DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing Back to the Basics: Budgeting 101
Jan 3, 2024
The hosts discuss the fundamentals of personal finance, emphasizing the importance of creating a budget and tracking every dollar spent. They also share their own experiences starting a business while in debt and provide tips for increasing income and cutting expenses.
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Quint's Budgeting Journey
- Quint describes his initial struggle with budgeting, highlighting the difficulty of estimating expenses.
- He emphasizes the importance of tracking every dollar to understand spending habits.
Track Every Dollar
- Track every dollar spent to create a realistic budget, especially if current financial strategies are failing.
- Begin tracking at the start of a new month for a clean slate.
Awareness and Change
- Tracking expenses creates awareness of spending habits and motivates behavior change.
- This awareness enables proactive budgeting and setting spending limits, even within a flexible process.