Hi gang. In this video, we're going to be talking more about how to budget,
let's get a little bit more granular and go through some steps that are going to help you
start to get things that you want.
Let's look at the very first step, how to budget money, because that's what we're really here for,
right, you actually want to work out how to budget the money that's in your life so you can get the
things that you want. Let's get some pens and paper. So we can sketch down exactly what you're
spending and exactly what you want to be spending it on. Now that you've got your resources, and
actually not just watching this video, actually get some pen and paper to write these down. Let's
look at where the money is that you're spending at the moment. So you're quite lucky now, compared to
sort of five to 10 years ago, that just about everything that you're spending is in your
bank statement. So why don't you get your bank statement out and actually have a look at what
are the categories, I can give you some ideas of categories, there's rent, there's bills, there's
clothes, there's entertainment. So let's have a look, write all of those down, and then tally up
how much money that you spent this week or this month. But let's look at what we're spending,
add them up look at those categories. And what I want you to do is have a look at how much money
did you earn in that week or that month, what you might have also identified for yourself now is
there's probably a lot of little charges that are coming out that don't need to be there, because
part of budgeting is working out where we're spending money and where we could spend less,
and quite often what you need to do. And again, in a world that's so connected,
and there's so many different direct debits out there, to make sure that the money that you're
spending is money that you want to be spending. And I really recommend that you do this at least
once every six months, preferably every quarter, because you've worked really hard for that money.
So you don't want to be spending it in places that it doesn't need to be spent. And make sure you've
got your categories for must haves, you must sleep somewhere nice and warm and dry. Right? So you've
got to pay your rent, and you've got to pay your bills. But what does that leftover? And how much
do you need to be spending in those categories? Now, I'm not saying become the most frugal person
in the world, I still like to eat out and do things but do need to eat out as much.
Can you start to shop more in sort of cook from home? Can you cut down on how many coffees that
you're having when you're going out? Really that is one of the biggest categories that I see that
starts to add up. So have a little assessment there and work out well you know what I could
probably save this 30 or $40 a week, you know from each different category. And let's have a look at
the things that you want to do. Now, I can't tell you the things that you want in your categories.
But are there things that you want to buy or want to treat yourself or I've mentioned earlier about
sort of going out and spending frivolous money on the weekend, would you rather save that money out
and still go out. But now you know, go interstates or go away and take some friends and get a hotel
for the weekend. So have a look at the categories that you want and see how much money you need
towards those. Now a really good trick that you can use towards saving and budgeting is set up
more online bank accounts, they don't cost you any fees, set those up, and then label them as
the different categories. And you could put a different portion if maybe you're saving 40 to
$100 a week now proportionate put those categories in place, and then put into those little buckets,
little bits of the money that you're saving. So you can see you physically need to be able to see
the successes and wins that you're having. And it doesn't mean just at the end, once you get the
thing that you want to buy, see the categories and see your money start to grow for you.
Okay, now that we've worked out how to budget on a granular level of budgeting weekly with budgeting
monthly, you've got a really good sense of who you are when it comes to money. Now let's have a look
at a bigger goal. We want to look at that you know buying a house or investing in a business,
start to put that on your sheet. You don't have to start putting money towards it now.
But after you achieve those smaller goals, and then you can see that there's a cause and effect.
There's a win in what you do and how you control yourself and your money. Let's put that goal in
there. What is that goal that you want to get to? Is it buying a house? Is it buying a car,
I want you to keep that shape close by a sticker on the back of your door, have it on your desk,
take a photo of it and save it as a screensaver but be mindful of what you're trying to achieve.
And you don't have to be crazy diligent, but just be mindful and keep contributing towards
it. And then let's get you towards some really big goals that are going to be life changing for you.
Thanks for watching my video guys. If you'd like to find out more, go to my website at
shaunfox.net any one of my socials if you'd like some more help with actually budgeting,
grab a copy of my book MONEY, THE BOOK, it's available at Amazon or go
through one of my websites. And I'll talk to you guys again soon. Thanks