April 13, 2021 • 16 mins
Hello! and welcome to Everyday Finance and Economics with the Siglers! The podcast where we discuss what you need to know about personal finance and economics and give you practical advice on how to get started and be smart with your money.
This episode is a continuation of our discussion about budgeting. Last time we went through the mechanics, and this episode we're diving straight into the motivational factors behind budgeting. Why it's so important, what a budget could do for you, and even when budgeting is necessary. If you have any questions please feel free to contact us! (information down below) and join us next week for our first look at investing!
Come engage with us!
Instagram: @efespodcast
Email: efespodcast@gmail.com
Website: http://efespodcast.buzzsprout.com
Intro music:
Coffee & Lullabies R&B mix by J.Lang (c) copyright 2020 Licensed under a Creative Commons Attribution Noncommercial (3.0) license. http://dig.ccmixter.org/files/djlang59/62099 Ft: CrazyLittleAsian aka SHA
Coverart by Karina Ng @karina.ng on instagram
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:07):
Hello, and welcome to everyday finance and economics
with the Sigler's the podcastwhere we discuss what you need
to know about personal financeand economics, and give you
practical advice on how to getstarted and be smart with your
money.
Speaker 2 (00:20):
We are your host Glenn and Christina Sigler's.
So Christina, what's going on inthe economy this week.
Speaker 1 (00:27):
So here's what matters this week in the United
States, as of April 9th, thewhite house supports that 112
million Americans, which isabout a third of the population
have received at least one doseof the COVID-19 vaccine.
And around 60 million are fullyvaccinated.
That is fantastic news as thenew and more deadly British
(00:48):
COVID variant referred to as[inaudible] has now become the
predominant variant in theUnited States.
Vaccination should be opening upto the general adult public this
week.
So please be sure to sign up assoon as possible around the
world.
An estimated 2% of the entireglobal population has been fully
vaccinated with that.
The economy, as we all know, hastaken a hit during the pandemic,
(01:11):
but the good news, according toJerome Powell, who is basically
the U S economy is number oneprotector as chairman of the
federal reserve is that theeconomy is in a position where
growth and job creation shouldbe relatively easy as more and
more people become vaccinated.
So that leads into our economicterm of the episode.
It is economic growth actually,which is an increase in the
(01:36):
amount of goods and servicesproduced within a population
over a period of time.
You might've heard of the termGDP, which stands for gross
domestic product, which is howeconomists typically measure
economic growth by tracking howmuch the economy makes over a
given period of time.
This episode is a continuationof our budget conversation.
(01:56):
So without further ado on thepart two, Oh, what if I don't
want to budget?
It seems hard.
And I want to spend the moneythat I want to at the time that
I want to.
So what if I don't want to dothat?
Speaker 2 (02:07):
So look, you don't have to budget.
People have been not budgetingfor quite some time and they've
been fine.
Yeah.
Right.
Study shows that some folks justhave a built-in capacity to
understand when they're going to, um, run out of money and your
(02:27):
grandmother didn't do a wholebudgeting, but she knew where
every dollar she knew whereveryou can catch her off guard now.
But you know, there's somepeople that are like that.
They have that capacity to neveroverspend and know where they
are.
But if you find yourselfstruggling periodically or can't
(02:49):
see how you can even think to rere reach your mid or long-term
financial goals, right.
This is something you might wantto try.
Speaker 1 (02:57):
And there also might be like seasons of your life,
where you budget.
Like if you're saving it for ahouse and then you don't do it
anymore after you buy the house,you know?
Speaker 2 (03:05):
Yeah, absolutely.
And so go ahead,
Speaker 1 (03:08):
Leaning off of that.
Why would I want to budget?
Speaker 2 (03:11):
Well, look, the budget helps you to, to decide
what you must spend your moneyon and what you versus what you
would like to spend your moneyon.
And that's really a, um, uh, acritical issue between
understanding that.
And then just having a good ideaat virtually at any moment where
(03:37):
you're spending your money tofind out if you have any leaks
leaks in your budget, that moneyis just flying out.
And this is what, this is whatgrandma used to tell me.
It's like money just slippedthrough your fingers.
You can't let that happenbecause that's wasted
opportunity.
Speaker 1 (03:54):
Did you have subscription services that you
forgot you signed up for?
You signed up for the free trialand forgot to cancel, right?
Not that that's ever happened tome.
Speaker 2 (04:02):
And so it also gives you the opportunity to find out
if you can spend money, lessmoney in certain categories,
Hey, I spend$300 a month on X,whatever X is.
Can I find a way to spend 200 or150 and still be okay?
(04:23):
I might not have to have the$50socks every week I could get.
Yes, there are$50.
I might be able to get away withsome less expensive socks.
When I had my sock urgency.
Speaker 1 (04:40):
That's the part where you really have to be real with
yourself.
As I said before, it'd be like,all right, what, what do I
really need to be doing here?
Yeah.
Um, okay.
So why should I try to savemoney?
That also sounds hard.
Speaker 2 (04:54):
Um, so there things that you want to do with your
life, and you're going to needoften, you're going to need some
money to help you do that.
Whether it's buy a house, buy acar, go on a trip, um, get, uh,
get an advanced degree.
Um, those things often costsmoney and you're essentially
(05:20):
using your ability to, um, tohave financial discipline, to
help you get there.
Uh, and also you might needmoney for an emergency.
So, you know what happens ifsome, somebody got sick and you
had to fly home, but they hadthe money to fly home.
Oh, what if you got sick?
What if you got sick?
(05:41):
What happens is cost money?
What happens if your car breaksdown and guess what?
Life happens?
People get sick cars break down.
Um, you need new appliances.
Those things happen.
And so having some, having savedsome funds allows you to absorb
(06:03):
the bumps in life withoutputting the rest of your life in
a tailspin.
Speaker 1 (06:11):
And that all sounds well and good.
But what if I feel like I don'thave enough money to save?
Speaker 2 (06:17):
So, you know, that's the other thing about, about it.
Look, when you have, when yourincome is lower, that's when you
need more financial disciplineand then looking at this
objectively over longer term,say, Hey, look, I, you know, I,
you know, I'm not making enoughmoney.
(06:39):
You'll figure that out.
After looking at your budget andlooking at how, how you spend
your money saying, look, I'm,I'm just not making enough
money.
And then that may force you intosome other life decisions.
Okay.
Do I need to try to get apromotion?
Do I need to have a side gig?
(06:59):
How else can I make more money?
Do I need to go out and getanother degree or change my
profession?
Because you know, thisprofession, isn't doing it for
me.
And now I'm not saying any ofthose things are easy, but
understanding your financialposition in the job that you're
in, helps you figure out some ofthose things.
Speaker 1 (07:23):
So how do you start?
And most importantly, stay ontop of a budget.
Cause I feel like planninganything is easy, but how do you
keep the motivation to keepdoing it?
Speaker 2 (07:34):
Well again, so for me, it's, I always want to stay
on top of what my currentfinancial positions, um, you
know, how am I staying on track,but it's really about the, the
mid and long-term goals.
Like I I'm, I'm typically notworried about, Hey, will I have
(07:56):
enough money to make it thisweek?
I already know that I alreadyknow I'm going to pay my bills
this week, this month.
Um, I'm confident enough in, in,in what I've done financially to
do that, but it's really aboutam I, am I meeting my objectives
for my midterm goals?
And I'm talking about one to twoyear goals and my long-term
(08:16):
goals.
And so if, if those are thingsthat I really want, then I am
going to, you know, use all thetools that I can to make sure
that I am prepared to go do thatwhen it's time.
And so you just can't, you know,if you don't prepare for it,
(08:36):
it's never gonna happen.
And so this is really about youand your choices and how badly
you want it to happen.
Yeah.
And so, you know, your owndesire is your motivation.
Speaker 1 (08:52):
Okay.
But say that you weren't in asituation in which you didn't
know whether you were going tomake rent or pay bills as much.
Should you still havemotivation?
What is your motivation then tostart a budget?
Speaker 2 (09:06):
How far, how far am I off?
So if I don't budget, I don'tknow if I could be a little bit
off or a lot off.
Yeah.
And if I'm, if I'm a little bitoff, could I change a couple of
things, a couple of minorthings, right.
And be on target,
Speaker 1 (09:28):
Like buying the store brand cereal.
Speaker 2 (09:31):
Yeah, absolutely.
So, and you know, it's, youknow, understanding, you know,
budgeting again helps youunderstand your financial
position, your financialconditions, and then the rest is
about your behavior and choices.
And so you need that budget tohelp you understand that so that
you can make those choices and,and adjust.
(09:53):
This is all about your choiceand your ability to adjust.
And so, again, it's, it'sactually more critical when
you're making a little bit ofmoney, but I'm going to be
honest.
There are people making hundredsof thousands, hundreds of
thousands of dollars a year thatare just scrimping by because,
(10:16):
because they can't control theirspending habits where their bud
or they, or they let theirspending habits get out of
control.
So, you know, just because youmake a, uh, a little bit of
money doesn't mean that youcan't, uh, you can't be prudent
with your money and save andreach, reach your objectives.
(10:36):
There are, there are dozens ofstories out there about people,
you know, never had a highpaying job, but were able to
save, save lots of money and,and do some great things with
it.
And so this really the, thebudgeting part is, is, is, is a
tool to help you with your ownpersonal financial discipline.
Speaker 1 (11:01):
Okay.
So how much money can I spend onfood and necessities?
Speaker 2 (11:07):
So that's, uh, that's getting into the details of the,
you know, some of those budgetplans.
And so you heard me say, Hey,there's a 50, 30, 20, you know,
and there's variations of 50,30, 20, um, 60, 20, 2050, but
let's, let's take that 50, 30,20.
So half your pay, half of yourtake-home pay needs to go on
(11:32):
necessities.
So are you going to say, um, isit, if you make a thousand
dollars or$2,000 a month, thatmeans you can spend a thousand
dollars on rent food.
(11:53):
Let's define food
Speaker 1 (11:54):
Though.
Cause like going out to eat, isthat a necessity or is it
Speaker 2 (11:58):
All right?
So it, you know, typically up,well at a thousand, at$2,000 a
month, more of it should begroceries.
And so, um, and it depends on,you know, are you trying to feed
one or are you trying to feedtwo?
And you know, you'll, you'llhave to, you know, that's why I
(12:19):
have you track how much youspend, so you can see what that
looks like.
Um, you know, there are some,uh, um, articles out there that,
you know, break down the 50, 30,20 into a lot more detail and
say, okay, at this income level,most people are spending, you
(12:40):
know, five.
So out of that fee, uh, youknow, out of your, out of your
total salary, you might bespending five or 6% on food and
that's going to include, uh,food away from home.
Okay.
Now, again, as, as you heard mesay, you might be, you might
(13:00):
say, ah, you know, I've got, youknow, a$2,000 budget, a thousand
is going to go to rent and gasand, uh, electricity and a
hundred dollars, 150$200 amonth.
It's going to two groceries.
I'm going to take some of mywants money, the, you know,
(13:23):
three, four, five,$600.
And I'm going to say, one of thethings I want to do is I want to
eat out once or twice a monthand you carved that out.
Speaker 1 (13:35):
Yeah.
Okay.
Okay.
All right.
Um, how much of a budget shouldbe invested
Speaker 2 (13:42):
When you're starting out?
I'm just going to say as much asyou can.
Um, the 50, 30, 20 rule says,Hey, you're, you're shooting for
20% when you're starting out,you might not be able to save
20%.
You might live in a higher costof living area.
And that 20% gets down to fiveor 10%, if that's what you can
(14:04):
do, that's what you can do.
Um, and so, you know, your, yourrent might be in like in certain
places in New York, inCalifornia, right.
Might be 50% of your take-homepay.
Um, and, and that's the realityof where, where you live.
And so you're going to have tolook for alternatives.
(14:25):
Uh, you know, my, I haveroommates and when you're in
those situations, because you'respending so much of your money
on rent, you might not be ableto save a lot, but just because
that's where you start out,doesn't mean that's where you
end up.
Yeah.
Because you're looking for yourcareer to progress.
You're going to get pay raises.
(14:47):
You're gonna get pay raises overtime.
And as you increase, um,increase your salary and wages.
What do you do?
You increase, you increase your,say that now some people say,
Hey, look, now I want a betterplace to live.
Okay.
That's true too.
But then now this becomes achoice.
How much do you want?
How much more do you, uh, howmuch better place do you want?
(15:11):
How much more do you want to beable to spend on your housing
versus how much you want tosave?
Yeah.
And, and then, you know, is partof your saving, saving for a
down payment on a house versusincreasing your rent.
And again, that becomes achoice, very many choices.
(15:33):
I think the first step inbudgeting is really tracking
what you spend first,understanding how much you make
tracking, what you spend.
And then going ahead with someinformation about, can I do a
50, 30, 20 budget is a 60 20,but you know what, what the
percentages are after you seewhere you're spending your money
(15:55):
and then cutting out the placeswhere you can.
All right.
That's it for our show.
Thank you so much for listeningand be sure to join us again
next time when we discussinvesting.
Speaker 1 (16:08):
Yes.
And if you have any questionsfor us, you can email
us@efespodcastatgmail.com andfollow our Instagram and
Twitter, both at E F E Spodcast.
Thank you so much for listening.
Take care, everybody.
Hello, and welcome to everyday finance and economics
with the Sigler's the podcastwhere we discuss what you need
to know about personal financeand economics, and give you
practical advice on how to getstarted and be smart with your
money.
Speaker 2 (00:20):
We are your host Glenn and Christina Sigler's.
So Christina, what's going on inthe economy this week.
Speaker 1 (00:27):
So here's what matters this week in the United
States, as of April 9th, thewhite house supports that 112
million Americans, which isabout a third of the population
have received at least one doseof the COVID-19 vaccine.
And around 60 million are fullyvaccinated.
That is fantastic news as thenew and more deadly British
(00:48):
COVID variant referred to as[inaudible] has now become the
predominant variant in theUnited States.
Vaccination should be opening upto the general adult public this
week.
So please be sure to sign up assoon as possible around the
world.
An estimated 2% of the entireglobal population has been fully
vaccinated with that.
The economy, as we all know, hastaken a hit during the pandemic,
(01:11):
but the good news, according toJerome Powell, who is basically
the U S economy is number oneprotector as chairman of the
federal reserve is that theeconomy is in a position where
growth and job creation shouldbe relatively easy as more and
more people become vaccinated.
So that leads into our economicterm of the episode.
It is economic growth actually,which is an increase in the
(01:36):
amount of goods and servicesproduced within a population
over a period of time.
You might've heard of the termGDP, which stands for gross
domestic product, which is howeconomists typically measure
economic growth by tracking howmuch the economy makes over a
given period of time.
This episode is a continuationof our budget conversation.
(01:56):
So without further ado on thepart two, Oh, what if I don't
want to budget?
It seems hard.
And I want to spend the moneythat I want to at the time that
I want to.
So what if I don't want to dothat?
Speaker 2 (02:07):
So look, you don't have to budget.
People have been not budgetingfor quite some time and they've
been fine.
Yeah.
Right.
Study shows that some folks justhave a built-in capacity to
understand when they're going to, um, run out of money and your
(02:27):
grandmother didn't do a wholebudgeting, but she knew where
every dollar she knew whereveryou can catch her off guard now.
But you know, there's somepeople that are like that.
They have that capacity to neveroverspend and know where they
are.
But if you find yourselfstruggling periodically or can't
(02:49):
see how you can even think to rere reach your mid or long-term
financial goals, right.
This is something you might wantto try.
Speaker 1 (02:57):
And there also might be like seasons of your life,
where you budget.
Like if you're saving it for ahouse and then you don't do it
anymore after you buy the house,you know?
Speaker 2 (03:05):
Yeah, absolutely.
And so go ahead,
Speaker 1 (03:08):
Leaning off of that.
Why would I want to budget?
Speaker 2 (03:11):
Well, look, the budget helps you to, to decide
what you must spend your moneyon and what you versus what you
would like to spend your moneyon.
And that's really a, um, uh, acritical issue between
understanding that.
And then just having a good ideaat virtually at any moment where
(03:37):
you're spending your money tofind out if you have any leaks
leaks in your budget, that moneyis just flying out.
And this is what, this is whatgrandma used to tell me.
It's like money just slippedthrough your fingers.
You can't let that happenbecause that's wasted
opportunity.
Speaker 1 (03:54):
Did you have subscription services that you
forgot you signed up for?
You signed up for the free trialand forgot to cancel, right?
Not that that's ever happened tome.
Speaker 2 (04:02):
And so it also gives you the opportunity to find out
if you can spend money, lessmoney in certain categories,
Hey, I spend$300 a month on X,whatever X is.
Can I find a way to spend 200 or150 and still be okay?
(04:23):
I might not have to have the$50socks every week I could get.
Yes, there are$50.
I might be able to get away withsome less expensive socks.
When I had my sock urgency.
Speaker 1 (04:40):
That's the part where you really have to be real with
yourself.
As I said before, it'd be like,all right, what, what do I
really need to be doing here?
Yeah.
Um, okay.
So why should I try to savemoney?
That also sounds hard.
Speaker 2 (04:54):
Um, so there things that you want to do with your
life, and you're going to needoften, you're going to need some
money to help you do that.
Whether it's buy a house, buy acar, go on a trip, um, get, uh,
get an advanced degree.
Um, those things often costsmoney and you're essentially
(05:20):
using your ability to, um, tohave financial discipline, to
help you get there.
Uh, and also you might needmoney for an emergency.
So, you know what happens ifsome, somebody got sick and you
had to fly home, but they hadthe money to fly home.
Oh, what if you got sick?
What if you got sick?
(05:41):
What happens is cost money?
What happens if your car breaksdown and guess what?
Life happens?
People get sick cars break down.
Um, you need new appliances.
Those things happen.
And so having some, having savedsome funds allows you to absorb
(06:03):
the bumps in life withoutputting the rest of your life in
a tailspin.
Speaker 1 (06:11):
And that all sounds well and good.
But what if I feel like I don'thave enough money to save?
Speaker 2 (06:17):
So, you know, that's the other thing about, about it.
Look, when you have, when yourincome is lower, that's when you
need more financial disciplineand then looking at this
objectively over longer term,say, Hey, look, I, you know, I,
you know, I'm not making enoughmoney.
(06:39):
You'll figure that out.
After looking at your budget andlooking at how, how you spend
your money saying, look, I'm,I'm just not making enough
money.
And then that may force you intosome other life decisions.
Okay.
Do I need to try to get apromotion?
Do I need to have a side gig?
(06:59):
How else can I make more money?
Do I need to go out and getanother degree or change my
profession?
Because you know, thisprofession, isn't doing it for
me.
And now I'm not saying any ofthose things are easy, but
understanding your financialposition in the job that you're
in, helps you figure out some ofthose things.
Speaker 1 (07:23):
So how do you start?
And most importantly, stay ontop of a budget.
Cause I feel like planninganything is easy, but how do you
keep the motivation to keepdoing it?
Speaker 2 (07:34):
Well again, so for me, it's, I always want to stay
on top of what my currentfinancial positions, um, you
know, how am I staying on track,but it's really about the, the
mid and long-term goals.
Like I I'm, I'm typically notworried about, Hey, will I have
(07:56):
enough money to make it thisweek?
I already know that I alreadyknow I'm going to pay my bills
this week, this month.
Um, I'm confident enough in, in,in what I've done financially to
do that, but it's really aboutam I, am I meeting my objectives
for my midterm goals?
And I'm talking about one to twoyear goals and my long-term
(08:16):
goals.
And so if, if those are thingsthat I really want, then I am
going to, you know, use all thetools that I can to make sure
that I am prepared to go do thatwhen it's time.
And so you just can't, you know,if you don't prepare for it,
(08:36):
it's never gonna happen.
And so this is really about youand your choices and how badly
you want it to happen.
Yeah.
And so, you know, your owndesire is your motivation.
Speaker 1 (08:52):
Okay.
But say that you weren't in asituation in which you didn't
know whether you were going tomake rent or pay bills as much.
Should you still havemotivation?
What is your motivation then tostart a budget?
Speaker 2 (09:06):
How far, how far am I off?
So if I don't budget, I don'tknow if I could be a little bit
off or a lot off.
Yeah.
And if I'm, if I'm a little bitoff, could I change a couple of
things, a couple of minorthings, right.
And be on target,
Speaker 1 (09:28):
Like buying the store brand cereal.
Speaker 2 (09:31):
Yeah, absolutely.
So, and you know, it's, youknow, understanding, you know,
budgeting again helps youunderstand your financial
position, your financialconditions, and then the rest is
about your behavior and choices.
And so you need that budget tohelp you understand that so that
you can make those choices and,and adjust.
(09:53):
This is all about your choiceand your ability to adjust.
And so, again, it's, it'sactually more critical when
you're making a little bit ofmoney, but I'm going to be
honest.
There are people making hundredsof thousands, hundreds of
thousands of dollars a year thatare just scrimping by because,
(10:16):
because they can't control theirspending habits where their bud
or they, or they let theirspending habits get out of
control.
So, you know, just because youmake a, uh, a little bit of
money doesn't mean that youcan't, uh, you can't be prudent
with your money and save andreach, reach your objectives.
(10:36):
There are, there are dozens ofstories out there about people,
you know, never had a highpaying job, but were able to
save, save lots of money and,and do some great things with
it.
And so this really the, thebudgeting part is, is, is, is a
tool to help you with your ownpersonal financial discipline.
Speaker 1 (11:01):
Okay.
So how much money can I spend onfood and necessities?
Speaker 2 (11:07):
So that's, uh, that's getting into the details of the,
you know, some of those budgetplans.
And so you heard me say, Hey,there's a 50, 30, 20, you know,
and there's variations of 50,30, 20, um, 60, 20, 2050, but
let's, let's take that 50, 30,20.
So half your pay, half of yourtake-home pay needs to go on
(11:32):
necessities.
So are you going to say, um, isit, if you make a thousand
dollars or$2,000 a month, thatmeans you can spend a thousand
dollars on rent food.
(11:53):
Let's define food
Speaker 1 (11:54):
Though.
Cause like going out to eat, isthat a necessity or is it
Speaker 2 (11:58):
All right?
So it, you know, typically up,well at a thousand, at$2,000 a
month, more of it should begroceries.
And so, um, and it depends on,you know, are you trying to feed
one or are you trying to feedtwo?
And you know, you'll, you'llhave to, you know, that's why I
(12:19):
have you track how much youspend, so you can see what that
looks like.
Um, you know, there are some,uh, um, articles out there that,
you know, break down the 50, 30,20 into a lot more detail and
say, okay, at this income level,most people are spending, you
(12:40):
know, five.
So out of that fee, uh, youknow, out of your, out of your
total salary, you might bespending five or 6% on food and
that's going to include, uh,food away from home.
Okay.
Now, again, as, as you heard mesay, you might be, you might
(13:00):
say, ah, you know, I've got, youknow, a$2,000 budget, a thousand
is going to go to rent and gasand, uh, electricity and a
hundred dollars, 150$200 amonth.
It's going to two groceries.
I'm going to take some of mywants money, the, you know,
(13:23):
three, four, five,$600.
And I'm going to say, one of thethings I want to do is I want to
eat out once or twice a monthand you carved that out.
Speaker 1 (13:35):
Yeah.
Okay.
Okay.
All right.
Um, how much of a budget shouldbe invested
Speaker 2 (13:42):
When you're starting out?
I'm just going to say as much asyou can.
Um, the 50, 30, 20 rule says,Hey, you're, you're shooting for
20% when you're starting out,you might not be able to save
20%.
You might live in a higher costof living area.
And that 20% gets down to fiveor 10%, if that's what you can
(14:04):
do, that's what you can do.
Um, and so, you know, your, yourrent might be in like in certain
places in New York, inCalifornia, right.
Might be 50% of your take-homepay.
Um, and, and that's the realityof where, where you live.
And so you're going to have tolook for alternatives.
(14:25):
Uh, you know, my, I haveroommates and when you're in
those situations, because you'respending so much of your money
on rent, you might not be ableto save a lot, but just because
that's where you start out,doesn't mean that's where you
end up.
Yeah.
Because you're looking for yourcareer to progress.
You're going to get pay raises.
(14:47):
You're gonna get pay raises overtime.
And as you increase, um,increase your salary and wages.
What do you do?
You increase, you increase your,say that now some people say,
Hey, look, now I want a betterplace to live.
Okay.
That's true too.
But then now this becomes achoice.
How much do you want?
How much more do you, uh, howmuch better place do you want?
(15:11):
How much more do you want to beable to spend on your housing
versus how much you want tosave?
Yeah.
And, and then, you know, is partof your saving, saving for a
down payment on a house versusincreasing your rent.
And again, that becomes achoice, very many choices.
(15:33):
I think the first step inbudgeting is really tracking
what you spend first,understanding how much you make
tracking, what you spend.
And then going ahead with someinformation about, can I do a
50, 30, 20 budget is a 60 20,but you know what, what the
percentages are after you seewhere you're spending your money
(15:55):
and then cutting out the placeswhere you can.
All right.
That's it for our show.
Thank you so much for listeningand be sure to join us again
next time when we discussinvesting.
Speaker 1 (16:08):
Yes.
And if you have any questionsfor us, you can email
us@efespodcastatgmail.com andfollow our Instagram and
Twitter, both at E F E Spodcast.
Thank you so much for listening.
Take care, everybody.
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