Do This EVERY Time You Get Paid (Paycheck Routine)
2024 ж. 18 Ақп.
250 551 Рет қаралды
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When I was in debt, I thought I will never come out of it. It looked unachieavable then. But then it was done. And I reorganised my life while doing it so it was more fun. I didn't deprive myself, I was out in sun more, taking walks in parks and nature instead of sitting in dark bars or restaurants.
I can't think of a more boring and wasteful action than walking in nature..I get energy from being with people.
@@Joce123 it’s even more fun to walk in nature with people! My fave activity actually!
@@Joce123 Yup, that means doing that stuff with people. Also sitting outside in cafes for a cup of coffee (1.6€) with them, I am from Europe. Also sitting on a bench with neighbours on children playground, assisting them or keep an eye a little... And helping elderly in the community, walk with them... And helped immigrant families set up their printers for children for school, etc...
Good job for you.❤5.0
You're a precious soul! Ignore the negative! God Bless!
Hey Rachel, when I got serious about being a good steward of my finances and paying off my debt, I started losing the weight I have been needing to lose. One area of discipline carried over to another area. The 7 steps about money are also life skills.
Watching as a server without a conventional paycheck...cash tips are my spending money, credit card tips (deposited into bank after my shifts) go to my bills/debt and, my "paychecks" go to my sinking funds in a HYSA. Using the envelope method I went from $15 debt to $5k in the bank and a new to me car payed in cash. Next is retirement and investing 😊
Wow that’s awesome! Are you a full time server?
When my husband and I married at mid-life in 1996 (I was age 46 and he was age 50,) he was in significant debt. He had no budget and was living higher than his income. He was the youngest of four of an Italian family (they spoil their boys! and he was not taught to budget.) My husband and I "reconcile" our checkbook and finances once a month. This keeps us on track. Once a year we redo our annual budget. This has been critical not only to getting back on track for daily living and retiring but also to have peace of mind. He can live in debt and not give it another thought....but debt gives me intense stress and anxiety. Right now we are focused on paying off our condo mortgage.
Survived being a single mom on your dad’s tips. I love the way you are moving these ideas forward and your “kinder, gentler” style. Dave trips me out and it was an honor to meet him, AND there is room for all styles! ❤u
Debt free and mortgage free. Early retirees. We budget using excel. We get paid once per month so it is important to stick to the plan.
I budget using excel too lol
I do too! Life saver. Love it!
I used excel for a long time, and it works great for both setting and tracking. I just recently switched to a free app based on the envelope system because I can use it right as I'm spending instead of recording things when I get home. I think the important thing for anyone is that you need a system that both sets the budget AND tracks it in real time.
@@wjb-wi6dt I usually record as I go...but there have been times I have waited until home. Whatever works for you!
Same
I think tithing should be even when we are trying to pay debt… God will provide
When buying a house, buy quality buy a lower priced one. You can always get a bigger one later if needed.
Yep that’s what we did 30 years ago and never moved, put the extra money into kids education and now we are renovating to make it new again, not wasting my money on taxes
Do you recommend new construction or an older house?
@@laqueciawilson6381 Either one. Just get the best deal. If it were me, I would get a home inspection too.
It’s hard to live life with high home expenses… plus bigger homes have higher taxes and higher utilities! We keep it cozy and save $$ and travel more.
@@laqueciawilson6381in my experience you pay less for old house but pay more for renovations and maintenance… just buy the best house in your price range regardless of old or new. Location matters most! Lots of old homes have great school districts.
Thanks for the video Rachel!
*Rachel is beyond amazing. “How to create income flow”*
Making money is action, saving money is behavior and Growing money is knowIedge.
I am fortunate I made productive decisions that changed my finances (accumuIated over 1MiI in 2years) through my financiaI coach. Bought my 2nd house in January, and hoping to retire at 53 by next year.
researvh the name, if you care
Rebecca Martin Watson
l’m amazed to partake on this, lt has rekindled the fire to my goals.
Successful people don't become rich overnight. What most people see at a glance wealth, a great career purpose is the result of hard work and hustle over time. I pray that anyone who reads this, will have a successful growth
you're right! to be a successful person in life requires only friends of hard work and time
It's obvious everyone is doing this online Investment
@@SarahColemann I totally agree with you it has been an eye-Opening experience for a lot of teenage.
Investment is the key to achieve success with the current pandemic slowing down so many business
Talking about been successful. I know I am blessed if not I wouldn't have met someone is as spectacular as Nancy almodovar
You, Dave and George for the win!
What I wish my parents taught me is that unexpected expenses like needing new tires, etc are going to come, the only unexpected part is WHEN they are going to happen. I'm trying to tell my kids this. Save for the unexpected!
Thank you Rachel, you're a joy to watch ❤ Btw, I love your sweater ❤️☺️
I would like to see a budget where the take-home is $1200 every two weeks
She has videos on different budgets, I saw one for $3600/month
Me, too, Ashley!
Have you talk to your HR to make sure you are not letting IRS withhold too much during the year
It's fairly simple...you have 100% to start with. Take $1200x2=2400. Take $2400x35 for housing expenses (payment, utilities, insurance) $2400x 15 for car, (gas, insurance, repair), 2400x15 for groceries, leaves you 35% left for miscellaneous, clothing, allowances, insurance, etc. It can be done. My parents do it but they own their house with no house payment....
This is about what my husband makes, and we are struggling! We have 10 (natural born, nuclear, biological) children 13 and under and I'm a stay at home mom. We do own our house, and all our vehicles outright. We have one credit card to pay off, a line of credit with a farming company and a loan we took out to cover a new roof and some brick work on a building we own.
This video was extremely valuable for me
I love the budget videos!
Great video, Rachel! Thank you!
Thank you for doing this! This information is so helpul! Really admired how organized and you already been doing this for 12 years
I just got rid of my miscellaneous category thinking it went against the spirit of spending with intentionality and now I want to rework it back in because last month that category helped alleviate going over what I budgeted to spend in certain categories
If you don't have a miscellaneous category you assume your budget is perfect, which usually not (maybe never) the case
Thank you for this video. I will try to use some of your suggestions
Coincidence that this video comes out a day before my paycheck :)
Thank you for this! Really like that you included what debt free budget looks like.
This is very well done. I like the way how your budget changes depending on what stage you are at.
Step 7 here, love your budget videos as I always pick up tips, I have a misc category in my budget and you are so right :) can you do some budgets for people within 10 years of retirement.
What a good video! Thank you !!
love it...just subscribed!
Love your channel Rachel, I have unfortunately been knocked back to Baby Step 1 due to temporary job loss. I am back to work and even though I had to go through my emergency fund, at least I had it. I am back to work and just gonna get back on that horse start over.
Emergency fund, and credit cards paid, now im working on my car, and mortgage
It is very encouraging to hear it took you 12 yrs. It is doable. I just need to follow up. I will be debt free in 2025 and am doing baby step one parallel
Great Tips!!! Definitely love the Every Dollar App and it’s my first month and my anxiety level doing my budget has lessened a little but with consistency it should go down more. Thank you!
Hoping to get to this level 🎉
Rather of relying on penny stocks, I wish to diversify my assets by investing in ETFs/index funds/mutual funds and stocks of corporations with stable cash flows. I received $400k from the selling of my property. What should I do?
I’ve diversified my 350K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $730k in net profit across high dividend yield stocks, ETF and bonds.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
@@jamesfriedrich1150 Please will you be kind enough to share the details of the man that helped you?
Bella Mia Darmon is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.
Please address the needs of seniors
This was very helpful 🥰 thank you 🙏 lots of love from arctic Norway 🙏🌺☘️🌸🌼
Thank you for a very informative video! Will def subscribe :)
Beautiful 👏🏾👏🏾 Mature, Single and Cash-Wise from Amazon was also helpful
Are you dying Rachel is single? Cause she definitely named her husband.
Very well explained
Well I put 30% of my earnings on options and stocks, options alone gives me half of that weekly so I have reserve and money working for me daily
How does options work? Is it trading, can you please show me how to start mine
Yes trading, but I’m not the one handling it… I have an expert who does that
Stocks is one very big and secure way to invest and grow money trust me
@@finny_ thanks for the response, who helps you and how can I get started also
Benjaminravies that’s his gmal
My first check I write after the paycheck comes in is our tithe . My husband taught me this when we first married 40 years ago.
Yes that's something I'm looking to get better at because Thanking God in ways especially at Church and the blessings double and triple out of nowhere sometimes 🎉🎉🎉
I liked this video. I'm good about the four walls and bills. But then I prioritize the small expenses over the large expenses. And then I'm scrambling to afford a birthday or Christmas. Thanks for the video.
Have you seen Rachel's video on sinking funds? It's where you set aside money during the year for expenses like Christmas gifts, property taxes, etc. so you don't have to scramble when the time comes to pay for them. I've been doing this for two years now and it's a game changer.
@@ncrob391 yes, but I prioritize my smaller weekly spending first. I'm working on increasing my shovel and in the meantime this video helps
@@ncrob391nice job
Live now, the Golden years are not Golden.
Unfortunately here in Australia I can't access every dollar app. Wishing it was accessible
Hi Rachel, could you please explain the concept of giving?
I'm so excited I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
Please how can someone get started, I would be glad if anyone here can explain a few things to me about investment?
In my case Fergus Waylen has assisted me in doing that effectively, I'm not an expert so I lack experience in investment strategies, I work and my consultant handles the rest..This approach has helped me stay finan-cially secure for over five years,
I am surprised that this name is being mentioned here, I stumbled upon some of his clients testimonies on CNBC news last week..
What impresses me most about Fergus Waylen is how well he explains basic concept of winning before actually letting you use his trade signals. This goes a long way to ensure winning trades.
YES! that's exactly his name (Mr Fergus Waylen) I watched his interview on CNN News and so many people recommended highly about him and his trading skills, he's an expert and I'm just starting with him....From Brisbane Australia
Great ideas! How about including ideas for seniors
Thanks 😁
Baby step 3-6, 4:33 if renting or buying, go to down payment on home 5:03 every dollar 5:08 four walls 5:13 invest 15% retirement 5:45 kids college or pay off house early, save for car or vacay 6:11 anything extra goes to mortgage
love it
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
Despite the fact that I invest, I am saddened by my inability to evaluate each company's performance and determine whether or not this is the ideal time to purchase stocks. My monetary stockpile is being depleted by inflation. At this stage, I need accurate market trajectory data, but I'm not sure what to do.
Many people are still getting fantastic returns on their investments during this time. Simply maintain a strong sense of reality or ask for professional assistance.
That does make a lot of sense, good for you though, unlike me, you seem to have the Market figured out. Who is this consultant?
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over $576k figures working with an investment coach for more than two years.
I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.
Great content. Educational n interesting. Key factor for me, will have to apply your recommendations. Also, I’m already retired, so I don’t believe I should invest in retirement. Don’t own a home or don’t have kids in college, so that doesn’t apply to me, but all the rest is very good info though. Enjoyed it.🥰Subscribed.
With so much “free money” how do you determine your budget for clothes, for example?
My paycheck seems to always go to my wife's yoga instructor. He is expensive! He has a studio right inside his house.
😂
Wait a minute lol
The yoga instructor:
😂
The whole check 🤨
Hi Rachel, love your videos! What % do you more or less pay on giving and saving per month Also, does this vary monthly? LOVE the fact that giving is number 1 on your list!
I got us out of debt by writing down on the calendar all the bills on there due dates I am a visual person as each one clears the bank I check it off on the calendar then if something comes up I can feel comfortable saying yes or no we have the money because I know what has cleared and what I need to hold for bills per say
Love, thanks for sharing! How much do you recommend one should save if they’re on baby step 3
Baby Step 3 is saving up your emergency fund. The Ramsey Solutions website specifically recommends 3-6 months of expenses.
Awesome public service.
I was lost after home security system 😂
😂
Do you recommend opening a ROTH outside of your place of employment?
How much do you put away for renovations verses lump sums to the mortgage?
Baby step 1: 3:01 open every dollar app 3:10 plug in total monthly 3:21 cover four walls 3:35 plug in debts and min payments 3:53 cover expenses in priority order
@Rachel Cruze how do I budget for each category?
Need help!!! I was offered a promotion that would be out of state (Texas) to South Carolina. I made in 2023 54k and should make 65-68k this year. If I accept the offer my base pay would be 75-85k plus a 15k relocation bonus and monthly bonuses as well. I could see 115-125k if I accept. My only thing is my 6 yr old lives here in Texas so I wouldn’t see him often, thoughts if I should accept or stay?
I’m at a place in live where I can finally give, and would love to give to charities like st Jude, Doctors Without Borders, homeless shelter, others.. but how can I do that when the rest of my extended family could also use some help as they have not been as fortunate in life as I have been? I do struggle with this a lot! Please help. Thank you 🙏🏾
Giving is just a budget category, just like the 4 walls. If you have multiple areas you want to give. Write them down, take your monthly giving budget, and divide the money up in those categories. Your money is just a tool that works for you how you want it to. Put it to work 🙂
I am disabled and have no debt. I keep a running excel sheet and copy and past and put a new month at the top... variable expenses like electric I keep zeroed until it shows up... ( okay... I check my account every weekday right before it is due to come out... i get the amount before all the billing info is posted. ) All bills get paid in full first thing on payday in full.
How do I do a budget when I only get paid monthly via LTD in Canada
How do you calculate tithing when on baby steps 1, 2 and 3?
The main thing I struggle with when it comes to budgeting is the random bill dates For example, my credit card minimum monthly payments get auto drawn on the 1st, my phone bill on the 14th, subscriptions on the 17th and some on the 19th, car payment on the 29th, and trying to figure out food and gas in between when I get paid weekly becomes incredibly confusing for me to build a structured plan or budget. I can’t be the only one out there that has this problem right?
Hi! Curious as to what % of take home pay some of you who have been successful at ramseying your way to wealth assign to the miscelaneous category??
Question! Do you wait to tithe until the house is paid off? Just wondering if I understood this wrong this whole time. We definitely would have our house paid off by now if we were not tithing... but it doesnt seem right.
I believe Dave encourages us to do tithes all along the way. We need God's blessings the whole time.
My strategy is to put half my income into the stock market at the start of every month under the careful supervision of my CFP, regardless of what is happening. The second part of my strategy is not to sell for at least 15-20 years. Time in the market beats timing the market. Speaking with a $1.1million worth of portfolio and counting.
Misc. category a emergency fund part 2?
Another question, sorry...I am a real estate agent in South Africa, so we obviously get paid when a sale registers. How does this impact on the paycheck routine, especially now with our tough market (prime is 11.75% currently)
Is the 15% to retirement from Gross pay or Net pay? Same with 15 year mortgage, 25% of Gross or Net pay? ? ?
Gross
I’m in Australia, we get 11% compulsory super employer contributions. Do I contribute 4% to make up the 15% or contribute my own 15% on top? I will add we are capped for pretax contributions so technically the most I can add is 11%
I'm pretty sure you contribute the max of what you can do, so 11% for your pre-tax. Then, my guess is that Dave would say put another 4% in a Roth IRA equivalent. They are after tax investments. That would be your 15%. He might suggest a different proportion for the pre- and post-tax percentages, but I don't know.
@@jejrstans thanks I appreciate the advice
I’ll consider it, when I get enough
Following the dave ramsey plan now and we have more in savings than we ever did! We don't go out anymore, we stay home and only cook very low cost food items like rice, beans, cabbage, celery etc. We don't go on trips anymore, we sold our cars and now share only 1 car that has 300k miles, no bumper, still kicking! We moved out of our apartment and now just rent a room in a house. We don't go to the movies anymore, and we never eat out or get drinks like we used to. We never spend anything on entertainment either. Gazelle intensity!
I feel like if you’re a believe then yes giving is first once on step 7. However, should t bills go before saving… whatever you have left after the important things can then be saved to upcoming events or holidays
Question. If you are 50 with $4 million invested 50% in etfs based on broad indexes (Dow, Spy, Nasdaq) and 50% money market. Is this $ enough to retire? I rent a 2 bedroom apartment, no debt, no kids. Thanks.
when you are self employed and you are in baby steps 2 do you put money away as if you have a normal pay check cause when you work for someone it is deducted from your pay
What if you need a car, do you start all over with the baby steps? I will never be able to save going this route.
If you have one you can manage, Pay off your debt first. Then save for the car.
How do you and your spouse get on the same page Im in baby step 2 wtih Student Loans I have enough to pay off 2 but I was trying to save enough so i can make a settle for all of them. Settlement I can only get 10% off total vs paying full amout
Ok ill come back here in ten years after i pay off my debt to watch the rest of the video 😂
Summary: Do the baby steps
Yes mommy whatever you say I will follow just say the word
This is assuming everyone makes enough to get past their bills every paycheck. I guess the answer is "make more money" gee, if only it were that easy.. You cant make your mortage,rent, gas, insurance, whatever it may be, LESS. so if you only make enough to cover your bills, then what do you do? I cant tell my insurance company "sorry I only have half the payment because I need to save and invest". Ill be without insurance and walking to work.
What percentage should go towards Miscellaneous expenses?
100th
Did I miss something? Should we not be giving or tithing until we get to baby step 7?
I believe Dave recommends doing tithes and giving of ourselves all along the way. We can just give more when we reach step 7. Because we don't have debt holding us back.
Always just go 100% Miscellaneous. This is true freedom.
How miscellaneous category is different from saving 3-6 months for Emergency ?
Miscellaneous could be anything from trips, other wants, clothes etc none of those are emergencies
I'm 60, have a physical disability that would make a 2nd income near impossible. I make barely enough to cover my "4 walls" as you say. This includes two tiny chi-mix pups. Near impossible to save in this economy, and I'll never be able to retire.
Video starts 3:00
So if you get paid March 8th and 22nd, how do you use march income to cover march expenses, I.E. Bills? I'm still trying to figure out how people do that. We were paid feb 9th and 23rd. those checks cover March bills and feb expenses. feb covered march and march covers basic through the month like gas and food and all bill due in April. I will pay all April bill on March 22nd or the 25th. Thats how I do it!
@@PorschegirlEst7 we’re kind of in a unique situation. We have no debt, no credit card or car and our house is paid off. All my bills for March come in before the last paycheck in feb. My bills are cell phones, Comcast( tv, Internet, landline) Water, power,garbage. My cell bill and Comcast are emailed to me on the 20th and 21st. Due 7th & 18th My light bill comes around the 15th (feb)and is due end of the month. Garbage comes same time as light bill and due end of month as well. The only bill I have that come on the 1st is my water bill and it’s due the 15th All together it’s less than $600 I pay them all with the last paycheck of the month for the month coming up, and I estimate my water bill, typically paying more than the bill. I keep a budget book, subtract the bills from checking balance, leave a set amount in checking to cover expenses, ie food, gas etc, and put anything over that into savings. On the 5th of every month they auto deduct home owners insurance I just paid first half of property tax in feb and the second half our tax return covers when that comes in. Car insurance I pay in one lump sum Car tab renewal in this state is only $68 per vehicle so that’s an easy budget in. I try to pay all the big bills like property tax and car insurance in Jan or feb so I don’t have to think about them the rest of the year.
If you have a couple with partners getting paid biweekly but on opposite weeks, what's the easiest way to budget? I don't see having a weekly budget meeting being realistic🥴 . I did well budgeting solo, but I can't wrap my brain around how to easily work this out. Thank you!
Is it 15% of Gross Income or Net Income? TIA 😊
I have no debts so I'm personally investing 40-45% of my income every month.
I thought I saw a video once where you said misc envelope in your wallet was for like when you wanted a manicure, hair, etc…. I’m confused now.
Is there any video on what to do when you have to use all over your savings and it's still not enough... And have to start all over and you never feel like you are getting ahead... And that you feel like everyone is doing better off then you are and what to do about that lol
Do you link your bank account to every dollar app or do you manually enter your numbers? It makes me nervous to link it . Thanks
Free version you can just do it manual. We use it like that
No need to be nervous about it. It is safe✅
Why is clothing a small expense, while travel is a big one?
Rachel! I am obsessed with this outfit!! I even google image searched this sweater but I couldn’t find it!! Please, where is this from and where can I get one?!! Lol tysm ❤