Let’s talk about the cost of living and what contributes to feeling that pinch. What sort of things add extra challenges to just surviving?
- Are you able to save?
- Roughly what percentage of your paycheck is left over for extras?
- How is the price of groceries affecting you?
- What fees do you encounter from different services or banks?
The problem I find with budgets, is after the totals and net gain/loss are calculated at the end of the month, there are times when I have a net gain. However, any funds in that gain doesn’t match what’s in my bank accounts, which is why I don’t like dealing with budgets. As a beneficiary, funds are gone by the end of the day after my expenses, let alone the end of the week.
After the totals, what Debut should show after all expenses, any gain/loss, and actual funds remaining in all buckets, as well as my main account.
I use a budgeting web app which syncs bank feeds, but the net losses/gains are still confusing.
Debut will do it different by instead of a budget, I set up buckets and how much of my pay to put into each to cover my monthly expenses. I get paid weekly, so I want funds to go into the various buckets I’ve set up per week, to ensure bills and subscriptions get paid on time, from the appropriate buckets. Any gain means I have funds left, so I want to be able to either send it to my Savings bucket, or to invest on platforms like Hatch or Sharesies.
I’ve never been able to stick to a budget. It’s easy to put pen to paper or do it in an excel document etc but sticking to it is a total different challenge. I’ve got a mind set where money is meant to be spent instead of saved.