TikTok’s ‘Budget Babe’: Why I Never Skip My Monthly Money Meeting

Mateusz Slodkowski/SOPA Images/Shutterstock / Mateusz Slodkowski/SOPA Images/Shutterstock

TikTok’s “Budget Babe” has built a following by sharing everyday financial advice for the average person. In a recent video, she shared how she plans her monthly finances and why she never skips a money meeting.

Here’s the popular creator’s four-step process for monthly financial planning and what it could mean for you:

1. Money Meeting

Budget Babe says she and her husband always start the month with a money meeting. This is an opportunity for them to sit down and discuss their financial goals for the upcoming month while sharing any unusual expenses they might have.

She says she never skips a money meeting because it’s the foundation of her budget plan. It helps her family members get on the same page about their finances and create the most effective and accurate monthly budget.

2. Monthly breakdown

Once Budget Babe completes her money meeting, she gets to work on creating her monthly budget breakdown. She writes this out by hand in a journal every month even though many of her expenses are the same. She says this helps her build good financial habits and avoid backsliding.

The monthly budget breakdown includes:

• Her and her husband’s monthly income
• Fixed expenses like rent and health insurance
• Variable expenses like subscriptions
• One-time expenses that don’t fit into the other categories
• Debt repayment

Budget Babe groups the expenses by category and lists them in different columns. She adds these costs up, then subtracts them from her family’s income to see how much they should expect to have left over.

The TikTok creator ensures every penny has a job because she’s prone to wasting cash on discretionary purchases when she doesn’t. She also highlights her expense totals and leftover cash in different colors to make it easier to identify key numbers.

3. Bill Creator Calendar

Next, Budget Babe creates a monthly bill calendar. She takes all her bill due dates and writes them on the calendar, giving her a simple visual tool to figure out how she and her husband should spend their paychecks.

For example, if she gets paid on the 7th and they have a car payment due on the 9th, she knows she should set aside a portion of that paycheck to make the payment on time. That way, she doesn’t accidentally overspend and incur late fees.

4. Paycheck Spending Plan

The last step in Budget Babe’s monthly financial process is writing out how her family should spend each paycheck. She wants to ensure they have enough money when key bills are due while leaving enough left over to enjoy some discretionary spending throughout the month.

Key Takeaways

You don’t necessarily need to follow Budget Babe’s exact financial plan. But a few key takeaways have a place in every monthly budgeting session.

Financial Planning Is a Necessary Step Toward Building Wealth

First, Budget Babe’s process is a good reminder of the important role financial planning plays in becoming wealthy. She says she struggled with excess spending until she started doing this and you may, too.

Taking control of your finances will be tough if you don’t know how much you spend on different categories. You have to track something before you can improve it.

Your Plan Should Account for Monthly Spending Changes

Another key takeaway is that Budget Babe redoes her budget monthly. This process might feel unnecessary, but it serves an important purpose. It ensures she reassesses her financial situation every month and can adapt to unusual monthly spending needs as they arise.

Involve Your Family

Finally, it’s important to remember that the TikTok creator starts every monthly budget by having a sit-down meeting with her husband. This helps the duo stay connected in their financial strategy. You need to do the same if you have a significant other.

You can always cut back on your spending. But if your partner doesn’t do the same, you’ll struggle to make financial progress. The solution is to involve your family in your financial planning process.

Final Take

Budget Babe creates a detailed handwritten budget every month. Her process is a model you can emulate. But you don’t have to do it on your own.  You can also use a budgeting app to get some assistance with your monthly financial plan. This can reduce work on your end and provide valuable insights you may not have discovered on your own.

文章来源：Kalodata研究院

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