Shay-Budgets
The YouTuber answers questions in a money Q&A session, focusing on budgeting, party hosting on a budget, current budget apps, and sinking funds update. She advises mapping out the upcoming weeks, months, and year, looking at past budget habits to determine how much to expect in various categories, and finding an accountability partner during the budgeting journey. She also provides tips for hosting parties frugally, having a signature drink, and encouraging guests to bring their own bottles. The speaker also discusses using Ally, an online mobile bank app, to keep track of their different sinking funds for different purposes. Lastly, she talks about the benefits of having a financial advisor and mentions her plan after becoming debt-free to invest in the stock market or potentially save for a down payment on a car.
In this section, the content creator answers a question about ideas to get back on the budgeting journey. She suggests throwing away the rest of the month if there is no plan or structure to the budgeting process. It is recommended to start the new month, if possible, with a cash-only budget rather than relying on credit cards. Additionally, working on the budget in advance and mapping out the upcoming month is a crucial step to having a plan in place. The content creator also suggests finding an accountability partner to provide emotional support and hold one another accountable during the budgeting journey.
In this section, the speaker advises mapping out weeks, months, and even a year ahead to be aware of upcoming events that may require budgeting such as religious events, birthdays, or gifts. They suggest looking back at past budget habits to have an idea of how much to expect in different categories, and to draw inspiration and motivation from others. The speaker also recommends changing up budgeting tools and platforms to find what works best for each individual. The next question discussed is a student loan update.
In this section, the YouTuber shares updates on her student loans, which are currently under forbearance but are still on track to be paid off by 2024. She also discusses ideas for hosting a party on a budget, recommending potluck-style events and DIY decorations. Additionally, she provides tips for a frugal at-home spa day, suggesting that viewers purchase inexpensive supplies from stores like Dollar Tree and Walmart. Overall, the YouTuber emphasizes the importance of being mindful and frugal when it comes to expenses but still finding ways to enjoy life and entertain on a budget.
In this section, the speaker discusses her experience hosting parties on a budget after moving to a larger home. She talks about how they decided to break up their housewarming parties into smaller gatherings to accommodate their limited space and how they started hosting parties again once people were vaccinated and felt more comfortable gathering. She shares tips on how to host parties cheaply, such as buying reusable decor from Party City or Amazon, only buying some things that are on theme, and doing DIY things. The speaker recommends having a signature drink and encouraging guests to bring their own bottles to save on drinks.
In this section, the speaker discusses party hosting on a budget, suggesting buying a large amount of meat or the main dish and encouraging guests to bring sides or appetizers. She also shares tips for choosing a credit card including looking for a card with low-interest rates, cashback rewards, and considering the annual fee in case you're going to justify it and will help you decide what credit card to get. Lastly, the speaker talks about their experience using an electronic cash envelope method which she calls sinking funds. She shows how they use Ally, an online mobile bank app, that helps them keep track of their different sinking funds for different purposes.
In this section, the speaker provides an update on their bucket/sinking funds that they use to save for expenses such as HOA fees, home termite control, SiriusXM subscription, Walmart Plus, and car insurance. They divide the amount needed by the number of months in which they have left to save for the expense. The speaker also advises on how to find planner events in one's area by joining planner groups on Facebook. In terms of budget/finance apps, the speaker uses Notion for monthly budgets and sometimes uses Fudget for quick budgets.
In this section, the speaker discusses the benefits of having a financial advisor and mentions that the cost is minimal, usually between 0.5% to 1% of the portfolio. The benefits of having an advisor are having someone to consult with at any time, holding accountability, and providing guidance on investing. The speaker also gives some summer planning tips, including budgeting more for spending and looking up free events. They plan to spend more money in the summer, especially when it comes to outings with their niece, who stays with them during the summer. They mention budgeting around $400 more per month to accommodate their niece's healthy eating habits and summer activities like going to Six Flags.
In this section, the speaker talks about her involvement with mentoring kids and how she still keeps in touch with some of them even though the group doesn't exist anymore. She then discusses her plan for managing her money after becoming debt-free, which involves investing in the stock market or potentially saving for a down payment on a car. The speaker also briefly covers how she budgets for summer plans. Lastly, she talks about when she started investing and how she learned from her financial advisor rather than an online course.
In this section, the YouTuber discusses when she realized it was time to hire someone to help with her finances. She explains that she didn't need to hire someone until it came to investing, as saving money and learning how to save can be obtained from any person on the street, or from online resources. However, when it comes to investing, she believes it makes sense to go to a professional who has expertise in that area. She only sought help because she did not have knowledge in that area, and they were lucky to find someone they really like.
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