10: Stop Living Paycheck to Paycheck: The Budgeting Secrets You Need

In this episode of Your Money on Easy Mode, Damien discusses the fundamentals of budgeting, emphasizing its importance in achieving financial security. He introduces the concept of budgeting as a plan for money management, debunking misconceptions around the term.

The episode covers practical steps for tracking spending, organizing budgets using the 50-30-20 rule, and implementing effective budgeting strategies. Damien also highlights common mistakes to avoid, encouraging listeners to view budgeting as a tool for aligning spending with personal priorities rather than a restrictive measure.

Chapters

00:00 Intro

01:02 Defining Budgeting: A Plan for Your Money

03:36 Tracking Your Spending: The First Step

07:25 Organizing Your Budget: The 50-30-20 Rule

08:21 50% for Needs

09:57 30% for Wants

10:55 20% for Saving/Investing/Debt Repayment

11:25 Recap of Easy Mode Money Ladder

12:59 50/30/20 Example and Tweaks

15:26 Tips for Implementing Your Budget

20:53 Common Budgeting Mistakes to Avoid

22:56 Conclusion