The Money Mentor – Learn About Money
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6. Learn About Money
Interviewer: “So budgeting Dave – What does it look like?
Because school don’t teach us anything about money. We kind of go through life and figure it out along the journey, yet we have zero education on the subject.
What would a good budget look like? I’ve heard sort of theories in the past that like you to put 10% away for this, 10% away for education, 10%, you know. And all that seems very … How do you actually do it? What are your thoughts?”
Dave: “You start with paying your rent, your power, your phone then look at bills…….
The car, Netflix. You need to go actually through your bank savings. What’s going out of your bank in the last months and list them all up. As you’re just writing them down, it’ll be good for you to become conscious of what you’re spending and what’s not necessary. Do I need each one of these expenses? – It’s only $70 a month. Well, that’s 700 bucks a year. So you go through each line and ask, “Do I need this?” Maybe you simply want it. If you want it, that’s cool, but the consequence is you won’t have any money. List the bills up, like your credit card payments. But think of your credit card payment as a payment for a list of stuff you’ve bought during the month that you probably should have paid cash for.”
Next: 7. How To Manage Your Spending >
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by Ash Horton
February 25, 2020
