HOW TO BUDGET FOR A $4,000 MONTHLY INCOME
Today I'm going to break down what a $4,000 monthly income budget looks like in excel. I will break down all the average percentages that you should have as well as the best way to tackle debt and savings on a $4,000 monthly budget.
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Please tell me that 4000$ per month is a below average income in US?
Great job Kelly! It’s very helpful for people to have a suggested budget like this where they can start and then adjust as needed.
Thank you! I'm doing a whole series with these types of videos and different monthly amounts and will also be doing on a variable income.
Love this! My spouse and I have an income of about $5,000 a month for the two of us and I find this very realistic and relatable.
I'm so glad this was helpful!! Are they any budget categories that you would put in my next video in this series? I'm doing $5,000 next! :) Thank you so much for watching!! :)
Is 4000$ per month is below average income in US?
@@rubigupta2041 way above
@@thabiso3299 it's not even 50k a year after taxes. How is that good for two people?
Pretty cool vid and ideas. Don't have that type of budget but it's reliable. Awesome work.
Thank you so much for watching!! :)
👏👏👏👏👏👏 the fact that you're speaking from experience is everything!!! Keep killin it Kelz! 😊
Thank you so much, Q! :)
Thanks for the budget video ! You’re appreciated!
Thank you so much!! That means a lot to me!
Hi Kelly! Great vid! HAPPY THANKSGIVING!!!
Thank you so much! :)
I would love to see a 3,000 one!
I'll add it to my list! :)
KZhead recommended a video on my home page... now I cant stop watching your videos!!
That made my day! I’m so glad you are enjoying my videos!!
Thank you Kelly 👍🏻
Thank you so much for watching and taking the time to comment, Thelma!! :)
I love the simplicity of your budget spreadsheet. I will add a section for investment, after the debt section. Sine we have minimal debt it works for us to plan monthly investment contributions. We are retirees and spending is different than when we both working. For example we spend more on vacations and medical, but we only need one car. We need a bigger emergency fund to cover medical costs. We can’t contribute to tax advantaged plans like 401k’s or IRA, but still can increase savings and investment.
That's so great!! I am very big on cutting expenses that aren't important to you so that you can go bigger on ones that ARE important to you and you are doing just that!! Great job!
Just download going to try
You got this!!
I purchased your excel budget template and I love it. If I remove the debt portion of it because I don't have any will it mess up the spread sheet? If so, could you tell me how to fix it? Thank you!
Hi Whitney!! Thank you so much for purchasing my budget template!! If you remove the debt portion it won’t change the formulas! Feel free to email if you have any questions as you go! ☺️
Finally found time to catch up on video watching. Really enjoying this series. But, you really need to change up that 75c in the vending machine example in case someone watches the videos in the series together.
LOL! I'll remember that for the next one!
Hey, have you stopped month budget videos? Those were my favorite!
Hi Nicole! I'm taking a break from them right now to concentrate on this budgeting series. :)
Yes, I miss seeing "real life" budgeting!
Nice job calling out that if you don’t make enough then you need to earn more in different ways. People latch onto that and don’t end up trying hard enough to do the work to increase their income. Sometimes it just needs to be said. Great video, Kelly!
So true!! I fell into that trap for so many years and it wasn't until I started side hustles that I was able to turn my life around!
Very nice thank you
Thank you for watching! :)
My husband and I bring home a good income but are able to live off under $4000 a month. We don't spend alot on anything outside our bills.
That's awesome!! Keep up the hard work!!
It's all about percentages. My total bills are 1/10th of my income. Live simply so others may simply live. Oh, and don't buy a car if you don't actually need it.
Thank you for the video! So do you recommend cash flowing yearly expected expenses instead of sinking funds while in debt? I have 5 months left of car payment and thinking of doing away with my sinking funds to put toward debt. The expected expenses will be next summer when we have no payments should i just expect to cash flow them then?
Great question!! It all depends on how much those yearly expenses are and how much you have left over at the end of the month before you put your extra towards debt. For us, if those yearly expenses are only a couple hundred dollars we just cash flow them that month but if they are several thousand dollars like our house taxes, then we will use a sinking fund. I hope that makes sense. :)
Yes thank you so much!!
Can you please do one for $6000 that around my families income but my mortgage payment is a pretty large chunk of my income not Dave Ramsey's recomended percentage. But that's the way it is right now. Keep doing this series this is great.
The next one will be $5,000 and then I believe $7,000 but between those two it will be very similar to your income level. I know lots of people that have mortgages above the recommended 25% and totally understand that sometimes you just can't control that. In that case I would recommend cutting back in other areas so that it is still a zero based budget. Thank you so much for watching!! :)
@@freedominabudget thank you so much I'll look out for those videos even this one helped me out as it is pretty close to my income. For people that live in New York or California its hard to keep our mortgages down but I'll take your advice and try to cut down in other areas. That's my new years resolution.
Thank you for the videos! My question is I don’t know where people can live for only $1000 a month, what about property tax and homeowners insurance if you own a home? Our property taxes are crazy in TX. I have 3 kids so we own a nice house with enough room. I’ve thought about down sizing but the neighborhood safety is important! And there wouldn’t be enough monthly savings in down sizing to make it worth it. I’d have to live in a not so nice part of town 🤣 Also what about life insurance? Kids sports and activities etc is also where a good bit of $$ goes. So hard to cut that back! Definitely time to bring in some side hustles!
You bring up such a good point! There are only so many ways to cut your expenses, sometimes the only option is to grow your income! Thank you so much for watching!! :)
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Will you please help me to know whether 4000$ per month in US is below average earning or a good one?
What about retirement savings?
Hello Kelly, I watched a video which you talk about sponsoring a child, what organization are you able to support a child? I am working on my budget and giving is part of it.
Yay!! That’s awesome!! I sponsor through Compassion International.
Thank you for taking the time to put this together. I would venture to guess most people are within this salary range so it's very helpful.
Thank you! I'm doing a whole series with these types of videos and different monthly amounts and will also be doing on a variable income.
do you charge to do some ones budgeting ?
Hi Marie! I have my budget template for sale on my shop: freedominabudget.com/product/easy-monthly-budget-template-spreadsheet/ if you would like to use the template to create your budget. I also offer budget coaching packages, one package includes me creating a custom budget for you. Here is the link for more info: freedominabudget.com/budgetcoaching/
We are a household of 6
Where is all your weight loss videos ? Miss seeing that
I'm taking a break from them right now. :)
Ugh I wish that was our rent. 😩
Lol me too!!
This is a terrible video lmao
Can u just get to the point ? U talk too much .
Thank you for your feedback!