A budget gives you permission to spend money where you want. So in today’s vlog, I decided to show you how to budget using EveryDollar!
Please explain what is next. Let’s say I just spent $83.45 at grocery store. Where do I put that to be deducted from budget line item so I know the balance?
I think you need to click the ‘transactions’ button and fill out the form, it will subtract it from the category that you choose. hope that helps
Could you explain more about what the “Save” category is about? You make the comment around 2:30 that ‘this category may be higher or lower depending on where you are in the Baby Steps, but for right now I’m going to do 10%.’ I’m assuming in steps #1,3 that this is as much as you can squeeze out elsewhere to get the $1000 and the fully funded emergency fund. So a higher percentage, perhaps. In step #2, is it essentially nixed to focus entirely on paying off debt? In Baby Step 4, is this category the 15% to retirement (because I don’t hear retirement at all in here)? Or is there something else that you are specifically saving/investing for with that category? I realize that you’re trying to make this video a general example of the process, but I’d love some more clarification of how this fits into the baby steps.
If you haven’t already played around with the numbers on Every Dollar, you should. You can change them to test different scenarios. I believe you are correct about the ‘savings.’ 15% or more for retirement is focused on in bs4 I think, but encouraged asap.
I don’t work for Dave, so I am just guessing as a long time listener that has been through FPU.