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12 Budgeting Tips for New Parents

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Comments

    • TommyBryson
    • February 11, 2020

    I started budgeting when I was making $60 a week and was $2,000 in debt. Learning how to budget dug me out of a hole, I didn't know I was in. It gave me control of my life again.

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    • Steve Garland
    • February 11, 2020

    Hey Tommy, I have two kids… a 16 yo boy and a 15 yo girl. Nothing would make me happier than buying them things that they would enjoy for entertainment. Can that be my charity money? For just like video games, or movie tickets, etc? We've been having a hard time, and I really want them to have things that will bring a smile to their face, and let them know how much my wife and I love them.

    Also… so what if the money that I've set aside for debt isn't enough? Do I just allow my credit to be damaged rather than begrudge my kids the things that I want them to have? Do I just come back and fix my credit later when I have more power to do so?

    Say, for example… I have a credit card and the minimum payment is $40. Is it preferable to pay $20 to the credit card, $10 to the emergency fund and then $10 to the charity fund? Because then there are late fees, etcetera that start to spiral out of control. Or do I go ahead and pay the $40 to the credit card and forego the other two?

    I think these are the kinds of problems that most of us run into when money is a stressor in our lives. That's not a realistic example, but I think for simplicity's sake it demonstrates the issues that a lot of us are dealing with.

    And what if, say, we need car repairs? Do we keep pouring the emergency fund into that every week until everything is fixed? Because then we don't really have an emergency fund.
    Things just don't… fit like a puzzle. It's more like trying to put out a fire. I'm not criticizing, I'm genuinely asking… what do I do?

    Thanks for the channel… it seems to be just what I need right now. It's very kind of you to provide it.

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    • Harrison Egbon
    • February 11, 2020

    @Tommy do you recommend setting up 6 accounts through 1 bank or multiple? Do you recommend apps for saving such as digit and acorns and stash, is it worth it to go that route because of fees?

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    • Recruit Lucier
    • February 11, 2020

    I share your videos on my Facebook ngl

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    • Raven Lewis
    • February 11, 2020

    Wow. Awesome Tips!

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    • Tom & Jaden
    • February 11, 2020

    Dammmm Tommy look different

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    • Nasa Binkabi
    • February 11, 2020

    smart man much blessings .. u from Barbados?

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    • edgar prince
    • February 11, 2020

    A BIG ANSWER TO MY QUESTIONS, i knew i had to have different accounts, but the percentage was my problem. THANKS MAN

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    • KiingAce
    • February 11, 2020

    Number one rule, don't pay the collectors -_- in worst case get a pay for deletion letter….but I'm notified on the channel ,keep the vids coming!

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    • Tonatiuh Cordero
    • February 11, 2020

    I started watching your videos and I'm gonna follow your suggestions about budgeting. I did it once but I stopped. Now it's high time I retook it . I live in Mexico and our lifestyle is quite different. Our economies are totally in different levels. I will start with lower % cause is my salary isn't big. I'm a school teacher and teachers in Mexico aren't well paid. Gracias my amigo !

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