HOW TO BUDGET FOR A $5,000 MONTHLY INCOME
Today I'm going to break down what a $5,000 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 $5,000 monthly budget.
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I needed this so much. Thank you!!!
Ooooooh I def had to click! This is the amount we budget on roughly each month with a variation of a couple hundred dollars each month. Those bill numbers are VERY similar to ours which is great! We put more toward sinking funds than debt right now but this made me feel pretty good about how we’ve got it setup. Thanks Kelly! ❤️
I'm so glad this was helpful!! :)
Thanks so much for breaking it down, I purchased the spreadsheets but haven’t really implemented them - this helps me begin, are you doing a budgeting series?
Hi Barb! Yes, this is a whole budgeting series where I'm breaking down different income amounts and at the end I'll do a variable income. :) Thank you again for purchasing my excel sheet, I really appreciate your support!! :)
This is an awesome series. I like to follow the rule of living off of max 70% of our income or less. Then any bonuses we earn at work we either invest or put toward our real estate fund.
YES!! I love it, awesome plan!!
I came across your channel recently and have subscribed to it. I love your channel and have benefited from it a lot. I wanted to know how you factor in the yearly subscription into your monthly budget. Do you break it down or do you just add it on the month that it gets deducted?
Hi Prathima! Thank you so much for watching and subscribing to my channel! That is a great question! Subscriptions can go either way, if it is something you can just cash flow the month that it is due then I would write it into our budget for that month. I have a tab on my spreadsheet for yearly expenses listing the month, what the expense is and how much. That way when I'm building my budget for the next month I can consult that sheet and add it to the budget. If it is a large amount that you cannot pay in one but then I would create a sinking fund and save throughout the year. I hope that help! :)
@@freedominabudget Thank you for your reply! That helps a lot :)
I’m closer to $5k monthly budget, thank you for this video!
I'm so glad this was helpful!
I’m confused. If they’re practically spending their entire 5k budget how are they saving any money? Maybe I missed something.
Just purchased your zero based budget today and am excited to get started. I have a question, if you have a membership that only charges once a quarter, do you add that in a sinking fund, or do you divide the payment and add it to your monthly expenses at that rate?
Great question! This could go either way. For me personally, it depends on how much it is. If its something I can just cash flow that month like around $100 then I just add it to that month's budget but if its a higher cost than I would create a sinking fund for it. Hope that helps! :)
Freedom In A Budget thanks! It’s about $12/month, so not that high. 😂
Oh yes, for that I would definitely just cash flow it! ☺️
Can you show how you add lines into you budget spreadsheet? And since I have no debt payments, how to hide those lines?
Yes! I show you how to on screen here: How to Build a Budget in Excel Tutorial Series kzhead.info/channel/PLpgLsNKlKGi4zPw8DYNr5BzEgP5TSavxf.html
Do you not recommend using the bank of America’s app to keep track ?
Yes, I log into our bank accounts to see the transactions and transfer them into our budget. :)
hi kelly, this is a very helpful video, except I have a BUNCH OF student loans😂😂😩
I wish I had a $5k. Budget lol. I don’t even make $3k a month.
Hi Heather, this is part of a video series that I'm doing. I also made a video for $2,000 and $4,000 budget kzhead.info/channel/PLpgLsNKlKGi4Kxwa4wx0tPwwgYQ9rIKRZ.html. :)
I hear ya girl! I try to live on about 3K a month so that I can put the rest towards my student loans. I realized that I needed to generate more income to pay them off. For me that meant working extra hours and taking a second job. Kelly listed a whole laundry list of side hustles to help increase income! I would look into those if they would help you. But most importantly I would ask yourself, where do you want to be in 5 yrs or 10 yrs? What long term plan can you do to increase your income? Because I agree, trying to live on less than 3,000 a month sucks... I wouldn't want to plan to keep that the same. I have no idea what your situation is, but many people decide that they need to change jobs or even change careers, move to a different location, get more education or certification in something... whatever it is that allows you to move up in life.
Awesome advice @arthrodea! This is the side hustle from home playlist: kzhead.info/sun/abmqnshljnuNi40/bejne.html
@@arthrodea your comment hellped me relize that college is not a good idea and im happy i have a blue collar job
@@freedominabudget thank you, I'm trying to reach a goal for making atleast over 4k monthly income after taxes. Before I get married. Trying to financially be responsible before I have a husband 🤣
Sue slims down sent me. 😊
I'm so glad!! Welcome to my channel, Marge!! :)
First things first: how do you earn 5k a month? thank you.
I make 5k but my electric is 350 monthly trash 50 cell phone 240 car ins 269 internet 115 and nat gas 60 this would work in a nice weather area but not a HCOL area. And my mortgage his 1400. There’s half my pay right there.
Journeying Thru Life It adds up quick!
It adds up really quick. :(
that seems really great...you have half left to eat/go out and save/invest! prolly can be saving/investing 20-40%!
Question: Why would a person prioritize helping others if they can't help themselves? those 500$ in charity should be invested monthly or target the credit card payment because that 15-23% interest is eating away at their money. wouldn't they be able to give more to charity/invest if they targeted that first?
Great question! That’s a very personal decision. I tithed throughout my entire debt free journey. I personally believe we are called to give back and to trust God with our money. It’s hard to explain but it’s a faith thing. ☺️
man I wish I am fortunate enough to make 100k I could invest 5000$ a month in mutual funds with a 12% return rate for 30 years and make 15 million dollars. Although that’s probably not possible to invest that amount just throwing it out their.
We live on $3000...
Hi Maritza, this is part of a video series that I'm doing. I also made a video for $2,000 and $4,000 budget kzhead.info/channel/PLpgLsNKlKGi4Kxwa4wx0tPwwgYQ9rIKRZ.html. :)
$500 to a church?.. lol