#17: The Finance Flash Go Podcast | Important Topics About Money | Budgeting

This epsiode of the Finance Flash Go! podcast will teach you the pinciples of budgeting made simple Here is how you create your simple budget: - Come up with a list of broad categories of expenses (i.e. rent/mortgage, groceries, entertainment, taxes – don’t forget taxes, etc.)  - Do NOT make one category “Amazon.” You need to break out what exactly you are buying at Amazon to avoid this becoming a black box. - Label each expense category as a need or a want - Go to your bank account(s)/credit card(s) and put every single expense from the past month (1st of month to 1st of month) in an expense category - Add up the total for each expense category - Add up the grand total for the month and make sure it is less (or at worst equal to) your monthly income - Do you have enough left over to save for your financial goals? - If yes, great! If no, what can you adjust to make this happen - Aim for a savings rate of at least 20% - this can include debt payments and establishing an emergency fund - Now, go through each category and decide how much you can spend while still reaching your goals Done! Easy! Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected], and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice. A brief disclaimer While we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner’s responsibility to due their due diligence before making important financial decisions. We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!