• 10: Stop Living Paycheck to Paycheck: The Budgeting Secrets You Need

  • Jan 21 2025
  • Length: 25 mins
  • Podcast

10: Stop Living Paycheck to Paycheck: The Budgeting Secrets You Need

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  • Summary

  • In this episode of Your Money on Easy Mode, Damien discusses the fundamentals of budgeting, emphasizing its importance in achieving financial security. He introduces the concept of budgeting as a plan for money management, debunking misconceptions around the term.


    The episode covers practical steps for tracking spending, organizing budgets using the 50-30-20 rule, and implementing effective budgeting strategies. Damien also highlights common mistakes to avoid, encouraging listeners to view budgeting as a tool for aligning spending with personal priorities rather than a restrictive measure.


    Chapters

    00:00 Intro

    01:02 Defining Budgeting: A Plan for Your Money

    03:36 Tracking Your Spending: The First Step

    07:25 Organizing Your Budget: The 50-30-20 Rule

    08:21 50% for Needs

    09:57 30% for Wants

    10:55 20% for Saving/Investing/Debt Repayment

    11:25 Recap of Easy Mode Money Ladder

    12:59 50/30/20 Example and Tweaks

    15:26 Tips for Implementing Your Budget

    20:53 Common Budgeting Mistakes to Avoid

    22:56 Conclusion
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