Save Money: How To Budget In 2022

7 139
Avatar for scottcbusiness
Written by
This user is who they claim to be.
We have manually verified this user via some other channel.
Proof
1 year ago

Investing and saving are only 2 pieces of a larger puzzle to get ahead in 2022. Budgeting is a very important and overlooked strategy that most do not utilize. As the saying goes, you cannot improve what you do not track.

https://odysee.com/@ScottCBusiness:4/Budgeting-in-2022:5

In 2020 about 35% of Americans had a budget, in 2022 only 32% do. Interestingly enough, this seems to correlate with the reports that estimate between 50-70% of Americans are struggling financially. While itā€™s more likely due to inflation, gas costs, and poor oversight from our governments, there is something to be said about personal accountability too.

Ā 

Budgeting isnā€™t simply just about trying to be frugal. You can still spend poorly while tracking your expenses. The idea is that you can have a holistic view of your finances and know exactly whatā€™s being spent where. Sometimes, itā€™s as simple as taking a look at your budget once a month and thinking about where you could cut down and how much that could help you out. You can move things around as needed and explore how much money you could save with different options. It also helps you keep track of things you may have forgotten about such as old subscriptions or services.

Ā 

This is my 545th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!

Ā 

You can download the simple template version here and start following along: https://mega.nz/file/ATx3iAza#ZUhllHs4YZjMMjtC1FyN_Qhkkwmy-P98UxXqsVj8xS4

Ā 

In the video, I will explain how I budget by going through how I break everything out. It seems daunting at first, but if you keep a link to your budget on your phone you can easily update it daily, weekly, or at whatever frequency is easiest for you. I do it daily to make sure I donā€™t miss anything and so that it only takes a couple of minutes rather than dedicating a large chunk of time to it.

If it helps, I will explain how I organize the major sections to give you some insight. I break it into sections of bills, necessary extras, and completely discretionary. Then I have some extra sections for extra money, subscriptions, events & one-time purchases, business expenses, and financial expenses. You can break these up how you need to.

Bills cover anything that you need and have to pay for such as rent, food, and healthcare.

Necessary extras covers things like haircuts, hygiene products, electronics, tools, and things that are necessary, but you could live without them assuming you were 100% broke.

Completely discretionary covers things like eating out, gaming, gambling, alcohol, celebrations and things that you could cut out if needed, but if you can afford to do it, then you will.

Extra money is a section to put away some extra money to balance your budget where needed as your budget will fluctuate and change based on your needs.

Subscriptions is a separate section for me as I want to lessen the amount of subscriptions I use, bundle up with people if possible, and pay yearly for discounts. For example, I split a Spotify family bundle with several people to save money because every dollar counts.

Ā 

This is as far as you need to go if you simply intend to track your expenses and nothing more. However, if you want to improve your finances, save more, and ultimately live better, I suggest you finish the rest.

Ā 

Once youā€™ve got everything set up, decide how much you intend to save from your income beyond what you need and adjust your budget accordingly. For example, I would like to save 50%, and previously I was saving close to 70%, but in 2022, Iā€™ve only been saving about 25% of my income as Iā€™ve been buying prepping gear amongst many other things like a car. I only just recently acquired a car and have lived with roommates the majority of my life. If you can do this in your twenties, you can save enough money to put yourself at a massive advantage. As the saying goes, you must be willing to live like dirt in order to put yourself in the position to live the way most never could. I intend to get that back up to at least 50% very soon.

Ā 

Now, in order to save money, you can start spending some time each week or each month where you sit down and look at various expenses and try to see how much youā€™d save if you did something differently. This could be going out once less per week saving you gas, and money spent on food. This could be using a cheaper coffee or switching from Starbucks to homemade coffee. This could be switching to a cheaper insurance, canceling a subscription, or negotiating cheaper internet service. Whatever method you try, it's easy to plug in numbers and see how it will affect your overall monthly expenses. Then with that number, you know how much more you could invest. So not only are you saving money, but youā€™re making money. Maybe you do want some extra money for nights out, but Iā€™d recommend saving it for a good purpose or investing it rather than just spending it elsewhere because then youā€™re still in the same problem of trying to find extra money to set aside for investing.

Ā 

Most people donā€™t budget because they donā€™t see it as something important they should do, but they also have no idea how much they spend on a regular basis, and when you donā€™t know how much money you need, you donā€™t know how much you can set aside for investing or whatever else you need to do. Knowledge is power, and if you donā€™t know enough about your own finances, how will you improve?

Ā 

Do you invest? Do you budget? What are some financial tips you use to save? Let me know what you think about this in the comments below and donā€™t forget to subscribe!

Ā 

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

Ā 

šŸ‘„ Support Me & Follow Me Elsewhere šŸ‘„

šŸ‘‰ http://www.scottcbusiness.com

Ask questions in my Telegram: https://t.me/cryptoandthings

You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness

You can find all of my referral links here: https://linktr.ee/scottcbusiness Ā 

21
$ 3.51
$ 3.48 from @TheRandomRewarder
$ 0.02 from @Laurenceuuu
$ 0.01 from @pajeroz
Sponsors of scottcbusiness
empty
Avatar for scottcbusiness
Written by
This user is who they claim to be.
We have manually verified this user via some other channel.
Proof
1 year ago

Comments

Iā€™m being given 100-120$ greenbacks per-hr. to finish a few copy past task on my laptop. I even have definitely now no longer imagined like it might even feasible however (gre-68) my confidant buddy turned into receiving $30k simply in 4 weeks operating this clean opportunity & she has encouraged me to try. Following Link For More Details:>>> https://WWW.WORKSCLICK.Com

$ 0.00
1 year ago

Are you having difficulty in accessing your bitcoin wallet or have fallen victim to Ponzi schemes? Contact Spyware Cyber to recover your wallet and retrieve your lost funds with 100% assurance. They also help you with University grades, wiping criminal records, iClouds, breaching YouTube, and phone hacking. For years, they have stood as help to individuals and organisations secure and recover their lost Files/Password/ Bitcoin and funds etc. For enquiry, contact them via email: Spyware(@)cybergal.com

$ 0.00
1 year ago

Necessary extras covers things like haircuts, hygiene products, electronics, tools, and things that are necessary, but you could live without them assuming you were 100% broke.

$ 0.00
1 year ago

It will definitely come in handy in these times.

$ 0.00
1 year ago

And in a student perspective, it's really hard to budget right now due to inflation, my P1000.00/$10 is just a cent in here already. It's not enough as a one week allowance in university more importantly if you have you are living on your own and rented an apartment. But this blog gave me knowledge on how to manage daily expenses.

$ 0.00
1 year ago

tart now earning easily every month more than $16k by doing very easy job online. Last month i have earned and received $17932 from this home job by giving this only 2 hrs a day using my laptop. Every person can now get this right now and start earning more dollars online by follow instructions here..... https://Worksclick.com

$ 0.00
1 year ago

Its really hard to budget escpecially if the salary is'nt that a big amount which is just only enought for our needs. Thanks for this ,I will have to try and try to save hihi.

$ 0.00
1 year ago