fund, car, house, travel)
5Leftover/discretionary spending
6Recommendation for budgeting app and high-yield savings account
Original caption
How I’m currently budgeting our paychecks #payday #Budgeting #financetok
More from @tessaxlarson
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Call to action
download at the top of my page
On-screen text
It's PAYDAY
Transcript
Me and my husband just got paid, so let's budget our paycheck. You have a joint account. All of our money gets deposited into the same place. This system works for us, but it's different for everybody. But between the two of us, we have $6,662 deposited this week. First thing we always do is pay our taxes. So 30% is what we personally set aside. We are both self-employed and independent contractors. So we have to set aside the full amount for taxes. So 30% is what we set aside and that came out to $1,998.60. $4,663.40 left. Total reoccurring bills $4,000/month (mortgage, utilities, phone, gas, groceries, etc). Bills - $2,000. $2,663.40 left. Investing - $500. Emergency fund - $250. New car - $500. House projects - $250. Travel - $100. Left Over - 1,063.40
- Date night
- Hobbies
- Non-essentials
- Extra - expenses
- Anything else
*If not needed it gets rolled into Savings or investing.
We're also in the process of saving up for a new car, so $500 is going towards that savings. $250 is going towards house projects. We bought a house last year and we're working on it. And then $100 goes into our travel savings. We don't really have anything planned right now, so I usually just put a little bit in here. This is kind of like travel or rainy day fund. Also want to mention we never leave our money in a checking account. We put it in our high yield savings account. I love Sofie because it allows me to break up my savings into vaults or buckets like this. So it makes our savings goals really easy to keep track of. After all of our investing and savings that leaves us with $1,063.40 left over. This is kind of our free spending money. So either for date night, hobbies, non-essentials, extra expenses or anything else. If like our bills are more that month, we can put some of this money towards it. Again, if not needed or we don't feel like we need to spend that money, again, we're kind of aggressively saving and investing right now. So a lot of the time, a big chunk of this just gets rolled over into savings or investing. Budgeting your money is seriously step one to feeling more confident with your finances. You should know where every dollar of your money is going. So if you don't have a budget or you're not budgeting, I encourage you to sit down and write out your budget. Or you can use the same budget app I use (download at the top of my page). If you need a good high yield savings account, I have my personal one, sofi, up at the top of my page. You can check it out. It's completely free to use and sign up. A high yield savings account pays you to literally put your money in that account. So it's extra money. If you need a good high yield savings account, I have my personal one and my favorite one, Sofi, up at the top of my page.
