June 2023 Budget | Sara Marie Stickers | EC Monthly Planner |

Summary

In this video, the creator walks through their June budget, explaining their expense categories and budgeting process. They highlight their fixed and variable expenses, including mortgage, groceries, entertainment, and sinking funds. The video also discusses future goals, such as paying off their house early and preparing for their 10-year anniversary vacation. The creator shares personal insights on managing finances with family, maintaining balance between needs and fun, and introduces their upcoming 2024 budget planner. They wrap up by encouraging viewers to check out their budget kits and planners.

Takeaways

• 😀 The content creator is shifting from doing detailed 'budget with me' videos to more simplified 'budget walk-through' videos for easier planning and filming.
• 😀 The creator has created their own budget planner for 2024, which will reduce the time spent on upfront setup like laying down stickers in future budget videos.
• 😀 The content creator tracks their variable expenses in a monthly view, which includes categories like groceries, eating out, household, and gas for cars.
• 😀 The creator estimates their expenses for categories like electric ($75), gas ($60), groceries ($800), eating out ($300), and gas for cars ($200).
• 😀 The total cash divider, which includes personal allowances and other small expenses, is estimated at $280.
• 😀 The creator allocates $1,520 to sinking funds, which are savings for future planned expenses.
• 😀 Fixed expenses include mortgage ($2,500), internet ($55), Hulu Live ($74.99), Netflix ($19.99), and a life insurance policy ($42.55).
• 😀 The content creator makes extra mortgage payments to reduce the length of their mortgage term, aiming to pay off their home as early as possible.
• 😀 Several ongoing costs are planned, such as contributing $200 per child to 529 college savings plans and payments for Mila's preschool and other family activities.
• 😀 For sinking funds, the creator contributes to categories like car maintenance, Christmas gifts, family pictures, home maintenance, and clothes for their children.
• 😀 The creator is grateful for being able to add more funds to their sinking funds this month after cutting back on them in previous months, and they are planning a vacation for their 10-year anniversary in August.

Q & A

Why did the creator decide to switch to a walkthrough format for budgeting?

The creator decided to switch to a walkthrough format because it is easier for them to manage their budget without the added complexity of filming and setting up while also allowing them to film at home for timing reasons.

What is the new budget planner that the creator mentioned?

The new budget planner is one that the creator designed for 2024, which will reduce the upfront work required for budgeting, such as laying down stickers. It aims to make the process more efficient.

Why does the creator not share their income?

The creator has never shared their income as part of their budgeting content. They focus on sharing expenses and other aspects of budgeting instead.

What are the creator’s main categories for tracking expenses?

The creator tracks their expenses under variable and fixed categories. Variable expenses include groceries, eating out, household, and gas, while fixed expenses include things like mortgage payments, insurance, and subscriptions.

How does the creator plan to pay off their mortgage faster?

The creator plans to pay off their mortgage faster by making extra payments towards the principal each month, aiming to cut the mortgage term in half over time.

What is the creator’s reasoning for continuing to pay a life insurance policy?

The creator continues to pay the life insurance policy because it is a large term policy meant to provide financial security for their family in case something happens to them. They feel that it provides important coverage for their loved ones.

What sinking funds does the creator have, and what are they used for?

The creator has several sinking funds, including categories for activities (like kids' sports), beauty, car insurance and maintenance, Christmas and gifts, clothes, entertainment, family pictures, home maintenance, medical expenses, and more. These funds are saved to cover future planned and unplanned expenses.

How does the creator manage unexpected expenses?

The creator leaves a placeholder for unbudgeted expenses in their monthly budget, allowing them to account for any unforeseen costs that might arise during the month.

Why is the creator's family planning for a vacation in August?

The family is planning for a vacation in August to celebrate the creator and their partner's 10-year anniversary. They hope to use their sinking funds to cover some of the costs.

What is the creator’s approach to budgeting for Christmas and gifts?

The creator includes Christmas and gifts in a single category that covers not only Christmas but also all birthday presents for family and friends. This category also includes costs for the girls' birthday parties.