Budgeting Idea: Weekly Discretionary Income
b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/budgeting-idea-weekly-discretionary-income\\\\/#arve-youtube-rvt0n9yn5kk659a0b2c5bf6e552335784","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/RVT0n9yn5kk?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\n\\n\\nIt took me a long time to create a budgeting method that actually worked for me where I didn\'t feel trapped. In today\'s quick money money I talk about the idea of a weekly discretionary budget.\\n\\n0:00 - When other budgeting ideas don\'t work\\n0:45 - Yes I do spend money on Lattes\\n1:11 - How the weekly discretionary budget works\\n4:46 - It\'s a very freeing way to do budgeting\\n5:25 - Growing wealth outside of this budget\\n6:41 - Taking it to the next level to make it easier\\n8:58 - I find it less restricting than a regular budget\\n\\nRecommended Videos:\\nThe Barefoot Investor Bank Accounts Explained - https://www.youtube.com/watch?v=YMKss1bLycw\\nTranscription:\\nIn today\'s episode of quick money Monday, I want to talk about the dreaded b word budgeting and this idea of weekly discretionary income that me and my then wife Kelly came up with that helped us budget when all of the other budgeting ideas didn\'t really work for us. That\'s what we\'re going to talk about as I drive to go and get my morning coffee, so if you know anything about me or follow me on Instagram, which you should add, Ryan Mcclain and I, C l I n e, then you know that I absolutely love my coffee. So I live in Granola. There\'s lots of great coffee. Shops were my favorite is about five to 10 minute drive away, so I\'m actually driving that CFI coffee. I like it so much and yes, I do spend money on coffee. I do spend money on lattes and this is what I want to talk to day about, which is this idea of weekly discretionary income.\\n\\nSo there\'s a lot of different ideas on how to budget out there. There\'s a lot of ways that work for some people. I tried the envelope method, we tried tracking things through apps on our phone, all of that sort of stuff, and none of that really worked for us and it wasn\'t until we came across this idea of having a weekly discretionary budget that things started to click. So the idea behind this budget is that you look at the regular expenses in your life, so you look at things like your phone bills, your Internet bills, your electricity, your health insurance, your cars, all of that sort of stuff that you kinda have to pay for on a weekly or monthly basis. Rent would go into that as well. You look at that sort of stuff and you put it on a spreadsheet and you look at how much money that is costing you and then you set aside that money automatically every week, every fortnight, every month, whenever you get paid, whatever works for you.\\n\\nSo whatever is regular in your life, in terms of finances, you go ahead and you automate that. So when you get paid, you put enough money aside that\'s going to pay for that. You don\'t have to think about it if you want to save money on those things and you do that as a one off. Yeah. And then after you\'ve done that and worked out, okay, well how much money do we need to spend each year for those regular things like rent and stuff like that. You then look at what\'s left over and that\'s what we would call our weekly discretionary budget. So this is for things that might change every single week. So groceries going out for food, going out to the movies, entertainment, even petrol and things like that would be kind of discretionary each week. So some weeks you might spend more on petrol than other weeks because you\'re driving more.\\n\\nSome weeks she might spend more on groceries because you\'re eating at home or other weeks you might spend less on groceries because you want to go out or you want to buy a case of beer or something like that.'