PAYDAY with a $12k DINK monthly income

@hannahkoumakis

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SoundTikTok sound · Morning Bossa Nova

Why it worked

The video provides a transparent and relatable look into a couple's budgeting process, offering practical insights into managing a high income and mortgage, which resonates with viewers interested in personal finance and financial planning.

Summary

The creator details her and her husband's monthly budget based on their $12,200 DINK income. She explains how they allocate funds across various accounts including mortgage, utilities, food, fun money, entertainment, savings, and a piano account, adjusting budgets based on actual spending and future goals like paying down their mortgage.

Structure

1Introduction to payday and joint budgeting with a $12,200 income.
2Allocation of funds to mortgage, utilities, and food budgets.
3Discussion and adjustment of fun money and entertainment budgets.
4Transferring funds to emergency, blessing, tithe, long-term savings, and piano accounts.
5Explanation of the budgeting process and its impact on their finances.

Call to action

Follow along for more budgeting transparency, tips and tricks.

On-screen text

$6,809 Mortgage Adding $440 $348 to transfer $500 food budget $600 food budget $600 food budget $152.00 $348 to transfer $500.00 $300 each fun money $250.00 $450.00 $586.37 $187.00 $287.00 $2,077.20 $1,248.00 $1,748.00 $152.00 $252.00 $755.25

Original caption

Our first joint PAYDAY video!! It’s been a big change going from a single income to now joint with a relatively hefty mortgage. We are super aware that our mortgage is a VERY high portion of our income so our goal going forward is to save as much as possible to pay it down. We are still on our journey on discovering what works well for us 💰 Follow along for more budgeting transparency, tips and tricks. #Budgeting #budgetnz #payday #moneysaving #savingsnz

More from @hannahkoumakis

More breakout videos from this creator.

For the first time ever, it is officially payday and I'm going to show you guys how I split off me and my husband's $12,200 monthly salary into our multiple different accounts. Now, this video is part of a series where every single day I'm going to be posting about budgeting tips, tricks, and everything you should know about how to get on track with your money. So make sure you follow along and check out the rest of my videos. Last month was the very first month that we actually shared out income and created a budget. So out of our $12,200, we have $6,809 towards our mortgage. Next up is utilities and I've got $15 leftover, so I'm going to transfer another $440, which is our monthly budget. And that was how fast it took me to transfer the money. This is crazy. Food budget. You guys, we pleased to know that I increased this to $600 per month. However, last month was a bit of a trial month. We realized that we didn't spend $600, we only spent around $450. So I'm going to probably slightly alter that food budget to more like $500. So again, because we have $152 in that account, it's not an accumulating account, which means I go $500 minus $152 is $348. And that's the amount I'm going to transfer from my main account into my food account. Actually decided to have $300 each fun money in both of our accounts. My husband ended up only spending 80. I ended up spending 120. So I realized that $300 is probably too much. Fun money is also your shopping money, any other food items you want to buy, if you want to go and get a snack, that's what that money comes from. I'm very grateful that me and my husband are both people that do not enjoy spending money. So I've made an executive decision to reduce our fun money down to $200 per month. For me, I prefer to be paying off my mortgage right now than buy new clothes. Entertainment, we have $200 and I spent none of that. Our entertainment was a bit of a trial month. We realized that we didn't spend $200, we only spent $150. So I'm going to add $200 to my $250, which is $450. Other accounts. We allowed for $200 and this isn't an accumulating account. We currently have in there $586.37, which is really good. But I feel like currently it's actually too much to have. So I'm actually going to move that $200 into my emergency account. So this month, I'm sorry, but my other account is not getting any money, instead my emergency account is getting a little bit more. Blessing account. Currently has $187.00 in there and we allowed for this to be an accumulating account with an extra $287.00 in there. And that account goes towards anything like coffees, flowers, etc. Our tithe is 10% off our gross income. So that's $1,200 that I'm going to be paying into my accumulating account. Now for our savings. Our emergency account gets $500, but remember I also added $700 from the other account that's going in there, which is pretty epic. Our holiday account. We do have a holiday coming up, so I probably should be budgeting a little bit more, but currently I've got $250 done. The total currently is $1,978.77 and that account. And then our long term savings is $500. We currently have $1,248.00 in there, which is not good. And my piano account is looking very, very sad because I said they had to spend all of it on the piano and it currently has $152.00 and my budget is $100. So I'm adding $100 to my $152, which is $252. We also have $300 of rates and insurance, and so that also goes into my utilities. And there we go, ladies and gentlemen, my accounts are looking nice and fresh and healthy. It's obviously very expensive. Um, now that we've bought a house and now we have a very hefty mortgage. But that's a little insight into month two of having a joint account with my husband and how we budget.