How Do You Break Down Your Budget?

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You know, if you didisengage from the percentages and look at the concept of breaking down your budget into three categories, needs, wants and savings. I thinkthe the other iteration of that could be, instead of needs versus wants, it could be fixed, recurring bills versus discretionary spending or variable bills. And as a result, figuring out what that variable pile averages out to is something that will require a few months of observation. So yes, i would spend a little bit more time and not use that budget.

#362: David is questioning how to better manage his spending. He’d like a stronger framework to think through budgeting challenges.

Elisa and her husband bought a home, and now they’re saving extra income every month. She has a pension and her husband is an entrepreneur. How much should they be saving for retirement and how should they invest their extra money?

Geoff invested primarily in taxable brokerage accounts for the last twenty years. He’s built a $6 million portfolio and reached financial independence. He wonders about the smartest strategy for withdrawing from those taxable brokerage accounts to efficiently manage capital gains?

Jenna and her husband are planning on buying their next home in a few years. She wants to know if I-bonds are a good way to save for the down payment and closing costs.

Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

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