How to Get One Month Ahead of Your Expenses!
Hey friends!
In today’s video, I explain 3 different ways you can get one month ahead of your finances.
I hope you enjoy! Thanks so much for watching!
Xoxo,
Stephanie Anne
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I keep a 6 month buffer. I budget annually in monthly buckets so I know to the penny what my checking account balance will be on any given day months in advance. It’s a strategy I adopted years ago to reduce stress.
I love annual budgeting! So important, and you are so right - knowing where every penny goes reduces SO much stress! 🙌🏼🙌🏼🙌🏼
Good idea!!!! Never heard of that. How do you budget annually?
I have an annual budget video posted that walks through it! 🤓
That's a great idea
Very helpful tips!! Thanks for sharing it is really insightful when just starting this journey of really focusing on paying off debt.
I don’t agree with pausing retirement savings. When I first started working with a small student loan and some credit card debt, I contributed less but never stopped it. I increased when finances and debt were paid off. Now in my mid 40’s, my retirement account has done really well without contributing the max all because I started young and let my money compound. Time is your friend when it comes to investing.
Keeping my retirement going while I paid down debt was one of my best decisions ever.
Awesome video! We are a month ahead in our income. We made the change in September 2018 and it was awesome. It allowed us to make our debt snowball payments on the first day of the month so we didn't dip into it when we got into the last couple days of the month and our grocery fund was running low or whatever. It really increased our discipline.
Thank you for the tips. I never thought of pausing my retirement until you mentioned. This alone will be a great help.
This video was recommended to me and I’m so glad! I’ve been trying to explain this to a few of my friends but your explanation is much better haha We’re a month ahead on our rent and my car payment and it’s so great 🙌🏽🙏🏽
I've been discouraged for a while, but I need to get this debt paid off. I'm going to work hard and see if I can make it work this time around. Thx for the video and your ideas.
Thank you for posting this. Very useful and informative 👍
I believe I'm going to do something similar to what you mentioned when you said you would save enough money to be one month ahead for bills and living expenses, once Baby Step 2 is paid off. I just feel that it does add a certain sense of security that ensures you feel comfortable with your finances, :) Also thank you for this video!
Great breakdown on how to get a month ahead. ❣️ I can't wait to try it 👑
GREAT thoughts on getting ahead!!! 😊 👍 I so love 💕 your channel. Thank you.
Awww thanks so much for watching, and for your support! 💞💞💞
Yes! My goal is to have all of October's bills paid (or money set aside for them) before September 1st happens, but I am still trying to find the money somewhere...
I want to be 2 months ahead of rent to sleep in peacefully. 😊
2mos? Idk! If you fall out with your landlord, you’ll be fighting to get 2 mos rent and your deposit back!
@@mikelarkins5415 She doesn't have to give it to the landlord before it's due. She can hold and control the money and still have two months ahead.
Thank you, things are now in prospective!
I appreciate this video. Definitely gives a different perspective
Thank you so much for sharing this info
I personally have more taken out for taxes after having major problems with my employer & our payroll company not using the tax form correctly which made for major tax bills for me. I would rather have more taken out to be on the safe side been burned 3 years in a row. The rest of your video was great. 👏😊
I’m in the process of doing this! Love this!
That’s awesome! I can’t wait to get a full month ahead. 😬🙌🏼
LOVE THIS 💞 thank you!
You’re welcome!! Glad you enjoyed it! 💞
I agree with the tax refund thing. The government shut down frieked me out this year. We used our refund and paid off the mortgage but then we readjusted our w4 as well! Great video!
Wow that’s amazing!! It freaked me out too!! 😬
Love it!! So informative thank you soo much!
Thanks so much for watching! So glad you enjoyed it! 🥰
Yes I dont do all that transferring. I just leave it in checking and whatever is over budget just stays. When I get say $500 over budget, I then transfer that amount to savings.
Thank you for this video! I’ve been a single mom for 15 years and loved pay check to paycheck. Now they are both graduated and in college, it’s time to buckle down and plan for the future and make it easier. I loved when you said “you shouldn’t get a tax return”. I have been preaching that for so long and everyone around said I’m crazy. I would say the same thing about the giving the govt a loan lol. Having a larger paycheck biweekly than a large one time tax refund was well worth it!! I am going to sit down after work and go through your list and make my own and plan out “my attack” on my future 🤣Thank you again!!!!
You’ve got this!! 🥰
When I was in middle school, I’d watch two kids occasionally when the mom had a full day of errands like Christmas shopping and I’d be with those kids for legit 9 hours and whatever was left after she got home I’d get. Sometimes it was $10, sometimes it was $30. Sooo annoying! My mom would make me watch them cause they were friends 🙄🤬 I also use mine and my husband’s “extra” checks throughout the year to fund some of our sinking funds!
Oh man! That’s crazy!! That’s a great idea for your extra checks! 🙌🏼
Can't wait to watch this - so timely for me. Thanks.
You’re welcome! Thanks for watching! 😊
Thanks so much for this - I'm going home to see what else I can sell!
Awesome!! 👊🏼😄
Im so thankful for these tips...i only pay my bills up basically slightly the same thing accept i dnt juz have that much money sitting around...i juz do extra hours for extra money
You’re welcome! That is great! 😄
Great video! I actually filmed this video this morning 😊 great minds think alike. Tfs
That’s awesome!! Yes they do haha! 💞
I'm using March's income for April's expenses but I think I will try this too. I would like to have a bigger buffer in my checking account.
I love that! We are still torn between the expenses or the income option with being a month ahead. I do have to admit - the idea of using the current month’s income to pay all of my expenses next month is super appealing! 😬🙌🏼
Yeah, it's really nice. I only started doing it because that was the only way I was able to figure out Every Dollar.
Your information was very useful. I want to thank you for the time you invested in your channel.
Thanks so much for watching! 💞
This is a great idea, but can you explain why we are saving the income ahead as well as the expenses? I understand doing either/or but still confused why we are doing both to be one month ahead. This more like two months ahead. Any insight would be great.
Great question! There are multiple ways you can do this. Some people want to be a month ahead with income, others do expenses, and some do both. I think it just depends on how much of a cushion you really want. I have a friend who keeps $10k in her checking at all times in addition to an emergency fund. Personal finance is personal - you just have to do what works best for you!
I want to be ahead for 2 months at least with the car payment just for a piece of mind 😁
Yesss! Makes such a huge difference! 💞
It does!
Great info. Thanks for sharing! It's an awesome feeling to be ahead! (Side note: We file a tax RETURN. Everyone files a RETURN. If you get money back, that is a REFUND, not a RETURN.) :>) I'm sure you probably, in reality, know that. So many people refer to the refund as a return. I probably shouldn't make it my mission in life to correct this, huh?) lol
May I know where can I get your plannerkate stickers binder???
Target of America??
Target! Sometimes they are on clearance but they have a nice selection with cute designs there 😄
With my utility bill I pay $75 every pay check online to the Electric co. no matter what the bill. Now if it has an amount due and the $75 per check doesn't cover it then of course I have to pay extra. Right now I have about $138 credit. It should be about $213 credit before the bill comes online. On the 28th or whenever they read the meter they will deduct what I owe. If I owe more I will see that as amount due on my bill. If less it will show as a credit for the next month. Of course how much you pay each check depends on where you live. Also every once in a while I get an interest credit from the Electric Co. I do this with every bill that is not auto drafted. Usually by Dec I have a free month on most of my bills.
That’s a great system! Our utility company offers a budget plan that works sort of the same way. They average out our bill over 12 months and we pay that amount even if the bill is more or less and it all evens out in the end! 😊
@@PlanningtoProsper Our Utility Co didn't have it before but, I think they do now. When I lived In Watertown NY they did the budget thing and in Oct they would give you a check for what you didn't use. Was a great way to have Christmas Money. Not sure how they do it here. I think just adjust the bill and give you credit on Utility bill if not used the year before.
I currently have a creidt on my electric bill heading into the summer i think my company also offers the 12 month thing have to look into that now as summer approaches i will have a credit on my gas bill as we wont be using heat so when winter comes back around it wont be so bad
This is great! Thanks
You’re welcome!! 🥰
This was a very good video. This information is differently helpful. When paying off debt, do you pay the original creditor or collection agency? I've heard different answers and just dont want to be paying a company that is scamming. Thank you for a of your help. Blessings to you and your family🙏😁
We have always paid the company directly! But we haven’t had debt in collections at all so I’m honestly not sure how that works. Thank you so much for your support and kind words! 😊
@@PlanningtoProsper Thank you for that info. They are medical bills, so I may be able to go there and pay. Cant until your next video. New Sub here 😁
Thanks so much for subscribing! Happy to have you join us! 💞
I started a budget/ baby steps. Got yhe 1000 but decided to start on next months bills. I devided the bills all by 4 since I get played weekly. I pay the bill or 2 due that payday week and then pay 1/4 of my amount due for next mo so it will be there for next mo. I just started this so hope it works.
You’ve got this!! 😄👍🏼
Good spirit.
I just temp paused my retirement accnt and an starting over with BS1. Great video!.
Thank you! You’ve got this!! 🙌🏼😄
Subscribed right away... good tips and I like how your income isn't beyond the typical person so your ideas are possible for anyone to do.
Thanks so much for subscribing!! And yes - totally average income! Wish it was more lol but thankful for what we have 💞
I love your videos but your handwriting is so tiny!! Its hard to see anything you are writing. Just an fyi!! Good video!!! 😊
Good to know! I appreciate the feedback! 💞
Great video
Thank you so much! 💞
Hi. New subbie 💞
Our combined monthly income ( more or less) is $3,500.00. Our expenses monthly are $3,600.00 So how are we to save with these numbers?
You have to get your income up and/or decrease your expenses.
Get a second job, sell stuff, cancel (internet,cable, streaming subscriptions)....Hustle! Good luck.
Do you think that starting a KZhead channel is a good method for accountability?
For me, it definitely was!! I love this community and being a part of it 🥰
I'm married... But I budget like if I'm single.... If that makes any sense. And I have 6 months of emergency money saved. My husband doesn't.
That’s a great idea! I hope to get to that point very soon! 🙌🏼
I think that's a great idea. I loved my man but when shit hit the fan, I had covered my ass and me and my children were financially ok.
If your married you should both be on the same page with money, get your husband ahead as you to.
Please don’t pause your retirement. You should start with retirement, savings, then debt pay off, and then free spending. I am following the I will teach you to be rich method it feels so much better.
Personal finance is personal! For us - the temporary pause was worth the benefit of being able to save/pay off debt more aggressively. We considered our age and our long term goals when making the decision. It’s not for everyone! I totally support someone wanting to continue contributing to retirement while working on other goals. We are happy with the decisions we made to accomplish our family’s goals 😊
I appreciate your video here and there are some good tips but I have to say, the assumption that if you are getting paid biweekly you have an "extra" paycheck is a bit of a misnomer. If you arent already ahead on your bills then by definition you are living paycheck to paycheck. That means that "extra" check is necessary to pay for the next 2 weeks bills or groceries or rent/mortgage that comes due before your first paycheck of the next month. Its not impossible, but its not just "extra" money
I completely and totally agree with you. A lot of people treat it as an extra paycheck or bonus paycheck. We do not do that ourselves and haven’t for quite some time. I probably didn’t explain that well enough in the video. Thanks for the feedback!
Aly MJ I am paid semimonthly so I don’t get “extra” paychecks but my child support comes in biweekly so these 2 months I absolutely do get an extra bonus amount of half my monthly amount.
So having funding for next month's bills or expenses from this month is being 1 month advance??? If so cool... im new to debt free community and trying hard to be good... great content. New subscriber
😱 $5200 for one month do you live in an expensive area? I'm only asking because $5200 is almost our full income for my family of three for almost a full year!
That’s our income for one month - not our expenses 😉
TheMysticsoul77 $5200 a year ? There is no where in the US that someone could survive on that , you must be outside the US
@@michellewalters4807 Actually I'm in the USA and yes you can survive you just have to know how. Our income has gone up some but not alot. We aren't into a lot of material things maybe that's why we can do it
I live in a cheaper area and my house payment and food for m y2 children and I would total more than $5200 a year
a
Sell vehicle get older one paid for Dont buy new clothes Dont eat expensive food .....save all money can
Take your tax money and quite completely movie etc for a few months you will feel so much better trust me I had thousands in debt in out and My saying better than I deserve and focus not finished the quicker you pay debt then pay off house save
Shonah McLean what the hell are you saying?
musiclover1971 Lol....
😨 I didn’t understand this post at all
Ypur writing although neat, was not large enough
Thank you! Sorry I can’t help it - I’ve tried writing larger and it just doesn’t come to me naturally 😂
If you have young babies, you have no savings
I’m not sure I know what you mean haha 😬
You can do it. If you income coming in... Start slow and progress. Start with saving all change, then save dollar bills and then increase as your expenses decrease or income increases. Single mom of one and I know the struggle but its doable. Just don't compare your situation to others, and set attainable goals. GL!