How to Stop Living Paycheck to Paycheck

Learn to create a budget to improve your life and wealth. A budget is a written plan that compares your planned expenses to your income. To become wealthy, you MUST have a plan to spend less than you make each month.

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How to Stop Living Paycheck to Paycheck: Building a Simple Budget

This is part of a video series on How to Stop Living Paycheck to Paycheck

Link to Video Series Playlist: http://bit.ly/JVC-PLST-Paycheck

Link to Spreadsheet: http://bit.ly/JVC-SimpleStarterBudget

Video Summary:

In this video, Justin teaches you how to make a simple budget. This is the first step to stop living paycheck to paycheck, start taking control of your personal finance, and begin building wealth. Justin defines a budget as “a written plan showing the amount of money that you plan to make compared to what you plan to spend over the course of one month”. The first step to creating a budget is listing your planned income for the month. If you do not know your income, this can be found by looking at your bank statement. The second step is to list your planned expenses. For your first budget, look at you bank statement and place each purchase into a category to get a rough average of your current expenses. After you have listed your planned expenses, the third step is to compare your planned income to planned expenses. Your planned income MUST be GREATER than your planned expenses. If they are not, cut your planned expenses until you are earning more than you are spending. Now that you have created your budget for the month, your goal will be to follow your budget and not spending more than what your budget says to spend on each category.

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Видео How to Stop Living Paycheck to Paycheck канала Justin V. Conroy