How To Budget & Save Money | ADULTING 101

I feel like these glasses are gonna be extremely distracting because they’re reflecting the wind oh yeah I coming out I figure they kind of add it to the adult in five we were going for but hey guys what’s up and welcome to the 24th day of Ito burr for today’s video i’m doing a video all about budgeting and saving money and basically learning how to be super frugal and yeah this was something that was never really fully explained or taught to me and with doing research on better spending habits better saving habits and also just coming up with some ideas and habits on my own i kind of came up with a system that I like to follow when it comes to saving my money and being a bit more of an adult you know really quick if you guys aren’t falling you already be sure to check out my Twitter Instagram I’ll pop them up on the screen here for in the last week which is deeply upsetting but that said there’s still quite a few more videos to go so definitely subscribe and hit the notification bell if you haven’t already and on than that let’s jump into these money-saving tips so first things first when it comes to saving your money I like to follow kind of like a minimalist budget it’s just like a really simple breakdown of how to take your income and where it should all be going so obviously the first thing you need to do is figure out how much money are you making on a monthly basis that is your beginning point that is your starter that is where it all began from there ideally you want to map out all of the things that are musts and essentials now only you can decide kind of what is an essential versus what is you know a luxury to some cellphones might be a luxury to others it might be an essential for some a gym membership might be laundry to others it might be an essential so ideally you want to be spending about 50% of your income on your essentials which sounds like a lot but when you think about it what actually is all included in this ie your rent or however much it costs you for housing food and groceries to survive fills like utilities or cellphones or car bills whether you have to buy bus passes or you know train tokens whatever it is you have to kind of come up with what are the things that are essential for your day-to-day living this is also where you can get creative you know bringing down your cell phone bill by changing your plan coming up with plan so that you have like a set grocery list which saves you money you can even use apps to help with this like checkout 51 is the one that I use when it comes to couponing in Canada it gives you a bunch of coupons to go to grocery stores so you can use apps like that too which will also bring down your cost and when it comes to your essentials you always want to make your essentials fifty percent or less and if you have to make adjustments to your day-to-day living become accustomed to fifty percent of your monthly intake then it’s gonna hurt let’s start making the cuts also really important random tip to is to set aside a day or create automatic payments when it comes to your bills that way you’re never forgetting your never falling behind and it saves your credit for the future another tip that I had to learn the hard way next when it comes to budgeting is to try and take twenty or more percent and put it into your savings now this should only be done after your essentials you should never put twenty percent of your savings away before you’ve paid your bills you’ve paid your rent you’ve done all the things that are essential to your day-to-day living only after that’s done should just try and take twenty percent of your income and put it towards your savings you can be saving up for retirement you know you could be saving up for a car you could be saving up to buy property or buy a condo you can even just be saving up for a trip a new camera or you know a makeup product that you really want to get if you’re younger and you don’t have bills and all of that stuff yet you could even just be putting 20% of your part-time job wages a way to go on a trip somewhere at the end of high school or if you’re a little bit older and you have rent or you’re in college you can still try and put 20% away for savings after college or for paying off any school that you might have and the long run if you’re saving 20% more you’re just gonna thank yourself later when you’re buying a house earlier in life than you thought or you’re retiring in Hawaii and the last category when it comes to budgeting yourself is personal expenses and for this it’s always best to shoot for 30 percent or less this part of your budget is what’s going to make the most difference because essentials are just that they are essential we need to pay those things to live but when it comes to your personal spending shrinking this down means putting more into your savings pile which is in turn just gonna make it better for your life later on this is where you figure out what you want versus what you need and the things that you’re willing to you know sacrifice or cut back on for instance there was a time in my life where I was buying a Starbucks drink every single morning it is a ridiculously close walk to where I live and every morning I would get up walk that leg of Starbucks grab my drink come back and start my work for the day and when I started to add it up you know like 650 a day on a lot of tank versus the coffee that I can make from home it was disgusting the amount of money I could have been saving had I just been making coffee at home the whole time an important tip for this category too is to make sure that you’re tracking your spending because our money is so electronic now it can be so easy to be mindlessly spending and not even realizing it like when I was buying those coffees every morning going up for food is also a really big one that you might not even realize how much money you’re spending on that not to mention online shopping another mindless task that you get wandering into at 2:00 a.m. and then suddenly you don’t know how you spent all your spending money for the month in one night there’s a napping good on your phone called mint that helps you track all of your spending it shows you where you’re spending it it helps you you know see your pattern or you can just use you know a standard notebook you can use the notes in your iPhone and another huge tip that I do for this section that has helped me out the most is once I figure out how much money I have left after my essentials and my savings for the whole month I see what I have left and I take it out in cash this way I have physical cash on me I’m not using my cards my spending isn’t mindless and once that cash runs out that’s all I have for that month reverting to the old school ways of using cash it’s gonna be the only way to keep you on par with your budget I mean maybe not forever going but I do know that for me what I wasn’t taking out what I had leftover to spend I was going way over 30% when it came to personal spending for the month so definitely take a note of cash and keep track of every single personal item that you tend to spend or just keep track of all of your expenses in general including your bills in your rent be frugal but don’t be cheap be an adult but still have fun and there you have it those are the tips and tricks that I use when it comes to budgeting and being an adult when it comes to spending my money I hope you guys enjoyed if you guys have any tips that you want to add be sure to pop them down below and other than that I love you guys swimming back I hope you guys enjoyed this adulting 101 video and I will see you guys all in Taurus fizzy bye guys felt [Music] [Music]