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156. "We have 2 kids, 3 cars...but only 1 month of savings" (Part 2)
Money For Couples with Ramit Sethi
Budgeting with Miscellaneous Expenses
By considering miscellaneous expenses such as pets, cars, home, and kids, the individual realizes that adding an extra $500 a month is necessary to cover these costs. Initially, 98% of take-home pay is allocated to fixed costs, leaving little room for savings or investments. By adjusting some categories and reducing fixed costs, the individual manages to increase guilt-free spending slightly. However, the overall financial situation is described as drastically bad with no sense of urgency for change.
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