Question

Hi!  I’m new here and have a question for everyone.Hi! I’m new here and have a question for everyone. What is one thing you know now (after implementing these methods) that you wish you knew in the beginning? Thanks!  

Answer 1

It can be overwhelming, take your time and don't compare your budget to someone else's. Work the method with your numbers. All families needs and debit are different.  

Answer 2

That it takes practice! And that it’s a dynamic process that can and will fluctuate. Also, celebrate the wins! No matter how small they seem, they are always steps in the right direction.  

Answer 3

This is my first month too! I think it’s just going to be an adjustment. I can already see how I’m going to have to adjust my envelopes next month. Too much in one envelope and not nearly enough in the others. Most of my stuff comes out automatically so one thing I did that’s been stress relieving for me is having a buffer in my checking account in case there’s anything that I “forgot”. I also kept track of my spending for a couple of months to see what I was really doing with my money before I dove in.  

Answer 4

Bill yourself! I put a 10% savings listed as a bill on my paycheck bill tracker.  

Comments

@gamma23 me too! It’s really helped me to focus!  

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@confectionary the extra debt is what you are putting toward your debt above the minimum payments.  

Answer 5

Don’t buy things just because you want them  

Comments

@whaling882 major  

Answer 6

Remember it’s a learning curve. You didn’t get into debt overnight and it won’t disappear over night. Also there are many many methods and you aren’t obligated to stay with the first one. I honestly rock with 2. 5 methods. I combined a couple to get what works for me.  

Answer 7

Progress not perfection. Have I messed up? Absolutely. Have I stopped stressing and beating myself up when I make a mistake? YESSSS. Show myself more grace and realize I’m doing sooooo much better than I was.  

Answer 8

I wish I’d started immediately. I spent months kinda sorta tracking spending on my phone, forgetting stuff, not really paying attention, etc. Until I really buckled down and tracked every dime we spent nothing changed, but once I did everything fell into place. I wish I’d started years ago. My best advice is don’t delay, change your life for the better forever by starting today. You’ll never regret it.  

Answer 9

That my budget will not be perfect and I will make mistakes. Also, it’s okay to change my budget monthly and adjust as necessary.  

Answer 10

You can't just make a budget and walk away. A budget is not static, it's always in motion. I look at mine every day now.  

Answer 11

Stephanie San Miguel Griselda Hernandez Rocio Cruz-Rodriguez

Answer 12

That no matter how dialed in I think I have it, something always comes up. And THIS is why the EF is no joke. Don’t rob from the EF unless it’s an actual emergency. It’s not a slush fund; it’s an emergency fund. We have used it at least three times since I started in December of ‘18. It’s so worth the diligence it takes to keep putting money in, and having the willpower to not just borrow from it is a true lifesaver when you really need it. We haven’t had to use credit cards since I started TBM.  

Answer 13

Start saving for retirement young - even if its just $25 bucks a month!  

Comments

@craze9 I'm 40 now and really really wish I could go back in time. When you know better you do better

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And don’t borrow from the retirement account!  

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Yeah I'm 50 and hubby is 47 - we have some, but not what we should. We are playing catch up but we are planning well, so I'm hopeful!  

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@aiken Yes, never, ever do that. Thank you for sharing.  

Answer 14

To build a bigger Emergency fund or get a credit card.  

Answer 15

The incentives for setting up autopay!  

Answer 16

The cash envelope system is a game changer! Also, it’s ok to not keep up with fashion, home decor, etc so that you can stick to the budget and pay off debt faster!  

Comments

@wojcik43980 yes! Fashion went out the door!  

Answer 17

Don't pay attention to other people numbers. I use to get upset when someone paid $5000 to debt and I only did $500. Everyone budget is different. Be realistic with you budget.  

Answer 18

Do what works for your family! What works for others doesn't necessarily mean it works for yours

Answer 19

Everyone’s journey is different, don’t compare yourself to others.  

Answer 20

How important it is to plan and save ahead of time instead of waiting until the time and trying to figure out where the money is coming from.  

Answer 21

PLAN for the future! Don’t spend your money on stupid stuff that you only use once and then give away ! Make a Christmas budget and stick to it . no matter what ! Learn to say NO .  

Answer 22

Cater it to your own situation. It doesn't have to be exactly like someone else's

Answer 23

It’s not a test that you will be graded on. Do it your way and don’t make it complicated. Keep it simple.  

Answer 24

I jus wish I had someone financially smarter then me in life! I spent sooooo much money before I started researching how money works myself. I would definitely be set in life if I had guidance lol . personal rant  

Answer 25

Having a fancy envelope really doesn’t matter.  

Answer 26

To leave it and forget it. (Saving challenges)

Answer 27

Be positive that everything happens for a reason.  

Answer 28

Changing my mindset. When my money is out I WANT everything I don’t need. Suddenly, I’m craving restaurant food, see something new and feeling overcomes me. Before I found my WHY, I would let the moment of feelings take over and have no self control. I’m getting better but it’s easier to tell myself, my family “no” because this (your why) is more important.  

Answer 29

Your desired budget does not always equal the possible contributions based on income. So all this to say, you may want to achieve a certain figure based on your imagination, but based on the reality, it may be okay to reign it in and aim a little lower to compensate for the income that you may lack or have yet to find.  

Answer 30

Figure out what is the item in your budget that is fixable. Mine was groceries and eating out. I go every 2 weeks and I was spending $150 for 2 people but now I do Walmart pick up and spend $50 weekly and it’s better because I’m not in stores looking around. And the eating out part is just giving yourself an allowance that you think you can stick too

Answer 31

I’ve learned to think about “want” and “need” different than I did before. I now do drive up from Target for Necessities so it doesn’t tempt me to buy stuff I don’t actually need.  

Answer 32

My biggest issue was unnecessary spending. I nickel and dimed myself without realizing it. $10 here, $20 there. that really adds up. The other thing was nailing down my grocery budget. I didn't know how much I should budget for that, and at first set it too low. It was disheartening to fail in that area. I would suggest that you determine your grocery budget loosely, at first. If you think you can set it at $100, make it $150 to start out. It is better to have money left over than to go over your budget and feel like you failed. As you get more comfortable with it, lower it a bit at a time. Set some money aside for entertainment. You may be gung ho right now and willing to throw fire to the flame and live super sparse. but that will change. You want to make sure you still enjoy life. just responsibly. Go out there and kick butt!  

Answer 33

Small steps are still steps

Answer 34

That budgeting is not just allocating money for certain categories. You can allocate $500 for food and spend no more than that BUT still be overextended.  

Answer 35

Writing out all of my outgoing on bbp workbook - before I was ignoring what was really being paid out - on the last week before payday I never had money and had to borrow off in laws - but now I have cash in my envelopes- sinking funds in the post office and a cushion of €500 in my current account - pay day is on 24 Feb - I’m so happy with it all

Answer 36

Using the month closing pages in the back of each month. Once I started using it, it was a game changer!  

Answer 37

Oh and closing out each paycheck bill tracker! I would budget to know my plan once I get the paycheck, but did not put the actuals.  

Answer 38

Print out the last three months of bank statements. Make categories from what you spent as a baseline and use those numbers as your starting budget and fix it from there.  

Answer 39

How to budget? And why budget?