147 | Real-Life Budgeting: A Hands-On Guide to Creating a Zero-Based Budget

Snag Our Simplified Budget System! Today, we're diving deep into the world of budgeting and answering a burning question: What is zero-based budgeting?We received a great question from our Facebook group. Someone asked, "What is zero-based budgeting, and how do I do it?" This inspired us to break it down and make budgeting accessible to all.📊 Setting the Stage with Our Budgeting Tool:- We use an amazing budget spreadsheet, and you can get it too (with a discount code) if you're interested.- It's designed to be user-friendly with clean fonts and clear sections.💰 Step 1: Understanding Your Income:- Start by inputting your income, the money you're bringing in.- Every dollar is your soldier, and you're the commander.🧾 Step 2: Debt Minimum Payments:- Now, let's tackle your debts.- Minimum payments are non-negotiable; you owe them.- Subtract your minimum debt payments from your total income.💡 Step 3: Budget Categories:- Next up are your bills and expenses.- These include essentials like utilities, groceries, subscriptions, and insurance.- Subtract these from your remaining budget.🍔 Step 4: Discretionary Spending:- Here's where you decide what truly matters.- Dining out, entertainment, pocket money – you choose how to spend.- Allocate funds to these categories wisely.💼 Step 5: Savings (or Extra Debt Payment):- If your priority is paying off debt, allocate the remaining money to debt payments.- In our example, we have some savings goals.- Set aside money for planned expenses, like travel or gifts.🔄 Step 6: Getting to Zero:- The magic happens when you get to zero.- Every dollar has a job, and the goal is to assign them all.- If you have any money left, put it towards your financial goals.💪 Step 7: Be the Supervisor of Your Dollars:- Remember, you're in control.- Make sure every dollar fulfills its job – no extra jobs allowed!📅 Step 8: Pay Debt Strategically:- When allocating money to debt, split it among your paychecks.- Don't wait until the end of the month; act as soon as you get paid.🔑 Conclusion:- Zero-based budgeting is all about intention and control.- Plan for everything, be intentional with every dollar, and watch your financial goals come to life.Connect With Us: 1️⃣ Facebook Group – Join the community. Our free group is where the real talk happens. Connect with other women who are learning how to budget, save, and finally feel in control, together. ➡︎ budgetbesties.com/facebook 2️⃣ Automate Your Budget Masterclass – Watch it now, no waiting. This FREE on-demand training shows you how to set up a budget that matches your lifestyle, without tracking every dollar or feeling restricted. ➡︎ budgetbesties.com/automate 3️⃣ Budget – Grab our Simplified Budget System! You don’t need another budget, you need a system that does the math, makes the plan, and gives you permission to spend. ➡︎ budgetbesties.com/budget 4️⃣ Private 1-on-1 Coaching – Get a plan and a coach. We’ll build your full budget system together, so you always know what to do and feel confident doing it. ➡︎ budgetbesties.com/coaching 5️⃣ Be on the Podcast – Free coaching, real convo. Come chat with us on the show! Get real-time financial coaching and help other women by sharing your story. ➡︎ budgetbesties.com/livecall "I love Shana & Vanessa and this podcast is amazing!" 👈🏻 If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone. Click here to view our privacy policy. This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!